N-CSR 1 fp0062533_ncsr.htm

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			811-02224

MML Series Investment Fund
(Exact name of registrant as specified in charter)

100 Bright Meadow Blvd., Enfield, CT 06082
(Address of principal executive offices)					(Zip code)

Paul LaPiana
100 Bright Meadow Blvd., Enfield, CT 06082
(Name and address of agent for service)

Registrant's telephone number, including area code:				(860) 562-1000

Date of fiscal year end:	12/31/2020

Date of reporting period:		12/31/2020

Item 1. Reports to Stockholders.

Table of Contents
President’s Letter to Shareholders (Unaudited)	1
Economic and Market Overview (Unaudited)	3
Portfolio Manager Report (Unaudited)	5
Portfolio of Investments
MML Conservative Allocation Fund	90
MML Balanced Allocation Fund	91
MML Moderate Allocation Fund	92
MML Growth Allocation Fund	93
MML Aggressive Allocation Fund	94
MML American Funds Growth Fund	95
MML American Funds International Fund	96
MML American Funds Core Allocation Fund	97
MML Blue Chip Growth Fund	98
MML Equity Income Fund	101
MML Equity Index Fund	105
MML Focused Equity Fund	113
MML Foreign Fund	115
MML Fundamental Equity Fund (formerly known as MML Fundamental Growth Fund)	117
MML Fundamental Value Fund	119
MML Global Fund	122
MML Growth & Income Fund	125
MML Income & Growth Fund	127
MML International Equity Fund	130
MML Large Cap Growth Fund	132
MML Managed Volatility Fund	134
MML Mid Cap Growth Fund	143
MML Mid Cap Value Fund	147
MML Small Cap Growth Equity Fund	150
MML Small Company Value Fund	154
MML Small/Mid Cap Value Fund	158
MML Total Return Bond Fund	161
Statements of Assets and Liabilities	172
Statements of Operations	184
Statements of Changes in Net Assets	190
Financial Highlights	208
Notes to Financial Statements	235
Report of Independent Registered Public Accounting Firm	277
Trustees and Principal Officers (Unaudited)	278
Federal Tax Information (Unaudited)	282
Other Information (Unaudited)
Proxy Voting	283
Quarterly Reporting	283
Trustees’ Approval of Investment Advisory Contracts	283
Fund Expenses	284

This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the MML Series Investment Fund. Investors should consider a Fund’s investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.

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MML Series Investment Fund – President’s Letter to Shareholders (Unaudited)

To Our Shareholders

Paul LaPiana

“We encourage you to maintain perspective when it comes to retirement investing, despite short-term changes in the markets or day-to-day events that may seem unsettling. MassMutual’s view is that changing market conditions have the potential to reward patient investors.”

December 31, 2020

Markets advanced despite pandemic challenges

I am pleased to present you with the MML Series Investment Fund Annual Report, covering the year ended December 31, 2020 (the “fiscal year”). U.S. stocks were up over 18% for the reporting period, despite the global economic recession brought on by the COVID-19 pandemic, as investors looked past rising coronavirus case levels and responded positively to the global rollout of vaccinations, additional global fiscal stimulus, and a post-Brexit trade agreement between the U.K. and European Union. (“Brexit” – an abbreviation for “British exit” – refers to the United Kingdom’s withdrawal from the European Union.) A swift response to the pandemic by the Federal Reserve Board and Congress delivered unprecedented monetary and fiscal stimulus to support the U.S. economy and financial markets. The global response was similar in speed and magnitude. U.S. bond investors enjoyed positive returns in a falling yield environment, fueled by lower economic growth expectations, interest rate decreases, and supportive central bank policy.

Despite the ongoing challenges that investors face, it’s important to keep in mind that market conditions are cyclical and subject to change anytime. In MassMutual’s view, the market environment that ensued from the pandemic (with stocks largely selling off and then, for the most part, recovering) underscores the importance of maintaining a long-term perspective and avoiding reacting to current events. That’s why we continue to believe that retirement investors should create and maintain a plan that focuses on their goals, how long they have to invest, and how comfortable they are with market volatility.

Suggestions for retirement investors under any market conditions

●

You are likely in it for the long run. Investing for retirement doesn’t happen overnight. Most people save and invest for retirement throughout their working years. Although the financial markets will go up and down over time, taking a long-term approach to investing gives you more time to ride out the downturns as you work toward your retirement income goals.

●

Keep contributing. While it’s impossible to control how your investments perform, you can control how often and how much you save. Saving as much as possible and increasing your contributions regularly is one way smart retirement investors can help boost their retirement savings, regardless of the investment environment.*

●

Invest continually. Financial professionals often advise their clients to stay in the market, regardless of short-term results. Here’s why: Individuals who can invest in all market conditions have the potential to be rewarded even during market downturns, when more favorable prices may enable them to accumulate larger positions. This has the potential to put them at an advantage when the markets turn around.

●

Monitor your asset allocation and diversify. Stocks, bonds, and short-term/money market investments are asset classes that tend to behave differently, depending upon the economic and market environment. Those broad asset classes contain an even greater array of asset sub-categories (such as small-cap stocks, international stocks, and high-yield bonds). Most financial professionals agree that investors can take advantage of different opportunities in the market and reduce the risk of over-exposure to one or two poorly performing asset types by selecting a number of investments that represent a mix of asset classes and sub-categories.*

*Systematic investing and asset allocation do not ensure a profit or protect against loss in a declining market. Systematic investing involves continuous investment in securities regardless of fluctuating price levels. Investors should consider their ability to continue investing through periods of low price levels.

(Continued)

MML Series Investment Fund – President’s Letter to Shareholders (Unaudited) (Continued)

If you work with a financial professional, you may wish to consider checking in with him or her to help you determine if:

●	you are saving enough for retirement;

●	your retirement account is invested properly for all market conditions, based on your goals and objectives, as well as your investment time horizon; and

●	you are taking the right steps to help reduce your longevity risk, which is the chance that you could “run out” of retirement savings during your lifetime.

We live mutual, every day

MassMutual believes that humanity brings out the best in one another. That’s why, for nearly 170 years, through ups and downs and good times and bad, we have continually believed that we are stronger when we rely on one another. That’s also why we encourage you to maintain perspective when it comes to retirement investing, despite short-term changes in the markets or day-to-day events that may seem unsettling. MassMutual’s view is that changing market conditions have the potential to reward patient investors. Thank you for your continued confidence and trust in MassMutual.

Sincerely,

Paul LaPiana, CFP^®
President

^© 2021 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com Underwriter: MML Distributors, LLC (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 1295 State Street, Springfield, MA 01111. MMLD is a wholly owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Investment Advisers, LLC (MML Advisers), a wholly owned subsidiary of MassMutual. The information provided is the opinion of MML Advisers as of 1/1/21 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

MML Series Investment Fund – Economic and Market Overview (Unaudited)

December 31, 2020

Market Highlights

●	For the reporting period from January 1, 2020 through December 31, 2020, U.S. stocks were up over 18%, despite the global economic recession brought on by the COVID-19 pandemic.

●	The first quarter of 2020 was one of the most difficult quarters on record for the markets. COVID-19 fears turned to reality as “social distancing,” shuttered businesses, and the associated lost economic activity became the new norm.

●	A swift response to the pandemic by the Federal Reserve Board and Congress delivered unprecedented monetary and fiscal stimulus to support the U.S. economy and financial markets. The global response was similar in speed and magnitude.

●	Investors ended the period looking past rising COVID-19 cases and responding positively to the global rollout of COVID-19 vaccinations, additional global fiscal stimulus, and a post-Brexit trade agreement between the U.K. and European Union.

●	Foreign stocks in developed markets and emerging markets also experienced gains in the fiscal year, aided by increasing economic activity in the second half of the year and the weakening of the U.S. dollar.

●	U.S. bond investors enjoyed positive returns in a falling yield environment, fueled by lower economic growth expectations, interest rate declines, and supportive global central bank policy.

Market Environment

Global stock investors experienced significant levels of volatility for the fiscal year beginning January 1, 2020. U.S. stocks rose steadily until mid-February, when the severity of the COVID-19 crisis was becoming apparent with rising case counts, hospitalizations, and deaths. Investor sentiment quickly turned negative, with March marking the end of the 11-year bull market. The S&P 500^® Index* fell 34% from its February high to its March low, as the reality that the COVID-19 crisis had stalled the global economy and the imminence of a recession became evident.

Investors started the second quarter of 2020 facing increasing COVID-19 deaths, record unemployment levels, and expectations for an unprecedented decline in economic activity. Despite this, global markets ultimately recorded a strong second quarter, with investors responding positively to the massive amounts of monetary and fiscal stimulus. In addition, progress in combating COVID-19 and increasing economic activity, helped to fuel the market turnaround. Central banks supported bond market liquidity and kept interest rates low through government and corporate bond purchases.

Better-than-expected second-quarter corporate earnings, a strong rebound in housing demand, and progress on COVID-19 therapeutics and vaccine research helped to tamp down investor concerns and drove many stocks, especially in the information technology sector, to new highs in the third quarter of 2020. Positive economic and market momentum continued into the fourth quarter of the year, as investors looked past rising COVID-19 cases, responded positively to the global rollout of COVID-19 vaccinations and the signing of a $900 billion COVID-19 relief bill in the U.S. in late December, and cheered the post-Brexit trade agreement between the U.K. and European Union. (“Brexit” – an abbreviation for “British exit” – refers to the United Kingdom’s withdrawal from the European Union.) Improved expectations for economic activity in 2021 helped propel interest rates higher and the yield curve steeper.

The broad market S&P 500 Index delivered a strong 18.40% return for the fiscal year. The Dow Jones Industrial Average^SM was also up a healthy 9.72%. The technology-heavy NASDAQ Composite Index was one of the biggest winners, up 44.92% for the fiscal year. Small- and mid-cap stock indexes generally outperformed their larger peers, while growth stocks outperformed their value counterparts by over 35% during the period.

Eight of 11 sectors delivered positive returns for the fiscal year, led by information technology, consumer discretionary, communication services, and materials, which all enjoyed double-digit growth and beat the S&P 500 Index. The energy sector was the worst performer for the fiscal year, down nearly 34%. The financial and real estate sectors also ended in negative territory.

* Indexes referenced, other than the MSCI Indexes, are unmanaged, do not incur fees, expenses, or taxes, and cannot be purchased directly for investment. The MSCI Indexes are unmanaged, do not incur fees or expenses, and cannot be purchased directly for investment.

MML Series Investment Fund – Economic and Market Overview (Unaudited) (Continued)

Developed international markets, as measured by the MSCI EAFE^® Index, had a respectable year, ending the fiscal year up 7.82%. Emerging-market stocks, as measured by the MSCI Emerging Markets Index, fared significantly better, ending up 18.31% for the period. Both developed international and emerging-market stocks benefited from increasing economic activity in the second half of the fiscal year, as well as the weakening U.S. dollar.

Bond yields fell sharply during the fiscal year, with the 10-year U.S. Treasury bond yield falling from a high of 1.88% in January 2020 to end the fiscal year at 0.93%. Falling yields generally produce rising bond prices; consequently, bond index returns benefited. The Bloomberg Barclays U.S. Aggregate Bond Index ended the period up 7.51%. Investment-grade corporate bonds also advanced. The Bloomberg Barclays U.S. Corporate Bond Index, which tracks investment-grade corporate bonds, ended the period with a 9.89% gain. The Bloomberg Barclays U.S. Corporate High Yield Bond Index also ended in positive territory, advancing 7.11%, despite a rising level of corporate bankruptcies.

As we enter 2021, we view the stock markets as extended and valuations high relative to market history. While the prospect of lower financing, labor, and energy costs support a bull case, there is substantial uncertainty regarding the impacts of the U.S. presidential election, the timeline for large-scale COVID-19 vaccine deployment, and the health of the global economy. Against this backdrop, we feel that diversification across global assets could be a smart approach for what we believe may well be a bumpy ride in 2021.

At MassMutual, we remain convinced that a broadly diversified portfolio aligned with a long-term strategy is the wisest course for those investors seeking retirement income. We remind you that it is important to maintain perspective and have realistic expectations about the future performance of your investment portfolio. As described in this report, financial markets can reverse suddenly, stumble along sideways, and reverse again. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to markets like these, with how long you have to save and invest, and with your specific financial goals and risk tolerance. Thank you for your confidence in MassMutual.

The information provided is the opinion of MML Investment Advisers, LLC as of 1/1/2021 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

MML Allocation Series – Portfolio Manager Report (Unaudited)

What are the investment approaches of the Funds that constitute the MML Allocation Series (the “Series”), and who is the Series’ investment adviser?

The MML Allocation Series comprises five Funds – each of which has a “fund of funds” structure. The five Funds in the Series are MML Conservative Allocation Fund, MML Balanced Allocation Fund, MML Moderate Allocation Fund, MML Growth Allocation Fund, and MML Aggressive Allocation Fund.

Each Fund seeks to achieve as high a total return over time as is considered consistent with prudent investment risk, preservation of capital, and recognition of the Fund’s stated asset allocation. Each Fund invests in a combination of U.S. domestic and international mutual funds (“MML Underlying Funds”) using an asset allocation strategy. MML Underlying Funds will include a combination of series of the MML Series Investment Fund and MML Series Investment Fund II (advised by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual)), and may also include other, non-affiliated mutual funds. The MML Underlying Funds may invest in various asset classes, including equity securities, fixed income securities, and money market instruments. The Series’ investment adviser is MML Advisers.

Each Fund will normally invest most of its assets in MML Underlying Funds advised by MML Advisers; each Fund will normally invest no more than 10% of its assets in mutual funds not advised by MML Advisers (referred to here as “non-affiliated” funds).

Each Fund’s assets are allocated to its MML Underlying Funds according to an asset allocation strategy stated below.

●	MML Conservative Allocation Fund: Approximately 35% to 45% in equity funds and 55% to 65% in fixed income funds, including money market funds.

●	MML Balanced Allocation Fund: Approximately 45% to 55% in equity funds and 45% to 55% in fixed income funds, including money market funds.

●	MML Moderate Allocation Fund: Approximately 55% to 65% in equity funds and 35% to 45% in fixed income funds, including money market funds.

●	MML Growth Allocation Fund: Approximately 70% to 80% in equity funds and 20% to 30% in fixed income funds, including money market funds.

●	MML Aggressive Allocation Fund: Approximately 85% to 95% in equity funds and 5% to 15% in fixed income funds, including money market funds.

How did each Fund perform during the 12 months ended December 31, 2020?

	Fund’s Initial Class Return	Custom Index Return	Russell 3000^® Index Return	MSCI ACWI ex USA Return	Bloomberg Barclays U.S. Aggregate Bond Index Return
MML Conservative
Allocation Fund	9.93%	13.35%	20.89%	10.65%	7.51%*

MML Balanced
Allocation Fund	10.93%	14.53%	20.89%*	10.65%	7.51%

MML Moderate
Allocation Fund	10.54%	15.57%	20.89%*	10.65%	7.51%

MML Growth
Allocation Fund	12.76%	16.87%	20.89%*	10.65%	7.51%

MML Aggressive
Allocation Fund	13.35%	17.84%	20.89%*	10.65%	7.51%

* Benchmark return

MML Allocation Series – Portfolio Manager Report (Unaudited) (Continued)

All of the MML Allocation Series Funds underperformed their respective Custom Index as well as the Russell 3000 Index, which measures the performance of the 3000 largest U.S. companies representing approximately 98% of the investable U.S. equity market. All of the Funds except the MML Conservative Allocation Fund and the MML Moderate Allocation Fund outperformed the MSCI ACWI ex USA, which measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets, and all five funds in the Series outperformed the Bloomberg Barclays U.S. Aggregate Bond Index, which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS), for the full year.

MML Allocation Fund Series Custom Indexes

●	The Custom MML Conservative Allocation Index comprises the Bloomberg Barclays U.S. Aggregate Bond, Russell 3000, and MSCI ACWI ex USA Indexes. The weightings of each index are 60%, 30%, and 10%, respectively.

●	The Custom MML Balanced Allocation Index comprises the Bloomberg Barclays U.S. Aggregate Bond, Russell 3000, and MSCI ACWI ex USA Indexes. The weightings of each index are 50%, 37.5%, and 12.5%, respectively.

●	The Custom MML Moderate Allocation Index comprises the Bloomberg Barclays U.S. Aggregate Bond, Russell 3000, and MSCI ACWI ex USA Indexes. The weightings of each index are 40%, 45%, and 15%, respectively.

●	The Custom MML Growth Allocation Index comprises the Bloomberg Barclays U.S. Aggregate Bond, Russell 3000, and MSCI ACWI ex USA Indexes. The weightings of each index are 25%, 56.25%, and 18.75%, respectively.

●	The Custom MML Aggressive Allocation Index comprises the Bloomberg Barclays U.S. Aggregate Bond, Russell 3000, and MSCI ACWI ex USA Indexes. The weightings of each index are 10%, 67.5%, and 22.5%, respectively.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Review, beginning on page 3.

Investment adviser discussion of factors that contributed to the Funds’ performance

For the year ended December 31, 2020, the Series Funds delivered positive returns, as stocks outperformed fixed-income investments. Consequently, those Series Funds with higher equity allocations outperformed their Series counterparts with higher fixed-income allocations.

Stock markets across the globe were up significantly for the year despite the COVID-19 panemic, as were the more credit- and interest rate-sensitive fixed-income markets. Allocations across various asset classes intended to diversify risk in the MML Underlying Funds delivered mixed results. The allocation to international and emerging-market stocks hurt performance, as non-U.S. stocks underperformed domestic equities in the face of a weak global economy. Allocations to corporate bonds generally helped performance, as U.S. corporate bonds outperformed U.S. government bonds in a year of unprecedented monetary and fiscal stimulus.

Manager selection of underlying Funds detracted from the Funds’ overall performance in 2020. Weak performance by MML International Equity Fund, MML Dynamic Bond Fund, and MML Short-Duration Bond Fund were significant drivers of the Funds’ underperformance. Strong results from MML Total Return Bond Fund and MML Inflation-Protected and Income Fund helped overall returns.

MML Allocation Series – Portfolio Manager Report (Unaudited) (Continued)

Investment adviser outlook

As we enter 2021, Fund management views the stock markets as extended and valuations high relative to market history. While the prospect of lower financing, labor, and energy costs support a bull case, more clarity on the impacts of the U.S. presidential election results, timeline for large-scale COVID-19 vaccine deployment, and the health of the global economy is needed for the allocation to stocks to increase. Against this backdrop, Fund management believes that diversification across global assets could be a smart approach for what they believe to be a potentially bumpy ride in 2021.

MML Allocation Series – Portfolio Manager Report (Unaudited) (Continued)

MML Conservative Allocation Fund Asset Allocation (% of Net Assets) on 12/31/20
Fixed Income Funds	56.7%
Equity Funds	43.4%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Moderate Allocation Fund Asset Allocation (% of Net Assets) on 12/31/20
Equity Funds	62.4%
Fixed Income Funds	37.7%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Balanced Allocation Fund Asset Allocation (% of Net Assets) on 12/31/20
Equity Funds	51.0%
Fixed Income Funds	49.1%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Growth Allocation Fund Asset Allocation (% of Net Assets) on 12/31/20
Equity Funds	75.5%
Fixed Income Funds	24.6%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Aggressive Allocation Fund Asset Allocation (% of Net Assets) on 12/31/20
Equity Funds	90.5%
Fixed Income Funds	9.6%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Conservative Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

The graph above illustrates a representative class of the Fund’s historical performance for the past 10 fiscal years or since inception (for Funds lacking 10-year records) in comparison to its benchmark index, as well as one or more additional indexes, if applicable. The performance of other share classes will be greater than or less than the class depicted above.

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	08/31/2007	9.93%	7.22%	6.56%
Service Class	08/15/2008	9.67%	6.96%	6.29%
Bloomberg Barclays U.S. Aggregate Bond Index*		7.51%	4.44%	3.84%
Russell 3000 Index		20.89%	15.43%	13.79%
MSCI ACWI ex USA		10.65%	8.93%	4.92%
Custom MML Conservative Allocation Index		13.35%	8.56%	7.24%

* Benchmark

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Performance results in the graph and table reflect the percentage change in net asset value, including reinvestment of dividends and capital gains distributions. Investors should note that the Fund is a professionally managed mutual fund, while the index or indexes shown above are unmanaged, cannot be purchased directly, and, with the exception of any peer group index, do not incur expenses.

Performance data quoted in the graph and table represents past performance; past performance is not predictive of future results. The investment return and principal value of shares of the Fund fluctuate, so your shares, when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. The performance shown does not reflect the deduction of taxes, if any, that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance data current to the most recent month end may be obtained by calling 1-888-309-3539.

Investors should read the Fund’s prospectus with regard to the Fund’s investment objectives, risks, and charges and expenses in conjunction with these financial statements. The Fund’s return reflects changes in the net asset value per share without the deduction of any product charges (e.g., cost of insurance, mortality and expense risk charges, administrative fees, and CDSL). The inclusion of these charges would have reduced the performance shown here.

MML Balanced Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	08/31/2007	10.93%	7.92%	7.24%
Service Class	08/15/2008	10.65%	7.65%	6.98%
Russell 3000 Index*		20.89%	15.43%	13.79%
Bloomberg Barclays U.S. Aggregate Bond Index		7.51%	4.44%	3.84%
MSCI ACWI ex USA		10.65%	8.93%	4.92%
Custom MML Balanced Allocation Index		14.53%	9.53%	8.04%

* Benchmark

MML Moderate Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	08/31/2007	10.54%	8.46%	7.79%
Service Class	08/15/2008	10.16%	8.17%	7.51%
Russell 3000 Index*		20.89%	15.43%	13.79%
Bloomberg Barclays U.S. Aggregate Bond Index		7.51%	4.44%	3.84%
MSCI ACWI ex USA		10.65%	8.93%	4.92%
Custom MML Moderate Allocation Index		15.57%	10.46%	8.80%

* Benchmark

MML Growth Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	08/31/2007	12.76%	9.70%	8.84%
Service Class	08/15/2008	12.47%	9.43%	8.58%
Russell 3000 Index*		20.89%	15.43%	13.79%
Bloomberg Barclays U.S. Aggregate Bond Index		7.51%	4.44%	3.84%
MSCI ACWI ex USA		10.65%	8.93%	4.92%
Custom MML Growth Allocation Index		16.87%	11.79%	9.90%

* Benchmark

MML Aggressive Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	08/31/2007	13.35%	10.72%	9.71%
Service Class	08/15/2008	13.08%	10.42%	9.44%
Russell 3000 Index*		20.89%	15.43%	13.79%
Bloomberg Barclays U.S. Aggregate Bond Index		7.51%	4.44%	3.84%
MSCI ACWI ex USA		10.65%	8.93%	4.92%
Custom MML Aggressive Allocation Index		17.84%	13.03%	10.93%

* Benchmark

MML American Funds Growth Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML American Funds Growth Fund, and who is the Fund’s investment adviser?

The Fund seeks to provide investors with growth of capital through a “master feeder” relationship. (See page 236 of this report for information about the “master feeder” relationship.) The Fund invests all of its assets in Class 1 shares of the American Funds Insurance Series – Growth Fund (the “Master Growth Fund”), a series of the American Funds Insurance Series, a registered open-end investment company, managed by Capital Research and Management Company (Capital Research) with substantially the same investment objective. The Master Growth Fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The Master Growth Fund may invest up to 25% of its assets in common stocks and other securities of issuers domiciled outside the United States. The Master Growth Fund may hold a portion of its assets in cash or cash equivalents. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund returned 51.41%, outperforming, by a wide margin, the 18.40% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market. The Fund also significantly outperformed the 38.49% return of the Russell 1000^® Growth Index, which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Review, beginning on page 3.

Capital Research’s discussion of factors that contributed to the Fund’s performance

U.S. equities ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest, and a contentious presidential election. Information technology, consumer discretionary, and communication services stocks, including Amazon and Netflix, led markets, as these names benefited from widespread stay-at-home restrictions.

Overall, the information technology sector rose 44%, while consumer discretionary and communication services gained 33% and 24%, respectively. Energy lagged all other sectors, declining 34%. The significant reduction in travel reduced the demand for oil, which was briefly priced below $0 for the first time in history amid fears of dwindling storage capacity. The real estate and financial sectors were also negative for the year, each declining 2%.

Fund holdings in the consumer discretionary and communication services sectors were top contributors to the Fund’s relative performance for the year ended December 31, 2020. In particular, Tesla and Netflix were standouts within the Fund’s portfolio. Tesla’s shares soared as founder Elon Musk’s efforts to bring electric vehicles into the mainstream gained traction, transforming the company’s underlying financial performance.

On the downside, the Fund’s investments in Suncor Energy (a Canadian integrated energy company) and MTU Aero Engines (a German aircraft engine manufacturer) detracted from relative returns. In terms of allocations, the Fund’s significantly lower-than-benchmark position in technology giant Apple, which proved to be a high-performing stock, also detracted from its relative returns for the year.

Capital Research’s outlook

Although U.S. economic growth remains solid, Fund management is keeping a close watch on the impact of COVID-19 recovery and stimulus measures on economic indicators. They continue to favor well-positioned companies with capital appreciation potential that Fund management believes are capable of generating outstanding returns in myriad near-term economic environments.

MML American Funds Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

MML American Funds Growth Fund Asset Allocation (% of Net Assets) on 12/31/20
Equity Funds	100.1%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML American Funds Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - SERVICE CLASS I

The graph above illustrates the Fund’s historical performance for the past 10 fiscal years or since inception (for Funds lacking 10-year records) in comparison to its benchmark index, as well as one or more additional indexes, if applicable.

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Service Class I	08/15/2008	51.41%	22.23%	16.34%
S&P 500 Index*		18.40%	15.22%	13.88%
Russell 1000 Growth Index		38.49%	21.00%	17.21%

* Benchmark

MML American Funds International Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML American Funds International Fund, and who is the Fund’s investment adviser?

The Fund seeks long-term capital growth of assets through a “master-feeder” relationship. (See page 236 of this report for information about the “master feeder” relationship.) The Fund invests all of its assets in Class 1 shares of the American Funds Insurance Series – International Fund (the “Master International Fund”), a series of the American Funds Insurance Series, a registered open-end investment company managed by Capital Research and Management Company (Capital Research) with substantially the same investment objective. The Master International Fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in emerging markets, that Capital Research believes have the potential for growth. The Master International Fund may hold a portion of its assets in cash or cash equivalents. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund returned 13.44%, outperforming the 10.65% return of MSCI All Country World Index (ACWI) ex USA (the “benchmark”), which measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets. The Fund substantially outperformed the 7.82% return of the MSCI EAFE Index, which measures the performance of the large- and mid-cap segments of developed markets, excluding the U.S. and Canada equity securities.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Review, beginning on page 3.

Capital Research’s discussion of factors that contributed to the Fund’s performance

During the year ended December 31, 2020, global stocks rose in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. In a year marked by unprecedented volatility, stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted a few key market indexes to all-time highs. U.S. equities also ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest, and a contentious presidential election. European stocks declined in local currency terms as the eurozone economy suffered the effects of government-imposed lockdowns and a severe recession. Emerging markets posted solid gains for a second consecutive year, led by China’s economic rebound and the technology export-driven economies of Taiwan and South Korea.

The Fund’s investments in the consumer discretionary and health care sectors boosted relative returns. Mercado Libre, the leading e-commerce site for Latin America, was among the top contributors, as shares surged to fresh highs as the COVID-19 pandemic drove the adoption of online shopping in Latin America. On the downside, some of the Fund’s investments in the industrial sector hindered relative returns. In particular, Airbus (a European multinational aerospace corporation) was a top relative detractor in an environment where the travel industry was hit hard by pandemic-related travel restrictions.

Capital Research’s outlook

Fund management continues to monitor the volatility and potential headwinds brought about by ongoing political and trade uncertainty. Given how late it may be in the current bull market, Fund management seeks opportunities especially in regions, countries, and sectors they expect to be less affected by these global headlines. Their focus on a company’s fundamental growth drivers and intrinsic worth is critical to helping them identify investments that they believe represent the best value over the long term.

MML American Funds International Fund – Portfolio Manager Report (Unaudited) (Continued)

MML American Funds International Fund Asset Allocation (% of Net Assets) on 12/31/20
Mutual Funds	100.1%
Total Long-Term Investments	100.1%
Other Assets and Liabilities	(0.1)%
Net Assets	100.0%

MML American Funds International Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - SERVICE CLASS I

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Service Class I	08/15/2008	13.44%	10.22%	6.20%
MSCI ACWI ex USA*		10.65%	8.93%	4.92%
MSCI EAFE Index		7.82%	7.45%	5.51%

* Benchmark

MML American Funds Core Allocation Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML American Funds Core Allocation Fund, and who is the Fund’s investment adviser?

The Fund seeks to achieve as high a total return over time as is considered consistent with prudent investment risk, preservation of capital, and recognition of the Fund’s stated asset allocation. The Fund is a “fund of funds” and seeks to achieve its investment objective by principally investing in a combination of series of the American Funds Insurance Series (the “American Underlying Funds”), managed by Capital Research and Management Company (Capital Research), using a flexible asset allocation approach. The Fund’s investment adviser invests the Fund’s assets in a combination of U.S. domestic and international American Underlying Funds. As of the date of this report, it is expected that the American Underlying Funds will include Class 1 shares of the American Funds Insurance Series – Bond Fund, the American Funds Insurance Series – Blue Chip Income and Growth Fund, the American Funds Insurance Series – Growth-Income Fund, and the American Funds Insurance Series – International Fund. The Fund’s investment adviser allocates the Fund’s assets among a variety of different asset classes through investing in American Underlying Funds in response to changing market, economic, and investment conditions. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund returned 11.39%, underperforming, by a wide margin, the 18.40% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market. The Fund outperformed the 10.65% return of the MSCI All Country World Index (ACWI) ex USA, which measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets. The Fund outperformed the 7.51% return of the Bloomberg Barclays U.S. Aggregate Bond Index, which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). Finally, the Fund’s 11.39% return underperformed the 15.14% return of the Custom MML Core Allocation Index, which comprises the benchmark (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the MSCI ACWI ex USA (10%).

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Review, beginning on page 3.

Capital Research’s discussion of factors that contributed to the Fund’s performance

The following paragraphs discuss the results of each of the Fund’s underlying portfolio components. Because the Fund invests in both stock- and bond-based portfolios, its overall performance may vary considerably from the broad market indexes listed above, which each measures the performance of a specific group of securities. These component-specific discussions focus on results and positioning versus each component’s main comparative index, not how the Fund as a whole performed or was positioned versus those indexes.

The American Funds Insurance Series – Bond Fund (the “Bond Fund”) outperformed the Bloomberg Barclays U.S. Aggregate Bond Index (the “Index”) for the year, as bond markets rebounded sharply, supported by extraordinary measures from the Federal Reserve. The Bond Fund’s relative performance benefited from overweight allocations, relative to the Index, to investment-grade corporates and agency mortgage-backed securities, as well as out-of-Index investments in Treasury Inflation Protected Securities (TIPS) and high-yield bonds. With respect to specific Bond Fund holdings, bonds issued by Teva Pharmaceutical were notable contributors. On the other hand, municipal issuers, such as the State of Illinois and Chicago Board of Education, detracted from the Bond Fund’s performance.

The American Funds Insurance Series – Blue Chip Income and Growth Fund (the “Income and Growth Fund”) underperformed the benchmark in 2020, despite U.S. equities ending the year at record highs, in a volatile environment that included a pandemic-induced recession, a sharp bear market, civil unrest, and a contentious presidential election. The Income and Growth Fund’s investments in the energy sector were a drag on results. Specifically, investments in Exxon Mobil and Diamondback Energy (an American energy company focused on hydrocarbon exploration) hurt results. Among the Income and Growth Fund’s top

MML American Funds Core Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

contributors to relative returns was Broadcom, a semiconductor and wireless company that was boosted by strong financial results. Another top contributor was Carrier Global, where sales growth was largely driven by record demand for residential heating, ventilating and air conditioning (HVAC) products in North America.

The American Funds Insurance Series – Growth-Income Fund (the “Growth-Income Fund”) underperformed the benchmark for the year, as the Growth-Income Fund’s lower-than-benchmark position in information technology stocks, a sector that performed strongly over the period, weighed on relative returns. In particular, the Growth-Income Fund’s underweight investment in technology giant Apple hindered results the most, as Apple shares outperformed the broader market over the period. On the positive side, the Growth-Income Fund’s investments in the communications services sector contributed the most to relative returns. Among these stocks, Netflix was a standout, as its share price soared in an environment where stay-at-home quarantine orders spurred demand for internet-streaming media.

The American Funds Insurance Series – International Fund (the “International Fund”) outperformed the MSCI ACWI ex USA (the “Index”) for the year, as global stocks rose in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. Stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted a few key market indexes to all-time highs. The International Fund’s holdings in the consumer discretionary and health care sectors boosted relative returns. Mercado Libre, the leading e-commerce site for Latin America, was among the top contributors, as shares of this International Fund holding surged to fresh highs as the COVID-19 pandemic drove online shopping adoption in Latin America. On the downside, one International Fund holding that detracted from relative performance was Airbus (a European multinational aerospace corporation), whose shares lost value in an environment where the travel industry was hit hard by pandemic-related travel restrictions.

Capital Research’s outlook

With respect to fixed income, Fund management believes that stimulative fiscal and monetary policy could help to keep U.S. economic growth positive. Although the Bond Fund is positioned toward an economic recovery, Fund Management anticipates a high level of uncertainty and a fragile state of the economy.

With respect to U.S. equities, Fund management continues to favor well-managed, high-quality companies that are capable of paying dividends in myriad economic environments. They believe that this focus, supported by their global research, could help them identify favorable long-term investment opportunities. On the international front, Fund management continues to monitor the volatility and potential headwinds brought about by ongoing political and trade uncertainty. Given how late stage they estimate the current bull market may be, they seek opportunities, especially in regions, countries, and sectors less affected by these global headlines. They believe that their focus on a company’s fundamental growth drivers and intrinsic worth is critical to helping them identify investments they believe represent the best value over the long term.

MML American Funds Core Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

MML American Funds Core Allocation Fund Asset Allocation (% of Net Assets) on 12/31/20
Equity Funds	67.4%
Fixed Income Funds	32.7%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML American Funds Core Allocation Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - SERVICE CLASS I

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Service Class I	08/15/2008	11.39%	9.41%	8.25%
S&P 500 Index*		18.40%	15.22%	13.88%
Bloomberg Barclays U.S. Aggregate Bond Index		7.51%	4.44%	3.84%
MSCI ACWI ex USA		10.65%	8.93%	4.92%
Custom MML Core Allocation Index		15.14%	11.15%	9.74%

* Benchmark

MML Blue Chip Growth Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Blue Chip Growth Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital growth. Income is a secondary objective. Under normal circumstances, the Fund invests at least 80% of net assets (plus the amount of any borrowings for investment purposes) in the common stocks of large- and medium-sized blue chip growth companies. The Fund’s subadviser currently defines blue chip growth companies to mean firms that, in its view, are well-established in their industries and have the potential for above-average earnings growth. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Initial Class shares returned 34.40%, underperforming the 38.49% return of the Russell 1000^® Growth Index (the “benchmark”), which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. In addition, the Fund substantially outperformed the 18.40% return of the S&P 500^® Index, which measures the performance of 500 widely held stocks in the U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2020, stock selection was the primary driver of the Fund’s relative underperformance. During the reporting period, the consumer discretionary, information technology, and financial sectors were the largest detractors from the Fund’s performance, while the consumer staples and communication services sectors were the largest contributors.

Although the Fund had strong absolute performance for the year, consumer discretionary was the largest relative hindrance compared to the benchmark. Despite impressive growth and market share gains for its core e-commerce business, shares of Fund holding Alibaba came under pressure following the announcement of an antitrust investigation and the cancellation of the IPO of Ant, a company in which Alibaba owns a 33% stake. Alibaba continues its dominance in China’s fast-growing e-commerce industry and, despite near-term uncertainty around regulatory hurdles, Fund management believes its fundamentals are strengthening.

The information technology sector also detracted on a relative basis. The Fund’s underweight position in Apple, relative to the benchmark, detracted from relative performance for the year, as Apple shares outperformed during the period, driven by strength from Mac and iPad (which benefited from work and learn-at-home dynamics) and better-than-feared iPhone results. Finally, an overweight position to the financial sector hampered the Fund’s relative results.

In contrast, an underweight allocation to the consumer staples sector contributed to relative performance. Additionally, the communication services sector bolstered the Fund’s relative returns, driven by strong stock picks such as Sea. Shares of Fund holding Sea traded higher over the past 12 months, as both its gaming and e-commerce businesses experienced accelerating growth, aided by coronavirus-related tailwinds that reinforced a shift toward digitalization.

Subadviser outlook

Fund management believes that rapid progress with a first wave of new vaccines based on messenger RNA (mRNA) technology is the most positive sign for the year ahead. As the pandemic hopefully recedes and economies reopen, their view is that a broader economic recovery could benefit many of the sectors that were most damaged by the virus, such as travel and leisure. While a rapid economic recovery could also bring an accelerated earnings recovery, Fund management’s opinion is that this might not translate into strong equity returns, with much of the recovery already priced into the markets. Their view is that investors seeking value opportunities should be careful about stock selection – and continue to seek companies that appear well positioned to emerge from the pandemic with lasting competitive advantages, while avoiding firms that face longer-term secular challenges.

MML Blue Chip Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Blue Chip Growth Fund Largest Holdings (% of Net Assets) on 12/31/20
Amazon.com, Inc.	11.4%
Facebook, Inc. Class A	6.4%
Alphabet, Inc. Class C	5.3%
Microsoft Corp.	5.2%
Apple, Inc.	5.0%
Visa, Inc. Class A	3.1%
Alibaba Group Holding Ltd. Sponsored ADR	3.0%
PayPal Holdings, Inc.	2.8%
Tencent Holdings Ltd.	2.6%
ServiceNow, Inc.	2.5%
	47.3%

MML Blue Chip Growth Fund Sector Table (% of Net Assets) on 12/31/20
Communications	37.3%
Technology	28.4%
Consumer, Non-cyclical	18.6%
Financial	8.1%
Consumer, Cyclical	5.3%
Industrial	1.7%
Basic Materials	0.5%
Mutual Funds	0.0%
Total Long-Term Investments	99.9%
Short-Term Investments and Other Assets and Liabilities	0.1%
Net Assets	100.0%

MML Blue Chip Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	05/01/2006	34.40%	19.57%	17.51%
Service Class	08/15/2008	34.00%	19.28%	17.21%
Russell 1000 Growth Index*		38.49%	21.00%	17.21%
S&P 500 Index		18.40%	15.22%	13.88%

* Benchmark

MML Equity Income Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Equity Income Fund, and who is the Fund’s subadviser?

The Fund seeks dividend income and long-term capital growth by investing primarily in common stocks, with an emphasis on large-capitalization companies that have a strong track record of paying dividends or that the Fund’s subadviser believes to be undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Initial Class shares returned 1.34%, underperforming the 2.80% return of the Russell 1000^® Value Index (the “benchmark”), which measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2020, the primary detractor from the Fund’s relative returns was unfavorable sector allocation, although strong security selection partially offset the relative underperformance. The health care, consumer staples, and industrial and business services sectors were the largest relative detractors. The information technology and energy sectors were the largest relative contributors.

Fund holdings in the health care sector were the primary relative detractor from the Fund’s performance for the period, due to detrimental stock selection. Shares of Fund holding CVS Health traded lower throughout the year amid investors’ short-term concerns over a potential decline in demand due to coronavirus lockdowns. Fund holdings such as Tyson Foods in the consumer staples sector also hampered relative performance. During the first half of the year, shares of Tyson Foods lagged the broader market, as Tyson Foods grappled with uncertainty stemming from the coronavirus outbreak and a shift from commercial to residential consumption. Additionally, Tyson Foods’ shares were pressured due to reports of coronavirus outbreaks at numerous manufacturing plants. In the fourth quarter, the company came under fire after reports surfaced of management’s inappropriate actions related to the coronavirus and the impact of the virus on its workers.

The industrial and business services sector also weighed on relative returns due to weak stock picks, such as Boeing, and an unfavorable overweight allocation, relative to the benchmark. Despite finishing negative for the one-year period, shares of Fund holding Boeing significantly rebounded from their March lows. The company’s shares began trending upward late in the first half of the year, as airlines began rescheduling more flights. Additionally, late in the fourth quarter, shares trended upward following the recertification of the 737 MAX.

Turning to the positive, stock selection in the information technology sector contributed to the Fund’s relative performance. Shares of Qualcomm regained from the first quarter sell-off and were up considerably for the one-year period, stemming from this Fund holding’s favorable earnings reports (which exceeded market expectations) and the unveiling of the company’s new Snapdragon 888 5G mobile platform. Fund holdings in the energy sector also aided relative performance, although a detrimental overweight allocation to this poorly performing sector partially offset the positive contribution.

Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. The Fund’s use of futures and warrants during the reporting period was slightly additive to performance. The Fund also held index futures and rights during the period.

MML Equity Income Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

Given market performance in 2020, Fund management believes we are beginning to see signs of exuberance, with narrow leadership, high index concentration, and increased special-purpose acquisition company and initial public offering activity. Considering this, they believe 2021 could prove to be a stock pickers’ market, where more tempered returns may remind investors of the importance of dividends. Additionally, in the event of an economic recovery, Fund management believes that 2021 may offer an environment where inflation could reappear, as consumers and businesses have capital to deploy, while household net worth is at an all-time high. Ultimately, in Fund management’s view, there could be a recoupling between the market and the economy, which has the potential to benefit areas of the market that were left behind in 2020.

MML Equity Income Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Equity Income Fund Largest Holdings (% of Net Assets) on 12/31/20
QUALCOMM, Inc.	3.1%
Wells Fargo & Co.	2.9%
The Southern Co.	2.8%
General Electric Co.	2.7%
DuPont de Nemours, Inc.	2.5%
Chubb Ltd.	2.3%
United Parcel Service, Inc. Class B	2.3%
Morgan Stanley	2.1%
MetLife, Inc.	2.0%
American International Group, Inc.	1.9%
	24.6%

MML Equity Income Fund Sector Table (% of Net Assets) on 12/31/20
Financial	25.7%
Consumer, Non-cyclical	21.1%
Industrial	10.8%
Utilities	9.1%
Technology	7.6%
Communications	7.1%
Energy	6.6%
Basic Materials	6.3%
Consumer, Cyclical	5.6%
Mutual Funds	0.6%
Total Long-Term Investments	100.5%
Short-Term Investments and Other Assets and Liabilities	(0.5)%
Net Assets	100.0%

MML Equity Income Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	05/01/2006	1.34%	9.91%	9.28%
Service Class	08/15/2008	1.17%	9.65%	9.01%
Russell 1000 Value Index		2.80%	9.74%	10.50%

MML Equity Index Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Equity Index Fund, and who is the Fund’s subadviser?

The Fund’s investment objective is to provide investment results that correspond to the price and yield performance of publicly traded common stocks in the aggregate as represented by the S&P 500^® Index* (the “Index”). Under normal circumstances, the Fund invests at least 80% (and, typically, substantially all) of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies included within the Index. The Fund’s subadviser is Northern Trust Investments, Inc. (NTI).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Class I shares returned 18.06%, underperforming the 18.40% return of the Index, which measures the performance of 500 widely held stocks in the U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

Generally, the Fund’s underperformance versus the Index was mainly attributable to the impact of fees and expenses necessary for the management and operation of the Fund. The Index is not subject to fees or expenses and it is not possible to invest directly in the Index.

For the year ended December 31, 2020, information technology and consumer discretionary were the strongest-performing sectors within the Index, returning 43.88% and 33.30%, respectively. The energy and real estate sectors exhibited the worst performance, returning -33.69% and -2.27%, respectively.

During 2020, U.S. equities encountered significant volatility, but ended the year well above their December 2019 levels. Equities hit all-time highs in the early months of the year, with increasing consumer confidence and three interest rate cuts by the U.S. Federal Reserve driving the rally. That quickly changed, however, as a worldwide pandemic shook global markets, and U.S. equities saw a drawdown of more than 30% in less than a month. Following the initial shock, markets rebounded in the second quarter of 2020, mostly erasing the losses from the early March slide. This rally was supported by record-level global fiscal stimulus and central banks that opted for extremely accommodative monetary policy in an effort to stimulate a swift economic recovery.

Despite an economy that looked to be adjusting slowly to living alongside the COVID-19 virus, markets continued to rally in the third quarter, setting new all-time highs, with the technology sector leading the way. Aside from brief volatility in the days leading up to the U.S. presidential election in early November, we experienced a historic equity rally in November and December of 2020. Two COVID-19 vaccines were approved for use during this time, and Congress passed a second round of fiscal stimulus, as investor optimism for the future prevailed over the concerns of the current state of the pandemic. Also in the fourth quarter of 2020, electric-car manufacturer Tesla was added to the Index, making it one of the largest firms in terms of market capitalization in the benchmark.

U.S. equities closed out 2020 at all-time highs, monetary policy remained accommodative, and interest rates remained low, as many Americans looked to the new year with hopes of moving past the pandemic.

* The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates(“SPDJI”), and has been licensed for use by MassMutual. Standard & Poor’s^®, S&P^® and S&P 500^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

MML Equity Index Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

Looking ahead, in Fund management’s view, the U.S. economy has the potential to continue its recovery, as vaccine distribution picks up and additional fiscal stimulus is possible in the near term, due to the incoming Biden Administration. Equity valuations remain elevated compared to their historical averages, but Fund management believes that accommodative monetary and fiscal policy, combined with increased consumer activity, could provide the tailwinds necessary to spur further equity gains.

MML Equity Index Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Equity Index Fund Largest Holdings (% of Net Assets) on 12/31/20
Apple, Inc.	6.7%
Microsoft Corp.	5.3%
Amazon.com, Inc.	4.4%
Facebook, Inc. Class A	2.1%
Tesla, Inc.	1.7%
Alphabet, Inc. Class A	1.7%
Alphabet, Inc. Class C	1.6%
Berkshire Hathaway, Inc. Class B	1.4%
Johnson & Johnson	1.3%
JP Morgan Chase & Co.	1.2%
	27.4%

MML Equity Index Fund Sector Table (% of Net Assets) on 12/31/20
Technology	23.1%
Consumer, Non-cyclical	20.8%
Communications	16.2%
Financial	14.4%
Consumer, Cyclical	9.7%
Industrial	8.2%
Utilities	2.7%
Energy	2.3%
Basic Materials	2.1%
Mutual Funds	0.1%
Total Long-Term Investments	99.6%
Short-Term Investments and Other Assets and Liabilities	0.4%
Net Assets	100.0%

MML Equity Index Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - CLASS I

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Class I	05/01/1997	18.06%	14.75%	13.41%
Class II	05/01/2000	18.21%	14.91%	13.58%
Class III	05/01/2000	18.41%	15.07%	13.74%
Service Class I	08/15/2008	17.74%	14.46%	13.13%
S&P 500 Index		18.40%	15.22%	13.88%

MML Focused Equity Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Focused Equity Fund, and who is the Fund’s subadviser?

The Fund seeks growth of capital over the long-term by investing primarily in equity securities of U.S. companies that the Fund’s subadviser believes are financially sound, valued conservatively by the market, and have improving prospects. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Class II shares returned 12.76%, underperforming, by a wide margin, the 20.96% return of the Russell 1000^® Index (the “benchmark”), which measures the performance of the large-cap segment of U.S. equity securities. It is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2020, security selection drove the Fund’s relative underperformance, due mainly to the results of weak Fund holdings in the consumer discretionary, information technology, and industrial sectors. Those results were partially offset by stronger-performing Fund holdings in the real estate and financial sectors. The Fund’s sector allocation also detracted from full-year returns, due to the Fund’s underweight, relative to the benchmark, in information technology and an overweight in consumer staples. The Fund’s lack of exposure to the energy sector and its overweight stake in consumer discretionary benefited relative returns.

With respect to specific Fund holdings, top relative detractors for the period included Northrop Grumman (industrial) and Diageo (consumer staples). Shares of aerospace defense company Northrop Grumman slid after first-quarter results missed consensus estimates. Margin compression in aeronautics and defense systems weighed on performance. The company began to recover in the second half of the year, as revenue growth returned and operating margins improved. Shares of U.K.-based alcoholic beverage company Diageo fell early in the year, as restrictions implemented to fight the spread of COVID-19 led to a reduction in social activities, such as business conferences, tourism, and ticketed events. For the fiscal year ended June 2020, revenues of Diageo fell 8.7% on weak volumes. Diageo’s local brands suffered greater volume declines than the global and reserve brands, with the Windsor whisky brand in South Korea down 44%. The Fund’s lack of exposure to benchmark constituents Apple (information technology), Tesla (consumer discretionary), and Amazon (consumer discretionary), all of which were stellar performers during the reporting period, also detracted from relative returns.

Fund holdings that were among the top relative contributors for the period were Nike (consumer discretionary) and Deere (industrial). Shares of athletic apparel company Nike posted a gain over the year, as the company beat earnings estimates and raised guidance in both the first and second quarters of fiscal 2021. Performance was helped by digital business, strong product innovations, and robust membership engagement. Shares of agricultural machinery company Deere rose after the company announced strong third-quarter results, exceeding expectations. The company increased its sales outlook for the year, as demand remained resilient despite the uncertainty related to COVID-19. Fund management eliminated Deere from the Fund’s portfolio during the period.

Subadviser outlook

In the current environment, following such a volatile year, Fund management believes that the data seems to support further market strength in 2021. Despite this, they warn that there is dysfunction in D.C., massive global debt, rising geopolitical risk, and a pandemic that has the potential to damage capacity for years to come. As such, at year end, the Fund’s biggest positions were those where Fund management feels comfortable managing downside risk. For example, if things work out for fast food provider McDonald’s and markets keep going up, it will prove to be a valuable Fund holding. The same could be true if markets go down. Fund management thinks that “upside” is a long-term concept and, therefore, more challenging to anticipate, whereas “downside” is a short-term concept and, thus, more predictable. Fund management tends to “think down” more than “up,” because over the long term, economies grow, markets go up, and good companies become more valuable.

At the end of the period, the Fund held its largest overweight positions in the consumer staples and health care sectors, and was most underweight in the information technology and communication services sectors.

MML Focused Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Focused Equity Fund Largest Holdings (% of Net Assets) on 12/31/20
The TJX Cos., Inc.	5.6%
Johnson & Johnson	5.6%
Medtronic PLC	5.3%
The Coca-Cola Co.	5.0%
McDonald’s Corp.	4.8%
American Express Co.	4.7%
UnitedHealth Group, Inc.	4.7%
Diageo PLC	4.6%
Colgate-Palmolive Co.	4.6%
PepsiCo, Inc.	4.6%
	49.5%

MML Focused Equity Fund Sector Table (% of Net Assets) on 12/31/20
Consumer, Non-cyclical	40.4%
Financial	18.5%
Consumer, Cyclical	14.9%
Industrial	12.4%
Basic Materials	6.6%
Technology	5.7%
Total Long-Term Investments	98.5%
Short-Term Investments and Other Assets and Liabilities	1.5%
Net Assets	100.0%

MML Focused Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - CLASS II

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	Since Inception 12/08/2011	Since Inception 05/01/2012
Class II	12/08/2011	12.76%	16.40%	15.36%
Service Class I	05/01/2012	12.54%	16.12%		13.91%
Russell 1000 Index		20.96%	15.60%	15.62%	14.59%

MML Foreign Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Foreign Fund, and who is the Fund’s subadviser?

The Fund seeks long-term total return by investing primarily in common stocks of companies listed on foreign securities exchanges. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments of issuers located outside of the U.S., including those in emerging markets. Under normal market conditions, the Fund invests in equity securities of foreign companies representing at least three countries other than the United States. Although the Fund may invest in companies of any size as measured by assets, sales, or market capitalization, the Fund will tend to focus on larger, more seasoned or established companies. The Fund’s subadviser is Thompson, Siegel & Walmsley LLC (TSW), which replaced Templeton Investment Counsel, LLC (Templeton) effective January 7, 2020.

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Initial Class shares returned 5.93%, underperforming the 7.82% return of the MSCI EAFE Index (the “benchmark”), which measures the performance of the large- and mid-cap segments of developed markets, excluding the U.S. and Canada equity securities. The MSCI EAFE Index became the Fund’s benchmark on January 7, 2020, because the MSCI EAFE Index more closely represents the Fund’s investment strategy than does the Fund’s former benchmark, the MSCI All Country World Index (ACWI) ex USA. The MSCI ACWI ex USA measures the performance of the large- and mid-cap segments of the particular regions, excluding U.S. equity securities, including developed and emerging markets.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the portion of the year that Templeton served as subadviser of the Fund (January 1, 2020– January 6, 2020), stock selection in Canada and China hurt the Fund’s relative performance. In contrast, stock selection in Europe helped drive the Fund’s relative performance. Within Europe, the U.K. was the biggest contributor. Fund holdings in the consumer staples, materials, and consumer discretionary sectors detracted from relative performance. In consumer staples, Japanese convenience store operator Seven & I Holdings and Japanese beverage manufacturer Kirin Holdings were significant detractors. In materials, Canadian precious metals mining company Wheaton Precious Metal detracted from performance. In consumer discretionary, Japanese commercial vehicle and diesel engine manufacturer Isuzu Motors also hurt performance.

For the part of the year that TSW served as subadviser of the Fund (January 7, 2020–December 31, 2020), on a regional basis, Asia Ex-Japan was the largest detractor from Fund performance. Fund holding Australian airline Qantas Airways Limited underperformed, as COVID-19 disrupted both international and domestic air travel. Fund management eliminated the airline from the Fund’s portfolio during the second quarter. The U.K. led the Fund’s relative performance, with Fund holdings Ashtead Group plc and Entain PLC among the top performers. Ashtead Group rebounded from COVID-19 lows as global economies reopened and there was an anticipated pickup in construction activity. The equipment rental company has a cash-generative business model that Fund management thinks is well positioned to survive near-term headwinds. Sports betting and gambling company Entain, formerly GVC Holdings, reported strong revenue growth driven by its online offerings.

With respect to sectors, health care detracted from the Fund’s relative returns due to stock selection. The international health care services company Fresenius SE & Co. underperformed despite reporting satisfactory results. A large portion of this Fund holding’s business revolves around elective procedures, which were routinely postponed during 2020 due to COVID-19. The energy and financial sectors were the top contributors to the Fund’s relative returns. The Fund’s underweight allocation to the energy sector proved positive, as did Fund holdings within the sector whose fortunes were modestly less sensitive to commodity prices that declined most of the year. Stock selection was also favorable in the financial sector, with UBS Group AG among the top performers. Global wealth manager UBS Group performed well throughout the year after releasing a series of strong earnings results. The Fund holding consistently grew assets under management and benefited from increased transaction activity during the year’s periods of market volatility.

Subadviser outlook

2020 offered both opportunities and pitfalls for nearly all investors. While growth commanded a sizable premium in the first half of the year, markets rediscovered value later in the year. Currency also played a major role in returns as the U.S. dollar weakened. Fund management believes that the global economy will recover fitfully in the year ahead and the sorting among corporate winners and losers will continue. Compared to 2020, their view is that political risks appear diminished, but regulatory factors could shackle high-flying capital markets. In their opinion, the largest companies, which were performance laggards for the year, have the potential to offer attractive risk/reward tradeoffs in 2021.

MML Foreign Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Foreign Fund Largest Holdings (% of Net Assets) on 12/31/20
Sony Corp.	3.1%
Samsung Electronics Co. Ltd.	2.5%
Siemens AG Registered	2.0%
Toyota Industries Corp.	1.9%
Koninklijke Philips NV	1.9%
Nestle SA Registered	1.8%
Unilever PLC	1.8%
Engie SA	1.8%
Seven & i Holdings Co. Ltd.	1.8%
Novartis AG Registered	1.7%
	20.3%

MML Foreign Fund Sector Table (% of Net Assets) on 12/31/20
Consumer, Non-cyclical	25.7%
Financial	18.8%
Consumer, Cyclical	14.2%
Industrial	13.8%
Technology	11.1%
Basic Materials	6.4%
Energy	3.7%
Utilities	3.2%
Communications	2.5%
Diversified	1.2%
Mutual Funds	0.5%
Total Long-Term Investments	101.1%
Short-Term Investments and Other Assets and Liabilities	(1.1)%
Net Assets	100.0%

MML Foreign Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	05/01/2006	5.93%	4.48%	3.70%
Service Class	08/15/2008	5.57%	4.20%	3.43%
MSCI EAFE Index*		7.82%	7.45%	5.51%
MSCI ACWI ex USA		10.65%	8.93%	4.92%

* Benchmark

MML Fundamental Equity Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Fundamental Equity Fund, formerly known as MML Fundamental Growth Fund, and who is the Fund’s subadviser?

The Fund seeks a high total return by investing primarily in common stocks of U.S. companies of different capitalization ranges. The Fund’s subadviser currently focuses on “large capitalization” issuers, which are considered to be companies with market capitalizations at the time of purchase within the market capitalization range of companies included within the Russell 1000^® Index, although it may purchase stocks of companies with any market capitalization. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco), which replaced Wellington Management Company LLP (Wellington Management) effective March 2, 2020.

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Class II shares returned 20.02%, outperforming the 18.40% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market. The S&P 500 Index became the Fund’s benchmark on March 2, 2020, because the S&P 500 Index more closely represents the Fund’s investment strategy than does the Fund’s former benchmark, the Russell 1000^® Growth Index. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the portion of the year that Wellington Management served as subadviser of the Fund (January 1, 2020–March 1, 2020), security selection within the industrial and health care sectors helped to drive the Fund’s performance, whereas weaker selection within the communication services and consumer discretionary sectors partially offset results. With respect to specific Fund holdings, the top contributors to benchmark-relative returns were Regeneron Pharmaceuticals (health care) and Brown & Brown (financial). Shares of Regeneron, a biotechnology company, advanced during the period, as competitive pressure on the company eased. Brown & Brown, an insurance provider, started the year off strongly on the heels of positive fourth-quarter earnings results. Conversely, the top detractor from relative performance was the Fund’s lack of exposure to benchmark constituents Tesla (consumer discretionary) and Netflix (communication services). Tesla, an electric vehicle and clean energy company, benefited from strong demand for its products. The online video platform Netflix profited from increased demand for its streaming service as people around the world began spending more time at home due to COVID-19.

For the part of the year that Invesco served as subadviser of the Fund (March 2, 2020–December 31, 2020), strong stock selection in the real estate, communications services, and consumer discretionary sectors drove the Fund’s performance, while stock choices within the information technology, health care, and energy sectors detracted. Fund holdings that were top contributors to relative performance included Qualcomm, Amazon, and Microsoft. Qualcomm benefited from the ramp-up in 5G technology, particularly Apple’s launch of its 5G iPhone, which experienced strong initial demand. Amazon and Microsoft have been key beneficiaries of the stay-at-home trends driven by the pandemic. Both companies saw particularly strong demand for their cloud offerings, driven by the acceleration of the digital transformation that took place across companies and sectors. Amazon also continued to experience market share gains in its e-commerce business.

Fund holdings that were top detractors from relative performance included Suncor, Lockheed Martin, and Motorola Solutions. Suncor, an integrated oil company, was negatively impacted by oil prices and refining utilization at multi-year lows. Despite slashing operating and capital expenses along with the dividend, the company remained challenged and Fund management exited the position. Lockheed Martin underperformed after 2021 financial guidance provided in late October was underwhelming and modestly below consensus expectations. Motorola Solutions was negatively impacted by COVID-19, which had a major impact on its commercial customers in the transportation, entertainment, and hospitality verticals.

MML Fundamental Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

Fund management believes these are the late innings of the pandemic-induced recession. In their view, life could start to normalize in the second quarter of 2021, and potentially return to normal sometime in the third quarter. However, they do not think a simple resumption of the previous economic trend is possible since, even with government assistance programs, many businesses and jobs are being permanently lost, and the reallocation of people and resources in the economy will likely take time. Fund management continues to seek companies with competitive advantages and skilled management teams that are out-executing their peers.

MML Fundamental Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Fundamental Equity Fund Largest Holdings (% of Net Assets) on 12/31/20
Microsoft Corp.	7.9%
Amazon.com, Inc.	6.3%
QUALCOMM, Inc.	3.8%
UnitedHealth Group, Inc.	3.4%
Facebook, Inc. Class A	3.4%
JP Morgan Chase & Co.	3.3%
Applied Materials, Inc.	2.8%
The Procter & Gamble Co.	2.5%
Prologis, Inc.	2.4%
HCA Healthcare, Inc.	2.3%
	38.1%

MML Fundamental Equity Fund Sector Table (% of Net Assets) on 12/31/20
Technology	24.4%
Consumer, Non-cyclical	22.0%
Communications	16.7%
Financial	16.1%
Industrial	10.3%
Consumer, Cyclical	6.6%
Energy	2.3%
Utilities	1.2%
Basic Materials	0.5%
Mutual Funds	0.2%
Total Long-Term Investments	100.3%
Short-Term Investments and Other Assets and Liabilities	(0.3)%
Net Assets	100.0%

MML Fundamental Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - CLASS II

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	Since Inception 12/08/2011	Since Inception 05/01/2012
Class II	12/08/2011	20.02%	16.47%	15.75%
Service Class I	05/01/2012	19.59%	16.17%		14.36%
S&P 500 Index*		18.40%	15.22%	15.41%	14.41%
Russell 1000 Growth Index		38.49%	21.00%	18.93%	17.88%

* Benchmark

MML Fundamental Value Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Fundamental Value Fund, and who is the Fund’s subadviser?

The Fund seeks long-term total return by investing primarily in equity securities of issuers that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities, with a focus on companies with large market capitalizations (which the subadviser believes are generally above $1 billion). The Fund’s subadviser is Boston Partners Global Investors, Inc. (Boston Partners).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Class II shares returned 2.67%, underperforming the 2.80% return of the Russell 1000^® Value Index (the “benchmark”), which measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2020, the Fund’s overweight allocation, relative to the benchmark, to the financial sector and an underweight stake in consumer staples hampered the Fund’s relative performance. On the other hand, the Fund’s underweight allocation to real estate and overweight allocation to the materials and health care sectors aided relative performance.

During the year, stock selection within health care and financial sectors detracted from relative performance. In health care, the Fund’s lack of exposure to expensive companies in the life sciences, medical devices, and biotechnology industries – including Danaher, Thermo Fisher, Abbott, and Regeneron – hurt relative performance. In the financial sector, the Fund’s overweight position in the property and casualty insurance industry weighed on returns, as claims increased due to COVID-19 and weather-related issues. The industry, however, rebounded in the fourth quarter.

Fund holdings within the information technology, communication services, and industrial sectors helped drive the Fund’s full-year performance. Within information technology, semiconductor capital equipment companies Lam Research and KLA, and applied materials and semiconductor manufacturers Qorvo, NXP, and ON Semiconductor performed well, as demand for semiconductors was stronger than expected during the COVID-19 crisis. In communication services, bellwethers Alphabet (the parent company of Google) and Facebook outperformed, as online ad trends remained strong. Within industrial, inexpensive, economically sensitive companies outperformed, as tangible evidence of an economic rebound emerged. Machinery companies Deere and Cummins, electrical equipment company Eaton, and building products supplier Owens Corning all outperformed due to order backlogs increasing and guidance being raised.

During the reporting period, Fund management increased the Fund’s exposure to the industrial and energy sectors and reduced its stake in consumer staples. Within industrial, the Fund initiated a position in Boeing, which had its Max 737 recertified by the FAA in November, an important milestone to turn around the cash flow at the company. The Fund added to its energy holdings by initiating positions in Canadian Natural Resources and PetroBras during the fourth quarter, and reduced its exposure to consumer staples by selling its Kimberly Clark position.

Subadviser outlook

Fund management will continue to focus on finding investments that have not only attractive valuation characteristics and solid business fundamentals, but also improving business momentum and catalysts that Fund management believes will help drive stock prices higher. In their view, the global economy could experience a steady cyclical recovery over the next few years. Historically, these have often been good windows for value investing, as more economically sensitive companies tend to outperform growth favorites under such conditions.

MML Fundamental Value Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Fundamental Value Fund Largest Holdings (% of Net Assets) on 12/31/20
Berkshire Hathaway, Inc. Class B	3.4%
Johnson & Johnson	3.4%
JP Morgan Chase & Co.	3.4%
Bank of America Corp.	2.5%
Cigna Corp.	2.5%
Cisco Systems, Inc.	2.4%
Chubb Ltd.	2.1%
Anthem, Inc.	2.0%
AutoZone, Inc.	1.9%
Alphabet, Inc. Class A	1.8%
	25.4%

MML Fundamental Value Fund Sector Table (% of Net Assets) on 12/31/20
Financial	24.0%
Consumer, Non-cyclical	22.9%
Industrial	12.1%
Consumer, Cyclical	11.7%
Technology	10.1%
Communications	5.7%
Energy	5.3%
Basic Materials	4.9%
Utilities	2.6%
Total Long-Term Investments	99.3%
Short-Term Investments and Other Assets and Liabilities	0.7%
Net Assets	100.0%

MML Fundamental Value Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - CLASS II

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 05/01/2012
Class II	08/10/2010	2.67%	8.06%	9.07%
Service Class I	05/01/2012	2.37%	7.79%		9.06%
Russell 1000 Value Index		2.80%	9.74%	10.50%	10.93%

MML Global Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Global Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital appreciation by investing primarily in the equity securities of U.S. and foreign companies, including companies in developed and emerging markets. The Fund may invest a significant percentage of its assets in issuers in a single industry, sector, country, or region. The Fund’s subadviser is Massachusetts Financial Services Company (MFS).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Class I shares returned 14.02%, modestly underperforming the 15.90% return of the MSCI World Index (the “benchmark”), which measures the performance of the large- and mid-cap segments of world equity securities.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2020, security selection and an underweight position, relative to the benchmark, in the information technology sector were the primary detractors from the Fund’s relative performance. Within the sector, not owning shares of both computer and personal electronics maker Apple and software giant Microsoft also weighed on the Fund’s relative results. Stock selection in the consumer discretionary sector also detracted from the Fund’s relative performance. Within consumer discretionary, not owning shares of both internet retail giant Amazon and electric vehicle manufacturer Tesla hindered returns.

Security selection and an overweight allocation to the consumer staples sector further dampened relative returns, led by overweight positions in food processing company Danone (France) and premium drinks distributer Diageo (United Kingdom). Stocks in other sectors that negatively impacted the Fund’s relative performance included overweight positions in life sciences company Bayer (Germany), diversified industrial manufacturer Rolls-Royce (United Kingdom), advertising and marketing firm WPP Group (United Kingdom), and financial services provider Bank of New York Mellon.

On the other side of the ledger, an underweight position in the energy sector contributed to the Fund’s relative performance for the year. Within energy, not owning shares of both American integrated oil and gas company ExxonMobil and U.K.-based global energy and petrochemicals company Royal Dutch Shell boosted relative results. An underweight allocation and stock selection in the financial sector also supported relative performance. Stock selection in the industrial sector also helped relative returns, led by overweight positions in electrical distribution equipment manufacturer Schneider Electric (France), railroad company Kansas City Southern, machinery and industrial products manufacturer Kubota (Japan), and ground delivery service company United Parcel Service.

Elsewhere, the Fund’s overweight positions in life sciences supply company Thermo Fisher Scientific, luxury goods company LVMH (France), and digital payment technology developer PayPal, as well as holdings of microchip and electronics manufacturer Samsung Electronics (South Korea; not a benchmark constituent), positively impacted the Fund’s relative performance.

During the reporting period, the Fund’s relative currency exposure, resulting primarily from differences between the Fund’s and the benchmark’s exposures to holdings of securities denominated in foreign currencies, was another contributor to relative performance. All of the Fund’s investment decisions are driven by the fundamentals of each individual opportunity and as such, it is common for the Fund to have different currency exposure than the benchmark.

Subadviser outlook

Looking back on 2020, Fund management is reminded of the advice they always give investors seeking to navigate extreme volatility: Stick with a tried-and-true disciplined investment process focused on the long term. Fund management’s approach seeks out companies with above-average sustainable growth at the right valuation, companies operating in an attractive industry structure, and companies with a competitive advantage and the pricing power to protect and grow profits. Looking ahead, Fund management is optimistic about a potential recovery and the return to some semblance of normalcy in markets, with fewer big swings in share prices and a return to fundamentals, but they remain acutely aware of some stretched valuations and signs of excess in some areas of the market.

MML Global Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Global Fund Largest Holdings (% of Net Assets) on 12/31/20
Comcast Corp. Class A	3.5%
Thermo Fisher Scientific, Inc.	3.2%
Visa, Inc. Class A	3.1%
Medtronic PLC	3.0%
Schneider Electric SE	3.0%
LVMH Moet Hennessy Louis Vuitton SE	2.6%
Accenture PLC Class A	2.6%
Nestle SA Registered	2.5%
Honeywell International, Inc.	2.4%
The Walt Disney Co.	2.2%
	28.1%

MML Global Fund Sector Table (% of Net Assets) on 12/31/20
Consumer, Non-cyclical	35.8%
Industrial	20.3%
Financial	12.8%
Technology	9.1%
Communications	8.6%
Consumer, Cyclical	7.0%
Basic Materials	6.1%
Mutual Funds	1.2%
Total Long-Term Investments	100.9%
Short-Term Investments and Other Assets and Liabilities	(0.9)%
Net Assets	100.0%

MML Global Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - CLASS I

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Class I	05/01/2006	14.02%	12.46%	10.84%
Class II	05/01/2006	13.96%	12.46%	10.88%
Service Class I	08/15/2008	13.70%	12.18%	10.55%
MSCI World Index		15.90%	12.19%	9.87%

MML Growth & Income Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Growth & Income Fund, and who is the Fund’s subadviser?

The Fund seeks capital appreciation and income by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities and equity-related securities, including convertible securities, preferred stocks, options, and warrants, of U.S. companies with market capitalizations at the time of purchase greater than $1 billion. The Fund’s subadviser is Massachusetts Financial Services Company (MFS).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Initial Class shares returned 14.51%, underperforming the 18.40% return of the S&P 500^® Index (the “benchmark”), which measures the performance of 500 widely held stocks in the U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2020, security selection in the information technology sector hampered the Fund’s relative performance. Within the sector, the Fund’s underweight position, relative to the benchmark, in computer and personal electronics maker Apple, and not holding shares of both computer graphics processor maker NVIDIA and digital payment technology developer PayPal detracted from the Fund’s relative performance.

Also weakening the Fund’s relative performance were stock selection and, to a lesser extent, an underweight position in the consumer discretionary sector. Stock selection and an overweight position in the consumer staples sector were also detractors. Within the consumer discretionary sector, not holding shares of strong-performing internet retail giant Amazon held back relative returns. Within the consumer staples sector, holding shares of food processing company Danone (France; not a benchmark constituent) detracted from relative results, as the stock declined over the reporting period. Elsewhere, holding shares of natural gas and petrochemical products manufacturer and pipeline company Enterprise Products Partners (not a benchmark constituent), and the timing of the Fund’s overweight positions in both oil field services company Schlumberger and energy exploration and production company EOG Resources detracted. The Fund eliminated Schlumberger and EOG Resources from its portfolio. Also, the Fund’s overweight positions in medical technology company Becton, Dickson & Co. as well as financial services firm Bank of America hindered relative performance.

On the upside, stock selection in both the financial and communication services sectors proved positive for the Fund’s performance over the reporting period. Within the financial sector, not holding shares of diversified financial services firm Wells Fargo benefited relative results, as that company’s stock price fell during the year. Within the communication services sector, not holding shares of telecommunication services provider AT&T supported relative returns. An underweight allocation to the utilities sector also helped the Fund’s relative performance.

Additional contributors to relative performance in other sectors included not owning shares of integrated oil and gas company ExxonMobil, energy company Chevron, and aerospace company Boeing. Overweighting shares of specialty rural lifestyle retailer Tractor Supply Company, life sciences supply company Thermo Fisher Scientific, health care equipment manufacturer Danaher, retail giant Target, and software company Adobe Systems also aided the Fund’s relative performance.

MML Growth & Income Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

In Fund management’s view, the market’s resounding nine-month rally following the March 2020 lows looks very similar to the 2009 rally following the financial crisis. The nine months after the 2009 rally were fraught with volatility, as investors tried to decipher the next phase of the market. Time will tell if 2021 follows a similar path, but Fund management is prepared for the potential for volatility, as investors try to make sense of where the market could be headed. Fund management believes that there may be froth in this market, as evidenced by large retail investor flows, initial public offerings (IPOs), and the record levels of money raised by special-purpose acquisition companies. And, as MFS’s Chief Investment Strategist Rob Almeida and Chief Economist Erik Weisman like to emphasize, “There is no such thing as a free lunch.” They believe the monetary and fiscal response to what the world went through in 2020 comes with a cost; it was not free. In Fund management’s view, the combination of market distortion from central bankers and growing demand for corporate behavior changes could be setting the stage for a new era of profit and asset price dispersion, which they feel could lead to opportunities for active managers.

MML Growth & Income Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Growth & Income Fund Largest Holdings (% of Net Assets) on 12/31/20
Microsoft Corp.	5.0%
Alphabet, Inc. Class A	4.0%
Apple, Inc.	2.5%
JP Morgan Chase & Co.	2.5%
Johnson & Johnson	2.4%
Visa, Inc. Class A	2.4%
Medtronic PLC	2.3%
Mastercard, Inc. Class A	2.2%
Honeywell International, Inc.	2.2%
Comcast Corp. Class A	2.1%
	27.6%

MML Growth & Income Fund Sector Table (% of Net Assets) on 12/31/20
Consumer, Non-cyclical	25.1%
Technology	20.5%
Financial	18.8%
Consumer, Cyclical	10.3%
Communications	10.0%
Industrial	9.2%
Basic Materials	3.1%
Energy	1.6%
Utilities	0.6%
Total Long-Term Investments	99.2%
Short-Term Investments and Other Assets and Liabilities	0.8%
Net Assets	100.0%

MML Growth & Income Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	05/01/2006	14.51%	14.05%	12.86%
Service Class	08/15/2008	14.24%	13.77%	12.58%
S&P 500 Index		18.40%	15.22%	13.88%

MML Income & Growth Fund – Portfolio Manager Report (Unaudited)

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MML Income & Growth Fund, and who is the Fund’s subadviser?

The Fund seeks long-term total return and current income by investing primarily in equity securities of issuers that the Fund’s subadviser believes are undervalued. Although the Fund may invest in companies of any size, the Fund will tend to focus on companies with large market capitalizations (which the Fund’s subadviser believes are generally above $2 billion). The Fund’s subadviser is Barrow, Hanley, Mewhinney & Strauss, LLC (Barrow Hanley).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Initial Class shares returned 3.03%, outperforming the 2.80% return of the Russell 1000^® Value Index (the “benchmark”), which measures the performance of the large-cap value segment of U.S. equity securities. It includes the Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

2020 will be recorded as another year of growth’s dominance, as the Russell 1000^® Growth benchmark outperformed its value counterpart by the largest margin on record – over 40% annually at one point during the year. It will also be notable for having the most rapidly declining bear market in history, followed by a historically rapid recovery. The bear market was atypical to say the least, as cheaper stocks (with higher dividend yields and lower price/earnings ratios) were shunned in favor of growth stocks (specifically, pricey technology stocks).

Something unexpected happened on the way to growth’s coronation party for the year: Value stocks began outperforming and clawing back some of growth’s advantage with a strong fourth-quarter performance. The Fund’s outperformance during the fourth quarter propelled its returns high enough for the Fund to end the year slightly ahead of the benchmark.

The Fund’s stock selection within the technology sector added meaningfully to relative performance. Fund holdings within the technology sector gained 46.3% during the year, while the technology sector of the benchmark rose only 10.4%. Among the largest contributors were integrated circuit supplier Marvell Technology Group (which advanced 55%), cloud software and database provider Oracle Corp. (+24%), digital telecommunications chipset maker Qualcomm (+77%), and software maker Microsoft (+18%). Within materials, the Fund’s overweight position, relative to the benchmark, and stock selection within the sector, added to relative performance. Fund holdings that contributed here included the specialty agriculture company Corteva (+34%) and the specialty chemical company that supplies many technology and industrial companies, Element Solutions (+53%). These Fund holdings significantly outperformed the benchmark’s materials sector, which gained only 18% during the year.

Areas that detracted from performance included the industrial sector and the energy sector. Within industrial, shares of General Electric, a large industrial conglomerate that has faced many headwinds in several of its portfolio business lines, fell toward the end of the year, and this Fund holding was eliminated from the Fund’s portfolio. Another Fund holding, Spirit AeroSystems, a large supplier of fuselage systems and aerospace systems to commercial airlines and defense contractors, detracted from the Fund’s full-year returns, as demand for air travel decreased dramatically. The Fund also eliminated this stock from its portfolio. A slight overweight to, and stock selection within, the energy sector detracted from performance. Nearly every Fund holding within the sector hampered returns, as the price of oil fell dramatically during the year. The Fund holdings that detracted the most included EOG Resources, an exploration and production company; Valero Energy, a large refinery; and Phillips 66, a transportation, storage, and marketer of gas and other fuels.

Subadviser outlook

Fund management notes that growth’s rise relative to value went parabolic during 2020, breaking every previous record for a one-year return difference. The length and magnitude of this growth cycle has left many investors wondering whether an allocation to value will ever outperform their growth investments. Yet, in Fund management’s view, the greater the consensus grows that “value is dead,” the closer we could be to a sustainable inflection point in favor of value. They also note that, while value stocks began outperforming growth starting in September 2020, clawing back some of growth’s advantage with strong fourth-quarter returns, whether or not a sustainable turn in favor of value has actually begun remains to be seen. However, they do believe that conditions appear to be tilted in favor of value to a degree that we have not seen in more than a decade.

MML Income & Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Income & Growth Fund Largest Holdings (% of Net Assets) on 12/31/20
DuPont de Nemours, Inc.	2.6%
JP Morgan Chase & Co.	2.5%
US Bancorp	2.4%
Corteva, Inc.	2.3%
Comcast Corp. Class A	2.3%
Phillips 66	2.2%
Coca-Cola European Partners PLC	2.2%
American Express Co.	2.2%
Raytheon Technologies Corp.	2.2%
Wells Fargo & Co.	2.2%
	23.1%

MML Income & Growth Fund Sector Table (% of Net Assets) on 12/31/20
Financial	29.6%
Consumer, Non-cyclical	18.1%
Industrial	14.5%
Consumer, Cyclical	9.8%
Technology	6.7%
Utilities	5.7%
Energy	5.3%
Basic Materials	5.2%
Communications	4.6%
Mutual Funds	0.4%
Total Long-Term Investments	99.9%
Short-Term Investments and Other Assets and Liabilities	0.1%
Net Assets	100.0%

MML Income & Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	05/01/2006	3.03%	9.13%	9.54%
Service Class	08/15/2008	2.79%	8.86%	9.28%
Russell 1000 Value Index		2.80%	9.74%	10.50%

MML International Equity Fund – Portfolio Manager Report (Unaudited)

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MML International Equity Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital growth by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of non-U.S. companies located in non-U.S. markets throughout the world, including emerging markets. The Fund may invest a substantial portion of its assets in just one region or country and may, but does not currently intend to, invest in U.S. companies. Ordinarily, the Fund’s portfolio typically holds thirty to sixty stocks and the Fund invests in the securities of at least five countries outside the U.S. The Fund’s subadviser is Harris Associates L.P. (Harris).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Class II shares returned 5.37%, underperforming the 7.59% return of the MSCI World Index ex USA (the “benchmark”), which measures the performance of the large- and mid-cap segments of world, excluding U.S. equity securities.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

As the Fund uses a bottom-up approach in selecting stocks, country and sector allocations are a result of the Fund’s stock selection process. With respect to country performance relative to the benchmark, both stock selection and country weightings detracted from the Fund’s results. Relative sector performance was negatively impacted by stock selection, while sector weightings contributed to overall results.

From a geographic perspective, Japan detracted most from relative performance, mainly due to a less-than-benchmark weighting – although ironically, this geography contributed to the Fund’s absolute return, as all four underlying Fund holdings generated double-digit positive returns. The Netherlands was the next-largest relative detractor, stemming from less-than-favorable stock selection, along with a lower-than-benchmark weighting. The Netherlands was also a negative absolute contributor, as one of three Fund holdings, internet and direct marketing retail company Prosus, lost value for the period.

South Korea and Sweden produced the Fund’s best relative performance for the year, due to a combination of strong stock selection and weightings discrepancies relative to the benchmark. South Korea and Sweden were also the second- and third-largest contributors to the Fund’s absolute return, as all underlying Fund holdings in these geographies gained value. Interactive media and services firm NAVER (up 67%) generated the largest absolute return in South Korea, while construction machinery and heavy trucks company Volvo (+41%) posted the top absolute return in Sweden.

From a sector perspective, Fund holdings in the materials sector detracted the most from relative results. Two of the five underlying Fund holdings within the sector lost value in the double digits: Germany-based steel company thyssenkrupp (down 26%) and Australia-headquartered chemical firm Orica (-23%). The financial sector was next-largest detractor for the period. In contrast, the consumer discretionary sector generated the best relative performance for 2020 from both stock selection and a greater-than-benchmark weighting. Of the sector’s 18 underlying Fund holdings, 15 generated positive absolute returns, led by Richemont (+47%), a luxury goods company. Energy produced the next best relative return for the year.

Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. As of year end, approximately 14% of the Fund’s exposure to the Swiss franc was hedged. Currency hedges detracted slightly from the Fund’s performance for the year.

Subadviser outlook

Similar to the year 2016, 2020 was a year of extremes, driven by exogenous factors ranging from the COVID-19 pandemic to Brexit negotiations, with elections in between. (“Brexit” – an abbreviation for “British exit” – refers to the United Kingdom’s withdrawal from the European Union.) Markets reacted favorably to events in the fourth quarter of 2020, particularly as a result of the approval and emergency use authorization of multiple vaccines aimed at preventing the spread of COVID-19. Fund

MML International Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

management acknowledges that the past 12 months have been volatile for many investors. Though volatility is traumatic and difficult to tolerate, Fund management believes that market instability can unearth investment opportunities for those who are patient and willing to weather the storm. In times when others chase performance or lose conviction based on news headlines and irrational reactions, Fund management watches for opportunities to build positions in quality companies that are trading at large discounts to Fund management’s perception of their intrinsic value.

MML International Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

MML International Equity Fund Largest Holdings (% of Net Assets) on 12/31/20
Glencore PLC	5.0%
Lloyds Banking Group PLC	4.4%
Intesa Sanpaolo SpA	4.1%
Credit Suisse Group AG Registered	4.1%
Daimler AG Registered	3.8%
BNP Paribas SA	3.8%
Bayer AG Registered	3.6%
CNH Industrial NV	3.6%
Bayerische Motoren Werke AG	3.2%
Allianz SE Registered	3.0%
	38.6%

MML International Equity Fund Sector Table (% of Net Assets) on 12/31/20
Financial	30.1%
Consumer, Cyclical	22.1%
Consumer, Non-cyclical	13.6%
Communications	10.7%
Industrial	10.1%
Basic Materials	7.6%
Energy	1.7%
Technology	1.5%
Total Long-Term Investments	97.4%
Short-Term Investments and Other Assets and Liabilities	2.6%
Net Assets	100.0%

MML International Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - CLASS II

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	Since Inception 01/07/2014	Since Inception 05/01/2014
Class II	01/07/2014	5.37%	7.15%	3.62%
Service Class I	05/01/2014	5.07%	6.88%		3.09%
MSCI World Index ex USA		7.59%	7.64%	4.46%	4.13%

MML Large Cap Growth Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Large Cap Growth Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital appreciation by investing primarily in large-capitalization companies that the Fund’s subadviser believes offer the potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the common stocks of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 1000^® Growth Index. The Fund’s subadviser is Loomis, Sayles & Company, L.P. (Loomis Sayles).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Initial Class shares returned 31.78%, significantly underperforming the 38.49% return of the Russell 1000 Growth Index (the “benchmark”), which measures the performance of the large-cap growth segment of U.S. equity securities. It includes the Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Review, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2020, stock selection in the information technology, consumer discretionary, energy, and financial sectors, as well as the Fund’s allocations to the information technology, energy, financial, consumer staples, health care, and communication services sectors detracted from relative performance. Stock selection in the industrial, consumer staples, health care, and communication services sectors, as well as the Fund’s allocations to the industrial and consumer discretionary sectors, contributed positively to relative returns.

With respect to specific Fund holdings, Coca-Cola and Schlumberger were the biggest detractors from the Fund’s performance, whereas Amazon and Nvidia were the top contributors.

The Coca-Cola Company is the world’s leading owner and marketer of non-alcoholic beverage brands. In late January 2020, the company reported strong financial results that surpassed company management’s full-year guidance, which had already been raised during the year, and the company recorded its 10th consecutive quarter of mid-single-digit organic revenue growth. While Coca-Cola management expected its strong organic growth to continue, the then-current level of growth exceeded Fund management’s long-term forecasts for the company and the Fund eliminated its position in March to reallocate capital to more attractive reward-to-risk opportunities. Due to the timing of the sale in the March downturn, Coca-Cola was among the biggest detractors for the period. Schlumberger is the world’s leading supplier of technology, equipment, project management, and information solutions to the oil and gas exploration and production industry. The company reported financial results that deteriorated substantially due to the oil price environment. Following record oil price declines in the first quarter due to COVID-19-related demand weakness in China and a price war between OPEC and Russia, demand and prices fell further in the second quarter due to the global lockdown, continued travel restrictions, and a resurgence of COVID-19 cases – all of which continued to delay a recovery in demand. On Fund management’s belief that Schlumberger’s products remain a necessary part of the solution for profitably extracting energy resources, even in times of substantial commodity price compression, the Fund expanded its position in Schlumberger during the period.

Online retailer Amazon offers millions of products to consumers and its enterprise IT business, Amazon Web Services (AWS), offers a suite of secure, on-demand cloud-computing services. During the period, Fund management estimates Amazon’s gross merchandise volume grew faster than either global retail sales or U.S. e-commerce, indicating the company expanded its market share. AWS also posted strong revenue growth during the period that exceeded consensus expectations and accelerated following the outbreak of COVID-19. Nvidia is the world leader in graphic processing units, which enable computers to produce and utilize highly realistic 3D graphic imagery and models. Nvidia reported better-than-expected results, driven by recovery in its gaming business and rising demand in its data center business.

MML Large Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

Subadviser outlook

The Fund’s investment process is characterized by bottom-up, fundamental research and a long-term investment time horizon. This process is designed to lead to a lower-turnover portfolio, where sector positioning is the result of stock selection. At year end, the Fund was overweight in the industrial, communication services, health care, energy, financial, and consumer staples sectors – and underweight in the information technology and consumer discretionary sectors. The Fund held no positions in the real estate, materials, or utilities sectors. Fund management remains committed to its long-term investment approach to invest in those few high-quality businesses with sustainable competitive advantages and profitable growth when they trade at a significant discount to intrinsic value.

MML Large Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Large Cap Growth Fund Largest Holdings (% of Net Assets) on 12/31/20
Amazon.com, Inc.	7.1%
Visa, Inc. Class A	5.8%
Facebook, Inc. Class A	5.7%
Autodesk, Inc.	5.3%
Alibaba Group Holding Ltd. Sponsored ADR	4.7%
NVIDIA Corp.	4.5%
The Boeing Co.	4.5%
Microsoft Corp.	4.0%
Deere & Co.	3.8%
The Walt Disney Co.	3.8%
	49.2%

MML Large Cap Growth Fund Sector Table (% of Net Assets) on 12/31/20
Communications	29.8%
Technology	26.9%
Consumer, Non-cyclical	18.9%
Industrial	10.5%
Financial	7.2%
Consumer, Cyclical	4.9%
Energy	1.3%
Total Long-Term Investments	99.5%
Short-Term Investments and Other Assets and Liabilities	0.5%
Net Assets	100.0%

MML Large Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	05/01/2006	31.78%	17.72%	14.51%
Service Class	08/15/2008	31.53%	17.45%	14.23%
Russell 1000 Growth Index		38.49%	21.00%	17.21%

MML Managed Volatility Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Managed Volatility Fund and who is the Fund’s subadviser?

The Fund seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. Under normal circumstances, the Fund invests in a broadly diversified portfolio of common stocks, while also selling index call options and purchasing index put options. The Fund’s stock portfolio will have approximately 500 stocks, and seeks to duplicate the investment composition and return of the S&P 500^® Index* (the “Index”) by holding each stock included in the Index in approximately the same proportion as each stock’s relative weighting in the Index. The Fund’s subadviser is Gateway Investment Advisers, LLC (Gateway).

*The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”),and has been licensed for use by MassMutual. Standard & Poor’s^®, S&P^® and S&P 500^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Initial Class shares returned 6.68%, underperforming, by a wide margin, the 18.40% return of the Index, which measures the performance of 500 widely held stocks in the U.S. equity market. The Index is the Fund’s benchmark. The Fund underperformed the 7.51% return of the Bloomberg Barclays U.S. Aggregate Bond Index, which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

The Fund underperformed the Index for the year, while achieving the risk component of its objective by exhibiting significantly less volatility than the equity market. Throughout 2020, the Fund’s two-part option strategy delivered equity market participation during the periods in which the equity market advanced and significant downside protection during market declines. When the equity market has a strong advance, combined with below-average implied volatility levels, underperformance of the Fund is expected, as its risk-reducing option strategy generates losses that detract from the return of the Fund’s Index-tracking equity portfolio. During the pandemic-driven bear market from February 19 to March 23, the Fund’s decline was less than half the loss of the Index, as gains from its option strategy provided 18.56% of downside protection relative to the Index’s decline of 33.79%.

The Fund returned 18.94% during the market recovery from March 23 to the temporary recovery peak on September 2. The Index returned 61.39% over this period. The Fund’s return differential was primarily due to losses from its option strategy, though above-average implied volatility levels resulted in smaller losses than would have otherwise been incurred.

Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. As noted above, throughout the reporting period, the Fund’s performance was both positively and negatively impacted by its options strategy. (A call option is an agreement that gives the owner the ability to buy a specified amount of an underlying security at a specified price within a specified period of time. A put option is an agreement that gives the owner the ability to sell a specified amount of an underlying security at a specified price within a specified period of time.)

Subadviser outlook

Fund management’s investment philosophy is informed by its long history and maintains that the equity market is the most reliable source of attractive long-term returns, despite its high volatility relative to other asset classes and tendency to periodically deliver significant short-term losses. Their investment philosophy also holds that consistency is key to long-term success and

MML Managed Volatility Fund – Portfolio Manager Report (Unaudited) (Continued)

that generating cash flow with index options, rather than seeking to forecast the market, can be a lower-risk means to participate in equity markets. By staying true to this philosophy and continuing to manage strategies consistent with the firm’s historical approach, Fund management seeks to manage risk while pursuing long-term returns in an uncertain environment. As always, they will avoid incorporating forecasts into their investment approach and will not attempt to anticipate how events will unfold.

MML Managed Volatility Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Managed Volatility Fund Largest Holdings (% of Net Assets) on 12/31/20
Apple, Inc.	6.3%
Microsoft Corp.	5.0%
Amazon.com, Inc.	4.1%
Facebook, Inc. Class A	2.0%
Tesla, Inc.	1.6%
Alphabet, Inc. Class A	1.6%
Alphabet, Inc. Class C	1.5%
Berkshire Hathaway, Inc. Class B	1.3%
Johnson & Johnson	1.2%
JP Morgan Chase & Co.	1.2%
	25.8%

MML Managed Volatility Fund Sector Table (% of Net Assets) on 12/31/20
Technology	21.9%
Consumer, Non-cyclical	19.8%
Communications	15.4%
Financial	14.3%
Consumer, Cyclical	9.2%
Industrial	7.8%
Utilities	2.6%
Energy	2.1%
Basic Materials	2.0%
Mutual Funds	0.0%
Total Long-Term Investments	95.1%
Short-Term Investments and Other Assets and Liabilities	4.9%
Net Assets	100.0%

MML Managed Volatility Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	05/01/2000	6.68%	5.16%	5.89%
Service Class	08/15/2008	6.42%	4.90%	5.63%
S&P 500 Index*		18.40%	15.22%	13.88%
Bloomberg Barclays U.S. Aggregate Bond Index		7.51%	4.44%	3.84%

* Benchmark

MML Mid Cap Growth Fund – Portfolio Manager Report (Unaudited)

MassMutual Select Funds – Portfolio Summaries (Unaudited) (Continued)

What is the investment approach of MML Mid Cap Growth Fund, and who are the Fund’s subadvisers?

The Fund seeks long-term capital appreciation by investing primarily in equity securities of mid-capitalization companies that the Fund’s subadvisers believe offer the potential for above-average earnings growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the Fund’s subadvisers expect to grow at a faster rate than the average company. The Fund’s two subadvisers are T. Rowe Price Associates, Inc. (T. Rowe Price), which managed approximately 74% of the Fund’s portfolio; and Wellington Management Company LLP (Wellington Management), which managed approximately 26% of the Fund’s portfolio, as of December 31, 2020. Wellington Management was added as a subadviser of the Fund effective January 7, 2020.

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Initial Class shares returned 25.57%, significantly underperforming the 35.59% return of the Russell Midcap^® Growth Index (the “benchmark”), which measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The Fund’s 25.57% return outperformed, by a wide margin, the 13.66% return of the S&P MidCap 400^® Index, which measures the performance of mid-sized U.S. companies, reflecting the distinctive risk and return characteristics of this market segment. It comprises stocks in the middle capitalization range, covering approximately 7% of the of U.S. equity market.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2020, within the T. Rowe Price component of the Fund, broadly speaking, stock selection and sector allocation detracted from performance. At the sector level, information technology, health care, and consumer discretionary detracted from relative returns, while consumer staples partially contributed to relative performance. The information technology sector was the largest detractor from the Fund component’s relative performance, due to an underweight position, relative to the benchmark, and weak stock selection. In health care, security selection weighed on relative results, driven by Fund component holding Teleflex, which came under meaningful pressure during the March sell-off as widespread coronavirus-driven delays and cancellations of scheduled and voluntary medical procedures depressed demand for the company’s surgical devices. Fund component holdings within the consumer discretionary sector also hampered relative returns due to unfortunate stock choices such as Norwegian Cruise Line Holdings, whose share price suffered greatly as the entire industry was sidelined for the long term due to the coronavirus pandemic. In contrast, an underweight allocation to the consumer staples sector contributed to the Fund component’s relative performance. However, adverse stock selection within the sector offset almost all of the positive impact. No other sector contributed during the period. Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. The estimated return impact from employing warrants was negligible during the reporting period.

For the part of the year that Wellington Management served as co-subadviser of the Fund (January 7, 2020–December 31, 2020), weak stock selection in the industrial and consumer discretionary sectors was the primary driver of the Fund component’s relative returns. These results were slightly offset by stronger selection within the information technology sector. Sector allocation, a residual of the Fund component’s bottom-up stock selection process, also weighed on relative returns. An overweight to the consumer discretionary sector and an underweight to information technology detracted, while a lack of exposure to the energy sector contributed to relative performance. Fund component holdings that detracted most from relative returns during the period included Hexcel (industrial) and Aramark (consumer discretionary). Weakness in airlines related to the coronavirus weighed on Hexcel, the world’s largest supplier of aerospace grade carbon fiber, which makes planes lighter and more fuel efficient. Shares of Aramark, a provider of uniform and food services to a broad base of customers, fell as a portion of the business went offline during the pandemic. Fund component holdings that were top individual contributors to relative performance during the period included DocuSign (information technology) and Etsy (consumer discretionary). DocuSign is an electronic signature solutions company leading the increasing digitization of agreement workflows. Wellington Management eliminated its position during the

MML Mid Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

period as the stock moved above their market cap range. Etsy, the dominant online marketplace for vintage items, handmade goods, art, and crafts, also contributed to relative returns for the year. Wellington Management did not use derivatives during the period.

Subadviser outlook

T. Rowe Price believes that the battle to “return to normal” played out in the fourth quarter of 2020, as news of coronavirus vaccine rollouts alternated with a soaring number of infections. Against this backdrop, extreme growth and richly valued stocks extended their outperformance, despite a highly uncertain economic outlook and an increasingly bloated Federal Reserve (the “Fed”) balance sheet. As in recent periods, the fourth quarter showed that any bias toward valuation discipline was a performance headwind in an environment favoring “growth at any price,” in which investors mostly shrugged off concerns about massive deficits, U.S. dollar weakness, prolonged zero interest rates, and inflation. T. Rowe Price believes that these potential long-term negative economic impacts are not reflected in the lofty growth expectations baked into the valuations of many high-flying stocks. Moreover, T. Rowe Price continues to believe there could be a reckoning in the market when these expectations are not met or when the adverse economic consequences from massive stimulus packages start to materialize.

While Wellington Management is bottom-up in its investment approach, they harbor a generally optimistic view of the macro landscape heading into 2021. They believe that the combination of fiscal stimulus, an accommodative Fed, pent-up consumer savings, an improving employment and manufacturing picture, the gradual rollout of the coronavirus vaccine, and a strong U.S. housing landscape has the potential to make for a positive backdrop in 2021.

MML Mid Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Mid Cap Growth Fund Largest Holdings (% of Net Assets) on 12/31/20
Burlington Stores, Inc.	2.2%
TransUnion	2.0%
Hologic, Inc.	1.9%
J.B. Hunt Transport Services, Inc.	1.8%
Ball Corp.	1.7%
Teleflex, Inc.	1.7%
Catalent, Inc.	1.6%
KLA Corp.	1.6%
Microchip Technology, Inc.	1.5%
BWX Technologies, Inc.	1.5%
	17.5%

MML Mid Cap Growth Fund Sector Table (% of Net Assets) on 12/31/20
Consumer, Non-cyclical	32.5%
Technology	21.2%
Industrial	16.9%
Consumer, Cyclical	13.5%
Communications	6.2%
Financial	5.5%
Utilities	1.0%
Basic Materials	0.7%
Mutual Funds	0.7%
Energy	0.6%
Diversified	0.2%
Total Long-Term Investments	99.0%
Short-Term Investments and Other Assets and Liabilities	1.0%
Net Assets	100.0%

MML Mid Cap Growth Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	05/01/2006	25.57%	16.43%	14.80%
Service Class	08/15/2008	25.25%	16.13%	14.50%
Russell Midcap Growth Index*		35.59%	18.66%	15.04%
S&P MidCap 400 Index		13.66%	12.35%	11.51%

* Benchmark

MML Mid Cap Value Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Mid Cap Value Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital growth. Income is a secondary objective. The Fund invests primarily in equity securities of mid-capitalization companies that the Fund’s subadviser believes offer prospects for long-term capital growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-size companies. The Fund’s subadviser is American Century Investment Management, Inc. (American Century).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Initial Class shares returned 1.71%, underperforming the 4.96% return of Russell Midcap^® Value Index (the “benchmark”), which measures the performance of the mid-cap value segment of the U.S. equity universe. It includes Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2020, large-cap stocks outperformed mid- and small-cap issues. Growth stocks outperformed their value counterparts.

Stock selection and an underweight in the materials sector, relative to the benchmark, detracted from the Fund’s relative performance. In particular, a lack of exposure to metals and mining companies, including Newmont, weighed on results. Not owning a number of outperforming interactive media and services companies also dampened the Fund’s relative performance in the communication services sector. On a positive note, the Fund’s underweight in the real estate sector benefited performance. Several information technology stocks were also notable contributors.

With respect to specific Fund holdings, key detractors during the year included Comerica and Sodexo. Fund management reduced the Fund’s weight in regional banks, which included eliminating the Fund’s position in Comerica. Like other banks, Comerica faces increased credit risk from worsening economic conditions. Additionally, low short-term interest rates negatively impacted Comerica’s earnings by a greater degree, relative to many of its peers. Food service and facilities maintenance operator Sodexo weighed on the Fund’s returns, as COVID-19 caused business interruptions for many of its corporate, leisure, and higher education customers. Fund management added to the Fund’s position in this holding, due to Sodexo’s attractive valuation, flexible cost structure, and financial strength.

Fund holdings that were key contributors to the Fund’s performance during the year included Applied Materials and Hologic. Semiconductor equipment company Applied Materials was a top contributor, as it benefited from strong trends in key end markets and demand for connectivity during the pandemic. Fund management trimmed the Fund’s position in Hologic as the stock had appreciated. Hologic, a medical devices company, outperformed due to significant sales for its new COVID-19 test. The economics of the test are very favorable, as Hologic is able to capture three times the revenue of its core diagnostics test with better gross margins. The Fund trimmed its position following the stock’s outperformance.

Subadviser outlook

In Fund management’s view, disruption themes continue into 2021. The pandemic accelerated paradigm-shifting structural trends. For example, dedensification reshaped the real estate market as millennials migrated from urban cores, boosted by low mortgage interest rates and the acceptance of work-from-home practices. Declining technology costs and growing environmental concerns have created opportunities for utilities to transition power generation from coal and natural gas to renewable sources, such as solar and wind. In addition, Fund management believes government entities will support renewables by enacting policies intended to combat global warming. These and other significant themes, in their view, could create investment opportunities, while increasing the importance of fundamental analysis and security selection.

MML Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Mid Cap Value Fund Largest Holdings (% of Net Assets) on 12/31/20
Zimmer Biomet Holdings, Inc.	2.9%
Northern Trust Corp.	2.4%
Emerson Electric Co.	2.4%
iShares Russell Mid-Cap Value ETF	2.4%
Chubb Ltd.	2.3%
nVent Electric PLC	1.8%
Universal Health Services, Inc. Class B	1.8%
The Bank of New York Mellon Corp.	1.7%
Southwest Airlines Co.	1.7%
Koninklijke Ahold Delhaize NV	1.7%
	21.1%

MML Mid Cap Value Fund Sector Table (% of Net Assets) on 12/31/20
Financial	22.9%
Consumer, Non-cyclical	21.4%
Industrial	20.3%
Consumer, Cyclical	12.3%
Utilities	7.9%
Technology	5.0%
Communications	3.8%
Mutual Funds	2.4%
Energy	2.2%
Basic Materials	1.3%
Total Long-Term Investments	99.5%
Short-Term Investments and Other Assets and Liabilities	0.5%
Net Assets	100.0%

MML Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	05/01/2006	1.71%	9.48%	10.59%
Service Class	08/15/2008	1.48%	9.20%	10.32%
Russell Midcap Value Index		4.96%	9.73%	10.49%

MML Small Cap Growth Equity Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Small Cap Growth Equity Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital appreciation by investing primarily in equity securities of smaller companies that the Fund’s subadviser believes offer potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index or the S&P SmallCap 600 Index. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Initial Class shares returned 35.62%, outperforming the 34.63% return of the Russell 2000 Growth Index (the “benchmark”), which measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Fund’s 35.62% return outperformed, by a wide margin, the 19.96% return of the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2020, stock selection within health care, information technology, and communication services was a primary driver of the Fund’s outperformance of the benchmark. An underweight allocation, relative to the benchmark, to the poorly performing energy sector and an overweight to the industrial sector also contributed to the Fund’s full-year returns. On the other hand, weak stock selection within the materials, industrial, and consumer discretionary sectors hampered the Fund’s performance for the year.

With respect to specific Fund holdings, top individual contributors to relative performance during the period included Livongo Health (health care), Chegg (consumer discretionary), and SunPower (information technology). Shares of Livongo Health rose after management announced a merger agreement with Teledoc Health, which will position the firm as a leader in comprehensive virtual care during a time of unprecedented demand. The Fund sold its position, as the combined entity’s market cap no longer occupied the small-cap market segment. Shares of Chegg rose over the period after reporting strong results that surpassed expectations. The online textbook rental and learning services company saw a sharp increase in subscriptions over the year as institutions moved to online learning in response to COVID-19. SunPower’s shares rose after the solar panel manufacturer reported third-quarter revenue that beat consensus estimates, with sales up 70% year over year. Management raised its guidance for the 2020 fiscal year, and the company secured funding for its residential solar leasing program through 2021.

Stocks that detracted most from relative returns during the period included Curtiss-Wright (industrial), MFA Financial (financial), and Kirby (industrial). Shares of Curtiss-Wright fell as COVID-19 created uncertainty in the company’s guidance, despite the company releasing a solid set of results. The market’s de-rating of the company on commercial aerospace and defense budget concerns remained a headwind through the period. The Fund increased its position in Curtiss-Wright on what Fund management viewed as attractive valuations and remained overweight to end the period. Shares of MFA Financial fell after the company failed to meet its margin calls due to COVID-19-driven volatility in the credit markets. Fund management eliminated the mortgage real estate investment trust (REIT) from the Fund’s portfolio after the company was required to sell assets to help satisfy margin calls, leading Fund management to question the health of the business model. Shares of Kirby, a Texas-based barge operator, declined, as the COVID-19 pandemic led to decreased levels of business activity, causing workforce reductions. Shares also came under pressure after Kirby announced a restatement of first-quarter earnings, failing to properly record a goodwill impairment charge.

Subadviser outlook

U.S. small-cap equities enjoyed a strong rally in the fourth quarter to close out 2020 with the largest positive quarterly return for the Russell 2000 Index since its launch. With the distribution of COVID-19 vaccinations and additional fiscal stimulus, Fund management has become optimistic about the prospects for equity markets in 2021. At the end of the period, the Fund held its largest overweight allocations to the financial and information technology sectors – and its greatest underweight stakes in the health care, consumer staples, and real estate sectors.

MML Small Cap Growth Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Small Cap Growth Equity Fund Largest Holdings (% of Net Assets) on 12/31/20
Rapid7, Inc.	1.6%
Tower Semiconductor Ltd.	1.4%
Western Alliance Bancorp	1.3%
Globus Medical, Inc. Class A	1.2%
BMC Stock Holdings, Inc.	1.2%
LHC Group, Inc.	1.2%
Cardlytics, Inc.	1.2%
Rexnord Corp.	1.2%
Kennametal, Inc.	1.2%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	1.1%
	12.6%

MML Small Cap Growth Equity Fund Sector Table (% of Net Assets) on 12/31/20
Consumer, Non-cyclical	31.2%
Financial	16.7%
Consumer, Cyclical	16.1%
Technology	15.6%
Industrial	15.3%
Communications	4.1%
Energy	3.0%
Mutual Funds	1.9%
Basic Materials	1.0%
Utilities	0.4%
Total Long-Term Investments	105.3%
Short-Term Investments and Other Assets and Liabilities	(5.3)%
Net Assets	100.0%

MML Small Cap Growth Equity Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	05/03/1999	35.62%	19.13%	14.43%
Service Class	08/15/2008	35.29%	18.83%	14.14%
Russell 2000 Growth Index*		34.63%	16.36%	13.48%
Russell 2000 Index		19.96%	13.26%	11.20%

* Benchmark

MML Small Company Value Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Small Company Value Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital appreciation by investing primarily in equity securities that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Class II shares returned 9.16%, outperforming the 4.63% return of the Russell 2000 Value Index (the “benchmark”), which measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Fund significantly underperformed the 19.96% return of the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

Stock selection and sector allocation, overall, aided the Fund’s relative outperformance for the year ended December 31, 2020. The financial sector was the leading contributor, primarily due to stock selection, led by Fund holding PennyMac Financial Services. The mortgage provider and servicer continued to post strong quarterly results, despite significant market disruptions.

The health care sector also contributed to relative returns, due to favorable stock selection coupled with an overweight position, relative to the benchmark. Within the sector, Fund holdings Quidel (an American manufacturer of diagnostic health care products sold worldwide) and Momenta Pharmaceuticals drove performance. Shares of the latter were boosted by positive sentiment toward its M281 anti-FcRn antibody, which has the potential to provide a safer, more convenient, and more effective alternative to intravenous immunoglobulin (IVIG) for patients with autoimmune diseases. In the third quarter, shares soared on news the company would be acquired by Johnson & Johnson. Real estate also aided the Fund’s performance during the period due to both a beneficial underweight allocation and favorable stock choices, such as The St. Joe Company (a Northwest Florida based real estate developer and asset manager).

On the other side of the ledger, stock selection in the consumer discretionary sector weighed on relative performance, driven by Fund holding Strategic Education. Shares of the for-profit educator plunged in July on quarterly results highlighting a deceleration in enrollment growth. Negative investor reaction to the announcement of the company’s acquisition of Laureate Education’s Australian portfolio also weighed on the stock. Additionally, Fund holdings in the industrial and business services sectors detracted from relative results for the period, due to poor stock choices, such as Triumph Group, a supplier of aerospace services, structures, systems, and support.

Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. For the year ended December 31, 2020, the estimated return impact on the Fund’s performance from employing warrants was negligible.

Subadviser outlook

Fund management is optimistic about a continued economic recovery as the global fight against the coronavirus continues and multiple vaccines are rolled out in 2021. Additionally, although Fund management expects some noise in Washington over the coming weeks, Fund management believes there could be less political volatility now that the 2020 election is behind us. That said, they are mindful of the many challenges that remain before we are back to a more normal environment – and of the fact that market valuations were above long-term averages as we entered 2021. Fund management’s focus, as always, remains on long-term performance, and they believe their contrarian approach has the potential to serve the interests of their shareholders.

MML Small Company Value Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Small Company Value Fund Largest Holdings (% of Net Assets) on 12/31/20
Littelfuse, Inc.	1.6%
Cable One, Inc.	1.5%
Home BancShares, Inc.	1.4%
PennyMac Financial Services, Inc.	1.3%
Ceridian HCM Holding, Inc.	1.3%
Western Alliance Bancorp	1.3%
WSFS Financial Corp.	1.3%
Chesapeake Utilities Corp.	1.2%
Pinnacle Financial Partners, Inc.	1.2%
BankUnited, Inc.	1.2%
	13.3%

MML Small Company Value Fund Sector Table (% of Net Assets) on 12/31/20
Financial	35.1%
Industrial	15.8%
Consumer, Non-cyclical	13.0%
Consumer, Cyclical	11.7%
Technology	6.5%
Basic Materials	5.7%
Utilities	4.2%
Energy	4.2%
Communications	3.1%
Mutual Funds	0.3%
Total Long-Term Investments	99.6%
Short-Term Investments and Other Assets and Liabilities	0.4%
Net Assets	100.0%

MML Small Company Value Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - CLASS II

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Class II	02/27/2009	9.16%	12.04%	9.66%
Service Class I	02/27/2009	8.92%	11.77%	9.38%
Russell 2000 Value Index*		4.63%	9.65%	8.66%
Russell 2000 Index		19.96%	13.26%	11.20%

* Benchmark

MML Small/Mid Cap Value Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Small/Mid Cap Value Fund, and who is the Fund’s subadviser?

The Fund seeks long-term total return by investing primarily in securities that the Fund’s subadviser believes to be undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of small- and mid-cap companies. The Fund’s subadviser is AllianceBernstein L.P. (AllianceBernstein).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Initial Class Shares returned 4.65%, underperforming the 4.88% return of the Russell 2500^TM Value Index (the “benchmark), which measures the performance of the small- to mid-cap value segment of the U.S. equity universe. It includes Russell 2500 Index companies with lower price-to-book and lower forecasted growth values.

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

For the year ended December 31, 2020, stock selection detracted from the Fund’s performance, while sector allocations generally contributed. An underweight to the health care sector, relative to the benchmark, hampered the Fund’s full-year results, while an overweight stake in technology contributed. Less-than-favorable security selection in the energy and materials sectors more than offset positive security selection in real estate and health care.

With respect to specific Fund holdings, HollyFrontier detracted from Fund performance, as the petroleum refiner continued to deal with weak COVID-19-related end demand for fuel products and the resulting low asset utilization. Reinsurance Group of America held back returns after the life reinsurer raised equity capital that was dilutive to its book value. Its management indicated that the capital would be an additional buffer against higher mortality claims and credit losses that could potentially come from the current volatile climate. Carpenter Technology, a specialty alloy manufacturer, also hampered the Fund’s full-year results. Carpenter underperformed amid soft earnings due to weakness in its key aerospace end market.

On the positive side, Fund holdings that contributed to the Fund’s returns included Quanta Services, a utility contractor that reported a series of better-than-expected quarterly earnings and cash flow results. Papa John’s International also contributed, as the pizza restaurant company continued to show strong comparable-store sales growth. Papa John’s, and the pizza market in general, has been experiencing robust demand from consumers who face fewer dine-out options due to restaurant closures and state- and local-mandated occupancy limits and closures. Packaged-foods company Hain Celestial beat expectations throughout the year, as its shares rebounded off March lows.

Subadviser outlook

After a strong fourth quarter, investors have begun to wonder if the outperformance of smaller-cap value stocks signals the beginning of a new trend. Over the recent past, value stocks have faced multiple headwinds. A fragile economy followed by a recession led to investors paying ever higher multiples for growth stocks – and increasing investor skepticism that value company profits could survive the twin shocks of a slower economy and technological disruption, along with heightened risk and historically low interest rates. As a result, the discount of value stocks relative to their growth counterparts is at historic levels.

Fund management believes that the tide is showing signs of turning. They believe the economy is recovering, and value stock profit concerns appear misplaced, with stronger-than-expected second- and third-quarter 2020 results. Fund management believes that risks, while still elevated, are declining. Fund management continues to look for companies that combine the business model strength to navigate the current volatile climate, in tandem with cash flows and valuations that they believe have the potential to drive performance as the economic climate improves.

MML Small/Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Small/Mid Cap Value Fund Largest Holdings (% of Net Assets) on 12/31/20
Regal Beloit Corp.	1.8%
XPO Logistics, Inc.	1.7%
First Citizens BancShares, Inc. Class A	1.6%
Oshkosh Corp.	1.6%
Change Healthcare, Inc.	1.6%
AECOM	1.5%
Knight-Swift Transportation Holdings, Inc.	1.5%
Reliance Steel & Aluminum Co.	1.5%
Ralph Lauren Corp.	1.4%
Synovus Financial Corp.	1.4%
	15.6%

MML Small/Mid Cap Value Fund Sector Table (% of Net Assets) on 12/31/20
Financial	32.5%
Industrial	22.0%
Consumer, Cyclical	21.0%
Technology	8.0%
Consumer, Non-cyclical	7.8%
Basic Materials	5.4%
Energy	3.5%
Utilities	2.1%
Communications	1.0%
Total Long-Term Investments	103.3%
Short-Term Investments and Other Assets and Liabilities	(3.3)%
Net Assets	100.0%

MML Small/Mid Cap Value Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - INITIAL CLASS

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years
Initial Class	05/01/2006	4.65%	8.73%	9.11%
Service Class	08/15/2008	4.32%	8.44%	8.83%
Russell 2500 Value Index		4.88%	9.43%	9.33%

MML Total Return Bond Fund – Portfolio Manager Report (Unaudited)

What is the investment approach of MML Total Return Bond Fund, and who is the Fund’s subadviser?

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s, BBB- or higher by Fitch, or A-2 by S&P, P-2 by Moody’s, or F-2 by Fitch for short-term debt obligations, or, if unrated, determined by the Fund’s subadviser to be of comparable quality). The Fund’s subadviser is Metropolitan West Asset Management, LLC (MetWest).

How did the Fund perform during the 12 months ended December 31, 2020?

The Fund’s Class II shares returned 8.79%, outperforming the 7.51% return of the Bloomberg Barclays U.S. Aggregate Bond Index (the “benchmark”), which measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).

For a discussion on the economic and market environment during the 12-month period ended December 31, 2020, please see the Economic and Market Overview, beginning on page 3.

Subadviser discussion of factors that contributed to the Fund’s performance

The year 2020 is notable for the ending of the longest U.S. bull market, laid low by the transmission of the novel coronavirus and the economic curbs initiated in the spring to slow its spread. The consequent market volatility sent risk premiums soaring across the bond markets and Treasury yields collapsed. No sector was spared of the repricing, particularly as levered investor (forced) sales and more routine redemptions tested liquidity. A slew of jobs were lost in the process, with knock-on effects on consumption and confidence. In response to the pandemic, government accommodations ($2.2 trillion on the fiscal side), unprecedented in size and scope, were promptly instituted, including the Federal Reserve’s (the “Fed”) unlimited buying of agency mortgage-backed securities (MBS). (“Agency” refers to debt issued by U.S. federal government agencies or government-sponsored entities for financing purposes.) As a result, a recovery began around April/May, with Treasury yields stabilizing. Toward the end of the year, with a couple of efficacious vaccines approved for distribution and additional fiscal stimulus ($900 billion) passed, U.S. equities topped record peaks, even while COVID-19 cases continued to surge.

Against this backdrop, credits drove the Fund’s outperformance of the benchmark, including where a higher average yield in industrial holdings such as non-cyclicals, communications, and energy, as well as emerging market debt, boosted relative returns. Opportunistic credit additions made during the March market volatility and subsequent trimming also proved beneficial to returns.

In securitized, contributions came from the Fund’s emphasis on current (low) coupon agency MBS TBAs, which continued to benefit from the Fed’s limitless sponsorship. (In a TBA trade, the seller of MBS agrees on a sale price, but does not specify which securities will be delivered to the buyer on settlement day.) Non-agency MBS also contributed to returns, as the sector recovered in the months following the March selloff amid strong housing fundamentals (i.e., increasing home prices amid robust demand).

Overall, commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) had little impact on the Fund’s performance and were trimmed to fund corporate bond purchases and improve liquidity. Elsewhere, Treasury futures used to manage duration were a drag on the Fund’s performance, as financing rates exceeded yields, but Treasury inflation-protected securities (TIPS) were beneficial, given higher inflation expectations. (Duration is a measure of a bond fund’s sensitivity to interest rates. The longer the duration, the greater the price impact on the bond or portfolio when interest rates rise or fall.)

Finally, the duration of the Fund started the year long versus the Index, benefiting returns as Treasury yields hit historic lows in March. Over the remainder of the year, the position was shortened and maintained in a range of 0.5 to 0.6 year short, and though rates didn’t recover to pre-COVID-19 levels, they did edge higher, further rewarding returns.

MML Total Return Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

Derivatives are securities that derive their value from the performance of one or more other investments and take the form of a contract between two or more parties. Derivatives can be used for hedging, speculation, or both. As noted above, the Fund’s use of futures to manage duration hindered its full-year performance.

Subadviser outlook

Fund management believes that markets are pricing in a degree of optimism that does not appear to reflect the underlying challenges. They believe that, although the economy has shown more resilience than expected due to extraordinary policy response, a return to sustained growth remains a ways off, as uncertainties around the pandemic remain. They view that persistent stimulus could foster momentum, with a recognition that the pace will be far better for some industries than others. Despite optimism on vaccines, Fund management believes a measure of caution may be warranted as there are uncertainties to the rollout. They estimate that current valuations portend a challenging environment for prospective returns, which requires careful evaluation. Not lost on the forward-looking perspective is a more Democratic controlled government, which Fund management views could be beneficial growth-wise from stimulus and pent-up demand, though with the potential to lose some momentum, with new taxes and some regulatory tightening.

MML Total Return Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

MML Total Return Bond Fund Portfolio Characteristics (% of Net Assets) on 12/31/20
U.S. Treasury Obligations	40.5%
U.S. Government Agency Obligations and Instrumentalities	31.9%
Corporate Debt	22.1%
Non-U.S. Government Agency Obligations	12.9%
Municipal Obligations	1.9%
Sovereign Debt Obligations	0.9%
Bank Loans	0.7%
Total Long-Term Investments	110.9%
Short-Term Investments and Other Assets and Liabilities	(10.9)%
Net Assets	100.0%

MML Total Return Bond Fund – Portfolio Manager Report (Unaudited) (Continued)

GROWTH OF $10,000 INVESTMENT - CLASS II

Average Annual Total Returns (for the periods ended 12/31/2020)
	Inception Date of Class	1 Year	5 Years	10 Years	Since Inception 05/01/2012
Class II	08/10/2010	8.79%	4.56%	3.72%
Service Class I	05/01/2012	8.60%	4.32%		3.33%
Bloomberg Barclays U.S. Aggregate Bond Index		7.51%	4.44%	3.84%	3.37%

MML Conservative Allocation Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 43.4%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund, Series I		9,377	$	1,002,683
Invesco Oppenheimer V.I. Global Fund, Series I		82,877		4,319,566
Invesco Oppenheimer V.I. International Growth Fund, Series I		253,054		736,389
Invesco Oppenheimer V.I. Main Street Fund, Series I		31,013		927,584
MML Blue Chip Growth Fund, Initial Class (a)		708,103		14,523,195
MML Equity Income Fund, Initial Class (a)		1,544,087		15,873,210
MML Equity Index Fund, Class III (a)		39,446		1,143,136
MML Focused Equity Fund, Class II (a)		2,861,486		20,745,777
MML Foreign Fund, Initial Class (a)		904,986		9,067,960
MML Fundamental Equity Fund, Class II (a)		1,177,942		12,639,315
MML Fundamental Value Fund, Class II (a)		1,253,609		14,566,940
MML Global Fund, Class I (a)		1,731,245		24,168,175
MML Income & Growth Fund, Initial Class (a)		1,426,663		14,266,629
MML International Equity Fund, Class II (a)		900,997		8,991,953
MML Large Cap Growth Fund, Initial Class (a)		378,065		5,285,349
MML Mid Cap Growth Fund, Initial Class (a)		891,448		16,135,206
MML Mid Cap Value Fund, Initial Class (a)		1,202,623		12,735,775
MML Small Cap Growth Equity Fund, Initial Class (a)		129,179		2,178,261
MML Small Company Value Fund, Class II (a)		284,617		4,340,411
MML Small/Mid Cap Value Fund, Initial Class (a)		296,532		3,244,058
MML Strategic Emerging Markets Fund, Class II (a)		117,363		1,693,550
				188,585,122
Fixed Income Funds — 56.7%
Invesco Oppenheimer V.I. Global Strategic Income Fund, Series I		2,365,082		11,446,997
MML Dynamic Bond Fund, Class II (a)		4,927,025		51,438,140
MML High Yield Fund, Class II (a)		1,098,581		11,095,663
MML Inflation-Protected and Income Fund, Initial Class (a)		1,350,765		15,412,231
MML Managed Bond Fund, Initial Class (a)		6,454,684		87,736,037

	Number of Shares		Value
MML Short-Duration Bond Fund, Class II (a)		2,298,562	$	22,617,852
MML Total Return Bond Fund, Class II (a)		4,150,778		46,820,774
				246,567,694

TOTAL MUTUAL FUNDS (Cost $399,864,247)				435,152,816

TOTAL LONG-TERM INVESTMENTS (Cost $399,864,247)				435,152,816

TOTAL INVESTMENTS — 100.1% (Cost $399,864,247) ^(b)				435,152,816

Other Assets/(Liabilities) — (0.1)%				(322,242	)

NET ASSETS — 100.0%			$	434,830,574

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

MML Balanced Allocation Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 51.0%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund, Series I		8,592	$	918,750
Invesco Oppenheimer V.I. Global Fund, Series I		128,283		6,686,124
Invesco Oppenheimer V.I. International Growth Fund, Series I		510,872		1,486,639
Invesco Oppenheimer V.I. Main Street Fund, Series I		15,693		469,383
MML Blue Chip Growth Fund, Initial Class (a)		980,163		20,103,133
MML Equity Income Fund, Initial Class (a)		1,919,498		19,732,438
MML Equity Index Fund, Class III (a)		46,104		1,336,100
MML Focused Equity Fund, Class II (a)		3,275,587		23,748,002
MML Foreign Fund, Initial Class (a)		1,310,526		13,131,475
MML Fundamental Equity Fund, Class II (a)		2,030,968		21,792,289
MML Fundamental Value Fund, Class II (a)		1,370,006		15,919,466
MML Global Fund, Class I (a)		1,770,114		24,710,785
MML Income & Growth Fund, Initial Class (a)		1,864,531		18,645,312
MML International Equity Fund, Class II (a)		1,487,698		14,847,222
MML Large Cap Growth Fund, Initial Class (a)		689,479		9,638,916
MML Mid Cap Growth Fund, Initial Class (a)		1,139,247		20,620,370
MML Mid Cap Value Fund, Initial Class (a)		1,455,947		15,418,476
MML Small Cap Growth Equity Fund, Initial Class (a)		163,829		2,762,553
MML Small Company Value Fund, Class II (a)		338,789		5,166,538
MML Small/Mid Cap Value Fund, Initial Class (a)		429,057		4,693,880
MML Strategic Emerging Markets Fund, Class II (a)		317,986		4,588,539
				246,416,390
Fixed Income Funds — 49.1%
Invesco Oppenheimer V.I. Global Strategic Income Fund, Series I		2,246,492		10,873,021
MML Dynamic Bond Fund, Class II (a)		4,908,329		51,242,951
MML High Yield Fund, Class II (a)		1,066,200		10,768,622
MML Inflation-Protected and Income Fund, Initial Class (a)		1,648,805		18,812,862
MML Managed Bond Fund, Initial Class (a)		6,037,188		82,061,179

	Number of Shares		Value
MML Short-Duration Bond Fund, Class II (a)		2,284,416	$	22,478,652
MML Total Return Bond Fund, Class II (a)		3,614,112		40,767,188
				237,004,475

TOTAL MUTUAL FUNDS (Cost $443,117,721)				483,420,865

TOTAL LONG-TERM INVESTMENTS (Cost $443,117,721)				483,420,865

TOTAL INVESTMENTS — 100.1% (Cost $443,117,721) ^(b)				483,420,865

Other Assets/(Liabilities) — (0.1)%				(352,605	)

NET ASSETS — 100.0%			$	483,068,260

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

MML Moderate Allocation Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 62.4%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund, Series I		9,228	$	986,796
Invesco Oppenheimer V.I. Global Fund, Series I		41,828		2,180,052
Invesco Oppenheimer V.I. International Growth Fund, Series I		423,141		1,231,341
MML Blue Chip Growth Fund, Initial Class (a)		4,602,052		94,388,094
MML Equity Income Fund, Initial Class (a)		9,004,190		92,563,076
MML Equity Index Fund, Class III (a)		207,628		6,017,045
MML Focused Equity Fund, Class II (a)		18,148,140		131,574,012
MML Foreign Fund, Initial Class (a)		6,066,641		60,787,748
MML Fundamental Equity Fund, Class II (a)		6,283,984		67,427,147
MML Fundamental Value Fund, Class II (a)		6,841,775		79,501,429
MML Global Fund, Class I (a)		11,691,029		163,206,767
MML Income & Growth Fund, Initial Class (a)		8,672,058		86,720,575
MML International Equity Fund, Class II (a)		6,880,597		68,668,354
MML Large Cap Growth Fund, Initial Class (a)		2,643,123		36,950,861
MML Mid Cap Growth Fund, Initial Class (a)		5,491,482		99,395,822
MML Mid Cap Value Fund, Initial Class (a)		6,927,044		73,357,395
MML Small Cap Growth Equity Fund, Initial Class (a)		936,047		15,783,975
MML Small Company Value Fund, Class II (a)		1,852,116		28,244,770
MML Small/Mid Cap Value Fund, Initial Class (a)		2,238,301		24,487,015
MML Strategic Emerging Markets Fund, Class II (a)		2,614,671		37,729,701
				1,171,201,975
Fixed Income Funds — 37.7%
Invesco Oppenheimer V.I. Global Strategic Income Fund, Series I		4,399,148		21,291,879
MML Dynamic Bond Fund, Class II (a)		15,436,791		161,160,094
MML High Yield Fund, Class II (a)		1,126,836		11,381,039
MML Inflation-Protected and Income Fund, Initial Class (a)		5,036,555		57,467,089
MML Managed Bond Fund, Initial Class (a)		18,253,650		248,114,832
MML Short-Duration Bond Fund, Class II (a)		6,500,768		63,967,558

	Number of Shares		Value
MML Total Return Bond Fund, Class II (a)		12,908,693	$	145,610,062
				708,992,553

TOTAL MUTUAL FUNDS (Cost $1,740,769,039)				1,880,194,528

TOTAL LONG-TERM INVESTMENTS (Cost $1,740,769,039)				1,880,194,528

TOTAL INVESTMENTS — 100.1% (Cost $1,740,769,039) ^(b)				1,880,194,528

Other Assets/(Liabilities) — (0.1)%				(1,352,932	)

NET ASSETS — 100.0%			$	1,878,841,596

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

MML Growth Allocation Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 75.5%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund, Series I		43,843	$	4,688,162
Invesco Oppenheimer V.I. Global Fund, Series I		376,801		19,638,869
Invesco Oppenheimer V.I. International Growth Fund, Series I		823,516		2,396,433
MML Blue Chip Growth Fund, Initial Class (a)		3,812,305		78,190,367
MML Equity Income Fund, Initial Class (a)		6,396,474		65,755,752
MML Equity Index Fund, Class III (a)		159,873		4,633,126
MML Focused Equity Fund, Class II (a)		12,047,203		87,342,224
MML Foreign Fund, Initial Class (a)		4,878,222		48,879,787
MML Fundamental Equity Fund, Class II (a)		4,755,091		51,022,131
MML Fundamental Value Fund, Class II (a)		5,169,853		60,073,693
MML Global Fund, Class I (a)		9,017,570		125,885,274
MML Income & Growth Fund, Initial Class (a)		6,428,317		64,283,172
MML International Equity Fund, Class II (a)		5,831,123		58,194,605
MML Large Cap Growth Fund, Initial Class (a)		2,026,625		28,332,218
MML Mid Cap Growth Fund, Initial Class (a)		4,340,326		78,559,893
MML Mid Cap Value Fund, Initial Class (a)		5,726,547		60,644,129
MML Small Cap Growth Equity Fund, Initial Class (a)		902,498		15,218,246
MML Small Company Value Fund, Class II (a)		1,597,434		24,360,872
MML Small/Mid Cap Value Fund, Initial Class (a)		1,701,391		18,613,216
MML Strategic Emerging Markets Fund, Class II (a)		3,002,367		43,324,154
				940,036,323
Fixed Income Funds — 24.6%
Invesco Oppenheimer V.I. Global Strategic Income Fund, Series I		3,026,916		14,650,271
MML Dynamic Bond Fund, Class II (a)		4,795,434		50,064,332
MML High Yield Fund, Class II (a)		1,565,230		15,808,819
MML Inflation-Protected and Income Fund, Initial Class (a)		3,933,439		44,880,535
MML Managed Bond Fund, Initial Class (a)		7,120,389		96,784,702
MML Short-Duration Bond Fund, Class II (a)		3,131,087		30,809,899

	Number of Shares		Value
MML Total Return Bond Fund, Class II (a)		4,717,510	$	53,213,516
				306,212,074

TOTAL MUTUAL FUNDS (Cost $1,128,341,605)				1,246,248,397

TOTAL LONG-TERM INVESTMENTS (Cost $1,128,341,605)				1,246,248,397

TOTAL INVESTMENTS — 100.1% (Cost $1,128,341,605) ^(b)				1,246,248,397

Other Assets/(Liabilities) — (0.1)%				(803,969	)

NET ASSETS — 100.0%			$	1,245,444,428

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

MML Aggressive Allocation Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 90.5%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund, Series I		18,006	$	1,925,342
Invesco Oppenheimer V.I. Global Fund, Series I		92,792		4,836,325
Invesco Oppenheimer V.I. International Growth Fund, Series I		388,852		1,131,558
Invesco Oppenheimer V.I. Main Street Fund, Series I		7,772		232,469
MML Blue Chip Growth Fund, Initial Class (a)		519,720		10,659,456
MML Equity Income Fund, Initial Class (a)		894,223		9,192,613
MML Equity Index Fund, Class III (a)		24,418		707,628
MML Focused Equity Fund, Class II (a)		1,857,582		13,467,469
MML Foreign Fund, Initial Class (a)		737,688		7,391,632
MML Fundamental Equity Fund, Class II (a)		723,986		7,768,366
MML Fundamental Value Fund, Class II (a)		763,158		8,867,900
MML Global Fund, Class I (a)		1,332,636		18,603,602
MML Income & Growth Fund, Initial Class (a)		966,746		9,667,461
MML International Equity Fund, Class II (a)		899,689		8,978,900
MML Large Cap Growth Fund, Initial Class (a)		263,699		3,686,508
MML Mid Cap Growth Fund, Initial Class (a)		665,340		12,042,658
MML Mid Cap Value Fund, Initial Class (a)		750,661		7,949,498
MML Small Cap Growth Equity Fund, Initial Class (a)		139,148		2,346,361
MML Small Company Value Fund, Class II (a)		244,296		3,725,508
MML Small/Mid Cap Value Fund, Initial Class (a)		220,651		2,413,919
MML Strategic Emerging Markets Fund, Class II (a)		650,144		9,381,571
				144,976,744
Fixed Income Funds — 9.6%
Invesco Oppenheimer V.I. Global Strategic Income Fund, Series I		273,029		1,321,460
MML Dynamic Bond Fund, Class II (a)		158,440		1,654,114
MML High Yield Fund, Class II (a)		162,292		1,639,153
MML Inflation-Protected and Income Fund, Initial Class (a)		261,855		2,987,771
MML Managed Bond Fund, Initial Class (a)		273,794		3,721,575

	Number of Shares		Value
MML Short-Duration Bond Fund, Class II (a)		269,078	$	2,647,731
MML Total Return Bond Fund, Class II (a)		127,005		1,432,622
				15,404,426

TOTAL MUTUAL FUNDS (Cost $145,025,176)				160,381,170

TOTAL LONG-TERM INVESTMENTS (Cost $145,025,176)				160,381,170

TOTAL INVESTMENTS — 100.1% (Cost $145,025,176) ^(b)				160,381,170

Other Assets/(Liabilities) — (0.1)%				(105,793	)

NET ASSETS — 100.0%			$	160,275,377

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

MML American Funds Growth Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds Growth Fund, Class 1		2,144,096	$	257,741,838

TOTAL MUTUAL FUNDS (Cost $156,446,097)				257,741,838

TOTAL INVESTMENTS — 100.1% (Cost $156,446,097) ^(a)				257,741,838

Other Assets/(Liabilities) — (0.1)%				(277,663	)

NET ASSETS — 100.0%			$	257,464,175

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

MML American Funds International Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds International Fund, Class 1		2,585,402	$	61,118,911

TOTAL MUTUAL FUNDS (Cost $49,313,484)				61,118,911

TOTAL INVESTMENTS — 100.1% (Cost $49,313,484) ^(a)				61,118,911

Other Assets/(Liabilities) — (0.1)%				(88,346	)

NET ASSETS — 100.0%			$	61,030,565

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

MML American Funds Core Allocation Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 67.4%
American Funds Blue Chip Income and Growth Fund, Class 1		18,405,582	$	264,120,107
American Funds Growth-Income Fund, Class 1		4,548,362		251,888,296
American Funds International Fund, Class 1		5,078,481		120,055,290
				636,063,693
Fixed Income Funds — 32.7%
American Funds Bond Fund, Class 1		25,962,748		308,697,076

TOTAL MUTUAL FUNDS (Cost $829,260,902)				944,760,769

TOTAL LONG-TERM INVESTMENTS (Cost $829,260,902)				944,760,769

TOTAL INVESTMENTS — 100.1% (Cost $829,260,902) ^(a)				944,760,769

Other Assets/(Liabilities) — (0.1)%				(1,033,241	)

NET ASSETS — 100.0%			$	943,727,528

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

MML Blue Chip Growth Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 99.9%
COMMON STOCK — 99.9%
Basic Materials — 0.5%
Chemicals — 0.5%
Linde PLC		6,801	$	1,792,132
PPG Industries, Inc.		2,450		353,339
The Sherwin-Williams Co.		665		488,715
				2,634,186
Communications — 37.3%
Internet — 37.1%
Airbnb, Inc.Class A (a)		2,416		354,669
Alibaba Group Holding Ltd. Sponsored ADR (a)		69,411		16,154,022
Alphabet, Inc. Class A (a)		3,689		6,465,489
Alphabet, Inc. Class C (a)		16,216		28,408,486
Amazon.com, Inc. (a)		18,663		60,784,085
Booking Holdings, Inc. (a)		1,985		4,421,131
DoorDash, Inc. Class A (a)		1,965		280,504
Etsy, Inc. (a)		6,500		1,156,415
Facebook, Inc. Class A (a)		124,347		33,966,626
JD.com, Inc. ADR (a)		5,164		453,916
Match Group, Inc. (a)		36,371		5,498,931
Netflix, Inc. (a)		22,916		12,391,369
Pinduoduo, Inc. ADR (a)		6,960		1,236,583
Roku, Inc. (a)		400		132,808
Shopify, Inc. Class A (a)		1,771		2,004,683
Snap, Inc. Class A (a)		94,673		4,740,277
Spotify Technology SA (a)		10,183		3,204,183
Tencent Holdings Ltd.		189,200		13,824,319
Wix.com Ltd. (a)		8,931		2,232,393
				197,710,889
Media — 0.2%
Charter Communications, Inc. Class A (a)		100		66,155
The Walt Disney Co. (a)		4,243		768,747
				834,902
Telecommunications — 0.0%
T-Mobile US, Inc. (a)		1,800		242,730
				198,788,521
Consumer, Cyclical — 5.3%
Airlines — 0.0%
United Airlines Holdings, Inc. (a)		239		10,337
Apparel — 1.0%
NIKE, Inc. Class B		35,008		4,952,582
VF Corp.		5,900		503,919
				5,456,501

	Number of Shares		Value
Auto Parts & Equipment — 0.1%
Aptiv PLC		2,828	$	368,460
Lodging — 0.1%
Hilton Worldwide Holdings, Inc.		1,200		133,512
Marriott International, Inc. Class A		2,837		374,257
				507,769
Retail — 4.1%
Carvana Co. (a)		6,239		1,494,490
Chipotle Mexican Grill, Inc. (a)		2,440		3,383,572
Dollar General Corp.		29,041		6,107,322
Dollar Tree, Inc. (a)		461		49,806
Domino’s Pizza, Inc.		1,045		400,716
Lululemon Athletica, Inc. (a)		10,551		3,672,064
McDonald’s Corp.		308		66,091
Ross Stores, Inc.		31,885		3,915,797
Starbucks Corp.		4,209		450,279
The TJX Cos., Inc.		12,071		824,329
Yum! Brands, Inc.		15,121		1,641,536
				22,006,002
				28,349,069
Consumer, Non-cyclical — 18.6%
Biotechnology — 1.4%
Exact Sciences Corp. (a) (b)		917		121,493
Incyte Corp. (a)		21,547		1,874,158
Seagen, Inc. (a)		433		75,836
Vertex Pharmaceuticals, Inc. (a)		23,647		5,588,732
				7,660,219
Commercial Services — 6.9%
Ant International Co. Ltd., Class C (Acquired 6/07/18, Cost $775,038) (a) (c) (d) (e)		138,153		1,201,931
Cintas Corp.		5,460		1,929,892
CoStar Group, Inc. (a)		3,600		3,327,408
Equifax, Inc.		2,248		433,504
Global Payments, Inc.		53,729		11,574,301
PayPal Holdings, Inc. (a)		63,313		14,827,904
S&P Global, Inc.		9,649		3,171,916
Square, Inc. Class A (a)		2,056		447,468
				36,914,324
Health Care – Products — 5.0%
Align Technology, Inc. (a)		776		414,679
Danaher Corp.		25,731		5,715,884
Intuitive Surgical, Inc. (a)		9,953		8,142,549
Stryker Corp.		29,785		7,298,517
Thermo Fisher Scientific, Inc.		10,730		4,997,819
				26,569,448

The accompanying notes are an integral part of the financial statements.

MML Blue Chip Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Health Care – Services — 3.7%
Anthem, Inc.		8,460	$	2,716,422
Centene Corp. (a)		34,772		2,087,363
HCA Healthcare, Inc.		15,168		2,494,529
Humana, Inc.		3,012		1,235,733
PPD, Inc. (a)		10,586		362,253
UnitedHealth Group, Inc.		29,985		10,515,140
				19,411,440
Pharmaceuticals — 1.6%
AbbVie, Inc.		476		51,003
Becton Dickinson and Co.		221		55,299
Cigna Corp.		30,685		6,388,003
Zoetis, Inc.		11,959		1,979,215
				8,473,520
				99,028,951
Financial — 8.1%
Banks — 1.3%
The Goldman Sachs Group, Inc.		18,109		4,775,524
Morgan Stanley		26,358		1,806,314
State Street Corp.		875		63,683
				6,645,521
Diversified Financial Services — 6.3%
The Charles Schwab Corp.		47,903		2,540,775
Intercontinental Exchange, Inc.		18,311		2,111,075
Mastercard, Inc. Class A		35,155		12,548,226
Visa, Inc. Class A		75,749		16,568,579
				33,768,655
Insurance — 0.5%
Chubb Ltd.		7,066		1,087,598
Marsh & McLennan Cos., Inc.		4,627		541,359
Willis Towers Watson PLC		4,182		881,064
				2,510,021
				42,924,197
Industrial — 1.7%
Electronics — 1.0%
Agilent Technologies, Inc.		288		34,125
Fortive Corp.		17,480		1,237,934
Honeywell International, Inc.		2,049		435,822
Roper Technologies, Inc.		6,412		2,764,149
TE Connectivity Ltd.		8,700		1,053,309
				5,525,339
Miscellaneous – Manufacturing — 0.2%
General Electric Co.		72,893		787,244
Parker-Hannifin Corp.		1,500		408,615
				1,195,859

	Number of Shares		Value
Transportation — 0.5%
Canadian Pacific Railway Ltd.		196	$	67,951
Kansas City Southern		239		48,787
Norfolk Southern Corp.		5,085		1,208,247
Union Pacific Corp.		5,908		1,230,164
				2,555,149
				9,276,347
Technology — 28.4%
Computers — 5.1%
Apple, Inc.		202,157		26,824,212
Crowdstrike Holdings, Inc. Class A (a)		2,100		444,822
				27,269,034
Semiconductors — 4.7%
Advanced Micro Devices, Inc. (a)		58,778		5,390,530
Applied Materials, Inc.		12,181		1,051,220
KLA Corp.		280		72,495
Lam Research Corp.		213		100,594
Marvell Technology Group Ltd.		89,628		4,260,915
Maxim Integrated Products, Inc.		19,171		1,699,509
Monolithic Power Systems, Inc.		2,937		1,075,618
NVIDIA Corp.		14,701		7,676,862
QUALCOMM, Inc.		15,984		2,435,003
Texas Instruments, Inc.		8,402		1,379,020
				25,141,766
Software — 18.6%
Adobe, Inc. (a)		100		50,012
Atlassian Corp. PLC Class A (a)		4,890		1,143,624
Clarivate PLC (a)		5,500		163,405
Coupa Software, Inc. (a)		864		292,818
DocuSign, Inc. (a)		7,332		1,629,904
Fidelity National Information Services, Inc.		38,501		5,446,351
Fiserv, Inc. (a)		51,432		5,856,047
Intuit, Inc.		29,761		11,304,716
Microsoft Corp.		124,716		27,739,333
MongoDB, Inc. (a)		1,120		402,125
MSCI, Inc.		104		46,439
Paycom Software, Inc. (a)		3,395		1,535,389
RingCentral, Inc. Class A (a)		700		265,279
salesforce.com, Inc. (a)		47,646		10,602,664
Sea Ltd. ADR (a)		35,965		7,158,833
ServiceNow, Inc. (a)		24,240		13,342,423
Snowflake, Inc. Class A (a) (b)		717		201,764
Splunk, Inc. (a)		17,768		3,018,606
Synopsys, Inc. (a)		16,137		4,183,356
Twilio, Inc. Class A (a)		1,666		563,941
Veeva Systems, Inc. Class A (a)		5,284		1,438,569
Workday, Inc. Class A (a)		8,596		2,059,688

The accompanying notes are an integral part of the financial statements.

MML Blue Chip Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Zoom Video Communications, Inc. Class A (a)		2,245	$	757,283
				99,202,569
				151,613,369

TOTAL COMMON STOCK (Cost $261,639,286)				532,614,640

TOTAL EQUITIES (Cost $261,639,286)				532,614,640

MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (f)		75,834		75,834

TOTAL MUTUAL FUNDS (Cost $75,834)				75,834

TOTAL LONG-TERM INVESTMENTS (Cost $261,715,120)				532,690,474

SHORT-TERM INVESTMENTS — 0.2%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		100		100
	Principal Amount
Repurchase Agreement — 0.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (g)	$	997,767		997,767

TOTAL SHORT-TERM INVESTMENTS (Cost $997,867)				997,867

TOTAL INVESTMENTS — 100.1% (Cost $262,712,987) ^(h)				533,688,341

Other Assets/(Liabilities) — (0.1)%				(457,067	)

NET ASSETS — 100.0%			$	533,231,274

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2020, was $127,286 or 0.02% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $55,287 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)	Investment was valued using significant unobservable inputs.

(d)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2020, these securities amounted to a value of $1,201,931 or 0.23% of net assets.

(e)	Restricted security. Certain securities are restricted as to resale. At December 31, 2020, these securities amounted to a value of $1,201,931 or 0.23% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(f)	Represents investment of security lending cash collateral. (Note 2).

(g)	Maturity value of $997,767. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $1,017,815.

(h)	See Note 6 for aggregate cost for federal tax purposes.

Country weightings, as a percentage of net assets, is as follows:

United States	89.2	%
Cayman Islands	7.3	%
Bermuda	0.8	%
Luxembourg	0.6	%
Ireland	0.5	%
Israel	0.4	%
Switzerland	0.4	%
Canada	0.4	%
United Kingdom	0.3	%
Total Long-Term Investments	99.9	%
Short-Term Investments and Other Assets and Liabilities	0.1	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

100

MML Equity Income Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 99.6%
COMMON STOCK — 97.6%
Basic Materials — 6.3%
Chemicals — 4.6%
Akzo Nobel NV		9,040	$	971,071
CF Industries Holdings, Inc.		188,239		7,286,732
DuPont de Nemours, Inc.		159,144		11,316,729
PPG Industries, Inc.		7,369		1,062,757
				20,637,289
Forest Products & Paper — 1.7%
International Paper Co.		155,509		7,731,907
				28,369,196
Communications — 7.1%
Media — 4.8%
Comcast Corp. Class A		155,567		8,151,711
Fox Corp. Class B (a)		108,011		3,119,357
News Corp. Class A		312,759		5,620,279
The Walt Disney Co. (a)		26,043		4,718,471
				21,609,818
Telecommunications — 2.3%
AT&T, Inc.		47,248		1,358,852
Cisco Systems, Inc.		161,314		7,218,802
Verizon Communications, Inc.		26,893		1,579,964
				10,157,618
				31,767,436
Consumer, Cyclical — 5.6%
Airlines — 0.4%
Alaska Air Group, Inc.		29,757		1,547,364
Auto Manufacturers — 1.6%
Cummins, Inc.		2,600		590,460
General Motors Co.		21,254		885,017
PACCAR, Inc.		21,600		1,863,648
Volkswagen AG		198,093		3,688,472
				7,027,597
Auto Parts & Equipment — 0.1%
Magna International, Inc.		7,000		495,600
Lodging — 1.0%
Las Vegas Sands Corp.		78,130		4,656,548
Retail — 1.8%
Kohl’s Corp.		86,300		3,511,547
McDonald’s Corp.		2,900		622,282
The TJX Cos., Inc.		22,000		1,502,380
Walmart, Inc.		15,162		2,185,602
				7,821,811

	Number of Shares		Value
Toys, Games & Hobbies — 0.7%
Mattel, Inc. (a)		188,700	$	3,292,815
				24,841,735
Consumer, Non-cyclical — 20.6%
Agriculture — 2.2%
Altria Group, Inc.		16,900		692,900
Bunge Ltd.		19,400		1,272,252
Philip Morris International, Inc.		96,151		7,960,341
				9,925,493
Beverages — 0.6%
The Coca-Cola Co.		51,100		2,802,324
Biotechnology — 0.6%
Biogen, Inc. (a)		4,100		1,003,926
Gilead Sciences, Inc.		32,617		1,900,266
				2,904,192
Commercial Services — 0.8%
Nielsen Holdings PLC		162,344		3,388,119
Foods — 3.1%
Conagra Brands, Inc.		166,710		6,044,905
Mondelez International, Inc. Class A		3,900		228,033
Tyson Foods, Inc. Class A		117,694		7,584,201
				13,857,139
Health Care – Products — 2.2%
Medtronic PLC		64,084		7,506,800
Zimmer Biomet Holdings, Inc.		14,223		2,191,622
				9,698,422
Health Care – Services — 1.7%
Anthem, Inc.		23,872		7,665,061
Household Products & Wares — 1.0%
Kimberly-Clark Corp.		32,553		4,389,121
Pharmaceuticals — 8.4%
AbbVie, Inc.		76,104		8,154,544
Becton Dickinson and Co.		24,489		6,127,638
CVS Health Corp.		84,625		5,779,887
GlaxoSmithKline PLC Sponsored ADR		24,808		912,934
GlaxoSmithKline PLC		82,813		1,517,388
Johnson & Johnson		40,161		6,320,538
Merck & Co., Inc.		22,500		1,840,500
Pfizer, Inc.		144,780		5,329,352
Sanofi		15,963		1,542,354
				37,525,135
				92,155,006
Energy — 6.6%
Oil & Gas — 4.1%
Chevron Corp.		10,786		910,878
ConocoPhillips		12,700		507,873

The accompanying notes are an integral part of the financial statements.

101

MML Equity Income Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
EOG Resources, Inc.		70,500	$	3,515,835
Exxon Mobil Corp.		80,953		3,336,882
Hess Corp.		15,500		818,245
Occidental Petroleum Corp.		34,929		604,621
TOTAL SE		195,284		8,424,179
TOTAL SE Sponsored ADR		7,200		301,752
				18,420,265
Oil & Gas Services — 0.7%
Halliburton Co.		157,472		2,976,221
Pipelines — 1.8%
Enbridge, Inc.		68,993		2,207,086
Targa Resources Corp.		92,753		2,446,824
TC Energy Corp.		84,388		3,436,280
				8,090,190
				29,486,676
Financial — 25.4%
Banks — 10.7%
Bank of America Corp.		48,477		1,469,338
Fifth Third Bancorp		245,485		6,768,021
The Goldman Sachs Group, Inc.		9,000		2,373,390
JP Morgan Chase & Co.		34,056		4,327,496
Morgan Stanley		137,282		9,407,936
The PNC Financial Services Group, Inc.		32,789		4,885,561
State Street Corp.		80,906		5,888,339
Wells Fargo & Co.		425,191		12,832,264
				47,952,345
Diversified Financial Services — 1.3%
The Charles Schwab Corp.		32,200		1,707,888
Franklin Resources, Inc.		56,049		1,400,665
Raymond James Financial, Inc.		28,753		2,750,799
				5,859,352
Insurance — 8.9%
American International Group, Inc.		228,137		8,637,267
Chubb Ltd.		67,351		10,366,666
Equitable Holdings, Inc.		138,617		3,547,209
Loews Corp.		140,014		6,303,430
Marsh & McLennan Cos., Inc.		10,400		1,216,800
MetLife, Inc.		193,259		9,073,510
Willis Towers Watson PLC		4,411		929,309
				40,074,191
Real Estate Investment Trusts (REITS) — 4.5%
Equity Residential		85,559		5,071,938
Rayonier, Inc.		127,248		3,738,546
SL Green Realty Corp. (b)		31,541		1,879,213
Welltower, Inc.		13,300		859,446

	Number of Shares		Value
Weyerhaeuser Co.		254,785	$	8,542,941
				20,092,084
				113,977,972
Industrial — 10.8%
Aerospace & Defense — 2.7%
The Boeing Co.		26,589		5,691,641
L3 Harris Technologies, Inc.		35,167		6,647,267
				12,338,908
Building Materials — 0.4%
Johnson Controls International PLC		41,023		1,911,261
Electrical Components & Equipment — 0.3%
Emerson Electric Co.		17,000		1,366,290
Electronics — 0.3%
TE Connectivity Ltd.		10,700		1,295,449
Environmental Controls — 0.8%
Stericycle, Inc. (a)		49,599		3,438,699
Hand & Machine Tools — 0.6%
Snap-on, Inc.		16,100		2,755,354
Machinery – Construction & Mining — 0.6%
Caterpillar, Inc.		14,300		2,602,886
Machinery – Diversified — 0.1%
Flowserve Corp.		8,973		330,655
Miscellaneous – Manufacturing — 2.7%
General Electric Co.		1,109,008		11,977,286
Transportation — 2.3%
United Parcel Service, Inc. Class B		61,428		10,344,475
				48,361,263
Technology — 7.6%
Semiconductors — 5.9%
Applied Materials, Inc.		69,814		6,024,948
NXP Semiconductor NV		10,700		1,701,407
QUALCOMM, Inc.		91,526		13,943,071
Texas Instruments, Inc.		29,342		4,815,903
				26,485,329
Software — 1.7%
Citrix Systems, Inc.		11,000		1,431,100
Microsoft Corp.		27,798		6,182,831
				7,613,931
				34,099,260
Utilities — 7.6%
Electric — 5.9%
Ameren Corp.		33,400		2,607,204
Duke Energy Corp.		7,100		650,076
Edison International		68,433		4,298,961
NextEra Energy, Inc.		41,072		3,168,705
Sempra Energy		28,349		3,611,946

The accompanying notes are an integral part of the financial statements.

102

MML Equity Income Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
The Southern Co.		200,893	$	12,340,857
				26,677,749
Gas — 1.7%
NiSource, Inc.		323,509		7,421,296
				34,099,045

TOTAL COMMON STOCK (Cost $354,403,541)				437,157,589

PREFERRED STOCK — 2.0%
Consumer, Non-cyclical — 0.5%
Pharmaceuticals — 0.5%
Becton Dickinson and Co. Convertible 6.000% (b)		37,343		2,058,719
Utilities — 1.5%
Electric — 1.5%
NextEra Energy, Inc. Convertible 5.279%		29,376		1,493,476
Sempra Energy Convertible 6.000%		23,490		2,343,362
Sempra Energy Convertible 6.750% (b)		7,448		772,581
The Southern Co. Convertible 6.750%		41,015		2,128,679
				6,738,098

TOTAL PREFERRED STOCK (Cost $8,444,467)				8,796,817

TOTAL EQUITIES (Cost $362,848,008)				445,954,406

WARRANTS — 0.0%
Energy — 0.0%
Oil & Gas — 0.0%
Occidental Petroleum Corp., Expires 8/03/27 (a)		10,803		73,569

TOTAL WARRANTS (Cost $53,475)				73,569

	Principal Amount		Value
BONDS & NOTES — 0.3%
CORPORATE DEBT — 0.3%
Insurance — 0.3%
AXA SA Convertible 7.250% 5/15/21 (c)	$	1,170,000	$	1,333,069

TOTAL CORPORATE DEBT (Cost $1,172,094)				1,333,069

TOTAL BONDS & NOTES (Cost $1,172,094)				1,333,069
	Number of Shares
MUTUAL FUNDS — 0.6%
Diversified Financial Services — 0.6%
State Street Navigator Securities Lending Prime Portfolio (d)		2,861,044		2,861,044

TOTAL MUTUAL FUNDS (Cost $2,861,044)				2,861,044

TOTAL LONG-TERM INVESTMENTS (Cost $366,934,621)				450,222,088
SHORT-TERM INVESTMENTS — 0.5%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,075		1,075
	Principal Amount
Repurchase Agreement — 0.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (e)	$	2,144,321		2,144,321

TOTAL SHORT-TERM INVESTMENTS (Cost $2,145,396)				2,145,396

TOTAL INVESTMENTS — 101.0% (Cost $369,080,017) ^(f)				452,367,484

Other Assets/(Liabilities) — (1.0)%				(4,315,013	)

NET ASSETS — 100.0%			$	448,052,471

Abbreviation Legend

ADR	American Depositary Receipt

The accompanying notes are an integral part of the financial statements.

103

MML Equity Income Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2020, was $4,667,160 or 1.04% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,853,854 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)

Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At December 31, 2020, the aggregate market value of these securities amounted to $1,333,069 or 0.30% of net assets.

(d)	Represents investment of security lending cash collateral. (Note 2).

(e)	Maturity value of $2,144,321. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $2,187,253.

(f)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

104

MML Equity Index Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 99.5%
COMMON STOCK — 99.5%
Basic Materials — 2.1%
Chemicals — 1.7%
Air Products & Chemicals, Inc.		4,536	$	1,239,326
Albemarle Corp.		2,177		321,151
Celanese Corp.		2,391		310,687
CF Industries Holdings, Inc.		4,444		172,027
Dow, Inc.		15,197		843,434
DuPont de Nemours, Inc.		15,051		1,070,277
Eastman Chemical Co.		2,766		277,374
Ecolab, Inc.		5,098		1,103,003
FMC Corp.		2,652		304,794
International Flavors & Fragrances, Inc. (a)		2,180		237,271
Linde PLC		10,771		2,838,266
LyondellBasell Industries NV Class A		5,268		482,865
The Mosaic Co.		7,173		165,051
PPG Industries, Inc.		4,842		698,313
The Sherwin-Williams Co.		1,678		1,233,179
				11,297,018
Forest Products & Paper — 0.1%
International Paper Co.		8,054		400,445
Iron & Steel — 0.1%
Nucor Corp.		6,186		329,033
Mining — 0.2%
Freeport-McMoRan, Inc.		29,798		775,344
Newmont Corp.		16,483		987,167
				1,762,511
				13,789,007
Communications — 16.2%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		8,077		189,971
Omnicom Group, Inc.		4,380		273,181
				463,152
Internet — 11.3%
Alphabet, Inc. Class A (b)		6,167		10,808,531
Alphabet, Inc. Class C (b)		5,957		10,435,949
Amazon.com, Inc. (b)		8,750		28,498,137
Booking Holdings, Inc. (b)		840		1,870,907
CDW Corp.		2,930		386,145
eBay, Inc.		13,434		675,058
Etsy, Inc. (b)		2,587		460,253
Expedia Group, Inc.		2,784		368,602
F5 Networks, Inc. (b)		1,273		223,972
Facebook, Inc. Class A (b)		49,321		13,472,524
Netflix, Inc. (b)		9,064		4,901,177

	Number of Shares		Value
NortonLifeLock, Inc.		12,053	$	250,461
Twitter, Inc. (b)		16,317		883,566
VeriSign, Inc. (b)		2,061		446,000
				73,681,282
Media — 2.3%
Charter Communications, Inc. Class A (b)		2,993		1,980,019
Comcast Corp. Class A		93,650		4,907,260
Discovery, Inc. Class A (a) (b)		3,350		100,802
Discovery, Inc. Class C (b)		5,974		156,459
DISH Network Corp. Class A (b)		5,124		165,710
Fox Corp. Class A		6,856		199,647
Fox Corp. Class B (b)		3,218		92,936
News Corp. Class A		8,119		145,898
News Corp. Class B		2,495		44,336
ViacomCBS, Inc. Class B		11,567		430,986
The Walt Disney Co. (b)		37,143		6,729,569
				14,953,622
Telecommunications — 2.5%
Arista Networks, Inc. (b)		1,117		324,567
AT&T, Inc.		146,188		4,204,367
CenturyLink, Inc.		20,173		196,687
Cisco Systems, Inc.		86,695		3,879,601
Corning, Inc.		15,659		563,724
Juniper Networks, Inc.		6,884		154,959
Motorola Solutions, Inc.		3,475		590,958
T-Mobile US, Inc. (b)		11,969		1,614,019
Verizon Communications, Inc.		84,905		4,988,169
				16,517,051
				105,615,107
Consumer, Cyclical — 9.7%
Airlines — 0.3%
Alaska Air Group, Inc.		2,591		134,732
American Airlines Group, Inc. (a)		12,510		197,283
Delta Air Lines, Inc.		13,036		524,177
Southwest Airlines Co.		12,075		562,816
United Airlines Holdings, Inc. (b)		6,035		261,014
				1,680,022
Apparel — 0.8%
Hanesbrands, Inc.		7,306		106,522
NIKE, Inc. Class B		25,734		3,640,589
PVH Corp.		1,487		139,614
Ralph Lauren Corp.		996		103,325
Tapestry, Inc.		5,790		179,953
Under Armour, Inc. Class A (b)		3,793		65,126
Under Armour, Inc. Class C (b)		4,186		62,288

The accompanying notes are an integral part of the financial statements.

105

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
VF Corp.		6,544	$	558,923
				4,856,340
Auto Manufacturers — 2.2%
Cummins, Inc.		3,037		689,703
Ford Motor Co.		80,084		703,938
General Motors Co.		25,819		1,075,103
PACCAR, Inc.		7,109		613,365
Tesla, Inc. (b)		15,558		10,978,814
				14,060,923
Auto Parts & Equipment — 0.1%
Aptiv PLC		5,533		720,895
BorgWarner, Inc.		5,085		196,484
				917,379
Distribution & Wholesale — 0.3%
Copart, Inc. (b)		4,259		541,958
Fastenal Co.		11,784		575,413
LKQ Corp. (b)		5,819		205,061
Pool Corp.		820		305,450
W.W. Grainger, Inc.		925		377,714
				2,005,596
Entertainment — 0.0%
Live Nation Entertainment, Inc. (b)		2,954		217,060
Home Builders — 0.2%
D.R. Horton, Inc.		6,804		468,932
Lennar Corp. Class A		5,641		430,013
NVR, Inc. (b)		72		293,750
PulteGroup, Inc.		5,457		235,306
				1,428,001
Home Furnishing — 0.1%
Leggett & Platt, Inc.		2,775		122,932
Whirlpool Corp.		1,294		233,554
				356,486
Housewares — 0.0%
Newell Brands, Inc.		7,847		166,592
Leisure Time — 0.1%
Carnival Corp.		15,217		329,600
Norwegian Cruise Line Holdings Ltd. (b)		6,570		167,075
Royal Caribbean Cruises Ltd.		3,808		284,420
				781,095
Lodging — 0.4%
Hilton Worldwide Holdings, Inc.		5,685		632,513
Las Vegas Sands Corp.		6,734		401,347
Marriott International, Inc. Class A		5,450		718,964
MGM Resorts International		8,388		264,306
Wynn Resorts Ltd.		1,986		224,080
				2,241,210

	Number of Shares		Value
Retail — 5.2%
Advance Auto Parts, Inc.		1,388	$	218,624
AutoZone, Inc. (b)		475		563,084
Best Buy Co., Inc.		4,722		471,208
CarMax, Inc. (b)		3,392		320,408
Chipotle Mexican Grill, Inc. (b)		574		795,972
Costco Wholesale Corp.		9,056		3,412,120
Darden Restaurants, Inc.		2,663		317,217
Dollar General Corp.		5,027		1,057,178
Dollar Tree, Inc. (b)		4,825		521,293
Domino’s Pizza, Inc.		806		309,069
The Gap, Inc.		4,354		87,907
Genuine Parts Co.		2,945		295,766
The Home Depot, Inc.		22,087		5,866,749
L Brands, Inc.		4,856		180,595
Lowe’s Cos., Inc.		15,029		2,412,305
McDonald’s Corp.		15,293		3,281,572
O’Reilly Automotive, Inc. (b)		1,484		671,614
Ross Stores, Inc.		7,299		896,390
Starbucks Corp.		24,092		2,577,362
Target Corp.		10,274		1,813,669
Tiffany & Co.		2,210		290,505
The TJX Cos., Inc.		24,631		1,682,051
Tractor Supply Co.		2,383		335,002
Ulta Beauty, Inc. (b)		1,153		331,095
Walgreens Boots Alliance, Inc.		14,732		587,512
Walmart, Inc.		28,455		4,101,788
Yum! Brands, Inc.		6,191		672,095
				34,070,150
Textiles — 0.0%
Mohawk Industries, Inc. (b)		1,217		171,536
Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		2,597		242,923
				63,195,313
Consumer, Non-cyclical — 20.8%
Agriculture — 0.7%
Altria Group, Inc.		38,116		1,562,756
Archer-Daniels-Midland Co.		11,402		574,775
Philip Morris International, Inc.		31,951		2,645,223
				4,782,754
Beverages — 1.6%
Brown-Forman Corp. Class B		3,734		296,592
The Coca-Cola Co.		79,348		4,351,444
Constellation Brands, Inc. Class A		3,474		760,980
Molson Coors Beverage Co. Class B		3,905		176,467
Monster Beverage Corp. (b)		7,582		701,183
PepsiCo, Inc.		28,362		4,206,085
				10,492,751

The accompanying notes are an integral part of the financial statements.

106

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Biotechnology — 1.6%
Alexion Pharmaceuticals, Inc. (b)		4,491	$	701,674
Amgen, Inc.		11,947		2,746,854
Bio-Rad Laboratories, Inc. Class A (b)		445		259,408
Biogen, Inc. (b)		3,157		773,023
Corteva, Inc.		15,276		591,487
Gilead Sciences, Inc.		25,724		1,498,680
Illumina, Inc. (b)		2,996		1,108,520
Incyte Corp. (b)		3,811		331,481
Regeneron Pharmaceuticals, Inc. (b)		2,151		1,039,170
Vertex Pharmaceuticals, Inc. (b)		5,336		1,261,110
				10,311,407
Commercial Services — 2.4%
Automatic Data Processing, Inc.		8,798		1,550,208
Cintas Corp.		1,810		639,763
Equifax, Inc.		2,498		481,714
FleetCor Technologies, Inc. (b)		1,709		466,266
Gartner, Inc. (b)		1,824		292,187
Global Payments, Inc.		6,139		1,322,463
IHS Markit Ltd.		7,641		686,391
MarketAxess Holdings, Inc.		779		444,466
Moody’s Corp.		3,316		962,436
Nielsen Holdings PLC		7,469		155,878
PayPal Holdings, Inc. (b)		24,042		5,630,636
Quanta Services, Inc.		2,827		203,601
Robert Half International, Inc.		2,384		148,952
Rollins, Inc.		4,603		179,839
S&P Global, Inc.		4,937		1,622,940
United Rentals, Inc. (b)		1,476		342,299
Verisk Analytics, Inc.		3,333		691,898
				15,821,937
Cosmetics & Personal Care — 1.5%
Colgate-Palmolive Co.		17,592		1,504,292
The Estee Lauder Cos., Inc. Class A		4,648		1,237,251
The Procter & Gamble Co.		50,888		7,080,556
				9,822,099
Foods — 1.1%
Campbell Soup Co.		4,213		203,699
Conagra Brands, Inc.		10,017		363,216
General Mills, Inc.		12,545		737,646
The Hershey Co.		3,025		460,798
Hormel Foods Corp.		5,738		267,448
The J.M. Smucker Co.		2,330		269,348
Kellogg Co.		5,201		323,658
The Kraft Heinz Co.		13,287		460,527
The Kroger Co.		15,889		504,635
Lamb Weston Holdings, Inc.		3,023		238,031
McCormick & Co., Inc.		5,100		487,560

	Number of Shares		Value
Mondelez International, Inc. Class A		29,351	$	1,716,153
Sysco Corp.		10,444		775,572
Tyson Foods, Inc. Class A		6,017		387,736
				7,196,027
Health Care – Products — 4.0%
Abbott Laboratories		36,374		3,982,589
ABIOMED, Inc. (b)		937		303,775
Align Technology, Inc. (b)		1,472		786,607
Baxter International, Inc.		10,473		840,354
Boston Scientific Corp. (b)		29,358		1,055,420
The Cooper Cos., Inc.		1,006		365,500
Danaher Corp.		12,976		2,882,489
Dentsply Sirona, Inc.		4,447		232,845
Edwards Lifesciences Corp. (b)		12,788		1,166,649
Hologic, Inc. (b)		5,272		383,960
IDEXX Laboratories, Inc. (b)		1,751		875,272
Intuitive Surgical, Inc. (b)		2,412		1,973,257
Medtronic PLC		27,621		3,235,524
ResMed, Inc.		2,974		632,154
Steris PLC		1,742		330,179
Stryker Corp.		6,708		1,643,728
Teleflex, Inc.		955		393,049
Thermo Fisher Scientific, Inc.		8,133		3,788,189
Varian Medical Systems, Inc. (b)		1,868		326,919
West Pharmaceutical Services, Inc.		1,517		429,781
Zimmer Biomet Holdings, Inc.		4,248		654,574
				26,282,814
Health Care – Services — 2.1%
Anthem, Inc.		5,103		1,638,522
Catalent, Inc. (b)		3,364		350,091
Centene Corp. (b)		11,893		713,937
DaVita, Inc. (b)		1,517		178,096
HCA Healthcare, Inc.		5,414		890,386
Humana, Inc.		2,714		1,113,473
IQVIA Holdings, Inc. (b)		3,933		704,676
Laboratory Corp. of America Holdings (b)		1,998		406,693
Quest Diagnostics, Inc.		2,752		327,956
UnitedHealth Group, Inc.		19,473		6,828,792
Universal Health Services, Inc. Class B		1,590		218,625
				13,371,247
Household Products & Wares — 0.3%
Avery Dennison Corp.		1,704		264,307
Church & Dwight Co., Inc.		5,090		444,001
The Clorox Co.		2,587		522,367
Kimberly-Clark Corp.		6,981		941,248
				2,171,923

The accompanying notes are an integral part of the financial statements.

107

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Pharmaceuticals — 5.5%
AbbVie, Inc.		36,222	$	3,881,187
AmerisourceBergen Corp.		3,008		294,062
Becton Dickinson and Co.		5,952		1,489,310
Bristol-Myers Squibb Co.		46,356		2,875,463
Cardinal Health, Inc.		5,991		320,878
Cigna Corp.		7,410		1,542,614
CVS Health Corp.		26,857		1,834,333
DexCom, Inc. (b)		1,970		728,348
Eli Lilly and Co.		16,293		2,750,910
Henry Schein, Inc. (b)		2,926		195,632
Johnson & Johnson		54,023		8,502,140
McKesson Corp.		3,291		572,371
Merck & Co., Inc.		51,914		4,246,565
Perrigo Co. PLC		2,834		126,737
Pfizer, Inc.		114,047		4,198,070
Viatris, Inc. (b)		24,727		463,384
Zoetis, Inc.		9,750		1,613,625
				35,635,629
				135,888,588
Energy — 2.3%
Oil & Gas — 1.9%
Apache Corp.		7,929		112,512
Cabot Oil & Gas Corp.		8,296		135,059
Chevron Corp.		39,492		3,335,099
Concho Resources, Inc.		3,997		233,225
ConocoPhillips		21,875		874,781
Devon Energy Corp.		8,013		126,685
Diamondback Energy, Inc.		3,207		155,219
EOG Resources, Inc.		11,932		595,049
Exxon Mobil Corp.		86,746		3,575,670
Hess Corp.		5,591		295,149
HollyFrontier Corp.		3,082		79,670
Marathon Oil Corp.		16,480		109,922
Marathon Petroleum Corp.		13,333		551,453
Occidental Petroleum Corp.		17,149		296,849
Phillips 66		8,955		626,313
Pioneer Natural Resources Co.		3,363		383,012
Valero Energy Corp.		8,357		472,755
				11,958,422
Oil & Gas Services — 0.2%
Baker Hughes Co.		14,016		292,234
Halliburton Co.		18,270		345,303
Nov, Inc.		8,121		111,501
Schlumberger NV		28,473		621,566
TechnipFMC PLC		8,761		82,353
				1,452,957

	Number of Shares		Value
Pipelines — 0.2%
Kinder Morgan, Inc.		39,888	$	545,269
ONEOK, Inc.		9,109		349,603
The Williams Cos., Inc.		24,890		499,045
				1,393,917
				14,805,296
Financial — 14.4%
Banks — 4.7%
Bank of America Corp.		156,196		4,734,301
The Bank of New York Mellon Corp.		16,719		709,554
Citigroup, Inc.		42,712		2,633,622
Citizens Financial Group, Inc.		8,720		311,827
Comerica, Inc.		2,824		157,749
Fifth Third Bancorp		14,577		401,888
First Republic Bank		3,583		526,450
The Goldman Sachs Group, Inc.		7,062		1,862,320
Huntington Bancshares, Inc.		20,721		261,706
JP Morgan Chase & Co.		62,552		7,948,483
KeyCorp		19,909		326,707
M&T Bank Corp.		2,622		333,781
Morgan Stanley		29,335		2,010,328
Northern Trust Corp.		4,268		397,522
The PNC Financial Services Group, Inc.		8,696		1,295,704
Regions Financial Corp.		19,620		316,274
State Street Corp.		7,234		526,490
SVB Financial Group (b)		1,062		411,875
Truist Financial Corp.		27,641		1,324,833
US Bancorp		28,107		1,309,505
Wells Fargo & Co.		84,814		2,559,686
Zions Bancorp NA		3,422		148,652
				30,509,257
Diversified Financial Services — 4.0%
American Express Co.		13,380		1,617,776
Ameriprise Financial, Inc.		2,421		470,473
BlackRock, Inc.		2,912		2,101,124
Capital One Financial Corp.		9,379		927,114
Cboe Global Markets, Inc.		2,208		205,609
The Charles Schwab Corp.		30,611		1,623,607
CME Group, Inc.		7,367		1,341,162
Discover Financial Services		6,284		568,891
Franklin Resources, Inc.		5,562		138,994
Intercontinental Exchange, Inc.		11,527		1,328,948
Invesco Ltd.		7,622		132,851
Mastercard, Inc. Class A		18,050		6,442,767
Nasdaq, Inc.		2,355		312,603
Raymond James Financial, Inc.		2,486		237,836
Synchrony Financial		11,124		386,114

The accompanying notes are an integral part of the financial statements.

108

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
T. Rowe Price Group, Inc.		4,650	$	703,964
Visa, Inc. Class A		34,793		7,610,273
The Western Union Co.		8,419		184,713
				26,334,819
Insurance — 3.3%
Aflac, Inc.		13,383		595,142
The Allstate Corp.		6,242		686,183
American International Group, Inc.		17,652		668,305
Aon PLC Class A		4,692		991,279
Arthur J Gallagher & Co.		3,946		488,160
Assurant, Inc.		1,215		165,507
Berkshire Hathaway, Inc. Class B (b)		39,935		9,259,728
Chubb Ltd.		9,261		1,425,453
Cincinnati Financial Corp.		3,052		266,653
Everest Re Group Ltd.		830		194,295
Globe Life, Inc.		1,972		187,261
The Hartford Financial Services Group, Inc.		7,336		359,317
Lincoln National Corp.		3,774		189,870
Loews Corp.		4,781		215,241
Marsh & McLennan Cos., Inc.		10,414		1,218,438
MetLife, Inc.		15,688		736,552
Principal Financial Group, Inc.		5,201		258,022
The Progressive Corp.		12,024		1,188,933
Prudential Financial, Inc.		8,106		632,835
The Travelers Cos., Inc.		5,196		729,362
Unum Group		4,256		97,633
W.R. Berkley Corp.		2,876		191,024
Willis Towers Watson PLC		2,646		557,459
				21,302,652
Real Estate — 0.1%
CBRE Group, Inc. Class A (b)		6,877		431,326
Real Estate Investment Trusts (REITS) — 2.3%
Alexandria Real Estate Equities, Inc.		2,542		453,035
American Tower Corp.		9,114		2,045,728
AvalonBay Communities, Inc.		2,857		458,349
Boston Properties, Inc.		2,892		273,381
Crown Castle International Corp.		8,849		1,408,672
Digital Realty Trust, Inc.		5,748		801,904
Duke Realty Corp.		7,584		303,132
Equinix, Inc.		1,828		1,305,521
Equity Residential		7,010		415,553
Essex Property Trust, Inc.		1,334		316,718
Extra Space Storage, Inc.		2,640		305,870
Federal Realty Investment Trust		1,429		121,636
Healthpeak Properties, Inc.		10,980		331,925
Host Hotels & Resorts, Inc.		14,430		211,111
Iron Mountain, Inc. (a)		5,885		173,490

	Number of Shares		Value
Kimco Realty Corp.		8,983	$	134,835
Mid-America Apartment Communities, Inc.		2,333		295,568
Prologis, Inc.		15,165		1,511,344
Public Storage		3,121		720,733
Realty Income Corp.		7,174		446,008
Regency Centers Corp.		3,276		149,353
SBA Communications Corp.		2,279		642,974
Simon Property Group, Inc.		6,713		572,485
SL Green Realty Corp. (a)		1,469		87,523
UDR, Inc.		6,008		230,887
Ventas, Inc.		7,662		375,744
Vornado Realty Trust		3,243		121,094
Welltower, Inc.		8,545		552,178
Weyerhaeuser Co.		15,308		513,277
				15,280,028
Savings & Loans — 0.0%
People’s United Financial, Inc.		8,919		115,323
				93,973,405
Industrial — 8.2%
Aerospace & Defense — 1.6%
The Boeing Co.		10,885		2,330,043
General Dynamics Corp.		4,769		709,722
Howmet Aerospace, Inc.		7,977		227,664
L3 Harris Technologies, Inc.		4,311		814,865
Lockheed Martin Corp.		5,052		1,793,359
Northrop Grumman Corp.		3,182		969,619
Raytheon Technologies Corp.		31,150		2,227,536
Teledyne Technologies, Inc. (b)		754		295,553
TransDigm Group, Inc. (b)		1,116		690,637
				10,058,998
Building Materials — 0.4%
Carrier Global Corp.		16,716		630,528
Fortune Brands Home & Security, Inc.		2,874		246,359
Johnson Controls International PLC		14,853		692,001
Martin Marietta Materials, Inc.		1,276		362,346
Masco Corp.		5,351		293,930
Vulcan Materials Co.		2,715		402,662
				2,627,826
Electrical Components & Equipment — 0.2%
AMETEK, Inc.		4,711		569,748
Emerson Electric Co.		12,258		985,176
				1,554,924
Electronics — 1.4%
Agilent Technologies, Inc.		6,283		744,473
Allegion PLC		1,872		217,863
Amphenol Corp. Class A		6,133		802,012
FLIR Systems, Inc.		2,754		120,708

The accompanying notes are an integral part of the financial statements.

109

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Fortive Corp.		6,911	$	489,437
Garmin Ltd.		3,050		364,963
Honeywell International, Inc.		14,398		3,062,454
Keysight Technologies, Inc. (b)		3,801		502,074
Mettler-Toledo International, Inc. (b)		488		556,164
PerkinElmer, Inc.		2,291		328,758
Roper Technologies, Inc.		2,152		927,706
TE Connectivity Ltd.		6,780		820,855
Vontier Corp. (b)		2,717		90,748
Waters Corp. (b)		1,267		313,481
				9,341,696
Engineering & Construction — 0.1%
Jacobs Engineering Group, Inc.		2,660		289,834
Environmental Controls — 0.2%
Pentair PLC		3,450		183,160
Republic Services, Inc.		4,312		415,246
Waste Management, Inc.		7,975		940,492
				1,538,898
Hand & Machine Tools — 0.1%
Snap-on, Inc.		1,103		188,767
Stanley Black & Decker, Inc.		3,283		586,213
				774,980
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc.		11,147		2,028,977
Machinery – Diversified — 0.7%
Deere & Co.		6,431		1,730,261
Dover Corp.		2,950		372,438
Flowserve Corp.		2,723		100,343
IDEX Corp.		1,546		307,963
Ingersoll Rand, Inc. (b)		7,609		346,666
Otis Worldwide Corp.		8,350		564,042
Rockwell Automation, Inc.		2,382		597,429
Westinghouse Air Brake Technologies Corp.		3,649		267,107
Xylem, Inc.		3,694		376,012
				4,662,261
Miscellaneous – Manufacturing — 1.2%
3M Co.		11,837		2,068,989
A.O. Smith Corp.		2,817		154,428
Eaton Corp. PLC		8,173		981,904
General Electric Co.		179,712		1,940,890
Illinois Tool Works, Inc.		5,913		1,205,543
Parker-Hannifin Corp.		2,641		719,435
Textron, Inc.		4,677		226,039
Trane Technologies PLC		4,925		714,913
				8,012,141

	Number of Shares		Value
Packaging & Containers — 0.3%
Amcor PLC		32,153	$	378,441
Ball Corp.		6,713		625,517
Packaging Corp. of America		1,937		267,132
Sealed Air Corp.		3,237		148,222
WestRock Co.		5,399		235,018
				1,654,330
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		841		143,374
Transportation — 1.7%
C.H. Robinson Worldwide, Inc.		2,806		263,399
CSX Corp.		15,680		1,422,960
Expeditors International of Washington, Inc.		3,490		331,934
FedEx Corp.		4,955		1,286,417
J.B. Hunt Transport Services, Inc.		1,734		236,951
Kansas City Southern		1,917		391,317
Norfolk Southern Corp.		5,206		1,236,998
Old Dominion Freight Line, Inc.		1,970		384,505
Union Pacific Corp.		13,821		2,877,809
United Parcel Service, Inc. Class B		14,674		2,471,101
				10,903,391
				53,591,630
Technology — 23.1%
Computers — 8.1%
Accenture PLC Class A		13,001		3,395,991
Apple, Inc.		327,897		43,508,653
Cognizant Technology Solutions Corp. Class A		10,967		898,746
DXC Technology Co.		5,337		137,428
Fortinet, Inc. (b)		2,757		409,497
Hewlett Packard Enterprise Co.		26,285		311,477
HP, Inc.		28,164		692,553
International Business Machines Corp.		18,280		2,301,086
Leidos Holdings, Inc.		2,732		287,188
NetApp, Inc.		4,615		305,697
Seagate Technology PLC		4,567		283,885
Western Digital Corp.		6,292		348,514
				52,880,715
Office & Business Equipment — 0.1%
Xerox Holdings Corp.		3,382		78,428
Zebra Technologies Corp. Class A (b)		1,093		420,073
				498,501
Semiconductors — 5.1%
Advanced Micro Devices, Inc. (b)		24,676		2,263,036
Analog Devices, Inc.		7,580		1,119,794
Applied Materials, Inc.		18,741		1,617,348
Broadcom, Inc.		8,299		3,633,717

The accompanying notes are an integral part of the financial statements.

110

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Intel Corp.		84,078	$	4,188,766
IPG Photonics Corp. (b)		727		162,695
KLA Corp.		3,169		820,486
Lam Research Corp.		2,955		1,395,558
Maxim Integrated Products, Inc.		5,482		485,979
Microchip Technology, Inc.		5,338		737,231
Micron Technology, Inc. (b)		22,840		1,717,111
NVIDIA Corp.		12,700		6,631,940
Qorvo, Inc. (b)		2,338		388,739
QUALCOMM, Inc.		23,205		3,535,050
Skyworks Solutions, Inc.		3,404		520,404
Teradyne, Inc.		3,407		408,465
Texas Instruments, Inc.		18,837		3,091,717
Xilinx, Inc.		5,031		713,245
				33,431,281
Software — 9.8%
Activision Blizzard, Inc.		15,860		1,472,601
Adobe, Inc. (b)		9,845		4,923,682
Akamai Technologies, Inc. (b)		3,338		350,457
ANSYS, Inc. (b)		1,762		641,016
Autodesk, Inc. (b)		4,512		1,377,694
Broadridge Financial Solutions, Inc.		2,362		361,858
Cadence Design Systems, Inc. (b)		5,724		780,925
Cerner Corp.		6,287		493,404
Citrix Systems, Inc.		2,526		328,633
Electronic Arts, Inc.		5,953		854,851
Fidelity National Information Services, Inc.		12,729		1,800,644
Fiserv, Inc. (b)		11,796		1,343,093
Intuit, Inc.		5,392		2,048,151
Jack Henry & Associates, Inc.		1,564		253,352
Microsoft Corp.		155,126		34,503,125
MSCI, Inc.		1,702		759,994
Oracle Corp.		38,925		2,518,058
Paychex, Inc.		6,562		611,447
Paycom Software, Inc. (b)		1,005		454,511
salesforce.com, Inc. (b)		18,772		4,177,333
ServiceNow, Inc. (b)		4,003		2,203,371
Synopsys, Inc. (b)		3,134		812,458
Take-Two Interactive Software, Inc. (b)		2,354		489,138
Tyler Technologies, Inc. (b)		826		360,566
				63,920,362
				150,730,859
Utilities — 2.7%
Electric — 2.5%
AES Corp.		13,608		319,788
Alliant Energy Corp.		5,097		262,648

	Number of Shares		Value
Ameren Corp.		5,079	$	396,467
American Electric Power Co., Inc.		10,190		848,521
CenterPoint Energy, Inc.		11,101		240,226
CMS Energy Corp.		5,875		358,434
Consolidated Edison, Inc.		7,033		508,275
Dominion Energy, Inc.		16,740		1,258,848
DTE Energy Co.		3,963		481,148
Duke Energy Corp.		15,107		1,383,197
Edison International		7,756		487,232
Entergy Corp.		4,101		409,444
Evergy, Inc.		4,626		256,789
Eversource Energy		7,038		608,857
Exelon Corp.		20,013		844,949
FirstEnergy Corp.		11,121		340,414
NextEra Energy, Inc.		40,210		3,102,202
NRG Energy, Inc.		5,073		190,491
Pinnacle West Capital Corp.		2,340		187,083
PPL Corp.		15,752		444,206
Public Service Enterprise Group, Inc.		10,381		605,212
Sempra Energy		5,913		753,375
The Southern Co.		21,696		1,332,785
WEC Energy Group, Inc.		6,475		595,894
Xcel Energy, Inc.		10,789		719,303
				16,935,788
Gas — 0.1%
Atmos Energy Corp.		2,567		244,969
NiSource, Inc.		7,813		179,230
				424,199
Water — 0.1%
American Water Works Co., Inc.		3,723		571,369
				17,931,356

TOTAL COMMON STOCK (Cost $357,808,118)				649,520,561

TOTAL EQUITIES (Cost $357,808,118)				649,520,561

MUTUAL FUNDS — 0.1%
Diversified Financial Services — 0.1%
State Street Navigator Securities Lending Prime Portfolio (c)		257,366		257,366

TOTAL MUTUAL FUNDS (Cost $257,366)				257,366

TOTAL LONG-TERM INVESTMENTS (Cost $358,065,484)				649,777,927

The accompanying notes are an integral part of the financial statements.

111

MML Equity Index Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.5%
Repurchase Agreement — 0.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (d)	$	2,861,066	$	2,861,066
U.S. Treasury Bill — 0.1%
U.S. Treasury Bill
0.000%1/28/21(e)		860,000		859,968

TOTAL SHORT-TERM INVESTMENTS (Cost $3,720,996)				3,721,034
TOTAL INVESTMENTS — 100.1% (Cost $361,786,480) (f)				653,498,961
Other Assets/(Liabilities) — (0.1)%				(657,181	)
NET ASSETS — 100.0%			$	652,841,780

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2020, was $689,696 or 0.11% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $448,614 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b)	Non-income producing security.

(c)	Represents investment of security lending cash collateral. (Note 2).

(d)	Maturity value of $2,861,066. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $2,918,302.

(e)	A portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(f)	See Note 6 for aggregate cost for federal tax purposes.

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
S&P 500 E Mini Index		3/19/21		22	$	4,018,864	$	104,816

The accompanying notes are an integral part of the financial statements.

112

MML Focused Equity Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 98.5%
COMMON STOCK — 98.5%
Basic Materials — 6.6%
Chemicals — 6.6%
Ecolab, Inc.		42,778	$	9,255,448
Linde PLC		39,112		10,306,403
				19,561,851
Consumer, Cyclical — 14.9%
Apparel — 4.4%
NIKE, Inc. Class B		92,477		13,082,721
Retail — 10.5%
McDonald’s Corp.		66,723		14,317,421
The TJX Cos., Inc.		244,546		16,700,047
				31,017,468
				44,100,189
Consumer, Non-cyclical — 40.4%
Beverages — 14.2%
The Coca-Cola Co.		273,455		14,996,272
Diageo PLC		346,089		13,677,819
PepsiCo, Inc.		91,365		13,549,430
				42,223,521
Cosmetics & Personal Care — 6.4%
Colgate-Palmolive Co.		159,355		13,626,446
The Procter & Gamble Co.		39,426		5,485,734
				19,112,180
Health Care – Products — 9.5%
Baxter International, Inc.		91,630		7,352,391
Danaher Corp.		23,305		5,176,973
Medtronic PLC		134,795		15,789,886
				28,319,250
Health Care – Services — 4.7%
UnitedHealth Group, Inc.		39,408		13,819,597
Pharmaceuticals — 5.6%
Johnson & Johnson		104,897		16,508,690
				119,983,238
Financial — 18.5%
Diversified Financial Services — 6.8%
American Express Co.		116,455		14,080,574
Visa, Inc. Class A		28,244		6,177,810
				20,258,384
Insurance — 8.7%
Chubb Ltd.		82,145		12,643,759
Marsh & McLennan Cos., Inc.		112,573		13,171,041
				25,814,800

	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 3.0%
American Tower Corp.		14,755	$	3,311,907
Public Storage		24,464		5,649,472
				8,961,379
				55,034,563
Industrial — 12.4%
Aerospace & Defense — 6.3%
Lockheed Martin Corp.		22,546		8,003,379
Northrop Grumman Corp.		35,784		10,904,100
				18,907,479
Transportation — 6.1%
Canadian National Railway Co.		67,398		7,409,597
Union Pacific Corp.		50,975		10,614,015
				18,023,612
				36,931,091
Technology — 5.7%
Computers — 2.6%
Accenture PLC Class A		29,884		7,805,999
Software — 3.1%
Microsoft Corp.		41,023		9,124,336
				16,930,335

TOTAL COMMON STOCK (Cost $245,447,713)				292,541,267

TOTAL EQUITIES (Cost $245,447,713)				292,541,267

TOTAL LONG-TERM INVESTMENTS (Cost $245,447,713)				292,541,267
	Principal Amount
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (a)	$	2,221,301		2,221,301

TOTAL SHORT-TERM INVESTMENTS (Cost $2,221,301)				2,221,301

TOTAL INVESTMENTS — 99.2% (Cost $247,669,014) ^(b)				294,762,568

Other Assets/(Liabilities) — 0.8%				2,293,264

NET ASSETS — 100.0%			$	297,055,832

The accompanying notes are an integral part of the financial statements.

113

MML Focused Equity Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Maturity value of $2,221,301. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $2,265,762.

(b)	See Note 6 for aggregate cost for federal tax purposes.

Country weightings, as a percentage of net assets, is as follows:

United States	75.7	%
Ireland	11.4	%
United Kingdom	4.6	%
Switzerland	4.3	%
Canada	2.5	%
Total Long-Term Investments	98.5	%
Short-Term Investments and Other Assets and Liabilities	1.5	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

114

MML Foreign Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 100.6%
COMMON STOCK — 100.6%
Australia — 3.2%
Challenger Ltd.		387,900	$	1,928,079
Lendlease Corp Ltd.		190,600		1,926,919
Macquarie Group Ltd.		30,200		3,226,950
Santos Ltd.		355,700		1,720,235
				8,802,183
Belgium — 2.1%
Groupe Bruxelles Lambert SA		25,700		2,593,319
KBC Group NV (a)		46,000		3,224,016
				5,817,335
Cayman Islands — 2.0%
CK Asset Holdings Ltd.		392,000		2,016,287
CK Hutchison Holdings Ltd.		479,500		3,348,454
				5,364,741
Denmark — 0.9%
AP Moller - Maersk A/S Class B		1,100		2,452,927
France — 9.6%
Arkema SA		21,000		2,400,363
Capgemini SE		14,800		2,295,053
Dassault Aviation SA (a)		900		987,303
Engie SA (a)		328,200		5,025,149
Rexel SA (a)		44,200		696,974
Sanofi		46,800		4,521,841
TOTAL SE		60,700		2,618,482
Ubisoft Entertainment SA (a)		23,300		2,245,124
Veolia Environnement SA		157,700		3,858,207
Vivendi SA		52,200		1,683,377
				26,331,873
Germany — 12.2%
Allianz SE Registered		13,600		3,327,539
Bayer AG Registered		12,300		722,966
Deutsche Boerse AG		19,100		3,242,613
Deutsche Post AG Registered		54,600		2,702,029
Fresenius SE & Co. KGaA		93,600		4,325,074
HeidelbergCement AG		57,000		4,263,760
Infineon Technologies AG		86,100		3,304,231
SAP SE		26,300		3,456,044
Siemens AG Registered		38,100		5,453,122
Siemens Energy AG (a)		48,400		1,776,323
Talanx AG (a)		27,300		1,057,442
				33,631,143
Ireland — 4.2%
AIB Group PLC (a) (b)		642,200		1,321,099
DCC PLC		38,600		2,743,695
Linde PLC		7,900		2,081,729

	Number of Shares		Value
Ryanair Holdings PLC Sponsored ADR (a)		10,600	$	1,165,788
Smurfit Kappa Group PLC		91,000		4,232,368
				11,544,679
Israel — 0.7%
Check Point Software Technologies Ltd. (a)		14,400		1,913,904
Italy — 1.4%
Mediobanca Banca di Credito Finanziario SpA		239,100		2,185,260
Prysmian SpA		42,800		1,525,813
				3,711,073
Japan — 26.2%
Astellas Pharma, Inc.		247,700		3,829,312
Denka Co. Ltd.		63,300		2,474,924
FANUC Corp.		15,700		3,865,612
Fujitsu Ltd.		16,700		2,417,546
Hitachi Ltd.		113,000		4,458,914
Japan Airlines Co. Ltd. (a)		97,000		1,879,272
Kirin Holdings Co. Ltd. (b)		96,000		2,266,605
Kyocera Corp.		44,300		2,718,990
Matsumotokiyoshi Holdings Co. Ltd.		30,400		1,297,540
Nintendo Co. Ltd.		7,100		4,531,143
Olympus Corp.		178,100		3,898,630
ORIX Corp.		299,600		4,649,502
Rakuten, Inc. (a) (b)		370,800		3,561,260
Sega Sammy Holdings, Inc.		163,500		2,580,172
Seven & i Holdings Co. Ltd.		138,700		4,925,458
Sony Corp.		83,700		8,415,506
Square Enix Holdings Co. Ltd.		35,200		2,136,016
Sumitomo Mitsui Financial Group, Inc.		120,400		3,725,549
Toshiba Corp.		118,200		3,310,048
Toyota Industries Corp.		64,500		5,126,767
				72,068,766
Luxembourg — 1.5%
ArcelorMittal SA (a)		184,300		4,229,418
Netherlands — 6.2%
Airbus SE (a)		5,800		637,127
ASML Holding NV		7,200		3,479,486
EXOR NV		15,800		1,268,225
Heineken Holding NV		45,000		4,238,757
Koninklijke Philips NV (a)		95,479		5,109,688
NXP Semiconductor NV		15,000		2,385,150
				17,118,433
Norway — 1.1%
Mowi ASA		134,600		2,997,867

The accompanying notes are an integral part of the financial statements.

115

MML Foreign Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Republic of Korea — 2.5%
Samsung Electronics Co. Ltd.		92,900	$	6,943,107
Singapore — 1.2%
DBS Group Holdings, Ltd.		175,700		3,323,345
Spain — 0.5%
Siemens Gamesa Renewable Energy SA		35,600		1,445,220
Sweden — 1.9%
Investor AB Class B		39,200		2,865,020
Volvo AB Class B (a)		97,498		2,294,354
				5,159,374
Switzerland — 8.7%
ABB Ltd. Registered		126,100		3,527,186
Alcon, Inc. (a)		45,800		3,057,591
Nestle SA Registered		43,000		5,062,342
Novartis AG Registered		50,900		4,807,546
Roche Holding AG		8,600		3,000,608
UBS Group AG Registered		315,100		4,407,124
				23,862,397
United Kingdom — 14.5%
Ashtead Group PLC		60,000		2,823,524
Aviva PLC		844,100		3,785,940
Barratt Developments PLC (a)		98,600		904,567
BHP Group PLC ADR		19,300		1,023,479
The British Land Co. PLC		438,500		2,934,486
Bunzl PLC		51,000		1,704,758
Entain PLC (a)		198,400		3,079,681
Glencore PLC (a)		344,400		1,098,601
IG Group Holdings PLC		48,500		571,964
Imperial Brands PLC		112,300		2,359,577
Inchcape PLC (a)		305,600		2,692,055
Informa PLC (a)		169,200		1,271,456
Liberty Global PLC Class C (a)		9,800		231,770
Persimmon PLC		71,100		2,693,157
Savills PLC (a)		50,400		654,436
Smith & Nephew PLC		102,700		2,144,581
Tesco PLC		1,502,900		4,744,890
Unilever PLC		83,900		5,050,561
				39,769,483

TOTAL COMMON STOCK (Cost $253,482,203)				276,487,268

TOTAL EQUITIES (Cost $253,482,203)				276,487,268

	Number of Shares		Value
MUTUAL FUNDS — 0.5%
United States — 0.5%
State Street Navigator Securities Lending Prime Portfolio (c)		1,384,583	$	1,384,583

TOTAL MUTUAL FUNDS (Cost $1,384,583)				1,384,583

TOTAL LONG-TERM INVESTMENTS (Cost $254,866,786)				277,871,851

TOTAL INVESTMENTS — 101.1% (Cost $254,866,786) ^(d)				277,871,851

Other Assets/(Liabilities) — (1.1)%				(3,043,120	)

NET ASSETS — 100.0%			$	274,828,731

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2020, was $7,004,774 or 2.55% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $6,031,935 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)	Represents investment of security lending cash collateral. (Note 2).

(d)	See Note 6 for aggregate cost for federal tax purposes.

Sector weightings, as a percentage of net assets, is as follows:

Consumer, Non-cyclical	25.7	%
Financial	18.8	%
Consumer, Cyclical	14.2	%
Industrial	13.8	%
Technology	11.1	%
Basic Materials	6.4	%
Energy	3.7	%
Utilities	3.2	%
Communications	2.5	%
Diversified	1.2	%
Mutual Funds	0.5	%
Total Long-Term Investments	101.1	%
Short-Term Investments and Other Assets and Liabilities	(1.1	)%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

116

MML Fundamental Equity Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 100.1%
COMMON STOCK — 100.1%
Basic Materials — 0.5%
Chemicals — 0.5%
Valvoline, Inc.		37,130	$	859,188
Communications — 16.7%
Internet — 12.3%
Airbnb, Inc.Class A (a)		3,211		471,375
Amazon.com, Inc. (a)		3,519		11,461,137
Booking Holdings, Inc. (a)		1,316		2,931,087
Facebook, Inc. Class A (a)		22,647		6,186,255
Snap, Inc. Class A (a)		25,078		1,255,655
				22,305,509
Media — 1.0%
Comcast Corp. Class A		34,968		1,832,323
Telecommunications — 3.4%
Motorola Solutions, Inc.		13,624		2,316,897
Verizon Communications, Inc.		64,854		3,810,173
				6,127,070
				30,264,902
Consumer, Cyclical — 6.6%
Auto Manufacturers — 0.8%
General Motors Co.		33,360		1,389,110
Entertainment — 0.5%
Live Nation Entertainment, Inc. (a)		6,598		484,821
Warner Music Group Corp. Class A		13,323		506,141
				990,962
Home Builders — 0.7%
D.R. Horton, Inc.		19,668		1,355,519
Retail — 4.6%
CarMax, Inc. (a)		12,616		1,191,707
The Home Depot, Inc.		13,123		3,485,731
O’Reilly Automotive, Inc. (a)		2,980		1,348,659
Target Corp.		13,108		2,313,955
				8,340,052
				12,075,643
Consumer, Non-cyclical — 22.0%
Beverages — 1.3%
Constellation Brands, Inc. Class A		10,570		2,315,358
Cosmetics & Personal Care — 2.6%
The Procter & Gamble Co.		33,178		4,616,387
Foods — 2.3%
a2 Milk Co. Ltd. (a) (b)		22,705		200,574
Mondelez International, Inc. Class A		35,971		2,103,225
Sysco Corp.		26,158		1,942,493
				4,246,292

	Number of Shares		Value
Health Care – Products — 2.7%
Alcon, Inc. (a) (b)		13,747	$	907,027
Avantor, Inc. (a)		28,479		801,684
Thermo Fisher Scientific, Inc.		6,784		3,159,851
				4,868,562
Health Care – Services — 5.8%
HCA Healthcare, Inc.		25,806		4,244,055
UnitedHealth Group, Inc.		17,803		6,243,156
				10,487,211
Household Products & Wares — 0.4%
Reckitt Benckiser Group PLC		8,845		791,059
Pharmaceuticals — 6.9%
AstraZeneca PLC Sponsored ADR (b)		70,454		3,521,996
CVS Health Corp.		34,337		2,345,217
Eli Lilly and Co.		15,782		2,664,633
Merck & Co., Inc.		41,678		3,409,260
Neurocrine Biosciences, Inc. (a)		6,834		655,039
				12,596,145
				39,921,014
Energy — 2.3%
Oil & Gas — 1.1%
Cabot Oil & Gas Corp.		48,395		787,871
Valero Energy Corp.		21,262		1,202,791
				1,990,662
Pipelines — 1.2%
Magellan Midstream Partners LP (c)		53,331		2,263,368
				4,254,030
Financial — 16.1%
Banks — 3.3%
JP Morgan Chase & Co.		46,708		5,935,185
Diversified Financial Services — 6.7%
Capital One Financial Corp.		34,119		3,372,663
Intercontinental Exchange, Inc.		31,895		3,677,175
Mastercard, Inc. Class A		8,914		3,181,763
Rocket Cos., Inc. (a) (b)		93,591		1,892,410
				12,124,011
Insurance — 3.7%
Equitable Holdings, Inc.		134,473		3,441,164
The Progressive Corp.		32,859		3,249,098
				6,690,262
Real Estate Investment Trusts (REITS) — 2.4%
Prologis, Inc.		44,816		4,466,363
				29,215,821
Industrial — 10.3%
Aerospace & Defense — 1.6%
Lockheed Martin Corp.		7,927		2,813,927

The accompanying notes are an integral part of the financial statements.

117

MML Fundamental Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Building Materials — 0.8%
Vulcan Materials Co.		10,184	$	1,510,389
Electronics — 1.4%
Honeywell International, Inc.		9,949		2,116,152
Hubbell, Inc.		3,065		480,562
				2,596,714
Environmental Controls — 0.9%
Waste Connections, Inc.		16,004		1,641,530
Machinery – Construction & Mining — 0.9%
Caterpillar, Inc.		9,066		1,650,193
Machinery – Diversified — 1.2%
Otis Worldwide Corp.		16,842		1,137,677
Rockwell Automation, Inc.		4,459		1,118,362
				2,256,039
Transportation — 3.5%
C.H. Robinson Worldwide, Inc.		8,032		753,964
Union Pacific Corp.		13,972		2,909,250
United Parcel Service, Inc. Class B		15,381		2,590,160
				6,253,374
				18,722,166
Technology — 24.4%
Computers — 4.1%
Accenture PLC Class A		11,093		2,897,602
Amdocs Ltd.		17,002		1,205,952
Apple, Inc.		25,455		3,377,624
				7,481,178
Semiconductors — 8.5%
Applied Materials, Inc.		59,550		5,139,165
QUALCOMM, Inc.		45,237		6,891,404
Texas Instruments, Inc.		20,237		3,321,499
				15,352,068
Software — 11.8%
Adobe, Inc. (a)		2,035		1,017,744
Fiserv, Inc. (a)		23,943		2,726,150
Microsoft Corp.		64,756		14,403,030
Snowflake, Inc. Class A (a) (b)		1,016		285,902
Workday, Inc. Class A (a)		5,902		1,414,178
Zynga, Inc. Class A (a)		159,719		1,576,427
				21,423,431
				44,256,677

	Number of Shares		Value
Utilities — 1.2%
Electric — 1.2%
Duke Energy Corp.		10,577	$	968,430
FirstEnergy Corp.		37,931		1,161,068
				2,129,498

TOTAL COMMON STOCK (Cost $147,352,182)				181,698,939

TOTAL EQUITIES (Cost $147,352,182)				181,698,939

MUTUAL FUNDS — 0.2%
Diversified Financial Services — 0.2%
State Street Navigator Securities Lending Prime Portfolio (d)		293,570		293,570

TOTAL MUTUAL FUNDS (Cost $293,570)				293,570

TOTAL LONG-TERM INVESTMENTS (Cost $147,645,752)				181,992,509

TOTAL INVESTMENTS — 100.3% (Cost $147,645,752) ^(e)				181,992,509

Other Assets/(Liabilities) — (0.3)%				(565,632	)

NET ASSETS — 100.0%			$	181,426,877

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2020, was $6,799,022 or 3.75% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $6,779,255 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)	Security is a Master Limited Partnership.

(d)	Represents investment of security lending cash collateral. (Note 2).

(e)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

118

MML Fundamental Value Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Basic Materials — 4.9%
Chemicals — 2.8%
DuPont de Nemours, Inc.		47,318	$	3,364,783
FMC Corp.		10,262		1,179,412
PPG Industries, Inc.		6,432		927,623
				5,471,818
Iron & Steel — 0.7%
Steel Dynamics, Inc.		36,556		1,347,820
Mining — 1.4%
Kinross Gold Corp.		86,131		632,201
Newmont Corp.		17,997		1,077,840
Yamana Gold, Inc.		192,287		1,097,959
				2,808,000
				9,627,638
Communications — 5.7%
Internet — 1.9%
Alphabet, Inc. Class A (a)		2,057		3,605,180
Telecommunications — 3.8%
Cisco Systems, Inc.		102,635		4,592,916
T-Mobile US, Inc. (a)		21,258		2,866,642
				7,459,558
				11,064,738
Consumer, Cyclical — 11.7%
Apparel — 1.0%
Tapestry, Inc.		61,735		1,918,724
Auto Manufacturers — 0.7%
Cummins, Inc.		5,966		1,354,879
Auto Parts & Equipment — 0.8%
Allison Transmission Holdings, Inc.		16,752		722,514
Lear Corp.		4,841		769,864
				1,492,378
Distribution & Wholesale — 0.7%
LKQ Corp. (a)		38,779		1,366,572
Home Builders — 0.8%
Lennar Corp. Class A		19,809		1,510,040
Leisure Time — 0.9%
Harley-Davidson, Inc.		47,701		1,750,627
Lodging — 1.3%
Las Vegas Sands Corp.		25,705		1,532,018
Wyndham Hotels & Resorts, Inc.		16,412		975,529
				2,507,547
Retail — 4.5%
AutoZone, Inc. (a)		3,057		3,623,890
Best Buy Co., Inc.		18,028		1,799,014

	Number of Shares		Value
Lowe’s Cos., Inc.		7,324	$	1,175,575
The TJX Cos., Inc.		20,954		1,430,949
Williams-Sonoma, Inc.		7,760		790,278
				8,819,706
Textiles — 1.0%
Mohawk Industries, Inc. (a)		14,567		2,053,219
				22,773,692
Consumer, Non-cyclical — 22.9%
Beverages — 1.0%
Coca-Cola European Partners PLC		39,717		1,979,098
Biotechnology — 0.5%
Amgen, Inc.		4,198		965,204
Commercial Services — 1.1%
Robert Half International, Inc.		10,484		655,040
United Rentals, Inc. (a)		6,700		1,553,797
				2,208,837
Foods — 1.0%
The Kroger Co.		58,970		1,872,887
Health Care – Products — 2.4%
Avantor, Inc. (a)		59,091		1,663,412
Medtronic PLC		25,220		2,954,271
				4,617,683
Health Care – Services — 3.3%
Anthem, Inc.		11,947		3,836,062
UnitedHealth Group, Inc.		7,469		2,619,229
				6,455,291
Pharmaceuticals — 13.6%
AbbVie, Inc.		14,138		1,514,887
AmerisourceBergen Corp.		18,851		1,842,874
Cigna Corp.		23,078		4,804,378
CVS Health Corp.		20,321		1,387,924
GlaxoSmithKline PLC Sponsored ADR		35,649		1,311,883
Johnson & Johnson		41,893		6,593,120
McKesson Corp.		12,952		2,252,612
Novartis AG Sponsored ADR		34,632		3,270,300
Pfizer, Inc.		74,359		2,737,155
Viatris, Inc. (a)		42,487		796,206
				26,511,339
				44,610,339
Energy — 5.3%
Oil & Gas — 4.8%
Canadian Natural Resources Ltd.		43,678		1,050,456
ConocoPhillips		81,254		3,249,347
Marathon Petroleum Corp.		57,801		2,390,649
Parsley Energy, Inc. Class A		103,979		1,476,502

The accompanying notes are an integral part of the financial statements.

119

MML Fundamental Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Petroleo Brasileiro SA Sponsored ADR		104,320	$	1,171,514
				9,338,468
Oil & Gas Services — 0.5%
Schlumberger NV		45,839		1,000,665
				10,339,133
Financial — 24.0%
Banks — 11.8%
Bank of America Corp.		159,676		4,839,779
Citigroup, Inc.		49,267		3,037,803
Fifth Third Bancorp		44,216		1,219,035
The Goldman Sachs Group, Inc.		7,152		1,886,054
Huntington Bancshares, Inc.		147,039		1,857,103
JP Morgan Chase & Co.		51,539		6,549,061
Truist Financial Corp.		75,045		3,596,907
				22,985,742
Diversified Financial Services — 1.4%
AerCap Holdings NV (a)		12,250		558,355
The Charles Schwab Corp.		39,077		2,072,644
				2,630,999
Insurance — 10.8%
Aflac, Inc.		31,740		1,411,478
American International Group, Inc.		66,380		2,513,147
Berkshire Hathaway, Inc. Class B (a)		28,695		6,653,510
Chubb Ltd.		26,032		4,006,845
Everest Re Group Ltd.		8,445		1,976,890
Marsh & McLennan Cos., Inc.		7,313		855,621
The Progressive Corp.		29,495		2,916,466
RenaissanceRe Holdings Ltd.		4,599		762,606
				21,096,563
				46,713,304
Industrial — 12.1%
Aerospace & Defense — 3.1%
The Boeing Co.		10,598		2,268,608
General Dynamics Corp.		6,564		976,854
Howmet Aerospace, Inc.		64,184		1,831,811
Northrop Grumman Corp.		2,941		896,182
				5,973,455
Building Materials — 1.7%
CRH PLC Sponsored ADR		26,888		1,144,891
Owens Corning		27,441		2,078,930
				3,223,821
Machinery – Construction & Mining — 1.4%
Caterpillar, Inc.		14,653		2,667,139

	Number of Shares		Value
Machinery – Diversified — 3.0%
Deere & Co.		13,094	$	3,522,941
Dover Corp.		10,845		1,369,181
Otis Worldwide Corp.		14,304		966,235
				5,858,357
Miscellaneous – Manufacturing — 1.4%
Eaton Corp. PLC		23,586		2,833,622
Packaging & Containers — 0.4%
WestRock Co.		19,976		869,556
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		3,664		624,639
Transportation — 0.8%
Union Pacific Corp.		7,237		1,506,888
				23,557,477
Technology — 10.1%
Semiconductors — 8.1%
Applied Materials, Inc.		33,755		2,913,056
KLA Corp.		7,001		1,812,629
Lam Research Corp.		7,628		3,602,476
Micron Technology, Inc. (a)		39,077		2,937,809
NXP Semiconductor NV		16,028		2,548,612
ON Semiconductor Corp. (a)		11,712		383,334
Qorvo, Inc. (a)		9,010		1,498,093
				15,696,009
Software — 2.0%
Oracle Corp.		34,076		2,204,376
SS&C Technologies Holdings, Inc		23,325		1,696,894
				3,901,270
				19,597,279
Utilities — 2.6%
Electric — 2.6%
CenterPoint Energy, Inc.		65,220		1,411,361
Edison International		32,463		2,039,326
Vistra Corp.		86,369		1,698,014
				5,148,701

TOTAL COMMON STOCK (Cost $160,777,851)				193,432,301

TOTAL EQUITIES (Cost $160,777,851)				193,432,301

TOTAL LONG-TERM INVESTMENTS (Cost $160,777,851)				193,432,301

The accompanying notes are an integral part of the financial statements.

120

MML Fundamental Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.9%
Repurchase Agreement — 0.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (b)	$	1,776,367	$	1,776,367

TOTAL SHORT-TERM INVESTMENTS (Cost $1,776,367)				1,776,367

TOTAL INVESTMENTS — 100.2% (Cost $162,554,218) ^(c)				195,208,668

Other Assets/(Liabilities) — (0.2)%				(299,797	)

NET ASSETS — 100.0%			$	194,908,871

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $1,776,367. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $1,811,990.

(c)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

121

MML Global Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 99.7%
COMMON STOCK — 99.7%
Austria — 0.3%
Erste Group Bank AG (a)		34,018	$	1,027,011
Canada — 1.9%
Canadian National Railway Co.		70,227		7,714,436
Denmark — 0.6%
Carlsberg A/S Class B		13,924		2,232,270
France — 11.7%
Air Liquide SA		23,445		3,847,997
Danone SA		113,365		7,451,023
EssilorLuxottica SA		9,549		1,489,225
Hermes International		1,091		1,173,213
Legrand SA		49,651		4,431,507
LVMH Moet Hennessy Louis Vuitton SE		16,721		10,447,794
Pernod Ricard SA		30,961		5,934,860
Schneider Electric SE		81,756		11,825,637
				46,601,256
Germany — 4.4%
Bayer AG Registered		80,475		4,730,138
Brenntag AG		25,431		1,968,077
Deutsche Boerse AG		12,432		2,110,584
Deutsche Wohnen SE		28,191		1,504,918
Merck KGaA		30,207		5,177,888
MTU Aero Engines AG		8,614		2,244,382
				17,735,987
Ireland — 9.4%
Accenture PLC Class A		39,597		10,343,132
Aon PLC Class A		20,465		4,323,641
Linde PLC (a)		27,135		7,047,062
Linde PLC		7,160		1,886,732
Medtronic PLC		103,311		12,101,851
Willis Towers Watson PLC		8,258		1,739,795
				37,442,213
Israel — 1.2%
Check Point Software Technologies Ltd. (a)		36,267		4,820,247
Japan — 2.8%
Hoya Corp.		18,100		2,501,946
Kubota Corp. (b)		268,100		5,857,124
Olympus Corp.		123,200		2,696,862
				11,055,932
Mexico — 0.2%
Grupo Financiero Banorte SAB de CV Class O (a)		153,697		846,899

	Number of Shares		Value
Netherlands — 3.0%
Akzo Nobel NV		47,717	$	5,125,726
Heineken NV (b)		61,894		6,902,408
				12,028,134
Republic of Korea — 1.2%
Samsung Electronics Co. Ltd.		62,887		4,700,013
Spain — 1.0%
Aena SME SA (a) (c)		23,166		4,045,180
Sweden — 1.9%
Essity AB Class B		230,830		7,418,286
Switzerland — 7.7%
Adecco Group AG Registered		27,520		1,845,282
Cie Financiere Richemont SA Registered		49,319		4,456,579
Julius Baer Group Ltd.		29,258		1,694,753
Nestle SA Registered		85,707		10,090,190
Roche Holding AG		24,154		8,427,521
Sonova Holding AG Registered (a)		4,024		1,035,950
UBS Group AG Registered		230,382		3,222,222
				30,772,497
Thailand — 0.1%
Kasikornbank PCL		102,000		389,363
United Kingdom — 7.3%
Aptiv PLC		16,882		2,199,556
Burberry Group PLC (a)		93,930		2,300,769
Compass Group PLC		141,906		2,648,025
Diageo PLC		219,198		8,662,947
Reckitt Benckiser Group PLC		70,299		6,287,239
Rolls-Royce Holdings PLC (a)		1,605,134		2,443,808
Whitbread PLC (a)		47,827		2,029,253
WPP PLC		248,941		2,704,752
				29,276,349
United States — 45.0%
3M Co.		31,675		5,536,473
Abbott Laboratories		52,582		5,757,203
American Express Co.		34,988		4,230,399
Amphenol Corp. Class A		18,218		2,382,368
The Bank of New York Mellon Corp.		93,624		3,973,403
Carrier Global Corp.		24,922		940,058
The Charles Schwab Corp.		89,523		4,748,300
Cisco Systems, Inc.		42,345		1,894,939
Cognizant Technology Solutions Corp. Class A		51,892		4,252,549
Colgate-Palmolive Co.		47,638		4,073,525
Comcast Corp. Class A		262,307		13,744,887
The Cooper Cos., Inc.		10,803		3,924,946
eBay, Inc.		72,161		3,626,090
Equifax, Inc.		22,166		4,274,492

The accompanying notes are an integral part of the financial statements.

122

MML Global Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Fidelity National Information Services, Inc.		30,355	$	4,294,018
The Goldman Sachs Group, Inc.		23,295		6,143,125
Honeywell International, Inc.		44,779		9,524,493
Kansas City Southern		37,643		7,684,066
Liberty Broadband Corp. Class C (a)		14,761		2,337,700
Marriott International, Inc. Class A		18,841		2,485,505
Microchip Technology, Inc.		14,892		2,056,734
Omnicom Group, Inc.		19,549		1,219,271
Oracle Corp.		88,618		5,732,698
Otis Worldwide Corp.		28,853		1,949,020
PayPal Holdings, Inc. (a)		21,311		4,991,036
PPG Industries, Inc.		31,991		4,613,742
State Street Corp.		39,426		2,869,424
Stryker Corp.		30,687		7,519,543
Thermo Fisher Scientific, Inc.		27,471		12,795,442
Union Pacific Corp.		17,309		3,604,080
United Parcel Service, Inc. Class B		24,816		4,179,014
Visa, Inc. Class A		56,196		12,291,751
The Walt Disney Co. (a)		48,531		8,792,847
Waters Corp. (a)		16,328		4,039,874
Zimmer Biomet Holdings, Inc.		42,900		6,610,461
				179,093,476

TOTAL COMMON STOCK (Cost $305,638,246)				397,199,549

TOTAL EQUITIES (Cost $305,638,246)				397,199,549

MUTUAL FUNDS — 1.2%
United States — 1.2%
State Street Navigator Securities Lending Prime Portfolio (d)		4,798,170		4,798,170

TOTAL MUTUAL FUNDS (Cost $4,798,170)				4,798,170

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 (a)		105,484		27,405

TOTAL WARRANTS (Cost $0)				27,405

TOTAL LONG-TERM INVESTMENTS (Cost $310,436,416)				402,025,124

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.3%
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (e)	$	1,159,807	$	1,159,807

TOTAL SHORT-TERM INVESTMENTS (Cost $1,159,807)				1,159,807

TOTAL INVESTMENTS — 101.2% (Cost $311,596,223) ^(f)				403,184,931

Other Assets/(Liabilities) — (1.2)%				(4,977,589	)

NET ASSETS — 100.0%			$	398,207,342

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2020, was $10,278,531 or 2.58% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $6,031,067 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)

(d)	Represents investment of security lending cash collateral. (Note 2).

(e)	Maturity value of $1,159,807. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $1,183,023.

(f)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

123

MML Global Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

Sector weightings, as a percentage of net assets, is as follows:

Consumer, Non-cyclical	35.8	%
Industrial	20.3	%
Financial	12.8	%
Technology	9.1	%
Communications	8.6	%
Consumer, Cyclical	7.0	%
Basic Materials	6.1	%
Mutual Funds	1.2	%
Total Long-Term Investments	100.9	%
Short-Term Investments and Other Assets and Liabilities	(0.9	)%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

124

MML Growth & Income Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 99.2%
COMMON STOCK — 99.2%
Basic Materials — 3.1%
Chemicals — 3.1%
DuPont de Nemours, Inc.		20,302	$	1,443,675
PPG Industries, Inc.		9,104		1,312,979
The Sherwin-Williams Co.		2,779		2,042,315
				4,798,969
Communications — 10.0%
Internet — 7.5%
Alphabet, Inc. Class A (a)		3,584		6,281,462
Alphabet, Inc. Class C (a)		1,331		2,331,752
Facebook, Inc. Class A (a)		11,234		3,068,679
				11,681,893
Media — 2.5%
Cable One, Inc.		225		501,237
Comcast Corp. Class A		62,904		3,296,170
				3,797,407
				15,479,300
Consumer, Cyclical — 10.3%
Apparel — 2.5%
LVMH Moet Hennessy Louis Vuitton SE		3,734		2,333,118
NIKE, Inc. Class B		11,146		1,576,824
				3,909,942
Retail — 7.8%
Costco Wholesale Corp.		4,804		1,810,051
Dollar General Corp.		9,172		1,928,872
The Home Depot, Inc.		9,086		2,413,423
Starbucks Corp.		12,481		1,335,218
Target Corp.		13,791		2,434,525
Tractor Supply Co.		15,273		2,147,078
				12,069,167
				15,979,109
Consumer, Non-cyclical — 25.1%
Beverages — 2.4%
Diageo PLC		50,643		2,001,467
Pernod Ricard SA		9,371		1,796,311
				3,797,778
Biotechnology — 1.3%
Illumina, Inc. (a)		3,485		1,289,450
Vertex Pharmaceuticals, Inc. (a)		3,341		789,612
				2,079,062
Cosmetics & Personal Care — 1.8%
Colgate-Palmolive Co.		21,346		1,825,296

	Number of Shares		Value
The Estee Lauder Cos., Inc. Class A		3,366	$	895,996
				2,721,292
Foods — 2.0%
Danone SA		27,441		1,803,586
Mondelez International, Inc. Class A		23,362		1,365,976
				3,169,562
Health Care – Products — 5.6%
Danaher Corp.		10,017		2,225,176
Medtronic PLC		30,439		3,565,625
Thermo Fisher Scientific, Inc.		6,224		2,899,015
				8,689,816
Health Care – Services — 0.6%
ICON PLC (a)		4,727		921,670
Household Products & Wares — 0.9%
Kimberly-Clark Corp.		9,892		1,333,738
Pharmaceuticals — 10.5%
Becton Dickinson and Co.		11,714		2,931,077
Cigna Corp.		7,414		1,543,447
Eli Lilly and Co.		14,210		2,399,216
Johnson & Johnson		23,962		3,771,140
Merck & Co., Inc.		27,893		2,281,647
PRA Health Sciences, Inc. (a)		15,386		1,930,020
Zoetis, Inc.		9,127		1,510,518
				16,367,065
				39,079,983
Energy — 1.6%
Oil & Gas — 0.5%
ConocoPhillips		21,156		846,029
Pipelines — 1.1%
Enterprise Products Partners LP (b)		85,880		1,682,389
				2,528,418
Financial — 18.8%
Banks — 7.3%
Bank of America Corp.		104,682		3,172,911
The Goldman Sachs Group, Inc.		9,701		2,558,251
JP Morgan Chase & Co.		30,267		3,846,028
Truist Financial Corp.		35,676		1,709,950
				11,287,140
Diversified Financial Services — 6.8%
The Charles Schwab Corp.		19,101		1,013,117
Mastercard, Inc. Class A		9,638		3,440,188
Nasdaq, Inc.		17,799		2,362,639
Visa, Inc. Class A		16,924		3,701,787
				10,517,731
Insurance — 1.0%
Chubb Ltd.		10,114		1,556,747

The accompanying notes are an integral part of the financial statements.

125

MML Growth & Income Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Private Equity — 0.7%
The Blackstone Group, Inc. Class A		17,746	$	1,150,118
Real Estate Investment Trusts (REITS) — 3.0%
American Tower Corp.		12,645		2,838,297
Equinix, Inc.		2,683		1,916,145
				4,754,442
				29,266,178
Industrial — 9.2%
Aerospace & Defense — 0.7%
Raytheon Technologies Corp.		14,269		1,020,376
Electrical Components & Equipment — 1.3%
AMETEK, Inc.		16,083		1,945,078
Electronics — 4.2%
Fortive Corp.		23,406		1,657,613
Honeywell International, Inc.		15,813		3,363,425
TE Connectivity Ltd.		13,015		1,575,726
				6,596,764
Packaging & Containers — 1.3%
Crown Holdings, Inc. (a)		20,903		2,094,481
Transportation — 1.7%
Canadian National Railway Co.		21,134		2,321,570
Old Dominion Freight Line, Inc.		1,344		262,322
				2,583,892
				14,240,591
Technology — 20.5%
Computers — 5.1%
Accenture PLC Class A		8,275		2,161,513
Amdocs Ltd.		25,561		1,813,042
Apple, Inc.		29,763		3,949,252
				7,923,807
Semiconductors — 3.6%
Analog Devices, Inc.		11,331		1,673,929
Applied Materials, Inc.		13,411		1,157,369
Texas Instruments, Inc.		16,755		2,749,998
				5,581,296
Software — 11.8%
Adobe, Inc. (a)		5,592		2,796,671
Electronic Arts, Inc.		18,590		2,669,524
Fidelity National Information Services, Inc.		21,344		3,019,322
Microsoft Corp.		35,099		7,806,720
salesforce.com, Inc. (a)		8,909		1,982,520
				18,274,757
				31,779,860

	Number of Shares		Value
Utilities — 0.6%
Electric — 0.6%
American Electric Power Co., Inc.		11,570	$	963,434

TOTAL COMMON STOCK (Cost $85,862,095)				154,115,842

TOTAL EQUITIES (Cost $85,862,095)				154,115,842

TOTAL LONG-TERM INVESTMENTS (Cost $85,862,095)				154,115,842
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Repurchase Agreement — 0.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (c)	$	224,561		224,561

TOTAL SHORT-TERM INVESTMENTS (Cost $224,561)				224,561

TOTAL INVESTMENTS — 99.3% (Cost $86,086,656) ^(d)				154,340,403

Other Assets/(Liabilities) — 0.7%				1,018,578

NET ASSETS — 100.0%			$	155,358,981

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Security is a Master Limited Partnership.

(c)	Maturity value of $224,561. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $229,133.

(d)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

126

MML Income & Growth Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 99.5%
COMMON STOCK — 99.5%
Basic Materials — 5.2%
Chemicals — 5.2%
DuPont de Nemours, Inc.		98,191	$	6,982,362
Element Solutions, Inc.		189,149		3,353,612
International Flavors & Fragrances, Inc. (a)		11,112		1,209,430
Linde PLC		9,190		2,421,657
				13,967,061
Communications — 4.6%
Media — 3.3%
Altice USA, Inc. Class A (b)		72,155		2,732,510
Comcast Corp. Class A		116,261		6,092,076
				8,824,586
Telecommunications — 1.3%
Verizon Communications, Inc.		59,157		3,475,474
				12,300,060
Consumer, Cyclical — 9.8%
Apparel — 0.7%
Ralph Lauren Corp.		17,482		1,813,583
Entertainment — 1.8%
Marriott Vacations Worldwide Corp.		15,958		2,189,757
SeaWorld Entertainment, Inc. (b)		84,599		2,672,482
				4,862,239
Food Services — 1.0%
Aramark		71,991		2,770,214
Home Builders — 1.3%
Lennar Corp. Class A		46,269		3,527,086
Lodging — 2.6%
Las Vegas Sands Corp.		38,142		2,273,263
Marriott International, Inc. Class A		15,456		2,038,955
MGM Resorts International		84,841		2,673,340
				6,985,558
Retail — 2.4%
Advance Auto Parts, Inc.		10,973		1,728,357
Lowe’s Cos., Inc.		29,096		4,670,199
				6,398,556
				26,357,236
Consumer, Non-cyclical — 18.1%
Beverages — 3.0%
Coca-Cola European Partners PLC		119,538		5,956,579
Molson Coors Beverage Co. Class B		46,201		2,087,823
				8,044,402
Biotechnology — 2.3%
Corteva, Inc.		160,721		6,223,117

	Number of Shares		Value
Commercial Services — 0.8%
Quanta Services, Inc.		30,686	$	2,210,006
Health Care – Products — 3.8%
Envista Holdings Corp. (b)		47,937		1,616,915
Hologic, Inc. (b)		13,285		967,546
LivaNova PLC (b)		26,985		1,786,677
Medtronic PLC		49,164		5,759,071
				10,130,209
Health Care – Services — 3.5%
Anthem, Inc.		6,623		2,126,579
Humana, Inc.		3,686		1,512,255
UnitedHealth Group, Inc.		16,180		5,674,003
				9,312,837
Pharmaceuticals — 4.7%
Cigna Corp.		15,997		3,330,255
CVS Health Corp.		82,158		5,611,391
Johnson & Johnson		23,075		3,631,544
				12,573,190
				48,493,761
Energy — 5.3%
Oil & Gas — 5.3%
Chevron Corp.		19,173		1,619,160
Hess Corp.		97,931		5,169,778
Phillips 66		85,678		5,992,319
Valero Energy Corp.		24,733		1,399,146
				14,180,403
Financial — 29.6%
Banks — 10.3%
Citigroup, Inc.		43,158		2,661,122
The Goldman Sachs Group, Inc.		8,915		2,350,975
JP Morgan Chase & Co.		52,080		6,617,806
Northern Trust Corp.		41,657		3,879,933
US Bancorp		136,508		6,359,908
Wells Fargo & Co.		193,374		5,836,027
				27,705,771
Diversified Financial Services — 5.1%
AerCap Holdings NV (b)		32,288		1,471,687
American Express Co.		49,236		5,953,125
Discover Financial Services		22,913		2,074,314
Navient Corp.		73,771		724,431
PROG Holdings, Inc.		30,848		1,661,782
SLM Corp.		153,830		1,905,953
				13,791,292
Insurance — 7.0%
American International Group, Inc.		60,268		2,281,746
Aon PLC Class A		16,903		3,571,097
Assurant, Inc.		13,891		1,892,232

The accompanying notes are an integral part of the financial statements.

127

MML Income & Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Axis Capital Holdings Ltd.		28,139	$	1,417,924
Chubb Ltd.		33,743		5,193,723
Fidelity National Financial, Inc.		57,712		2,255,962
Willis Towers Watson PLC		10,043		2,115,859
				18,728,543
Real Estate — 0.7%
The Howard Hughes Corp. (b)		23,792		1,877,903
Real Estate Investment Trusts (REITS) — 5.6%
American Campus Communities, Inc.		56,360		2,410,517
Corporate Office Properties Trust		136,677		3,564,536
Healthpeak Properties, Inc.		95,817		2,896,548
MGM Growth Properties LLC Class A		130,911		4,097,515
VICI Properties, Inc.		79,240		2,020,620
				14,989,736
Savings & Loans — 0.9%
New York Community Bancorp, Inc.		227,279		2,397,793
				79,491,038
Industrial — 14.5%
Aerospace & Defense — 4.3%
General Dynamics Corp.		37,510		5,582,238
Raytheon Technologies Corp.		83,248		5,953,065
				11,535,303
Building Materials — 0.9%
Owens Corning		30,851		2,337,272
Electrical Components & Equipment — 0.7%
Emerson Electric Co.		24,651		1,981,201
Engineering & Construction — 1.4%
AECOM (b)		44,036		2,192,112
Jacobs Engineering Group, Inc.		13,441		1,464,531
				3,656,643
Hand & Machine Tools — 1.9%
Stanley Black & Decker, Inc.		28,730		5,130,029
Machinery – Construction & Mining — 0.6%
BWX Technologies, Inc.		27,773		1,674,156
Machinery – Diversified — 3.9%
Deere & Co.		19,452		5,233,561
Westinghouse Air Brake Technologies Corp.		72,300		5,292,360
				10,525,921

	Number of Shares		Value
Transportation — 0.8%
J.B. Hunt Transport Services, Inc.		15,427	$	2,108,099
				38,948,624
Technology — 6.7%
Computers — 1.7%
Cognizant Technology Solutions Corp. Class A		55,450		4,544,128
Semiconductors — 3.1%
Broadcom, Inc.		6,342		2,776,845
Microchip Technology, Inc.		16,565		2,287,792
QUALCOMM, Inc.		13,504		2,057,199
Texas Instruments, Inc.		8,131		1,334,541
				8,456,377
Software — 1.9%
Oracle Corp.		76,813		4,969,033
				17,969,538
Utilities — 5.7%
Electric — 5.7%
CenterPoint Energy, Inc.		215,377		4,660,758
Edison International		33,623		2,112,197
Entergy Corp.		31,324		3,127,388
Exelon Corp.		131,391		5,547,328
				15,447,671

TOTAL COMMON STOCK (Cost $225,090,144)				267,155,392

TOTAL EQUITIES (Cost $225,090,144)				267,155,392

MUTUAL FUNDS — 0.4%
Diversified Financial Services — 0.4%
State Street Navigator Securities Lending Prime Portfolio (c)		1,223,750		1,223,750

TOTAL MUTUAL FUNDS (Cost $1,223,750)				1,223,750

TOTAL LONG-TERM INVESTMENTS (Cost $226,313,894)				268,379,142

The accompanying notes are an integral part of the financial statements.

128

MML Income & Growth Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.4%
Repurchase Agreement — 0.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (d)	$	966,808	$	966,808

TOTAL SHORT-TERM INVESTMENTS (Cost $966,808)				966,808

TOTAL INVESTMENTS — 100.3% (Cost $227,280,702) ^(e)				269,345,950

Other Assets/(Liabilities) — (0.3)%				(906,717	)

NET ASSETS — 100.0%			$	268,439,233

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2020, was $1,197,240 or 0.45% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. (Note 2).

(b)	Non-income producing security.

(c)	Represents investment of security lending cash collateral. (Note 2).

(d)	Maturity value of $966,808. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $986,152.

(e)	See Note 6 for aggregate cost for federal tax purposes.

Country weightings, as a percentage of net assets, is as follows:

United States	88.9	%
Ireland	5.2	%
United Kingdom	2.9	%
Switzerland	1.9	%
Netherlands	0.5	%
Bermuda	0.5	%
Total Long-Term Investments	99.9	%
Short-Term Investments and Other Assets and Liabilities	0.1	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

129

MML International Equity Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 97.4%
COMMON STOCK — 97.1%
Australia — 3.3%
AMP Ltd.		1,505,394	$	1,811,833
Brambles Ltd.		165,200		1,353,446
Orica Ltd.		203,167		2,376,011
				5,541,290
Belgium — 1.0%
Anheuser-Busch InBev SA		24,200		1,691,157
Canada — 3.1%
Cenovus Energy, Inc.		455,615		2,773,994
Open Text Corp.		38,800		1,763,054
Restaurant Brands International, Inc.		10,000		611,100
				5,148,148
Cayman Islands — 1.2%
Alibaba Group Holding Ltd. Sponsored ADR (a)		3,390		788,955
Alibaba Group Holding Ltd. (a)		21,860		638,697
Trip.com Group Ltd. ADR (a)		16,900		570,037
				1,997,689
Finland — 1.0%
UPM-Kymmene OYJ		45,900		1,707,697
France — 9.7%
Accor SA (a)		100,800		3,672,263
BNP Paribas SA (a)		119,950		6,326,669
Bureau Veritas SA (a)		20,598		547,887
EssilorLuxottica SA		7,305		1,139,259
Publicis Groupe SA		59,505		2,965,333
Valeo SA		38,010		1,501,162
				16,152,573
Germany — 20.2%
Allianz SE Registered		20,640		5,050,030
Bayer AG Registered		500		29,695
Bayer AG Registered		102,894		6,047,876
Bayerische Motoren Werke AG		61,350		5,415,124
Continental AG		33,955		5,031,418
Daimler AG Registered		89,803		6,341,157
Fresenius Medical Care AG & Co. KGaA		29,500		2,460,564
Henkel AG & Co. KGaA		6,900		664,210
thyssenkrupp AG (a)		500		4,890
thyssenkrupp AG (a)		271,674		2,697,144
				33,742,108
India — 1.6%
Axis Bank Ltd. (a)		313,742		2,664,574
Indonesia — 0.5%
Bank Mandiri Persero Tbk PT		1,858,700		838,776

	Number of Shares		Value
Ireland — 1.2%
Ryanair Holdings PLC (a)		8,000	$	159,354
Ryanair Holdings PLC Sponsored ADR (a)		17,410		1,914,752
				2,074,106
Italy — 4.1%
Intesa Sanpaolo SpA (a)		2,934,200		6,845,596
Japan — 2.2%
Komatsu Ltd.		63,600		1,742,808
Toyota Motor Corp.		25,900		1,985,985
				3,728,793
Mexico — 0.9%
Grupo Televisa SAB Sponsored ADR (a)		174,600		1,438,704
Netherlands — 5.8%
CNH Industrial NV (a)		476,953		6,043,912
EXOR NV		45,400		3,644,140
				9,688,052
Republic of Korea — 1.6%
NAVER Corp.		6,860		1,852,347
Samsung Electronics Co. Ltd.		10,550		788,480
				2,640,827
South Africa — 2.5%
Naspers Ltd.		20,215		4,137,438
Spain — 1.1%
Amadeus IT Group SA		26,000		1,882,341
Sweden — 4.1%
Hennes & Mauritz AB Class B (a)		128,318		2,680,352
SKF AB Class B		79,000		2,046,848
Volvo AB Class B (a)		85,770		2,018,367
				6,745,567
Switzerland — 9.3%
Cie Financiere Richemont SA Registered		19,540		1,765,680
Credit Suisse Group AG Registered		529,009		6,805,497
LafargeHolcim Ltd. Registered		34,659		1,901,990
Novartis AG Registered		22,100		2,087,363
Roche Holding AG		3,670		1,280,492
The Swatch Group AG		5,830		1,588,964
				15,429,986
United Kingdom — 22.7%
Ashtead Group PLC		36,774		1,730,538
Bunzl PLC		14,000		467,973
Compass Group PLC		86,400		1,612,260
G4S PLC (a)		392,100		1,360,907
Glencore PLC (a)		2,613,644		8,337,261
Liberty Global PLC Class C (a)		11,800		279,070

The accompanying notes are an integral part of the financial statements.

130

MML International Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Liberty Global PLC Series A (a)		118,900	$	2,879,758
Lloyds Banking Group PLC (a)		14,511,000		7,314,744
Natwest Group PLC (a)		1,210,800		2,800,314
Prudential PLC		187,300		3,457,227
Rolls-Royce Holdings PLC (a)		1,153,648		1,756,423
Schroders PLC		54,200		2,475,626
Smiths Group PLC		46,700		966,544
WPP PLC		214,092		2,326,117
				37,764,762

TOTAL COMMON STOCK (Cost $140,729,977)				161,860,184

PREFERRED STOCK — 0.3%
Germany — 0.3%
Henkel AG & Co. KGaA 1.980%		4,100		462,005

TOTAL PREFERRED STOCK (Cost $410,515)				462,005

TOTAL EQUITIES (Cost $141,140,492)				162,322,189

WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 (a)		44,280		11,504

TOTAL WARRANTS (Cost $0)				11,504

TOTAL LONG-TERM INVESTMENTS (Cost $141,140,492)				162,333,693

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.4%
Repurchase Agreement — 2.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (b)	$	4,051,484	$	4,051,484

TOTAL SHORT-TERM INVESTMENTS (Cost $4,051,484)				4,051,484

TOTAL INVESTMENTS — 99.8% (Cost $145,191,976) ^(c)				166,385,177

Other Assets/(Liabilities) — 0.2%				330,540

NET ASSETS — 100.0%			$	166,715,717

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $4,051,484. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $4,132,588.

(c)	See Note 6 for aggregate cost for federal tax purposes.

Sector weightings, as a percentage of net assets, is as follows:

Financial	30.1	%
Consumer, Cyclical	22.1	%
Consumer, Non-cyclical	13.6	%
Communications	10.7	%
Industrial	10.1	%
Basic Materials	7.6	%
Energy	1.7	%
Technology	1.5	%
Total Long-Term Investments	97.4	%
Short-Term Investments and Other Assets and Liabilities	2.6	%
Net Assets	100.0	%

Forward contracts

Counterparty

Settlement
Date

Currency Purchased

Currency Sold

Unrealized
Appreciation
(Depreciation)

State Street Bank and Trust Co*

6/16/21

USD

2,137,566

CHF

1,886,000

(2,916

)

* Contracts are subject to a Master Netting Agreement.

Currency Legend

CHF	Swiss Franc

USD	U.S. Dollar

The accompanying notes are an integral part of the financial statements.

131

MML Large Cap Growth Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 99.5%
COMMON STOCK — 99.5%
Communications — 29.8%
Internet — 23.0%
Alibaba Group Holding Ltd. Sponsored ADR (a)		28,599	$	6,655,845
Alphabet, Inc. Class A (a)		2,246		3,936,430
Alphabet, Inc. Class C (a)		2,252		3,945,234
Amazon.com, Inc. (a)		3,125		10,177,906
Facebook, Inc. Class A (a)		29,702		8,113,398
				32,828,813
Media — 5.2%
FactSet Research Systems, Inc.		6,060		2,014,950
The Walt Disney Co. (a)		30,130		5,458,953
				7,473,903
Telecommunications — 1.6%
Cisco Systems, Inc.		51,229		2,292,498
				42,595,214
Consumer, Cyclical — 4.9%
Retail — 4.9%
Starbucks Corp.		36,437		3,898,030
Yum China Holdings, Inc.		23,968		1,368,333
Yum! Brands, Inc.		16,182		1,756,718
				7,023,081
Consumer, Non-cyclical — 18.9%
Beverages — 3.5%
Monster Beverage Corp. (a)		53,993		4,993,273
Biotechnology — 4.8%
Illumina, Inc. (a)		9,070		3,355,900
Regeneron Pharmaceuticals, Inc. (a)		7,330		3,541,196
				6,897,096
Commercial Services — 0.7%
Automatic Data Processing, Inc.		5,515		971,743
Cosmetics & Personal Care — 1.6%
Colgate-Palmolive Co.		25,822		2,208,039
Health Care – Products — 1.3%
Intuitive Surgical, Inc. (a)		2,275		1,861,178
Pharmaceuticals — 7.0%
Novartis AG Sponsored ADR		52,819		4,987,698
Novo Nordisk A/S Sponsored ADR		18,183		1,270,083
Roche Holding AG Sponsored ADR		85,229		3,736,439
				9,994,220
				26,925,549

	Number of Shares		Value
Energy — 1.3%
Oil & Gas Services — 1.3%
Schlumberger NV		81,902	$	1,787,921
Financial — 7.2%
Diversified Financial Services — 7.2%
SEI Investments Co.		34,749		1,997,025
Visa, Inc. Class A		37,545		8,212,218
				10,209,243
Industrial — 10.5%
Aerospace & Defense — 4.5%
The Boeing Co.		29,875		6,395,042
Machinery – Diversified — 3.8%
Deere & Co.		20,317		5,466,289
Transportation — 2.2%
Expeditors International of Washington, Inc.		33,306		3,167,734
				15,029,065
Technology — 26.9%
Semiconductors — 7.2%
NVIDIA Corp.		12,287		6,416,271
QUALCOMM, Inc.		24,870		3,788,696
				10,204,967
Software — 19.7%
Autodesk, Inc. (a)		24,691		7,539,150
Cerner Corp.		29,639		2,326,069
Microsoft Corp.		25,440		5,658,365
Oracle Corp.		80,985		5,238,920
salesforce.com, Inc. (a)		24,071		5,356,519
Workday, Inc. Class A (a)		8,589		2,058,010
				28,177,033
				38,382,000

TOTAL COMMON STOCK (Cost $80,843,905)				141,952,073

TOTAL EQUITIES (Cost $80,843,905)				141,952,073

TOTAL LONG-TERM INVESTMENTS (Cost $80,843,905)				141,952,073

The accompanying notes are an integral part of the financial statements.

132

MML Large Cap Growth Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.6%
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (b)	$	939,592	$	939,592

TOTAL SHORT-TERM INVESTMENTS (Cost $939,592)				939,592

TOTAL INVESTMENTS — 100.1% (Cost $81,783,497) ^(c)				142,891,665

Other Assets/(Liabilities) — (0.1)%				(202,083	)

NET ASSETS — 100.0%			$	142,689,582

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $939,592. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $958,484.

(c)	See Note 6 for aggregate cost for federal tax purposes.

Country weightings, as a percentage of net assets, is as follows:

United States	86.5	%
Switzerland	6.1	%
Cayman Islands	4.7	%
Netherlands	1.3	%
Denmark	0.9	%
Total Long-Term Investments	99.5	%
Short-Term Investments and Other Assets and Liabilities	0.5	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

133

MML Managed Volatility Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 94.5%
COMMON STOCK — 94.5%
Basic Materials — 2.0%
Chemicals — 1.6%
Air Products & Chemicals, Inc. (a)		939	$	256,553
Albemarle Corp. (a)		446		65,794
Celanese Corp. (a)		519		67,439
CF Industries Holdings, Inc. (a)		918		35,536
Dow, Inc. (a)		3,130		173,715
DuPont de Nemours, Inc. (a)		3,099		220,370
Eastman Chemical Co. (a)		580		58,162
Ecolab, Inc. (a)		1,052		227,611
FMC Corp. (a)		574		65,970
International Flavors & Fragrances, Inc. (a)		463		50,393
Linde PLC (a)		2,239		589,999
LyondellBasell Industries NV Class A (a)		1,119		102,567
The Mosaic Co. (a)		1,487		34,216
PPG Industries, Inc. (a)		1,029		148,402
The Sherwin-Williams Co. (a)		357		262,363
				2,359,090
Forest Products & Paper — 0.1%
International Paper Co. (a)		1,711		85,071
Iron & Steel — 0.0%
Nucor Corp. (a)		1,230		65,424
Mining — 0.3%
Freeport-McMoRan, Inc. (a)		6,314		164,290
Newmont Corp. (a)		3,426		205,183
				369,473
				2,879,058
Communications — 15.4%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. (a)		1,664		39,137
Omnicom Group, Inc. (a)		939		58,566
				97,703
Internet — 10.7%
Alphabet, Inc. Class A (a) (b)		1,291		2,262,658
Alphabet, Inc. Class C (a) (b)		1,243		2,177,587
Amazon.com, Inc. (a) (b)		1,829		5,956,925
Booking Holdings, Inc. (a) (b)		175		389,772
CDW Corp. (a)		603		79,470
eBay, Inc. (a)		2,861		143,765
Etsy, Inc. (a) (b)		535		95,182
Expedia Group, Inc. (a)		593		78,513
F5 Networks, Inc. (a) (b)		279		49,087
Facebook, Inc. Class A (a) (b)		10,307		2,815,460

	Number of Shares		Value
Netflix, Inc. (a) (b)		1,893	$	1,023,602
NortonLifeLock, Inc. (a)		2,650		55,067
Twitter, Inc. (a) (b)		3,385		183,298
VeriSign, Inc. (a) (b)		439		95,000
				15,405,386
Media — 2.2%
Charter Communications, Inc. Class A (a) (b)		623		412,146
Comcast Corp. Class A (a)		19,553		1,024,577
Discovery, Inc. Class A (b) (c)		885		26,630
Discovery, Inc. Class C (a) (b)		1,091		28,573
DISH Network Corp. Class A (a) (b)		1,002		32,405
Fox Corp. Class A (a)		1,094		31,857
Fox Corp. Class B (a) (b)		1,077		31,104
News Corp. Class A (a)		1,161		20,863
News Corp. Class B		1,016		18,054
ViacomCBS, Inc. Class B (a)		2,475		92,218
The Walt Disney Co. (a) (b)		7,756		1,405,232
				3,123,659
Telecommunications — 2.4%
Arista Networks, Inc. (a) (b)		235		68,284
AT&T, Inc. (a)		30,484		876,720
CenturyLink, Inc. (a)		4,170		40,657
Cisco Systems, Inc. (a)		18,067		808,498
Corning, Inc. (a)		3,318		119,448
Juniper Networks, Inc. (a)		1,537		34,598
Motorola Solutions, Inc. (a)		712		121,083
T-Mobile US, Inc. (a) (b)		2,554		344,407
Verizon Communications, Inc. (a)		17,739		1,042,166
				3,455,861
				22,082,609
Consumer, Cyclical — 9.2%
Airlines — 0.3%
Alaska Air Group, Inc. (a)		549		28,548
American Airlines Group, Inc. (a) (c)		2,517		39,693
Delta Air Lines, Inc. (a)		2,635		105,953
Southwest Airlines Co. (a)		2,604		121,373
United Airlines Holdings, Inc. (a) (b)		1,308		56,571
				352,138
Apparel — 0.7%
Hanesbrands, Inc.		1,559		22,730
NIKE, Inc. Class B (a)		5,371		759,835
PVH Corp. (a)		322		30,233
Ralph Lauren Corp.		221		22,926
Tapestry, Inc. (a)		1,175		36,519
Under Armour, Inc. Class A (a) (b)		604		10,371
Under Armour, Inc. Class C (b)		912		13,571

The accompanying notes are an integral part of the financial statements.

134

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
VF Corp. (a)		1,375	$	117,439
				1,013,624
Auto Manufacturers — 2.1%
Cummins, Inc. (a)		640		145,344
Ford Motor Co. (a)		16,960		149,078
General Motors Co. (a)		5,332		222,025
PACCAR, Inc. (a)		1,441		124,329
Tesla, Inc. (a) (b)		3,251		2,294,133
				2,934,909
Auto Parts & Equipment — 0.1%
Aptiv PLC (a)		1,179		153,612
BorgWarner, Inc. (a)		1,040		40,185
				193,797
Distribution & Wholesale — 0.3%
Copart, Inc. (a) (b)		865		110,071
Fastenal Co. (a)		2,396		116,997
LKQ Corp. (a) (b)		1,202		42,359
Pool Corp. (a)		170		63,325
W.W. Grainger, Inc. (a)		183		74,726
				407,478
Entertainment — 0.0%
Live Nation Entertainment, Inc. (a) (b)		620		45,558
Home Builders — 0.2%
D.R. Horton, Inc. (a)		1,365		94,076
Lennar Corp. Class A (a)		1,181		90,028
NVR, Inc. (a) (b)		15		61,198
PulteGroup, Inc. (a)		1,153		49,717
				295,019
Home Furnishing — 0.1%
Leggett & Platt, Inc. (a)		541		23,966
Whirlpool Corp. (a)		258		46,567
				70,533
Housewares — 0.0%
Newell Brands, Inc. (a)		1,635		34,711
Leisure Time — 0.1%
Carnival Corp. (a)		3,230		69,962
Norwegian Cruise Line Holdings Ltd. (a) (b)		1,367		34,763
Royal Caribbean Cruises Ltd. (a)		817		61,021
				165,746
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. (a)		1,209		134,513
Las Vegas Sands Corp. (a)		1,384		82,486
Marriott International, Inc. Class A (a)		1,122		148,014
MGM Resorts International (a)		1,833		57,758
Wynn Resorts Ltd. (a)		437		49,307
				472,078

	Number of Shares		Value
Retail — 5.0%
Advance Auto Parts, Inc. (a)		302	$	47,568
AutoZone, Inc. (a) (b)		101		119,729
Best Buy Co., Inc. (a)		997		99,491
CarMax, Inc. (a) (b)		672		63,477
Chipotle Mexican Grill, Inc. (a) (b)		118		163,632
Costco Wholesale Corp. (a)		1,885		710,230
Darden Restaurants, Inc. (a)		560		66,707
Dollar General Corp. (a)		1,038		218,291
Dollar Tree, Inc. (a) (b)		1,019		110,093
Domino’s Pizza, Inc. (a)		171		65,572
The Gap, Inc.		999		20,170
Genuine Parts Co. (a)		611		61,363
The Home Depot, Inc. (a)		4,609		1,224,243
L Brands, Inc. (a)		1,040		38,678
Lowe’s Cos., Inc. (a)		3,126		501,754
McDonald’s Corp. (a)		3,190		684,510
O’Reilly Automotive, Inc. (a) (b)		314		142,107
Ross Stores, Inc. (a)		1,550		190,356
Starbucks Corp. (a)		5,019		536,933
Target Corp. (a)		2,136		377,068
Tiffany & Co. (a)		453		59,547
The TJX Cos., Inc. (a)		5,111		349,030
Tractor Supply Co. (a)		504		70,852
Ulta Beauty, Inc. (a) (b)		251		72,077
Walgreens Boots Alliance, Inc. (a)		3,039		121,195
Walmart, Inc. (a)		5,941		856,395
Yum! Brands, Inc. (a)		1,270		137,871
				7,108,939
Textiles — 0.0%
Mohawk Industries, Inc. (a) (b)		259		36,506
Toys, Games & Hobbies — 0.0%
Hasbro, Inc. (a)		563		52,663
				13,183,699
Consumer, Non-cyclical — 19.8%
Agriculture — 0.7%
Altria Group, Inc. (a)		7,867		322,547
Archer-Daniels-Midland Co. (a)		2,461		124,059
Philip Morris International, Inc. (a)		6,646		550,222
				996,828
Beverages — 1.5%
Brown-Forman Corp. Class B (a)		790		62,750
The Coca-Cola Co. (a)		16,541		907,108
Constellation Brands, Inc. Class A (a)		733		160,564
Molson Coors Beverage Co. Class B (a)		811		36,649
Monster Beverage Corp. (a) (b)		1,639		151,575

The accompanying notes are an integral part of the financial statements.

135

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
PepsiCo, Inc. (a)		5,913	$	876,898
				2,195,544
Biotechnology — 1.5%
Alexion Pharmaceuticals, Inc. (a) (b)		957		149,522
Amgen, Inc. (a)		2,493		573,191
Bio-Rad Laboratories, Inc. Class A (a) (b)		93		54,213
Biogen, Inc. (a) (b)		672		164,546
Corteva, Inc. (a)		3,253		125,956
Gilead Sciences, Inc. (a)		5,366		312,623
Illumina, Inc. (a) (b)		622		230,140
Incyte Corp. (a) (b)		790		68,714
Regeneron Pharmaceuticals, Inc. (a) (b)		448		216,433
Vertex Pharmaceuticals, Inc. (a) (b)		1,105		261,156
				2,156,494
Commercial Services — 2.3%
Automatic Data Processing, Inc. (a)		1,828		322,094
Cintas Corp. (a)		368		130,073
Equifax, Inc. (a)		511		98,541
FleetCor Technologies, Inc. (a) (b)		369		100,674
Gartner, Inc. (a) (b)		398		63,756
Global Payments, Inc. (a)		1,272		274,014
IHS Markit Ltd. (a)		1,639		147,231
MarketAxess Holdings, Inc. (a)		165		94,142
Moody’s Corp. (a)		703		204,039
Nielsen Holdings PLC (a)		1,534		32,015
PayPal Holdings, Inc. (a) (b)		5,021		1,175,918
Quanta Services, Inc. (a)		556		40,043
Robert Half International, Inc.		489		30,553
Rollins, Inc. (a)		946		36,960
S&P Global, Inc. (a)		1,027		337,606
United Rentals, Inc. (a) (b)		319		73,979
Verisk Analytics, Inc. (a)		720		149,465
				3,311,103
Cosmetics & Personal Care — 1.4%
Colgate-Palmolive Co. (a)		3,743		320,064
The Estee Lauder Cos., Inc. Class A (a)		964		256,607
The Procter & Gamble Co. (a)		10,627		1,478,641
				2,055,312
Foods — 1.1%
Campbell Soup Co. (a)		877		42,403
Conagra Brands, Inc. (a)		2,155		78,140
General Mills, Inc. (a)		2,630		154,644
The Hershey Co. (a)		632		96,273
Hormel Foods Corp. (a)		1,112		51,830
The J.M. Smucker Co. (a)		459		53,060

	Number of Shares		Value
Kellogg Co. (a)		1,041	$	64,782
The Kraft Heinz Co. (a)		2,914		100,999
The Kroger Co. (a)		3,274		103,982
Lamb Weston Holdings, Inc. (a)		655		51,575
McCormick & Co., Inc. (a)		1,106		105,734
Mondelez International, Inc. Class A (a)		6,210		363,099
Sysco Corp. (a)		2,224		165,154
Tyson Foods, Inc. Class A (a)		1,227		79,068
				1,510,743
Health Care – Products — 3.7%
Abbott Laboratories (a)		7,590		831,029
ABIOMED, Inc. (a) (b)		195		63,219
Baxter International, Inc. (a)		2,229		178,855
Boston Scientific Corp. (a) (b)		6,067		218,109
The Cooper Cos., Inc. (a)		217		78,840
Danaher Corp. (a)		2,705		600,889
Edwards Lifesciences Corp. (a) (b)		2,649		241,668
Hologic, Inc. (a) (b)		1,134		82,589
IDEXX Laboratories, Inc. (a) (b)		372		185,952
Intuitive Surgical, Inc. (a) (b)		501		409,868
Medtronic PLC (a)		5,757		674,375
ResMed, Inc. (a)		632		134,338
Steris PLC (a)		350		66,339
Stryker Corp. (a)		1,393		341,341
Teleflex, Inc. (a)		205		84,372
Thermo Fisher Scientific, Inc. (a)		1,695		789,497
Varian Medical Systems, Inc. (a) (b)		404		70,704
West Pharmaceutical Services, Inc. (a)		309		87,543
Zimmer Biomet Holdings, Inc. (a)		900		138,681
				5,278,208
Health Care – Services — 2.0%
Anthem, Inc. (a)		1,062		340,997
Catalent, Inc. (a) (b)		716		74,514
Centene Corp. (a) (b)		2,462		147,794
DaVita, Inc. (a) (b)		317		37,216
HCA Healthcare, Inc. (a)		1,123		184,689
Humana, Inc. (a)		563		230,982
IQVIA Holdings, Inc. (a) (b)		839		150,324
Laboratory Corp. of America Holdings (a) (b)		423		86,102
Quest Diagnostics, Inc. (a)		585		69,714
UnitedHealth Group, Inc. (a)		4,068		1,426,566
Universal Health Services, Inc. Class B (a)		333		45,787
				2,794,685
Household Products & Wares — 0.3%
Avery Dennison Corp. (a)		363		56,305

The accompanying notes are an integral part of the financial statements.

136

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Church & Dwight Co., Inc. (a)		1,088	$	94,906
The Clorox Co. (a)		522		105,402
Kimberly-Clark Corp. (a)		1,482		199,818
				456,431
Pharmaceuticals — 5.3%
AbbVie, Inc. (a)		7,566		810,697
Align Technology, Inc. (a) (b)		305		162,986
AmerisourceBergen Corp. (a)		619		60,513
Becton Dickinson and Co. (a)		1,239		310,023
Bristol-Myers Squibb Co. (a)		9,666		599,582
Cardinal Health, Inc. (a)		1,319		70,646
Cigna Corp. (a)		1,541		320,805
CVS Health Corp. (a)		5,598		382,343
Dentsply Sirona, Inc. (a)		956		50,056
DexCom, Inc. (a) (b)		409		151,215
Eli Lilly and Co. (a)		3,400		574,056
Henry Schein, Inc. (a) (b)		660		44,128
Johnson & Johnson (a)		11,291		1,776,978
McKesson Corp. (a)		678		117,918
Merck & Co., Inc. (a)		10,843		886,957
Perrigo Co. PLC (a)		645		28,844
Pfizer, Inc. (a)		23,820		876,814
Viatris, Inc. (a) (b)		5,086		95,312
Zoetis, Inc. (a)		2,025		335,138
				7,655,011
				28,410,359
Energy — 2.1%
Oil & Gas — 1.7%
Apache Corp. (a)		1,625		23,059
Cabot Oil & Gas Corp. (a)		1,649		26,846
Chevron Corp. (a)		8,229		694,939
Concho Resources, Inc. (a)		876		51,115
ConocoPhillips (a)		4,643		185,673
Devon Energy Corp. (a)		1,623		25,660
Diamondback Energy, Inc. (a)		723		34,993
EOG Resources, Inc. (a)		2,532		126,271
Exxon Mobil Corp. (a)		18,080		745,257
Hess Corp. (a)		1,130		59,653
HollyFrontier Corp. (a)		570		14,734
Marathon Oil Corp.		3,114		20,770
Marathon Petroleum Corp. (a)		2,752		113,823
Occidental Petroleum Corp. (a)		3,622		62,697
Phillips 66 (a)		1,894		132,466
Pioneer Natural Resources Co. (a)		685		78,015
Valero Energy Corp. (a)		1,775		100,412
				2,496,383

	Number of Shares		Value
Oil & Gas Services — 0.2%
Baker Hughes Co. (a)		2,922	$	60,924
Halliburton Co. (a)		3,865		73,049
Nov, Inc. (a)		1,740		23,890
Schlumberger NV (a)		5,978		130,500
TechnipFMC PLC (a)		2,016		18,950
				307,313
Pipelines — 0.2%
Kinder Morgan, Inc. (a)		8,186		111,903
ONEOK, Inc. (a)		1,870		71,770
The Williams Cos., Inc. (a)		5,285		105,964
				289,637
				3,093,333
Financial — 13.7%
Banks — 4.5%
Bank of America Corp. (a)		32,535		986,136
The Bank of New York Mellon Corp. (a)		3,539		150,195
Citigroup, Inc. (a)		8,897		548,589
Citizens Financial Group, Inc. (a)		1,866		66,728
Comerica, Inc. (a)		544		30,388
Fifth Third Bancorp (a)		3,055		84,226
First Republic Bank (a)		756		111,079
The Goldman Sachs Group, Inc. (a)		1,468		387,126
Huntington Bancshares, Inc. (a)		4,334		54,738
JP Morgan Chase & Co. (a)		13,059		1,659,407
KeyCorp (a)		4,230		69,414
M&T Bank Corp. (a)		512		65,178
Morgan Stanley (a)		6,108		418,581
Northern Trust Corp. (a)		922		85,875
The PNC Financial Services Group, Inc. (a)		1,852		275,948
Regions Financial Corp. (a)		4,120		66,414
State Street Corp. (a)		1,540		112,081
SVB Financial Group (a) (b)		225		87,262
Truist Financial Corp. (a)		5,705		273,441
US Bancorp (a)		5,984		278,795
Wells Fargo & Co. (a)		17,670		533,281
Zions Bancorp NA (a)		742		32,233
				6,377,115
Diversified Financial Services — 3.8%
American Express Co. (a)		2,774		335,404
Ameriprise Financial, Inc. (a)		510		99,108
BlackRock, Inc. (a)		606		437,253
Capital One Financial Corp. (a)		2,001		197,799
Cboe Global Markets, Inc. (a)		465		43,301
The Charles Schwab Corp. (a)		6,383		338,554
CME Group, Inc. (a)		1,535		279,447

The accompanying notes are an integral part of the financial statements.

137

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Discover Financial Services (a)		1,339	$	121,220
Franklin Resources, Inc. (a)		1,127		28,164
Intercontinental Exchange, Inc. (a)		2,396		276,235
Invesco Ltd. (a)		1,776		30,956
Mastercard, Inc. Class A (a)		3,769		1,345,307
Nasdaq, Inc. (a)		492		65,308
Raymond James Financial, Inc. (a)		534		51,088
Synchrony Financial (a)		2,291		79,520
T. Rowe Price Group, Inc. (a)		958		145,032
Visa, Inc. Class A (a)		7,269		1,589,948
The Western Union Co. (a)		1,764		38,702
				5,502,346
Insurance — 3.1%
Aflac, Inc. (a)		2,889		128,474
The Allstate Corp. (a)		1,319		144,998
American International Group, Inc. (a)		3,621		137,091
Aon PLC Class A (a)		997		210,636
Arthur J Gallagher & Co. (a)		792		97,978
Assurant, Inc. (a)		240		32,693
Berkshire Hathaway, Inc. Class B (a) (b)		8,351		1,936,347
Chubb Ltd. (a)		1,971		303,376
Cincinnati Financial Corp. (a)		644		56,266
Everest Re Group Ltd. (a)		169		39,561
Globe Life, Inc. (a)		441		41,877
The Hartford Financial Services Group, Inc. (a)		1,546		75,723
Lincoln National Corp. (a)		720		36,223
Loews Corp. (a)		993		44,705
Marsh & McLennan Cos., Inc. (a)		2,154		252,018
MetLife, Inc. (a)		3,180		149,301
Principal Financial Group, Inc. (a)		1,011		50,156
The Progressive Corp. (a)		2,498		247,002
Prudential Financial, Inc. (a)		1,725		134,671
The Travelers Cos., Inc. (a)		1,100		154,407
Unum Group		818		18,765
W.R. Berkley Corp. (a)		571		37,926
Willis Towers Watson PLC (a)		564		118,824
				4,449,018
Real Estate — 0.1%
CBRE Group, Inc. Class A (a) (b)		1,391		87,244
Real Estate Investment Trusts (REITS) — 2.2%
Alexandria Real Estate Equities, Inc. (a)		503		89,645
American Tower Corp. (a)		1,897		425,801
AvalonBay Communities, Inc. (a)		604		96,900
Boston Properties, Inc. (a)		593		56,056
Crown Castle International Corp. (a)		1,838		292,591

	Number of Shares		Value
Digital Realty Trust, Inc. (a)		1,224	$	170,760
Duke Realty Corp. (a)		1,584		63,312
Equinix, Inc. (a)		389		277,816
Equity Residential (a)		1,415		83,881
Essex Property Trust, Inc. (a)		290		68,852
Extra Space Storage, Inc. (a)		558		64,650
Federal Realty Investment Trust (a)		313		26,643
Healthpeak Properties, Inc. (a)		2,180		65,901
Host Hotels & Resorts, Inc. (a)		3,039		44,461
Iron Mountain, Inc. (c)		1,189		35,052
Kimco Realty Corp. (a)		1,680		25,217
Mid-America Apartment Communities, Inc. (a)		487		61,698
Prologis, Inc. (a)		3,147		313,630
Public Storage (a)		641		148,026
Realty Income Corp. (a)		1,519		94,436
Regency Centers Corp. (a)		732		33,372
SBA Communications Corp. (a)		489		137,962
Simon Property Group, Inc. (a)		1,389		118,454
SL Green Realty Corp. (a)		335		19,959
UDR, Inc. (a)		1,165		44,771
Ventas, Inc. (a)		1,627		79,788
Vornado Realty Trust (a)		718		26,810
Welltower, Inc. (a)		1,820		117,608
Weyerhaeuser Co. (a)		3,246		108,838
				3,192,890
Savings & Loans — 0.0%
People’s United Financial, Inc. (a)		1,553		20,080
				19,628,693
Industrial — 7.8%
Aerospace & Defense — 1.5%
The Boeing Co. (a)		2,271		486,130
General Dynamics Corp. (a)		1,013		150,755
Howmet Aerospace, Inc. (a)		1,688		48,176
L3 Harris Technologies, Inc. (a)		917		173,331
Lockheed Martin Corp. (a)		1,050		372,729
Northrop Grumman Corp. (a)		658		200,506
Raytheon Technologies Corp. (a)		6,473		462,884
Teledyne Technologies, Inc. (a) (b)		159		62,325
TransDigm Group, Inc. (a) (b)		239		147,905
				2,104,741
Building Materials — 0.4%
Carrier Global Corp. (a)		3,572		134,736
Fortune Brands Home & Security, Inc.		596		51,089
Johnson Controls International PLC (a)		3,175		147,923
Martin Marietta Materials, Inc. (a)		268		76,104
Masco Corp. (a)		1,136		62,401

The accompanying notes are an integral part of the financial statements.

138

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Vulcan Materials Co. (a)		591	$	87,651
				559,904
Electrical Components & Equipment — 0.2%
AMETEK, Inc. (a)		934		112,958
Emerson Electric Co. (a)		2,609		209,685
				322,643
Electronics — 1.4%
Agilent Technologies, Inc. (a)		1,342		159,014
Allegion PLC (a)		387		45,039
Amphenol Corp. Class A (a)		1,318		172,355
FLIR Systems, Inc. (a)		538		23,581
Fortive Corp. (a)		1,453		102,901
Garmin Ltd. (a)		652		78,018
Honeywell International, Inc. (a)		2,979		633,633
Keysight Technologies, Inc. (a) (b)		773		102,106
Mettler-Toledo International, Inc. (a) (b)		104		118,527
PerkinElmer, Inc. (a)		468		67,158
Roper Technologies, Inc. (a)		458		197,439
TE Connectivity Ltd. (a)		1,379		166,955
Vontier Corp. (b)		573		19,138
Waters Corp. (a) (b)		271		67,051
				1,952,915
Engineering & Construction — 0.0%
Jacobs Engineering Group, Inc. (a)		584		63,633
Environmental Controls — 0.2%
Pentair PLC (a)		699		37,110
Republic Services, Inc. (a)		872		83,974
Waste Management, Inc. (a)		1,697		200,127
				321,211
Hand & Machine Tools — 0.1%
Snap-on, Inc. (a)		227		38,849
Stanley Black & Decker, Inc. (a)		674		120,349
				159,198
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc. (a)		2,320		422,286
Machinery – Diversified — 0.7%
Deere & Co. (a)		1,335		359,182
Dover Corp. (a)		640		80,800
Flowserve Corp. (a)		534		19,678
IDEX Corp. (a)		330		65,736
Ingersoll Rand, Inc. (a) (b)		1,604		73,078
Otis Worldwide Corp. (a)		1,713		115,713
Rockwell Automation, Inc. (a)		504		126,408
Westinghouse Air Brake Technologies Corp. (a)		764		55,925

	Number of Shares		Value
Xylem, Inc. (a)		783	$	79,702
				976,222
Miscellaneous – Manufacturing — 1.2%
3M Co. (a)		2,455		429,110
A.O. Smith Corp. (a)		560		30,699
Eaton Corp. PLC (a)		1,737		208,683
General Electric Co. (a)		37,354		403,423
Illinois Tool Works, Inc. (a)		1,264		257,705
Parker-Hannifin Corp. (a)		559		152,277
Textron, Inc. (a)		990		47,847
Trane Technologies PLC (a)		1,052		152,708
				1,682,452
Packaging & Containers — 0.2%
Amcor PLC (a)		6,862		80,766
Ball Corp. (a)		1,428		133,061
Packaging Corp. of America (a)		412		56,819
Sealed Air Corp. (a)		671		30,725
WestRock Co. (a)		1,141		49,667
				351,038
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. (a)		173		29,493
Transportation — 1.6%
C.H. Robinson Worldwide, Inc. (a)		598		56,134
CSX Corp. (a)		3,239		293,939
Expeditors International of Washington, Inc. (a)		741		70,477
FedEx Corp. (a)		1,028		266,889
J.B. Hunt Transport Services, Inc. (a)		372		50,834
Kansas City Southern (a)		399		81,448
Norfolk Southern Corp. (a)		1,074		255,193
Old Dominion Freight Line, Inc. (a)		436		85,098
Union Pacific Corp. (a)		2,882		600,090
United Parcel Service, Inc. Class B (a)		3,059		515,136
				2,275,238
				11,220,974
Technology — 21.9%
Computers — 7.7%
Accenture PLC Class A (a)		2,712		708,401
Apple, Inc. (a)		68,532		9,093,511
Cognizant Technology Solutions Corp. Class A (a)		2,329		190,861
DXC Technology Co. (a)		1,085		27,939
Fortinet, Inc. (a) (b)		596		88,524
Hewlett Packard Enterprise Co. (a)		5,769		68,363
HP, Inc. (a)		5,971		146,827
International Business Machines Corp. (a)		3,809		479,477
Leidos Holdings, Inc. (a)		588		61,810

The accompanying notes are an integral part of the financial statements.

139

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
NetApp, Inc. (a)		961	$	63,657
Seagate Technology PLC (a)		970		60,295
Western Digital Corp. (a)		1,266		70,124
				11,059,789
Office & Business Equipment — 0.1%
Xerox Holdings Corp. (a)		681		15,793
Zebra Technologies Corp. Class A (a) (b)		231		88,780
				104,573
Semiconductors — 4.8%
Advanced Micro Devices, Inc. (a) (b)		5,150		472,307
Analog Devices, Inc. (a)		1,607		237,402
Applied Materials, Inc. (a)		3,896		336,225
Broadcom, Inc. (a)		1,734		759,232
Intel Corp. (a)		17,570		875,337
IPG Photonics Corp. (a) (b)		153		34,240
KLA Corp. (a)		656		169,845
Lam Research Corp. (a)		615		290,446
Maxim Integrated Products, Inc. (a)		1,188		105,316
Microchip Technology, Inc. (a)		1,109		153,164
Micron Technology, Inc. (b)		4,756		357,556
NVIDIA Corp. (a)		2,654		1,385,919
Qorvo, Inc. (a) (b)		476		79,145
QUALCOMM, Inc. (a)		4,847		738,392
Skyworks Solutions, Inc. (a)		718		109,768
Teradyne, Inc. (a)		689		82,604
Texas Instruments, Inc. (a)		3,933		645,523
Xilinx, Inc. (a)		1,068		151,410
				6,983,831
Software — 9.3%
Activision Blizzard, Inc. (a)		3,297		306,126
Adobe, Inc. (a) (b)		2,054		1,027,246
Akamai Technologies, Inc. (a) (b)		725		76,118
ANSYS, Inc. (a) (b)		373		135,697
Autodesk, Inc. (a) (b)		936		285,798
Broadridge Financial Solutions, Inc. (a)		478		73,230
Cadence Design Systems, Inc. (a) (b)		1,169		159,487
Cerner Corp. (a)		1,327		104,143
Citrix Systems, Inc. (a)		516		67,132
Electronic Arts, Inc. (a)		1,268		182,085
Fidelity National Information Services, Inc. (a)		2,647		374,445
Fiserv, Inc. (a) (b)		2,461		280,209
Intuit, Inc. (a)		1,120		425,432
Jack Henry & Associates, Inc. (a)		337		54,591

	Number of Shares		Value
Microsoft Corp. (a)		32,425	$	7,211,968
MSCI, Inc. (a)		353		157,625
Oracle Corp. (a)		8,123		525,477
Paychex, Inc. (a)		1,422		132,502
Paycom Software, Inc. (a) (b)		215		97,234
salesforce.com, Inc. (a) (b)		3,919		872,095
ServiceNow, Inc. (a) (b)		834		459,059
Synopsys, Inc. (a) (b)		662		171,617
Take-Two Interactive Software, Inc. (a) (b)		485		100,778
Tyler Technologies, Inc. (a) (b)		170		74,208
				13,354,302
				31,502,495
Utilities — 2.6%
Electric — 2.4%
AES Corp. (a)		2,771		65,119
Alliant Energy Corp. (a)		936		48,232
Ameren Corp. (a)		1,083		84,539
American Electric Power Co., Inc. (a)		2,161		179,946
CenterPoint Energy, Inc.		2,318		50,162
CMS Energy Corp. (a)		1,103		67,294
Consolidated Edison, Inc. (a)		1,468		106,092
Dominion Energy, Inc. (a)		3,565		268,088
DTE Energy Co. (a)		839		101,863
Duke Energy Corp. (a)		3,217		294,549
Edison International (a)		1,644		103,276
Entergy Corp. (a)		835		83,366
Evergy, Inc.		1,020		56,620
Eversource Energy (a)		1,516		131,149
Exelon Corp. (a)		4,256		179,688
FirstEnergy Corp. (a)		2,258		69,117
NextEra Energy, Inc. (a)		8,361		645,051
NRG Energy, Inc. (a)		1,052		39,503
Pinnacle West Capital Corp. (a)		482		38,536
PPL Corp. (a)		3,363		94,837
Public Service Enterprise Group, Inc. (a)		2,198		128,143
Sempra Energy (a)		1,258		160,282
The Southern Co. (a)		4,432		272,258
WEC Energy Group, Inc. (a)		1,361		125,253
Xcel Energy, Inc. (a)		2,158		143,874
				3,536,837
Gas — 0.1%
Atmos Energy Corp. (a)		570		54,395
NiSource, Inc. (a)		1,756		40,283
				94,678

The accompanying notes are an integral part of the financial statements.

140

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Water — 0.1%
American Water Works Co., Inc. (a)		788	$	120,934
				3,752,449

TOTAL COMMON STOCK (Cost $80,872,088)				135,753,669

TOTAL EQUITIES (Cost $80,872,088)				135,753,669
	Principal Amount
BONDS & NOTES — 0.0%
CORPORATE DEBT — 0.0%
Forest Products & Paper — 0.0%
Sino Forest Corp. 5.000% 8/01/49 (d) (e)	$	359,000		—

TOTAL CORPORATE DEBT (Cost $0)				—

TOTAL BONDS & NOTES (Cost $0)				—
	Number of Shares
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Prime Portfolio (f)		33,892		33,892

TOTAL MUTUAL FUNDS (Cost $33,892)				33,892

TOTAL PURCHASED OPTIONS (#) — 0.6% (Cost $1,520,634)				838,968

TOTAL LONG-TERM INVESTMENTS (Cost $82,426,614)				136,626,529

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.9%
Repurchase Agreement — 1.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (g)	$	2,709,183	$	2,709,183

TOTAL SHORT-TERM INVESTMENTS (Cost $2,709,183)				2,709,183

TOTAL INVESTMENTS — 97.0% (Cost $85,135,797) ^(h)				139,335,712

Other Assets/(Liabilities) — 3.0%				4,259,624

NET ASSETS — 100.0%			$	143,595,336

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	A portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(b)	Non-income producing security.

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2020, was $46,787 or 0.03% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $13,874 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(d)	Investment was valued using significant unobservable inputs.

(e)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2020, these securities amounted to a value of $0 or 0.00% of net assets.

(f)	Represents investment of security lending cash collateral. (Note 2).

(g)	Maturity value of $2,709,183. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $2,763,382.

(h)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

141

MML Managed Volatility Fund – Portfolio of Investments (Continued)

(#) Exchange-Traded Options Purchased

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Put
S&P 500 Index		2/19/21		3,175.00		56		USD	17,780,000	$	77,280	$	323,372	$	(246,092	)
S&P 500 Index		2/19/21		3,200.00		36		USD	11,520,000		60,732		233,903		(173,171	)
S&P 500 Index		2/19/21		3,250.00		36		USD	11,700,000		65,880		145,170		(79,290	)
S&P 500 Index		2/19/21		3,350.00		36		USD	12,060,000		89,280		135,414		(46,134	)
S&P 500 Index		3/19/21		3,250.00		36		USD	11,700,000		132,876		199,098		(66,222	)
S&P 500 Index		3/19/21		3,300.00		56		USD	18,480,000		248,640		317,380		(68,740	)
S&P 500 Index		3/19/21		3,325.00		37		USD	12,302,500		164,280		166,297		(2,017	)
										$	838,968	$	1,520,634	$	(681,666	)

Exchange-Traded Options Written

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
S&P 500 Index		1/15/21		3,600.00		40		USD	14,400,000	$	(665,480	)	$	(401,820	)	$	(263,660	)
S&P 500 Index		1/15/21		3,650.00		40		USD	14,600,000		(528,000	)		(466,780	)		(61,220	)
S&P 500 Index		1/15/21		3,700.00		40		USD	14,800,000		(355,560	)		(250,300	)		(105,260	)
S&P 500 Index		1/15/21		3,750.00		40		USD	15,000,000		(210,400	)		(208,700	)		(1,700	)
S&P 500 Index		1/29/21		3,750.00		40		USD	15,000,000		(302,600	)		(245,100	)		(57,500	)
S&P 500 Index		2/19/21		3,600.00		40		USD	14,400,000		(763,080	)		(525,660	)		(237,420	)
S&P 500 Index		2/19/21		3,625.00		40		USD	14,500,000		(733,840	)		(634,460	)		(99,380	)
S&P 500 Index		2/19/21		3,725.00		40		USD	14,900,000		(460,240	)		(439,940	)		(20,300	)
S&P 500 Index		3/19/21		3,800.00		40		USD	15,200,000		(404,000	)		(373,700	)		(30,300	)
										$	(4,423,200	)	$	(3,546,460	)	$	(876,740	)

Currency Legend

USD	U.S. Dollar

The accompanying notes are an integral part of the financial statements.

142

MML Mid Cap Growth Fund — Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 98.3%
COMMON STOCK — 97.7%
Basic Materials — 0.7%
Chemicals — 0.3%
RPM International, Inc.		22,000	$	1,997,160
Mining — 0.4%
Kirkland Lake Gold Ltd. (a)		49,000		2,022,230
				4,019,390
Communications — 5.9%
Internet — 5.3%
Airbnb, Inc.Class A (b)		1,828		268,350
CDW Corp.		52,842		6,964,047
DoorDash, Inc. Class A (b)		1,487		212,269
DoorDash, Inc., Lockup Shares (Acquired 6/17/20, Cost $142,309) (b) (c) (d)		3,100		420,399
Etsy, Inc. (b)		32,650		5,808,762
Farfetch Ltd. Class A (b)		22,000		1,403,820
IAC/InterActiveCorp (b)		14,282		2,704,297
Match Group, Inc. (b)		53,000		8,013,070
Spotify Technology SA (b)		11,000		3,461,260
				29,256,274
Telecommunications — 0.6%
Corning, Inc.		85,000		3,060,000
				32,316,274
Consumer, Cyclical — 13.2%
Airlines — 0.3%
Alaska Air Group, Inc.		32,000		1,664,000
Apparel — 0.3%
VF Corp.		22,000		1,879,020
Auto Parts & Equipment — 0.9%
Aptiv PLC		37,000		4,820,730
Entertainment — 1.3%
DraftKings, Inc. Class A (a) (b)		23,000		1,070,880
Vail Resorts, Inc.		20,856		5,817,990
				6,888,870
Food Services — 0.6%
Aramark		90,734		3,491,444
Lodging — 1.8%
Hilton Worldwide Holdings, Inc.		42,000		4,672,920
Marriott International, Inc. Class A		16,000		2,110,720
MGM Resorts International		108,000		3,403,080
				10,186,720
Retail — 8.0%
Burlington Stores, Inc. (b)		46,573		12,181,168
Casey’s General Stores, Inc.		25,000		4,465,500
Chipotle Mexican Grill, Inc. (b)		2,400		3,328,104

	Number of Shares		Value
Dollar General Corp.		24,000	$	5,047,200
Dollar Tree, Inc. (b)		35,000		3,781,400
Domino’s Pizza, Inc.		15,380		5,897,615
Five Below, Inc. (b)		7,000		1,224,860
Freshpet, Inc. (b)		11,178		1,587,164
JAND, Inc., Class A (Acquired 11/19/20, Cost $21,141) (b) (c) (d) (e)		860		21,096
Lululemon Athletica, Inc. (b)		2,000		696,060
O’Reilly Automotive, Inc. (b)		8,000		3,620,560
Ross Stores, Inc.		19,000		2,333,390
				44,184,117
				73,114,901
Consumer, Non-cyclical — 32.5%
Beverages — 0.1%
The Boston Beer Co., Inc. Class A (b)		600		596,574
Biotechnology — 4.8%
Abcam PLC (a) (b)		35,810		771,705
ACADIA Pharmaceuticals, Inc. (b)		4,000		213,840
Alnylam Pharmaceuticals, Inc. (b)		14,000		1,819,580
Argenx SE ADR (b)		8,000		2,352,720
Ascendis Pharma A/S ADR (b)		5,000		833,900
Exact Sciences Corp. (a) (b)		17,522		2,321,490
Exelixis, Inc. (b)		12,990		260,709
Incyte Corp. (b)		92,848		8,075,919
Ionis Pharmaceuticals, Inc. (b)		41,000		2,318,140
Seagen, Inc. (b)		38,484		6,740,088
Ultragenyx Pharmaceutical, Inc. (b)		8,000		1,107,440
				26,815,531
Commercial Services — 9.6%
Avalara, Inc. (b)		17,723		2,922,345
Bright Horizons Family Solutions, Inc. (b)		19,821		3,428,835
CoStar Group, Inc. (b)		5,000		4,621,400
Dun & Bradstreet Holdings, Inc. (b)		43,000		1,070,700
Equifax, Inc.		21,000		4,049,640
FleetCor Technologies, Inc. (b)		16,000		4,365,280
Global Payments, Inc.		7,000		1,507,940
IHS Markit Ltd.		27,000		2,425,410
MarketAxess Holdings, Inc.		10,466		5,971,481
Multiplan Corp. (a) (b)		171,000		1,366,290
Terminix Global Holdings, Inc. (b)		80,000		4,080,800
TransUnion		110,683		10,981,967
Verisk Analytics, Inc.		23,000		4,774,570
Wework Companies, Inc., Class A (Acquired 5/26/15, Cost $108,169) (b) (c) (d) (e)		4,132		—
WEX, Inc. (b)		8,000		1,628,240
				53,194,898

The accompanying notes are an integral part of the financial statements.

143

MML Mid Cap Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Foods — 0.4%
Sprouts Farmers Market, Inc. (b)		19,000	$	381,900
TreeHouse Foods, Inc. (b)		41,000		1,742,090
				2,123,990
Health Care – Products — 11.1%
ABIOMED, Inc. (b)		12,500		4,052,500
Alcon, Inc. (b)		35,000		2,309,300
Align Technology, Inc. (b)		3,500		1,870,330
Avantor, Inc. (b)		158,000		4,447,700
Bruker Corp.		105,000		5,683,650
The Cooper Cos., Inc.		17,000		6,176,440
Dentsply Sirona, Inc.		20,000		1,047,200
Hologic, Inc. (b)		146,000		10,633,180
ICU Medical, Inc. (b)		9,000		1,930,410
IDEXX Laboratories, Inc. (b)		13,172		6,584,288
Penumbra, Inc. (b)		18,640		3,262,000
Quidel Corp. (b)		8,000		1,437,200
Teleflex, Inc.		23,000		9,466,110
West Pharmaceutical Services, Inc.		8,000		2,266,480
				61,166,788
Health Care – Services — 3.4%
Acadia Healthcare Co., Inc. (a) (b)		52,000		2,613,520
Catalent, Inc. (b)		85,000		8,845,950
ICON PLC (b)		25,123		4,898,483
Molina Healthcare, Inc. (b)		6,000		1,276,080
PPD, Inc. (b)		31,000		1,060,820
				18,694,853
Household Products & Wares — 0.8%
Avery Dennison Corp.		22,000		3,412,420
Reynolds Consumer Products, Inc.		44,000		1,321,760
				4,734,180
Pharmaceuticals — 2.3%
Alkermes PLC (b)		82,000		1,635,900
Elanco Animal Health, Inc. (b)		93,000		2,852,310
Neurocrine Biosciences, Inc. (b)		16,000		1,533,600
Perrigo Co. PLC		55,000		2,459,600
PRA Health Sciences, Inc. (b)		32,000		4,014,080
				12,495,490
				179,822,304
Diversified — 0.2%
Holding Company – Diversified — 0.2%
Pershing Square Tontine Holdings Ltd. Class A (b)		42,000		1,164,240
Energy — 0.6%
Energy – Alternate Sources — 0.4%
Array Technologies, Inc. (b)		50,000		2,157,000

	Number of Shares		Value
Oil & Gas — 0.2%
Venture Global LNG, Inc., Series B (Acquired 3/08/18, Cost $63,420) (b) (c) (d) (e)		21	$	116,871
Venture Global LNG, Inc., Series C (Acquired 10/16/17-3/08/18, Cost $530,257) (b) (c) (d) (e)		144		801,402
				918,273
				3,075,273
Financial — 5.5%
Banks — 0.3%
Webster Financial Corp.		43,000		1,812,450
Diversified Financial Services — 3.4%
Cboe Global Markets, Inc.		38,360		3,572,083
Hamilton Lane, Inc. Class A		73,969		5,773,281
Raymond James Financial, Inc.		14,000		1,339,380
Social Finance, Inc. (Acquired 12/30/20, Cost $813,666) (b) (c) (d) (e)		44,149		813,666
Tradeweb Markets, Inc. Class A		116,811		7,294,847
				18,793,257
Insurance — 1.2%
Assurant, Inc.		22,000		2,996,840
Axis Capital Holdings Ltd.		39,000		1,965,210
GoHealth, Inc. Class A (b)		32,000		437,120
Kemper Corp.		13,000		998,790
Selectquote, Inc. (a) (b)		20,000		415,000
				6,812,960
Private Equity — 0.6%
KKR & Co., Inc.		74,000		2,996,260
				30,414,927
Industrial — 16.9%
Aerospace & Defense — 0.5%
Hexcel Corp.		62,667		3,038,723
Building Materials — 1.0%
Fortune Brands Home & Security, Inc.		48,069		4,120,475
Martin Marietta Materials, Inc.		4,000		1,135,880
				5,256,355
Electronics — 5.3%
Agilent Technologies, Inc.		65,000		7,701,850
Amphenol Corp. Class A		14,000		1,830,780
Fortive Corp.		50,000		3,541,000
Keysight Technologies, Inc. (b)		43,000		5,679,870
Mettler-Toledo International, Inc. (b)		3,812		4,344,460
National Instruments Corp.		67,000		2,943,980
Roper Technologies, Inc.		8,000		3,448,720
				29,490,660

The accompanying notes are an integral part of the financial statements.

144

MML Mid Cap Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Environmental Controls — 0.3%
Waste Connections, Inc.		16,000	$	1,641,120
Hand & Machine Tools — 0.6%
Colfax Corp. (b)		87,000		3,326,880
Machinery – Construction & Mining — 1.5%
BWX Technologies, Inc.		134,573		8,112,060
Machinery – Diversified — 2.4%
Cognex Corp.		13,000		1,043,705
IDEX Corp.		27,000		5,378,400
Ingersoll Rand, Inc. (b)		150,000		6,834,000
				13,256,105
Miscellaneous – Manufacturing — 1.1%
Textron, Inc.		130,000		6,282,900
Packaging & Containers — 2.4%
Ball Corp.		102,000		9,504,360
Packaging Corp. of America		10,000		1,379,100
Sealed Air Corp.		57,000		2,610,030
				13,493,490
Transportation — 1.8%
J.B. Hunt Transport Services, Inc.		70,828		9,678,646
				93,576,939
Technology — 21.2%
Computers — 0.6%
Crowdstrike Holdings, Inc. Class A (b)		10,000		2,118,200
Leidos Holdings, Inc.		11,000		1,156,320
				3,274,520
Semiconductors — 8.2%
Entegris, Inc.		33,000		3,171,300
Inphi Corp. (b)		11,000		1,765,170
KLA Corp.		33,822		8,756,854
Marvell Technology Group Ltd.		144,000		6,845,760
Maxim Integrated Products, Inc.		47,000		4,166,550
Microchip Technology, Inc.		60,000		8,286,600
Monolithic Power Systems, Inc.		8,131		2,977,816
Skyworks Solutions, Inc.		22,000		3,363,360
Teradyne, Inc.		31,575		3,785,527
Xilinx, Inc.		16,000		2,268,320
				45,387,257
Software — 12.4%
Atlassian Corp. PLC Class A (b)		14,000		3,274,180
Bentley Systems, Inc. Class A		7,000		283,570
Bill.com Holdings, Inc. (b)		7,000		955,500
Black Knight, Inc. (b)		40,000		3,534,000
Broadridge Financial Solutions, Inc.		11,000		1,685,200
Ceridian HCM Holding, Inc. (b)		42,000		4,475,520
Citrix Systems, Inc.		17,000		2,211,700
Clarivate PLC (a) (b)		166,000		4,931,860

	Number of Shares		Value
DocuSign, Inc. (b)		24,000	$	5,335,200
Five9, Inc. (b)		5,000		872,000
Guidewire Software, Inc. (b)		41,416		5,331,482
Medallia, Inc. (a) (b)		128,875		4,281,228
nCino, Inc. (b)		5,000		362,050
Procore Technologies, Inc. (Acquired 7/15/20-12/09/20, Cost $145,684) (b) (c) (d) (e)		2,599		163,737
PTC, Inc. (b)		6,000		717,660
Splunk, Inc. (b)		19,000		3,227,910
SS&C Technologies Holdings, Inc		103,515		7,530,716
Take-Two Interactive Software, Inc. (b)		28,652		5,953,599
Tyler Technologies, Inc. (b)		7,391		3,226,319
Veeva Systems, Inc. Class A (b)		16,000		4,356,000
ZoomInfo Technologies, Inc. Class A (a) (b)		67,518		3,256,393
Zynga, Inc. Class A (b)		251,000		2,477,370
				68,443,194
				117,104,971
Utilities — 1.0%
Electric — 1.0%
Ameren Corp.		16,000		1,248,960
Eversource Energy		11,000		951,610
Sempra Energy		24,000		3,057,840
				5,258,410

TOTAL COMMON STOCK (Cost $359,532,687)				539,867,629

PREFERRED STOCK — 0.6%
Communications — 0.3%
Internet — 0.3%
Roofoods, Ltd., Series F (Acquired 9/12/17, Cost $677,088) (b) (c) (d) (e)		1,915		1,231,900
Roofoods, Ltd., Series G (Acquired 9/12/17, Cost $677,088) (b) (c) (d) (e)		50		32,165
				1,264,065
Consumer, Cyclical — 0.3%
Auto Manufacturers — 0.3%
Rivian Automotive, Inc., Series D (Acquired 12/23/19, Cost $900,713) (b) (c) (d) (e)		83,834		1,331,284
Rivian Automotive, Inc., Series E (Acquired 7/10/20, Cost $379,954) (b) (c) (d) (e)		24,529		389,521
				1,720,805

The accompanying notes are an integral part of the financial statements.

145

MML Mid Cap Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Retail — 0.0%
JAND, Inc., Series AA (Acquired 11/19/20, Cost $43,758) (b) (c) (d) (e)		1,781	$	43,689
JAND, Inc., Series B (Acquired 11/19/20, Cost $49) (b) (c) (d) (e)		2		49
				43,738
Consumer, Non-cyclical — 0.0%
Commercial Services — 0.0%
Wework Companies, Inc., Series D-1 (Acquired 12/09/14, Cost $369,606) (b) (c) (d) (e)		22,197		—
Wework Companies, Inc., Series D-2 (Acquired 12/09/14, Cost $290,396) (b) (c) (d) (e)		17,440		—
				—
Technology — 0.0%
Software — 0.0%
Procore Technologies, Inc., Series B (Acquired 7/15/20, Cost $30,150) (b) (c) (d) (e)		670		42,210

TOTAL PREFERRED STOCK (Cost $2,712,659)				3,070,818

TOTAL EQUITIES (Cost $362,245,346)				542,938,447

WARRANTS — 0.0%
Diversified — 0.0%
Holding Company – Diversified — 0.0%
Pershing Square Tontine Holdings Ltd., Expires 7/24/25 (b)		4,983		47,837

TOTAL WARRANTS (Cost $28,347)				47,837

MUTUAL FUNDS — 0.7%
Diversified Financial Services — 0.7%
State Street Navigator Securities Lending Prime Portfolio (f)		3,925,556		3,925,556

TOTAL MUTUAL FUNDS (Cost $3,925,556)				3,925,556

TOTAL LONG-TERM INVESTMENTS (Cost $366,199,249)				546,911,840

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 1.9%
Mutual Fund — 0.0%
T. Rowe Price Treasury Reserve Fund, 1.000%, due 9/19/34		372	$	372
	Principal Amount
Repurchase Agreement — 1.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (g)	$	10,695,884		10,695,884

TOTAL SHORT-TERM INVESTMENTS (Cost $10,696,256)				10,696,256

TOTAL INVESTMENTS — 100.9% (Cost $376,895,505) ^(h)				557,608,096

Other Assets/(Liabilities) — (0.9)%				(4,970,589	)

NET ASSETS — 100.0%			$	552,637,507

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2020, was $15,904,553 or 2.88% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $12,331,837 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b)	Non-income producing security.

(c)	Restricted security. Certain securities are restricted as to resale. At December 31, 2020, these securities amounted to a value of $5,407,989 or 0.98% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(d)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2020, these securities amounted to a value of $5,407,989 or 0.98% of net assets.

(e)	Investment was valued using significant unobservable inputs.

(f)	Represents investment of security lending cash collateral. (Note 2).

(g)	Maturity value of $10,695,884. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $10,909,897.

(h)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

146

MML Mid Cap Value Fund — Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 97.1%
COMMON STOCK — 97.1%
Basic Materials — 1.3%
Forest Products & Paper — 1.3%
Mondi PLC		225,918	$	5,332,080
Communications — 3.8%
Internet — 1.6%
F5 Networks, Inc. (a)		36,355		6,396,299
Media — 1.2%
Fox Corp. Class B (a)		158,636		4,581,408
Telecommunications — 1.0%
Rogers Communications, Inc. Class B		87,654		4,080,741
				15,058,448
Consumer, Cyclical — 12.3%
Airlines — 1.7%
Southwest Airlines Co.		144,692		6,744,094
Auto Manufacturers — 2.6%
Cummins, Inc.		10,911		2,477,888
Honda Motor Co. Ltd. Sponsored ADR		140,973		3,982,487
PACCAR, Inc.		47,256		4,077,248
				10,537,623
Auto Parts & Equipment — 1.4%
Aptiv PLC		20,149		2,625,213
BorgWarner, Inc.		80,008		3,091,509
				5,716,722
Food Services — 1.1%
Sodexo SA		51,525		4,361,451
Leisure Time — 0.7%
Polaris, Inc.		27,073		2,579,516
Retail — 4.6%
Advance Auto Parts, Inc.		38,216		6,019,402
Dollar Tree, Inc. (a)		35,917		3,880,473
Genuine Parts Co.		39,561		3,973,111
MSC Industrial Direct Co., Inc. Class A		54,808		4,625,247
				18,498,233
Textiles — 0.2%
Mohawk Industries, Inc. (a)		5,918		834,142
				49,271,781
Consumer, Non-cyclical — 21.4%
Foods — 7.8%
Conagra Brands, Inc.		173,044		6,274,575
The J.M. Smucker Co.		48,597		5,617,813
Kellogg Co.		60,984		3,795,034
Koninklijke Ahold Delhaize NV		238,376		6,731,782
Mondelez International, Inc. Class A		31,727		1,855,078

	Number of Shares		Value
Orkla ASA		337,111	$	3,420,219
Sysco Corp.		47,827		3,551,633
				31,246,134
Health Care – Products — 5.0%
Envista Holdings Corp. (a)		139,011		4,688,841
Hill-Rom Holdings, Inc.		22,641		2,218,139
Hologic, Inc. (a)		21,230		1,546,181
Zimmer Biomet Holdings, Inc.		75,474		11,629,788
				20,082,949
Health Care – Services — 3.3%
Quest Diagnostics, Inc.		50,392		6,005,215
Universal Health Services, Inc. Class B		52,020		7,152,750
				13,157,965
Household Products & Wares — 0.8%
Kimberly-Clark Corp.		22,546		3,039,877
Pharmaceuticals — 4.5%
Becton Dickinson and Co.		17,495		4,377,599
Cardinal Health, Inc.		94,926		5,084,237
Henry Schein, Inc. (a)		63,306		4,232,639
McKesson Corp.		25,644		4,460,004
				18,154,479
				85,681,404
Energy — 2.2%
Oil & Gas — 1.9%
Cimarex Energy Co.		61,852		2,320,068
ConocoPhillips		135,517		5,419,325
				7,739,393
Oil & Gas Services — 0.3%
Baker Hughes Co.		53,968		1,125,233
				8,864,626
Financial — 22.9%
Banks — 9.8%
The Bank of New York Mellon Corp.		162,555		6,898,834
Commerce Bancshares, Inc.		72,282		4,748,928
Eastern Bankshares, Inc. (a)		61,857		1,008,888
M&T Bank Corp.		25,244		3,213,561
Northern Trust Corp.		104,858		9,766,474
The PNC Financial Services Group, Inc.		18,736		2,791,664
State Street Corp.		35,349		2,572,700
Truist Financial Corp.		111,243		5,331,877
Westamerica Bancorp.		53,879		2,978,970
				39,311,896
Diversified Financial Services — 2.5%
Ameriprise Financial, Inc.		28,947		5,625,270
T. Rowe Price Group, Inc.		28,743		4,351,403
				9,976,673

The accompanying notes are an integral part of the financial statements.

147

MML Mid Cap Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Insurance — 6.0%
Aflac, Inc.		118,898	$	5,287,394
Arthur J Gallagher & Co.		23,912		2,958,153
Brown & Brown, Inc.		16,120		764,249
Chubb Ltd.		60,712		9,344,791
Reinsurance Group of America, Inc.		47,183		5,468,510
				23,823,097
Real Estate Investment Trusts (REITS) — 4.0%
Healthcare Trust of America, Inc. Class A		83,982		2,312,864
Healthpeak Properties, Inc.		122,995		3,718,139
MGM Growth Properties LLC Class A		130,345		4,079,799
Welltower, Inc.		34,169		2,208,001
Weyerhaeuser Co.		108,074		3,623,721
				15,942,524
Savings & Loans — 0.6%
Capitol Federal Financial, Inc.		182,860		2,285,750
				91,339,940
Industrial — 20.3%
Aerospace & Defense — 2.1%
BAE Systems PLC		563,971		3,771,973
General Dynamics Corp.		29,559		4,398,971
				8,170,944
Building Materials — 1.4%
Johnson Controls International PLC		117,716		5,484,388
Electrical Components & Equipment — 2.4%
Emerson Electric Co.		118,045		9,487,276
Electronics — 4.3%
Hubbell, Inc.		41,385		6,488,754
nVent Electric PLC		314,159		7,316,763
TE Connectivity Ltd.		29,335		3,551,589
				17,357,106
Engineering & Construction — 1.1%
IMI PLC		283,607		4,541,354
Environmental Controls — 1.6%
Republic Services, Inc.		67,316		6,482,531
Machinery – Construction & Mining — 1.1%
Oshkosh Corp.		52,555		4,523,409
Machinery – Diversified — 0.6%
Crane Co.		29,584		2,297,493
Miscellaneous – Manufacturing — 0.9%
Textron, Inc.		74,582		3,604,548
Packaging & Containers — 3.4%
Graphic Packaging Holding Co.		207,275		3,511,239
Packaging Corp. of America		24,642		3,398,378
Sonoco Products Co.		110,493		6,546,710
				13,456,327

	Number of Shares		Value
Transportation — 1.4%
Heartland Express, Inc.		169,715	$	3,071,841
Norfolk Southern Corp.		11,178		2,656,005
				5,727,846
				81,133,222
Technology — 5.0%
Computers — 1.3%
HP, Inc.		215,603		5,301,678
Semiconductors — 1.7%
Applied Materials, Inc.		54,840		4,732,692
Maxim Integrated Products, Inc.		21,573		1,912,446
Microchip Technology, Inc.		1,771		244,593
				6,889,731
Software — 2.0%
Cerner Corp.		73,153		5,741,047
Open Text Corp.		48,432		2,201,719
				7,942,766
				20,134,175
Utilities — 7.9%
Electric — 6.3%
Ameren Corp.		20,572		1,605,850
Edison International		95,484		5,998,305
Evergy, Inc.		41,983		2,330,476
Eversource Energy		6,121		529,528
NorthWestern Corp.		95,516		5,569,538
Pinnacle West Capital Corp.		82,576		6,601,951
Xcel Energy, Inc.		36,738		2,449,323
				25,084,971
Gas — 1.6%
Atmos Energy Corp.		35,020		3,341,959
Spire, Inc.		50,031		3,203,985
				6,545,944
				31,630,915

TOTAL COMMON STOCK (Cost $331,285,934)				388,446,591

TOTAL EQUITIES (Cost $331,285,934)				388,446,591

MUTUAL FUNDS — 2.4%
Diversified Financial Services — 2.4%
iShares Russell Mid-Cap Value ETF		97,487		9,452,340

TOTAL MUTUAL FUNDS (Cost $8,307,173)				9,452,340

TOTAL LONG-TERM INVESTMENTS (Cost $339,593,107)				397,898,931

The accompanying notes are an integral part of the financial statements.

148

MML Mid Cap Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.6%
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (b)	$	2,326,692	$	2,326,692

TOTAL SHORT-TERM INVESTMENTS (Cost $2,326,692)				2,326,692

TOTAL INVESTMENTS — 100.1% (Cost $341,919,799) ^(c)				400,225,623

Other Assets/(Liabilities) — (0.1)%				(343,033	)

NET ASSETS — 100.0%			$	399,882,590

Abbreviation Legend

ADR	American Depositary Receipt

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $2,326,692. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $2,373,237.

(c)	See Note 6 for aggregate cost for federal tax purposes.

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		3/31/21		JPY	8,730,681		USD	84,338	$	302
Bank of America N.A.*		3/31/21		USD	2,506,096		JPY	259,907,219		(13,595	)
Credit Suisse International*		3/31/21		EUR	267,620		USD	326,473		1,098
Credit Suisse International*		3/31/21		USD	9,967,843		EUR	8,117,808		31,509
Goldman Sachs & Co.*		3/31/21		USD	2,871,291		NOK	24,946,551		(37,254	)
JP Morgan Chase Bank N.A.*		3/31/21		GBP	280,262		USD	374,503		8,959
JP Morgan Chase Bank N.A.*		3/31/21		USD	12,107,669		GBP	8,988,743		(190,945	)
Morgan Stanley & Co. LLC*		3/31/21		USD	3,498,935		CAD	4,456,943		(3,288	)
									$	(203,214	)

* Contracts are subject to a Master Netting Agreement.

Currency Legend

CAD	Canadian Dollar

EUR

Euro

GBP	British Pound

JPY	Japanese Yen

NOK	Norwegian Krone

USD	U.S. Dollar

The accompanying notes are an integral part of the financial statements.

149

MML Small Cap Growth Equity Fund — Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 103.4%
COMMON STOCK — 103.3%
Basic Materials — 1.0%
Chemicals — 1.0%
Ingevity Corp. (a)		13,918	$	1,054,010
Methanex Corp.		25,094		1,156,332
				2,210,342
Communications — 4.0%
Internet — 3.0%
Mimecast Ltd. (a)		37,946		2,156,851
Perficient, Inc. (a)		40,267		1,918,723
Q2 Holdings, Inc. (a)		9,409		1,190,521
Shutterstock, Inc.		16,315		1,169,785
Veracode, Inc. (Escrow Shares) (Acquired 8/26/17, Cost $20,131) (a) (b) (c) (d)		10,688		262
				6,436,142
Media — 0.5%
The New York Times Co. Class A		20,461		1,059,266
Telecommunications — 0.5%
Ciena Corp. (a)		18,931		1,000,503
				8,495,911
Consumer, Cyclical — 16.1%
Apparel — 2.5%
Carter’s, Inc.		11,331		1,065,907
Deckers Outdoor Corp. (a)		2,817		807,859
Skechers U.S.A., Inc. Class A (a)		29,606		1,064,040
Wolverine World Wide, Inc.		76,384		2,387,000
				5,324,806
Auto Parts & Equipment — 0.5%
Fox Factory Holding Corp. (a)		9,458		999,805
Entertainment — 1.4%
Cinemark Holdings, Inc. (e)		62,784		1,093,069
GAN Ltd. (a) (e)		18,736		379,966
Penn National Gaming, Inc. (a) (e)		17,857		1,542,309
				3,015,344
Home Builders — 2.2%
Cavco Industries, Inc. (a)		5,269		924,446
Century Communities, Inc. (a)		16,029		701,750
Skyline Champion Corp. (a)		67,912		2,101,197
Thor Industries, Inc. (e)		10,609		986,531
				4,713,924
Leisure Time — 1.9%
Acushnet Holdings Corp.		27,814		1,127,580
Planet Fitness, Inc. Class A (a)		14,975		1,162,509
Polaris, Inc.		8,615		820,837

	Number of Shares		Value
YETI Holdings, Inc. (a)		11,849	$	811,301
				3,922,227
Retail — 7.1%
BMC Stock Holdings, Inc. (a)		48,493		2,603,104
Denny’s Corp. (a)		80,279		1,178,496
FirstCash, Inc.		14,435		1,011,027
Five Below, Inc. (a)		8,975		1,570,446
Floor & Decor Holdings, Inc. Class A (a)		17,825		1,655,051
La-Z-Boy, Inc.		31,299		1,246,952
Nu Skin Enterprises, Inc. Class A		23,536		1,285,772
Ollie’s Bargain Outlet Holdings, Inc. (a) (e)		26,504		2,167,232
Rush Enterprises, Inc. Class A		55,400		2,294,668
				15,012,748
Textiles — 0.5%
Albany International Corp. Class A		13,816		1,014,371
				34,003,225
Consumer, Non-cyclical — 31.2%
Beverages — 0.4%
The Boston Beer Co., Inc. Class A (a)		893		887,901
Biotechnology — 13.2%
Acceleron Pharma, Inc. (a)		4,771		610,402
Akero Therapeutics, Inc. (a)		13,530		349,074
Allakos, Inc. (a) (e)		6,945		972,300
ALX Oncology Holdings, Inc. (a)		15,629		1,347,220
Amicus Therapeutics, Inc. (a)		80,186		1,851,495
Apellis Pharmaceuticals, Inc. (a)		22,939		1,312,111
Arena Pharmaceuticals, Inc. (a)		15,354		1,179,648
Ascendis Pharma A/S ADR (a)		4,951		825,728
Biohaven Pharmaceutical Holding Co. Ltd. (a)		3,834		328,612
Blueprint Medicines Corp. (a)		5,933		665,386
ChemoCentryx, Inc. (a)		8,643		535,174
Constellation Pharmaceuticals, Inc. (a)		28,955		833,904
Dicerna Pharmaceuticals, Inc. (a)		25,470		561,104
Five Prime Therapeutics, Inc. (a)		22,020		374,560
Freeline Therapeutics Holdings PLC (a)		20,731		378,548
Global Blood Therapeutics, Inc. (a)		9,226		399,578
ImmunoGen, Inc. (a)		81,510		525,739
Iovance Biotherapeutics, Inc. (a)		15,237		706,997
Kodiak Sciences, Inc. (a) (e)		14,741		2,165,600
Mersana Therapeutics, Inc. (a)		42,989		1,143,937
Mirati Therapeutics, Inc. (a)		6,033		1,325,088
NeoGenomics, Inc. (a)		17,700		952,968
PTC Therapeutics, Inc. (a)		14,559		888,536
RAPT Therapeutics, Inc. (a) (e)		9,893		195,387
Rocket Pharmaceuticals, Inc. (a)		9,216		505,405

The accompanying notes are an integral part of the financial statements.

150

MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Sage Therapeutics, Inc. (a)		7,611	$	658,428
TCR2 Therapeutics, Inc. (a)		11,400		352,602
TG Therapeutics, Inc. (a)		37,107		1,930,306
Theravance Biopharma, Inc. (a) (e)		24,173		429,554
Turning Point Therapeutics, Inc. (a)		13,760		1,676,656
Veracyte, Inc. (a)		11,120		544,213
Y-mAbs Therapeutics, Inc. (a)		25,519		1,263,446
				27,789,706
Commercial Services — 6.4%
2U, Inc. (a) (e)		26,874		1,075,229
Cardtronics PLC Class A (a)		36,704		1,295,651
Chegg, Inc. (a)		22,875		2,066,299
Green Dot Corp. Class A (a)		15,674		874,609
Herc Holdings, Inc. (a)		18,706		1,242,266
HMS Holdings Corp. (a)		30,023		1,103,345
Liveramp Holdings, Inc. (a)		19,918		1,457,798
Multiplan Corp. (a) (e)		128,726		1,028,521
Paylocity Holding Corp. (a)		5,440		1,120,150
TriNet Group, Inc. (a)		26,516		2,137,190
				13,401,058
Foods — 1.5%
BellRing Brands, Inc. Class A (a)		46,965		1,141,719
Performance Food Group Co. (a)		23,332		1,110,836
Sanderson Farms, Inc.		7,018		927,780
				3,180,335
Health Care – Products — 5.7%
Avanos Medical, Inc. (a)		23,554		1,080,658
Glaukos Corp. (a) (e)		9,952		748,988
Globus Medical, Inc. Class A (a)		40,364		2,632,540
Haemonetics Corp. (a)		9,886		1,173,962
Hill-Rom Holdings, Inc.		10,347		1,013,696
Insulet Corp. (a)		3,911		999,769
Integra LifeSciences Holdings Corp. (a)		9,000		584,280
NanoString Technologies, Inc. (a)		12,339		825,232
Omnicell, Inc. (a)		17,111		2,053,662
Tandem Diabetes Care, Inc. (a)		10,484		1,003,109
				12,115,896
Health Care – Services — 2.9%
Acadia Healthcare Co., Inc. (a)		23,304		1,171,259
Addus HomeCare Corp. (a)		6,960		814,947
Amedisys, Inc. (a)		3,128		917,536
LHC Group, Inc. (a)		12,061		2,572,853
Medpace Holdings, Inc. (a)		5,267		733,166
				6,209,761
Pharmaceuticals — 1.1%
Heron Therapeutics, Inc. (a) (e)		42,791		905,671
Kura Oncology, Inc. (a)		10,495		342,767

	Number of Shares		Value
Reata Pharmaceuticals, Inc. Class A (a) (e)		2,608	$	322,401
Revance Therapeutics, Inc. (a)		11,035		312,732
UroGen Pharma Ltd. (a) (e)		25,675		462,663
				2,346,234
				65,930,891
Energy — 3.0%
Energy – Alternate Sources — 2.6%
Atlantica Sustainable Infrastructure PLC		30,772		1,168,721
First Solar, Inc. (a)		21,857		2,162,094
Maxeon Solar Technologies Ltd. (a) (e)		9,613		272,721
Plug Power, Inc. (a)		14,517		492,272
SunPower Corp. (a) (e)		55,021		1,410,738
				5,506,546
Oil & Gas — 0.4%
Delek US Holdings, Inc.		30,212		485,507
Viper Energy Partners LP ^(f)		26,835		311,822
				797,329
				6,303,875
Financial — 16.7%
Banks — 4.4%
Ameris Bancorp		38,285		1,457,510
Atlantic Union Bankshares Corp.		38,759		1,276,721
First Interstate BancSystem, Inc. Class A		28,160		1,148,083
National Bank Holdings Corp. Class A		37,629		1,232,726
Seacoast Banking Corp. of Florida (a)		46,717		1,375,816
Western Alliance Bancorp		47,165		2,827,542
				9,318,398
Diversified Financial Services — 3.2%
Air Lease Corp.		24,432		1,085,270
Ares Management Corp. Class A		17,904		842,383
Hamilton Lane, Inc. Class A		5,162		402,894
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (e)		37,873		2,402,284
PRA Group, Inc. (a)		52,807		2,094,326
				6,827,157
Insurance — 3.2%
Assured Guaranty Ltd.		30,561		962,366
James River Group Holdings Ltd.		35,083		1,724,329
Kemper Corp.		12,419		954,152
MGIC Investment Corp.		92,034		1,155,027
Selective Insurance Group, Inc.		16,025		1,073,354
Third Point Reinsurance Ltd. (a)		97,856		931,589
				6,800,817

The accompanying notes are an integral part of the financial statements.

151

MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Real Estate — 0.7%
McGrath RentCorp		16,908	$	1,134,527
Redfin Corp. (a)		3,477		238,626
				1,373,153
Real Estate Investment Trusts (REITS) — 3.8%
Essential Properties Realty Trust, Inc.		101,864		2,159,517
JBG SMITH Properties		28,253		883,471
Life Storage, Inc.		9,139		1,091,105
PotlatchDeltic Corp.		20,497		1,025,260
PS Business Parks, Inc.		7,862		1,044,624
Xenia Hotels & Resorts, Inc.		118,183		1,796,382
				8,000,359
Savings & Loans — 1.4%
OceanFirst Financial Corp.		30,614		570,339
Sterling Bancorp		129,617		2,330,514
				2,900,853
				35,220,737
Industrial — 15.3%
Aerospace & Defense — 0.7%
Aerojet Rocketdyne Holdings, Inc. (a)		27,504		1,453,586
Building Materials — 1.0%
Gibraltar Industries, Inc. (a)		14,727		1,059,460
Louisiana-Pacific Corp.		27,935		1,038,344
				2,097,804
Electrical Components & Equipment — 1.1%
EnerSys		14,599		1,212,593
Novanta, Inc. (a)		10,108		1,194,968
				2,407,561
Electronics — 1.0%
II-VI, Inc. (a) (e)		28,412		2,158,176
Engineering & Construction — 0.3%
Comfort Systems USA, Inc.		12,574		662,147
Environmental Controls — 0.9%
Clean Harbors, Inc. (a)		14,545		1,106,874
Tetra Tech, Inc.		6,382		738,908
				1,845,782
Hand & Machine Tools — 1.2%
Kennametal, Inc.		68,483		2,481,824
Machinery – Construction & Mining — 0.7%
Argan, Inc.		34,557		1,537,441
Machinery – Diversified — 3.0%
Applied Industrial Technologies, Inc.		7,600		592,724
Chart Industries, Inc. (a)		10,683		1,258,351
Curtiss-Wright Corp.		14,480		1,684,748
Kornit Digital Ltd. (a)		13,453		1,199,066

	Number of Shares		Value
SPX FLOW, Inc. (a)		27,747	$	1,608,216
				6,343,105
Metal Fabricate & Hardware — 1.7%
Advanced Drainage Systems, Inc.		11,954		999,116
Rexnord Corp.		62,933		2,485,224
				3,484,340
Miscellaneous – Manufacturing — 1.9%
Axon Enterprise, Inc. (a)		6,364		779,781
Enerpac Tool Group Corp.		49,919		1,128,669
ITT, Inc.		15,709		1,209,907
John Bean Technologies Corp.		8,668		987,025
				4,105,382
Packaging & Containers — 0.6%
Graphic Packaging Holding Co.		74,592		1,263,588
Transportation — 0.8%
Kirby Corp. (a)		12,820		664,460
Saia, Inc. (a)		5,056		914,125
				1,578,585
Trucking & Leasing — 0.4%
GATX Corp.		10,289		855,839
				32,275,160
Technology — 15.6%
Computers — 2.3%
Lumentum Holdings, Inc. (a)		8,277		784,660
PAR Technology Corp. (a) (e)		10,811		678,823
Rapid7, Inc. (a)		37,146		3,349,083
				4,812,566
Semiconductors — 4.4%
ACM Research, Inc. Class A (a)		8,568		696,150
Entegris, Inc.		7,761		745,832
FormFactor, Inc. (a)		25,287		1,087,847
Lattice Semiconductor Corp. (a)		21,812		999,426
MKS Instruments, Inc.		15,540		2,337,993
Power Integrations, Inc.		6,600		540,276
Tower Semiconductor Ltd. (a)		113,205		2,922,953
				9,330,477
Software — 8.9%
1Life Healthcare, Inc. (a) (e)		19,256		840,524
Bandwidth, Inc. Class A (a) (e)		8,802		1,352,603
Cardlytics, Inc. (a) (e)		17,569		2,508,326
Cloudera, Inc. (a) (e)		83,825		1,166,006
Digital Turbine, Inc. (a)		28,923		1,635,885
Five9, Inc. (a)		9,708		1,693,075
Health Catalyst, Inc. (a)		23,309		1,014,641
HubSpot, Inc. (a)		1,970		780,987
j2 Global, Inc. (a)		11,711		1,144,047
Manhattan Associates, Inc. (a)		10,015		1,053,378

The accompanying notes are an integral part of the financial statements.

152

MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
MarkLogic Corp. (Escrow Shares) (Acquired 11/11/20, Cost $7,680) (a) (b) (c) (d)		22,966	$	6,155
New Relic, Inc. (a)		500		32,700
PagerDuty, Inc. (a) (e)		20,848		869,362
Porch Group, Inc. (Acquired 12/23/20, Cost $694,540) (a) (c) (d)		69,454		943,588
Skillz, Inc. (a)		47,260		945,200
Sprout Social, Inc. Class A (a)		17,165		779,463
SVMK, Inc. (a)		44,437		1,135,365
Verra Mobility Corp. (a)		60,110		806,676
				18,707,981
				32,851,024
Utilities — 0.4%
Electric — 0.4%
Portland General Electric Co.		20,794		889,359

TOTAL COMMON STOCK (Cost $155,174,611)				218,180,524

PREFERRED STOCK — 0.1%
Communications — 0.1%
Internet — 0.1%
The Honest Company, Inc., Series D (Acquired 8/03/15, Cost $184,255) (a) (b) (c) (d)		4,027		166,798

TOTAL PREFERRED STOCK (Cost $184,255)				166,798

TOTAL EQUITIES (Cost $155,358,866)				218,347,322

MUTUAL FUNDS — 1.9%
Diversified Financial Services — 1.9%
iShares Russell 2000 ETF (e)		4,673		916,189
State Street Navigator Securities Lending Prime Portfolio (g)		3,122,111		3,122,111
				4,038,300

TOTAL MUTUAL FUNDS (Cost $3,884,957)				4,038,300

TOTAL LONG-TERM INVESTMENTS (Cost $159,243,823)				222,385,622

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (h)	$	1,482,608	$	1,482,608

TOTAL SHORT-TERM INVESTMENTS (Cost $1,482,608)				1,482,608
TOTAL INVESTMENTS — 106.0% (Cost $160,726,431) (i)				223,868,230
Other Assets/(Liabilities) — (6.0)%				(12,656,309	)
NET ASSETS — 100.0%			$	211,211,921

Abbreviation Legend

ADR	American Depositary Receipt

ETF	Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Investment was valued using significant unobservable inputs.

(c)	Restricted security. Certain securities are restricted as to resale. At December 31, 2020, these securities amounted to a value of $1,116,803 or 0.53% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(d)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At December 31, 2020, these securities amounted to a value of $1,116,803 or 0.53% of net assets.

(e)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2020, was $25,628,995 or 11.99% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $23,196,229 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(f)	Security is a Master Limited Partnership.

(g)	Represents investment of security lending cash collateral. (Note 2).

(h)	Maturity value of $1,482,608. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $1,512,339.

(i)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

153

MML Small Company Value Fund — Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Basic Materials — 5.7%
Chemicals — 2.4%
American Vanguard Corp.		15,497	$	240,513
Element Solutions, Inc.		14,975		265,507
Minerals Technologies, Inc.		9,438		586,289
Orion Engineered Carbons SA		27,322		468,299
Quaker Chemical Corp. (a)		2,661		674,271
				2,234,879
Forest Products & Paper — 0.7%
Clearwater Paper Corp. (b)		17,530		661,758
Iron & Steel — 1.1%
Carpenter Technology Corp.		17,924		521,947
Reliance Steel & Aluminum Co.		3,983		476,964
				998,911
Mining — 1.5%
Alcoa Corp. (b)		27,039		623,249
Constellium SE (b)		56,773		794,254
				1,417,503
				5,313,051
Communications — 3.1%
Advertising — 0.4%
Boston Omaha Corp. Class A (a) (b)		14,582		403,192
Internet — 0.2%
Opendoor Technologies, Inc. (a) (b)		6,474		147,154
Media — 1.7%
Cable One, Inc.		606		1,349,998
Scholastic Corp.		8,431		210,775
				1,560,773
Telecommunications — 0.8%
Harmonic, Inc. (a) (b)		106,740		788,809
				2,899,928
Consumer, Cyclical — 11.7%
Apparel — 1.3%
Hanesbrands, Inc.		34,398		501,523
Steven Madden Ltd.		20,832		735,786
				1,237,309
Auto Manufacturers — 0.4%
Blue Bird Corp. (b)		17,943		327,639
Auto Parts & Equipment — 1.2%
Dorman Products, Inc. (b)		5,757		499,823
Visteon Corp. (b)		4,958		622,328
				1,122,151

	Number of Shares		Value
Distribution & Wholesale — 1.4%
Pool Corp.		1,664	$	619,840
Resideo Technologies, Inc. (b)		13,443		285,798
Univar Solutions, Inc. (b)		17,684		336,173
				1,241,811
Entertainment — 0.7%
Marriott Vacations Worldwide Corp.		4,378		600,749
Home Builders — 1.8%
Cavco Industries, Inc. (b)		3,851		675,658
LCI Industries		4,918		637,766
Meritage Home Corp. (b)		4,445		368,135
				1,681,559
Leisure Time — 0.4%
Planet Fitness, Inc. Class A (b)		5,213		404,686
Retail — 4.3%
Beacon Roofing Supply, Inc. (b)		18,235		732,865
BJ’s Restaurants, Inc.		11,293		434,667
Hibbett Sports, Inc. (b)		6,387		294,952
Lumber Liquidators Holdings, Inc. (b)		23,173		712,338
Papa John’s International, Inc.		5,673		481,354
Red Robin Gourmet Burgers, Inc. (b)		13,087		251,663
Rush Enterprises, Inc. Class A		7,235		299,674
Sportsman’s Warehouse Holdings, Inc. (b)		33,186		582,414
Texas Roadhouse, Inc.		2,400		187,584
				3,977,511
Textiles — 0.2%
UniFirst Corp.		877		185,652
				10,779,067
Consumer, Non-cyclical — 13.0%
Beverages — 0.5%
Coca-Cola Consolidated, Inc.		1,785		475,292
Biotechnology — 1.9%
Acceleron Pharma, Inc. (b)		2,053		262,661
Blueprint Medicines Corp. (b)		1,807		202,655
Certara, Inc. (b)		1,425		48,051
Insmed, Inc. (b)		3,702		123,240
Kodiak Sciences, Inc. (a) (b)		1,868		274,428
Replimune Group, Inc. (b)		4,859		185,371
Seer, Inc. (b)		997		55,972
Ultragenyx Pharmaceutical, Inc. (b)		2,666		369,054
Xencor, Inc. (a) (b)		5,475		238,874
				1,760,306
Commercial Services — 2.9%
The Aaron’s Co., Inc. (b)		4,511		85,528
Advantage Solutions, Inc. (b)		17,239		227,038
FTI Consulting, Inc. (b)		1,314		146,800

The accompanying notes are an integral part of the financial statements.

154

MML Small Company Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Green Dot Corp. Class A (b)		11,497	$	641,533
Korn Ferry		9,183		399,460
Monro, Inc.		8,169		435,408
Strategic Education, Inc.		7,273		693,335
				2,629,102
Foods — 2.6%
Grocery Outlet Holding Corp. (b)		9,734		382,059
Nomad Foods Ltd. (b)		39,291		998,777
Post Holdings, Inc. (b)		5,679		573,636
The Simply Good Foods Co. (a) (b)		14,691		460,710
				2,415,182
Health Care – Products — 2.1%
Atrion Corp.		889		570,951
Avanos Medical, Inc. (b)		8,148		373,830
Envista Holdings Corp. (b)		16,108		543,323
Quidel Corp. (b)		2,606		468,168
				1,956,272
Health Care – Services — 2.5%
The Ensign Group, Inc.		8,937		651,686
Molina Healthcare, Inc. (b)		929		197,580
The Pennant Group, Inc. (b)		9,963		578,452
Select Medical Holdings Corp. (b)		31,363		867,500
				2,295,218
Pharmaceuticals — 0.5%
Arvinas, Inc. (b)		1,144		97,160
Option Care Health, Inc. (b)		21,773		340,530
				437,690
				11,969,062
Energy — 4.2%
Energy – Alternate Sources — 0.8%
Array Technologies, Inc. (b)		5,836		251,765
REX American Resources Corp. (b)		6,049		444,420
				696,185
Oil & Gas — 1.7%
Kimbell Royalty Partners LP		20,104		159,023
Magnolia Oil & Gas Corp. Class A (a) (b)		49,334		348,298
Matador Resources Co. (b)		33,615		405,397
WPX Energy, Inc. (b)		79,780		650,207
				1,562,925
Oil & Gas Services — 1.7%
ChampionX Corp. (b)		47,599		728,265
Liberty Oilfield Services, Inc. Class A (a)		54,003		556,771
Thermon Group Holdings, Inc. (b)		20,985		327,995
				1,613,031
				3,872,141

	Number of Shares		Value
Financial — 35.1%
Banks — 16.2%
Atlantic Capital Bancshares, Inc. (b)		7,874	$	125,354
BankUnited, Inc.		31,665		1,101,309
Columbia Banking System, Inc.		21,181		760,398
CrossFirst Bankshares, Inc. (b)		28,142		302,526
East West Bancorp, Inc.		10,635		539,301
Eastern Bankshares, Inc. (b)		16,031		261,466
FB Financial Corp.		20,274		704,116
Glacier Bancorp, Inc.		15,617		718,538
HarborOne Bancorp, Inc. (b)		45,158		490,416
Heritage Financial Corp.		11,234		262,763
Home BancShares, Inc.		66,218		1,289,927
Howard Bancorp, Inc. (b)		34,114		402,886
Independent Bank Corp.		5,613		409,974
Live Oak Bancshares, Inc.		18,280		867,569
National Bank Holdings Corp. Class A		18,931		620,180
Origin Bancorp, Inc.		15,565		432,240
PCSB Financial Corp.		11,909		189,829
Pinnacle Financial Partners, Inc.		17,169		1,105,684
Popular, Inc.		11,153		628,137
Prosperity Bancshares, Inc.		2,004		138,997
South State Corp.		10,319		746,064
Towne Bank		29,814		700,033
Walker & Dunlop, Inc.		3,720		342,314
Webster Financial Corp.		15,455		651,428
Western Alliance Bancorp		19,674		1,179,456
				14,970,905
Diversified Financial Services — 5.0%
Air Lease Corp.		5,800		257,636
Houlihan Lokey, Inc.		10,362		696,637
I3 Verticals, Inc. Class A (a) (b)		13,584		450,989
PennyMac Financial Services, Inc.		18,830		1,235,625
PRA Group, Inc. (b)		5,334		211,546
PROG Holdings, Inc.		18,444		993,578
Virtus Investment Partners, Inc.		3,596		780,332
				4,626,343
Insurance — 2.9%
BRP Group, Inc. Class A (b)		17,126		513,266
James River Group Holdings Ltd.		5,344		262,658
Palomar Holdings, Inc. (b)		5,128		455,571
ProAssurance Corp.		17,249		306,860
Radian Group, Inc.		34,999		708,730
Safety Insurance Group, Inc.		1,778		138,506
State Auto Financial Corp.		16,071		285,099
				2,670,690

The accompanying notes are an integral part of the financial statements.

155

MML Small Company Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Investment Companies — 0.5%
Cannae Holdings, Inc. (b)		4,738	$	209,751
StepStone Group, Inc. Class A (a) (b)		5,188		206,483
				416,234
Real Estate — 1.8%
McGrath RentCorp		8,566		574,778
The St. Joe Co. (a)		25,802		1,095,295
				1,670,073
Real Estate Investment Trusts (REITS) — 7.0%
American Campus Communities, Inc.		9,030		386,213
Apartment Investment and Management Co. Class A		38,600		203,808
EastGroup Properties, Inc.		5,481		756,707
Essential Properties Realty Trust, Inc.		9,259		196,291
Healthcare Realty Trust, Inc.		17,577		520,279
JBG SMITH Properties		20,235		632,748
PotlatchDeltic Corp.		16,462		823,429
PS Business Parks, Inc.		3,927		521,781
Safehold, Inc. (a)		3,359		243,494
Saul Centers, Inc.		14,553		461,039
Sunstone Hotel Investors, Inc.		63,275		716,906
Terreno Realty Corp.		17,374		1,016,553
				6,479,248
Savings & Loans — 1.7%
Meridian Bancorp, Inc.		27,711		413,171
WSFS Financial Corp.		25,975		1,165,758
				1,578,929
				32,412,422
Industrial — 15.8%
Aerospace & Defense — 0.6%
Triumph Group, Inc.		45,447		570,814
Building Materials — 1.9%
JELD-WEN Holding, Inc. (b)		9,499		240,895
SPX Corp. (b)		9,167		499,968
UFP Industries, Inc.		18,766		1,042,451
				1,783,314
Electrical Components & Equipment — 2.7%
Belden, Inc.		25,644		1,074,484
Littelfuse, Inc.		5,656		1,440,357
				2,514,841
Electronics — 1.4%
Brady Corp. Class A		9,862		520,911
Knowles Corp. (b)		23,194		427,466
Mesa Laboratories, Inc.		1,102		315,877
				1,264,254

	Number of Shares		Value
Engineering & Construction — 0.9%
Aegion Corp. (b)		45,285	$	859,962
Environmental Controls — 0.8%
Stericycle, Inc. (b)		10,098		700,094
Hand & Machine Tools — 0.6%
MSA Safety, Inc.		3,454		515,993
Machinery – Diversified — 1.8%
Alamo Group, Inc.		2,008		277,003
Cactus, Inc. Class A		22,342		582,456
Chart Industries, Inc. (b)		2,606		306,961
CIRCOR International, Inc. (b)		12,425		477,617
Hydrofarm Holdings Group, Inc. (b)		617		32,442
				1,676,479
Metal Fabricate & Hardware — 1.1%
Helios Technologies, Inc.		12,303		655,627
The Timken Co.		4,649		359,647
				1,015,274
Miscellaneous – Manufacturing — 2.0%
Enerpac Tool Group Corp.		21,192		479,151
ESCO Technologies, Inc.		8,354		862,300
Myers Industries, Inc.		23,277		483,696
				1,825,147
Transportation — 2.0%
International Seaways, Inc.		16,982		277,316
Landstar System, Inc.		4,487		604,219
Matson, Inc.		7,695		438,384
Ryder System, Inc.		9,184		567,204
				1,887,123
				14,613,295
Technology — 6.5%
Computers — 1.1%
Cubic Corp.		10,676		662,339
Parsons Corp. (b)		9,819		357,510
				1,019,849
Semiconductors — 2.3%
Entegris, Inc.		7,993		768,127
MaxLinear, Inc. (b)		16,850		643,502
Onto Innovation, Inc. (b)		5,466		259,908
Semtech Corp. (b)		5,698		410,769
				2,082,306
Software — 3.1%
Ceridian HCM Holding, Inc. (b)		11,135		1,186,546
Clarivate PLC (b)		20,572		611,194
nCino, Inc. (b)		3,788		274,289
Outset Medical, Inc. (b)		730		41,493
Phreesia, Inc. (b)		7,383		400,601

The accompanying notes are an integral part of the financial statements.

156

MML Small Company Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Workiva, Inc. (b)		3,911	$	358,326
				2,872,449
				5,974,604
Utilities — 4.2%
Electric — 1.4%
Ameresco, Inc. Class A (b)		4,126		215,542
IDACORP, Inc.		3,255		312,578
MGE Energy, Inc.		7,470		523,124
PNM Resources, Inc.		4,850		235,371
				1,286,615
Gas — 2.2%
Chesapeake Utilities Corp. (a)		10,361		1,121,164
ONE Gas, Inc.		9,545		732,769
RGC Resources, Inc.		6,196		147,341
				2,001,274
Water — 0.6%
California Water Service Group		11,365		614,051
				3,901,940

TOTAL COMMON STOCK (Cost $66,369,691)				91,735,510

TOTAL EQUITIES (Cost $66,369,691)				91,735,510

WARRANTS — 0.0%
Consumer, Non-cyclical — 0.0%
Commercial Services — 0.0%
Advantage Solutions, Inc., Expires 10/28/25 (b)		3,471		9,892

TOTAL WARRANTS (Cost $4,568)				9,892

MUTUAL FUNDS — 0.3%
Diversified Financial Services — 0.3%
State Street Navigator Securities Lending Prime Portfolio (c)		243,686		243,686

TOTAL MUTUAL FUNDS (Cost $243,686)				243,686

TOTAL LONG-TERM INVESTMENTS (Cost $66,617,945)				91,989,088

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 0.3%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		100	$	100

		Principal Amount
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (d)	$	320,755		320,755

TOTAL SHORT-TERM INVESTMENTS (Cost $320,855)				320,855
TOTAL INVESTMENTS — 99.9% (Cost $66,938,800) (e)				92,309,943
Other Assets/(Liabilities) — 0.1%				112,678
NET ASSETS — 100.0%			$	92,422,621

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2020, was $3,698,970 or 4.00% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $3,575,313 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b)	Non-income producing security.

(c)	Represents investment of security lending cash collateral. (Note 2).

(d)	Maturity value of $320,755. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $327,219.

(e)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

157

MML Small/Mid Cap Value Fund – Portfolio of Investments

December 31, 2020

	Number of Shares		Value
EQUITIES — 103.3%
COMMON STOCK — 103.3%
Basic Materials — 5.4%
Chemicals — 3.1%
GCP Applied Technologies, Inc. (a)		47,668	$	1,127,348
Innospec, Inc.		11,130		1,009,825
Orion Engineered Carbons SA		112,200		1,923,108
Westlake Chemical Corp.		21,673		1,768,517
				5,828,798
Iron & Steel — 2.3%
Carpenter Technology Corp.		50,055		1,457,601
Reliance Steel & Aluminum Co.		22,805		2,730,899
				4,188,500
				10,017,298
Communications — 1.0%
Internet — 0.8%
Criteo SA Sponsored ADR (a)		71,151		1,459,307
Media — 0.2%
Houghton Mifflin Harcourt Co. (a)		141,140		469,996
				1,929,303
Consumer, Cyclical — 21.0%
Airlines — 2.1%
Alaska Air Group, Inc.		36,222		1,883,544
SkyWest, Inc.		51,777		2,087,131
				3,970,675
Apparel — 5.3%
Kontoor Brands, Inc. (b)		49,130		1,992,713
Ralph Lauren Corp.		25,470		2,642,258
Skechers U.S.A., Inc. Class A (a)		39,367		1,414,850
Steven Madden Ltd.		59,750		2,110,370
Tapestry, Inc.		55,930		1,738,304
				9,898,495
Auto Parts & Equipment — 3.5%
Cooper Tire & Rubber Co.		40,903		1,656,572
Dana, Inc.		127,896		2,496,530
Lear Corp.		15,250		2,425,207
				6,578,309
Home Builders — 3.0%
KB Home		52,520		1,760,470
PulteGroup, Inc.		55,710		2,402,215
Taylor Morrison Home Corp. (a)		53,664		1,376,482
				5,539,167
Home Furnishing — 1.1%
Herman Miller, Inc.		60,640		2,049,632
Leisure Time — 1.1%
Brunswick Corp.		27,461		2,093,627

	Number of Shares		Value
Lodging — 1.1%
Hilton Grand Vacations, Inc. (a)		65,020	$	2,038,377
Retail — 3.8%
Foot Locker, Inc.		60,873		2,461,704
The Gap, Inc.		89,420		1,805,389
Papa John’s International, Inc.		15,241		1,293,199
Williams-Sonoma, Inc.		14,901		1,517,518
				7,077,810
				39,246,092
Consumer, Non-cyclical — 7.8%
Beverages — 0.7%
Primo Water Corp.		79,031		1,239,206
Commercial Services — 2.4%
Robert Half International, Inc.		39,008		2,437,220
United Rentals, Inc. (a)		8,881		2,059,593
				4,496,813
Foods — 3.1%
The Hain Celestial Group, Inc. (a) (b)		63,055		2,531,658
Nomad Foods Ltd. (a)		64,977		1,651,716
US Foods Holding Corp. (a)		47,372		1,577,961
				5,761,335
Health Care – Services — 1.6%
MEDNAX, Inc. (a)		83,930		2,059,642
Molina Healthcare, Inc. (a)		4,385		932,602
				2,992,244
				14,489,598
Energy — 3.5%
Oil & Gas — 2.0%
Cimarex Energy Co.		38,074		1,428,156
HollyFrontier Corp.		91,905		2,375,744
				3,803,900
Oil & Gas Services — 1.5%
Dril-Quip, Inc. (a)		50,262		1,488,760
MRC Global, Inc. (a)		197,285		1,308,000
				2,796,760
				6,600,660
Financial — 32.5%
Banks — 11.8%
Associated Banc-Corp.		76,161		1,298,545
BankUnited, Inc.		74,669		2,596,988
Comerica, Inc.		42,120		2,352,823
First Citizens BancShares, Inc. Class A		5,239		3,008,601
Synovus Financial Corp.		80,974		2,621,128
Texas Capital Bancshares, Inc. (a)		39,808		2,368,576
Umpqua Holdings Corp.		110,248		1,669,155
Webster Financial Corp.		58,879		2,481,750
Wintrust Financial Corp.		27,220		1,662,870

The accompanying notes are an integral part of the financial statements.

158

MML Small/Mid Cap Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Zions Bancorp NA		45,178	$	1,962,532
				22,022,968
Diversified Financial Services — 3.5%
Moelis & Co. Class A		55,611		2,600,370
OneMain Holdings, Inc.		36,154		1,741,177
Stifel Financial Corp.		44,940		2,267,672
				6,609,219
Insurance — 7.2%
American Financial Group, Inc.		21,868		1,916,074
Essent Group Ltd.		31,593		1,364,818
Everest Re Group Ltd.		10,381		2,430,088
The Hanover Insurance Group, Inc.		17,228		2,014,298
Reinsurance Group of America, Inc.		16,922		1,961,260
Selective Insurance Group, Inc.		22,507		1,507,519
Voya Financial, Inc.		36,578		2,151,152
				13,345,209
Real Estate Investment Trusts (REITS) — 8.6%
American Campus Communities, Inc.		46,062		1,970,072
Camden Property Trust		22,618		2,259,991
Cousins Properties, Inc.		51,720		1,732,620
CubeSmart		64,704		2,174,702
MGM Growth Properties LLC Class A		73,319		2,294,885
Physicians Realty Trust		112,503		2,002,553
RLJ Lodging Trust		110,936		1,569,744
STAG Industrial, Inc.		65,242		2,043,379
				16,047,946
Savings & Loans — 1.4%
Sterling Bancorp		141,032		2,535,755
				60,561,097
Industrial — 22.0%
Aerospace & Defense — 1.0%
AAR Corp.		53,238		1,928,280
Building Materials — 0.9%
Masonite International Corp. (a)		16,351		1,607,957
Electrical Components & Equipment — 1.5%
Belden, Inc.		44,514		1,865,137
EnerSys		11,530		957,682
				2,822,819
Electronics — 1.9%
Arrow Electronics, Inc. (a)		18,600		1,809,780
Vishay Intertechnology, Inc.		84,829		1,756,809
				3,566,589
Engineering & Construction — 1.5%
AECOM (a)		55,650		2,770,257
Hand & Machine Tools — 3.2%
Kennametal, Inc.		69,608		2,522,594

	Number of Shares		Value
Regal Beloit Corp.		27,572	$	3,386,117
				5,908,711
Machinery – Construction & Mining — 1.6%
Oshkosh Corp.		34,601		2,978,108
Machinery – Diversified — 1.2%
Crane Co.		10,432		810,149
The Middleby Corp. (a)		7,140		920,489
Welbilt, Inc. (a)		38,380		506,616
				2,237,254
Miscellaneous – Manufacturing — 2.4%
Hillenbrand, Inc.		49,990		1,989,602
Trinseo SA		46,153		2,363,495
				4,353,097
Packaging & Containers — 2.4%
Graphic Packaging Holding Co.		136,229		2,307,719
Sealed Air Corp.		48,450		2,218,526
				4,526,245
Transportation — 3.1%
Knight-Swift Transportation Holdings, Inc.		65,943		2,757,736
XPO Logistics, Inc. (a)		25,869		3,083,585
				5,841,321
Trucking & Leasing — 1.3%
GATX Corp.		28,900		2,403,902
				40,944,540
Technology — 8.0%
Computers — 3.5%
Amdocs Ltd.		22,384		1,587,697
Genpact Ltd.		36,140		1,494,750
NCR Corp. (a)		64,205		2,412,182
NetScout Systems, Inc. (a)		37,606		1,031,157
				6,525,786
Semiconductors — 1.7%
Kulicke & Soffa Industries, Inc.		57,902		1,841,863
MaxLinear, Inc. (a)		36,319		1,387,022
				3,228,885
Software — 2.8%
Change Healthcare, Inc. (a)		155,630		2,902,499
CommVault Systems, Inc. (a)		40,496		2,242,264
				5,144,763
				14,899,434
Utilities — 2.1%
Electric — 1.3%
IDACORP, Inc.		20,561		1,974,473
PNM Resources, Inc.		8,951		434,392
				2,408,865

The accompanying notes are an integral part of the financial statements.

159

MML Small/Mid Cap Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Gas — 0.8%
Southwest Gas Holdings, Inc.		26,310	$	1,598,332
				4,007,197

TOTAL COMMON STOCK (Cost $161,431,878)				192,695,219

TOTAL EQUITIES (Cost $161,431,878)				192,695,219

TOTAL LONG-TERM INVESTMENTS (Cost $161,431,878)				192,695,219
	Principal Amount
SHORT-TERM INVESTMENTS — 1.1%
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 12/31/20, 0.000%, due 1/04/21 (c)	$	1,974,455		1,974,455

TOTAL SHORT-TERM INVESTMENTS (Cost $1,974,455)				1,974,455

TOTAL INVESTMENTS — 104.4% (Cost $163,406,333) ^(d)				194,669,674

Other Assets/(Liabilities) — (4.4)%				(8,222,529	)

NET ASSETS — 100.0%			$	186,447,145

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of December 31, 2020, was $3,953,829 or 2.12% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $4,038,919 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)	Maturity value of $1,974,455. Collateralized by U.S. Government Agency obligations with a rate of 0.000%, maturity date of 12/30/21, and an aggregate market value, including accrued interest, of $2,013,955.

(d)	See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

160

MML Total Return Bond Fund – Portfolio of Investments

December 31, 2020

	Principal Amount		Value
BONDS & NOTES — 110.9%
BANK LOANS — 0.7%
Aerospace & Defense — 0.0%
TransDigm, Inc., 2020 Term Loan E, 1 mo. LIBOR + 2.250%
2.397% VRN 5/30/25	$	49,500	$	48,448
Airlines — 0.0%
American Airlines, Inc., 2017 1st Lien Term Loan, 1 mo. LIBOR + 1.750%
1.898% VRN 1/29/27		50,000		42,750
Auto Parts & Equipment — 0.0%
Clarios Global LP, USD Term Loan B, 1 mo. LIBOR + 3.500%
3.647% VRN 4/30/26		48,604		48,350
Diversified Financial Services — 0.2%
Delos Finance S.A.R.L., 2018 Term Loan B, 3 mo. LIBOR + 1.750%
2.004% VRN 10/06/23		796,200		794,870
Environmental Controls — 0.0%
GFL Environmental, Inc., 2018 USD Term Loan B, 3 mo. LIBOR + 3.000%
3.500% VRN 5/30/25		89,263		89,278
Foods — 0.1%
Hostess Brands LLC, 2019 Term Loan, 1 mo. LIBOR + 2.250%, 3 mo. LIBOR + 2.250%
3.000% VRN 8/03/25		128,697		127,892
Health Care – Products — 0.1%
Avantor Funding, Inc., 2020 Incremental Term Loan B4, 1 mo. LIBOR + 2.500%
3.500% VRN 11/08/27		250,000		250,157
Packaging & Containers — 0.0%
Berry Global, Inc., Term Loan Y, 1 mo. LIBOR + 2.000%
2.149% VRN 7/01/26		98,995		98,414
Pharmaceuticals — 0.2%
Change Healthcare Holdings LLC, 2017 Term Loan B, 1 mo. LIBOR + 2.500%, 3 mo. LIBOR + 2.500%
3.500% VRN 3/01/24		46,521		46,265
Elanco Animal Health, Inc., Term Loan B, 3 mo. LIBOR + 1.750%
1.905% VRN 8/01/27		413,996		409,943

	Principal Amount		Value
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 Week LIBOR + 2.000%
2.102% VRN 11/15/27	$	49,500	$	49,036
				505,244
Real Estate Investment Trusts (REITS) — 0.0%
VICI Properties 1 LLC, Replacement Term Loan B, 1 mo. LIBOR + 1.750%
1.894% VRN 12/20/24		50,000		49,113
Semiconductors — 0.0%
Broadcom, Inc., 2019 1st Lien Term Loan A3, 1 mo. LIBOR + 1.125%
1.272% VRN 11/04/22		52,802		52,704
Telecommunications — 0.1%
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. LIBOR + 1.750%
1.897% VRN 3/01/27		125,000		122,786
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. LIBOR + 3.000%
3.147% VRN 3/09/27		200,428		198,925
				321,711

TOTAL BANK LOANS (Cost $2,337,738)				2,428,931

CORPORATE DEBT — 22.1%
Agriculture — 0.5%
BAT Capital Corp.
4.390% 8/15/37		400,000		449,325
4.540% 8/15/47		800,000		888,361
Reynolds American, Inc.
5.850% 8/15/45		315,000		402,806
				1,740,492
Airlines — 0.1%
Northwest Airlines Pass-Through Trust
7.041% 10/01/23		292,947		287,694
Auto Manufacturers — 1.1%
Ford Motor Credit Co. LLC
3 mo. USD LIBOR + .810% 1.048% FRN 4/05/21		260,000		258,886
3 mo. USD LIBOR + .880% 1.104% FRN 10/12/21		405,000		400,163
3 mo. USD LIBOR + 1.270% 1.521% FRN 3/28/22		90,000		88,466
3.219% 1/09/22		100,000		100,928
3.336% 3/18/21		65,000		65,163
3.813% 10/12/21		185,000		187,081
5.085% 1/07/21		640,000		640,000

The accompanying notes are an integral part of the financial statements.

161

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
5.750% 2/01/21	$	80,000	$	80,200
General Motors Financial Co., Inc.
3.150% 6/30/22		550,000		569,430
3.200% 7/06/21		610,000		616,561
3.450% 4/10/22		105,000		107,974
4.200% 11/06/21		675,000		695,734
4.375% 9/25/21		85,000		87,295
				3,897,881
Banks — 2.3%
Bank of America Corp.
SOFR + 1.150% 1.319% VRN 6/19/26		330,000		337,039
3 mo. USD LIBOR + 1.190% 2.884% VRN 10/22/30		250,000		274,527
3 mo. USD LIBOR + 3.150% 4.083% VRN 3/20/51		390,000		492,519
Citigroup, Inc. SOFR + 2.107%
2.572% VRN 6/03/31		435,000		463,649
HSBC Holdings PLC SOFR + 1.732%
2.013% VRN 9/22/28		870,000		890,642
JP Morgan Chase & Co.
2.950% 10/01/26		895,000		992,952
Lloyds Banking Group PLC
3.900% 3/12/24		400,000		439,678
4.050% 8/16/23		220,000		240,411
Santander UK Group Holdings PLC 3 mo. USD LIBOR + 1.080%
3.373% VRN 1/05/24		645,000		678,838
Santander UK PLC
5.000% 11/07/23 ^(a)		435,000		480,177
Wells Fargo & Co.
SOFR + 2.100% 2.393% VRN 6/02/28		400,000		425,849
3 mo. USD LIBOR + 1.170% 2.879% VRN 10/30/30		305,000		332,752
SOFR + 2.530% 3.068% VRN 4/30/41		500,000		543,900
3 mo. USD LIBOR + 4.240% 5.013% VRN 4/04/51		980,000		1,392,793
				7,985,726
Beverages — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900% 2/01/46		880,000		1,144,203
Bacardi Ltd.
4.700% 5/15/28 ^(a)		160,000		189,808
5.300% 5/15/48 ^(a)		130,000		180,330
				1,514,341

	Principal Amount		Value
Chemicals — 0.2%
International Flavors & Fragrances, Inc.
5.000% 9/26/48	$	515,000	$	693,262
Nutrition & Biosciences, Inc.
3.468% 12/01/50 ^(a)		115,000		124,922
				818,184
Commercial Services — 0.3%
IHS Markit Ltd.
4.000% 3/01/26 ^(a)		253,000		289,837
4.750% 2/15/25 ^(a)		120,000		137,712
4.750% 8/01/28		385,000		474,139
				901,688
Computers — 0.4%
Apple, Inc.
4.650% 2/23/46		850,000		1,208,238
Diversified Financial Services — 1.3%
Air Lease Corp.
3.500% 1/15/22		575,000		591,738
Avolon Holdings Funding Ltd.
2.875% 2/15/25 ^(a)		335,000		341,588
3.950% 7/01/24 ^(a)		130,000		137,301
5.125% 10/01/23 ^(a)		40,000		42,791
5.250% 5/15/24 ^(a)		35,000		38,067
GE Capital Funding LLC
4.400% 5/15/30 ^(a)		330,000		389,013
GE Capital International Funding Co. Unlimited Co.
4.418% 11/15/35		1,360,000		1,623,223
Park Aerospace Holdings Ltd.
4.500% 3/15/23 ^(a)		320,000		335,336
5.250% 8/15/22 ^(a)		95,000		99,704
5.500% 2/15/24 ^(a)		290,000		316,284
Raymond James Financial, Inc.
4.950% 7/15/46		265,000		363,169
				4,278,214
Electric — 1.7%
Duke Energy Carolinas LLC
4.000% 9/30/42		1,000,000		1,235,386
Jersey Central Power & Light Co.
4.700% 4/01/24 ^(a)		800,000		874,876
6.400% 5/15/36		425,000		544,623
LG&E & KU Energy LLC
4.375% 10/01/21		1,200,000		1,222,159
MidAmerican Energy Co.
4.800% 9/15/43		1,400,000		1,915,286
				5,792,330

The accompanying notes are an integral part of the financial statements.

162

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Engineering & Construction — 0.1%
PowerTeam Services LLC
9.033% 12/04/25 ^(a)	$	190,000	$	211,396
Entertainment — 0.1%
Caesars Entertainment, Inc.
6.250% 7/01/25 ^(a)		104,000		110,760
Churchill Downs, Inc.
4.750% 1/15/28 ^(a)		80,000		84,200
Live Nation Entertainment, Inc.
4.750% 10/15/27 ^(a)		109,000		111,716
				306,676
Environmental Controls — 0.1%
GFL Environmental, Inc.
5.125% 12/15/26 ^(a)		164,000		174,455
Waste Pro USA, Inc.
5.500% 2/15/26 ^(a)		136,000		139,060
				313,515
Foods — 0.5%
Kraft Heinz Foods Co.
4.875% 10/01/49 ^(a)		560,000		653,309
5.000% 6/04/42		350,000		410,646
6.875% 1/26/39		250,000		346,414
Pilgrim’s Pride Corp.
5.875% 9/30/27 ^(a)		30,000		32,538
Post Holdings, Inc.
5.750% 3/01/27 ^(a)		150,000		158,813
				1,601,720
Gas — 0.2%
CenterPoint Energy Resources Corp.
6.250% 2/01/37		595,000		795,934
Health Care – Products — 0.1%
Hologic, Inc.
4.625% 2/01/28 ^(a)		160,000		169,800
Health Care – Services — 1.3%
Aetna, Inc.
2.800% 6/15/23		485,000		510,295
Centene Corp.
3.000% 10/15/30		855,000		906,214
3.375% 2/15/30		185,000		194,636
4.250% 12/15/27		165,000		174,900
5.375% 8/15/26 ^(a)		155,000		163,719
CommonSpirit Health
2.782% 10/01/30		165,000		174,691
HCA, Inc.
5.000% 3/15/24		647,000		727,858
5.125% 6/15/39		230,000		294,305
5.250% 6/15/49		525,000		693,418

	Principal Amount		Value
Molina Healthcare, Inc.
3.875% 11/15/30 ^(a)	$	90,000	$	96,525
5.375% STEP 11/15/22		225,000		238,219
Tenet Healthcare Corp.
4.625% 7/15/24		184,000		188,604
				4,363,384
Household Products & Wares — 0.1%
Central Garden & Pet Co.
5.125% 2/01/28		123,000		130,803
Spectrum Brands, Inc.
5.750% 7/15/25		245,000		252,987
				383,790
Insurance — 0.5%
Farmers Exchange Capital III 3 mo. USD LIBOR + 3.454%
5.454% VRN 10/15/54 ^(a)		970,000		1,192,517
Teachers Insurance & Annuity Association of America
3.300% 5/15/50 ^(a)		500,000		544,862
				1,737,379
Media — 0.8%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.500% 8/15/30 ^(a)		250,000		265,313
4.500% 5/01/32 ^(a)		195,000		208,205
Charter Communications Operating LLC/Charter Communications Operating Capital
3.750% 2/15/28		92,000		103,153
4.800% 3/01/50		230,000		274,712
4.908% 7/23/25		205,000		238,097
5.750% 4/01/48		200,000		261,689
CSC Holdings LLC
5.375% 2/01/28 ^(a)		30,000		32,025
5.500% 5/15/26 ^(a)		200,000		208,000
Virgin Media Secured Finance PLC
5.500% 5/15/29 ^(a)		255,000		276,356
The Walt Disney Co.
2.650% 1/13/31		330,000		361,783
3.600% 1/13/51		475,000		574,987
				2,804,320
Mining — 0.1%
Indonesia Asahan Aluminium Persero PT
6.530% 11/15/28 ^(a)		200,000		250,659
Miscellaneous – Manufacturing — 0.2%
General Electric Co.
5.875% 1/14/38		244,000		330,703

The accompanying notes are an integral part of the financial statements.

163

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
6.750% 3/15/32	$	300,000	$	420,619
				751,322
Oil & Gas — 1.6%
Antero Resources Corp.
5.000% 3/01/25		364,000		345,800
5.125% 12/01/22		93,000		92,768
8.375% 7/15/26 ^(a) ^(b)		50,000		51,035
BP Capital Markets America, Inc.
3.000% 2/24/50		80,000		82,138
3.633% 4/06/30		190,000		221,343
Canadian Natural Resources Ltd.
3.850% 6/01/27		171,000		191,870
Equinor ASA
3.700% 4/06/50		155,000		186,797
Exxon Mobil Corp.
3.482% 3/19/30		155,000		180,263
4.327% 3/19/50		735,000		962,303
Noble Energy, Inc.
5.250% 11/15/43		140,000		201,103
Pertamina Persero PT
3.100% 8/27/30 ^(a)		400,000		426,990
Petrobras Global Finance BV
5.093% 1/15/30		201,000		224,617
Petroleos del Peru SA
4.750% 6/19/32 ^(a)		200,000		230,600
Petroleos Mexicanos
5.950% 1/28/31		395,000		394,012
6.625% 6/15/35		900,000		891,000
7.690% 1/23/50		115,000		115,949
Saudi Arabian Oil Co.
4.250% 4/16/39 ^(a)		200,000		234,517
Transocean Guardian Ltd.
5.875% 1/15/24 ^(a)		118,560		99,590
Transocean Pontus Ltd.
6.125% 8/01/25 ^(a)		134,940		128,192
Transocean Poseidon Ltd.
6.875% 2/01/27 ^(a)		98,000		89,180
				5,350,067
Oil & Gas Services — 0.1%
Transocean Proteus Ltd.
6.250% 12/01/24 ^(a)		49,800		46,750
USA Compression Partners LP / USA Compression Finance Corp.
6.875% 4/01/26		30,000		31,350
6.875% 9/01/27		96,000		102,487
				180,587

	Principal Amount		Value
Packaging & Containers — 0.4%
Amcor Finance USA, Inc.
3.625% 4/28/26	$	650,000	$	732,542
Graphic Packaging International LLC
4.125% 8/15/24		200,000		213,500
Mauser Packaging Solutions Holding Co.
5.500% 4/15/24 ^(a)		30,000		30,592
Sealed Air Corp.
4.000% 12/01/27 ^(a)		30,000		32,025
5.500% 9/15/25 ^(a)		190,000		212,562
				1,221,221
Pharmaceuticals — 2.0%
AbbVie, Inc.
3.800% 3/15/25		250,000		278,795
4.250% 11/21/49		535,000		670,794
4.500% 5/14/35		165,000		207,252
4.875% 11/14/48		400,000		540,989
Bausch Health Cos., Inc.
5.500% 11/01/25 ^(a)		124,000		128,500
Bayer US Finance II LLC
4.250% 12/15/25 ^(a)		180,000		205,755
4.375% 12/15/28 ^(a)		850,000		999,784
4.625% 6/25/38 ^(a)		635,000		771,783
4.875% 6/25/48 ^(a)		505,000		650,400
Cigna Corp.
4.125% 11/15/25		800,000		921,618
CVS Health Corp.
5.050% 3/25/48		1,150,000		1,558,570
				6,934,240
Pipelines — 1.1%
Cheniere Energy Partners LP
5.250% 10/01/25		30,000		30,788
Energy Transfer Operating LP
4.950% 6/15/28		300,000		345,784
5.000% 5/15/50		130,000		140,776
5.150% 3/15/45		400,000		433,477
5.500% 6/01/27		254,000		298,958
Plains All American Pipeline LP/PAA Finance Corp.
3.800% 9/15/30		300,000		322,515
4.650% 10/15/25		300,000		335,394
Rockies Express Pipeline LLC
4.800% 5/15/30 ^(a)		250,000		254,541
4.950% 7/15/29 ^(a)		200,000		208,024
Ruby Pipeline LLC
7.750% STEP 4/01/22 ^(a)		471,591		466,835

The accompanying notes are an integral part of the financial statements.

164

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Sabine Pass Liquefaction LLC
5.750% 5/15/24	$	290,000	$	331,555
Sunoco Logistics Partners Operations LP
5.350% 5/15/45		50,000		55,081
5.400% 10/01/47		394,000		440,230
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
6.875% 1/15/29		72,000		81,090
TransMontaigne Partners LP/TLP Finance Corp.
6.125% 2/15/26		81,000		81,405
				3,826,453
Real Estate Investment Trusts (REITS) — 1.4%
American Campus Communities Operating Partnership LP
3.750% 4/15/23		650,000		686,940
CyrusOne LP / CyrusOne Finance Corp.
2.150% 11/01/30		345,000		336,268
GLP Capital LP/GLP Financing II, Inc.
4.000% 1/15/30		35,000		38,019
5.250% 6/01/25		230,000		258,768
5.300% 1/15/29		310,000		358,654
5.375% 4/15/26		695,000		797,631
Healthpeak Properties, Inc.
4.250% 11/15/23		12,000		13,135
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.625% 5/01/24		100,000		108,615
SBA Communications Corp.
4.875% 9/01/24		98,000		100,522
SL Green Operating Partnership LP
3.250% 10/15/22		500,000		516,283
Ventas Realty LP
3.500% 2/01/25		1,500,000		1,651,948
				4,866,783
Retail — 0.1%
Walgreens Boots Alliance, Inc.
3.800% 11/18/24		25,000		27,631
4.800% 11/18/44		275,000		312,361
				339,992
Savings & Loans — 0.2%
Nationwide Building Society
3 mo. USD LIBOR + 1.181% 3.622% VRN 4/26/23 ^(a)		270,000		280,454

	Principal Amount		Value
3 mo. USD LIBOR + 1.064% 3.766% VRN 3/08/24 ^(a)	$	375,000	$	398,953
				679,407
Semiconductors — 0.2%
Intel Corp.
4.750% 3/25/50		500,000		697,781
Software — 0.1%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
5.750% 3/01/25 ^(a)		144,000		146,880
SS&C Technologies, Inc.
5.500% 9/30/27 ^(a)		138,000		147,387
				294,267
Telecommunications — 2.5%
AT&T, Inc.
3.300% 2/01/52		55,000		54,531
3.500% 9/15/53 ^(a)		184,000		184,270
3.800% 12/01/57 ^(a)		1,641,000		1,714,741
4.300% 2/15/30		500,000		597,269
4.750% 5/15/46		310,000		382,388
5.250% 3/01/37		270,000		351,394
CenturyLink, Inc.
4.000% 2/15/27 ^(a)		76,000		78,470
Intelsat Jackson Holdings SA
8.500% 10/15/24 ^(a) ^(c)		171,000		122,265
9.750% 7/15/25 ^(a) ^(c)		585,000		421,200
Level 3 Financing, Inc.
5.375% 5/01/25		149,000		153,239
Sprint Corp.
7.875% 9/15/23		33,000		38,207
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
3.360% STEP 3/20/23 ^(a)		216,563		218,598
4.738% 9/20/29 ^(a)		1,250,000		1,353,862
T-Mobile USA, Inc.
2.550% 2/15/31 ^(a)		155,000		162,761
3.875% 4/15/30 ^(a)		290,000		335,878
4.375% 4/15/40 ^(a)		290,000		353,907
4.500% 2/01/26		104,000		106,323
4.750% 2/01/28		119,000		127,912
6.000% 3/01/23		206,000		206,258
6.000% 4/15/24		122,000		123,496
Vodafone Group PLC
4.875% 6/19/49		1,052,000		1,405,895
				8,492,864

TOTAL CORPORATE DEBT (Cost $67,198,692)				74,998,345

The accompanying notes are an integral part of the financial statements.

165

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
MUNICIPAL OBLIGATIONS — 1.9%
City of New York NY, General Obligation
5.206% 10/01/31	$	750,000	$	945,802
Commonwealth of Massachusetts, General Obligation
3.000% 3/01/49		550,000		601,122
Greater Orlando Aviation Authority, Revenue Bond
4.000% 10/01/44		150,000		172,262
Jersey City Municipal Utilities Authority, Revenue Bond
5.470% 5/15/27		850,000		962,854
Los Angeles Unified School District, General Obligation
5.755% 7/01/29		1,000,000		1,289,470
New York City Water & Sewer System, Revenue Bond
4.000% 6/15/50		150,000		178,196
New York State Dormitory Authority
Revenue Bond, 4.000% 3/15/44		370,000		438,609
Revenue Bond, 5.289% 3/15/33		750,000		940,320
New York State Urban Development Corp., Revenue Bond
4.000% 3/15/43		185,000		218,413
Regents of the University of California Medical Center Pooled, Revenue Bond
3.256% 5/15/60		730,000		821,075
				6,568,123

TOTAL MUNICIPAL OBLIGATIONS (Cost $6,205,397)				6,568,123

NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 12.9%
Commercial Mortgage-Backed Securities — 1.6%
BAMLL Commercial Mortgage Securities Trust, Series 2018-PARK, Class A,
4.091% VRN 8/10/38 ^(a) ^(d)		620,000		723,144
BX Trust, Series 2019-OC11, Class A
3.202% 12/09/41 ^(a)		180,000		197,602
CALI Mortgage Trust, Series 2019-101C, Class A
3.957% 3/10/39 ^(a)		415,000		485,094
CPT Mortgage Trust, Series 2019-CPT, Class A
2.865% 11/13/39 ^(a)		355,000		386,311

	Principal Amount		Value
DC Office Trust, Series 2019-MTC, Class A
2.965% 9/15/45 ^(a)	$	375,000	$	411,025
Hudson Yards Mortgage Trust
Series 2019-55HY, Class A, 2.943% VRN 12/10/41 ^(a) ^(d)		375,000		418,540
Series 2019-30HY, Class A, 3.228% 7/10/39 ^(a)		385,000		436,355
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class A
3.397% 6/05/39 ^(a)		385,000		439,470
MKT Mortgage Trust, Series 2020-525M, Class A
2.694% 2/12/40 ^(a)		465,000		499,564
Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC, Class A
2.966% 12/15/38 ^(a)		375,000		391,670
One Bryant Park Trust, Series 2019-OBP, Class A
2.516% 9/15/54 ^(a)		490,000		523,991
RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A,
3.834% VRN 1/15/32 ^(a) ^(d)		160,000		168,607
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1,
3.872% VRN 1/05/43 ^(a) ^(d)		185,000		194,425
				5,275,798
Home Equity Asset-Backed Securities — 0.9%
Citigroup Mortgage Loan Trust, Inc., Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .290%
0.438% FRN 8/25/36		2,199,000		2,167,856
Wells Fargo Home Equity Trust, Series 2004-2, Class M3, 1 mo. USD LIBOR + 1.050%
1.198% FRN 10/25/34		825,670		809,875
				2,977,731
Other Asset-Backed Securities — 2.7%
Aimco CLO Ltd., Series 2020-11A, Class A1, 3 mo. USD LIBOR + 1.380%
1.605% FRN 10/15/31 ^(a)		750,000		750,881
Allegro CLO XII Ltd., Series 2020-1A, Class A1, 3 mo. USD LIBOR + 1.250%
0.000% FRN 1/21/32 ^(a) ^(b)		850,000		850,000

The accompanying notes are an integral part of the financial statements.

166

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Countrywide Asset-Backed Certificates, Series 2006-15, Class A3,
4.517% VRN 10/25/46 ^(d)	$	306,843	$	293,899
Dryden Senior Loan Fund, Series 2013-26A, Class AR, 3 mo. USD LIBOR + .900%
1.137% FRN 4/15/29 ^(a)		975,000		970,534
LCM LP, Series 21A, Class AR, 3 mo. USD LIBOR + .880%
1.098% FRN 4/20/28 ^(a)		740,000		737,127
Magnetite Ltd.
Series 2012-7A, Class A1R2, 3 mo. USD LIBOR + .800% 1.037% FRN 1/15/28 ^(a)		1,000,000		993,712
Series 2019-21A, Class A, 3 mo. USD LIBOR + 1.280% 1.498% FRN 4/20/30 ^(a)		200,000		200,528
Morgan Stanley Capital, Inc. Trust, Series 2006-HE1, Class A4, 1 mo. USD LIBOR + .580%
0.728% FRN 1/25/36		1,548,234		1,505,759
Saxon Asset Securities Trust
Series 2007-2, Class A2C, 1 mo. USD LIBOR + .240% 0.388% FRN 5/25/47		1,995,815		1,657,901
Series 2005-1, Class M1, 1 mo. USD LIBOR + .690% 0.838% FRN 5/25/35		204,808		204,178
TCI-Flatiron CLO Ltd.
Series 2016-1A, Class AR2, 3 mo. USD LIBOR + 1.150% 0.000% FRN 1/17/32 ^(a) ^(b)		500,000		500,000
Series 2016-1A, Class AR, 3 mo. USD LIBOR + 1.220% 1.438% FRN 7/17/28 ^(a)		225,000		225,001
Voya CLO Ltd., Series 2014-3A, Class A1R, 3 mo. USD LIBOR + .720%
0.935% FRN 7/25/26 ^(a)		166,934		166,646
				9,056,166
Student Loans Asset-Backed Securities — 3.6%
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700%
0.848% FRN 7/25/56 ^(a)		512,344		505,147
Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 3 mo. USD LIBOR + .200%
0.451% FRN 3/28/35		1,500,000		1,446,146

	Principal Amount		Value
Navient Student Loan Trust, Series 2018-3A, Class A3, 1 mo. USD LIBOR + .800%
0.948% FRN 3/25/67 ^(a)	$	630,000	$	629,412
Nelnet Student Loan Trust, Series 2015-1A, Class A, 1 mo. USD LIBOR + .590%
0.738% FRN 4/25/46 ^(a)		936,552		920,671
Pennsylvania Higher Education Assistance Agency, Series 2013-3A, Class A, 1 mo. USD LIBOR + .750%
0.898% FRN 11/25/42 ^(a)		837,357		832,055
SLM Student Loan Trust
Series 2007-7, Class A4, 3 mo. USD LIBOR + .330% 0.545% FRN 1/25/22		753,278		718,505
Series 2012-7, Class A3, 1 mo. USD LIBOR + .650% 0.798% FRN 5/26/26		764,064		753,050
Series 2012-2, Class A, 1 mo. USD LIBOR + .700% 0.848% FRN 1/25/29		891,124		886,394
Series 2008-1, Class A4, 3 mo. USD LIBOR + .650% 0.865% FRN 1/25/22		724,054		711,960
Series 2012-1, Class A3, 1 mo. USD LIBOR + .950% 1.098% FRN 9/25/28		751,675		747,476
Series 2008-6, Class A4, 3 mo. USD LIBOR + 1.100% 1.315% FRN 7/25/23		1,111,253		1,078,209
Series 2008-9, Class A, 3 mo. USD LIBOR + 1.500% 1.715% FRN 4/25/23		837,160		841,555
Series 2008-5, Class B, 3 mo. USD LIBOR + 1.850% 2.065% FRN 7/25/73		700,000		679,180
Series 2008-9, Class B, 3 mo. USD LIBOR + 2.250% 2.465% FRN 10/25/83		1,430,000		1,413,563
				12,163,323
Whole Loan Collateral Collateralized Mortgage Obligations — 4.1%
American Home Mortgage Investment Trust, Series 2005-1, Class 6A, 6 mo. USD LIBOR + 2.000%
2.254% FRN 6/25/45		780,818		769,090
Banc of America Funding Trust, Series 2016-R1, Class A1,
2.500% VRN 3/25/40 ^(a) ^(d)		384,648		384,475

The accompanying notes are an integral part of the financial statements.

167

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Chase Mortgage Finance Trust, Series 2007-A1, Class 11A4,
3.647% VRN 3/25/37 ^(d)	$	330,699	$	319,840
Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 1 year CMT + 2.400%
2.530% FRN 10/25/35		251,056		252,293
Countrywide Alternative Loan Trust
Series 2006-OA6, Class 1A2, 1 mo. USD LIBOR + .420% 0.568% FRN 7/25/46		1,199,436		1,109,162
Series 2005-31, Class 2A1, 1 mo. USD LIBOR + .600% 0.748% FRN 8/25/35		1,177,101		1,037,415
Credit Suisse Mortgage Trust, Series 2018-RPL9, Class A,
3.850% VRN 9/25/57 ^(a) ^(d)		1,368,572		1,509,094
First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1,
2.684% VRN 11/25/35 ^(d)		336,490		293,108
GS Mortgage-Backed Securities Trust, Series 2018-RPL1, Class A1A
3.750% 10/25/57 ^(a)		1,315,999		1,366,426
HarborView Mortgage Loan Trust, Series 2006-10, Class 1A1A, 1 mo. USD LIBOR + .200%
0.352% FRN 11/19/36		1,612,979		1,356,639
Impac CMB Trust, Series 2005-1, Class 1A1, 1 mo. USD LIBOR + .520%
0.668% FRN 4/25/35		856,973		820,013
IndyMac Index Mortgage Loan Trust
Series 2006-AR27, Class 1A3, 1 mo. USD LIBOR + .270% 0.418% FRN 10/25/36		1,592,734		972,936
Series 2005-AR19, Class A1, 3.011% VRN 10/25/35 ^(d)		827,136		726,423
Morgan Stanley Resecuritization Trust, Series 2014-R9, Class 3A, 12 mo. MTA + .840%
1.582% FRN 11/26/46 ^(a)		298,133		289,926
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR1, Class M1, 1 mo. LIBOR + 1.070%
1.218% FRN 2/25/35		1,098,034		1,080,922
Washington Mutual Mortgage Pass-Through Certificates
Series 2005-AR13, Class A1A1, 1 mo. USD LIBOR + .580% 0.728% FRN 10/25/45		583,875		572,349

	Principal Amount		Value
Series 2005-AR2, Class 2A21, 1 mo. USD LIBOR + .660% 0.808% FRN 1/25/45	$	569,897	$	554,549
Series 2006-1 Class 3A2, 5.750% 2/25/36		688,227		672,351
				14,087,011

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $42,993,636)				43,560,029

SOVEREIGN DEBT OBLIGATIONS — 0.9%
Abu Dhabi Government International Bond
2.500% 9/30/29 ^(a)		200,000		215,816
Colombia Government International Bond
3.000% 1/30/30		200,000		209,602
Dominican Republic International Bond
4.500% 1/30/30 ^(a)		200,000		216,752
Mexico Government International Bond
2.659% 5/24/31		638,000		653,312
Panama Government International Bond
2.252% 9/29/32		200,000		206,000
3.160% 1/23/30		200,000		221,502
3.875% 3/17/28		200,000		229,502
Qatar Government International Bond
4.500% 4/23/28 ^(a)		200,000		242,250
Republic of South Africa Government International Bond
4.850% 9/30/29		250,000		265,356
Russian Foreign Bond
4.750% 5/27/26 ^(a)		200,000		230,936
Saudi Government International Bond
3.750% 1/21/55 ^(a)		200,000		218,290
Uruguay Government International Bond
4.375% 10/27/27		89,423		105,744
				3,015,062

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $2,874,059)				3,015,062

The accompanying notes are an integral part of the financial statements.

168

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 31.9%
Collateralized Mortgage Obligations — 2.2%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series S8FX, Class A2 3.291% 3/25/27	$	1,775,000	$	1,994,944
Federal Home Loan Mortgage Corp. REMICS
Series 4818, Class CA, 3.000% 4/15/48		404,408		429,123
Series 4639, Class HZ, 3.250% STEP 4/15/53		1,512,158		1,647,954
Series 4846, Class PA, 4.000% 6/15/47		450,332		478,312
Federal National Mortgage Association ACES (d) Series 2020-M10, Class X1 1.796% 12/25/30		909,216		126,548
Federal National Mortgage Association. REMICS
Series 2018-43, Class CT, 3.000% 6/25/48		733,082		777,585
Series 2018-57, Class QA, 3.500% 5/25/46		596,586		610,593
Series 2018-55, Class PA, 3.500% 1/25/47		349,410		362,965
Government National Mortgage Association
Series 2018-124, Class NW, 3.500% 9/20/48		544,438		584,383
Series 2019-15, Class GT, 3.500% 2/20/49		499,150		532,538
				7,544,945
Pass-Through Securities — 29.7%
Federal Home Loan Mortgage Corp.
Pool #G18592 3.000% 3/01/31		337,079		356,334
Pool #G18627 3.000% 1/01/32		980,180		1,035,557
Pool #G08710 3.000% 6/01/46		212,794		224,627
Pool #ZM1779 3.000% 9/01/46		1,042,255		1,099,971
Pool #G08726 3.000% 10/01/46		1,564,340		1,651,334
Pool #G08732 3.000% 11/01/46		564,374		595,231
Pool #G08741 3.000% 1/01/47		1,488,820		1,568,358
Pool #G07848 3.500% 4/01/44		1,818,675		2,022,984
Pool #G60023 3.500% 4/01/45		1,839,010		2,035,833
Pool #G08711 3.500% 6/01/46		754,073		807,857
Pool #G08716 3.500% 8/01/46		1,071,350		1,147,762
Pool #G67700 3.500% 8/01/46		935,770		1,025,687
Pool #G08722 3.500% 9/01/46		182,915		195,961
Pool #G08742 3.500% 1/01/47		808,822		865,752
Pool #G67703 3.500% 4/01/47		1,365,190		1,494,664

	Principal Amount		Value
Pool #G08757 3.500% 4/01/47	$	231,634	$	247,431
Pool #G67706 3.500% 12/01/47		1,289,956		1,411,085
Pool #ZA5103 3.500% 12/01/47		10,990		11,668
Pool #G67707 3.500% 1/01/48		3,210,441		3,529,965
Pool #G08800 3.500% 2/01/48		86,648		91,853
Pool #G67708 3.500% 3/01/48		332,255		361,053
Pool #G67710 3.500% 3/01/48		1,819,948		1,957,218
Pool #G08816 3.500% 6/01/48		755,360		800,266
Pool #G61556 3.500% 8/01/48		977,631		1,062,062
Pool #G60344 4.000% 12/01/45		1,052,368		1,165,963
Pool #G67711 4.000% 3/01/48		1,219,669		1,340,651
Pool #G67713 4.000% 6/01/48		5,655		6,186
Pool #G08843 4.500% 10/01/48		361,541		391,766
Pool #G08833 5.000% 7/01/48		264,965		293,761
Pool #G08844 5.000% 10/01/48		231,211		256,041
Federal National Mortgage Association
Pool #MA4152 2.000% 10/01/40		1,124,177		1,169,418
Pool #MA4176 2.000% 11/01/40		2,152,457		2,239,080
Pool #BL6060 2.455% 4/01/40		570,000		604,597
Pool #AM2808 2.700% 3/01/23		375,000		389,986
Pool #MA1607 3.000% 10/01/33		480,606		514,429
Pool #MA3811 3.000% 10/01/49		790,350		811,640
Pool #FN0039 3.182% VRN 9/01/27 ^(d)		639,636		720,321
Pool #AB4262 3.500% 1/01/32		418,329		451,328
Pool #MA1512 3.500% 7/01/33		219,460		236,429
Pool #MA1148 3.500% 8/01/42		1,432,560		1,563,471
Pool #CA0996 3.500% 1/01/48		245,458		266,585
Pool #MA3305 3.500% 3/01/48		63,922		67,745
Pool #BL1132 3.730% 1/01/29		920,000		1,089,891
Pool #MA1146 4.000% 8/01/42		598,172		658,098
Pool #AS9830 4.000% 6/01/47		393,670		423,882
Pool #MA3027 4.000% 6/01/47		483,736		520,860
Pool #AS9972 4.000% 7/01/47		386,032		414,693
Pool #931504 4.500% 7/01/39		64,912		72,863
Pool #CA1711 4.500% 5/01/48		373,933		406,491
Pool #CA1710 4.500% 5/01/48		1,098,764		1,190,931
Pool #CA2208 4.500% 8/01/48		700,494		759,515
Pool #AD6374 5.000% 5/01/40		16,804		19,376
Pool #AI2733 5.000% 5/01/41		115,944		133,509
Pool #977014 5.500% 5/01/38		24,003		28,203
Pool #985524 5.500% 6/01/38		17,575		20,644
Pool #988578 5.500% 8/01/38		128,461		150,885
Pool #995482 5.500% 1/01/39		94,820		111,282
Government National Mortgage Association II
Pool #MA4126 3.000% 12/20/46		1,309,869		1,378,328
Pool #MA4718 3.000% 9/20/47		148,987		156,727
Pool #MA4836 3.000% 11/20/47		550,772		579,385

The accompanying notes are an integral part of the financial statements.

169

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #MA6209 3.000% 10/20/49	$	898,110	$	920,070
Pool #MA3521 3.500% 3/20/46		519,545		560,754
Pool #MA3597 3.500% 4/20/46		162,420		175,302
Pool #MA3663 3.500% 5/20/46		241,980		261,173
Pool #MA3937 3.500% 9/20/46		197,509		212,990
Pool #MA4127 3.500% 12/20/46		682,256		735,091
Pool #MA4262 3.500% 2/20/47		745,069		802,070
Pool #MA4382 3.500% 4/20/47		201,467		216,566
Pool #MA4719 3.500% 9/20/47		265,167		284,045
Pool #MA4837 3.500% 11/20/47		542,131		580,726
Pool #MA4900 3.500% 12/20/47		1,968,414		2,104,858
Pool #MA4653 4.000% 8/20/47		102,152		110,030
Pool #MA4838 4.000% 11/20/47		447,159		481,364
Pool #MA4901 4.000% 12/20/47		194,920		209,830
Pool #MA5078 4.000% 3/20/48		741,189		797,422
Pool #MA5466 4.000% 9/20/48		790,855		849,373
Pool #MA5399 4.500% 8/20/48		1,533,288		1,656,906
Pool #MA3666 5.000% 5/20/46		151,938		173,829
Pool #MA4199 5.000% 1/20/47		173,552		198,721
Pool #MA4454 5.000% 5/20/47		297,182		331,271
Pool #MA4722 5.000% 9/20/47		371,841		413,331
Government National Mortgage Association II TBA
2.000% 1/21/51 ^(b)		6,625,000		6,927,266
2.500% 1/21/51 ^(b)		3,800,000		4,022,062
Uniform Mortgage Backed Securities TBA
1.500% 1/16/36 ^(b)		1,675,000		1,723,941
2.000% 1/16/36 ^(b)		300,000		313,734
2.000% 1/14/51 ^(b)		13,700,000		14,235,156
2.000% 2/12/51 ^(b)		10,650,000		11,048,959
2.500% 1/14/51 ^(b)		1,600,000		1,686,750
2.500% 2/12/51 ^(b)		2,150,000		2,262,623
				100,501,686

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $104,538,333)				108,046,631

U.S. TREASURY OBLIGATIONS — 40.5%
U.S. Treasury Bonds & Notes — 40.5%
U.S. Treasury Bond
1.625% 11/15/50		17,565,000		17,498,453
U.S. Treasury Note
0.125% 10/31/22		16,415,000		16,416,666
0.125% 11/30/22		43,595,000		43,598,479
0.125% 12/31/22		13,390,000		13,391,034
0.250% 12/31/25		26,335,000		26,355,320

	Principal Amount		Value
0.375% 11/30/25	$	14,920,000	$	14,941,058
0.875% 11/15/30		5,149,000		5,131,620
				137,332,630

TOTAL U.S. TREASURY OBLIGATIONS (Cost $137,236,580)				137,332,630

TOTAL BONDS & NOTES (Cost $363,384,435)				375,949,751

TOTAL LONG-TERM INVESTMENTS (Cost $363,384,435)				375,949,751

SHORT-TERM INVESTMENTS — 1.2%
Commercial Paper — 0.2%
Ford Motor Credit Co.
2.920% 1/08/21 ^(a)		750,000		749,845

Sovereign Debt Obligation — 1.0%
Japan Treasury Discount Bill 0.000% 3/15/21 JPY (e)		360,000,000		3,487,216

TOTAL SHORT-TERM INVESTMENTS (Cost $4,204,922)				4,237,061

TOTAL INVESTMENTS — 112.1% (Cost $367,589,357) ^(f)				380,186,812

Other Assets/(Liabilities) — (12.1)%				(40,929,708	)

NET ASSETS — 100.0%			$	339,257,104

Abbreviation Legend

CLO	Collateralized Loan Obligation

FRN	Floating Rate Note

REMICS

Real Estate Mortgage Investment Conduits

STEP	Step Up Bond

TBA	To Be Announced

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

(b)	A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

The accompanying notes are an integral part of the financial statements.

170

MML Total Return Bond Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

(c)	Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At December 31, 2020, these securities amounted to a value of $543,465 or 0.16% of net assets.

(d)

Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at December 31, 2020.

(e)	The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

(f)	See Note 6 for aggregate cost for federal tax purposes.

Forward contracts

Counterparty

Settlement
Date

Currency Purchased

Currency Sold

Unrealized
Appreciation
(Depreciation)

Goldman Sachs International*

3/15/21

USD

3,459,227

JPY

360,000,000

(30,073

)

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra Bond		3/22/21		1	$	216,534		$	(2,971	)

Short
U.S. Treasury Ultra 10 Year		3/22/21		6	$	(941,518	)	$	3,362

* Contracts are subject to a Master Netting Agreement.

Currency Legend

JPY	Japanese Yen

USD	U.S. Dollar

The accompanying notes are an integral part of the financial statements.

171

MML Series Investment Fund – Financial Statements
Statements of Assets and Liabilities December 31, 2020

	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Assets:
Investments, at value - unaffiliated issuers (Note 2) ^(a)	$	18,433,219	$	20,433,917
Investments, at value - affiliated issuers (Notes 2 & 7) ^(b)		416,719,597		462,986,948
Repurchase agreements, at value (Note 2) ^(c)		—		—
Other short-term investments, at value (Note 2) ^(d)		—		—
Total investments ^(e)		435,152,816		483,420,865
Receivables from:
Investments sold
Regular delivery		995,965		658,976
Fund shares sold		3,169		76,072
Interest and dividends		—		—
Total assets		436,151,950		484,155,913
Liabilities:
Payables for:
Investments purchased
Regular delivery		—		—
Fund shares repurchased		996,437		732,107
Collateral held for securities on loan (Note 2) ^(f)		—		—
Trustees’ fees and expenses (Note 3)		41,796		50,918
Affiliates (Note 3):
Administration fees		—		—
Investment advisory fees		38,031		41,258
Service fees		219,895		237,693
Accrued expense and other liabilities		25,217		25,677
Total liabilities		1,321,376		1,087,653
Net assets	$	434,830,574	$	483,068,260
Net assets consist of:
Paid-in capital	$	396,869,583	$	435,979,497
Accumulated Gain (Loss)		37,960,991		47,088,763
Net assets	$	434,830,574	$	483,068,260

^(a)	Cost of investments - unaffiliated issuers:	$	17,328,414	$	18,490,746
^(b)	Cost of investments - affiliated issuers:	$	382,535,833	$	424,626,975
^(c)	Cost of repurchase agreements:	$	—	$	—
^(d)	Cost of other short-term investments:	$	—	$	—
^(e)	Securities on loan with market value of:	$	—	$	—
^(f)	Non-cash collateral is not included.

The accompanying notes are an integral part of the financial statements.

172

MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund		MML American Funds Growth Fund		MML American Funds International Fund		MML American Funds Core Allocation Fund		MML Blue Chip Growth Fund

$	25,690,068	$	41,373,735	$	9,447,154	$	257,741,838	$	61,118,911	$	944,760,769	$	532,690,474
	1,854,504,460		1,204,874,662		150,934,016		—		—		—		—
	—		—		—		—		—		—		997,767
	—		—		—		—		—		—		100
	1,880,194,528		1,246,248,397		160,381,170		257,741,838		61,118,911		944,760,769		533,688,341


	2,218,653		1,892,069		5,891		10,177,455		1,099,436		321,707		2,850,387
	4,454		13,460		1,944		327		681		2,669		12,358
	—		—		—		—		—		—		50,363
	1,882,417,635		1,248,153,926		160,389,005		267,919,620		62,219,028		945,085,145		536,601,449



	—		—		—		—		—		—		1,972,187
	2,211,810		1,897,538		6,918		10,176,357		1,099,770		318,829		770,998
	—		—		—		—		—		—		75,834
	188,776		153,827		11,123		10,903		5,283		73,513		39,041

	—		—		—		55,458		12,894		199,755		—
	159,963		108,289		13,441		33,275		7,736		155,710		333,834
	989,317		523,930		56,699		155,301		37,014		586,040		111,177
	26,173		25,914		25,447		24,151		25,766		23,770		67,104
	3,576,039		2,709,498		113,628		10,455,445		1,188,463		1,357,617		3,370,175
$	1,878,841,596	$	1,245,444,428	$	160,275,377	$	257,464,175	$	61,030,565	$	943,727,528	$	533,231,274

$	1,701,095,251	$	1,082,050,099	$	142,007,001	$	141,085,402	$	48,350,495	$	804,494,417	$	203,382,119
	177,746,345		163,394,329		18,268,376		116,378,773		12,680,070		139,233,111		329,849,155
$	1,878,841,596	$	1,245,444,428	$	160,275,377	$	257,464,175	$	61,030,565	$	943,727,528	$	533,231,274

$	24,830,089	$	34,697,759	$	7,387,050	$	156,446,097	$	49,313,484	$	829,260,902	$	261,715,120
$	1,715,938,950	$	1,093,643,846	$	137,638,126	$	—	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	—	$	—	$	997,767
$	—	$	—	$	—	$	—	$	—	$	—	$	100
$	—	$	—	$	—	$	—	$	—	$	—	$	127,286

The accompanying notes are an integral part of the financial statements.

173

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
December 31, 2020

	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Initial Class shares:
Net assets	$	96,649,296	$	109,924,125
Shares outstanding ^(a)		9,347,306		10,647,278
Net asset value, offering price and redemption price per share	$	10.34	$	10.32
Service Class shares:
Net assets	$	338,181,278	$	373,144,135
Shares outstanding ^(a)		33,086,015		36,513,997
Net asset value, offering price and redemption price per share	$	10.22	$	10.22
Service Class I shares:
Net assets	$	—	$	—
Shares outstanding ^(a)		—		—
Net asset value, offering price and redemption price per share	$	—	$	—

(a)	Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

174

MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund		MML American Funds Growth Fund		MML American Funds International Fund		MML American Funds Core Allocation Fund		MML Blue Chip Growth Fund

$	303,037,054	$	456,817,209	$	66,654,830	$	—	$	—	$	—	$	351,503,573
	27,958,768		48,682,870		6,300,840		—		—		—		17,136,250
$	10.84	$	9.38	$	10.58	$	—	$	—	$	—	$	20.51

$	1,575,804,542	$	788,627,219	$	93,620,547	$	—	$	—	$	—	$	181,727,701
	147,236,440		84,892,152		9,008,695		—		—		—		9,365,223
$	10.70	$	9.29	$	10.39	$	—	$	—	$	—	$	19.40

$	—	$	—	$	—	$	257,464,175	$	61,030,565	$	943,727,528	$	—
	—		—		—		13,166,048		5,640,523		77,581,716		—
$	—	$	—	$	—	$	19.56	$	10.82	$	12.16	$	—

The accompanying notes are an integral part of the financial statements.

175

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
December 31, 2020

	MML Equity Income Fund		MML Equity Index Fund
Assets:
Investments, at value (Note 2) ^(a)	$	450,222,088	$	649,777,927
Repurchase agreements, at value (Note 2) ^(b)		2,144,321		2,861,066
Other short-term investments, at value (Note 2) ^(c)		1,075		859,968
Total investments ^(d)		452,367,484		653,498,961
Foreign currency, at value ^(e)		—		—
Receivables from:
Investments sold
Regular delivery		3,018,058		—
Fund shares sold		228,903		69,939
Variation margin on open derivative instruments (Note 2)		—		27,089
Interest and dividends		793,037		481,308
Foreign taxes withheld		9,733		—
Total assets		456,417,215		654,077,297
Liabilities:
Payables for:
Investments purchased
Regular delivery		488,611		—
Fund shares repurchased		4,569,445		699,290
Collateral held for securities on loan (Note 2) ^(f)		2,861,044		257,366
Trustees’ fees and expenses (Note 3)		59,547		77,461
Affiliates (Note 3):
Administration fees		—		56,618
Investment advisory fees		287,801		52,053
Service fees		48,996		27,277
Due to custodian		—		—
Commitment and Contingent Liabilities (Note 10)		—		—
Accrued expense and other liabilities		49,300		65,452
Total liabilities		8,364,744		1,235,517
Net assets	$	448,052,471	$	652,841,780
Net assets consist of:
Paid-in capital	$	347,849,482	$	325,538,119
Accumulated Gain (Loss)		100,202,989		327,303,661
Net assets	$	448,052,471	$	652,841,780

^(a)	Cost of investments:	$	366,934,621	$	358,065,484
^(b)	Cost of repurchase agreements:	$	2,144,321	$	2,861,066
^(c)	Cost of other short-term investments:	$	1,075	$	859,930
^(d)	Securities on loan with market value of:	$	4,667,160	$	689,696
^(e)	Cost of foreign currency:	$	—	$	—
^(f)	Non-cash collateral is not included.

The accompanying notes are an integral part of the financial statements.

176

MML Focused Equity Fund		MML Foreign Fund		MML Fundamental Equity Fund		MML Fundamental Value Fund		MML Global Fund		MML Growth & Income Fund		MML Income & Growth Fund

$	292,541,267	$	277,871,851	$	181,992,509	$	193,432,301	$	402,025,124	$	154,115,842	$	268,379,142
	2,221,301		—		—		1,776,367		1,159,807		224,561		966,808
	—		—		—		—		—		—		—
	294,762,568		277,871,851		181,992,509		195,208,668		403,184,931		154,340,403		269,345,950
	—		73,714		156		62,924		2		—		—


	2,662,161		1,099,520		2,342,933		—		—		1,160,359		491,507
	1,356		13,560		1,233		45,676		45,427		5,371		85,944
	—		—		—		—		—		—		—
	307,880		139,110		86,756		189,533		206,610		89,365		345,130
	—		694,653		—		2,275		522,897		—		—
	297,733,965		279,892,408		184,423,587		195,509,076		403,959,867		155,595,498		270,268,531



	123		—		1,664,216		154,421		—		—		—
	394,726		2,167,159		275,094		251,726		598,335		88,544		332,639
	—		1,384,583		293,570		—		4,798,170		—		1,223,750
	9,579		43,199		14,673		20,181		19,322		19,924		26,700

	37,925		—		23,434		25,023		50,670		—		—
	172,875		200,980		93,735		100,095		202,680		65,161		148,236
	12,271		5,161		11,942		9,534		10,826		30,095		16,192
	—		1,222,182		587,537		—		—		—		34,658
	—		—		—		—		—		—		—
	50,634		40,413		32,509		39,225		72,522		32,793		47,123
	678,133		5,063,677		2,996,710		600,205		5,752,525		236,517		1,829,298
$	297,055,832	$	274,828,731	$	181,426,877	$	194,908,871	$	398,207,342	$	155,358,981	$	268,439,233

$	230,032,674	$	253,946,515	$	128,328,396	$	163,035,962	$	270,461,633	$	76,346,763	$	233,700,499
	67,023,158		20,882,216		53,098,481		31,872,909		127,745,709		79,012,218		34,738,734
$	297,055,832	$	274,828,731	$	181,426,877	$	194,908,871	$	398,207,342	$	155,358,981	$	268,439,233

$	245,447,713	$	254,866,786	$	147,645,752	$	160,777,851	$	310,436,416	$	85,862,095	$	226,313,894
$	2,221,301	$	—	$	—	$	1,776,367	$	1,159,807	$	224,561	$	966,808
$	—	$	—	$	—	$	—	$	—	$	—	$	—
$	—	$	7,004,774	$	6,799,022	$	—	$	10,278,531	$	—	$	1,197,240
$	—	$	73,388	$	154	$	59,604	$	2	$	—	$	—

The accompanying notes are an integral part of the financial statements.

177

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
December 31, 2020

	MML Equity Income Fund		MML Equity Index Fund
Initial Class shares:
Net assets	$	365,381,608	$	—
Shares outstanding ^(a)		35,533,113		—
Net asset value, offering price and redemption price per share	$	10.28	$	—
Class I shares:
Net assets	$	—	$	61,002,433
Shares outstanding ^(a)		—		2,098,510
Net asset value, offering price and redemption price per share	$	—	$	29.07
Class II shares:
Net assets	$	—	$	239,889,660
Shares outstanding ^(a)		—		8,260,123
Net asset value, offering price and redemption price per share	$	—	$	29.04
Class III shares:
Net assets	$	—	$	307,588,838
Shares outstanding		—		10,615,107
Net asset value, offering price and redemption price per share	$	—	$	28.98
Service Class shares:
Net assets	$	82,670,863	$	—
Shares outstanding ^(a)		8,155,848		—
Net asset value, offering price and redemption price per share	$	10.14	$	—
Service Class I shares:
Net assets	$	—	$	44,360,849
Shares outstanding ^(a)		—		1,597,989
Net asset value, offering price and redemption price per share	$	—	$	27.76

(a)	Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

178

MML Focused Equity Fund		MML Foreign Fund		MML Fundamental Equity Fund		MML Fundamental Value Fund		MML Global Fund		MML Growth & Income Fund		MML Income & Growth Fund

$	—	$	266,505,508	$	—	$	—	$	—	$	105,572,691	$	241,441,380
	—		26,609,691		—		—		—		5,142,680		24,149,166
$	—	$	10.02	$	—	$	—	$	—	$	20.53	$	10.00

$	—	$	—	$	—	$	—	$	361,660,127	$	—	$	—
	—		—		—		—		25,915,981		—		—
$	—	$	—	$	—	$	—	$	13.96	$	—	$	—

$	277,370,006	$	—	$	161,496,346	$	178,953,055	$	18,460,923	$	—	$	—
	38,237,276		—		15,057,866		15,406,490		1,290,233		—		—
$	7.25	$	—	$	10.73	$	11.62	$	14.31	$	—	$	—

$	—	$	—	$	—	$	—	$	—	$	—	$	—
	—		—		—		—		—		—		—
$	—	$	—	$	—	$	—	$	—	$	—	$	—

$	—	$	8,323,223	$	—	$	—	$	—	$	49,786,290	$	26,997,853
	—		836,100		—		—		—		2,449,344		2,744,896
$	—	$	9.95	$	—	$	—	$	—	$	20.33	$	9.84

$	19,685,826	$	—	$	19,930,531	$	15,955,816	$	18,086,292	$	—	$	—
	2,819,919		—		1,932,969		1,405,953		1,314,265		—		—
$	6.98	$	—	$	10.31	$	11.35	$	13.76	$	—	$	—

The accompanying notes are an integral part of the financial statements.

179

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
December 31, 2020

	MML International Equity Fund		MML Large Cap Growth Fund
Assets:
Investments, at value (Note 2) ^(a)	$	162,333,693	$	141,952,073
Repurchase agreements, at value (Note 2) ^(b)		4,051,484		939,592
Other short-term investments, at value (Note 2) ^(c)		—		—
Total investments ^(d)		166,385,177		142,891,665
Cash		—		—
Foreign currency, at value ^(e)		739		—
Receivables from:
Investments sold
Regular delivery		268,322		—
Delayed delivery		—		—
Open forward contracts (Note 2)		—		—
Fund shares sold		18		18,112
Collateral pledged for open futures contracts (Note 2)		—		—
Investment adviser (Note 3)		12,864		—
Interest and dividends		34,118		50,194
Interest tax reclaim		—		—
Foreign taxes withheld		620,244		51,561
Total assets		167,321,482		143,011,532
Liabilities:
Payables for:
Investments purchased
Regular delivery		90,892		—
Delayed delivery		—		—
Written options outstanding, at value (Note 2) ^(f)		—		—
Open forward contracts (Note 2)		2,916		—
Fund shares repurchased		168,307		176,017
Payable for premium on purchased options		—		—
Collateral held for securities on loan (Note 2) ^(g)		—		—
Trustees’ fees and expenses (Note 3)		12,043		17,190
Variation margin on open derivative instruments (Note 2)		—		—
Affiliates (Note 3):
Administration fees		21,284		—
Investment advisory fees		113,516		78,349
Service fees		3,989		13,224
Due to custodian		—		—
Accrued expense and other liabilities		192,818		37,170
Total liabilities		605,765		321,950
Net assets	$	166,715,717	$	142,689,582
Net assets consist of:
Paid-in capital	$	162,683,704	$	64,287,952
Accumulated Gain (Loss)		4,032,013		78,401,630
Net assets	$	166,715,717	$	142,689,582

^(a)	Cost of investments:	$	141,140,492	$	80,843,905
^(b)	Cost of repurchase agreements:	$	4,051,484	$	939,592
^(c)	Cost of other short-term investments:	$	—	$	—
^(d)	Securities on loan with market value of:	$	—	$	—
^(e)	Cost of foreign currency:	$	730	$	—
^(f)	Premiums on written options:	$	—	$	—
^(g)	Non-cash collateral is not included.

The accompanying notes are an integral part of the financial statements.

180

MML Managed Volatility Fund		MML Mid Cap Growth Fund		MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund		MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Total Return Bond Fund

$	136,626,529	$	546,911,840	$	397,898,931	$	222,385,622	$	91,989,088	$	192,695,219	$	375,949,751
	2,709,183		10,695,884		2,326,692		1,482,608		320,755		1,974,455		—
	—		372		—		—		100		—		4,237,061
	139,335,712		557,608,096		400,225,623		223,868,230		92,309,943		194,669,674		380,186,812
	—		—		104,030		—		—		—		53,610
	29,882		—		—		12		—		—		2


	3,392,734		2,045,346		1,129,393		1,936,596		624,285		540,390		1,909,901
	—		—		—		—		—		—		11,220,729
	—		—		41,868		—		—		—		—
	6,412,974		33,378		310,299		2,351		599		1,009		2,982
	—		—		—		—		—		—		531,000
	—		—		—		—		—		—		—
	102,781		115,864		694,054		89,260		49,569		212,780		1,099,165
	—		—		—		—		—		—		967
	—		—		8,392		—		—		—		—
	149,274,083		559,802,684		402,513,659		225,896,449		92,984,396		195,423,853		395,005,168



	—		498,957		330,140		202,838		3,635		294,119		373,856
	—		—		—		—		—		—		54,594,352
	4,423,200		—		—		—		—		—		—
	—		—		245,082		—		—		—		30,073
	3,031		2,197,057		1,619,825		10,574,606		180,990		8,476,277		447,079
	993,277		—		—		—		—		—		—
	33,892		3,925,556		—		3,122,111		243,686		—		—
	33,278		46,343		54,535		33,137		10,660		26,334		35,372
	—		—		—		—		—		—		551

	—		—		—		—		11,740		—		43,249
	87,427		360,350		287,832		191,526		62,615		124,292		115,331
	16,859		71,429		30,836		18,047		15,612		13,529		30,792
	—		—		—		504,767		—		—		—
	87,783		65,485		62,819		37,496		32,837		42,157		77,409
	5,678,747		7,165,177		2,631,069		14,684,528		561,775		8,976,708		55,748,064
$	143,595,336	$	552,637,507	$	399,882,590	$	211,211,921	$	92,422,621	$	186,447,145	$	339,257,104

$	92,533,545	$	277,300,315	$	335,564,501	$	117,200,344	$	61,534,514	$	159,699,792	$	302,938,378
	51,061,791		275,337,192		64,318,089		94,011,577		30,888,107		26,747,353		36,318,726
$	143,595,336	$	552,637,507	$	399,882,590	$	211,211,921	$	92,422,621	$	186,447,145	$	339,257,104

$	82,426,614	$	366,199,249	$	339,593,107	$	159,243,823	$	66,617,945	$	161,431,878	$	363,384,435
$	2,709,183	$	10,695,884	$	2,326,692	$	1,482,608	$	320,755	$	1,974,455	$	—
$	—	$	372	$	—	$	—	$	100	$	—	$	4,204,922
$	46,787	$	15,904,553	$	—	$	25,628,995	$	3,698,970	$	3,953,829	$	—
$	28,943	$	—	$	—	$	11	$	—	$	—	$	1
$	3,546,460	$	—	$	—	$	—	$	—	$	—	$	—

The accompanying notes are an integral part of the financial statements.

181

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
December 31, 2020

	MML International Equity Fund		MML Large Cap Growth Fund
Initial Class shares:
Net assets	$	—	$	120,463,912
Shares outstanding ^(a)		—		8,615,202
Net asset value, offering price and redemption price per share	$	—	$	13.98
Class II shares:
Net assets	$	159,694,310	$	—
Shares outstanding ^(a)		16,003,376		—
Net asset value, offering price and redemption price per share	$	9.98	$	—
Service Class shares:
Net assets	$	—	$	22,225,670
Shares outstanding ^(a)		—		1,657,612
Net asset value, offering price and redemption price per share	$	—	$	13.41
Service Class I shares:
Net assets	$	7,021,407	$	—
Shares outstanding ^(a)		710,459		—
Net asset value, offering price and redemption price per share	$	9.88	$	—

(a)	Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

182

MML Managed Volatility Fund		MML Mid Cap Growth Fund		MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund		MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Total Return Bond Fund

$	116,694,301	$	434,829,655	$	348,613,600	$	180,047,254	$	—	$	164,144,677	$	—
	8,467,007		24,023,856		32,907,325		10,677,485		—		15,009,081		—
$	13.78	$	18.10	$	10.59	$	16.86	$	—	$	10.94	$	—

$	—	$	—	$	—	$	—	$	65,955,405	$	—	$	288,004,668
	—		—		—		—		4,325,832		—		25,521,663
$	—	$	—	$	—	$	—	$	15.25	$	—	$	11.28

$	26,901,035	$	117,807,852	$	51,268,990	$	31,164,667	$	—	$	22,302,468	$	—
	1,968,115		6,892,094		4,939,303		2,013,469		—		2,066,029		—
$	13.67	$	17.09	$	10.38	$	15.48	$	—	$	10.79	$	—

$	—	$	—	$	—	$	—	$	26,467,216	$	—	$	51,252,436
	—		—		—		—		1,805,756		—		4,601,984
$	—	$	—	$	—	$	—	$	14.66	$	—	$	11.14

The accompanying notes are an integral part of the financial statements.

183

MML Series Investment Fund – Financial Statements (Continued)
Statements of Operations For the Year Ended December 31, 2020

	MML Conservative Allocation Fund			MML Balanced Allocation Fund
Investment income (Note 2):
Dividends - unaffiliated issuers ^(a)	$	798,944		$	877,301
Dividends - affiliated issuers (Note 7)		3,696,504			4,571,670
Interest		—			—
Securities lending net income		—			—
Total investment income		4,495,448			5,448,971
Expenses (Note 3):
Investment advisory fees		413,186			497,326
Custody fees		20,705			20,776
Audit fees		33,741			33,996
Legal fees		7,528			11,868
Proxy fees		1,113			1,114
Shareholder reporting fees		16,559			18,789
Trustees’ fees		19,071			23,699
		511,903			607,568
Administration fees:
Service Class I		—			—
Distribution and Service fees:
Service Class		795,959			949,710
Service Class I		—			—
Total expenses:		1,307,862			1,557,278
Net investment income (loss)		3,187,586			3,891,693
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - unaffiliated issuers		206,471			355,051
Investment transactions - affiliated issuers (Note 7)		(550,908	)		(2,375,384	)
Foreign currency transactions		—			—
Realized gain distributions - unaffiliated issuers		218,049			286,657
Realized gain distributions - affiliated issuers (Note 7)		9,825,722			14,235,270
Net realized gain (loss)		9,699,334			12,501,594
Net change in unrealized appreciation (depreciation) on:
Investment transactions - unaffiliated issuers		408,837			650,731
Investment transactions - affiliated issuers (Note 7)		27,786,373			31,363,751
Translation of assets and liabilities in foreign currencies		—			—
Net change in unrealized appreciation (depreciation)		28,195,210			32,014,482
Net realized gain (loss) and change in unrealized appreciation (depreciation)		37,894,544			44,516,076
Net increase (decrease) in net assets resulting from operations	$	41,082,130		$	48,407,769

^(a)

Net of foreign withholding tax of:

—

The accompanying notes are an integral part of the financial statements.

184

MML Moderate Allocation Fund			MML Growth Allocation Fund			MML Aggressive Allocation Fund			MML American Funds Growth Fund			MML American Funds International Fund		MML American Funds Core Allocation Fund		MML Blue Chip Growth Fund

$	2,434,441		$	1,969,855		$	237,552		$	1,203,917		$	496,413	$	16,679,165	$	2,053,522
	19,235,856			14,439,828			1,570,980			—			—		—		—
	—			—			—			—			—		—		2,951
	—			—			—			—			—		—		6,428
	21,670,297			16,409,683			1,808,532			1,203,917			496,413		16,679,165		2,062,901

	1,918,121			1,384,291			148,694			323,718			85,267		1,817,242		3,588,939
	21,008			20,881			20,498			—			—		6,411		52,211
	37,547			36,222			33,138			33,234			32,920		35,011		39,672
	45,411			33,137			3,570			4,404			1,159		18,714		10,500
	1,114			1,114			1,114			1,114			1,114		1,114		1,114
	47,956			37,184			11,651			13,456			10,006		28,414		56,848
	90,303			65,601			6,968			9,753			2,703		43,606		22,024
	2,161,460			1,578,430			225,633			385,679			133,169		1,950,512		3,771,308

	—			—			—			539,530			142,111		2,328,203		—

	3,951,907			2,176,103			214,509			—			—		—		387,287
	—			—			—			539,530			142,111		2,328,203		—
	6,113,367			3,754,533			440,142			1,464,739			417,391		6,606,918		4,158,595
	15,556,930			12,655,150			1,368,390			(260,822	)		79,022		10,072,247		(2,095,694	)


	8,744,526			4,835,576			(229,467	)		9,972,400			874,130		6,192,668		60,385,153
	(16,152,946	)		(10,673,906	)		(1,342,522	)		—			—		—		—
	—			—			—			—			—		—		343
	1,033,547			1,028,554			182,267			5,119,609			—		12,841,245		—
	65,160,874			58,143,018			7,171,752			—			—		—		—
	58,786,001			53,333,242			5,782,030			15,092,009			874,130		19,033,913		60,385,496

	(6,390,596	)		411,680			1,355,454			79,479,443			6,485,352		69,309,779		91,947,481
	106,644,620			84,243,906			9,955,458			—			—		—		—
	—			—			—			—			—		—		(24	)
	100,254,024			84,655,586			11,310,912			79,479,443			6,485,352		69,309,779		91,947,457
	159,040,025			137,988,828			17,092,942			94,571,452			7,359,482		88,343,692		152,332,953
$	174,596,955		$	150,643,978		$	18,461,332		$	94,310,630		$	7,438,504	$	98,415,939	$	150,237,259

—

1,235

The accompanying notes are an integral part of the financial statements.

185

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations
For the Year Ended December 31, 2020

	MML Equity Income Fund			MML Equity Index Fund
Investment income (Note 2):
Dividends ^(a)	$	13,016,094		$	10,615,858
Interest		81,822			11,041
Securities lending net income		26,125			8,106
Non cash income		—			25,830
Total investment income		13,124,041			10,660,835
Expenses (Note 3):
Investment advisory fees		3,201,140			558,957
Custody fees		36,465			46,699
Audit fees		38,563			39,886
Legal fees		12,735			14,274
Proxy fees		1,114			1,114
Shareholder reporting fees		51,527			67,999
Trustees’ fees		20,406			26,891
		3,361,950			755,820
Administration fees:
Class I		—			164,268
Class II		—			313,856
Service Class I		—			126,446
Distribution and Service fees:
Service Class		187,306			—
Service Class I		—			105,372
Total expenses		3,549,256			1,465,762
Expenses waived (Note 3):
Initial Class advisory fees waived		(105,570	)		—
Class II advisory fees waived		—			—
Service Class advisory fees waived		(22,476	)		—
Service Class I advisory fees waived		—			—
Net expenses:		3,421,210			1,465,762
Net investment income (loss)		9,702,831			9,195,073
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		7,501,902			31,016,027
Futures contracts		184,306			567,137
Foreign currency transactions		798			—
Net realized gain (loss)		7,687,006			31,583,164
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(10,565,523	)		62,952,812
Futures contracts		—			16,001
Translation of assets and liabilities in foreign currencies		(1,080	)		—
Net change in unrealized appreciation (depreciation)		(10,566,603	)		62,968,813
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(2,879,597	)		94,551,977
Net increase (decrease) in net assets resulting from operations	$	6,823,234		$	103,747,050

^(a)

Net of foreign withholding tax of:

199,199

—

The accompanying notes are an integral part of the financial statements.

186

MML Focused Equity Fund			MML Foreign Fund			MML Fundamental Equity Fund			MML Fundamental Value Fund			MML Global Fund			MML Growth & Income Fund			MML Income & Growth Fund

$	5,957,506		$	6,752,177		$	2,373,096		$	4,857,658		$	6,760,837		$	2,273,753		$	6,400,586
	8,844			4,305			2,282			7,940			4,971			5,619			16,817
	5,750			16,614			28,093			1,522			15,925			673			2,261
	—			—			—			—			—			—			—
	5,972,100			6,773,096			2,403,471			4,867,120			6,781,733			2,280,045			6,419,664

	2,069,939			2,374,170			946,257			1,169,353			2,427,427			712,132			1,703,963
	23,422			16,442			25,927			27,191			88,498			21,744			25,868
	38,433			41,709			38,135			38,311			42,113			38,173			39,170
	6,926			5,916			3,313			4,284			9,056			3,106			7,854
	1,114			1,114			1,114			1,114			1,114			1,114			1,114
	37,080			38,536			28,232			26,014			47,061			23,827			34,502
	13,952			13,228			6,963			9,169			18,835			6,617			12,590
	2,190,866			2,491,115			1,049,941			1,275,436			2,634,104			806,713			1,825,061

	—			—			—			—			558,059			—			—
	427,662			—			207,769			271,060			24,525			—			—
	27,374			—			25,677			21,278			24,273			—			—

	—			20,847			—			—			—			111,023			61,953
	45,623			—			42,795			35,464			40,456			—			—
	2,691,525			2,511,962			1,326,182			1,603,238			3,281,417			917,736			1,887,014

	—			(91,639	)		—			—			—			—			—
	—			—			(7,406	)		(36,141	)		—			—			—
	—			(2,908	)		—			—			—			—			—
	—			—			(1,008	)		(2,837	)		—			—			—
	2,691,525			2,417,415			1,317,768			1,564,260			3,281,417			917,736			1,887,014
	3,280,575			4,355,681			1,085,703			3,302,860			3,500,316			1,362,309			4,532,650


	16,894,896			(6,244,680	)		17,949,074			(3,923,838	)		33,396,516			9,115,123			(11,849,121	)
	—			—			—			—			—			—			—
	(3,109	)		(166,259	)		(8,658	)		2,406			(16,962	)		(2,235	)		—
	16,891,787			(6,410,939	)		17,940,416			(3,921,432	)		33,379,554			9,112,888			(11,849,121	)

	16,223,936			15,287,232			15,353,807			5,431,589			13,686,859			9,054,175			11,417,007
	—			—			—			—			—			—			—
	(123	)		52,162			2			3,053			42,593			(41	)		—
	16,223,813			15,339,394			15,353,809			5,434,642			13,729,452			9,054,134			11,417,007
	33,115,600			8,928,455			33,294,225			1,513,210			47,109,006			18,167,022			(432,114	)
$	36,396,175		$	13,284,136		$	34,379,928		$	4,816,070		$	50,609,322		$	19,529,331		$	4,100,536

23,721

615,076

10,553

31,243

463,288

21,881

—

The accompanying notes are an integral part of the financial statements.

187

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations
For the Year Ended December 31, 2020

	MML International Equity Fund			MML Large Cap Growth Fund
Investment income (Note 2):
Dividends ^(a)	$	2,025,753		$	1,071,219
Interest		5,915			2,316
Securities lending net income		8,335			123
Non cash income		121,258			—
Total investment income		2,161,261			1,073,658
Expenses (Note 3):
Investment advisory fees		1,242,930			845,744
Custody fees		92,277			21,997
Audit fees		52,997			38,099
Legal fees		3,363			2,810
Proxy fees		1,114			1,114
Shareholder reporting fees		26,874			22,504
Trustees’ fees		7,481			5,900
		1,427,036			938,168
Administration fees:
Class II		224,371			—
Service Class I		8,678			—
Distribution and Service fees:
Service Class		—			46,393
Service Class I		14,464			—
Total expenses		1,674,549			984,561
Expenses waived (Note 3):
Class II fees reimbursed by adviser		(102,466	)		—
Service Class I fees reimbursed by adviser		(3,957	)		—
Initial Class advisory fees waived		—			—
Class II advisory fees waived		—			—
Service Class advisory fees waived		—			—
Service Class I advisory fees waived		—			—
Net expenses:		1,568,126			984,561
Net investment income (loss)		593,135			89,097
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		(14,973,562	)		17,606,300
Futures contracts		—			—
Written options		—			—
Swap agreements		—			—
Foreign currency transactions		(10,244	)		—
Forward contracts		(111,452	)		—
Net realized gain (loss)		(15,095,258	)		17,606,300
Net change in unrealized appreciation (depreciation) on:
Investment transactions		22,502,405	*		20,787,845
Futures contracts		—			—
Written options		—			—
Swap agreements		—			—
Translation of assets and liabilities in foreign currencies		50,792			—
Forward contracts		19,395			—
Net change in unrealized appreciation (depreciation)		22,572,592			20,787,845
Net realized gain (loss) and change in unrealized appreciation (depreciation)		7,477,334			38,394,145
Net increase (decrease) in net assets resulting from operations	$	8,070,469		$	38,483,242

^(a)	Net of foreign withholding tax of:					$	237,974			$	38,920
*	Net of net increase (decrease) in accrued foreign capital gains tax of:					$	(109,368	)		$	—

The accompanying notes are an integral part of the financial statements.

188

MML Managed Volatility Fund			MML Mid Cap Growth Fund			MML Mid Cap Value Fund			MML Small Cap Growth Equity Fund			MML Small Company Value Fund			MML Small/Mid Cap Value Fund			MML Total Return Bond Fund

$	2,577,090		$	3,087,334		$	9,794,575		$	1,433,177		$	1,092,244		$	3,118,186		$	—
	5,972			49,526			9,314			4,438			2,735			4,753			8,247,883
	651			35,982			20,340			69,064			45,677			4,646			7,482
	—			—			—			—			—			—			—
	2,583,713			3,172,842			9,824,229			1,506,679			1,140,656			3,127,585			8,255,365

	1,052,174			3,916,355			3,295,001			1,918,242			684,846			1,308,435			1,387,943
	363,597			59,382			64,819			40,553			28,981			32,864			101,821
	38,190			39,684			39,489			40,633			38,748			38,285			57,761
	4,178			11,054			11,791			3,971			1,863			3,767			16,411
	1,114			1,114			1,114			1,114			1,114			1,114			1,114
	27,110			64,919			47,965			26,978			18,016			25,635			50,861
	6,770			23,547			18,810			8,719			4,192			8,497			16,679
	1,493,133			4,116,055			3,478,989			2,040,210			777,760			1,418,597			1,632,590

	—			—			—			—			94,231			—			457,226
	—			—			—			—			34,178			—			63,253

	69,277			262,155			116,682			62,626			—			49,562			—
	—			—			—			—			56,963			—			105,421
	1,562,410			4,378,210			3,595,671			2,102,836			963,132			1,468,159			2,258,490

	—			—			—			—			—			—			(27,620	)
	—			—			—			—			—			—			(3,203	)
	—			—			—			(36,295	)		—			—			—
	—			—			—			—			(31,405	)		—			—
	—			—			—			(5,735	)		—			—			—
	—			—			—			—			(11,398	)		—			—
	1,562,410			4,378,210			3,595,671			2,060,806			920,329			1,468,159			2,227,667
	1,021,303			(1,205,368	)		6,228,558			(554,127	)		220,327			1,659,426			6,027,698


	25,426,334			96,918,378			6,278,148			32,030,508			5,638,218			(5,515,350	)		15,432,085
	—			—			—			—			—			—			2,614,368
	(14,687,208	)		—			—			—			—			—			80,096
	—			—			—			—			—			—			18,450
	—			4			(11,414	)		(716	)		—			—			286,694
	—			—			(1,392,959	)		—			—			—			144,777
	10,739,126			96,918,382			4,873,775			32,029,792			5,638,218			(5,515,350	)		18,576,470

	(4,239,405	)		31,264,718			(2,003,420	)		30,418,630			774,734			15,147,890			5,134,626
	—			—			—			—			—			—			79,794
	341,641			—			—			—			—			—			—
	—			—			—			—			—			—			(395	)
	590			—			195			(29	)		—			—			(148	)
	—			—			119,269			—			—			—			(107,168	)
	(3,897,174	)		31,264,718			(1,883,956	)		30,418,601			774,734			15,147,890			5,106,709
	6,841,952			128,183,100			2,989,819			62,448,393			6,412,952			9,632,540			23,683,179
$	7,863,255		$	126,977,732		$	9,218,377		$	61,894,266		$	6,633,279		$	11,291,966		$	29,710,877

	$	—			$	6,449			$	114,230			$	3,431			$	2,064			$	16,056			$	—
	$	—			$	—			$	—			$	—			$	—			$	—			$	—

The accompanying notes are an integral part of the financial statements.

189

MML Series Investment Fund – Financial Statements (Continued)
Statements of Changes in Net Assets

	MML Conservative Allocation Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,187,586		$	9,728,483
Net realized gain (loss)		9,699,334			10,627,600
Net change in unrealized appreciation (depreciation)		28,195,210			36,659,219
Net increase (decrease) in net assets resulting from operations		41,082,130			57,015,302
Distributions to shareholders (Note 2):
Initial Class		(5,143,809	)		(5,987,929	)
Service Class		(17,167,168	)		(19,874,970	)
Total distributions		(22,310,977	)		(25,862,899	)
Net fund share transactions (Note 5):
Initial Class		(3,006,178	)		(2,731,337	)
Service Class		11,117,616			(17,500,386	)
Increase (decrease) in net assets from fund share transactions		8,111,438			(20,231,723	)
Total increase (decrease) in net assets		26,882,591			10,920,680
Net assets
Beginning of year		407,947,983			397,027,303
End of year	$	434,830,574		$	407,947,983

The accompanying notes are an integral part of the financial statements.

190

MML Balanced Allocation Fund						MML Moderate Allocation Fund
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019


$	3,891,693		$	11,251,106		$	15,556,930		$	38,604,248
	12,501,594			16,442,426			58,786,001			81,319,671
	32,014,482			53,288,160			100,254,024			235,039,836
	48,407,769			80,981,692			174,596,955			354,963,755

	(7,252,946	)		(8,806,961	)		(24,418,984	)		(31,558,407	)
	(22,625,157	)		(28,322,059	)		(108,694,392	)		(144,073,299	)
	(29,878,103	)		(37,129,020	)		(133,113,376	)		(175,631,706	)

	(19,721,783	)		(837,627	)		(80,376,454	)		(2,709,458	)
	(50,072,660	)		(16,089,521	)		(211,957,239	)		(86,865,404	)
	(69,794,443	)		(16,927,148	)		(292,333,693	)		(89,574,862	)
	(51,264,777	)		26,925,524			(250,850,114	)		89,757,187

	534,333,037			507,407,513			2,129,691,710			2,039,934,523
$	483,068,260		$	534,333,037		$	1,878,841,596		$	2,129,691,710

The accompanying notes are an integral part of the financial statements.

191

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Growth Allocation Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	12,655,150		$	22,650,964
Net realized gain (loss)		53,333,242			86,057,251
Net change in unrealized appreciation (depreciation)		84,655,586			180,346,855
Net increase (decrease) in net assets resulting from operations		150,643,978			289,055,070
Distributions to shareholders (Note 2):
Initial Class		(43,790,723	)		(58,967,879	)
Service Class		(72,284,951	)		(99,752,639	)
Service Class I		—			—
Total distributions		(116,075,674	)		(158,720,518	)
Net fund share transactions (Note 5):
Initial Class		(128,925,894	)		(12,292,505	)
Service Class		(211,691,232	)		(18,633,415	)
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(340,617,126	)		(30,925,920	)
Total increase (decrease) in net assets		(306,048,822	)		99,408,632
Net assets
Beginning of year		1,551,493,250			1,452,084,618
End of year	$	1,245,444,428		$	1,551,493,250

The accompanying notes are an integral part of the financial statements.

192

MML Aggressive Allocation Fund						MML American Funds Growth Fund
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019


$	1,368,390		$	1,642,529		$	(260,822	)	$	570,854
	5,782,030			8,932,582			15,092,009			23,576,540
	11,310,912			21,689,527			79,479,443			23,915,036
	18,461,332			32,264,638			94,310,630			48,062,430

	(5,424,704	)		(6,937,589	)		—			—
	(7,141,143	)		(9,487,948	)		—			—
	—			—			(24,143,106	)		(24,103,348	)
	(12,565,847	)		(16,425,537	)		(24,143,106	)		(24,103,348	)

	(3,763,403	)		5,117,999			—			—
	(5,252,856	)		3,031,713			—			—
	—			—			(9,739,042	)		10,716,727
	(9,016,259	)		8,149,712			(9,739,042	)		10,716,727
	(3,120,774	)		23,988,813			60,428,482			34,675,809

	163,396,151			139,407,338			197,035,693			162,359,884
$	160,275,377		$	163,396,151		$	257,464,175		$	197,035,693

The accompanying notes are an integral part of the financial statements.

193

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML American Funds International Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	79,022		$	587,822
Net realized gain (loss)		874,130			3,242,397
Net change in unrealized appreciation (depreciation)		6,485,352			8,463,025
Net increase (decrease) in net assets resulting from operations		7,438,504			12,293,244
Distributions to shareholders (Note 2):
Initial Class		—			—
Service Class		—			—
Service Class I		(3,830,988	)		(4,781,345	)
Total distributions		(3,830,988	)		(4,781,345	)
Net fund share transactions (Note 5):
Initial Class		—			—
Service Class		—			—
Service Class I		(6,520,093	)		(281,004	)
Increase (decrease) in net assets from fund share transactions		(6,520,093	)		(281,004	)
Total increase (decrease) in net assets		(2,912,577	)		7,230,895
Net assets
Beginning of year		63,943,142			56,712,247
End of year	$	61,030,565		$	63,943,142

The accompanying notes are an integral part of the financial statements.

194

MML American Funds Core Allocation Fund						MML Blue Chip Growth Fund
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019


$	10,072,247		$	15,031,237		$	(2,095,694	)	$	(687,556	)
	19,033,913			47,561,727			60,385,496			42,327,464
	69,309,779			101,458,840			91,947,457			61,935,453
	98,415,939			164,051,804			150,237,259			103,575,361

	—			—			(28,187,061	)		(35,871,142	)
	—			—			(14,108,057	)		(16,692,604	)
	(66,435,525	)		(93,729,834	)		—			—
	(66,435,525	)		(93,729,834	)		(42,295,118	)		(52,563,746	)

	—			—			(28,085,143	)		12,687,751
	—			—			11,700,654			24,456,475
	(89,664,279	)		(24,961,620	)		—			—
	(89,664,279	)		(24,961,620	)		(16,384,489	)		37,144,226
	(57,683,865	)		45,360,350			91,557,652			88,155,841

	1,001,411,393			956,051,043			441,673,622			353,517,781
$	943,727,528		$	1,001,411,393		$	533,231,274		$	441,673,622

The accompanying notes are an integral part of the financial statements.

195

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Equity Income Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	9,702,831		$	10,031,026
Net realized gain (loss)		7,687,006			30,331,581
Net change in unrealized appreciation (depreciation)		(10,566,603	)		67,301,960
Net increase (decrease) in net assets resulting from operations		6,823,234			107,664,567
Distributions to shareholders (Note 2):
Initial Class		(33,362,820	)		(42,720,131	)
Class I		—			—
Class II		—			—
Class III		—			—
Service Class		(6,937,635	)		(9,473,801	)
Service Class I		—			—
Total distributions		(40,300,455	)		(52,193,932	)
Net fund share transactions (Note 5):
Initial Class		(3,989,422	)		(7,947,021	)
Class I		—			—
Class II		—			—
Class III		—			—
Service Class		1,860,902			1,853,062
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(2,128,520	)		(6,093,959	)
Total increase (decrease) in net assets		(35,605,741	)		49,376,676
Net assets
Beginning of year		483,658,212			434,281,536
End of year	$	448,052,471		$	483,658,212

The accompanying notes are an integral part of the financial statements.

196

MML Equity Index Fund						MML Focused Equity Fund
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019


$	9,195,073		$	9,942,919		$	3,280,575		$	2,441,289
	31,583,164			144,142,248			16,891,787			13,584,276
	62,968,813			15,562,877			16,223,813			29,678,837
	103,747,050			169,648,044			36,396,175			45,704,402

	—			—			—			—
	(14,127,801	)		(6,401,570	)		—			—
	(55,432,137	)		(22,586,203	)		(15,078,907	)		(6,676,411	)
	(72,635,801	)		(28,794,121	)		—			—
	—			—			—			—
	(11,098,783	)		(5,197,860	)		(965,147	)		(359,769	)
	(153,294,522	)		(62,979,754	)		(16,044,054	)		(7,036,180	)

	—			—			—			—
	7,721,363			(2,739,783	)		—			—
	47,903,400			23,140,448			(38,935,605	)		213,720,336
	62,143,583			(187,859,189	)		—			—
	—			—			—			—
	2,542,609			(1,480,399	)		(146,693	)		4,141,530
	120,310,955			(168,938,923	)		(39,082,298	)		217,861,866
	70,763,483			(62,270,633	)		(18,730,177	)		256,530,088

	582,078,297			644,348,930			315,786,009			59,255,921
$	652,841,780		$	582,078,297		$	297,055,832		$	315,786,009

The accompanying notes are an integral part of the financial statements.

197

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Foreign Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,355,681		$	8,348,387
Net realized gain (loss)		(6,410,939	)		9,956,326
Net change in unrealized appreciation (depreciation)		15,339,394			20,356,755
Net increase (decrease) in net assets resulting from operations		13,284,136			38,661,468
Distributions to shareholders (Note 2):
Initial Class		(17,462,978	)		(9,912,550	)
Class II		—			—
Service Class		(543,157	)		(286,467	)
Service Class I		—			—
Total distributions		(18,006,135	)		(10,199,017	)
Net fund share transactions (Note 5):
Initial Class		(36,310,172	)		(14,265,626	)
Class II		—			—
Service Class		(1,326,175	)		(370,549	)
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(37,636,347	)		(14,636,175	)
Total increase (decrease) in net assets		(42,358,346	)		13,826,276
Net assets
Beginning of year		317,187,077			303,360,801
End of year	$	274,828,731		$	317,187,077

The accompanying notes are an integral part of the financial statements.

198

MML Fundamental Equity Fund						MML Fundamental Value Fund
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019


$	1,085,703		$	68,369		$	3,302,860		$	2,563,533
	17,940,416			21,078,335			(3,921,432	)		24,764,253
	15,353,809			10,219,628			5,434,642			12,445,472
	34,379,928			31,366,332			4,816,070			39,773,258

	—			—			—			—
	(19,054,687	)		(19,254,998	)		(25,483,413	)		(23,310,264	)
	—			—			—			—
	(2,117,974	)		(2,735,384	)		(1,948,736	)		(1,954,060	)
	(21,172,661	)		(21,990,382	)		(27,432,149	)		(25,264,324	)

	—			—			—			—
	47,483,118			3,267,738			5,991,538			11,979,316
	—			—			—			—
	3,342,612			4,203,610			1,366,155			1,875,998
	50,825,730			7,471,348			7,357,693			13,855,314
	64,032,997			16,847,298			(15,258,386	)		28,364,248

	117,393,880			100,546,582			210,167,257			181,803,009
$	181,426,877		$	117,393,880		$	194,908,871		$	210,167,257

The accompanying notes are an integral part of the financial statements.

199

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Global Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,500,316		$	4,484,567
Net realized gain (loss)		33,379,554			15,833,070
Net change in unrealized appreciation (depreciation)		13,729,452			61,687,460
Net increase (decrease) in net assets resulting from operations		50,609,322			82,005,097
Distributions to shareholders (Note 2):
Initial Class		—			—
Class I		(18,839,748	)		(15,070,765	)
Class II		(790,380	)		(629,501	)
Service Class		—			—
Service Class I		(805,077	)		(555,133	)
Total distributions		(20,435,205	)		(16,255,399	)
Net fund share transactions (Note 5):
Initial Class		—			—
Class I		(76,941,427	)		172,732,658
Class II		(819,659	)		(822,522	)
Service Class		—			—
Service Class I		(383,206	)		(394,382	)
Increase (decrease) in net assets from fund share transactions		(78,144,292	)		171,515,754
Total increase (decrease) in net assets		(47,970,175	)		237,265,452
Net assets
Beginning of year		446,177,517			208,912,065
End of year	$	398,207,342		$	446,177,517

The accompanying notes are an integral part of the financial statements.

200

MML Growth & Income Fund						MML Income & Growth Fund
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019


$	1,362,309		$	1,358,018		$	4,532,650		$	5,603,860
	9,112,888			10,419,392			(11,849,121	)		837,054
	9,054,134			27,355,920			11,417,007			55,148,141
	19,529,331			39,133,330			4,100,536			61,589,055

	(7,969,735	)		(10,219,127	)		(5,619,340	)		(14,273,421	)
	—			—			—			—
	—			—			—			—
	(3,654,039	)		(4,037,009	)		(526,027	)		(1,555,938	)
	—			—			—			—
	(11,623,774	)		(14,256,136	)		(6,145,367	)		(15,829,359	)

	(6,641,960	)		(3,966,803	)		(30,951,611	)		(7,635,976	)
	—			—			—			—
	—			—			—			—
	1,144,590			5,326,441			(2,290,359	)		706,203
	—			—			—			—
	(5,497,370	)		1,359,638			(33,241,970	)		(6,929,773	)
	2,408,187			26,236,832			(35,286,801	)		38,829,923

	152,950,794			126,713,962			303,726,034			264,896,111
$	155,358,981		$	152,950,794		$	268,439,233		$	303,726,034

The accompanying notes are an integral part of the financial statements.

201

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML International Equity Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	593,135		$	5,381,324
Net realized gain (loss)		(15,095,258	)		4,767,503
Net change in unrealized appreciation (depreciation)		22,572,592			28,879,787
Net increase (decrease) in net assets resulting from operations		8,070,469			39,028,614
Distributions to shareholders (Note 2):
Initial Class		—			—
Class II		(9,804,482	)		(14,661,848	)
Service Class		—			—
Service Class I		(359,225	)		(485,036	)
Total distributions		(10,163,707	)		(15,146,884	)
Net fund share transactions (Note 5):
Initial Class		—			—
Class II		(16,570,534	)		746,447
Service Class		—			—
Service Class I		160,875			1,283,718
Increase (decrease) in net assets from fund share transactions		(16,409,659	)		2,030,165
Total increase (decrease) in net assets		(18,502,897	)		25,911,895
Net assets
Beginning of year		185,218,614			159,306,719
End of year	$	166,715,717		$	185,218,614

The accompanying notes are an integral part of the financial statements.

202

MML Large Cap Growth Fund						MML Managed Volatility Fund
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019


$	89,097		$	422,714		$	1,021,303		$	1,549,347
	17,606,300			5,929,936			10,739,126			(7,510,563	)
	20,787,845			21,742,607			(3,897,174	)		23,038,840
	38,483,242			28,095,257			7,863,255			17,077,624

	(5,597,296	)		(11,308,969	)		(1,569,290	)		(2,006,227	)
	—			—			—			—
	(908,084	)		(1,872,436	)		(317,733	)		(406,901	)
	—			—			—			—
	(6,505,380	)		(13,181,405	)		(1,887,023	)		(2,413,128	)

	(2,445,427	)		(1,197,387	)		(12,572,220	)		(8,893,357	)
	—			—			—			—
	1,491,809			4,147,375			(4,945,193	)		(1,232,645	)
	—			—			—			—
	(953,618	)		2,949,988			(17,517,413	)		(10,126,002	)
	31,024,244			17,863,840			(11,541,181	)		4,538,494

	111,665,338			93,801,498			155,136,517			150,598,023
$	142,689,582		$	111,665,338		$	143,595,336		$	155,136,517

The accompanying notes are an integral part of the financial statements.

203

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Mid Cap Growth Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(1,205,368	)	$	343,584
Net realized gain (loss)		96,918,382			49,632,163
Net change in unrealized appreciation (depreciation)		31,264,718			77,318,464
Net increase (decrease) in net assets resulting from operations		126,977,732			127,294,211
Distributions to shareholders (Note 2):
Initial Class		(39,651,202	)		(51,794,275	)
Service Class		(10,615,548	)		(14,171,452	)
Total distributions		(50,266,750	)		(65,965,727	)
Net fund share transactions (Note 5):
Initial Class		(34,986,822	)		30,146,826
Service Class		(5,231,458	)		7,002,228
Increase (decrease) in net assets from fund share transactions		(40,218,280	)		37,149,054
Total increase (decrease) in net assets		36,492,702			98,477,538
Net assets
Beginning of year		516,144,805			417,667,267
End of year	$	552,637,507		$	516,144,805

The accompanying notes are an integral part of the financial statements.

204

MML Mid Cap Value Fund						MML Small Cap Growth Equity Fund
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019


$	6,228,558		$	6,851,877		$	(554,127	)	$	(172,814	)
	4,873,775			771,372			32,029,792			23,812,506
	(1,883,956	)		99,841,377			30,418,601			32,140,744
	9,218,377			107,464,626			61,894,266			55,780,436

	(6,322,018	)		(43,755,980	)		(19,885,569	)		(29,446,089	)
	(737,517	)		(5,898,516	)		(3,402,966	)		(4,374,302	)
	(7,059,535	)		(49,654,496	)		(23,288,535	)		(33,820,391	)

	(42,695,740	)		(5,655,588	)		(24,000,920	)		(1,213,463	)
	(1,944,447	)		3,501,883			154,503			4,571,433
	(44,640,187	)		(2,153,705	)		(23,846,417	)		3,357,970
	(42,481,345	)		55,656,425			14,759,314			25,318,015

	442,363,935			386,707,510			196,452,607			171,134,592
$	399,882,590		$	442,363,935		$	211,211,921		$	196,452,607

The accompanying notes are an integral part of the financial statements.

205

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Small Company Value Fund
	Year Ended December 31, 2020			Year Ended December 31, 2019
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	220,327		$	187,423
Net realized gain (loss)		5,638,218			4,385,906
Net change in unrealized appreciation (depreciation)		774,734			16,789,543
Net increase (decrease) in net assets resulting from operations		6,633,279			21,362,872
Distributions to shareholders (Note 2):
Initial Class		—			—
Class II		(3,344,244	)		(10,637,023	)
Service Class		—			—
Service Class I		(1,232,924	)		(3,412,926	)
Total distributions		(4,577,168	)		(14,049,949	)
Net fund share transactions (Note 5):
Initial Class		—			—
Class II		(9,870,059	)		2,181,798
Service Class		—			—
Service Class I		(254,063	)		4,158,602
Increase (decrease) in net assets from fund share transactions		(10,124,122	)		6,340,400
Total increase (decrease) in net assets		(8,068,011	)		13,653,323
Net assets
Beginning of year		100,490,632			86,837,309
End of year	$	92,422,621		$	100,490,632

The accompanying notes are an integral part of the financial statements.

206

MML Small/Mid Cap Value Fund						MML Total Return Bond Fund
Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2020			Year Ended December 31, 2019


$	1,659,426		$	2,015,024		$	6,027,698		$	9,364,596
	(5,515,350	)		7,561,569			18,576,470			13,369,874
	15,147,890			26,811,318			5,106,709			10,120,500
	11,291,966			36,387,911			29,710,877			32,854,970

	(8,658,051	)		(22,035,759	)		—			—
	—			—			(10,430,481	)		(10,406,581	)
	(1,079,794	)		(2,792,250	)		—			—
	—			—			(1,499,979	)		(895,462	)
	(9,737,845	)		(24,828,009	)		(11,930,460	)		(11,302,043	)

	(16,891,084	)		5,435,238			—			—
	—			—			(69,935,507	)		(31,647,275	)
	(1,013,863	)		3,006,628			—			—
	—			—			15,399,108			7,003,083
	(17,904,947	)		8,441,866			(54,536,399	)		(24,644,192	)
	(16,350,826	)		20,001,768			(36,755,982	)		(3,091,265	)

	202,797,971			182,796,203			376,013,086			379,104,351
$	186,447,145		$	202,797,971		$	339,257,104		$	376,013,086

The accompanying notes are an integral part of the financial statements.

207

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Conservative Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 9.95	$ 0.09	$ 0.86	$ 0.95	$ (0.27)	$ (0.29)	$ (0.56)	$ 10.34	9.93%	$ 96,649	0.12%	0.95%
12/31/19	9.23	0.25	1.13	1.38	(0.28)	(0.38)	(0.66)	9.95	15.20%	95,290	0.13%	2.55%
12/31/18	10.01	0.22	(0.55)	(0.33)	(0.25)	(0.20)	(0.45)	9.23	(3.50%)	90,797	0.12%	2.22%
12/31/17	9.63	0.22	0.70	0.92	(0.23)	(0.31)	(0.54)	10.01	9.62%	107,294	0.12%	2.23%
12/31/16	9.83	0.20	0.37	0.57	(0.24)	(0.53)	(0.77)	9.63	5.78%	112,989	0.12%	2.01%
Service Class
12/31/20	$ 9.84	$ 0.07	$ 0.85	$ 0.92	$ (0.25)	$ (0.29)	$ (0.54)	$ 10.22	9.67%	$ 338,181	0.37%	0.72%
12/31/19	9.13	0.22	1.12	1.34	(0.25)	(0.38)	(0.63)	9.84	14.93%	312,658	0.38%	2.31%
12/31/18	9.90	0.19	(0.53)	(0.34)	(0.23)	(0.20)	(0.43)	9.13	(3.70%)	306,230	0.37%	1.94%
12/31/17	9.53	0.20	0.68	0.88	(0.20)	(0.31)	(0.51)	9.90	9.33%	368,843	0.37%	2.00%
12/31/16	9.74	0.18	0.35	0.53	(0.21)	(0.53)	(0.74)	9.53	5.48%	364,364	0.37%	1.80%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate^x	43%	29%	18%	14%	24%

c	Per share amount calculated on the average shares method.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x	Amount does not include the portfolio activity of any underlying fund.

The accompanying notes are an integral part of the financial statements.

208

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Balanced Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 9.89	$ 0.09	$ 0.94	$ 1.03	$ (0.26)	$ (0.34)	$ (0.60)	$ 10.32	10.93%	$ 109,924	0.12%	0.97%
12/31/19	9.12	0.23	1.27	1.50	(0.26)	(0.47)	(0.73)	9.89	16.75%	125,465	0.12%	2.32%
12/31/18	10.16	0.20	(0.61)	(0.41)	(0.24)	(0.39)	(0.63)	9.12	(4.47%)	116,177	0.12%	2.00%
12/31/17	9.70	0.21	0.88	1.09	(0.20)	(0.43)	(0.63)	10.16	11.48%	139,773	0.12%	2.06%
12/31/16	10.05	0.18	0.43	0.61	(0.24)	(0.72)	(0.96)	9.70	6.15%	134,716	0.12%	1.84%
Service Class
12/31/20	$ 9.80	$ 0.07	$ 0.92	$ 0.99	$ (0.23)	$ (0.34)	$ (0.57)	$ 10.22	10.65%	$ 373,144	0.37%	0.72%
12/31/19	9.03	0.20	1.27	1.47	(0.23)	(0.47)	(0.70)	9.80	16.61%	408,868	0.37%	2.07%
12/31/18	10.07	0.17	(0.61)	(0.44)	(0.21)	(0.39)	(0.60)	9.03	(4.76%)	391,230	0.37%	1.76%
12/31/17	9.62	0.18	0.88	1.06	(0.18)	(0.43)	(0.61)	10.07	11.21%	459,581	0.37%	1.82%
12/31/16	9.98	0.16	0.42	0.58	(0.22)	(0.72)	(0.94)	9.62	5.82%	438,996	0.37%	1.62%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate^x	22%	28%	17%	15%	18%

c	Per share amount calculated on the average shares method.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x	Amount does not include the portfolio activity of any underlying fund.

The accompanying notes are an integral part of the financial statements.

209

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Moderate Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 10.53	$ 0.10	$ 0.95	$ 1.05	$ (0.26)	$ (0.48)	$ (0.74)	$ 10.84	10.54%	$ 303,037	0.11%	1.04%
12/31/19	9.71	0.21	1.54	1.75	(0.28)	(0.65)	(0.93)	10.53	18.58%	378,044	0.12%	2.05%
12/31/18	11.00	0.19	(0.73)	(0.54)	(0.24)	(0.51)	(0.75)	9.71	(5.48%)	349,719	0.11%	1.79%
12/31/17	10.38	0.20	1.15	1.35	(0.20)	(0.53)	(0.73)	11.00	13.33%	417,670	0.11%	1.84%
12/31/16	10.66	0.18	0.54	0.72	(0.23)	(0.77)	(1.00)	10.38	6.89%	411,730	0.11%	1.69%
Service Class
12/31/20	$ 10.41	$ 0.08	$ 0.92	$ 1.00	$ (0.23)	$ (0.48)	$ (0.71)	$ 10.70	10.16%	$1,575,805	0.36%	0.76%
12/31/19	9.60	0.18	1.53	1.71	(0.25)	(0.65)	(0.90)	10.41	18.36%	1,751,648	0.37%	1.78%
12/31/18	10.88	0.16	(0.72)	(0.56)	(0.21)	(0.51)	(0.72)	9.60	(5.70%)	1,690,215	0.36%	1.54%
12/31/17	10.28	0.17	1.14	1.31	(0.18)	(0.53)	(0.71)	10.88	12.99%	2,047,202	0.36%	1.60%
12/31/16	10.57	0.15	0.53	0.68	(0.20)	(0.77)	(0.97)	10.28	6.59%	1,968,981	0.36%	1.45%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate^x	19%	28%	15%	13%	14%

c	Per share amount calculated on the average shares method.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x	Amount does not include the portfolio activity of any underlying fund.

The accompanying notes are an integral part of the financial statements.

210

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Growth Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 9.04	$ 0.09	$ 0.98	$ 1.07	$ (0.18)	$ (0.55)	$ (0.73)	$ 9.38	12.76%	$ 456,817	0.11%	1.07%
12/31/19	8.35	0.15	1.55	1.70	(0.22)	(0.79)	(1.01)	9.04	21.21%	573,104	0.12%	1.64%
12/31/18	9.75	0.14	(0.73)	(0.59)	(0.18)	(0.63)	(0.81)	8.35	(6.90%)	536,767	0.11%	1.47%
12/31/17	9.16	0.15	1.28	1.43	(0.15)	(0.69)	(0.84)	9.75	16.07%	647,613	0.11%	1.53%
12/31/16	9.69	0.13	0.58	0.71	(0.19)	(1.05)	(1.24)	9.16	7.57%	607,088	0.11%	1.38%
Service Class
12/31/20	$ 8.96	$ 0.07	$ 0.97	$ 1.04	$ (0.16)	$ (0.55)	$ (0.71)	$ 9.29	12.47%	$ 788,627	0.36%	0.82%
12/31/19	8.28	0.12	1.54	1.66	(0.19)	(0.79)	(0.98)	8.96	20.93%	978,390	0.37%	1.40%
12/31/18	9.67	0.12	(0.73)	(0.61)	(0.15)	(0.63)	(0.78)	8.28	(7.10%)	915,318	0.36%	1.22%
12/31/17	9.09	0.12	1.28	1.40	(0.13)	(0.69)	(0.82)	9.67	15.81%	1,080,728	0.36%	1.27%
12/31/16	9.63	0.11	0.56	0.67	(0.16)	(1.05)	(1.21)	9.09	7.23%	1,001,718	0.36%	1.13%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate^x	18%	29%	17%	16%	17%

c	Per share amount calculated on the average shares method.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x	Amount does not include the portfolio activity of any underlying fund.

The accompanying notes are an integral part of the financial statements.

211

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Aggressive Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 10.16	$ 0.10	$ 1.15	$ 1.25	$ (0.16)	$ (0.67)	$ (0.83)	$ 10.58	13.35%	$ 66,655	0.15%	1.08%
12/31/19	9.20	0.12	1.99	2.11	(0.21)	(0.94)	(1.15)	10.16	23.93%	67,730	0.15%	1.24%
12/31/18	10.68	0.12	(0.90)	(0.78)	(0.15)	(0.55)	(0.70)	9.20	(8.12%)	56,195	0.15%	1.10%
12/31/17	9.67	0.12	1.65	1.77	(0.12)	(0.64)	(0.76)	10.68	18.77%	66,517	0.15%	1.17%
12/31/16	10.10	0.11	0.72	0.83	(0.16)	(1.10)	(1.26)	9.67	8.54%	58,438	0.15%	1.09%
Service Class
12/31/20	$ 9.99	$ 0.07	$ 1.13	$ 1.20	$ (0.13)	$ (0.67)	$ (0.80)	$ 10.39	13.08%	$ 93,621	0.40%	0.80%
12/31/19	9.06	0.09	1.96	2.05	(0.18)	(0.94)	(1.12)	9.99	23.65%	95,667	0.40%	0.95%
12/31/18	10.54	0.09	(0.90)	(0.81)	(0.12)	(0.55)	(0.67)	9.06	(8.44%)	83,212	0.40%	0.87%
12/31/17	9.56	0.10	1.62	1.72	(0.10)	(0.64)	(0.74)	10.54	18.44%	90,246	0.40%	0.95%
12/31/16	10.00	0.08	0.72	0.80	(0.14)	(1.10)	(1.24)	9.56	8.28%	73,617	0.40%	0.84%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate^x	17%	32%	19%	20%	19%

c	Per share amount calculated on the average shares method.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x	Amount does not include the portfolio activity of any underlying fund.

The accompanying notes are an integral part of the financial statements.

212

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^u	Ratio of expenses to average daily net assets after expense waivers^u,j	Net investment income (loss) to average daily net assets
Service Class I
12/31/20	$ 14.33	$ (0.02)	$ 7.11	$ 7.09	$ (0.12)	$ (1.74)	$ (1.86)	$ 19.56	51.49%	$ 257,464	0.68%	N/A	(0.12%)
12/31/19	12.70	0.04	3.53	3.57	(0.05)	(1.89)	(1.94)	14.33	30.33%	197,036	0.69%	0.69%^l	0.31%
12/31/18	14.37	0.00^d	0.15	0.15	(0.04)	(1.78)	(1.82)	12.70	(0.73%)	162,360	0.69%	0.69%^l	0.01%
12/31/17	12.37	0.01	3.31	3.32	(0.04)	(1.28)	(1.32)	14.37	27.78%	171,896	0.68%	0.68%^l	0.07%
12/31/16	14.53	0.05	1.16	1.21	(0.03)	(3.34)	(3.37)	12.37	9.00%	139,841	0.69%	0.69%^l	0.37%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate^x	8%	12%	12%	11%	8%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

j	Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l	Expenses incurred during the period fell under the expense cap.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

u	Expenses of the Master Fund are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of the Master Fund.

x	Amount does not include the portfolio activity of the Master Fund.

The accompanying notes are an integral part of the financial statements.

213

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds International Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^u	Ratio of expenses to average daily net assets after expense waivers^u,j	Net investment income (loss) to average daily net assets
Service Class I
12/31/20	$ 10.19	$ 0.01	$ 1.25	$ 1.26	$ (0.10)	$ (0.53)	$ (0.63)	$ 10.82	13.44%	$ 61,031	0.73%	N/A	0.14%
12/31/19	9.07	0.09	1.83	1.92	(0.28)	(0.52)	(0.80)	10.19	22.31%	63,943	0.74%	0.73%	0.96%
12/31/18	10.93	0.13	(1.55)	(1.42)	(0.09)	(0.35)	(0.44)	9.07	(13.52%)	56,712	0.73%	0.70%	1.24%
12/31/17	9.12	0.08	2.73	2.81	(0.09)	(0.91)	(1.00)	10.93	31.65%	66,931	0.72%	0.70%	0.80%
12/31/16	9.63	0.09	0.21	0.30	(0.11)	(0.70)	(0.81)	9.12	2.97%	53,972	0.72%	0.70%	0.94%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate^x	5%	8%	11%	9%	12%

c	Per share amount calculated on the average shares method.

j	Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

u	Expenses of the Master Fund are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of the Master Fund.

x	Amount does not include the portfolio activity of the Master Fund.

The accompanying notes are an integral part of the financial statements.

214

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds Core Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Net investment income (loss) to average daily net assets
Service Class I
12/31/20	$ 11.72	$ 0.12	$ 1.15	$ 1.27	$ (0.20)	$ (0.63)	$ (0.83)	$ 12.16	11.39%	$ 943,728	0.71%	1.08%
12/31/19	10.98	0.18	1.72	1.90	(0.29)	(0.87)	(1.16)	11.72	18.12%	1,001,411	0.71%	1.52%
12/31/18	12.60	0.17	(0.69)	(0.52)	(0.22)	(0.88)	(1.10)	10.98	(4.84%)	956,051	0.71%	1.41%
12/31/17	11.94	0.16	1.56	1.72	(0.18)	(0.88)	(1.06)	12.60	14.94%	1,094,274	0.71%	1.25%
12/31/16	12.08	0.16	0.92	1.08	(0.24)	(0.98)	(1.22)	11.94	8.97%	941,450	0.71%	1.29%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate^x	14%	16%	15%	16%	7%

c	Per share amount calculated on the average shares method.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

w	Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x	Amount does not include the portfolio activity of any underlying fund.

The accompanying notes are an integral part of the financial statements.

215

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Blue Chip Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 16.49	$ (0.06)	$ 5.68	$ 5.62	$ —	$ (1.60)	$ (1.60)	$ 20.51	34.40%	$ 351,504	0.78%	(0.35%)
12/31/19	14.60	(0.02)	4.16	4.14	—	(2.25)	(2.25)	16.49	29.84%	304,381	0.79%	(0.09%)
12/31/18	17.41	(0.00)^d	0.86	0.86	—	(3.67)	(3.67)	14.60	1.88%	254,050	0.79%	(0.02%)
12/31/17	13.98	0.00^d	4.93	4.93	(0.00)^d	(1.50)	(1.50)	17.41	36.22%	301,054	0.80%	0.00%^e
12/31/16	15.79	0.00^d	0.13	0.13	—	(1.94)	(1.94)	13.98	0.91%	332,688	0.79%	0.03%
Service Class
12/31/20	$ 15.71	$ (0.10)	$ 5.39	$ 5.29	$ —	$ (1.60)	$ (1.60)	$ 19.40	34.00%	$ 181,728	1.03%	(0.60%)
12/31/19	14.03	(0.05)	3.98	3.93	—	(2.25)	(2.25)	15.71	29.56%	137,293	1.04%	(0.35%)
12/31/18	16.88	(0.05)	0.87	0.82	—	(3.67)	(3.67)	14.03	1.68%	99,468	1.04%	(0.26%)
12/31/17	13.62	(0.04)	4.80	4.76	—	(1.50)	(1.50)	16.88	35.89%	77,091	1.05%	(0.25%)
12/31/16	15.47	(0.03)	0.12	0.09	—	(1.94)	(1.94)	13.62	0.65%	47,411	1.04%	(0.22%)

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	26%	33%	28%	25%	29%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

e	Amount is less than 0.005%.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

216

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Income Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiver	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 11.18	$ 0.22	$ (0.22)	$ 0.00^d	$ (0.23)	$ (0.67)	$ (0.90)	$ 10.28	1.34%	$ 365,382	0.79%	0.76%	2.32%
12/31/19	10.04	0.24	2.25	2.49	(0.27)	(1.08)	(1.35)	11.18	26.45%	396,909	0.78%	0.75%	2.22%
12/31/18	12.50	0.26	(1.23)	(0.97)	(0.24)	(1.25)	(1.49)	10.04	(9.36%)	358,947	0.79%	0.76%	2.17%
12/31/17	11.78	0.23	1.58	1.81	(0.27)	(0.82)	(1.09)	12.50	16.33%	440,607	0.79%	0.76%	1.93%
12/31/16	11.29	0.27	1.73	2.00	(0.25)	(1.26)	(1.51)	11.78	18.68%	413,304	0.79%	0.77%	2.33%
Service Class
12/31/20	$ 11.03	$ 0.19	$ (0.20)	$ (0.01)	$ (0.21)	$ (0.67)	$ (0.88)	$ 10.14	1.17%	$ 82,671	1.04%	1.01%	2.06%
12/31/19	9.92	0.21	2.22	2.43	(0.24)	(1.08)	(1.32)	11.03	26.12%	86,749	1.03%	1.00%	1.98%
12/31/18	12.37	0.23	(1.22)	(0.99)	(0.21)	(1.25)	(1.46)	9.92	(9.60%)	75,335	1.04%	1.01%	1.92%
12/31/17	11.68	0.20	1.56	1.76	(0.25)	(0.82)	(1.07)	12.37	15.97%	86,193	1.04%	1.01%	1.68%
12/31/16	11.20	0.24	1.72	1.96	(0.22)	(1.26)	(1.48)	11.68	18.46%	77,647	1.04%	1.02%	2.10%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	32%	18%	19%	25%	22%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

j	Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

217

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Index Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
12/31/20	$ 32.46	$ 0.42	$ 4.71	$ 5.13	$ (0.55)	$ (7.97)	$ (8.52)	$ 29.07	18.06%	$ 61,002	0.43%	1.43%
12/31/19	28.09	0.48	7.71	8.19	(0.90)	(2.92)	(3.82)	32.46	30.86%	57,944	0.44%	1.51%
12/31/18	31.01	0.49	(1.76)	(1.27)	(0.50)	(1.15)	(1.65)	28.09	(4.80%)	51,998	0.43%	1.57%
12/31/17	26.53	0.45	5.11	5.56	(0.29)	(0.79)	(1.08)	31.01	21.34%	66,374	0.43%	1.57%
12/31/16	24.76	0.44	2.37	2.81	(0.43)	(0.61)	(1.04)	26.53	11.48%	66,343	0.43%	1.76%
Class II
12/31/20	$ 32.45	$ 0.46	$ 4.71	$ 5.17	$ (0.61)	$ (7.97)	$ (8.58)	$ 29.04	18.21%	$ 239,890	0.28%	1.58%
12/31/19	28.10	0.52	7.72	8.24	(0.97)	(2.92)	(3.89)	32.45	31.06%	209,951	0.29%	1.66%
12/31/18	31.01	0.54	(1.75)	(1.21)	(0.55)	(1.15)	(1.70)	28.10	(4.63%)	159,638	0.28%	1.72%
12/31/17	26.55	0.50	5.10	5.60	(0.35)	(0.79)	(1.14)	31.01	21.50%	186,674	0.28%	1.72%
12/31/16	24.80	0.48	2.36	2.84	(0.48)	(0.61)	(1.09)	26.55	11.62%	175,525	0.28%	1.91%
Class III
12/31/20	$ 32.39	$ 0.50	$ 4.71	$ 5.21	$ (0.65)	$ (7.97)	$ (8.62)	$ 28.98	18.41%	$ 307,589	0.13%	1.72%
12/31/19	28.05	0.57	7.70	8.27	(1.01)	(2.92)	(3.93)	32.39	31.27%	268,217	0.14%	1.82%
12/31/18	30.97	0.59	(1.75)	(1.16)	(0.60)	(1.16)	(1.76)	28.05	(4.52%)	391,891	0.13%	1.87%
12/31/17	26.51	0.54	5.10	5.64	(0.39)	(0.79)	(1.18)	30.97	21.69%	440,242	0.13%	1.87%
12/31/16	24.78	0.52	2.34	2.86	(0.52)	(0.61)	(1.13)	26.51	11.69%	279,941	0.13%	2.05%
Service Class I
12/31/20	$ 31.35	$ 0.33	$ 4.52	$ 4.85	$ (0.47)	$ (7.97)	$ (8.44)	$ 27.76	17.74%	$ 44,361	0.68%	1.18%
12/31/19	27.24	0.38	7.48	7.86	(0.83)	(2.92)	(3.75)	31.35	30.56%	45,967	0.69%	1.26%
12/31/18	30.13	0.40	(1.70)	(1.30)	(0.43)	(1.16)	(1.59)	27.24	(5.04%)	40,822	0.68%	1.32%
12/31/17	25.84	0.37	4.96	5.33	(0.25)	(0.79)	(1.04)	30.13	21.01%	48,712	0.68%	1.32%
12/31/16	24.16	0.37	2.31	2.68	(0.39)	(0.61)	(1.00)	25.84	11.24%	42,165	0.68%	1.51%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	5%	5%	3%	7%	8%

c	Per share amount calculated on the average shares method.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

218

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Focused Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gain	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
12/31/20	$ 6.77	$ 0.07	$ 0.76	$ 0.83	$ (0.05)	$ (0.30)	$ (0.35)	$ 7.25	12.76%	$ 277,370	0.87%	N/A	1.10%
12/31/19	5.33	0.07	1.53	1.60	(0.02)	(0.14)	(0.16)	6.77	30.15%	297,347	0.89%	0.88%	1.11%
12/31/18	12.69	0.11	0.66	0.77	(0.37)	(7.76)	(8.13)	5.33	1.18%	48,276	0.95%	0.87%	1.25%
12/31/17	13.20	0.27	2.35	2.62	(0.36)	(2.77)	(3.13)	12.69	21.99%	57,382	0.94%	N/A	2.00%
12/31/16	12.15	0.13	1.96	2.09	(0.20)	(0.84)	(1.04)	13.20	17.96%	128,990	0.90%	N/A	1.11%
Service Class I
12/31/20	$ 6.53	$ 0.05	$ 0.74	$ 0.79	$ (0.04)	$ (0.30)	$ (0.34)	$ 6.98	12.54%	$ 19,686	1.12%	N/A	0.85%
12/31/19	5.15	0.05	1.47	1.52	(0.00)^d	(0.14)	(0.14)	6.53	29.73%	18,439	1.15%	1.13%	0.90%
12/31/18	12.52	0.09	0.66	0.75	(0.36)	(7.76)	(8.12)	5.15	0.99%	10,980	1.20%	1.12%	1.01%
12/31/17	13.11	0.18	2.37	2.55	(0.37)	(2.77)	(3.14)	12.52	21.61%	9,981	1.19%	N/A	1.39%
12/31/16	12.06	0.10	1.95	2.05	(0.16)	(0.84)	(1.00)	13.11	17.74%	6,829	1.15%	N/A	0.87%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	36%	36%	64%	108%	37%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

j	Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

219

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Foreign Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 10.10	$ 0.14	$ 0.37	$ 0.51	$ (0.27)	$ (0.32)	$ (0.59)	$ 10.02	5.93%	$ 266,506	0.92%	0.88%	1.61%
12/31/19	9.25	0.26	0.92	1.18	(0.18)	(0.15)	(0.33)	10.10	13.17%	307,367	0.94%	0.89%	2.69%
12/31/18	11.25	0.20	(1.95)	(1.75)	(0.25)	—	(0.25)	9.25	(15.90%)	294,037	0.98%	0.97%	1.81%
12/31/17	9.44	0.19	1.85	2.04	(0.23)	—	(0.23)	11.25	21.73%	382,813	0.97%	N/A	1.79%
12/31/16	9.49	0.20	(0.07)	0.13	(0.18)	—	(0.18)	9.44	1.44%	348,836	0.97%	N/A	2.22%
Service Class
12/31/20	$ 10.04	$ 0.12	$ 0.36	$ 0.48	$ (0.25)	$ (0.32)	$ (0.57)	$ 9.95	5.57%	$ 8,323	1.17%	1.13%	1.36%
12/31/19	9.20	0.24	0.90	1.14	(0.15)	(0.15)	(0.30)	10.04	12.78%	9,820	1.19%	1.14%	2.44%
12/31/18	11.18	0.17	(1.93)	(1.76)	(0.22)	—	(0.22)	9.20	(16.03%)	9,324	1.23%	1.22%	1.57%
12/31/17	9.38	0.16	1.84	2.00	(0.20)	—	(0.20)	11.18	21.45%	11,488	1.22%	N/A	1.53%
12/31/16	9.43	0.18	(0.07)	0.11	(0.16)	—	(0.16)	9.38	1.18%	10,231	1.22%	N/A	2.02%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	106%	43%	18%	15%	19%

c	Per share amount calculated on the average shares method.

j	Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

220

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Fundamental Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
12/31/20	$ 10.02	$ 0.07	$ 1.85	$ 1.92	$ (0.00)^d	$ (1.21)	$ (1.21)	$ 10.73	20.02%	$ 161,496	0.82%	0.82%^k	0.73%
12/31/19	9.37	0.01	2.92	2.93	(0.06)	(2.22)	(2.28)	10.02	33.74%	101,937	0.87%	0.87%^l	0.09%
12/31/18	12.94	0.06	0.66	0.72	(0.15)	(4.14)	(4.29)	9.37	0.80%	90,145	0.83%	0.83%^l	0.50%
12/31/17	11.42	0.11	2.92	3.03	(0.13)	(1.38)	(1.51)	12.94	27.67%	120,666	0.84%	0.84%^l	0.84%
12/31/16	12.53	0.09	0.36	0.45	(0.08)	(1.48)	(1.56)	11.42	3.73%	165,183	0.83%	0.83%^l	0.79%
Service Class I
12/31/20	$ 9.70	$ 0.05	$ 1.77	$ 1.82	$ —	$ (1.21)	$ (1.21)	$ 10.31	19.59%	$ 19,931	1.08%	1.07%	0.48%
12/31/19	9.15	(0.02)	2.84	2.82	(0.05)	(2.22)	(2.27)	9.70	33.33%	15,457	1.12%	1.12%^l	(0.16%)
12/31/18	12.74	0.03	0.67	0.70	(0.15)	(4.14)	(4.29)	9.15	0.66%	10,401	1.08%	1.08%^l	0.27%
12/31/17	11.29	0.07	2.89	2.96	(0.13)	(1.38)	(1.51)	12.74	27.32%	6,875	1.09%	1.09%^l	0.57%
12/31/16	12.41	0.06	0.37	0.43	(0.07)	(1.48)	(1.55)	11.29	3.54%	4,263	1.08%	1.08%^l	0.54%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	113%	129%	61%	40%	49%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

j	Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

k	Amount waived had no impact on the ratio of expenses to average daily net assets.

l	Expenses incurred during the period fell under the expense cap.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

221

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Fundamental Value Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c^,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
12/31/20	$ 13.09	$ 0.19	$ (0.08)^aa	$ 0.11	$ (0.15)	$ (1.43)	$ (1.58)	$ 11.62	2.67%	$ 178,953	0.80%	0.78%	1.71%
12/31/19	12.38	0.18	2.40	2.58	(0.27)	(1.60)	(1.87)	13.09	22.79%	193,994	0.81%	0.79%	1.35%
12/31/18	15.42	0.26	(1.63)	(1.37)	(0.25)	(1.42)	(1.67)	12.38	(10.34%)	168,520	0.80%	0.78%	1.76%
12/31/17	14.74	0.25	1.83	2.08	(0.29)	(1.11)	(1.40)	15.42	15.10%	225,883	0.80%	0.79%	1.65%
12/31/16	14.20	0.26	1.56	1.82	(0.21)	(1.07)	(1.28)	14.74	13.25%	223,801	0.79%	N/A	1.81%
Service Class I
12/31/20	$ 12.83	$ 0.16	$ (0.09)^aa	$ 0.07	$ (0.12)	$ (1.43)	$ (1.55)	$ 11.35	2.37%	$ 15,956	1.05%	1.03%	1.47%
12/31/19	12.17	0.14	2.36	2.50	(0.24)	(1.60)	(1.84)	12.83	22.49%	16,173	1.06%	1.04%	1.10%
12/31/18	15.20	0.22	(1.60)	(1.38)	(0.23)	(1.42)	(1.65)	12.17	(10.56%)	13,283	1.05%	1.03%	1.53%
12/31/17	14.57	0.21	1.80	2.01	(0.27)	(1.11)	(1.38)	15.20	14.78%	13,212	1.05%	1.04%	1.39%
12/31/16	14.05	0.22	1.55	1.77	(0.18)	(1.07)	(1.25)	14.57	13.05%	9,319	1.04%	N/A	1.55%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	86%	131%	28%	18%	20%

c	Per share amount calculated on the average shares method.

j	Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

aa	The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

222

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Global Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
12/31/20	$ 12.86	$ 0.11	$ 1.61	$ 1.72	$ (0.14)	$ (0.48)	$ (0.62)	$ 13.96	14.02%	$ 361,660	0.80%	0.88%
12/31/19	10.25	0.15	2.94	3.09	(0.08)	(0.40)	(0.48)	12.86	30.59%	411,174	0.79%	1.23%
12/31/18	13.04	0.15	(1.16)	(1.01)	(0.15)	(1.63)	(1.78)	10.25	(9.53%)	179,973	0.83%	1.21%
12/31/17	11.54	0.14	2.56	2.70	(0.16)	(1.04)	(1.20)	13.04	24.16%	206,795	0.83%	1.10%
12/31/16	11.74	0.14	0.76	0.90	(0.14)	(0.96)	(1.10)	11.54	7.55%	218,698	0.82%	1.18%
Class II
12/31/20	$ 13.17	$ 0.11	$ 1.64	$ 1.75	$ (0.13)	$ (0.48)	$ (0.61)	$ 14.31	13.96%	$ 18,461	0.80%	0.86%
12/31/19	10.48	0.16	3.00	3.16	(0.07)	(0.40)	(0.47)	13.17	30.58%	17,896	0.79%	1.31%
12/31/18	13.30	0.15	(1.19)	(1.04)	(0.15)	(1.63)	(1.78)	10.48	(9.57%)	14,950	0.83%	1.21%
12/31/17	11.74	0.14	2.62	2.76	(0.16)	(1.04)	(1.20)	13.30	24.30%	18,082	0.83%	1.09%
12/31/16	11.93	0.14	0.77	0.91	(0.14)	(0.96)	(1.10)	11.74	7.54%	15,757	0.82%	1.17%
Service Class I
12/31/20	$ 12.69	$ 0.07	$ 1.59	$ 1.66	$ (0.11)	$ (0.48)	$ (0.59)	$ 13.76	13.70%	$ 18,086	1.05%	0.60%
12/31/19	10.11	0.13	2.89	3.02	(0.04)	(0.40)	(0.44)	12.69	30.28%	17,108	1.04%	1.06%
12/31/18	12.90	0.12	(1.16)	(1.04)	(0.12)	(1.63)	(1.75)	10.11	(9.84%)	13,989	1.08%	0.97%
12/31/17	11.43	0.11	2.54	2.65	(0.14)	(1.04)	(1.18)	12.90	23.95%	15,989	1.08%	0.84%
12/31/16	11.65	0.10	0.76	0.86	(0.12)	(0.96)	(1.08)	11.43	7.25%	12,129	1.07%	0.89%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	13%	16%	15%	10%	15%

c	Per share amount calculated on the average shares method.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

223

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Growth & Income Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 19.43	$ 0.19	$ 2.50	$ 2.69	$ (0.18)	$ (1.41)	$ (1.59)	$ 20.53	14.51%	$105,573	0.57%	1.03%
12/31/19	16.35	0.19	4.86	5.05	(0.19)	(1.78)	(1.97)	19.43	32.10%	106,949	0.57%	1.02%
12/31/18	17.39	0.19	(1.07)	(0.88)	(0.16)	—	(0.16)	16.35	(5.20%)	92,893	0.56%	1.07%
12/31/17	14.19	0.16	3.19	3.35	(0.15)	—	(0.15)	17.39	23.70%	111,830	0.56%	1.02%
12/31/16	13.18	0.15	1.00	1.15	(0.14)	—	(0.14)	14.19	8.77%	102,858	0.56%	1.10%
Service Class
12/31/20	$ 19.26	$ 0.14	$ 2.47	$ 2.61	$ (0.13)	$ (1.41)	$ (1.54)	$ 20.33	14.24%	$ 49,786	0.82%	0.78%
12/31/19	16.22	0.14	4.83	4.97	(0.15)	(1.78)	(1.93)	19.26	31.82%	46,002	0.82%	0.77%
12/31/18	17.27	0.15	(1.08)	(0.93)	(0.12)	—	(0.12)	16.22	(5.46%)	33,821	0.81%	0.83%
12/31/17	14.10	0.12	3.17	3.29	(0.12)	—	(0.12)	17.27	23.41%	30,610	0.81%	0.77%
12/31/16	13.10	0.11	1.00	1.11	(0.11)	—	(0.11)	14.10	8.50%	23,197	0.81%	0.85%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	17%	16%	15%	12%	17%

c	Per share amount calculated on the average shares method.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

224

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Income & Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 9.94	$ 0.15	$ 0.12^aa	$ 0.27	$ (0.18)	$ (0.03)	$ (0.21)	$ 10.00	3.03%	$241,441	0.70%	1.75%
12/31/19	8.49	0.19	1.82	2.01	(0.19)	(0.37)	(0.56)	9.94	24.43%	274,290	0.69%	2.00%
12/31/18	12.72	0.21	(1.25)	(1.04)	(0.22)	(2.97)	(3.19)	8.49	(11.68%)	240,456	0.70%	1.86%
12/31/17	11.86	0.22	1.74	1.96	(0.21)	(0.89)	(1.10)	12.72	17.43%	289,310	0.70%	1.80%
12/31/16	11.35	0.22	1.55	1.77	(0.21)	(1.05)	(1.26)	11.86	16.40%	257,874	0.69%	1.97%
Service Class
12/31/20	$ 9.78	$ 0.13	$ 0.11^aa	$ 0.24	$ (0.15)	$ (0.03)	$ (0.18)	$ 9.84	2.79%	$ 26,998	0.95%	1.50%
12/31/19	8.36	0.16	1.80	1.96	(0.17)	(0.37)	(0.54)	9.78	24.14%	29,436	0.94%	1.75%
12/31/18	12.58	0.18	(1.23)	(1.05)	(0.20)	(2.97)	(3.17)	8.36	(11.94%)	24,440	0.95%	1.62%
12/31/17	11.74	0.19	1.73	1.92	(0.19)	(0.89)	(1.08)	12.58	17.21%	27,683	0.95%	1.55%
12/31/16	11.25	0.19	1.54	1.73	(0.19)	(1.05)	(1.24)	11.74	16.10%	20,626	0.94%	1.71%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	49%	43%	30%	110%	30%

c	Per share amount calculated on the average shares method.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

aa	The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

225

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML International Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
12/31/20	$ 10.10	$ 0.03	$ 0.38	$ 0.41	$ (0.28)	$ (0.25)	$ (0.53)	$ 9.98	5.37%	$159,694	1.07%	1.00%	0.39%
12/31/19	8.91	0.29	1.74	2.03	(0.19)	(0.65)	(0.84)	10.10	24.63%	178,397	1.05%	1.00%	3.02%
12/31/18	11.97	0.21	(3.02)	(2.81)	(0.17)	(0.08)	(0.25)	8.91	(23.79%)	154,540	1.12%	1.00%	1.91%
12/31/17	9.33	0.18	2.64	2.82	(0.18)	—	(0.18)	11.97	30.35%	187,213	1.09%	1.00%	1.62%
12/31/16	8.81	0.15	0.56	0.71	(0.17)	(0.02)	(0.19)	9.33	8.27%	150,753	1.07%	1.00%	1.70%
Service Class I
12/31/20	$ 10.01	$ 0.01	$ 0.37	$ 0.38	$ (0.26)	$ (0.25)	$ (0.51)	$ 9.88	5.07%	$ 7,021	1.32%	1.25%	0.10%
12/31/19	8.84	0.26	1.73	1.99	(0.17)	(0.65)	(0.82)	10.01	24.35%	6,821	1.30%	1.25%	2.70%
12/31/18	11.90	0.18	(2.99)	(2.81)	(0.17)	(0.08)	(0.25)	8.84	(23.98%)	4,767	1.37%	1.25%	1.64%
12/31/17	9.29	0.11	2.67	2.78	(0.17)	—	(0.17)	11.90	30.05%	4,000	1.34%	1.25%	0.95%
12/31/16	8.78	0.13	0.56	0.69	(0.16)	(0.02)	(0.18)	9.29	7.97%	1,063	1.32%	1.25%	1.50%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	49%	37%	43%	45%	50%

c	Per share amount calculated on the average shares method.

j	Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

226

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Large Cap Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 11.09	$ 0.01	$ 3.49	$ 3.50	$ (0.04)	$ (0.57)	$ (0.61)	$ 13.98	31.78%	$120,464	0.72%	0.10%
12/31/19	9.68	0.05	2.89	2.94	(0.07)	(1.46)	(1.53)	11.09	31.99%	95,272	0.74%	0.45%
12/31/18	10.69	0.06	(0.19)	(0.13)	(0.07)	(0.81)	(0.88)	9.68	(2.26%)	83,211	0.72%	0.56%
12/31/17	10.63	0.07	3.23	3.30	(0.05)	(3.19)	(3.24)	10.69	33.51%	106,989	0.73%	0.58%
12/31/16	11.70	0.03	(0.06)	(0.03)	(0.01)	(1.03)	(1.04)	10.63	(0.38%)	103,315	0.70%	0.24%
Service Class
12/31/20	$ 10.66	$ (0.02)^bb	$ 3.36	$ 3.34	$ (0.02)	$ (0.57)	$ (0.59)	$ 13.41	31.53%	$ 22,226	0.97%	(0.15%)
12/31/19	9.36	0.02	2.79	2.81	(0.05)	(1.46)	(1.51)	10.66	31.66%	16,394	0.99%	0.19%
12/31/18	10.37	0.03	(0.17)	(0.14)	(0.06)	(0.81)	(0.87)	9.36	(2.46%)	10,591	0.97%	0.30%
12/31/17	10.41	0.03	3.15	3.18	(0.03)	(3.19)	(3.22)	10.37	33.00%	7,510	0.98%	0.29%
12/31/16	11.48	(0.00)^d	(0.04)	(0.04)	—	(1.03)	(1.03)	10.41	(0.52%)	3,604	0.95%	(0.02%)

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	32%	11%	16%	3%	134%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

bb	Net investment income per share is not in line with the total net investment income shown on the Statement of Operations due to differing class-specific expense arrangements.

The accompanying notes are an integral part of the financial statements.

227

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Managed Volatility Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 13.10	$ 0.10	$ 0.76	$ 0.86	$ (0.18)	$ —	$ (0.18)	$ 13.78	6.68%	$116,694	1.06%	0.78%
12/31/19	11.90	0.13	1.28	1.41	(0.21)	—	(0.21)	13.10	11.90%	124,549	0.97%	1.05%
12/31/18	12.63	0.12	(0.69)	(0.57)	(0.16)	—	(0.16)	11.90	(4.69%)	121,635	0.96%	0.99%
12/31/17	11.74	0.14	0.91	1.05	(0.16)	—	(0.16)	12.63	9.03%	150,737	0.90%	1.13%
12/31/16	14.27	0.17	0.31	0.48	(0.26)	(2.75)	(3.01)	11.74	3.69%	151,537	0.91%	1.29%
Service Class
12/31/20	$ 12.99	$ 0.07	$ 0.76	$ 0.83	$ (0.15)	$ —	$ (0.15)	$ 13.67	6.42%	$ 26,901	1.31%	0.53%
12/31/19	11.80	0.10	1.26	1.36	(0.17)	—	(0.17)	12.99	11.62%	30,588	1.22%	0.81%
12/31/18	12.53	0.09	(0.70)	(0.61)	(0.12)	—	(0.12)	11.80	(4.93%)	28,963	1.21%	0.74%
12/31/17	11.64	0.11	0.91	1.02	(0.13)	—	(0.13)	12.53	8.76%	33,698	1.15%	0.88%
12/31/16	14.18	0.14	0.29	0.43	(0.22)	(2.75)	(2.97)	11.64	3.42%	32,569	1.16%	1.04%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	20%	2%	5%	2%	4%

c	Per share amount calculated on the average shares method.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

228

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Mid Cap Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 15.88	$ (0.03)	$ 3.83	$ 3.80	$ (0.01)	$ (1.57)	$ (1.58)	$ 18.10	25.57%	$ 434,830	0.81%	(0.19%)
12/31/19	13.94	0.02	4.17	4.19	(0.00)^d	(2.25)	(2.25)	15.88	31.30%	407,351	0.81%	0.12%
12/31/18	16.19	0.01	(0.07)	(0.06)	—	(2.19)	(2.19)	13.94	(2.17%)	328,715	0.81%	0.07%
12/31/17	14.35	(0.01)	3.45	3.44	(0.01)	(1.59)	(1.60)	16.19	24.81%	382,666	0.81%	(0.08%)
12/31/16	15.50	(0.00)^d	0.97	0.97	—	(2.12)	(2.12)	14.35	6.29%	352,754	0.81%	(0.02%)
Service Class
12/31/20	$ 15.10	$ (0.06)	$ 3.62	$ 3.56	$ —	$ (1.57)	$ (1.57)	$ 17.09	25.25%	$ 117,808	1.06%	(0.44%)
12/31/19	13.37	(0.02)	4.00	3.98	—	(2.25)	(2.25)	15.10	31.01%	108,793	1.06%	(0.13%)
12/31/18	15.65	(0.03)	(0.06)	(0.09)	—	(2.19)	(2.19)	13.37	(2.45%)	88,952	1.06%	(0.18%)
12/31/17	13.95	(0.05)	3.34	3.29	—	(1.59)	(1.59)	15.65	24.47%	91,145	1.06%	(0.33%)
12/31/16	15.16	(0.04)	0.95	0.91	—	(2.12)	(2.12)	13.95	6.02%	71,227	1.06%	(0.27%)

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	66%	28%	26%	28%	29%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

229

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Mid Cap Value Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 10.60	$ 0.15	$ 0.01	$ 0.16	$ (0.17)	$ —	$ (0.17)	$ 10.59	1.71%	$ 348,614	0.89%	1.62%
12/31/19	9.35	0.17	2.37	2.54	(0.18)	(1.11)	(1.29)	10.60	29.13%	389,141	0.88%	1.65%
12/31/18	12.14	0.15	(1.48)	(1.33)	(0.19)	(1.27)	(1.46)	9.35	(12.99%)	343,432	0.88%	1.30%
12/31/17	11.79	0.20	1.09	1.29	(0.19)	(0.75)	(0.94)	12.14	11.70%	438,601	0.88%	1.69%
12/31/16	10.74	0.17	2.22	2.39	(0.19)	(1.15)	(1.34)	11.79	23.23%	433,046	0.88%	1.55%
Service Class
12/31/20	$ 10.39	$ 0.13	$ 0.00^d	$ 0.13	$ (0.14)	$ —	$ (0.14)	$ 10.38	1.48%	$ 51,269	1.14%	1.37%
12/31/19	9.18	0.14	2.33	2.47	(0.15)	(1.11)	(1.26)	10.39	28.90%	53,223	1.13%	1.40%
12/31/18	11.96	0.12	(1.47)	(1.35)	(0.16)	(1.27)	(1.43)	9.18	(13.31%)	43,275	1.13%	1.06%
12/31/17	11.63	0.17	1.08	1.25	(0.17)	(0.75)	(0.92)	11.96	11.46%	49,723	1.13%	1.46%
12/31/16	10.62	0.15	2.18	2.33	(0.17)	(1.15)	(1.32)	11.63	22.86%	44,148	1.13%	1.35%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	74%	39%	59%	42%	52%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

230

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Cap Growth Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders				Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 14.13	$ (0.04)	$ 4.55	$ 4.51	$ (1.78)	$ (1.78)	$ 16.86	35.62%	$180,047	1.11%	1.08%	(0.27%)
12/31/19	12.82	(0.01)	4.11	4.10	(2.79)	(2.79)	14.13	34.32%	170,426	1.11%	1.09%	(0.06%)
12/31/18	14.98	(0.03)	(0.32)	(0.35)	(1.81)	(1.81)	12.82	(4.87%)	151,854	1.09%	1.07%	(0.17%)
12/31/17	12.69	(0.03)	2.87	2.84	(0.55)	(0.55)	14.98	22.81%	198,404	1.09%	1.09%^k	(0.21%)
12/31/16	13.51	0.00^d	1.59	1.59	(2.41)	(2.41)	12.69	12.74%	191,245	1.10%	N/A	0.01%
Service Class
12/31/20	$ 13.14	$ (0.06)	$ 4.18	$ 4.12	$ (1.78)	$ (1.78)	$ 15.48	35.29%	$ 31,165	1.36%	1.33%	(0.52%)
12/31/19	12.11	(0.04)	3.86	3.82	(2.79)	(2.79)	13.14	33.99%	26,026	1.36%	1.34%	(0.30%)
12/31/18	14.27	(0.06)	(0.29)	(0.35)	(1.81)	(1.81)	12.11	(5.11%)	19,281	1.34%	1.32%	(0.39%)
12/31/17	12.14	(0.06)	2.74	2.68	(0.55)	(0.55)	14.27	22.51%	16,124	1.35%	1.34%	(0.45%)
12/31/16	13.05	(0.03)	1.53	1.50	(2.41)	(2.41)	12.14	12.46%	12,969	1.35%	N/A	(0.23%)

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	79%	63%	76%	74%	105%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

j	Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

k	Amount waived had no impact on the ratio of expenses to average daily net assets.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

231

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Company Value Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
12/31/20	$ 14.75	$ 0.04	$ 1.15	$ 1.19	$ (0.03)	$ (0.66)	$ (0.69)	$ 15.25	9.16%	$ 65,955	1.06%	1.01%	0.33%
12/31/19	13.86	0.04	3.20	3.24	(0.04)	(2.31)	(2.35)	14.75	25.54%	74,855	1.06%	1.01%	0.25%
12/31/18	16.90	0.05	(2.01)	(1.96)	(0.06)	(1.02)	(1.08)	13.86	(12.94%)	66,976	1.02%	0.97%	0.30%
12/31/17	17.23	0.05	1.73	1.78	(0.10)	(2.01)	(2.11)	16.90	11.69%	89,256	1.02%	0.97%	0.30%
12/31/16	14.88	0.10	4.44	4.54	(0.10)	(2.09)	(2.19)	17.23	32.46%	88,729	1.02%	0.97%	0.66%
Service Class I
12/31/20	$ 14.21	$ 0.01	$ 1.11	$ 1.12	$ (0.01)	$ (0.66)	$ (0.67)	$ 14.66	8.92%	$ 26,467	1.31%	1.26%	0.07%
12/31/19	13.43	0.00^d	3.10	3.10	(0.01)	(2.31)	(2.32)	14.21	25.26%	25,636	1.31%	1.26%	0.01%
12/31/18	16.43	0.01	(1.96)	(1.95)	(0.03)	(1.02)	(1.05)	13.43	(13.19%)	19,861	1.27%	1.22%	0.06%
12/31/17	16.83	0.01	1.68	1.69	(0.08)	(2.01)	(2.09)	16.43	11.42%	20,671	1.27%	1.22%	0.06%
12/31/16	14.58	0.07	4.34	4.41	(0.07)	(2.09)	(2.16)	16.83	32.16%	15,465	1.27%	1.22%	0.44%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	29%	24%	22%	14%	23%

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

j	Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

232

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small/Mid Cap Value Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
12/31/20	$ 11.06	$ 0.09	$ 0.30	$ 0.39	$ (0.10)	$ (0.41)	$ (0.51)	$ 10.94	4.65%	$164,145	0.81%	0.98%
12/31/19	10.61	0.12	1.83	1.95	(0.07)	(1.43)	(1.50)	11.06	20.39%	179,503	0.81%	1.04%
12/31/18	13.99	0.09	(1.87)	(1.78)	(0.07)	(1.53)	(1.60)	10.61	(15.00%)	163,607	0.80%	0.63%
12/31/17	13.23	0.06	1.60	1.66	(0.07)	(0.83)	(0.90)	13.99	13.44%	210,030	0.80%	0.47%
12/31/16	11.34	0.06	2.70	2.76	(0.07)	(0.80)	(0.87)	13.23	25.10%	211,849	0.79%	0.51%
Service Class
12/31/20	$ 10.92	$ 0.07	$ 0.28	$ 0.35	$ (0.07)	$ (0.41)	$ (0.48)	$ 10.79	4.32%	$ 22,302	1.06%	0.73%
12/31/19	10.50	0.09	1.80	1.89	(0.04)	(1.43)	(1.47)	10.92	19.98%	23,295	1.06%	0.80%
12/31/18	13.85	0.05	(1.83)	(1.78)	(0.04)	(1.53)	(1.57)	10.50	(15.12%)	19,189	1.05%	0.39%
12/31/17	13.12	0.03	1.57	1.60	(0.04)	(0.83)	(0.87)	13.85	13.08%	22,386	1.05%	0.23%
12/31/16	11.25	0.03	2.68	2.71	(0.04)	(0.80)	(0.84)	13.12	24.83%	19,563	1.04%	0.26%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	60%	35%	38%	34%	58%

c	Per share amount calculated on the average shares method.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

233

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Total Return Bond Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets (including interest expense)
Class II
12/31/20	$ 10.74	$ 0.20	$ 0.74	$ 0.94	$ (0.35)	$ (0.05)	$ (0.40)	$ 11.28	8.79%	$ 288,005	0.62%	0.61%	1.77%
12/31/19	10.16	0.26	0.65	0.91	(0.33)	—	(0.33)	10.74	8.91%	342,002	0.61%	0.60%	2.48%
12/31/18	10.36	0.25	(0.26)	(0.01)	(0.19)	—	(0.19)	10.16	(0.07%)	353,571	0.60%	0.60%^l	2.51%
12/31/17	10.27	0.19	0.11	0.30	(0.21)	—	(0.21)	10.36	2.96%	408,199	0.62%	0.60%	1.85%
12/31/16	10.19	0.17	0.09	0.26	(0.18)	—	(0.18)	10.27	2.52%	393,276	0.62%	0.60%	1.67%
Service Class I
12/31/20	$ 10.62	$ 0.16	$ 0.75	$ 0.91	$ (0.34)	$ (0.05)	$ (0.39)	$ 11.14	8.60%	$ 51,252	0.87%	0.86%	1.47%
12/31/19	10.06	0.23	0.64	0.87	(0.31)	—	(0.31)	10.62	8.65%	34,011	0.86%	0.85%	2.21%
12/31/18	10.27	0.23	(0.27)	(0.04)	(0.17)	—	(0.17)	10.06	(0.35%)	25,533	0.85%	0.85%^l	2.28%
12/31/17	10.18	0.16	0.12	0.28	(0.19)	—	(0.19)	10.27	2.73%	21,858	0.87%	0.85%	1.60%
12/31/16	10.11	0.15	0.09	0.24	(0.17)	—	(0.17)	10.18	2.30%	19,079	0.87%	0.85%	1.43%

	Year ended December 31
	2020	2019	2018	2017	2016
Portfolio turnover rate	328%	219%	250%	313%	278%

c	Per share amount calculated on the average shares method.

j	Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l	Expenses incurred during the period fell under the expense cap.

m	Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

The accompanying notes are an integral part of the financial statements.

234

Notes to Financial Statements

1. The Funds

MML Series Investment Fund (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated December 19, 1984, as restated May 14, 1993, and further amended and restated as of December 15, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Conservative Allocation Fund (“Conservative Allocation Fund”)
MML Balanced Allocation Fund (“Balanced Allocation Fund”)
MML Moderate Allocation Fund (“Moderate Allocation Fund”)
MML Growth Allocation Fund (“Growth Allocation Fund”)
MML Aggressive Allocation Fund (“Aggressive Allocation Fund”)
MML American Funds Growth Fund (“MML American Funds Growth Fund”)
MML American Funds International Fund (“MML American Funds International Fund”)
MML American Funds Core Allocation Fund (“MML American Funds Core Allocation Fund”)
MML Blue Chip Growth Fund (“Blue Chip Growth Fund”)
MML Equity Income Fund (“Equity Income Fund”)
MML Equity Index Fund (“Equity Index Fund”)
MML Focused Equity Fund (“Focused Equity Fund”)
MML Foreign Fund (“Foreign Fund”)
MML Fundamental Equity Fund (formerly known as MML Fundamental Growth Fund) (“Fundamental Equity Fund”)
MML Fundamental Value Fund (“Fundamental Value Fund”)
MML Global Fund (“Global Fund”)
MML Growth & Income Fund (“Growth & Income Fund”)
MML Income & Growth Fund (“Income & Growth Fund”)
MML International Equity Fund (“International Equity Fund”)
MML Large Cap Growth Fund (“Large Cap Growth Fund”)
MML Managed Volatility Fund (“Managed Volatility Fund”)
MML Mid Cap Growth Fund (“Mid Cap Growth Fund”)
MML Mid Cap Value Fund (“Mid Cap Value Fund”)
MML Small Cap Growth Equity Fund (“Small Cap Growth Equity Fund”)
MML Small Company Value Fund (“Small Company Value Fund”)
MML Small/Mid Cap Value Fund (“Small/Mid Cap Value Fund”)
MML Total Return Bond Fund (“Total Return Bond Fund”)

The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company (“MassMutual”) and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, C.M. Life Insurance Company, and the Allocation Funds (as defined below), which are “funds of funds” series of the Trust, are the record owners of all of the outstanding shares of the Funds.

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.

The Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, and Aggressive Allocation Fund (the “Allocation Funds”) invest their investable assets in shares of series of the Trust and MML Series Investment Fund II (advised by MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of MassMutual) and non-affiliated mutual funds (together, the “MML Underlying Funds”). The financial statements included

235

Notes to Financial Statements (Continued)

herein are those of the Funds. The financial statements of the applicable MML Underlying Funds that are not Funds of the Trust are presented separately and can be obtained from the Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov or by calling MML Advisers at 1-888-309-3539.

MML American Funds Growth Fund and MML American Funds International Fund (each a “Feeder Fund,” collectively the “Feeder Funds”) invest all of their assets in Class 1 shares of the Growth and International Funds, respectively, each a series of the American Funds Insurance Series (each a “Master Fund,” collectively the “Master Funds”). Each Master Fund is an open-end investment company and organized as a Massachusetts business trust. Each Feeder Fund has an investment objective that is consistent with its corresponding Master Fund. Each Master Fund intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to mutual funds and intends to distribute substantially all of its taxable income and capital gains to shareholders, which includes the applicable Feeder Fund, to qualify as a regulated investment company. The performance of the Feeder Funds is directly affected by the performance of the Master Funds. The financial statements of the Master Funds, including the Summary Investment Portfolios, are provided separately and should be read in conjunction with the Feeder Funds’ financial statements. As of December 31, 2020, the MML American Funds Growth Fund and MML American Funds International Fund owned 0.69% and 0.58% of the Growth and International Master Funds, respectively. The MML American Funds Core Allocation Fund invests all of its investable assets in shares of various series of American Funds Insurance Series, which are managed by Capital Research and Management Company (together, the “American Underlying Funds” and collectively with the MML Underlying Funds, the “Underlying Funds”).

The SEC file number for the American Funds Insurance Series is 811-03857. Additional information related to the Master Funds’ and American Underlying Funds’ financial reports can be located on the SEC’s EDGAR database on its website at http://www.sec.gov.

2.	Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

Investment Valuation

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund or an Underlying Fund or Master Fund holds foreign securities that trade on days that foreign securities markets are open.

The net asset value of each of the Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund is based upon the net asset value(s) of its corresponding Master Fund or Underlying Funds. Shares of the Master Fund and Underlying Funds are valued at their closing net asset values as reported on each business day.

236

Notes to Financial Statements (Continued)

The Prospectuses and Statements of Additional Information (“SAIs”) for the Underlying Funds and Master Funds, as applicable, explain the valuation methods for the Underlying Funds and Master Funds, including the circumstances under which the Underlying Funds or Master Funds, may use fair value pricing and the effects of doing so. Such Prospectuses and SAIs are available on the Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral. Restricted securities are generally valued at a discount to similar publicly traded securities.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee¹ in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds and certain Underlying Funds or Master Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced

The voting members of the Valuation Committee consist of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO, Secretary, and Assistant Secretaries) of the Trust, as well as such other members as the Trustees may from time to time designate. The non-voting members of the Valuation Committee consist of the CCO, Secretary, and Assistant Secretaries. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Funds’ pricing procedures in general.

237

Notes to Financial Statements (Continued)

based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:

Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.

Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

238

Notes to Financial Statements (Continued)

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds’ own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.

In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.

The Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund characterized all investments at Level 1, as of December 31, 2020. The Fundamental Value Fund, Income & Growth Fund, Large Cap Growth Fund, and Small/Mid Cap Value Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of December 31, 2020. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of December 31, 2020, for the remaining Funds’ investments:

	Level 1		Level 2			Level 3			Total
Blue Chip Growth Fund
Asset Investments
Common Stock	$	517,588,390	$	13,824,319	*	$	1,201,931	**	$	532,614,640
Mutual Funds		75,834		—			—			75,834
Short-Term Investments		100		997,767			—			997,867
Total Investments	$	517,664,324	$	14,822,086		$	1,201,931		$	533,688,341

Equity Income Fund
Asset Investments
Common Stock	$	424,702,597	$	12,454,992	*	$	—		$	437,157,589
Preferred Stock		8,796,817		—			—			8,796,817
Warrants		73,569		—			—			73,569
Corporate Debt		—		1,333,069			—			1,333,069
Mutual Funds		2,861,044		—			—			2,861,044
Short-Term Investments		1,075		2,144,321			—			2,145,396
Total Investments	$	436,435,102	$	15,932,382		$	—		$	452,367,484

239

Notes to Financial Statements (Continued)

	Level 1		Level 2			Level 3		Total
Equity Index Fund
Asset Investments
Common Stock	$	649,520,561	$	—		$	—	$	649,520,561
Mutual Funds		257,366		—			—		257,366
Short-Term Investments		—		3,721,034			—		3,721,034
Total Investments	$	649,777,927	$	3,721,034		$	—	$	653,498,961
Asset Derivatives
Futures Contracts	$	104,816	$	—		$	—	$	104,816

Focused Equity Fund
Asset Investments
Common Stock	$	278,863,448	$	13,677,819	*	$	—	$	292,541,267
Short-Term Investments		—		2,221,301			—		2,221,301
Total Investments	$	278,863,448	$	15,899,120		$	—	$	294,762,568

Foreign Fund
Asset Investments
Common Stock*
Australia	$	—	$	8,802,183		$	—	$	8,802,183
Belgium		—		5,817,335			—		5,817,335
Cayman Islands		—		5,364,741			—		5,364,741
Denmark		—		2,452,927			—		2,452,927
France		—		26,331,873			—		26,331,873
Germany		—		33,631,143			—		33,631,143
Ireland		3,247,517		8,297,162			—		11,544,679
Israel		1,913,904		—			—		1,913,904
Italy		—		3,711,073			—		3,711,073
Japan		—		72,068,766			—		72,068,766
Luxembourg		—		4,229,418			—		4,229,418
Netherlands		2,385,150		14,733,283			—		17,118,433
Norway		—		2,997,867			—		2,997,867
Republic of Korea		—		6,943,107			—		6,943,107
Singapore		—		3,323,345			—		3,323,345
Spain		—		1,445,220			—		1,445,220
Sweden		—		5,159,374			—		5,159,374
Switzerland		—		23,862,397			—		23,862,397
United Kingdom		1,255,249		38,514,234			—		39,769,483
Mutual Funds		1,384,583		—			—		1,384,583
Total Investments	$	10,186,403	$	267,685,448		$	—	$	277,871,851

Fundamental Equity Fund
Asset Investments
Common Stock	$	180,707,306	$	991,633	*	$	—	$	181,698,939
Mutual Funds		293,570		—			—		293,570
Total Investments	$	181,000,876	$	991,633		$	—	$	181,992,509

Global Fund
Asset Investments
Common Stock*
Austria	$	—	$	1,027,011		$	—	$	1,027,011
Canada		7,714,436		—			—		7,714,436
Denmark		—		2,232,270			—		2,232,270

240

Notes to Financial Statements (Continued)

	Level 1		Level 2			Level 3		Total
Global Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
France	$	—	$	46,601,256		$	—	$	46,601,256
Germany		—		17,735,987			—		17,735,987
Ireland		30,395,151		7,047,062			—		37,442,213
Israel		4,820,247		—			—		4,820,247
Japan		—		11,055,932			—		11,055,932
Mexico		846,899		—			—		846,899
Netherlands		—		12,028,134			—		12,028,134
Republic of Korea		—		4,700,013			—		4,700,013
Spain		—		4,045,180			—		4,045,180
Sweden		—		7,418,286			—		7,418,286
Switzerland		—		30,772,497			—		30,772,497
Thailand		—		389,363			—		389,363
United Kingdom		2,199,556		27,076,793			—		29,276,349
United States		179,093,476		—			—		179,093,476
Mutual Funds		4,798,170		—			—		4,798,170
Warrants		27,405		—			—		27,405
Short-Term Investments		—		1,159,807			—		1,159,807
Total Investments	$	229,895,340	$	173,289,591		$	—	$	403,184,931

Growth & Income Fund
Asset Investments
Common Stock	$	146,181,360	$	7,934,482	*	$	—	$	154,115,842
Short-Term Investments		—		224,561			—		224,561
Total Investments	$	146,181,360	$	8,159,043		$	—	$	154,340,403

International Equity Fund
Asset Investments
Common Stock*
Australia	$	—	$	5,541,290		$	—	$	5,541,290
Belgium		—		1,691,157			—		1,691,157
Canada		5,148,148		—			—		5,148,148
Cayman Islands		1,358,992		638,697			—		1,997,689
Finland		—		1,707,697			—		1,707,697
France		—		16,152,573			—		16,152,573
Germany		—		33,742,108			—		33,742,108
India		—		2,664,574			—		2,664,574
Indonesia		—		838,776			—		838,776
Ireland		1,914,752		159,354			—		2,074,106
Italy		—		6,845,596			—		6,845,596
Japan		—		3,728,793			—		3,728,793
Mexico		1,438,704		—			—		1,438,704
Netherlands		—		9,688,052			—		9,688,052
Republic of Korea		—		2,640,827			—		2,640,827
South Africa		—		4,137,438			—		4,137,438
Spain		—		1,882,341			—		1,882,341
Sweden		—		6,745,567			—		6,745,567
Switzerland		—		15,429,986			—		15,429,986
United Kingdom		3,158,828		34,605,934			—		37,764,762

241

Notes to Financial Statements (Continued)

	Level 1			Level 2			Level 3			Total
International Equity Fund (Continued)
Asset Invesments (Continued)
Preferred Stock*
Germany	$	—		$	462,005		$	—		$	462,005
Warrants		11,504			—			—			11,504
Short-Term Investments		—			4,051,484			—			4,051,484
Total Investments	$	13,030,928		$	153,354,249		$	—		$	166,385,177
Liability Derivatives
Forward contracts	$	—		$	(2,916	)	$	—		$	(2,916	)

Managed Volatility Fund
Asset Investments
Common Stock	$	135,753,669		$	—		$	—		$	135,753,669
Corporate Debt		—			—			—+,**			—
Mutual Funds		33,892			—			—			33,892
Purchased Options		838,968			—			—			838,968
Short-Term Investments		—			2,709,183			—			2,709,183
Total Investments	$	136,626,529		$	2,709,183		$	—		$	139,335,712
Liability Derivatives
Written Options	$	(4,423,200	)	$	—		$	—		$	(4,423,200	)

Mid Cap Growth Fund
Asset Investments
Common Stock	$	537,530,458		$	420,399		$	1,916,772	**	$	539,867,629
Preferred Stock		—			—			3,070,818	**		3,070,818
Warrants		47,837			—			—			47,837
Mutual Funds		3,925,556			—			—			3,925,556
Short-Term Investments		372			10,695,884			—			10,696,256
Total Investments	$	541,504,223		$	11,116,283		$	4,987,590		$	557,608,096

Mid Cap Value Fund
Asset Investments
Common Stock	$	360,287,732		$	28,158,859	*	$	—		$	388,446,591
Mutual Funds		9,452,340			—			—			9,452,340
Short-Term Investments		—			2,326,692			—			2,326,692
Total Investments	$	369,740,072		$	30,485,551		$	—		$	400,225,623
Asset Derivatives
Forward Contracts	$	—		$	41,868		$	—		$	41,868
Liability Derivatives
Forward Contracts	$	—		$	(245,082	)	$	—		$	(245,082	)

Small Cap Growth Equity Fund
Asset Investments
Common Stock	$	217,230,519		$	943,588		$	6,417	**	$	218,180,524
Preferred Stock		—			—			166,798	**		166,798
Mutual Funds		4,038,300			—			—			4,038,300
Short-Term Investments		—			1,482,608			—			1,482,608
Total Investments	$	221,268,819		$	2,426,196		$	173,215		$	223,868,230

242

Notes to Financial Statements (Continued)

	Level 1			Level 2			Level 3		Total
Small Company Value Fund
Asset Investments
Common Stock	$	91,735,510		$	—		$	—	$	91,735,510
Warrants		9,892			—			—		9,892
Mutual Funds		243,686			—			—		243,686
Short-Term Investments		100			320,755			—		320,855
Total Investments	$	91,989,188		$	320,755		$	—	$	92,309,943

Total Return Bond Fund
Asset Investments
Bank Loans	$	—		$	2,428,931		$	—	$	2,428,931
Corporate Debt		—			74,998,345			—		74,998,345
Municipal Obligations		—			6,568,123			—		6,568,123
Non-U.S. Government Agency Obligations		—			43,560,029			—		43,560,029
Sovereign Debt Obligations		—			3,015,062			—		3,015,062
U.S. Government Agency Obligations and Instrumentalities		—			108,046,631			—		108,046,631
U.S. Treasury Obligations		—			137,332,630			—		137,332,630
Short-Term Investments		—			4,237,061			—		4,237,061
Total Investments	$	—		$	380,186,812		$	—	$	380,186,812
Asset Derivatives
Futures Contracts	$	3,362		$	—		$	—	$	3,362
Liability Derivatives
Forward Contracts	$	—		$	(30,073	)	$	—	$	(30,073	)
Futures Contracts		(2,971	)		—			—		(2,971	)
Total	$	(2,971	)	$	(30,073	)	$	—	$	(33,044	)

*	Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at December 31, 2020 in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2020 is not presented.

+	Represents a security at $0 value as of December 31, 2020.

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis and collateral pledged for open futures contracts, as well as, any applicable liabilities for investments purchased on a delayed delivery basis, amounts due to custodian, and collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of December 31, 2020.

The Funds had no Level 3 transfers during the year ended December 31, 2020.

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

243

Notes to Financial Statements (Continued)

At December 31, 2020, and during the year then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Equity Risk			Foreign Exchange Risk			Interest Rate Risk		Total
Equity Income Fund
Realized Gain (Loss)#
Futures Contracts	$	184,306		$	—		$	—	$	184,306

Equity Index Fund
Asset Derivatives
Futures Contracts^^	$	104,816		$	—		$	—	$	104,816
Realized Gain (Loss)#
Futures Contracts	$	567,137		$	—		$	—	$	567,137
Change in Appreciation (Depreciation)##
Futures Contracts	$	16,001		$	—		$	—	$	16,001

International Equity Fund
Liability Derivatives
Forward Contracts^	$	—		$	(2,916	)	$	—	$	(2,916	)
Realized Gain (Loss)#
Forward Contracts	$	—		$	(111,452	)	$	—	$	(111,452	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	—		$	19,395		$	—	$	19,395

Managed Volatility Fund
Asset Derivatives
Purchased Options*,^^^	$	838,968		$	—		$	—	$	838,968
Liability Derivatives
Written Options^,^^^	$	(4,423,200	)	$	—		$	—	$	(4,423,200	)
Realized Gain (Loss)#
Purchased Options	$	(439,071	)	$	—		$	—	$	(439,071	)
Written Options		(14,687,208	)		—			—		(14,687,208	)
Total Realized Gain (Loss)	$	(15,126,279	)	$	—		$	—	$	(15,126,279	)
Change in Appreciation (Depreciation)##
Purchased Options	$	(253,688	)	$	—		$	—	$	(253,688	)
Written Options		341,641			—			—		341,641
Total Change in Appreciation (Depreciation)	$	87,953		$	—		$	—	$	87,953

Mid Cap Value Fund
Asset Derivatives
Forward Contracts*	$	—		$	41,868		$	—	$	41,868
Liability Derivatives
Forward Contracts^	$	—		$	(245,082	)	$	—	$	(245,082	)
Realized Gain (Loss)#
Forward Contracts	$	—		$	(1,392,959	)	$	—	$	(1,392,959	)
Change in Appreciation (Depreciation)##
Forward Contracts	$	—		$	119,269		$	—	$	119,269

244

Notes to Financial Statements (Continued)

	Equity Risk		Foreign Exchange Risk			Interest Rate Risk			Total
Total Return Bond Fund
Asset Derivatives
Futures Contracts^^	$	—	$	—		$	3,362		$	3,362
Liability Derivatives
Forward Contracts^	$	—	$	(30,073	)	$	—		$	(30,073	)
Futures Contracts^^		—		—			(2,971	)		(2,971	)
Total Value	$	—	$	(30,073	)	$	(2,971	)	$	(33,044	)
Realized Gain (Loss)#
Forward Contracts	$	—	$	144,777		$	—		$	144,777
Futures Contracts		—		—			2,614,368			2,614,368
Swap Agreements		—		—			18,450			18,450
Written Options		—		—			80,096			80,096
Total Realized Gain (Loss)	$	—	$	144,777		$	2,712,914		$	2,857,691
Change in Appreciation (Depreciation)##
Forward Contracts	$	—	$	(107,168	)	$	—		$	(107,168	)
Futures Contracts		—		—			79,794			79,794
Swap Agreements		—		—			(395	)		(395	)
Total Change in Appreciation (Depreciation)	$	—	$	(107,168	)	$	79,399		$	(27,769	)

*	Statements of Assets and Liabilities location: Investments, at value, or Receivables from: open forward contracts, as applicable.

^	Statements of Assets and Liabilities location: Payables for: open forward contracts or written options outstanding, at value, as applicable.

^^	Cumulative appreciation (depreciation) on futures contracts is reported in “Futures Contracts” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

^^^

Represents exchange-traded purchased and written options, which are not subject to a master netting agreement or similar agreement.

#	Statements of Operations location: Amounts are included in net realized gain (loss) on: investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.

##	Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.

For the year ended December 31, 2020, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

	Number of Contracts, Notional Amounts, or Shares/Units^†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Written Options
Equity Income Fund		12	$	—	$	—		—		—
Equity Index Fund		37		—		—		—		—
International Equity Fund		—		1,534,796		—		—		—
Managed Volatility Fund		—		—		—		304		424
Mid Cap Value Fund		—		36,152,888		—		—		—
Total Return Bond Fund		211		3,459,227		41,710,000		30		80

†

Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts and swap agreements, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the year ended December 31, 2020.

The Portfolio of Investments included in a Fund’s financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund’s

245

Notes to Financial Statements (Continued)

derivatives exposure as of December 31, 2020. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) or similar agreement and net of the related collateral received by the Fund(s) as of December 31, 2020.

Counterparty	Derivative Assets Subject to an MNA by Counterparty^†		Financial Instruments Available for Offset			Collateral Received***		Net Amount*
Mid Cap Value Fund
Bank of America N.A.	$	302	$	(302	)	$	—	$	—
Credit Suisse International		32,607		—			—		32,607
JP Morgan Chase Bank N.A.		8,959		(8,959	)		—		—
	$	41,868	$	(9,261	)	$	—	$	32,607

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of December 31, 2020.

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty^†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
International Equity Fund
State Street Bank and Trust Co.	$	(2,916	)	$	—	$	—	$	(2,916	)
Mid Cap Value Fund
Bank of America N.A.	$	(13,595	)	$	302	$	—	$	(13,293	)
Goldman Sachs & Co.		(37,254	)		—		—		(37,254	)
JP Morgan Chase Bank N.A.		(190,945	)		8,959		—		(181,986	)
Morgan Stanley & Co. LLC		(3,288	)		—		—		(3,288	)
	$	(245,082	)	$	9,261	$	—	$	(235,821	)
Total Return Bond Fund
Goldman Sachs International	$	(30,073	)	$	—	$	—	$	(30,073	)

*	Represents the net amount receivable from the counterparty in the event of default.

**	Represents the net amount payable to the counterparty in the event of default.

***	The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

†	The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. Typically, the Fund(s) and counterparties are not permitted to sell, re-pledge, or use the collateral they receive.

Further details regarding the derivatives and other investments held by the Fund(s) during the year ended December 31, 2020, are discussed below.

246

Notes to Financial Statements (Continued)

Foreign Currency Exchange Transactions

A Fund may engage in foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.

A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts and related options.

Futures Contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying

247

Notes to Financial Statements (Continued)

it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

Options on Futures Contracts. If a Fund buys an option on a futures contract, it will have the right to assume a futures contract at a particular price during the course of the option. Its potential loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a futures contract, it is subject generally to the same risks as if it had entered into a futures contract underlying the option itself.

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund’s Statement of Assets and Liabilities. Swap agreements are marked-to-market daily and subsequent payments (“variation margin”) are made or received

248

Notes to Financial Statements (Continued)

by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund’s Statement of Assets and Liabilities (“Variation margin on open derivative instruments”) and as a component of net change in unrealized appreciation (depreciation) on a Fund’s Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

A Fund’s current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

A Fund may purchase and sell put and call options on securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date.

Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

249

Notes to Financial Statements (Continued)

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

Exchange Traded Options. Exchange traded options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Inflation-Linked Securities

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be

250

Notes to Financial Statements (Continued)

reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

At December 31, 2020, the Funds had no unfunded loan commitments.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral.

251

Notes to Financial Statements (Continued)

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund’s use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund’s obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund’s portfolio.

Securities Lending

Each Fund, other than the Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund, may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect

252

Notes to Financial Statements (Continued)

to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At December 31, 2020, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the year ended December 31, 2020, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income, realized capital gain distributions and distributions including realized gain distributions are recorded on the ex-dividend date. Non-cash dividends received in the form of stock are recorded as dividend income at market value. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets or another alternative method.

253

Notes to Financial Statements (Continued)

In addition, each of the Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund will also incur certain fees and expenses indirectly as a shareholder in the Underlying Funds or Master Funds. Because the Underlying Funds have varied expense and fee levels, and the Allocation Funds and MML American Funds Core Allocation Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses indirectly incurred by each of the Allocation Funds and MML American Funds Core Allocation Fund will vary.

Foreign Securities

The Global Fund invests a significant amount of its assets in foreign securities and each of the Foreign Fund and the International Equity Fund invests substantially all of its assets in foreign securities. The other Funds and certain Underlying Funds or Master Funds may also invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Federal Income Tax

It is each Fund’s intent to continue to comply with the provisions of Subchapter M of the Code, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

3.	Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Advisers, a wholly-owned subsidiary of MassMutual, serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the annual rates shown in the following table.

MML Advisers has also entered into investment subadvisory agreements for certain Funds with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

254

Notes to Financial Statements (Continued)

The applicable Funds’ subadvisory fees are paid monthly by MML Advisers out of the advisory fees.

Fund	Investment Advisory Fee	Investment Subadviser(s)
Conservative Allocation Fund	0.10%	N/A
Balanced Allocation Fund	0.10%	N/A
Moderate Allocation Fund	0.10%	N/A
Growth Allocation Fund	0.10%	N/A
Aggressive Allocation Fund	0.10%	N/A
MML American Funds Growth Fund	0.15% on the first $500 million; and 0.125% on any excess over $500 million	N/A
MML American Funds International Fund	0.15% on the first $500 million; and 0.125% on any excess over $500 million	N/A
MML American Funds Core Allocation Fund	0.20% on the first $750 million; and 0.175% on any excess over $750 million	N/A
Blue Chip Growth Fund	0.75% on the first $400 million; and 0.70% on any excess over $400 million	T. Rowe Price Associates, Inc.
Equity Income Fund	0.75% on the first $500 million; and 0.70% on any excess over $500 million	T. Rowe Price Associates, Inc.
Equity Index Fund	0.10% on the first $500 million; and 0.08% on any excess over $500 million	Northern Trust Investments, Inc.
Focused Equity Fund	0.70% on the first $250 million; and 0.60% on any excess over $250 million	Wellington Management Company LLP
Foreign Fund*	0.86% on the first $500 million; and 0.82% on any excess over $500 million	Thompson, Siegel & Walmsley LLC
Fundamental Equity Fund**	0.60% on the first $250 million; and 0.58% on any excess over $250 million	Invesco Advisers, Inc.
Fundamental Value Fund	0.60% on the first $500 million; and 0.575% on any excess over $500 million	Boston Partners Global Investors, Inc.
Global Fund	0.60% on the first $500 million; and 0.55% on any excess over $500 million	Massachusetts Financial Services Company
Growth & Income Fund	0.50% on the first $500 million; and 0.475% on any excess over $500 million	Massachusetts Financial Services Company
Income & Growth Fund	0.65% on the first $500 million; and 0.60% on any excess over $500 million	Barrow, Hanley, Mewhinney & Strauss, LLC
International Equity Fund	0.80% on the first $250 million; and 0.75% on any excess over $250 million	Harris Associates L.P.
Large Cap Growth Fund	0.65% on the first $500 million; and 0.60% on any excess over $500 million	Loomis, Sayles & Company, L.P.
Managed Volatility Fund	0.75% on the first $500 million; and 0.70% on any excess over $500 million	Gateway Investment Advisers, LLC
Mid Cap Growth Fund***	0.77% on the first $500 million; and 0.75% on any excess over $500 million	T. Rowe Price Associates, Inc.; and Wellington Management Company LLP
Mid Cap Value Fund	0.84% on the first $500 million; and 0.80% on any excess over $500 million	American Century Investment Management, Inc.
Small Cap Growth Equity Fund	1.04% on the first $200 million; and 1.00% on any excess over $200 million	Wellington Management Company LLP
Small Company Value Fund	0.80% on the first $150 million; and 0.70% on any excess over $150 million	T. Rowe Price Associates, Inc.
Small/Mid Cap Value Fund	0.75% on the first $500 million; and 0.70% on any excess over $500 million	AllianceBernstein L.P.
Total Return Bond Fund	0.40% on the first $500 million; and 0.38% on any excess over $500 million	Metropolitan West Asset Management, LLC

*	Effective January 7, 2020, Thompson, Siegel & Walmsley LLC replaced Templeton Investment Counsel, LLC as subadviser to the Fund. Prior to July 1, 2020, the investment advisory fee for the Fund was 0.89% on the first $500 million; and 0.85% on any excess over $500 million.

255

Notes to Financial Statements (Continued)

**	Effective March 2, 2020, Invesco Advisers, Inc. replaced Wellington Management Company LLP as subadviser to the Fund. Prior to July 1, 2020, the investment advisory fee of the Fund was 0.62% on the first $250 million; and 0.60% on any excess over $250 million.

***	Effective January 7, 2020, Wellington Management Company LLP was added as a subadviser to the Fund.

Administration Fees

For the Funds noted below, under a separate Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide administrative and shareholder services and bear some of the Fund specific administrative expenses. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

	Class I	Class II	Class III	Service Class I
MML American Funds Growth Fund	N/A	N/A	N/A	0.25%
MML American Funds International Fund	N/A	N/A	N/A	0.25%
MML American Funds Core Allocation Fund	N/A	N/A	N/A	0.25%
Equity Index Fund	0.30%	0.15%	None	0.30%
Focused Equity Fund	N/A	0.15%	N/A	0.15%
Fundamental Equity Fund	N/A	0.15%	N/A	0.15%
Fundamental Value Fund	N/A	0.15%	N/A	0.15%
Global Fund	0.15%	0.15%	N/A	0.15%
International Equity Fund	N/A	0.15%	N/A	0.15%
Small Company Value Fund	N/A	0.15%	N/A	0.15%
Total Return Bond Fund	N/A	0.15%	N/A	0.15%

Distribution and Service Fees

MML Distributors, LLC (the “Distributor”) acts as distributor to the Funds. Pursuant to a Distribution and Services Plan adopted by the Funds pursuant to Rule 12b-1 under the 1940 Act, Service Class shares and Service Class I shares of the Funds pay an annual fee of 0.25% of the average daily net asset value of Service Class shares and Service Class I shares. This fee, or a portion thereof, is paid to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Service Class shares or Service Class I shares, as applicable, of each Fund; and/or (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Service Class and Service Class I shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses^#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

	Class II	Service Class I
International Equity Fund*	1.00%	1.25%

#	Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.

*	Expense caps in effect through April 30, 2021.

256

Notes to Financial Statements (Continued)

Prior to May 1, 2020, MML Advisers agreed to cap the fees and expenses of the Fund noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses^#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

	Class II	Service Class I
Total Return Bond Fund	0.60%	0.85%

#	Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.

MML Advisers has agreed to voluntarily waive 0.03% of the advisory fee of the Equity Income Fund and 0.05% of the advisory fee of the Small Company Value Fund. MML Advisers may amend or discontinue these waivers at any time without advance notice.

MML Advisers has agreed to waive 0.02% of the advisory fee of the Fundamental Value Fund through April 30, 2021.

Effective March 2, 2020 through June 30, 2020, MML Advisers agreed to voluntarily waive 0.02% of the advisory fee of the Fundamental Equity Fund.

Effective July 1, 2020, MML Advisers has agreed to waive 0.02% of the advisory fee of the Foreign Fund through April 30, 2022. Prior to July 1, 2020, MML Advisers agreed to waive 0.04% of the advisory fee and agreed to voluntarily waive an additional 0.01% of the advisory fee of the Foreign Fund.

Effective October 1, 2020, MML Advisers has agreed to waive 0.03% of the advisory fee of the Small Cap Growth Equity Fund through April 30, 2022. Prior to October 1, 2020, MML Advisers agreed to waive 0.02% of the advisory fee of the Small Cap Growth Equity Fund.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the year ended December 31, 2020, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Focused Equity Fund	$ 80
Foreign Fund	11,611
Fundamental Equity Fund	2,990
Income & Growth Fund	522
Large Cap Growth Fund	3,663
Managed Volatility Fund	905
Mid Cap Growth Fund	360
Small Cap Growth Equity Fund	3,610
Small/Mid Cap Value Fund	806

257

Notes to Financial Statements (Continued)

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

4.	Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) and in Underlying Funds or Master Funds, for the year ended December 31, 2020, were as follows:

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities		Other Long-Term Securities
Conservative Allocation Fund	$	—	$	176,841,596	$	—	$	177,835,068
Balanced Allocation Fund		—		109,008,500		—		190,341,193
Moderate Allocation Fund		—		367,103,997		—		711,042,711
Growth Allocation Fund		—		251,269,547		—		636,340,010
Aggressive Allocation Fund		—		24,811,941		—		37,707,504
MML American Funds Growth Fund		—		17,696,591		—		46,683,208
MML American Funds International Fund		—		2,980,521		—		13,266,992
MML American Funds Core Allocation Fund		—		128,802,039		—		262,112,183
Blue Chip Growth Fund		—		127,188,461		—		186,619,620
Equity Income Fund		—		133,105,845		—		159,725,146
Equity Index Fund		—		28,661,701		—		50,689,500
Focused Equity Fund		—		106,237,796		—		155,578,707
Foreign Fund		—		282,328,339		—		314,921,012
Fundamental Equity Fund		—		204,125,268		—		171,419,060
Fundamental Value Fund		—		163,221,964		—		175,760,224
Global Fund		—		50,475,448		—		140,471,623
Growth & Income Fund		—		23,612,291		—		39,746,884
Income & Growth Fund		—		124,994,138		—		153,530,105
International Equity Fund		—		73,715,352		—		99,757,533
Large Cap Growth Fund		—		40,684,593		—		48,034,012
Managed Volatility Fund		—		26,815,520		—		63,199,249
Mid Cap Growth Fund		—		327,467,319		—		406,931,143
Mid Cap Value Fund		—		282,525,185		—		326,175,050
Small Cap Growth Equity Fund		—		144,497,067		—		184,805,374
Small Company Value Fund		—		24,789,721		—		37,910,372
Small/Mid Cap Value Fund		—		103,761,217		—		119,190,790
Total Return Bond Fund		1,069,704,258		83,108,432		1,075,560,802		92,088,748

258

Notes to Financial Statements (Continued)

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

	Purchases	Sales	Realized Gains/Losses
International Equity Fund	$ —	$ 18,180	$ 7,331

5.	Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Year Ended December 31, 2020						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Conservative Allocation Fund Initial Class
Sold		8,070,287		$	78,105,245			1,150,644		$	11,320,212
Issued as reinvestment of dividends		533,037			5,143,809			624,393			5,987,928
Redeemed		(8,836,415	)		(86,255,232	)		(2,032,976	)		(20,039,477	)
Net increase (decrease)		(233,091	)	$	(3,006,178	)		(257,939	)	$	(2,731,337	)
Conservative Allocation Fund Service Class
Sold		12,428,691		$	118,413,479			3,363,488		$	32,649,253
Issued as reinvestment of dividends		1,797,609			17,167,168			2,092,102			19,874,970
Redeemed		(12,920,993	)		(124,463,031	)		(7,207,841	)		(70,024,609	)
Net increase (decrease)		1,305,307		$	11,117,616			(1,752,251	)	$	(17,500,386	)
Balanced Allocation Fund Initial Class
Sold		3,348,243		$	32,393,282			915,930		$	9,052,968
Issued as reinvestment of dividends		758,676			7,252,946			930,968			8,806,961
Redeemed		(6,139,438	)		(59,368,011	)		(1,910,980	)		(18,697,556	)
Net increase (decrease)		(2,032,519	)	$	(19,721,783	)		(64,082	)	$	(837,627	)
Balanced Allocation Fund Service Class
Sold		2,496,364		$	23,775,082			3,109,419		$	30,234,589
Issued as reinvestment of dividends		2,389,140			22,625,157			3,022,632			28,322,059
Redeemed		(10,097,073	)		(96,472,899	)		(7,719,630	)		(74,646,169	)
Net increase (decrease)		(5,211,569	)	$	(50,072,660	)		(1,587,579	)	$	(16,089,521	)
Moderate Allocation Fund Initial Class
Sold		4,303,316		$	43,334,344			1,241,801		$	12,993,537
Issued as reinvestment of dividends		2,464,075			24,418,984			3,168,515			31,558,407
Redeemed		(14,698,891	)		(148,129,782	)		(4,530,277	)		(47,261,402	)
Net increase (decrease)		(7,931,500	)	$	(80,376,454	)		(119,961	)	$	(2,709,458	)
Moderate Allocation Fund Service Class
Sold		2,891,557		$	28,219,448			4,281,862		$	43,997,046
Issued as reinvestment of dividends		11,091,265			108,694,392			14,626,731			144,073,299
Redeemed		(35,056,747	)		(348,871,079	)		(26,630,216	)		(274,935,749	)
Net increase (decrease)		(21,073,925	)	$	(211,957,239	)		(7,721,623	)	$	(86,865,404	)
Growth Allocation Fund Initial Class
Sold		7,228,505		$	61,945,426			1,271,993		$	11,492,897
Issued as reinvestment of dividends		5,176,208			43,790,723			6,986,716			58,967,879
Redeemed		(27,114,733	)		(234,662,043	)		(9,127,828	)		(82,753,281	)
Net increase (decrease)		(14,710,020	)	$	(128,925,894	)		(869,119	)	$	(12,292,505	)

259

Notes to Financial Statements (Continued)

	Year Ended December 31, 2020						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Growth Allocation Fund Service Class
Sold		2,299,902		$	18,991,517			1,683,402		$	15,037,443
Issued as reinvestment of dividends		8,625,889			72,284,951			11,917,878			99,752,639
Redeemed		(35,274,738	)		(302,967,700	)		(14,899,719	)		(133,423,497	)
Net increase (decrease)		(24,348,947	)	$	(211,691,232	)		(1,298,439	)	$	(18,633,415	)
Aggressive Allocation Fund Initial Class
Sold		885,937		$	8,505,566			605,438		$	6,120,826
Issued as reinvestment of dividends		577,711			5,424,704			741,988			6,937,589
Redeemed		(1,830,142	)		(17,693,673	)		(790,422	)		(7,940,416	)
Net increase (decrease)		(366,494	)	$	(3,763,403	)		557,004		$	5,117,999
Aggressive Allocation Fund Service Class
Sold		845,578		$	7,539,036			793,748		$	7,711,067
Issued as reinvestment of dividends		773,688			7,141,143			1,031,299			9,487,948
Redeemed		(2,183,784	)		(19,933,035	)		(1,433,757	)		(14,167,302	)
Net increase (decrease)		(564,518	)	$	(5,252,856	)		391,290		$	3,031,713
MML American Funds Growth Fund Service Class I
Sold		1,496,601		$	24,284,167			1,209,057		$	16,921,717
Issued as reinvestment of dividends		1,427,742			24,143,106			1,925,188			24,103,348
Redeemed		(3,511,187	)		(58,166,315	)		(2,160,703	)		(30,308,338	)
Net increase (decrease)		(586,844	)	$	(9,739,042	)		973,542		$	10,716,727
MML American Funds International Fund Service Class I
Sold		558,719		$	4,875,407			435,217		$	4,297,878
Issued as reinvestment of dividends		416,412			3,830,988			529,496			4,781,345
Redeemed		(1,610,745	)		(15,226,488	)		(944,639	)		(9,360,227	)
Net increase (decrease)		(635,614	)	$	(6,520,093	)		20,074		$	(281,004	)
MML American Funds Core Allocation Fund Service Class I
Sold		3,949,042		$	44,985,785			2,794,411		$	32,449,388
Issued as reinvestment of dividends		5,879,250			66,435,525			8,591,186			93,729,834
Redeemed		(17,719,081	)		(201,085,589	)		(13,002,185	)		(151,140,842	)
Net increase (decrease)		(7,890,789	)	$	(89,664,279	)		(1,616,588	)	$	(24,961,620	)
Blue Chip Growth Fund Initial Class
Sold		2,779,197		$	45,532,429			1,945,288		$	30,430,426
Issued as reinvestment of dividends		1,420,003			28,187,061			2,380,301			35,871,142
Redeemed		(5,519,341	)		(101,804,633	)		(3,267,709	)		(53,613,817	)
Net increase (decrease)		(1,320,141	)	$	(28,085,143	)		1,057,880		$	12,687,751
Blue Chip Growth Fund Service Class
Sold		1,261,217		$	21,011,993			1,357,137		$	21,425,008
Issued as reinvestment of dividends		750,429			14,108,057			1,162,438			16,692,604
Redeemed		(1,388,225	)		(23,419,396	)		(867,459	)		(13,661,137	)
Net increase (decrease)		623,421		$	11,700,654			1,652,116		$	24,456,475
Equity Income Fund Initial Class
Sold		6,989,618		$	63,211,371			2,002,731		$	21,174,454
Issued as reinvestment of dividends		3,795,543			33,362,820			4,302,128			42,720,131
Redeemed		(10,757,885	)		(100,563,613	)		(6,556,252	)		(71,841,606	)
Net increase (decrease)		27,276		$	(3,989,422	)		(251,393	)	$	(7,947,021	)

260

Notes to Financial Statements (Continued)

	Year Ended December 31, 2020						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Equity Income Fund Service Class
Sold		1,126,072		$	9,878,222			547,258		$	5,901,616
Issued as reinvestment of dividends		800,189			6,937,635			965,729			9,473,801
Redeemed		(1,634,326	)		(14,954,955	)		(1,243,848	)		(13,522,355	)
Net increase (decrease)		291,935		$	1,860,902			269,139		$	1,853,062
Equity Index Fund Class I
Sold		158,638		$	4,484,060			289,009		$	9,065,259
Issued as reinvestment of dividends		527,748			14,127,801			221,815			6,401,570
Redeemed		(372,901	)		(10,890,498	)		(577,061	)		(18,206,612	)
Net increase (decrease)		313,485		$	7,721,363			(66,237	)	$	(2,739,783	)
Equity Index Fund Class II
Sold		530,641		$	15,968,112			767,421		$	24,666,876
Issued as reinvestment of dividends		2,073,780			55,432,137			783,155			22,586,203
Redeemed		(814,591	)		(23,496,849	)		(762,223	)		(24,112,631	)
Net increase (decrease)		1,789,830		$	47,903,400			788,353		$	23,140,448
Equity Index Fund Class III
Sold		2,499,756		$	65,345,495			24,627		$	747,178
Issued as reinvestment of dividends		2,724,524			72,635,801			1,000,838			28,794,121
Redeemed		(2,890,585	)		(75,837,713	)		(6,715,413	)		(217,400,488	)
Net increase (decrease)		2,333,695		$	62,143,583			(5,689,948	)	$	(187,859,189	)
Equity Index Fund Service Class I
Sold		126,148		$	3,336,003			52,270		$	1,630,880
Issued as reinvestment of dividends		433,716			11,098,783			186,303			5,197,860
Redeemed		(428,311	)		(11,892,177	)		(270,864	)		(8,309,139	)
Net increase (decrease)		131,553		$	2,542,609			(32,291	)	$	(1,480,399	)
Focused Equity Fund Class II
Sold		4,190,889		$	27,557,502			40,688,967		$	249,990,138
Issued as reinvestment of dividends		2,281,227			15,078,907			1,044,822			6,676,411
Redeemed		(12,159,930	)		(81,572,014	)		(6,863,314	)		(42,946,213	)
Net increase (decrease)		(5,687,814	)	$	(38,935,605	)		34,870,475		$	213,720,336
Focused Equity Fund Service Class I
Sold		573,125		$	3,507,834			1,054,578		$	6,302,984
Issued as reinvestment of dividends		151,514			965,147			58,309			359,769
Redeemed		(728,168	)		(4,619,674	)		(421,874	)		(2,521,223	)
Net increase (decrease)		(3,529	)	$	(146,693	)		691,013		$	4,141,530
Foreign Fund Initial Class
Sold		3,436,660		$	28,902,989			2,376,131		$	23,088,796
Issued as reinvestment of dividends		1,988,950			17,462,978			1,111,272			9,912,550
Redeemed		(9,235,463	)		(82,676,139	)		(4,840,874	)		(47,266,972	)
Net increase (decrease)		(3,809,853	)	$	(36,310,172	)		(1,353,471	)	$	(14,265,626	)
Foreign Fund Service Class
Sold		109,823		$	910,682			95,474		$	929,829
Issued as reinvestment of dividends		62,146			543,157			32,260			286,467
Redeemed		(313,500	)		(2,780,014	)		(163,993	)		(1,586,845	)
Net increase (decrease)		(141,531	)	$	(1,326,175	)		(36,259	)	$	(370,549	)
Fundamental Equity Fund Class II
Sold		6,731,333		$	66,303,639			239,266		$	2,469,054
Issued as reinvestment of dividends		1,892,223			19,054,687			2,115,934			19,254,998
Redeemed		(3,737,296	)		(37,875,208	)		(1,799,210	)		(18,456,314	)
Net increase (decrease)		4,886,260		$	47,483,118			555,990		$	3,267,738

261

Notes to Financial Statements (Continued)

	Year Ended December 31, 2020						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Fundamental Equity Fund Service Class I
Sold		402,884		$	3,900,820			334,038		$	3,357,964
Issued as reinvestment of dividends		218,573			2,117,974			310,486			2,735,384
Redeemed		(282,390	)		(2,676,182	)		(187,873	)		(1,889,738	)
Net increase (decrease)		339,067		$	3,342,612			456,651		$	4,203,610
Fundamental Value Fund Class II
Sold		3,250,384		$	36,451,213			1,252,751		$	15,773,985
Issued as reinvestment of dividends		2,523,110			25,483,413			2,011,239			23,310,264
Redeemed		(5,186,260	)		(55,943,088	)		(2,055,010	)		(27,104,933	)
Net increase (decrease)		587,234		$	5,991,538			1,208,980		$	11,979,316
Fundamental Value Fund Service Class I
Sold		194,984		$	2,016,509			194,855		$	2,498,878
Issued as reinvestment of dividends		197,440			1,948,736			171,861			1,954,060
Redeemed		(247,127	)		(2,599,090	)		(197,528	)		(2,576,940	)
Net increase (decrease)		145,297		$	1,366,155			169,188		$	1,875,998
Global Fund Class I
Sold		2,916,187		$	33,467,871			18,053,305		$	216,474,156
Issued as reinvestment of dividends		1,525,486			18,839,748			1,285,902			15,070,765
Redeemed		(10,498,280	)		(129,249,046	)		(4,928,971	)		(58,812,263	)
Net increase (decrease)		(6,056,607	)	$	(76,941,427	)		14,410,236		$	172,732,658
Global Fund Class II
Sold		40,787		$	499,749			69,934		$	872,601
Issued as reinvestment of dividends		62,431			790,380			52,458			629,501
Redeemed		(172,130	)		(2,109,788	)		(190,256	)		(2,324,624	)
Net increase (decrease)		(68,912	)	$	(819,659	)		(67,864	)	$	(822,522	)
Global Fund Service Class I
Sold		191,853		$	2,213,283			252,500		$	3,001,317
Issued as reinvestment of dividends		66,044			805,077			47,939			555,133
Redeemed		(291,522	)		(3,401,566	)		(335,890	)		(3,950,832	)
Net increase (decrease)		(33,625	)	$	(383,206	)		(35,451	)	$	(394,382	)
Growth & Income Fund Initial Class
Sold		200,738		$	3,655,539			94,892		$	1,791,132
Issued as reinvestment of dividends		420,789			7,969,735			578,005			10,219,127
Redeemed		(982,478	)		(18,267,234	)		(851,420	)		(15,977,062	)
Net increase (decrease)		(360,951	)	$	(6,641,960	)		(178,523	)	$	(3,966,803	)
Growth & Income Fund Service Class
Sold		287,371		$	5,182,815			340,550		$	6,266,996
Issued as reinvestment of dividends		194,674			3,654,039			230,160			4,037,009
Redeemed		(420,910	)		(7,692,264	)		(267,163	)		(4,977,564	)
Net increase (decrease)		61,135		$	1,144,590			303,547		$	5,326,441
Income & Growth Fund Initial Class
Sold		3,767,937		$	32,325,166			2,138,466		$	20,201,336
Issued as reinvestment of dividends		666,588			5,619,340			1,598,367			14,273,421
Redeemed		(7,882,508	)		(68,896,117	)		(4,459,488	)		(42,110,733	)
Net increase (decrease)		(3,447,983	)	$	(30,951,611	)		(722,655	)	$	(7,635,976	)
Income & Growth Fund Service Class
Sold		338,125		$	2,728,337			298,281		$	2,779,510
Issued as reinvestment of dividends		63,377			526,027			177,012			1,555,938
Redeemed		(666,759	)		(5,544,723	)		(388,075	)		(3,629,245	)
Net increase (decrease)		(265,257	)	$	(2,290,359	)		87,218		$	706,203

262

Notes to Financial Statements (Continued)

	Year Ended December 31, 2020						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
International Equity Fund Class II
Sold		3,624,857		$	27,988,887			1,823,191		$	17,380,026
Issued as reinvestment of dividends		1,219,463			9,804,482			1,724,923			14,661,848
Redeemed		(6,497,422	)		(54,363,903	)		(3,241,156	)		(31,295,427	)
Net increase (decrease)		(1,653,102	)	$	(16,570,534	)		306,958		$	746,447
International Equity Fund Service Class I
Sold		145,131		$	1,108,693			180,085		$	1,715,692
Issued as reinvestment of dividends		45,072			359,225			57,537			485,036
Redeemed		(160,921	)		(1,307,043	)		(95,716	)		(917,010	)
Net increase (decrease)		29,282		$	160,875			141,906		$	1,283,718
Large Cap Growth Fund Initial Class
Sold		2,116,130		$	23,524,833			757,370		$	7,797,141
Issued as reinvestment of dividends		417,709			5,597,296			1,125,271			11,308,969
Redeemed		(2,510,605	)		(31,567,556	)		(1,886,569	)		(20,303,497	)
Net increase (decrease)		23,234		$	(2,445,427	)		(3,928	)	$	(1,197,387	)
Large Cap Growth Fund Service Class
Sold		390,025		$	4,445,019			456,792		$	4,819,226
Issued as reinvestment of dividends		70,613			908,084			193,633			1,872,436
Redeemed		(340,624	)		(3,861,294	)		(243,988	)		(2,544,287	)
Net increase (decrease)		120,014		$	1,491,809			406,437		$	4,147,375
Managed Volatility Fund Initial Class
Sold		1,598,706		$	20,977,612			903,580		$	11,523,280
Issued as reinvestment of dividends		119,237			1,569,290			160,936			2,006,227
Redeemed		(2,761,263	)		(35,119,122	)		(1,776,812	)		(22,422,864	)
Net increase (decrease)		(1,043,320	)	$	(12,572,220	)		(712,296	)	$	(8,893,357	)
Managed Volatility Fund Service Class
Sold		251,737		$	3,248,172			222,820		$	2,815,961
Issued as reinvestment of dividends		24,322			317,733			32,885			406,901
Redeemed		(663,028	)		(8,511,098	)		(355,283	)		(4,455,507	)
Net increase (decrease)		(386,969	)	$	(4,945,193	)		(99,578	)	$	(1,232,645	)
Mid Cap Growth Fund Initial Class
Sold		3,088,309		$	40,930,051			2,595,249		$	42,447,148
Issued as reinvestment of dividends		2,551,558			39,651,202			3,509,097			51,794,275
Redeemed		(7,274,063	)		(115,568,075	)		(4,034,925	)		(64,094,597	)
Net increase (decrease)		(1,634,196	)	$	(34,986,822	)		2,069,421		$	30,146,826
Mid Cap Growth Fund Service Class
Sold		501,086		$	6,860,352			592,734		$	8,954,435
Issued as reinvestment of dividends		722,637			10,615,548			1,008,644			14,171,452
Redeemed		(1,536,899	)		(22,707,358	)		(1,048,108	)		(16,123,659	)
Net increase (decrease)		(313,176	)	$	(5,231,458	)		553,270		$	7,002,228
Mid Cap Value Fund Initial Class
Sold		5,340,333		$	44,917,037			1,891,517		$	19,673,030
Issued as reinvestment of dividends		679,787			6,322,018			4,699,890			43,755,980
Redeemed		(9,818,772	)		(93,934,795	)		(6,618,089	)		(69,084,598	)
Net increase (decrease)		(3,798,652	)	$	(42,695,740	)		(26,682	)	$	(5,655,588	)
Mid Cap Value Fund Service Class
Sold		578,487		$	5,063,098			529,499		$	5,430,477
Issued as reinvestment of dividends		80,868			737,517			646,059			5,898,516
Redeemed		(842,575	)		(7,745,062	)		(764,722	)		(7,827,110	)
Net increase (decrease)		(183,220	)	$	(1,944,447	)		410,836		$	3,501,883

263

Notes to Financial Statements (Continued)

	Year Ended December 31, 2020						Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Small Cap Growth Equity Fund Initial Class
Sold		1,383,925		$	16,572,901			667,827		$	9,688,722
Issued as reinvestment of dividends		1,530,354			19,885,569			2,306,199			29,446,089
Redeemed		(4,295,245	)		(60,459,390	)		(2,763,599	)		(40,348,274	)
Net increase (decrease)		(1,380,966	)	$	(24,000,920	)		210,427		$	(1,213,463	)
Small Cap Growth Equity Fund Service Class
Sold		232,549		$	2,762,475			318,701		$	4,336,752
Issued as reinvestment of dividends		285,059			3,402,966			368,070			4,374,302
Redeemed		(484,239	)		(6,010,938	)		(299,020	)		(4,139,621	)
Net increase (decrease)		33,369		$	154,503			387,751		$	4,571,433
Small Company Value Fund Class II
Sold		338,532		$	4,483,424			198,392		$	3,132,613
Issued as reinvestment of dividends		270,351			3,344,244			811,986			10,637,023
Redeemed		(1,359,262	)		(17,697,727	)		(767,891	)		(11,587,838	)
Net increase (decrease)		(750,379	)	$	(9,870,059	)		242,487		$	2,181,798
Small Company Value Fund Service Class I
Sold		304,062		$	3,526,786			244,587		$	3,548,308
Issued as reinvestment of dividends		103,607			1,232,924			270,224			3,412,926
Redeemed		(405,826	)		(5,013,773	)		(189,320	)		(2,802,632	)
Net increase (decrease)		1,843		$	(254,063	)		325,491		$	4,158,602
Small/Mid Cap Value Fund Initial Class
Sold		3,080,029		$	24,812,916			1,029,697		$	11,659,265
Issued as reinvestment of dividends		984,989			8,658,051			2,262,398			22,035,759
Redeemed		(5,283,660	)		(50,362,051	)		(2,478,580	)		(28,259,786	)
Net increase (decrease)		(1,218,642	)	$	(16,891,084	)		813,515		$	5,435,238
Small/Mid Cap Value Fund Service Class
Sold		386,463		$	3,202,506			286,077		$	3,241,143
Issued as reinvestment of dividends		124,257			1,079,794			289,953			2,792,250
Redeemed		(577,178	)		(5,296,163	)		(271,623	)		(3,026,765	)
Net increase (decrease)		(66,458	)	$	(1,013,863	)		304,407		$	3,006,628
Total Return Bond Fund Class II
Sold		6,019,322		$	67,102,884			3,948,884		$	41,406,916
Issued as reinvestment of dividends		936,309			10,430,481			964,465			10,406,581
Redeemed		(13,281,923	)		(147,468,872	)		(7,875,810	)		(83,460,772	)
Net increase (decrease)		(6,326,292	)	$	(69,935,507	)		(2,962,461	)	$	(31,647,275	)
Total Return Bond Fund Service Class I
Sold		2,212,987		$	24,389,705			923,100		$	9,720,553
Issued as reinvestment of dividends		136,362			1,499,979			83,845			895,462
Redeemed		(950,279	)		(10,490,576	)		(342,465	)		(3,612,932	)
Net increase (decrease)		1,399,070		$	15,399,108			664,480		$	7,003,083

264

Notes to Financial Statements (Continued)

6.	Federal Income Tax Information

At December 31, 2020, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Conservative Allocation Fund	$	413,102,291	$	22,229,840	$	(179,315	)	$	22,050,525
Balanced Allocation Fund		455,510,809		29,712,951		(1,802,895	)		27,910,056
Moderate Allocation Fund		1,789,468,512		103,486,087		(12,760,071	)		90,726,016
Growth Allocation Fund		1,151,933,867		102,607,151		(8,292,621	)		94,314,530
Aggressive Allocation Fund		150,813,573		11,134,733		(1,567,136	)		9,567,597
MML American Funds Growth Fund		156,549,999		101,191,839		–			101,191,839
MML American Funds International Fund		49,411,975		11,706,936		–			11,706,936
MML American Funds Core Allocation Fund		840,577,871		104,182,898		–			104,182,898
Blue Chip Growth Fund		263,244,121		270,566,280		(122,060	)		270,444,220
Equity Income Fund		370,270,477		99,474,122		(17,377,428	)		82,096,694
Equity Index Fund		367,623,982		307,755,606		(21,775,811	)		285,979,795
Focused Equity Fund		248,369,250		47,192,569		(799,374	)		46,393,195
Foreign Fund		257,188,134		36,286,817		(15,603,100	)		20,683,717
Fundamental Equity Fund		148,179,336		34,913,219		(1,100,046	)		33,813,173
Fundamental Value Fund		164,023,904		33,392,854		(2,208,090	)		31,184,764
Global Fund		313,177,571		96,738,048		(6,730,688	)		90,007,360
Growth & Income Fund		85,818,858		69,280,336		(758,623	)		68,521,713
Income & Growth Fund		228,859,358		44,604,626		(4,118,034	)		40,486,592
International Equity Fund		153,686,466		18,501,344		(5,942,030	)		12,559,314
Large Cap Growth Fund		82,365,893		61,918,245		(1,392,473	)		60,525,772
Managed Volatility Fund		82,675,458		57,796,186		(5,559,132	)		52,237,054
Mid Cap Growth Fund		380,789,846		181,640,688		(4,822,438	)		176,818,250
Mid Cap Value Fund		349,127,597		53,401,392		(2,506,580	)		50,894,812
Small Cap Growth Equity Fund		161,903,152		65,159,278		(3,194,200	)		61,965,078
Small Company Value Fund		67,615,246		27,761,228		(3,066,531	)		24,694,697
Small/Mid Cap Value Fund		164,583,339		35,224,647		(5,138,312	)		30,086,335
Total Return Bond Fund		368,190,116		13,048,892		(1,081,877	)		11,967,015

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss.

At December 31, 2020, the following Fund(s) had post-enactment accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Foreign Fund	$	3,796,996	$	2,617,174
Fundamental Value Fund		2,594,735		—
Income & Growth Fund		5,902,034		4,441,172
International Equity Fund		—		9,630,995

265

Notes to Financial Statements (Continued)

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Managed Volatility Fund	$	2,517,847	$	—
Small/Mid Cap Value Fund		—		5,296,826

Net capital loss carryforwards for the Fund(s) shown in the above table are from post-enactment years and are, therefore, not subject to the eight-year carryforward period and possible expiration.

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2020, was as follows:

	Ordinary Income		Long Term Capital Gain
Conservative Allocation Fund	$	10,451,222	$	11,859,755
Balanced Allocation Fund		12,332,889		17,545,214
Moderate Allocation Fund		43,751,364		89,362,012
Growth Allocation Fund		28,093,261		87,982,413
Aggressive Allocation Fund		2,214,208		10,351,639
MML American Funds Growth Fund		1,556,780		22,586,326
MML American Funds International Fund		585,682		3,245,306
MML American Funds Core Allocation Fund		16,119,849		50,315,676
Blue Chip Growth Fund		—		42,295,118
Equity Income Fund		11,325,031		28,975,424
Equity Index Fund		12,122,939		141,171,583
Focused Equity Fund		6,643,227		9,400,827
Foreign Fund		8,258,161		9,747,974
Fundamental Equity Fund		2,072,887		19,099,774
Fundamental Value Fund		2,611,480		24,820,669
Global Fund		4,629,338		15,805,867
Growth & Income Fund		1,210,155		10,413,619
Income & Growth Fund		6,073,988		71,379
International Equity Fund		7,760,880		2,402,827
Large Cap Growth Fund		490,579		6,014,801
Managed Volatility Fund		1,887,023		—
Mid Cap Growth Fund		1,921,875		48,344,875
Mid Cap Value Fund		7,059,535		—
Small Cap Growth Equity Fund		4,430,669		18,857,866
Small Company Value Fund		504,882		4,072,286
Small/Mid Cap Value Fund		2,285,693		7,452,152
Total Return Bond Fund		11,930,460		—

266

Notes to Financial Statements (Continued)

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2019, was as follows:

	Ordinary Income		Long Term Capital Gain
Conservative Allocation Fund	$	10,342,993	$	15,519,906
Balanced Allocation Fund		12,564,829		24,564,191
Moderate Allocation Fund		48,785,966		126,845,740
Growth Allocation Fund		32,280,377		126,440,141
Aggressive Allocation Fund		2,782,167		13,643,370
MML American Funds Growth Fund		581,644		23,521,704
MML American Funds International Fund		1,681,469		3,099,876
MML American Funds Core Allocation Fund		23,619,099		70,110,735
Blue Chip Growth Fund		—		52,563,746
Equity Income Fund		10,992,816		41,201,116
Equity Index Fund		15,714,159		47,265,595
Focused Equity Fund		2,445,340		4,590,840
Foreign Fund		5,562,658		4,636,359
Fundamental Equity Fund		804,414		21,185,968
Fundamental Value Fund		5,758,712		19,505,612
Global Fund		2,941,507		13,313,892
Growth & Income Fund		1,280,311		12,975,825
Income & Growth Fund		7,767,467		8,061,892
International Equity Fund		4,167,641		10,979,243
Large Cap Growth Fund		572,002		12,609,403
Managed Volatility Fund		2,413,128		—
Mid Cap Growth Fund		4,508,524		61,457,203
Mid Cap Value Fund		11,796,114		37,858,382
Small Cap Growth Equity Fund		4,266,404		29,553,987
Small Company Value Fund		381,109		13,668,840
Small/Mid Cap Value Fund		2,820,675		22,007,334
Total Return Bond Fund		11,302,043		—

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2020:

	Amount
Conservative Allocation Fund	$	54,413
Balanced Allocation Fund		76,667
Moderate Allocation Fund		398,967
Growth Allocation Fund		356,836
Aggressive Allocation Fund		44,712
MML American Funds International Fund		56,855
MML American Funds Core Allocation Fund		113,264
Foreign Fund		554,838
Global Fund		351,642
International Equity Fund		223,631

267

Notes to Financial Statements (Continued)

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At December 31, 2020, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At December 31, 2020, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
Conservative Allocation Fund	$	4,128,921	$	11,819,541		$	(37,996	)	$	22,050,525
Balanced Allocation Fund		5,190,216		14,035,146			(46,655	)		27,910,056
Moderate Allocation Fund		21,093,264		66,099,506			(172,441	)		90,726,016
Growth Allocation Fund		17,316,130		51,905,814			(142,145	)		94,314,530
Aggressive Allocation Fund		1,925,003		6,785,610			(9,834	)		9,567,597
MML American Funds Growth Fund		—		15,195,896			(8,962	)		101,191,839
MML American Funds International Fund		78,134		899,793			(4,793	)		11,706,936
MML American Funds Core Allocation Fund		12,436,584		22,679,169			(65,540	)		104,182,898
Blue Chip Growth Fund		—		59,439,657			(34,723	)		270,444,221
Equity Income Fund		10,277,015		7,884,209			(55,936	)		82,097,701
Equity Index Fund		10,841,879		30,554,408			(72,421	)		285,979,795
Focused Equity Fund		5,336,488		15,300,442			(6,968	)		46,393,196
Foreign Fund		6,600,890		(6,414,170	)		(40,903	)		20,736,399
Fundamental Equity Fund		4,821,103		14,477,399			(13,196	)		33,813,175
Fundamental Value Fund		3,297,998		(2,594,735	)		(18,520	)		31,188,166
Global Fund		3,476,455		34,229,859			(15,855	)		90,055,250
Growth & Income Fund		1,357,958		9,151,446			(18,690	)		68,521,504
Income & Growth Fund		4,619,830		(10,343,206	)		(24,482	)		40,486,592
International Equity Fund		1,068,813		(9,630,995	)		(10,719	)		12,604,914
Large Cap Growth Fund		1,300,620		16,591,265			(16,027	)		60,525,772
Managed Volatility Fund		1,373,709		(2,517,847	)		(32,064	)		52,237,993
Mid Cap Growth Fund		12,556,137		86,004,692			(41,887	)		176,818,250
Mid Cap Value Fund		5,076,599		8,396,925			(51,183	)		50,895,748
Small Cap Growth Equity Fund		14,816,699		17,261,333			(31,534	)		61,965,079
Small Company Value Fund		498,749		5,704,596			(9,935	)		24,694,697
Small/Mid Cap Value Fund		1,982,686		(5,296,826	)		(24,843	)		30,086,336
Total Return Bond Fund		20,691,367		3,692,900			(32,407	)		11,966,866

268

Notes to Financial Statements (Continued)

During the year ended December 31, 2020, the following amounts were reclassified due to permanent differences between book and tax accounting:

	Paid-in Capital			Accumulated Net Realized Gain (Loss) on Investments			Undistributed Net Investment Income (Loss)
Conservative Allocation Fund	$	—		$	(896,450	)	$	896,450
Balanced Allocation Fund		—			(1,237,720	)		1,237,720
Moderate Allocation Fund		1			(5,345,396	)		5,345,395
Growth Allocation Fund		—			(4,398,717	)		4,398,717
Aggressive Allocation Fund		—			(531,862	)		531,862
MML American Funds Growth Fund		(264,462	)		(10	)		264,472
MML American Funds Core Allocation Fund		1			(2,379,501	)		2,379,500
Blue Chip Growth Fund		(1,752,363	)		(351,398	)		2,103,761
Equity Income Fund		—			9,860			(9,860	)
Equity Index Fund		—			(1,312,896	)		1,312,896
Focused Equity Fund		—			3,109			(3,109	)
Foreign Fund		—			(42,172	)		42,172
Fundamental Equity Fund		—			8,663			(8,663	)
Fundamental Value Fund		1			71,484			(71,485	)
Global Fund		—			16,967			(16,967	)
Growth & Income Fund		(377	)		39,300			(38,923	)
Income & Growth Fund		3			169,852			(169,855	)
International Equity Fund		—			121,711			(121,711	)
Managed Volatility Fund		—			(325,083	)		325,083
Mid Cap Growth Fund		—			(1,210,063	)		1,210,063
Mid Cap Value Fund		17,981			1,533,001			(1,550,982	)
Small Cap Growth Equity Fund		—			(556,671	)		556,671
Small Company Value Fund		—			(66,461	)		66,461
Small/Mid Cap Value Fund		—			8			(8	)
Total Return Bond Fund		—			(1,262,113	)		1,262,113

The Funds did not have any unrecognized tax benefits at December 31, 2020, nor were there any increases or decreases in unrecognized tax benefits for the year then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the year ended December 31, 2020, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

269

Notes to Financial Statements (Continued)

7. Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the year ended December 31, 2020, was as follows:

	Beginning Value as of 12/31/19		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 12/31/20		Number of Shares Held as of 12/31/20		Dividend Income		Realized Gains Distributions
Conservative Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	11,636,554	$	5,647,973	$	(5,804,349	)	$	2,415,320		$	627,697		$	14,523,195		708,103	$	—	$	1,087,460
MML Dynamic Bond Fund, Class II		55,344,583		19,282,553		(24,943,864	)		1,061,936			692,932			51,438,140		4,927,025		169,711		—
MML Equity Income Fund, Initial Class		12,876,499		7,730,673		(4,509,839	)		965,693			(1,189,816	)		15,873,210		1,544,087		330,365		945,358
MML Equity Index Fund, Class III		944,007		496,248		(225,400	)		(41,222	)		(30,497	)		1,143,136		39,446		18,972		231,270
MML Focused Equity Fund, Class II		16,672,231		8,843,398		(6,286,939	)		697,117			819,970			20,745,777		2,861,486		150,949		827,598
MML Foreign Fund, Initial Class		8,051,494		3,638,906		(2,910,784	)		700,110			(411,766	)		9,067,960		904,986		235,691		277,414
MML Fundamental Equity Fund, Class II		7,115,314		7,752,326		(3,182,245	)		1,590,527			(636,607	)		12,639,315		1,177,942		4,409		1,380,635
MML Fundamental Value Fund, Class II		12,009,269		7,854,441		(4,304,778	)		524,826			(1,516,818	)		14,566,940		1,253,609		168,501		1,578,406
MML Global Fund, Class I		19,718,465		12,244,694		(11,331,255	)		2,699,574			836,697			24,168,175		1,731,245		270,305		954,186
MML High Yield Fund, Class II		11,956,901		3,239,566		(4,727,066	)		1,085,778			(459,516	)		11,095,663		1,098,581		2,542		—
MML Income & Growth Fund, Initial Class		13,162,819		5,543,355		(4,693,924	)		1,676,043			(1,421,664	)		14,266,629		1,426,663		250,719		35,289
MML Inflation-Protected and Income Fund, Initial Class		16,866,008		5,080,598		(8,121,470	)		1,200,107			386,988			15,412,231		1,350,765		17,507		—
MML International Equity Fund, Class II		9,817,292		3,672,540		(4,885,965	)		824,158			(436,072	)		8,991,953		900,997		268,468		237,492
MML Large Cap Growth Fund, Initial Class		3,063,152		3,018,723		(1,900,628	)		771,835			332,267			5,285,349		378,065		15,810		214,624
MML Managed Bond Fund, Initial Class		85,527,270		34,464,066		(38,259,066	)		4,404,526			1,599,241			87,736,037		6,454,684		76,871		—
MML Mid Cap Growth Fund, Initial Class		10,431,430		9,202,019		(6,309,846	)		2,668,811			142,792			16,135,206		891,448		10,621		1,302,137
MML Mid Cap Value Fund, Initial Class		9,127,793		7,090,000		(4,441,508	)		1,509,837			(550,347	)		12,735,775		1,202,623		216,730		—
MML Short-Duration Bond Fund, Class II		22,843,273		7,524,602		(8,130,477	)		538,948			(158,494	)		22,617,852		2,298,562		63		—
MML Small Cap Growth Equity Fund, Initial Class		1,839,468		775,834		(857,553	)		394,004			26,508			2,178,261		129,179		—		203,838
MML Small Company Value Fund, Class II		4,198,729		1,125,085		(1,193,895	)		399,331			(188,839	)		4,340,411		284,617		9,363		178,908
MML Small/Mid Cap Value Fund, Initial Class		2,511,258		1,577,492		(993,729	)		470,339			(321,302	)		3,244,058		296,532		28,802		119,072
MML Strategic Emerging Markets Fund, Class II		1,640,316		782,446		(984,752	)		98,108			157,432			1,693,550		117,363		7,123		45,445
MML Total Return Bond Fund, Class II		47,752,538		16,761,387		(19,972,124	)		1,130,667			1,148,306			46,820,774		4,150,778		1,442,982		206,590
	$	385,106,663	$	173,348,925	$	(168,971,456	)	$	27,786,373		$	(550,908	)	$	416,719,597			$	3,696,504	$	9,825,722

270

Notes to Financial Statements (Continued)

	Beginning Value as of 12/31/19		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 12/31/20		Number of Shares Held as of 12/31/20		Dividend Income		Realized Gains Distributions
Balanced Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	17,817,696	$	7,116,112	$	(10,429,740	)	$	3,837,812		$	1,761,253		$	20,103,133		980,163	$	—	$	1,667,212
MML Dynamic Bond Fund, Class II		59,442,046		11,830,975		(22,171,517	)		1,424,961			716,486			51,242,951		4,908,329		185,742		—
MML Equity Income Fund, Initial Class		19,564,530		5,859,694		(4,634,142	)		(152,633	)		(905,011	)		19,732,438		1,919,498		464,915		1,330,384
MML Equity Index Fund, Class III		1,373,256		362,134		(276,543	)		(104,465	)		(18,282	)		1,336,100		46,104		25,198		307,162
MML Focused Equity Fund, Class II		22,735,295		5,464,072		(6,334,671	)		1,219,290			664,016			23,748,002		3,275,587		197,506		1,082,852
MML Foreign Fund, Initial Class		15,665,107		1,754,593		(4,082,664	)		654,512			(860,073	)		13,131,475		1,310,526		379,217		446,347
MML Fundamental Equity Fund, Class II		10,679,407		12,374,323		(2,969,347	)		2,180,933			(473,027	)		21,792,289		2,030,968		7,723		2,418,424
MML Fundamental Value Fund, Class II		17,308,435		4,935,313		(4,492,537	)		(274,562	)		(1,557,183	)		15,919,466		1,370,006		210,804		1,974,668
MML Global Fund, Class I		35,693,340		4,584,588		(16,308,337	)		924,811			(183,617	)		24,710,785		1,770,114		293,180		1,034,940
MML High Yield Fund, Class II		12,859,143		311,443		(2,923,442	)		972,676			(451,198	)		10,768,622		1,066,200		2,781		—
MML Income & Growth Fund, Initial Class		19,873,747		3,664,188		(4,984,021	)		1,390,515			(1,299,117	)		18,645,312		1,864,531		372,243		52,393
MML Inflation-Protected and Income Fund, Initial Class		19,472,893		5,499,964		(7,807,788	)		1,488,103			159,690			18,812,862		1,648,805		17,732		—
MML International Equity Fund, Class II		15,826,325		4,295,259		(5,705,346	)		1,149,766			(718,782	)		14,847,222		1,487,698		471,190		416,823
MML Large Cap Growth Fund, Initial Class		6,443,710		2,637,417		(1,996,117	)		2,164,737			389,169			9,638,916		689,479		31,171		423,144
MML Managed Bond Fund, Initial Class		96,044,609		12,826,843		(33,374,750	)		5,801,566			762,911			82,061,179		6,037,188		83,624		—
MML Mid Cap Growth Fund, Initial Class		17,777,164		7,176,243		(8,283,475	)		3,543,845			406,593			20,620,370		1,139,247		16,522		2,025,503
MML Mid Cap Value Fund, Initial Class		17,097,902		4,220,753		(6,635,889	)		1,888,833			(1,153,123	)		15,418,476		1,455,947		327,023		—
MML Short-Duration Bond Fund, Class II		24,890,000		3,223,170		(5,975,541	)		480,714			(139,691	)		22,478,652		2,284,416		69		—
MML Small Cap Growth Equity Fund, Initial Class		2,943,680		419,127		(1,079,067	)		388,503			90,310			2,762,553		163,829		—		293,858
MML Small Company Value Fund, Class II		6,410,281		379,653		(1,624,990	)		466,742			(465,148	)		5,166,538		338,789		12,619		241,137
MML Small/Mid Cap Value Fund, Initial Class		5,106,057		710,470		(1,019,244	)		271,281			(374,684	)		4,693,880		429,057		46,317		191,485
MML Strategic Emerging Markets Fund, Class II		4,923,621		445,941		(1,334,425	)		405,165			148,237			4,588,539		317,986		20,004		127,629
MML Total Return Bond Fund, Class II		51,789,501		7,404,049		(20,791,895	)		1,240,646			1,124,887			40,767,188		3,614,112		1,406,090		201,309
	$	501,737,745	$	107,496,324	$	(175,235,488	)	$	31,363,751		$	(2,375,384	)	$	462,986,948			$	4,571,670	$	14,235,270

271

Notes to Financial Statements (Continued)

	Beginning Value as of 12/31/19		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 12/31/20		Number of Shares Held as of 12/31/20		Dividend Income		Realized Gains Distributions
Moderate Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	86,070,475	$	14,997,217	$	(26,048,884	)	$	13,841,615		$	5,527,671		$	94,388,094		4,602,052	$	—	$	7,342,508
MML Dynamic Bond Fund, Class II		184,141,398		34,109,188		(63,543,136	)		4,200,708			2,251,936			161,160,094		15,436,791		548,334		—
MML Equity Income Fund, Initial Class		96,832,134		24,657,031		(20,958,028	)		(1,374,804	)		(6,593,257	)		92,563,076		9,004,190		2,072,284		5,929,967
MML Equity Index Fund, Class III		5,853,538		1,807,771		(1,125,627	)		(420,936	)		(97,701	)		6,017,045		207,628		114,287		1,393,143
MML Focused Equity Fund, Class II		131,131,396		20,766,711		(28,916,633	)		5,106,935			3,485,603			131,574,012		18,148,140		1,036,630		5,683,468
MML Foreign Fund, Initial Class		70,871,296		11,110,075		(18,901,308	)		1,598,034			(3,890,349	)		60,787,748		6,066,641		1,829,194		2,152,995
MML Fundamental Equity Fund, Class II		44,894,915		30,756,060		(12,944,100	)		6,637,868			(1,917,596	)		67,427,147		6,283,984		24,084		7,542,316
MML Fundamental Value Fund, Class II		85,150,047		25,975,102		(22,021,583	)		(820,393	)		(8,781,744	)		79,501,429		6,841,775		1,065,072		9,976,868
MML Global Fund, Class I		180,074,543		18,682,507		(47,219,654	)		10,626,565			1,042,806			163,206,767		11,691,029		1,795,793		6,339,215
MML High Yield Fund, Class II		40,038,083		69,520		(29,542,948	)		2,765,270			(1,948,886	)		11,381,039		1,126,836		7,604		—
MML Income & Growth Fund, Initial Class		97,029,674		14,780,849		(24,077,947	)		6,458,488			(7,470,489	)		86,720,575		8,672,058		1,767,859		248,828
MML Inflation-Protected and Income Fund, Initial Class		61,247,456		13,151,589		(22,513,969	)		4,718,826			863,187			57,467,089		5,036,555		56,252		—
MML International Equity Fund, Class II		78,678,686		12,499,105		(19,743,586	)		772,789			(3,538,640	)		68,668,354		6,880,597		2,164,148		1,914,443
MML Large Cap Growth Fund, Initial Class		25,961,531		12,036,257		(8,486,080	)		5,874,646			1,564,507			36,950,861		2,643,123		107,325		1,456,944
MML Managed Bond Fund, Initial Class		284,832,981		41,589,051		(97,551,262	)		17,569,399			1,674,663			248,114,832		18,253,650		242,279		—
MML Mid Cap Growth Fund, Initial Class		96,486,038		19,202,924		(30,520,380	)		14,145,818			81,422			99,395,822		5,491,482		74,340		9,114,076
MML Mid Cap Value Fund, Initial Class		87,965,355		6,574,540		(20,488,151	)		4,596,728			(5,291,077	)		73,357,395		6,927,044		1,358,171		—
MML Short-Duration Bond Fund, Class II		77,813,892		7,710,778		(22,483,739	)		1,374,638			(448,011	)		63,967,558		6,500,768		187		—
MML Small Cap Growth Equity Fund, Initial Class		14,051,151		3,505,019		(4,433,938	)		2,285,330			376,413			15,783,975		936,047		—		1,659,883
MML Small Company Value Fund, Class II		30,410,587		3,684,943		(6,290,338	)		2,569,553			(2,129,975	)		28,244,770		1,852,116		68,527		1,309,455
MML Small/Mid Cap Value Fund, Initial Class		26,579,626		4,570,877		(5,903,511	)		1,199,924			(1,959,901	)		24,487,015		2,238,301		248,823		1,028,692
MML Strategic Emerging Markets Fund, Class II		53,559,245		7,753,124		(29,863,592	)		(1,360,530	)		7,641,454			37,729,701		2,614,671		224,735		1,433,845
MML Total Return Bond Fund, Class II		165,230,445		31,533,897		(58,837,447	)		4,278,149			3,405,018			145,610,062		12,908,693		4,429,928		634,228
	$	2,024,904,492	$	361,524,135	$	(622,415,841	)	$	106,644,620		$	(16,152,946	)	$	1,854,504,460			$	19,235,856	$	65,160,874

272

Notes to Financial Statements (Continued)

	Beginning Value as of 12/31/19		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 12/31/20		Number of Shares Held as of 12/31/20		Dividend Income		Realized Gains Distributions
Growth Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	70,699,258	$	17,028,873	$	(29,028,991	)	$	12,547,913		$	6,943,314		$	78,190,367		3,812,305	$	—	$	7,212,529
MML Dynamic Bond Fund, Class II		85,389,620		11,218,919		(48,972,019	)		782,176			1,645,636			50,064,332		4,795,434		207,609		—
MML Equity Income Fund, Initial Class		79,471,187		18,109,232		(25,538,465	)		666,570			(6,952,772	)		65,755,752		6,396,474		1,789,398		5,120,468
MML Equity Index Fund, Class III		5,204,617		1,307,687		(1,381,371	)		(312,857	)		(184,950	)		4,633,126		159,873		97,596		1,189,688
MML Focused Equity Fund, Class II		112,672,816		5,871,526		(37,076,416	)		2,018,077			3,856,221			87,342,224		12,047,203		833,691		4,570,821
MML Foreign Fund, Initial Class		67,038,756		5,141,976		(21,483,648	)		1,589,800			(3,407,097	)		48,879,787		4,878,222		1,634,353		1,923,664
MML Fundamental Equity Fund, Class II		34,227,405		30,108,098		(17,475,505	)		6,560,351			(2,398,218	)		51,022,131		4,755,091		21,394		6,699,834
MML Fundamental Value Fund, Class II		70,576,691		20,563,625		(23,385,914	)		386,392			(8,067,101	)		60,073,693		5,169,853		901,675		8,446,278
MML Global Fund, Class I		151,174,860		13,814,498		(48,949,223	)		9,086,870			758,269			125,885,274		9,017,570		1,552,990		5,482,117
MML High Yield Fund, Class II		19,937,896		2,093,431		(7,005,622	)		1,577,036			(793,922	)		15,808,819		1,565,230		4,688		—
MML Income & Growth Fund, Initial Class		81,935,670		8,333,742		(24,947,758	)		4,811,110			(5,849,592	)		64,283,172		6,428,317		1,471,475		207,111
MML Inflation-Protected and Income Fund, Initial Class		58,922,504		6,302,090		(25,681,032	)		4,234,885			1,102,088			44,880,535		3,933,439		58,326		—
MML International Equity Fund, Class II		65,820,648		15,303,104		(22,686,076	)		3,260,011			(3,503,082	)		58,194,605		5,831,123		2,039,315		1,804,013
MML Large Cap Growth Fund, Initial Class		24,485,326		7,294,923		(11,438,122	)		5,752,802			2,237,289			28,332,218		2,026,625		107,415		1,458,172
MML Managed Bond Fund, Initial Class		134,403,534		21,957,598		(67,976,552	)		5,880,955			2,519,167			96,784,702		7,120,389		104,042		—
MML Mid Cap Growth Fund, Initial Class		81,625,414		19,115,042		(35,968,708	)		11,822,019			1,966,126			78,559,893		4,340,326		68,563		8,405,727
MML Mid Cap Value Fund, Initial Class		71,618,466		11,127,505		(23,051,204	)		5,876,210			(4,926,848	)		60,644,129		5,726,547		1,250,153		—
MML Short-Duration Bond Fund, Class II		43,263,031		1,076,764		(14,028,545	)		738,302			(239,653	)		30,809,899		3,131,087		107		—
MML Small Cap Growth Equity Fund, Initial Class		15,006,166		1,855,978		(4,245,343	)		2,531,391			70,054			15,218,246		902,498		—		1,768,040
MML Small Company Value Fund, Class II		29,863,715		2,183,053		(7,909,074	)		2,773,198			(2,550,020	)		24,360,872		1,597,434		66,803		1,276,513
MML Small/Mid Cap Value Fund, Initial Class		24,002,391		1,887,348		(6,453,801	)		1,236,874			(2,059,596	)		18,613,216		1,701,391		208,356		861,390
MML Strategic Emerging Markets Fund, Class II		56,110,565		4,729,734		(23,781,211	)		(120,699	)		6,385,765			43,324,154		3,002,367		228,826		1,459,944
MML Total Return Bond Fund, Class II		74,065,614		21,612,890		(45,784,524	)		544,520			2,775,016			53,213,516		4,717,510		1,793,053		256,709
	$	1,457,516,150	$	248,037,636	$	(574,249,124	)	$	84,243,906		$	(10,673,906	)	$	1,204,874,662			$	14,439,828	$	58,143,018

273

Notes to Financial Statements (Continued)

	Beginning Value as of 12/31/19		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 12/31/20		Number of Shares Held as of 12/31/20		Dividend Income		Realized Gains Distributions
Aggressive Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	8,834,198	$	1,520,072	$	(1,847,091	)	$	1,741,555		$	410,722		$	10,659,456		519,720	$	—	$	840,996
MML Dynamic Bond Fund, Class II		3,562,486		166,313		(2,158,581	)		12,784			71,112			1,654,114		158,440		6,266		—
MML Equity Income Fund, Initial Class		9,897,070		1,784,454		(1,782,855	)		(283,575	)		(422,481	)		9,192,613		894,223		208,166		595,679
MML Equity Index Fund, Class III		672,032		196,705		(103,047	)		(58,204	)		142			707,628		24,418		12,869		156,861
MML Focused Equity Fund, Class II		13,914,764		1,310,610		(2,640,025	)		522,317			359,803			13,467,469		1,857,582		104,932		575,307
MML Foreign Fund, Initial Class		8,069,490		771,784		(1,317,026	)		126,068			(258,684	)		7,391,632		737,688		206,663		243,245
MML Fundamental Equity Fund, Class II		4,227,227		4,224,048		(1,246,991	)		818,702			(254,620	)		7,768,366		723,986		2,745		859,696
MML Fundamental Value Fund, Class II		8,795,156		2,543,211		(1,641,916	)		(428,337	)		(400,214	)		8,867,900		763,158		110,493		1,035,021
MML Global Fund, Class I		18,788,368		1,908,479		(3,499,099	)		1,373,776			32,078			18,603,602		1,332,636		191,521		676,079
MML High Yield Fund, Class II		1,792,598		77,892		(313,751	)		92,125			(9,711	)		1,639,153		162,292		398		—
MML Income & Growth Fund, Initial Class		9,614,288		1,633,205		(1,726,470	)		594,138			(447,700	)		9,667,461		966,746		183,625		25,845
MML Inflation-Protected and Income Fund, Initial Class		3,397,173		159,777		(889,081	)		286,366			33,536			2,987,771		261,855		3,533		—
MML International Equity Fund, Class II		8,161,387		2,017,654		(1,342,859	)		372,723			(230,005	)		8,978,900		899,689		258,426		228,608
MML Large Cap Growth Fund, Initial Class		3,110,371		547,220		(774,178	)		710,142			92,953			3,686,508		263,699		11,740		159,371
MML Managed Bond Fund, Initial Class		5,914,208		250,843		(2,760,364	)		169,639			147,249			3,721,575		273,794		3,879		—
MML Mid Cap Growth Fund, Initial Class		10,096,021		2,284,541		(2,088,897	)		1,781,710			(30,717	)		12,042,658		665,340		8,466		1,037,899
MML Mid Cap Value Fund, Initial Class		8,891,086		800,618		(1,729,247	)		384,388			(397,347	)		7,949,498		750,661		138,057		—
MML Short-Duration Bond Fund, Class II		2,909,730		108,236		(408,632	)		53,264			(14,867	)		2,647,731		269,078		6		—
MML Small Cap Growth Equity Fund, Initial Class		1,988,912		321,264		(353,951	)		354,506			35,630			2,346,361		139,148		—		236,279
MML Small Company Value Fund, Class II		3,969,499		337,056		(666,407	)		302,650			(217,290	)		3,725,508		244,296		8,731		166,836
MML Small/Mid Cap Value Fund, Initial Class		2,744,616		239,828		(503,677	)		131,657			(198,505	)		2,413,919		220,651		23,064		95,357
MML Strategic Emerging Markets Fund, Class II		8,803,514		682,564		(1,233,556	)		918,642			210,407			9,381,571		650,144		36,262		231,352
MML Total Return Bond Fund, Class II		3,185,272		200,670		(2,077,729	)		(21,578	)		145,987			1,432,622		127,005		51,138		7,321
	$	151,339,466	$	24,087,044	$	(33,105,430	)	$	9,955,458		$	(1,342,522	)	$	150,934,016			$	1,570,980	$	7,171,752

8.	Indemnifications

Under the Funds’ organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

274

Notes to Financial Statements (Continued)

9.	New Accounting Pronouncements

In October 2020, Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”) was amended by Accounting Standards Update 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 requires entities to reevaluate whether callable debt securities fall within the scope of ASU 2017-08 at each reporting period. ASU 2020-08 also amends the relevant guidance to require premiums to be amortized to the “next call date” rather than the “earliest call date,” and further clarifies the definition of “next call date.” ASU 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of ASU 2020-08 is not permitted. Management is currently evaluating the impact, if any, of applying ASU 2020-08.

In March 2020, FASB issued Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not believe the impact of adopting ASU 2020-04 will have a material impact on the financial statements.

10.

Legal Proceedings

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds. On April 5, 2012, the adversary proceeding was transferred to the Southern District of New York for consolidated pretrial proceedings. The action is now being prosecuted by the litigation trustee (“Trustee”) for the Tribune Litigation Trust.

The potential amounts sought to be recovered from the Equity Income Fund and Equity Index Fund are approximately $4,562,800 and $207,706, respectively, plus interest and the Official Committee’s court costs.

In addition, on June 2, 2011, the Equity Income Fund was named as a defendant in two closely related, parallel adversary proceedings brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”), one in the United States District Court for the District of Massachusetts and one in the United States District Court for the District of Connecticut. The Plaintiffs also seek to recover payments of the Proceeds. On December 20, 2011, these actions were transferred to the Southern District of New York for consolidated pretrial proceedings.

The Funds cannot predict the outcome of these proceedings. Accordingly, the Funds have not accrued any amounts related to these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Trustee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a material adverse effect on the Funds’ net asset values depending on the net assets of each applicable Fund at the time of such judgment or settlement.

275

Notes to Financial Statements (Continued)

11.

Coronavirus (COVID-19) Pandemic

The global pandemic outbreak of the novel coronavirus known as COVID-19 has produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, and global business disruption, and it may result in future significant adverse effects, such as exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

276

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of MML Series Investment Fund and Shareholders of MML Conservative Allocation Fund, MML Balanced Allocation Fund, MML Moderate Allocation Fund, MML Growth Allocation Fund, MML Aggressive Allocation Fund, MML American Funds Growth Fund, MML American Funds International Fund, MML American Funds Core Allocation Fund, MML Blue Chip Growth Fund, MML Equity Income Fund, MML Equity Index Fund, MML Focused Equity Fund, MML Foreign Fund, MML Fundamental Equity Fund (formerly known as MML Fundamental Growth Fund), MML Fundamental Value Fund, MML Global Fund, MML Growth & Income Fund, MML Income & Growth Fund, MML International Equity Fund, MML Large Cap Growth Fund, MML Managed Volatility Fund, MML Mid Cap Growth Fund, MML Mid Cap Value Fund, MML Small Cap Growth Equity Fund, MML Small Company Value Fund, MML Small/Mid Cap Value Fund, and MML Total Return Bond Fund (collectively, the “Funds”):

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of the Funds, including the portfolios of investments, as of December 31, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts
February 23, 2021

We have served as the auditor of one or more MassMutual investment companies since 1995.

277

Trustees and Principal Officers (Unaudited)

The following table lists the Trust’s Trustees and Principal Officers; their address and year of birth; their position with the Trust; the length of time holding that position with the Trust; their principal occupation(s) during at least the past five years; the number of portfolios in the fund complex they oversee; and other directorships they hold in companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called “public companies”) or in registered investment companies. The Trust’s Statements of Additional Information include additional information about the Trust’s Trustees and is available, without charge, upon request by calling 1-888-309-3539 or by writing MML Series Investment Fund, c/o Massachusetts Mutual Life Insurance Company, 100 Bright Meadow Blvd., Enfield, Connecticut 06082-1981, Attention: MassMutual U.S. Product and Marketing.

Independent Trustees

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office** and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Allan W. Blair Year of birth: 1948	Trustee	Since 2003	Retired.	109	Trustee (since 2003), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).
Nabil N. El-Hage Year of birth: 1958	Trustee	Since 2012	Founder and CEO (since 2018), AEE International LLC (a Puerto Rico LLC); Founder and sole member (2016-2018), PR Academy of Executive Education LLC (a Puerto Rico LLC).	109	Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2005), Chairman (2006-2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2003), Chairman (2006-2012), MassMutual Premier Funds (open-end investment company).
Maria D. Furman Year of birth: 1954	Trustee	Since 2012	Retired.	109	Trustee (since 2011), GMO Series Trust (open-end investment company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).
R. Alan Hunter, Jr. Year of birth: 1946	Chairperson Trustee	Since 2016 Since 2003	Retired.	109	Chairperson (since 2016), Trustee (since 2003), MassMutual Select Funds (open-end investment company); Chairperson (since 2016), Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Chairperson (since 2016), Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

278

Trustees and Principal Officers (Unaudited) (Continued)

Name, Address*,
and Year of Birth

Position(s)
Held with
Trust

Term of
Office** and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

C. Ann Merrifield

Year of birth: 1951

Trustee

Since

2012

Retired.

109

Lead Director (since 2020), Lyra Therapeutics (a clinical-stage specialty pharmaceutical company); Director (since 2014), Flexion Therapeutics (specialty pharmaceutical company); Chairperson (2017-2018), Director (since 2014), InVivo Therapeutics (research and clinical-stage biomaterials and biotechnology company); Trustee (since 2012), MassMutual Select Funds (open-end investment company); Trustee (since 2005), MML Series Investment Fund II (open-end investment company); Trustee (since 2004), MassMutual Premier Funds (open-end investment company).

Susan B. Sweeney

Year of birth: 1952

Trustee

Since

2009

Retired.

111^

Trustee (since 2012), Barings Corporate Investors (closed-end investment company); Trustee (since 2012), Barings Participation Investors (closed-end investment company); Trustee (since 2009), MassMutual Select Funds (open-end investment company); Trustee (since 2012), MML Series Investment Fund II (open-end investment company); Trustee (since 2012), MassMutual Premier Funds (open-end investment company).

Interested Trustees

Name, Address*,
and Year of Birth

Position(s)
Held with
Trust

Term of
Office** and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Trustee

Other Directorships
Held by Trustee

Michael R. Fanning^^

Year of birth: 1963

Trustee

Since

2021

Head of MassMutual U.S. (since 2016), Executive Vice President (2016-2018), Member of MassMutual’s Executive Leadership Team (since 2008), MassMutual.

109

Director (since 2016), MML

Advisers; Trustee (since 2021), MassMutual Select Funds (open-end investment company); Trustee (since 2021), MML Series Investment Fund II (open-end investment company); Trustee (since 2021), MassMutual Premier Funds (open-end investment company).

Clifford M, Noreen^^^

Year of birth: 1957

Trustee

Since

2021

Head of Global Investment Strategy (since 2019), Deputy Chief Investment Officer (2016-2018), MassMutual; President (2008-2016), Vice Chairman (2007-2008), Member of the Board of Managers (2006-2016), Managing Director (2000-2016), Barings LLC.

111^

Chairman (since 2009), Trustee (since 2005), President (2005-2009), CI Subsidiary Trust and PI Subsidiary Trust; Chairman and Trustee (since 2009), Barings Corporate Investors (closed-end investment company); Chairman and Trustee (since 2009), Barings Participation Investors (closed-end investment company); Trustee (since 2021), MassMutual Select Funds (open-end investment company); Trustee (since 2021), MML Series Investment Fund II (open-end investment company); Trustee (since 2021), MassMutual Premier Funds (open-end investment company).

279

Trustees and Principal Officers (Unaudited) (Continued)

Principal Officers

Name, Address*, and Year of Birth	Position(s) Held with Trust	Term of Office^# and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Joseph Fallon Year of birth: 1975	Vice President Assistant Vice President	Since 2017 2015- 2017	Investment Director (since 2014), MML Advisers; Head of Investment Consulting & Strategy (since 2017), Investment Director (2006-2017), MassMutual; Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Select Funds (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MML Series Investment Fund II (open-end investment company); Vice President (since 2017), Assistant Vice President (2015-2017), MassMutual Premier Funds (open-end investment company).	109
Andrew M. Goldberg Year of birth: 1966	Vice President, Secretary, and Chief Legal Officer Assistant Secretary	Since 2008 2001- 2008	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2004-2018), MassMutual; Secretary (since 2015), Assistant Secretary (2013-2015), MML Advisers; Vice President, Secretary, and Chief Legal Officer (since 2008), Assistant Secretary (2001-2008), MassMutual Select Funds (open-end investment company); Vice President, Secretary, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2005-2008), MML Series Investment Fund II (open-end investment company); Vice President, Secretary, (formerly known as “Clerk”), and Chief Legal Officer (since 2008), Assistant Clerk (2004-2008), MassMutual Premier Funds (open-end investment company).	109
Renee Hitchcock Year of birth: 1970	Chief Financial Officer and Treasurer Assistant Treasurer	Since 2016 2007- 2016	Head of Mutual Fund Administration (since 2018), Assistant Vice President (2015-2018), MassMutual; Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Select Funds (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MML Series Investment Fund II (open-end investment company); Chief Financial Officer and Treasurer (since 2016), Assistant Treasurer (2007-2016), MassMutual Premier Funds (open-end investment company).	109
Paul LaPiana Year of birth: 1969	President	Since 2021	President (since 2021), MML Advisers; Head of MassMutual U.S. Product (since 2019), Head of Field Management (2016-2019), MassMutual; Executive Vice President, Head of Field Distribution (2012-2016), MetLife; President (since 2021), MassMutual Select Funds (open-end investment company); President (since 2021), MML Series Investment Fund II (open-end investment company); President (since 2021), MassMutual Premier Funds (open-end investment company).	109
Jill Nareau Robert Year of birth: 1972	Vice President and Assistant Secretary Assistant Secretary	Since 2017 2008- 2017	Lead Counsel, Investment Adviser & Mutual Funds (since 2018), Assistant Vice President and Counsel (2009-2018), MassMutual; Assistant Secretary (since 2015), MML Advisers; Vice President and Assistant Secretary (since 2017), Assistant Secretary (2008-2017), MassMutual Select Funds (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MML Series Investment Fund II (open-end investment company); Vice President and Assistant Secretary (since 2017), Assistant Secretary (formerly known as “Assistant Clerk”) (2008-2017), MassMutual Premier Funds (open-end investment company).	109
Douglas Steele Year of birth: 1975	Vice President	Since 2016	Vice President and Head of Investment Management (since 2017), Head of Investment Due Diligence (2016-2017), MML Advisers; Head of Investment Management (since 2017), Assistant Vice President (2013-2017), MassMutual; Vice President (since 2016), MassMutual Select Funds (open-end investment company); Vice President (since 2016), MML Series Investment Fund II (open-end investment company); Vice President (since 2016), MassMutual Premier Funds (open-end investment company).	109

280

Trustees and Principal Officers (Unaudited) (Continued)

Name, Address*,
and Year of Birth

Position(s)
Held with
Trust

Term of
Office^# and
Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund Complex
Overseen by
Officer

Philip S. Wellman

Year of birth: 1964

Vice President and Chief Compliance Officer

Since

2007

Vice President and Chief Compliance Officer (since 2013), MML Advisers; Head of Mutual Funds & RIA Compliance (since 2018), Vice President, Associate General Counsel, and Chief Compliance Officer (Mutual Funds) (2014-2018), MassMutual; Vice President and Chief Compliance Officer (since 2007), MassMutual Select Funds (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MML Series Investment Fund II (open-end investment company); Vice President and Chief Compliance Officer (since 2007), MassMutual Premier Funds (open-end investment company).

109

*	The address of each Trustee and Principal Officer is the same as that for the Trust; 100 Bright Meadow Blvd., Enfield, Connecticut 06082-1981.

Each Trustee of the Trust serves until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor or until he or she dies, resigns, or is removed. Notwithstanding the foregoing, unless the Trustees determine that it is desirable and in the best interest of the Trust that an exception to the retirement policy of the Trust be made, a Trustee shall retire and cease to serve as a Trustee upon the conclusion of the calendar year in which such Trustee attains the age of seventy-five years, however, an interested Trustee of the Trust shall no longer serve as a Trustee if or when they are no longer an employee of MassMutual or an affiliate.

The Chairperson is elected to hold such office for a term of three years or until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she retires, dies, resigns, is removed, or becomes disqualified. The Chairperson shall hold office at the pleasure of the Trustees.

^	Barings Participation Investors and Barings Corporate Investors are deemed to be a part of the Fund Complex, because they are managed by Barings LLC, an affiliate of MML Advisers.

^^	Mr. Fanning is an “Interested Person,” as that term is defined in the 1940 Act, as an employee of MassMutual.

^^^	Mr. Noreen is an “Interested Person,” as that term is defined in the 1940 Act, as an employee of MassMutual.

The President, Treasurer, and Secretary and such other officers as the Trustees may in their discretion from time to time elect are elected to hold such office until their successor is elected and qualified to carry out the duties and responsibilities of their office, or until he or she dies, resigns, is removed, or becomes disqualified. Each officer shall hold office at the pleasure of the Trustees.

281

Federal Tax Information (Unaudited)

For corporate shareholders, a portion of the ordinary dividends paid during the Fund(s)’ year ended December 31, 2020, qualified for the dividends received deduction, as follows:

	Dividends Received Deductions
Conservative Allocation Fund		11.35	%
Balanced Allocation Fund		15.16	%
Moderate Allocation Fund		19.95	%
Growth Allocation Fund		27.53	%
Aggressive Allocation Fund		40.99	%
MML American Funds Growth Fund		78.54	%
MML American Funds International Fund		1.43	%
MML American Funds Core Allocation Fund		99.82	%
Equity Income Fund		100.00	%
Equity Index Fund		88.69	%
Focused Equity Fund		45.07	%
Fundamental Equity Fund		46.78	%
Fundamental Value Fund		100.00	%
Global Fund		52.79	%
Growth & Income Fund		100.00	%
Income & Growth Fund		94.35	%
Large Cap Growth Fund		100.00	%
Managed Volatility Fund		100.00	%
Mid Cap Growth Fund		100.00	%
Mid Cap Value Fund		100.00	%
Small Cap Growth Equity Fund		28.37	%
Small Company Value Fund		100.00	%
Small/Mid Cap Value Fund		100.00	%

For the year ended December 31, 2020, the following Fund(s) earned the following foreign sources of income:

	Amount
Conservative Allocation Fund	$	393,613
Balanced Allocation Fund		557,547
Moderate Allocation Fund		2,892,677
Growth Allocation Fund		2,577,690
Aggressive Allocation Fund		323,175
MML American Funds International Fund		463,650
MML American Funds Core Allocation Fund		910,830
Foreign Fund		5,458,273
Global Fund		2,336,662
International Equity Fund		1,069,759

The Fund(s) intend to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in the Treasury Regulations §1.163(j)-1(b).

282

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that each Fund’s investment adviser and subadvisers use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s EDGAR database on its website at http://www.sec.gov. In addition, the Funds make the complete schedule of portfolio holdings from their filings on Form N-PORT available to shareholders at http://www.massmutual.com/funds.

Trustees’ Approval of Investment Advisory Contracts

At their meeting in September 2020, the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the “Independent Trustees”), reviewed and approved a proposal to make changes to the existing subadvisory agreement between MML Advisers and Wellington Management Company LLP (“Wellington Management”) for the Small Cap Growth Equity Fund in order to lower the subadvisory fee paid on behalf of the Fund. In arriving at their decision, the Trustees discussed the fees payable to Wellington Management by MML Advisers under the amended subadvisory agreement and the effect of such fees on the profitability to MML Advisers. The Trustees concluded that they were satisfied that MML Advisers’ projected level of profitability due to the amended subadvisory agreement is not excessive and the subadvisory fee amount under the amended subadvisory agreement is fair and reasonable. In their deliberations, the Trustees were advised by independent counsel.

Prior to the vote being taken to approve the amendment to the subadvisory agreement discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The amended subadvisory agreement became effective on October 1, 2020.

Also at their meeting in September 2020, the Trustees, including the Independent Trustees, approved a new subadvisory agreement with Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) for the Income & Growth Fund (the “Fund” and the “September Subadvisory Agreement”) due to an expected change in control, whereby Perpetual U.S. Holding Company, Inc. (“Perpetual”) will acquire BrightSphere Investment Group Inc.’s (“BrightSphere”) equity interest in Barrow Hanley. The acquisition by Perpetual of BrightSphere’s equity interest in Barrow Hanley will trigger the automatic assignment of the current subadvisory agreement, necessitating the need for the September Subadvisory Agreement, which is substantially identical to the current subadvisory agreement. The Trustees considered the nature of the transaction and that the transaction would not result in any change in the investment strategies or portfolio management team of the Fund, or in the fees or expenses of the Fund. In addition, the Trustees considered the statements of Perpetual and Barrow Hanley that the change in control was not expected to have any material impact on Barrow Hanley or the services it provides to the Fund, including the personnel providing services to the Fund.

Prior to the votes being taken to approve the September Subadvisory Agreement discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The September Subadvisory Agreement became effective on November 17, 2020.

283

Other Information (Unaudited) (Continued)

Fund Expenses December 31, 2020

Expense Examples:

The following information is in regards to expenses for the six months ended December 31, 2020:

As a shareholder of the Funds, you incur ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended December 31, 2020.

Actual Expenses:

The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, 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 under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The last two columns of the table below provide 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. Therefore, the last two columns of the table are 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.

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Conservative Allocation Fund
Initial Class	$1,000	0.12%	$1,126.50	$0.64	$1,024.50	$0.61
Service Class	1,000	0.37%	1,124.10	1.98	1,023.30	1.88
Balanced Allocation Fund
Initial Class	1,000	0.12%	1,142.90	0.65	1,024.50	0.61
Service Class	1,000	0.37%	1,141.40	1.99	1,023.30	1.88
Moderate Allocation Fund
Initial Class	1,000	0.11%	1,167.50	0.60	1,024.60	0.56
Service Class	1,000	0.36%	1,165.40	1.96	1,023.30	1.83
Growth Allocation Fund
Initial Class	1,000	0.11%	1,197.80	0.61	1,024.60	0.56
Service Class	1,000	0.36%	1,196.80	1.99	1,023.30	1.83

284

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Aggressive Allocation Fund
Initial Class	$1,000	0.15%	$1,230.30	$0.84	$1,024.40	$0.76
Service Class	1,000	0.40%	1,229.20	2.24	1,023.10	2.03
MML American Funds Growth Fund
Service Class I**	1,000	1.03%	1,355.20	6.10	1,020.00	5.23
MML American Funds International Fund
Service Class I**	1,000	1.28%	1,283.00	7.35	1,018.70	6.50
MML American Funds Core Allocation Fund
Service Class I	1,000	0.71%	1,139.10	3.82	1,021.60	3.61
Blue Chip Growth Fund
Initial Class	1,000	0.77%	1,211.80	4.28	1,021.30	3.91
Service Class	1,000	1.03%	1,209.80	5.72	1,020.00	5.23
Equity Income Fund
Initial Class	1,000	0.76%	1,249.10	4.30	1,021.30	3.86
Service Class	1,000	1.01%	1,248.20	5.71	1,020.10	5.13
Equity Index Fund
Class I	1,000	0.43%	1,220.80	2.40	1,023.00	2.19
Class II	1,000	0.28%	1,221.70	1.56	1,023.70	1.42
Class III	1,000	0.13%	1,223.00	0.73	1,024.50	0.66
Service Class I	1,000	0.68%	1,219.40	3.79	1,021.70	3.46
Focused Equity Fund
Class II	1,000	0.87%	1,198.40	4.81	1,020.80	4.42
Service Class I	1,000	1.12%	1,196.80	6.18	1,019.50	5.69
Foreign Fund
Initial Class	1,000	0.88%	1,239.70	4.95	1,020.70	4.47
Service Class	1,000	1.13%	1,236.80	6.35	1,019.50	5.74
Fundamental Equity Fund
Class II	1,000	0.81%	1,207.40	4.49	1,021.10	4.12
Service Class I	1,000	1.06%	1,204.60	5.87	1,019.80	5.38
Fundamental Value Fund
Class II	1,000	0.79%	1,234.20	4.44	1,021.20	4.01
Service Class I	1,000	1.04%	1,232.10	5.84	1,019.90	5.28
Global Fund
Class I	1,000	0.81%	1,245.80	4.57	1,021.10	4.12
Class II	1,000	0.81%	1,245.60	4.57	1,021.10	4.12
Service Class I	1,000	1.06%	1,243.80	5.98	1,019.80	5.38
Growth & Income Fund
Initial Class	1,000	0.56%	1,202.00	3.10	1,022.30	2.85
Service Class	1,000	0.81%	1,200.30	4.48	1,021.10	4.12
Income & Growth Fund
Initial Class	1,000	0.70%	1,269.00	3.99	1,021.60	3.56
Service Class	1,000	0.95%	1,267.70	5.42	1,020.40	4.82
International Equity Fund
Class II	1,000	1.00%	1,362.60	5.94	1,020.10	5.08
Service Class I	1,000	1.25%	1,360.60	7.42	1,018.90	6.34
Large Cap Growth Fund
Initial Class	1,000	0.71%	1,200.80	3.93	1,021.60	3.61
Service Class	1,000	0.97%	1,199.40	5.36	1,020.30	4.93

285

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Managed Volatility Fund
Initial Class	$1,000	1.16%	$1,096.30	$6.11	$1,019.30	$5.89
Service Class	1,000	1.41%	1,094.90	7.42	1,018.00	7.15
Mid Cap Growth Fund
Initial Class	1,000	0.81%	1,262.80	4.61	1,021.10	4.12
Service Class	1,000	1.06%	1,260.90	6.02	1,019.80	5.38
Mid Cap Value Fund
Initial Class	1,000	0.89%	1,216.80	4.96	1,020.70	4.52
Service Class	1,000	1.14%	1,216.10	6.35	1,019.40	5.79
Small Cap Growth Equity Fund
Initial Class	1,000	1.08%	1,439.80	6.62	1,019.70	5.48
Service Class	1,000	1.33%	1,438.00	8.15	1,018.50	6.75
Small Company Value Fund
Class II	1,000	1.00%	1,323.10	5.84	1,020.10	5.08
Service Class I	1,000	1.26%	1,321.80	7.35	1,018.80	6.39
Small/Mid Cap Value Fund
Initial Class	1,000	0.81%	1,347.40	4.78	1,021.10	4.12
Service Class	1,000	1.06%	1,345.00	6.25	1,019.80	5.38
Total Return Bond Fund
Class II	1,000	0.62%	1,024.90	3.16	1,022.00	3.15
Service Class I	1,000	0.87%	1,024.30	4.43	1,020.80	4.42

Expenses are calculated using the annualized expense ratio for the six months ended December 31, 2020, multiplied by the average account value over the period, multiplied by 184 days in the period, divided by 366 days in the year, unless stated otherwise. The annualized expense ratio does not reflect expenses deducted under the variable life insurance or variable annuity contract through which the Funds are invested in. Inclusion of these expenses would increase the annualized expense ratios shown.

**	The annualized expense ratio reflects the expenses of both the Feeder Fund and the Master Fund in which it invests.

286

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Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

RS-50504-00

American Funds
Insurance Series^®

Annual report
for the year ended
December 31, 2020

Investing in global
companies for
the long term

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

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

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. Futures may not provide an effective hedge of the underlying securities because changes in the prices of futures 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.

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

Contents

1		Letter to investors
4		Fund reviews

		Investment portfolios

46		Global Growth Fund
50		Global Small Capitalization Fund
57		Growth Fund
63		International Fund
68		New World Fund^®
80		Blue Chip Income and Growth Fund
84		Global Growth and Income Fund
88		Growth-Income Fund
95		International Growth and Income Fund
99		Capital Income Builder^®
115		Asset Allocation Fund
148		Global Balanced Fund
160		Bond Fund
180		Capital World Bond Fund^®
200		High-Income Bond Fund
218		American Funds Mortgage Fund^®
224		Ultra-Short Bond Fund
226		U.S. Government/AAA-Rated Securities Fund
233		Managed Risk Growth Fund
234		Managed Risk International Fund
235		Managed Risk Blue Chip Income and Growth Fund
236		Managed Risk Growth-Income Fund
238		Managed Risk Asset Allocation Fund
239		Financial statements

Fellow investors:

Global stocks, as measured by the MSCI ACWI (All Country World Index),^1,2rose 16.25% in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. In a year marked by unprecedented volatility, stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted many market indexes to all-time highs. Technology stocks led markets higher, gaining more than 40%, followed closely by consumer discretionary stocks. Digitally focused companies prospered as millions of homebound customers switched to online services for food, entertainment and other basic needs. Conversely, energy stocks and travel-related stocks plummeted as government-imposed lockdowns brought the global economy to a crawl.

U.S. equities showed resilience during a volatile year that included civil unrest and a contentious presidential election on top of pandemic-related pressures, ending the year at all-time highs, with an increase of 21.37% recorded by the MSCI USA Index^1,3. Massive stimulus helped calm markets even as government restrictions aimed at curbing the spread of COVID-19 brought segments of the economy to a near standstill. In March, Congress passed the $2 trillion CARES Act, which included aid for individuals and businesses most economically impacted by the pandemic. A $900 billion stimulus package followed in December, after COVID-19 cases accelerated in the fall. The Federal Reserve cut rates 150 basis points in March, bringing the lower range of its target rate near zero for the first time since 2015.

European stocks declined in local currency terms as the eurozone economy suffered the effects of government-imposed lockdowns and a severe recession. Italy was struck hard and early by COVID-19, which then spread quickly throughout the continent, crippling key industries including tourism, banking and aircraft manufacturing. Overall, the MSCI Europe Index^1,4fell 2.21% in local currency terms. However, in U.S. dollar terms, the index registered a 5.38% gain as a weak dollar provided a currency tailwind to international equity markets. Elsewhere among developed markets, the Japanese economy entered its first recession since 2015 as the pandemic exacerbated a slowdown that began in late 2019. The Summer Olympics in Tokyo were postponed to 2021, dealing another blow to the economy. The MSCI Japan Index^1,5gained 14.48% over the year.

Emerging markets posted solid gains for a second consecutive year, led by China’s economic rebound and the technology-export-driven economies of Taiwan and South Korea. A weakening U.S. dollar and strengthening prices for industrial metals and oil further boosted gains, which were

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

¹	Source: MSCI.
²	The MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter.
³	The MSCI USA Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the U.S. portion of the world market. Results reflect dividends gross of withholding taxes.
⁴	MSCI Europe Index is a free float-adjusted market capitalization-weighted index that is designed to measure results of more than 10 developed equity markets in Europe. Results reflect dividends net of withholding taxes.
⁵	MSCI Japan Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market results of Japan. Results reflect dividends net of withholding taxes.

American Funds Insurance Series

led by the information technology and health care sectors. Overall, the MSCI Emerging Markets Investable Market Index^1,6bounced back from steep losses in early 2020 to finish up 18.39% for the year. Being the first country to shut down its economy and the first to reopen during the pandemic, China led the global economic rebound after quarantine measures there eased.

Government bonds advanced as central banks around the world slashed interest rates and ramped up stimulus programs in an attempt to counter the damaging effects of the pandemic. The U.S. Federal Reserve cut rates to near zero in March, launched an array of emergency lending programs, and expanded an aggressive asset purchase program. The Bloomberg Barclays U.S. Corporate Investment Grade Index^7,8and the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index^7,9gained 9.89% and 7.05%, respectively. More broadly, the Bloomberg Barclays Global Aggregate Index^7,10was up 9.20%, while the Bloomberg Barclays U.S. Aggregate Index^7,11advanced 7.51%. The J.P. Morgan Emerging Markets Bond Index^7,12– Global gained 5.88%.

In foreign exchange markets, the U.S. dollar fell against the euro, the yen and most other currencies. Signaling a potential end to about a decade of dollar strength, the euro rose 9.00% against the greenback. Late in the year, the British pound staged a strong rally as Brexit negotiators approved a new trade agreement governing the relationship between the United Kingdom and the European Union.

Looking ahead

The future path for stocks remains difficult to predict, as always. Investors are currently counting on a strong economic recovery as vaccines roll out and reduce the impact of the coronavirus. They are also counting on a continuation of supportive fiscal and monetary policies from the government, with low, accommodative interest rates. We expect these assumptions to hold true, and that we will find plenty of attractive securities in this environment. Digital-enabled business trends have been accelerated due to the pandemic, and many old-technology businesses should improve as the recovery continues, so there is much to be excited about.

However, we must keep in mind that these conditions are not guaranteed. New variants of the virus may cause a temporary stall, and if interest rates rise too much, there may be a concomitant decrease in the valuation of stocks. So, we will be watching carefully as we execute our investment approach, which seeks to appropriately balance risk and return. New individual investors attracted by the strong recent results of the stock market may be surprised when a patch of volatility inevitably recurs — but with our long history and investment horizon, we will view any such occurrences as opportunities.

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

Sincerely,

Donald D. O’Neal
Co-President

Alan N. Berro
Co-President

February 12, 2021

⁶	MSCI Emerging Markets Investable Market Index (IMI) is a free float-adjusted market capitalization weighted index that is designed to measure results of the large-, mid-, and small-capitalization segments of more than 20 emerging equity markets. Results reflect dividends net of withholding taxes.
⁷	Source: Bloomberg Index Services Ltd.
⁸	Bloomberg Barclays U.S. Corporate Investment Grade Index represents the universe of investment grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements.
⁹	Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.
¹⁰	Bloomberg Barclays Global Aggregate Index represents the global investment-grade fixed income markets.
¹¹	Bloomberg Barclays U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market.
¹²	JP Morgan Emerging Markets Bond Index – Global tracks total returns for U.S. dollar-denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities, including Brady bonds, loans and Eurobonds.

2	American Funds Insurance Series

About the series

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

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

For New World Fund, Capital Income Builder, Capital World Bond Fund and American Funds Mortgage Fund, the investment adviser is currently waiving a portion of its management fee equal to 0.18%, 0.26%, 0.10% and 0.18%, respectively, of each fund’s net assets. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers, without which results would have been lower. See the Financial Highlights tables in this report for details.

For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund’s net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for Managed Risk International Fund. The waivers and reimbursement will be in effect through at least May 1, 2021, unless modified or terminated by the series’ board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursement. The waivers may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers and reimbursement, without which results would have been lower. 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^SMand American Funds Insurance Series – Bond Fund^SM. The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series – International Fund^SMand American Funds Insurance Series – Bond 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^SMand American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund^SM. The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series – Growth-Income Fund^SMand American Funds Insurance Series – Bond 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. The benefit of the funds’ managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the funds’ results can be expected to lag those of the underlying fund.

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

American Funds Insurance Series

Global Growth Fund

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

Global Growth Fund advanced 30.79% for the 12 months ended December 31, 2020, compared with a 16.25% increase in its benchmark index, MSCI ACWI (All Country World Index),¹a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks rose in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. In a year marked by unprecedented volatility, stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted many market indexes to all-time highs. U.S. equities also ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. European stocks declined in local currency terms as the eurozone economy suffered the effects of government-imposed lockdowns and a severe recession. Emerging markets posted solid gains for a second consecutive year, led by China’s economic rebound and the technology-export-driven economies of Taiwan and South Korea.

Stock selection and allocation within the information technology sector were large relative return drivers. The fund’s relative weightings in ASML and TSMC benefitted the fund as both outpaced the wider market and were among the top contributors to the fund’s relative returns. Consumer discretionary stock Amazon also helped the fund’s relative returns, as its returns outpaced the market.

The biggest drag on relative results was Apple – a stock the fund didn’t own – as it proved to be one of the strongest performers for the year.

On a geographic basis, stocks of companies domiciled in the United States and the Netherlands were additive to results, while stocks of companies based in France and Switzerland detracted.

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

4	American Funds Insurance Series

Global Growth Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since April 30, 1997)			Expense ratio

Class 1		30.79	%		16.55	%		13.14	%		11.01	%		.56	%
Class 1A		30.49			16.27			12.86			10.74			.81
Class 2		30.47			16.26			12.86			10.74			.81
Class 4		30.17			15.96			12.62			10.48			1.06

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). 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.

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

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

Global Small Capitalization Fund

Global Small Capitalization Fund increased 30.04% for the 12 months ended December 31, 2020. Its benchmark, the MSCI All Country World Small Cap Index,¹a free float-adjusted market capitalization-weighted index designed to measure equity market results of smaller capitalization companies in both developed and emerging markets, gained 16.33%.

Fund holdings in the information technology and financial sectors contributed the most to relative returns. Information technology stock Cree widely outpaced the broader market and was among the fund’s top contributors over the period. However, the fund’s holdings of health care company Cortexyme detracted from returns.

While investments in U.S. companies were additive to returns, investments in companies domiciled in Brazil detracted.

The fund’s portfolio managers continue to seek investment opportunities in undervalued companies that have the potential to change industries and benefit shareholders. They believe rigorous bottom-up research into each potential equity investment can help achieve this goal. The fund currently holds more than 250 companies diversified across geographies and industries. As always, we maintain our commitment to investing for the long term.

6	American Funds Insurance Series

Global Small Capitalization Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since April 30, 1998)			Expense ratio

Class 1		30.04	%		14.71	%		9.70	%		10.53	%		74	%
Class 1A		29.72			14.45			9.44			10.25			.99
Class 2		29.72			14.43			9.43			10.25			.99
Class 4		29.39			14.15			9.17			9.98			1.24

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

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

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

Growth Fund

Growth Fund gained 52.45% for the 12 months ended December 31, 2020, compared with a 18.40% increase in its benchmark index, Standard & Poor’s 500 Composite Index,¹a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equities ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. Information technology, consumer discretionary and communication services stocks that benefited from stay-at-home restrictions led markets, including Amazon and Netflix. Overall, the information technology sector rose 44%, while consumer discretionary and communication services gained 33% and 24%, respectively. Energy lagged all other sectors, declining 34%. The significant reduction in travel reduced the demand for oil, which was briefly priced below $0 for the first time in history amid fears of dwindling storage capacity. The real estate and financials sectors were also negative for the year, each declining 2%.

The fund’s top contributors in relative terms were the consumer discretionary and communication services sectors. Investments in Tesla and Netflix were additive to relative results. Tesla’s shares soared as founder Elon Musk’s effort to bring electric vehicles into the mainstream gained traction, transforming the company’s underlying financial performance.

On the downside, investments in Suncor Energy and MTU Aero Engines detracted from relative returns. The fund’s significantly lower-than-benchmark position in Apple, which proved to be a high-performing stock, also detracted from relative returns.

Although U.S. economic growth remained solid, the fund’s portfolio managers are keeping a close watch on the impact of COVID-recovery and stimulus measures on economic indicators. Portfolio managers continue to favor well-positioned companies with capital appreciation potential that are capable of generating outstanding returns in myriad near-term economic environments. They also remain optimistic that our global research will help us identify attractive long-term investment opportunities.

8	American Funds Insurance Series

Growth Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		52.45	%		23.06	%		17.14	%		13.85	%		.36	%
Class 1A		52.07			22.76			16.85			13.56			.61
Class 2		52.10			22.75			16.85			13.56			.61
Class 3		52.20			22.83			16.93			13.64			.54
Class 4		51.71			22.44			16.57			13.28			.86

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

¹	Source: S&P Dow Jones Indices LLC.
²	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

International Fund

International Fund advanced 14.28% for the 12 months ended December 31, 2020, compared with a 10.65% increase in its benchmark index, MSCI ACWI (All Country World Index) ex USA,¹a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.).

Investments in the consumer discretionary and health care sectors boosted relative returns. MercadoLibre, the leading e-commerce site for Latin America, was among the top contributors as shares surged to fresh highs while the COVID-19 pandemic drove the adoption of online shopping in Latin America. On the downside, some investments in the industrials sector hindered relative returns. In particular, Airbus was a top relative detractor.

The fund’s portfolio managers continue to monitor volatility and potential headwinds brought about by political and trade uncertainty. Given how late it may be in the current bull market, they seek opportunities especially in regions, countries and sectors less affected by these global headlines. Their focus on a company’s fundamental growth drivers and intrinsic worth is critical to helping them identify investments that they believe represent the best value over the long term.

10	American Funds Insurance Series

International Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since May 1, 1990)			Expense ratio

Class 1		14.28	%		11.00	%		6.94	%		8.40	%		.55	%
Class 1A		13.96			10.73			6.68			8.13			.80
Class 2		13.97			10.73			6.68			8.13			.80
Class 3		14.00			10.79			6.75			8.21			.73
Class 4		13.66			10.45			6.43			7.87			1.05

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

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

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

New World Fund^®

New World Fund was up 23.89% for the 12 months ended December 31, 2020. Its benchmark index, the MSCI ACWI (All Country World Index),¹a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), was up 16.25%. The MSCI Emerging Markets (EM) Index,¹a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global emerging markets (consisting of more than 20 emerging market country indexes), increased by 18.31%.

The fund’s relative returns outpaced emerging markets in general. Investments in the communication services and consumer staples sectors were beneficial to the fund. MercadoLibre, the leading e-commerce site for Latin America, was among the top contributors as shares surged to fresh highs while the COVID-19 pandemic drove the adoption of online shopping in Latin America. On the downside, a position in Societe Generale detracted from relative returns, as its performance lagged the general market.

The fund’s portfolio managers continue to pursue a bottom-up approach to investing and search for undervalued companies with solid foundations around the world, as well as stocks that are domestically focused and more insulated from geopolitical events given increased volatility at this point in the market cycle.

12	American Funds Insurance Series

New World Fund^®(continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since June 17, 1999)			Gross expense ratio			Net expense ratio

Class 1		23.89	%		13.62	%		6.80	%		9.16	%		.77	%		.59	%
Class 1A		23.63			13.34			6.54			8.89			1.02			.84
Class 2		23.58			13.33			6.54			8.89			1.02			.84
Class 4		23.29			13.05			6.28			8.62			1.27			1.09

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). 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.

¹	Source: MSCI. Results for MSCI indexes reflect dividends net of withholding taxes and reinvestment of distributions.
²	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

Blue Chip Income and Growth Fund

Blue Chip Income and Growth Fund gained 9.04% for the 12 months ended December 31, 2020, trailing the 18.40 % rise in its benchmark index, Standard & Poor’s 500 Composite Index,¹a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

Among the fund’s top contributors to relative returns was Broadcom. The semiconductor and wireless company added the most to relative returns, boosted by strong financial results, including revenues of $23.9 billion in fiscal 2020, up 6% over fiscal 2019. Another top contributor was Carrier Global, where sales growth was largely driven by record demand for residential HVAC products in North America.

On the downside, investments in the energy sector were a drag on results. Energy lagged all other sectors as a significant reduction in travel reduced the demand for oil, which was briefly priced below $0 for the first time in history over fears of dwindling storage capacity. Within the sector, investments in Exxon Mobil and Diamondback Energy hurt results. While overall results lagged the market, we continue to believe the focus on dividend-paying stocks will pay off over the long term.

Nearer term, the fund’s portfolio managers are aware that the market is keeping a close watch on U.S. monetary policy, recovery from the pandemic, economic stimulus and the resulting implications on the U.S. economy. Portfolio managers continue to favor well-managed, high-quality companies that are capable of paying dividends in myriad economic environments. We remain optimistic that this focus, supported by our global research, will help us to identify attractive long-term investment opportunities.

14	American Funds Insurance Series

Blue Chip Income and Growth Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020³

	1 year			5 years			10 years			Lifetime (since July 5,2001)			Gross expense ratio			Net expense ratio

Class 1		9.04	%		11.14	%		11.18	%		6.82	%		.43	%		.27	%
Class 1A		8.79			10.89			10.91			6.56			.91			.68
Class 2		8.68			10.85			10.90			6.55			.68			.52
Class 4		8.47			10.58			10.68			6.32			.93			.93

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser intends to waive a portion of its management fees beginning May 1, 2021. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). 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.

¹	Source: S&P Dow Jones Indices LLC.
²	Source: Refinitiv Lipper. Results for the Lipper indexes do not reflect sales charges. Lipper indexes track the largest mutual funds (no more than 30), represented by one share class per fund, in the corresponding Lipper category.
³	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

Global Growth and Income Fund

Global Growth and Income Fund advanced 9.03% for the 12 months ended December 31, 2020, compared with a 16.25% increase in its benchmark index, MSCI ACWI (All Country World Index),¹a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

The fund’s relative performance benefited from specific stock selection, particularly within the information technology and energy sectors. Information technology firm TSMC was the top contributor to results. On the downside, some investments in the industrials sector hindered relative returns. In particular, Airbus was the top relative detractor.

On a country basis, holdings in Taiwan and Australia contributed the most to relative returns, and holdings in the U.S. and France were a drag on returns.

The fund’s portfolio managers recognize that we are experiencing a slowdown in global economic growth. However, we expect that some sectors’ businesses and companies’ share prices, particularly hard-hit by COVID-19, will recover in the medium term as vaccinations are rolled out globally in 2021. Portfolio managers continue to invest based on a bottom-up approach to long-term investing and believe they can uncover promising companies with strong positions in their industries, sustainable growth and income opportunities globally – including in emerging markets.

16	American Funds Insurance Series

Global Growth and Income Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since May 1, 2006)			Gross expense ratio			Net expense ratio

Class 1		9.03	%		12.05	%		9.83	%		7.66	%		.66	%		.43	%
Class 1A		8.78			11.81			9.58			7.40			.91			.68
Class 2		8.73			11.76			9.56			7.39			.91			.68
Class 4		8.55			11.48			9.31			7.14			1.16			.93

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

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

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

Growth-Income Fund

Growth-Income Fund gained 13.81% for the 12 months ended December 31, 2020, compared with a 18.40% increase in its benchmark index, Standard & Poor’s 500 Composite Index,¹a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

Regarding the fund, investments in the communication services sector contributed the most to the fund’s relative returns. Among these stocks, Netflix added the most to the fund’s relative results as shares soared while stay-at-home orders spurred demand for internet-streaming media. On the downside, the fund’s lower-than-index position in information technology stocks, a sector that performed strongly over the period, weighed on relative returns. In particular, the fund’s lower-than-index investment in Apple hindered sector results the most as Apple shares outperformed the broader market over the period.

The fund’s portfolio managers continue to look for compelling investment opportunities, buying stocks they believe represent the best value over the long term.

18	American Funds Insurance Series

Growth-Income Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		13.81	%		14.22	%		13.02	%		11.52	%		.30	%
Class 1A		13.55			13.95			12.75			11.25			.55
Class 2		13.54			13.93			12.74			11.24			.55
Class 3		13.60			14.01			12.82			11.32			.48
Class 4		13.25			13.65			12.47			10.97			.80

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

¹	Source: S&P Dow Jones Indices LLC.
²	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

International Growth and Income Fund

International Growth and Income Fund advanced 6.24% for the 12 months ended December 31, 2020, compared with a 10.65% increase in its benchmark index, MSCI ACWI (All Country World Index) ex USA,¹a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.).

The top contributors to the fund’s relative returns were the communication services and utilities sectors due in part to good stock selection. Health care stock Daiichi Sankyo was the top contributor to the fund’s relative returns as it benefited from positive sentiment on Daiichi Sankyo’s sales of mainstay products. The company also indicated it was aiming to initiate clinical studies for an mRNA coronavirus vaccine candidate in March 2021.

On the downside, investments in the industrials and information technology sectors detracted from the fund’s relative returns. Among energy stocks, Royal Dutch Shell was one of the fund’s biggest drags on returns as shares fell sharply when oil prices plummeted, a result of decreasing demand brought about by a pandemic-induced slump in global economic growth.

The fund’s portfolio managers follow global economic and geopolitical uncertainties with an aim to preserve value in any potential market correction while preparing to take advantage of buying opportunities as they arise.

20	American Funds Insurance Series

International Growth and Income Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since November 18, 2008)			Expense ratio

Class 1		6.24	%		8.20	%		5.69	%		9.06	%		.68	%
Class 1A		5.98			7.95			5.44			8.80			.93
Class 2		6.01			7.94			5.43			8.79			.93
Class 4		5.73			7.67			5.20			8.55			1.18

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

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

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

Capital Income Builder^®

Capital Income Builder, which invests in a mix of stocks and bonds, gained 4.64% for the 12 months ended December 31, 2020. During the same period, the MSCI ACWI (All Country World Index)¹, a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), gained 16.25%. The Bloomberg Barclays U.S. Aggregate Index², which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, gained 7.51%. The index blend of 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index³gained 14.28%. Effective May 1, 2021, the fund has elected to use the 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index as its primary benchmark, because it comes closest to reflecting its investment universe and best measures its long-term results and portfolio managers’ success over time. The Lipper Global Equity Income Funds Average⁴, a measure of similar funds, was up 2.51%.

In the equity portfolio, the top contributors in relative terms were the financials and real estate sectors. Semiconductor and wireless company Broadcom added the most to relative returns, boosted by strong financial results, including revenues of $23.9 billion in fiscal 2020, up 6% over fiscal 2019.

On the downside, the consumer discretionary sector was a drag on relative returns. The fund’s top detractor to relative returns was information technology company Apple. The fund had a significantly lower investment in Apple compared to the index and Apple proved to be one of the top performers for the year. The fund’s fixed income portfolio added to relative returns, due to duration, sector positioning and security selection.

Despite expectations for a gradual lessening of the impact of the COVID-19 pandemic, the current market environment continues to be characterized by significant uncertainty. Anticipation is strong for central bankers and legislatures to do everything in their power to maintain economic growth, but the fund’s portfolio managers continue to seek to avoid companies that take on inappropriate levels of debt to pay dividends and are focused instead on identifying companies with strong business models and a commitment to paying and growing dividends over time.

22	American Funds Insurance Series

Capital Income Builder^®(continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020⁵

	1 year			5 years			Lifetime (since May 1, 2014)			Gross expense ratio			Net expense ratio

Class 1		4.64	%		6.35	%		4.55	%		.53	%		.28	%
Class 1A		4.38			6.09			4.29			.78			.53
Class 2		4.48			6.13			4.39			.78			.53
Class 4		4.11			5.84			4.03			1.03			.78

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

¹	Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.
²	Source: Bloomberg Index Services Ltd.
³	Data 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.
⁴	Source: Refinitiv Lipper. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper categories are dynamic and averages may have few funds, especially over longer periods. To see the number of funds included in the Lipper category for each fund’s lifetime, please see the Quarterly Statistical Update, available on our website.
⁵	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

Asset Allocation Fund

Asset Allocation Fund, which is a mix of stocks and bonds, gained 12.71% for the 12 months ended December 31, 2020. Standard & Poor’s 500 Composite Index¹, a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was up 18.40% over the same period, while the Bloomberg Barclays U.S. Aggregate Index², which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, returned 7.51%. A blend of the two indexes, the 60%/40% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index³, gained 14.73%. Effective May 1, 2020, the fund has elected to use the 60%/40% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index as its primary benchmark, because it comes closest to reflecting its investment universe and best measures its long-term results and portfolio managers’ success over time.

Investments in the technology sector —the fund’s largest sector holding — contributed to the fund’s relative returns. Within the sector, TSMC and ASML Holding contributed to relative results with double-digit returns that outpaced the general market.

On the downside, commercial aerospace company Boeing detracted from relative returns as shares slumped in the face of unprecedented disruptions arising from the COVID-19 pandemic. The fund’s fixed income investments were additive to relative returns due to sector positioning and security selection.

The fund’s portfolio managers continue to evaluate the economic and market/sector implications of the current administration’s decisions regarding trade. The fund’s cash position allows portfolio managers to remain flexible and better navigate uncertainty by focusing on opportunities when stock prices are favorable.

24	American Funds Insurance Series

Asset Allocation Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020⁴

	1 year			5 years			10 years			Lifetime (since August 1,1989)			Expense ratio

Class 1		12.71	%		10.86	%		10.19	%		8.76	%		.30	%
Class 1A		12.43			10.60			9.92			8.49			.55
Class 2		12.46			10.59			9.91			8.49			.55
Class 3		12.50			10.66			9.99			8.57			.48
Class 4		12.16			10.31			9.68			8.23			.80

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

¹	Source: S&P Dow Jones Indices LLC.
²	Source: Bloomberg Index Services Ltd.
³	Sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. Blends the S&P 500 with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Results assume the blend is rebalanced monthly.
⁴	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

Global Balanced Fund

Global Balanced Fund gained 10.53% for the 12 months ended December 31, 2020. The MSCI ACWI (All Country World Index),¹a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), increased by 16.25%, while the Bloomberg Barclays Global Aggregate Index,²a measure of global investment-grade bonds (rated BBB/Baa and above), increased 9.20%. The 60%/40% MSCI ACWI/Bloomberg Barclays Global Aggregate Index,³a blend of the two indexes, gained 14.05%. Effective May 1, 2021, the fund has elected to use the 60%/40% MSCI ACWI/Bloomberg Barclays Global Aggregate Index as its primary benchmark, because it comes closest to reflecting its investment universe and best measures its long-term results and portfolio managers’ success over time.

Stock selection in the financials sector was additive to relative returns. Investments in information technology firms TSMC and ASML Holding were top contributors to results. Despite COVID-19-related supply-side disruptions, 5G, artificial intelligence and high-performance computing continued to underpin long-term demand for ASML’s extreme ultraviolet lithography products. The fund’s fixed income investments also helped relative returns, with sector positioning, duration and curve being among the additive factors. On the downside, stock selection in the consumer staples and health care sectors detracted from relative returns. An investment in aerospace firm Boeing was a drag on results as it faced unprecedented disruption arising from the pandemic, as well as uncertainty over recertification of the 737 MAX for much of the year. In fixed income, unhedged currency, particularly in euro-denominated bonds, also detracted from relative returns.

Portfolio managers continue to monitor cross-border trade discussions that could have negative economic implications due to a possible reduction in global trade. Further considerations include continued easing by monetary authorities and the possibility of increased fiscal stimulus in a number of countries. Portfolio managers continue to focus on global research and stock-by-stock, bottom-up fundamental analysis.

26	American Funds Insurance Series

Global Balanced Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020⁴

	1 year			5 years			Lifetime (since May 2, 2011)			Expense ratio

Class 1		10.53	%		9.57	%		6.90	%		.72	%
Class 1A		10.25			9.34			6.65			.97
Class 2		10.30			9.30			6.63			.97
Class 4		10.00			9.03			6.49			1.22

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

¹	Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.
²	Source: Bloomberg Index Services Ltd.
³	Data 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.
⁴	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

Bond Fund

Bond Fund gained 9.96% for the 12 months ended December 31, 2020. In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Index¹, which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, returned 7.51%.

Bond markets rebounded sharply supported by extraordinary measures from the Federal Reserve. The central bank slashed interest rates to near-zero in March, launched an array of emergency lending programs, and purchased corporate and government debt. The yield on the benchmark 10-year Treasury note closed the year at 0.92%, down from 1.92% the previous year. Corporate spreads ended the year near pre-pandemic levels. The Treasury curve steepened amid declining yields.

The fund benefitted from security selection, sector selection and duration positioning. Within sector selection, overweights in investment-grade corporates and agency mortgage backed securities helped relative results. Also, out-of-benchmark investments in Treasury Inflation Protected Securities (TIPS) and high-yield bonds all added to relative returns. Within security selection, bonds issued by Teva Pharmaceutical were notable contributors. Municipal issuers such as the State of Illinois and Chicago Board of Education detracted over the period.

Valuations have largely recovered from the lows seen in March. Consequently, managers have begun reducing risk in the portfolio and will likely continue if valuations improve further. This will enable managers to take advantage of future volatility by purchasing bonds when prices look more attractive at that time. With interest rates at relatively low levels and the Fed holding short-term rates near zero, managers expect longer term yields to rise as the economic backdrop improves.

Managers believe that stimulative fiscal and monetary policy should help to keep U.S. economic growth positive. Although the portfolio is positioned toward an economic recovery, managers anticipate a high level of uncertainty and a fragile state of the economy. As such, careful, research-driven security selection will continue to be an important driver of future investment results.

28	American Funds Insurance Series

Bond Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since January 2, 1996)			Gross expense ratio			Net expense ratio

Class 1		9.96	%		5.20	%		4.18	%		4.93	%		.40	%		.21	%
Class 1A		9.68			4.94			3.92			4.67			.65			.46
Class 2		9.73			4.92			3.92			4.67			.65			.46
Class 4		9.38			4.66			3.67			4.41			.90			.71

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	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

Capital World Bond Fund^®

Capital World Bond Fund gained 10.17% for the 12 months ended December 31, 2020. This outpaced the fund’s benchmark, the Bloomberg Barclays Global Aggregate Index¹, which measures global investment-grade bonds (rated BBB/Baa and above) and increased 9.20%.

Sector and security selection contributed positively to the fund’s relative returns over the period. The fund managers favored credits from Southern Europe and Eastern Europe, of which Greece and Romania were among top contributors to returns. Diversified exposures to local emerging markets, such as Mexico, also added to results. Government bonds from France and Brazil were among individual detractors to relative returns.

As growth in the U.S. moderates, the fund’s portfolio managers seek to identify long-term investments around the world such as in emerging markets where sovereign, corporate and high-yield debt may present opportunities. Given the fund’s core objective is to provide a high-level of total return over the long term, the fund’s portfolio managers maintain a cautious approach to investing in different sectors of the bond market, such as high-yield debt.

30	American Funds Insurance Series

Capital World Bond Fund^®(continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020³

	1 year			5 years			10 years			Lifetime (since October 4, 2006)			Gross expense ratio			Net expense ratio

Class 1		10.17	%		5.35	%		3.30	%		4.49	%		.58	%		.48	%
Class 1A		9.89			5.12			3.06			4.24			.83			.73
Class 2⁴		9.90			5.10			3.04			4.22			.83			.73
Class 4		9.62			4.84			2.83			4.00			1.08			.98

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	Source: Refinitiv Lipper. Results for the Lipper indexes do not reflect sales charges. Lipper indexes track the largest mutual funds (no more than 30), represented by one share class per fund, in the corresponding Lipper category.
³	Periods greater than one year are annualized.
⁴	Capital World Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%.

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

High-Income Bond Fund

High-Income Bond Fund gained 8.21% for the 12 months ended December 31, 2020. In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index,¹which measures fixed-rate non-investment-grade bonds (rated BB/Ba and below) and limits the exposure of an issuer to 2%, was up 7.05%.

Credit markets rebounded sharply from their pandemic lows, supported by extraordinary measures from the Federal Reserve and other global central banks. The Federal Reserve reduced interest rates to near-zero in March and launched an array of emergency programs that included purchasing corporate bonds. The yield on the benchmark 10-year Treasury note closed the year at 0.92%, down from 1.92% the previous year. Corporate spreads ended the year near pre-pandemic levels, after increasing dramatically during the early stages of the pandemic.

Sector and security selection contributed positively to the fund’s relative returns over the period. In particular, security selection within the consumer non-cyclical sector was additive to results. Conversely, investments within the energy sector detracted from relative returns.

The fund’s portfolio managers continue to believe current fundamentals support a mildly constructive outlook for the high-yield market and that ongoing fiscal and monetary support — combined with synchronous global growth as economies gradually reopen — will mitigate adverse impacts of the pandemic. We continue to monitor these themes and believe that high-yield bonds will be supported by stronger economic growth and central bank policies.

32	American Funds Insurance Series

High-Income Bond Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since February 8,1984)			Gross expense ratio			Net expense ratio

Class 1		8.21	%		8.59	%		5.83	%		8.65	%		.52	%		.33	%
Class 1A		7.94			8.35			5.58			8.39			.77			.58
Class 2		7.94			8.34			5.57			8.38			.77			.58
Class 3		7.93			8.39			5.63			8.46			.70			.51
Class 4		7.74			8.05			5.35			8.13			1.02			.83

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	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

American Funds Mortgage Fund^®

American Funds Mortgage Fund gained 6.98% for the 12 months ended December 31, 2020, while the Bloomberg Barclays U.S. Mortgage-Backed Securities Index,¹which covers the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac, rose 3.87%.

Duration and curve positioning, as well as sector and security selection, all contributed to the fund’s relative returns over the period. The fund benefited from a lower-than-benchmark weighting in mortgages. On the downside, duration positioning in IRS swaps detracted from relative results.

The fund’s portfolio managers remain focused on meeting the core objectives of the fund providing current income and protecting capital. Rate hikes in the near future are unlikely as the Federal Reserve looks to extend economic expansion and raise inflation closer to its stated “strong commitment” for a symmetric target of 2%. Due to the Fed’s interest policy and market optimism with respect to economic growth, the Treasury yield curve steepened considerably in 2020. The fund positioning is intended to provide some stability if we experience another bout of weakness in equity or credit markets. More attractive valuations for mortgage investments are expected to emerge going forward amid a transition from our extended period of extremely low volatility to a more normal period of economic and asset price uncertainty.

34	American Funds Insurance Series

American Funds Mortgage Fund^®(continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020²

	1 year			5 years			Lifetime (since May 2, 2011)			Gross expense ratio			Net expense ratio

Class 1		6.98	%		3.34	%		3.12	%		.48	%		.27	%
Class 1A		6.63			3.08			2.86			.73			.52
Class 2		6.72			3.08			2.86			.73			.52
Class 4		6.38			2.82			2.66			.98			.77

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	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

Ultra-Short Bond Fund

Ultra-Short Bond Fund gained 0.34% for the 12 months ended December 31, 2020, compared with a 1.31% rise in the Bloomberg Barclays Short-Term Government/Corporate Index¹, which consists of investment-grade (rated BBB/Baa and above), fixed-rate, publicly placed, dollar-denominated and non-convertible securities with remaining maturity from one up to (but not including) 12 months within either the government or corporate sector. With a focus on capital preservation and liquidity, the fund continues to be managed in a relatively conservative manner compared to the above-described index.

Short-term interest rates are near zero and have been since the Federal Reserve cut rates in March. The current low interest rate environment may persist, as uncertainty regarding the coronavirus continues even with positive news on the vaccine front.

36	American Funds Insurance Series

Ultra-Short Bond Fund (continued)

Total returns based on a $1,000 investment

For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		0.34	%		0.91	%		0.34	%		3.31	%		0.37	%
Class 1A		0.32			0.86			0.19			3.08			0.62
Class 2		0.03			0.65			0.08			3.05			0.62
Class 3		0.13			0.74			0.16			3.12			0.55
Class 4		–0.25			0.40			–0.09			2.81			0.87

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	Periods greater than one year are annualized.

	Percent of net assets
Where the fund’s assets were invested as of December 31, 2020
Commercial paper		71.5	%
Federal agency bills & notes		16.2
U.S. Treasury bills		11.4
Other assets less liabilities		.9
Total		100.0	%

American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

U.S. Government/AAA-Rated Securities Fund rose 10.09% for the 12 months ended December 31, 2020, while the Bloomberg Barclays U.S. Government/Mortgage-Backed Securities Index,¹which covers obligations issued by the U.S. Treasury and U.S. government agencies, increased by 6.36%.

During the period, the fund’s duration and mortgage positioning were additive to results. On the downside, duration positioning in IRS swaps detracted from relative results.

The fund strives to meet its objective of providing a high level of current income consistent with the preservation of capital. Rate hikes in the near future are unlikely as the Federal Reserve looks to extend economic expansion and raise inflation closer to its stated “strong commitment” symmetric target of 2%. Due to the Fed’s interest policy and market optimism with respect to economic growth, the Treasury yield curve steepened considerably in 2020. The fund positioning is intended to provide some stability if we experience another bout of weakness in equity or credit markets.

38	American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since December 2, 1985)			Gross expense ratio			Net expense ratio

Class 1		10.09	%		3.93	%		3.37	%		5.83	%		.39	%		.23	%
Class 1A		9.75			3.70			3.12			5.57			.64			.48
Class 2		9.80			3.67			3.10			5.57			.64			.48
Class 3		9.91			3.76			3.18			5.64			.57			.41
Class 4		9.48			3.42			2.90			5.32			.89			.73

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	Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020

Percent of net assets

American Funds Insurance Series

Managed Risk Growth Fund

The fund gained 32.45% for the 12 months ended December 31, 2020. S&P 500 Managed Risk Index – Moderate Aggressive¹was up 6.92%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, increased 18.40%.

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

The underlying Growth Fund’s investments in consumer discretionary and communication services sectors were top contributors to relative returns, while its cash holdings detracted.

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020³

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		32.45	%		15.97	%		12.65	%		.74	%		.69	%
Class P2		32.03			15.64			12.32			.99			.94

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2021 (unaudited).

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

¹	Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.
²	Source: S&P Dow Jones Indices LLC.
³	Periods greater than one year are annualized.

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

40	American Funds Insurance Series

Managed Risk International Fund

The fund gained 3.13% for the 12 months ended December 31, 2020, compared to the S&P EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive¹, which was flat at 0.00%. The MSCI ACWI (All Country World Index) ex USA², a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), increased 10.65%.

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

The underlying International Fund’s investments in the consumer discretionary and health care sectors were additive to relative returns, while stock selection in the industrials sector detracted from relative results.

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020³

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		3.13	%		6.60	%		3.84	%		.94	%		.86	%
Class P2		2.80			6.19			3.46			1.19			1.11

The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2022. 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 series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2021 (unaudited).

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

¹	Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.
²	Source: MSCI. The MSCI index result reflects reinvestment of distributions and dividends net of withholding taxes.
³	Periods greater than one year are annualized.

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

American Funds Insurance Series

Managed Risk Blue Chip Income and Growth Fund

The fund declined 0.93% for the 12 months ended December 31, 2020. S&P 500 Managed Risk Index – Moderate¹gained 7.01%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, increased 18.40%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – Blue Chip Income and Growth Fund^SMand American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund^SMwhile seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. 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 Blue Chip Income and Growth Fund’s investments in the financials sector was additive to relative returns, while stock selection in the energy sector detracted from relative results.

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020³

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		–0.93	%		6.68	%		6.01	%		.68	%		.63	%
Class P2		–1.25			6.32			5.64			.93			.88

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

¹	Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.
²	Source: S&P Dow Jones Indices LLC.
³	Periods greater than one year are annualized.

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

42	American Funds Insurance Series

Managed Risk Growth-Income Fund

The fund gained 9.85% for the 12 months ended December 31, 2020, compared to the S&P 500 Managed Risk Index – Moderate¹, which rose 7.01%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, increased 18.40%.

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

The underlying Growth-Income Fund’s stock selection in the communication services sector was a top contributor to relative returns, while stock selection in the information technology sector detracted from relative results.

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020³

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		9.85	%		10.58	%		9.08	%		.68	%		.63	%
Class P2		9.58			10.27			8.76			.93			.88

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

¹	Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.
²	Source: S&P Dow Jones Indices LLC.
³	Periods greater than one year are annualized.

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

American Funds Insurance Series

Managed Risk Asset Allocation Fund

The fund gained 6.10% for the 12 months ended December 31, 2020. S&P 500 Managed Risk Index – Moderate Conservative¹was up 7.20%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, increased 18.40%.

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

The underlying Asset Allocation Fund’s investments in the real estate and information technology sectors were top contributors to relative returns, while stock selection in the energy and industrials sectors detracted from relative results.

44	American Funds Insurance Series

Managed Risk Asset Allocation Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment

For periods ended December 31, 2020⁴

	1 year			5 years			Lifetime (since September 28, 2012)			Gross expense ratio			Net expense ratio

Class P1		6.10	%		8.17	%		7.77	%		.70	%		.65	%
Class P2		5.88			7.91			7.51			.95			.90

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited).

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

¹	Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.
²	Source: S&P Dow Jones Indices LLC.
³	Source: Bloomberg Index Services Ltd.
⁴	Periods greater than one year are annualized.

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

American Funds Insurance Series

Global Growth Fund

Investment portfolio December 31, 2020

Common stocks 93.72%	Shares		Value (000)
Information technology 31.71%
ASML Holding NV¹		591,992	$	286,087
ASML Holding NV (New York registered) (ADR)		464,300		226,449
Taiwan Semiconductor Manufacturing Company, Ltd.¹		24,817,000		466,100
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		280,000		30,531
Microsoft Corp.		1,902,900		423,243
Paycom Software, Inc.²		357,000		161,453
Adyen NV^1,2		61,500		143,105
PayPal Holdings, Inc.²		490,000		114,758
Visa Inc., Class A		515,000		112,646
Broadcom Inc.		233,350		102,172
PagSeguro Digital Ltd., Class A²		1,340,900		76,270
Adobe Inc.²		135,000		67,516
Zendesk, Inc.²		454,000		64,977
Samsung Electronics Co., Ltd.¹		785,100		58,676
Amphenol Corp., Class A		373,500		48,843
Keyence Corp.¹		72,300		40,689
EPAM Systems, Inc.²		105,240		37,713
Advanced Micro Devices, Inc.²		301,500		27,651
Mastercard Inc., Class A		67,500		24,094
TeamViewer AG^1,2		428,000		22,922
Hexagon AB, Class B¹		240,000		21,855
Amadeus IT Group SA, Class A, non-registered shares¹		212,301		15,370
Worldline SA, non-registered shares^1,2		152,800		14,779
Network International Holdings PLC^1,2		3,173,000		14,168
Jack Henry & Associates, Inc.		69,400		11,242
				2,613,309

Consumer discretionary 20.46%
Amazon.com, Inc.²		145,050		472,419
Alibaba Group Holding Ltd.^1,2		5,241,300		153,138
Chipotle Mexican Grill, Inc.²		107,400		148,933
Just Eat Takeaway (GBP denominated)^1,2		640,914		72,424
Just Eat Takeaway (EUR denominated)^1,2		347,000		39,116
LVMH Moët Hennessy-Louis Vuitton SE¹		158,900		99,286
Ocado Group PLC^1,2		2,881,000		90,274
Domino’s Pizza, Inc.		156,800		60,127
NIKE, Inc., Class B		383,100		54,197
Floor & Decor Holdings, Inc., Class A²		546,500		50,742
Prosus NV¹		447,800		48,171
Renault SA^1,2		1,100,000		48,132
MercadoLibre, Inc.²		16,400		27,474
Meituan, Class B^1,2		699,700		26,761
Naspers Ltd., Class N¹		122,700		25,113
Home Depot, Inc.		92,275		24,510
Sony Corp.¹		243,000		24,432
MGM China Holdings, Ltd.^1,3		12,708,000		21,841
Peugeot SA^1,2		761,800		20,848
XPeng Inc., Class A (ADR)^2,3		445,100		19,064
Delivery Hero SE^1,2		118,000		18,315
Wynn Macau, Ltd.^1,2		10,510,400		17,672
Flutter Entertainment PLC (EUR denominated)¹		84,650		17,339
JD Health International Inc.^1,2,3		893,550		17,289
IDP Education Ltd.¹		1,119,000		17,141
EssilorLuxottica¹		102,335		15,960
Melco Resorts & Entertainment Ltd. (ADR)		835,000		15,489
Moncler SpA^1,2		217,370		13,296
THG Holdings PLC^1,2		1,026,870		10,965
Marriott International, Inc., Class A		74,000		9,762
Airbnb, Inc., Class A²		41,500		6,092
				1,686,322

46	American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care 11.35%
UnitedHealth Group Inc.		276,800	$	97,068
DexCom, Inc.²		253,000		93,539
Mettler-Toledo International Inc.²		65,000		74,079
AstraZeneca PLC¹		674,300		67,369
Pfizer Inc.		1,699,000		62,540
Fisher & Paykel Healthcare Corp. Ltd.¹		2,550,000		60,555
Cigna Corp.		290,214		60,417
NovoCure Ltd.²		340,000		58,834
Merck & Co., Inc.		620,000		50,716
Regeneron Pharmaceuticals, Inc.²		98,300		47,490
Tandem Diabetes Care, Inc.²		285,000		27,269
Danaher Corp.		110,000		24,435
Humana Inc.		55,000		22,565
Zoetis Inc., Class A		130,000		21,515
Bayer AG¹		363,860		21,387
Catalent, Inc.²		200,000		20,814
bioMérieux SA¹		135,000		19,038
Olympus Corp.¹		796,800		17,442
Novartis AG¹		165,600		15,641
Rede D’Or Sao Luiz SA²		1,060,000		13,938
Sanofi¹		135,000		13,044
Teladoc Health, Inc.²		63,600		12,717
Vertex Pharmaceuticals Inc.²		49,500		11,699
GN Store Nord AS¹		115,500		9,180
Coloplast A/S, Class B¹		55,750		8,516
Viatris Inc.²		179,542		3,365
				935,172

Financials 9.80%
AIA Group Ltd.¹		12,338,700		151,984
Tradeweb Markets Inc., Class A		1,685,360		105,251
Kotak Mahindra Bank Ltd.^1,2		3,704,500		101,380
MarketAxess Holdings Inc.		151,400		86,383
JPMorgan Chase & Co.		438,700		55,746
AXA SA¹		1,692,893		40,614
Prudential PLC¹		1,773,082		32,728
Citigroup Inc.		497,600		30,682
Moscow Exchange MICEX-RTS PJSC¹		12,640,000		27,274
CME Group Inc., Class A		144,437		26,295
Société Générale^1,2		1,011,450		21,071
BlackRock, Inc.		26,500		19,121
Willis TowersWatson PLC		73,000		15,380
HDFC Life Insurance Company Ltd.^1,2		1,589,691		14,746
FinecoBank SpA^1,2		893,000		14,573
QBE Insurance Group Ltd.¹		2,132,000		14,036
Bank of America Corp.		385,000		11,669
Macquarie Group Ltd.¹		101,500		10,845
Lufax Holding Ltd. (ADR)^2,3		680,000		9,656
Sberbank of Russia PJSC (ADR)¹		645,500		9,305
Banco Santander, SA^1,2		2,946,020		9,147
				807,886


Communication services 7.24%
Alphabet Inc., Class A²		95,500		167,377
Alphabet Inc., Class C²		63,852		111,861
Tencent Holdings Ltd.¹		2,028,000		148,180
Facebook, Inc., Class A²		395,600		108,062
Altice USA, Inc., Class A²		751,200		28,448
Sea Ltd., Class A (ADR)²		95,851		19,079
Twitter, Inc.²		252,000		13,646
				596,653

American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples 6.07%
British American Tobacco PLC¹		2,921,900	$	108,680
Kweichow Moutai Co., Ltd., Class A¹		269,957		82,496
Philip Morris International Inc.		919,500		76,125
Nestlé SA¹		495,497		58,334
Keurig Dr Pepper Inc.		1,624,000		51,968
Altria Group, Inc.		1,248,500		51,189
Walgreens Boots Alliance, Inc.		657,651		26,227
Associated British Foods PLC^1,2		595,000		18,435
Costco Wholesale Corp.		42,170		15,889
Mondelez International, Inc.		192,000		11,226
				500,569

Industrials 3.51%
MTU Aero Engines AG¹		167,000		43,512
Airbus SE, non-registered shares^1,2		327,000		35,921
DSV Panalpina A/S¹		201,000		33,638
Alliance Global Group, Inc.¹		135,603,500		29,946
GT Capital Holdings, Inc.¹		2,454,611		29,915
Safran SA^1,2		164,000		23,259
NIBE Industrier AB, Class B¹		685,000		22,494
Nidec Corp.¹		149,100		18,786
SMC Corp.¹		22,500		13,741
General Electric Co.		1,260,000		13,608
Country Garden Services Holdings Co., Ltd.¹		2,003,000		13,586
Boeing Company		51,300		10,981
				289,387

Materials 1.84%
Sherwin-Williams Company		153,900		113,103
Shin-Etsu Chemical Co., Ltd.¹		119,500		20,920
Koninklijke DSM NV¹		101,700		17,519
				151,542

Energy 1.10%
Reliance Industries Ltd.¹		1,807,924		49,250
Reliance Industries Ltd., interim shares¹		106,956		1,640
Gazprom PJSC (ADR)¹		4,173,000		23,198
LUKOIL Oil Co. PJSC (ADR)¹		246,300		16,794
				90,882

Real estate 0.41%
Goodman Logistics (HK) Ltd. REIT¹		1,276,503		18,621
ESR Cayman Ltd.^1,2		4,100,000		14,735
				33,356

Utilities 0.23%
Ørsted AS¹		91,250		18,663

Total common stocks (cost: $3,554,514,000)				7,723,741

Preferred securities 2.90%
Health care 1.84%
Sartorius AG, nonvoting preferred, non-registered shares¹		360,500		151,100

Information technology 1.06%
Samsung Electronics Co., Ltd., nonvoting preferred shares¹		1,289,000		87,500

Total preferred securities (cost: $70,623,000)				238,600

48	American Funds Insurance Series

Global Growth Fund (continued)

Short-term securities 3.87%	Principal amount (000)		Value (000)
Commercial paper 2.12%
Toronto-Dominion Bank 0.19% due 1/19/2021⁴	$	100,000	$	99,993
NRW.Bank 0.21% due 1/22/2021⁴		59,000		58,995
LVMH Moët Hennessy Louis Vuitton Inc. 0.15% due 1/14/2021⁴		16,000		15,999
				174,987

		Shares
Money market investments 1.75%
Capital Group Central Cash Fund 0.12%^5,6		1,256,834		125,696
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^5,7		18,274,600		18,274
				143,970

Total short-term securities (cost: $318,936,000)				318,957
Total investment securities 100.49% (cost: $3,944,073,000)				8,281,298
Other assets less liabilities (0.49)%				(40,328	)

Net assets 100.00%			$	8,240,970

Investments in affiliates⁶

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 1.53%
Money market investments 1.53%
Capital Group Central Cash Fund 0.12%⁵	$	137,140	$	1,204,128	$	1,215,496	$	170	$	(246	)	$	125,696	$	973

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $3,662,002,000, which represented 44.44% 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.
²	Security did not produce income during the last 12 months.
³	All or a portion of this security was on loan. The total value of all such securities was $21,446,000, which represented .26% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
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 $174,987,000, which represented 2.12% of the net assets of the fund.
⁵	Rate represents the seven-day yield at 12/31/2020.
⁶	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
⁷	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviations

ADR =	American Depositary Receipts
EUR =	Euros
GBP =	British pounds

See notes to financial statements.

American Funds Insurance Series

Global Small Capitalization Fund

Investment portfolio December 31, 2020

Common stocks 95.25%	Shares		Value (000)
Information technology 27.03%
Cree, Inc.¹		1,356,800	$	143,685
Ceridian HCM Holding Inc.¹		730,900		77,885
Net One Systems Co., Ltd.²		1,855,865		65,640
BE Semiconductor Industries NV²		801,930		48,310
Kingdee International Software Group Co. Ltd.²		11,717,074		48,085
PAR Technology Corp.^1,3		700,482		43,983
SimCorp AS²		265,750		39,473
Unimicron Technology Corp.²		12,305,000		38,529
Appfolio, Inc., Class A¹		203,903		36,711
Inphi Corp.¹		215,191		34,532
Avast PLC²		4,532,443		33,340
Silergy Corp.²		383,740		32,898
Avalara, Inc.¹		194,419		32,058
C3.ai, Inc., Class A^1,3		229,200		31,801
Qorvo, Inc.¹		190,000		31,591
Lightspeed POS Inc., subordinate voting shares¹		443,300		31,204
Skillz Inc., Class A^1,2,4		1,399,676		24,914
EuronetWorldwide, Inc.¹		167,890		24,331
Smartsheet Inc., Class A¹		337,600		23,392
Bentley Systems, Inc., Class B		563,300		22,819
Pegasystems Inc.		169,591		22,600
Nuance Communications, Inc.¹		499,400		22,019
Globant SA¹		101,000		21,979
SUMCO Corp.²		999,000		21,934
Carel Industries SpA²		929,751		21,804
Anaplan, Inc.¹		295,733		21,248
Alteryx, Inc., Class A¹		173,000		21,070
MACOMTechnology Solutions Holdings, Inc.¹		380,000		20,915
AI inside Inc.^1,2		27,813		19,667
Nordic Semiconductor ASA^1,2		1,196,967		19,159
LEM Holding SA²		9,570		18,679
Paycom Software, Inc.¹		40,000		18,090
Bechtle AG, non-registered shares²		77,700		16,945
Oneconnect Financial Technology Co., Ltd. (ADR)¹		830,436		16,368
Network International Holdings PLC^1,2		3,434,882		15,338
Silicon Laboratories Inc.¹		115,900		14,759
Keywords Studios PLC^1,2		350,000		13,734
SoftwareONE Holding AG²		449,700		13,300
JFrog Ltd.^1,3		209,100		13,138
ON Semiconductor Corp.¹		395,000		12,928
Aspen Technology, Inc.¹		93,100		12,126
Tanla Platforms Ltd.²		1,339,330		12,106
Asana, Inc., Class A¹		401,900		11,876
Cognex Corp.		136,300		10,943
Rapid7, Inc.¹		121,000		10,909
Nuvei Corp., subordinate voting shares¹		173,200		10,432
Computer Services, Inc.		163,500		9,712
Paya Holdings Inc., Class A^1,3		667,000		9,058
MongoDB, Inc., Class A¹		25,000		8,976
SHIFT Inc.^1,2		63,700		8,799
Renishaw PLC^1,2		100,000		7,876
Globalwafers Co., Ltd.²		311,000		7,870
DocuSign, Inc.¹		34,300		7,625
QAD Inc., Class A		115,350		7,288
ALTEN SA, non-registered shares^1,2		63,900		7,238
Megaport Ltd.^1,2		650,000		7,134
Okta, Inc., Class A¹		27,263		6,932
INFICON Holding AG²		7,397		6,748
Allegro Microsystems, Inc.¹		246,500		6,572
Coupa Software Inc.¹		18,000		6,100
BigCommerce Holdings, Inc., Series 1^1,3		90,000		5,773
SVMK Inc.¹		221,600		5,662

50	American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Pexip Holding ASA^1,2,3		676,082	$	5,193
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H²		3,605,500		4,827
Tyro Payments Ltd.^1,2,3		1,727,332		4,251
Appen Ltd.²		162,863		3,117
				1,435,998

Health care 22.94%
Insulet Corp.¹		567,720		145,126
Haemonetics Corp.¹		796,700		94,608
Allakos Inc.¹		586,080		82,051
Notre Dame Intermédica Participações SA		4,089,700		61,682
WuXi Biologics (Cayman) Inc.^1,2		4,236,000		56,424
GWPharmaceuticals PLC (ADR)¹		473,768		54,678
iRhythm Technologies, Inc.¹		213,120		50,554
Mani, Inc.²		1,808,129		49,243
CanSino Biologics Inc., Class H^1,2		2,132,400		48,805
Ultragenyx Pharmaceutical Inc.¹		325,474		45,055
Applied Molecular Transport Inc.^1,3		1,365,957		42,030
Health Catalyst, Inc.¹		922,700		40,165
Integra LifeSciences Holdings Corp.¹		602,696		39,127
PRA Health Sciences, Inc.¹		257,150		32,257
New Frontier Health Corp., Class A¹		3,422,000		29,429
Kronos Bio, Inc.^1,2		619,195		17,386
Kronos Bio, Inc.¹		387,795		11,583
Globus Medical, Inc., Class A¹		434,000		28,305
CompuGroup Medical SE & Co. KGaA²		277,700		26,669
GVS SpA^1,2		1,350,919		25,165
Allogene Therapeutics, Inc.¹		947,234		23,908
Nevro Corp.¹		128,100		22,174
Cortexyme, Inc.^1,3		759,458		21,098
CONMED Corp.		157,000		17,584
Max Healthcare Institute Ltd.^1,2		8,885,394		17,116
Amplifon SpA^1,2		401,700		16,646
Guardant Health, Inc.¹		119,227		15,366
Ambu AS, Class B, non-registered shares^2,3		283,500		12,241
Ocumension Therapeutics^1,2		3,168,466		11,051
NuCana PLC (ADR)^1,3		2,356,233		10,579
AddLife AB, Class B²		553,888		9,693
Bluebird Bio, Inc.¹		196,815		8,516
BioMarin Pharmaceutical Inc.¹		92,000		8,067
Shandong Pharmaceutical Glass Co., Ltd., Class A²		955,000		7,342
Madrigal Pharmaceuticals, Inc.¹		61,425		6,829
Encompass Health Corp.		79,000		6,533
Bachem Holding AG, Class B²		14,100		6,266
Arjo AB, Class B²		765,000		5,842
Hikma Pharmaceuticals PLC²		131,000		4,512
Hutchison China MediTech Ltd. (ADR)¹		124,000		3,970
Uniphar PLC²		1,022,000		2,974
NMC Health PLC^1,2,5		219,652		3
				1,218,652

Consumer discretionary 14.67%
Shop Apotheke Europe NV, non-registered shares^1,2,3		282,300		51,122
Wyndham Hotels & Resorts, Inc.		808,069		48,032
Helen of Troy Ltd.¹		207,200		46,038
Lands’ End, Inc.^1,6		2,100,000		45,297
Thor Industries, Inc.		463,600		43,110
YETI Holdings, Inc.¹		593,379		40,629
Mattel, Inc.¹		2,100,069		36,646
Five Below, Inc.¹		199,700		34,944
Evolution Gaming Group AB²		328,676		33,323
Entain PLC^1,2		1,748,600		27,143

American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Leslie’s, Inc.^1,3		824,800	$	22,888
Arco Platform Ltd., Class A¹		638,725		22,668
Skechers USA, Inc., Class A¹		550,000		19,767
Tongcheng-Elong Holdings Ltd.^1,2		10,084,800		19,537
Just Eat Takeaway (EUR denominated)^1,2		166,200		18,735
Tube Investments of India Ltd.²		1,700,000		18,641
Everi Holdings Inc.¹		1,324,553		18,292
Kindred Group PLC (SDR)^1,2		1,806,800		17,683
zooplus AG, non-registered shares^1,2		78,700		16,299
Melco International Development Ltd.²		7,826,000		15,240
B2W - Cia. Digital, ordinary nominative¹		1,010,093		14,704
SSP Group PLC²		3,233,990		14,687
TopBuild Corp.¹		73,600		13,548
Musti Group Oyj^1,2		436,550		13,083
Bright Horizons Family Solutions Inc.¹		74,300		12,853
Purple Innovation, Inc., Class A¹		390,000		12,847
Basic-Fit NV^1,2		348,300		12,725
Cie. Plastic Omnium SA²		308,912		10,724
IDP Education Ltd.²		691,561		10,594
Patrick Industries, Inc.		131,700		9,002
Thule Group AB^1,2		219,800		8,215
Cairn Homes PLC^1,2		6,829,200		7,972
Sushiro Global Holdings Ltd.²		187,000		7,142
OneSpaWorld Holdings Ltd.		695,690		7,054
Zhongsheng Group Holdings Ltd.²		938,500		6,691
Elior Group SA²		882,500		5,961
Countryside Properties PLC²		743,015		4,771
Kerry Express (Thailand) PCL, foreign registered^1,2		2,250,000		3,699
Dalata Hotel Group PLC^1,2		800,000		3,689
Coursera, Inc.^1,2,5,7		160,625		2,409
DraftKings Inc., Class A¹		16,755		780
China Zenix Auto International Ltd. (ADR)¹		428,500		111
				779,295

Industrials 13.20%
Nihon M&A Center Inc.²		1,304,292		87,283
Boyd Group Services Inc.³		233,326		40,246
International Container Terminal Services, Inc.²		15,047,500		38,708
Stericycle, Inc.¹		539,531		37,406
IMCD NV²		285,600		36,288
Meggitt PLC^1,2		5,035,900		32,174
Bingo Industries Ltd.^2,3		14,571,008		27,435
Instalco AB²		836,795		25,503
Japan Elevator Service Holdings Co., Ltd.²		970,400		24,707
Alfen NV^1,2		227,700		22,879
Interpump Group SpA²		447,000		22,084
Nolato AB, Class B^1,2		185,100		18,716
Melrose Industries PLC^1,2		7,236,000		17,647
Wizz Air Holdings PLC^1,2		278,200		17,375
VAT Group AG²		68,150		16,986
Diploma PLC²		556,200		16,689
Avon Rubber PLC²		383,500		16,610
Matson, Inc.		289,400		16,487
CleanawayWaste Management Ltd.²		7,580,970		13,779
Centre Testing International Group Co., Ltd.²		3,266,269		13,692
Han’s Laser Technology Industry Group Co., Ltd., Class A²		2,037,982		13,354
Woodward, Inc.		105,000		12,761
Granite Construction Inc.		465,000		12,420
Guangzhou Baiyun International Airport Co. Ltd., Class A²		5,704,039		12,329
Marel hf.²		1,971,482		12,157
Rumo SA¹		3,025,547		11,207
CAE Inc.		375,000		10,391

52	American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
IAA, Inc.¹		141,750	$	9,211
Addtech AB, Class B²		497,200		6,583
Montrose Environmental Group, Inc.¹		190,800		5,907
Nitto Boseki Co., Ltd.²		132,500		5,853
Atlas Corp.		500,000		5,420
Imperial Logistics Ltd.²		2,103,000		5,351
TOMRA Systems ASA²		106,900		5,268
BWX Technologies, Inc.		85,000		5,124
BELIMO Holding AG²		523		4,543
VARTA AG, non-registered shares^1,2,3		30,875		4,459
LIXIL Corp.²		196,500		4,268
Howden Joinery Group PLC^1,2		440,000		4,155
McPhy Energy SA^1,2,3		74,800		3,144
Vicor Corp, Class A¹		27,800		2,564
The AZEK Company Inc., Class A¹		54,400		2,092
				701,255

Financials 7.47%
Cannae Holdings, Inc.¹		1,931,800		85,521
Trupanion, Inc.¹		671,200		80,349
Janus Henderson Group PLC		1,088,400		35,384
Capitec Bank Holdings Ltd.^1,2		232,177		22,625
Live Oak Bancshares, Inc.		462,000		21,926
South State Corp.		283,300		20,483
Kotak Mahindra Bank Ltd.^1,2		715,825		19,590
Eurobank Ergasias Services and Holdings SA^1,2		27,631,908		19,562
EastWest Bancorp, Inc.		287,300		14,569
Stifel Financial Corp.		271,050		13,677
Independent Bank Group, Inc.		192,300		12,023
Indian Energy Exchange Ltd.²		3,150,000		9,842
IIFLWealth Management Ltd.²		677,558		9,388
Aavas Financiers Ltd.^1,2		402,000		9,335
Multi Commodity Exchange of India Ltd.²		342,375		8,115
Essent Group Ltd.		175,000		7,560
Third Point Reinsurance Ltd.¹		340,400		3,241
Fanhua Inc. (ADR)		157,600		1,897
Huize Holding Ltd. (ADR)¹		223,220		1,562
				396,649

Materials 2.33%
Nanofilm Technologies International Ltd.^1,2		7,424,900		24,720
Lundin Mining Corp.		2,773,100		24,618
PI Industries Ltd.²		778,604		23,446
Navin Fluorine International Ltd.²		445,388		16,030
Fasadgruppen Group AB^1,2		770,604		8,233
Vidrala, SA, non-registered shares²		67,694		7,850
Valvoline Inc.		315,300		7,296
SK Materials Co., Ltd.²		16,400		5,411
LANXESS AG²		54,500		4,179
Arkema SA²		15,200		1,737
				123,520

Real estate 2.07%
Altus Group Ltd.		939,007		36,250
Embassy Office Parks REIT²		5,189,400		24,506
MGM Growth Properties LLC REIT, Class A		500,000		15,650
JHSF Participações SA		9,099,476		13,682
Mitre Realty Empreendimentos E Participações SA¹		1,955,500		6,400
WHA Corp. PCL²		59,416,400		5,988
Mindspace Business Parks REIT^1,2,4		654,600		2,810

American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Real estate (continued)
Mindspace Business Parks REIT^1,2		595,400	$	2,608
DoubleDragon Properties Corp.^1,2		6,395,985		1,984
Cyrela Commercial Properties SA, ordinary nominative		105,754		279
				110,157

Communication services 2.00%
Altice Europe NV, Class A^1,2		4,115,000		26,791
Bandwidth Inc., Class A¹		122,000		18,748
Capcom Co., Ltd.²		226,800		14,745
New York Times Co., Class A		259,500		13,434
Square Enix Holdings Co., Ltd.²		143,200		8,690
Kamakura Shinsho, Ltd.²		677,700		7,514
Euskaltel, SA, non-registered shares²		630,178		6,734
Zee Entertainment Enterprises Ltd.²		1,398,700		4,295
Daily Mail and General Trust PLC, Class A, nonvoting shares²		296,800		3,025
Cardlytics, Inc.^1,3		16,500		2,356
				106,332

Consumer staples 1.86%
Freshpet, Inc.¹		318,400		45,210
Grocery Outlet Holding Corp.¹		755,400		29,649
AAK AB²		511,300		10,311
Hilton Food Group PLC²		586,277		8,938
Vector Group Ltd.		224,000		2,610
Raia Drogasil SA, ordinary nominative		445,000		2,145
				98,863

Utilities 1.22%
ENN Energy Holdings Ltd.²		4,026,200		59,096
Neoenergia SA		1,727,000		5,859
				64,955

Energy 0.46%
Parsley Energy, Inc., Class A		915,000		12,993
Venture Global LNG, Inc., Series C^1,2,4,5,7		2,760		10,434
NuVista Energy Ltd.¹		1,325,000		979
				24,406

Total common stocks (cost: $2,750,940,000)				5,060,082

Preferred securities 1.81%
Information technology 1.30%
Marqeta, Inc., Series E-1, 8.00% noncumulative, preferred shares^1,2,5,7		1,859,092		32,887
Avidxchange, Inc., Series F, preferred shares^1,2,5,7		492,864		24,156
Gitlab Inc., Series E, preferred shares^1,2,5,7		297,916		11,917
				68,960

Industrials 0.36%
Azul SA, preferred nominative (ADR)^1,3		800,316		18,263
Azul SA, preferred nominative¹		109,500		829
				19,092
Health care 0.15%
PACT Pharma, Inc., Series C, 8.00% noncumulative, preferred shares^1,2,5,7		2,931,405		8,231

Total preferred securities (cost: $62,052,000)				96,283

54	American Funds Insurance Series

Global Small Capitalization Fund (continued)

Rights & warrants 0.03%	Shares		Value (000)
Consumer staples 0.03%
Qingdao Richen Food Co., Ltd., Class A, warrants, expire 2022^1,2,4		132,100	$	1,580

Total rights & warrants (cost: $1,550,000)				1,580

Convertible stocks 0.26%
Consumer discretionary 0.26%
Coursera, Inc., Series C, 8.00% noncumulative, convertible preferred shares^2,5,7		531,643		9,038
Coursera, Inc., Series B, noncumulative, convertible preferred shares^2,5,7		246,302		4,187
Coursera, Inc., Series F, noncumulative, convertible preferred shares^2,5,7		36,964		629
				13,854

Total convertible stocks (cost: $10,863,000)				13,854

Short-term securities 4.21%
Commercial paper 2.58%
Toronto-Dominion Bank 0.19% due 1/19/2021⁴		100,000		99,993
NRW.Bank 0.22% due 1/22/2021⁴		37,000		36,997
				136,990

Money market investments 1.63%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^8,9		71,737,955		71,738
Capital Group Central Cash Fund 0.12%^6,8		151,346		15,136
				86,874

Total short-term securities (cost: $223,856,000)				223,864
Total investment securities 101.56% (cost: $3,049,261,000)				5,395,663
Other assets less liabilities (1.56)%				(82,922	)

Net assets 100.00%			$	5,312,741

Investments in affiliates⁶

	Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized (depreciation) appreciation (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)
Common stocks 0.85%
Health care 0.00%
NuCana PLC (ADR)^1,3,10	$	12,711	$	1,226	$	—	$	—	$	(3,358	)	$	—	$	—
Consumer discretionary 0.85%
Lands’ End, Inc.¹		—		14,805		—		—		30,492			45,297		—
Total common stocks													45,297
Short-term securities 0.29%
Money market investments 0.29%
Capital Group Central Cash Fund 0.12%⁸		192,600		961,788		1,139,083		68		(237	)		15,136		1,310
Total 1.14%							$	68	$	26,897		$	60,433	$	1,310

American Funds Insurance Series

Global Small Capitalization Fund (continued)

¹	Security did not produce income during the last 12 months.
²	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $2,225,547,000, which represented 41.89% of the net assets of the fund. This amount includes $2,067,250,000 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.
³	All or a portion of this security was on loan. The total value of all such securities was $77,648,000, which represented 1.46% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
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 $176,728,000, which represented 3.33% of the net assets of the fund.
⁵	Value determined using significant unobservable inputs.
⁶	Affiliate of the fund or part of the same group of investment companies as the fund, in each case as defined under the Investment Company Act of 1940.
⁷	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 below.
⁸	Rate represents the seven-day yield at 12/31/2020.
⁹	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁰	Unaffiliated issuer at 12/31/2020.

Private placement securities	Acquisition date		Cost (000)		Value (000)		Percent of net assets
Marqeta, Inc., Series E-1, 8.00% noncumulative, preferred shares		5/27/2020	$	15,500	$	32,887		.62	%
Avidxchange, Inc., Series F, preferred shares		12/26/2019		24,156		24,156		.45
Gitlab Inc., Series E, preferred shares		9/11/2019		5,550		11,917		.22
Venture Global LNG, Inc., Series C		5/1/2015		8,280		10,434		.20
Coursera, Inc., Series C, 8.00% noncumulative, convertible preferred shares		2/20/2020		6,380		9,038		.17
PACT Pharma, Inc., Series C, 8.00% noncumulative, preferred shares		2/7/2020		6,000		8,231		.16
Coursera, Inc., Series B, noncumulative, convertible preferred shares		8/12/2020		3,855		4,187		.08
Coursera, Inc.		8/12/2020		2,514		2,409		.05
Coursera, Inc., Series F, noncumulative, convertible preferred shares		7/15/2020		628		629		.01
Total private placement securities			$	72,863	$	103,888		1.96	%

Key to abbreviations

ADR =	American Depositary Receipts
EUR =	Euros
SDR =	Swedish Depositary Receipts

See notes to financial statements.

56	American Funds Insurance Series

Growth Fund

Investment portfolio December 31, 2020

Common stocks 95.50%	Shares		Value (000)
Information technology 22.59%
Microsoft Corp.		8,170,085	$	1,817,190
Broadcom Inc.		1,811,536		793,181
ASML Holding NV (New York registered) (ADR)		632,100		308,288
ASML Holding NV¹		635,000		306,871
Taiwan Semiconductor Manufacturing Company, Ltd.¹		18,618,000		349,673
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		2,218,945		241,954
RingCentral, Inc., Class A²		1,322,397		501,149
Shopify Inc., Class A, subordinate voting shares²		410,400		464,552
Visa Inc., Class A		1,591,570		348,124
PayPal Holdings, Inc.²		1,319,600		309,050
Mastercard Inc., Class A		716,844		255,870
Advanced Micro Devices, Inc.²		2,360,947		216,522
MongoDB, Inc., Class A²		594,973		213,619
Autodesk, Inc.²		654,703		199,907
FleetCor Technologies, Inc.²		710,400		193,818
Keyence Corp.¹		300,900		169,341
Cree, Inc.²		1,495,879		158,414
Square, Inc., Class A²		726,255		158,062
Ceridian HCM Holding Inc.²		1,274,711		135,833
ServiceNow, Inc.²		235,806		129,795
Samsung Electronics Co., Ltd.¹		1,538,083		114,952
Tyler Technologies, Inc.²		263,200		114,892
Micron Technology, Inc.²		1,447,335		108,811
Guidewire Software, Inc.²		821,399		105,739
Apple Inc.		779,886		103,483
Applied Materials, Inc.		1,033,670		89,206
HubSpot, Inc.²		210,067		83,279
Trimble Inc.²		900,572		60,131
Bill.Com Holdings, Inc.²		433,100		59,118
Adobe Inc.²		115,899		57,963
Intel Corp.		1,136,000		56,596
Elastic NV, non-registered shares²		346,722		50,667
Fidelity National Information Services, Inc.		328,778		46,509
Alteryx, Inc., Class A²		353,058		42,999
Flex Ltd.²		2,234,300		40,173
SK hynix, Inc.¹		330,800		36,189
Zendesk, Inc.²		252,368		36,119
NetApp, Inc.		527,540		34,944
Fiserv, Inc.²		304,473		34,667
Jack Henry & Associates, Inc.		167,789		27,180
MKS Instruments, Inc.		157,800		23,741
Okta, Inc., Class A²		93,170		23,689
Motorola Solutions, Inc.		134,257		22,832
ON Semiconductor Corp.²		640,919		20,977
EPAM Systems, Inc.²		52,839		18,935
GoDaddy Inc., Class A²		213,800		17,735
Smartsheet Inc., Class A²		238,281		16,511
Enphase Energy, Inc.²		87,779		15,403
VeriSign, Inc.²		68,100		14,737
Amadeus IT Group SA, Class A, non-registered shares¹		160,263		11,603
Concentrix Corp.²		108,272		10,686
Global Payments Inc.		46,612		10,041
SYNNEX Corp.		108,272		8,818
Atlassian Corp. PLC, Class A²		19,317		4,518
				8,795,056

Consumer discretionary 18.83%
Tesla, Inc.²		5,488,000		3,872,717
Amazon.com, Inc.²		270,876		882,224
Dollar General Corp.		1,774,500		373,177
Home Depot, Inc.		848,736		225,441
LVMH Moët Hennessy-Louis Vuitton SE¹		330,000		206,194

American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Domino’s Pizza, Inc.		448,575	$	172,011
Darden Restaurants, Inc.		1,438,876		171,399
Booking Holdings Inc.²		74,213		165,292
Toll Brothers, Inc.		3,280,000		142,582
Bright Horizons Family Solutions Inc.²		681,000		117,806
Burlington Stores, Inc.²		432,204		113,043
Hermès International¹		97,299		104,631
Royal Caribbean Cruises Ltd.		1,201,909		89,771
NIKE, Inc., Class B		546,407		77,300
Floor & Decor Holdings, Inc., Class A²		769,300		71,430
Chipotle Mexican Grill, Inc.²		46,247		64,131
Aramark		1,666,401		64,123
Airbnb, Inc., Class A²		374,400		54,962
Five Below, Inc.²		198,640		34,758
Flutter Entertainment PLC (EUR denominated)¹		166,291		34,062
Wynn Resorts, Ltd.		258,022		29,113
Las Vegas Sands Corp.		485,638		28,944
Westwing Group AG, non-registered shares^1,2,3		707,000		28,606
Caesars Entertainment, Inc.²		379,500		28,185
Norwegian Cruise Line Holdings Ltd.^2,3		1,095,796		27,866
Marriott International, Inc., Class A		210,000		27,703
Peloton Interactive, Inc., Class A²		180,000		27,310
Grand Canyon Education, Inc.²		213,615		19,890
Hilton Worldwide Holdings Inc.		151,700		16,878
Evolution Gaming Group AB¹		160,210		16,243
Cie. Financière Richemont SA, Class A¹		174,005		15,724
YUM! Brands, Inc.		129,700		14,080
EssilorLuxottica¹		69,400		10,823
				7,328,419

Communication services 18.02%
Facebook, Inc., Class A²		7,454,034		2,036,144
Netflix, Inc.²		3,139,599		1,697,675
Alphabet Inc., Class C²		466,472		817,203
Alphabet Inc., Class A²		60,216		105,537
T-Mobile US, Inc.²		4,003,260		539,840
Activision Blizzard, Inc.		5,097,672		473,319
Charter Communications, Inc., Class A²		695,547		460,139
Snap Inc., Class A²		8,325,383		416,852
Comcast Corp., Class A		4,324,019		226,579
Zillow Group, Inc., Class C, nonvoting shares²		347,800		45,144
Zillow Group, Inc., Class A²		271,354		36,888
Pinterest, Inc., Class A²		1,027,744		67,728
Match Group, Inc.²		234,000		35,379
Live Nation Entertainment, Inc.²		400,000		29,392
Twitter, Inc.²		460,000		24,909
				7,012,728

Health care 12.72%
UnitedHealth Group Inc.		2,472,454		867,040
Intuitive Surgical, Inc.²		803,680		657,491
Regeneron Pharmaceuticals, Inc.²		841,544		406,558
Centene Corp.²		5,286,474		317,347
Thermo Fisher Scientific Inc.		632,000		294,373
Humana Inc.		496,800		203,822
Exact Sciences Corp.²		1,296,188		171,732
ResMed Inc.		755,000		160,483
Insulet Corp.²		622,000		159,002
NovoCure Ltd.²		916,689		158,624
Seagen Inc.²		874,815		153,215
Teladoc Health, Inc.²		643,000		128,574
Vertex Pharmaceuticals Inc.²		450,522		106,476

58	American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
CRISPR Therapeutics AG²		652,706	$	99,936
Biohaven Pharmaceutical Holding Co. Ltd.²		1,068,637		91,593
Abbott Laboratories		643,963		70,508
CVS Health Corp.		862,934		58,938
DexCom, Inc.²		158,238		58,504
Allakos Inc.²		401,374		56,192
Cigna Corp.		262,355		54,617
Danaher Corp.		235,935		52,411
Gilead Sciences, Inc.		899,185		52,387
Edwards Lifesciences Corp.²		569,100		51,919
Galapagos NV^1,2		527,552		51,910
Vir Biotechnology, Inc.^2,3		1,555,475		41,656
Verily Life Sciences LLC^1,2,4,5		300,178		41,103
Catalent, Inc.²		319,000		33,198
Oak Street Health, Inc.²		538,184		32,915
Pfizer Inc.		884,714		32,566
Neurocrine Biosciences, Inc.²		326,200		31,266
Allogene Therapeutics, Inc.²		1,146,511		28,938
AstraZeneca PLC¹		256,500		25,627
Guardant Health, Inc.²		196,303		25,300
Incyte Corp.²		288,800		25,120
Molina Healthcare, Inc.²		96,799		20,587
Chemed Corp.		37,667		20,062
Mettler-Toledo International Inc.²		16,900		19,261
Grail, Inc.^1,2,4,5,6		1,864,884		18,350
Eli Lilly and Company		100,800		17,019
Pacific Biosciences of California, Inc.²		619,579		16,072
Ultragenyx Pharmaceutical Inc.²		67,100		9,289
Adaptive Biotechnologies Corp.²		141,048		8,340
Novavax, Inc.²		72,500		8,084
Global Blood Therapeutics, Inc.²		125,000		5,414
GoodRx Holdings, Inc., Class A²		97,500		3,933
Cortexyme, Inc.^2,3		128,600		3,573
Zimmer Biomet Holdings, Inc.		13,800		2,126
				4,953,451

Industrials 8.44%
Uber Technologies, Inc.²		8,501,767		433,590
Delta Air Lines, Inc.		10,425,000		419,189
TransDigm Group Inc.²		582,800		360,666
MTU Aero Engines AG¹		745,782		194,314
Jacobs Engineering Group Inc.		1,716,000		186,975
CSX Corp.		1,920,800		174,313
United Rentals, Inc.²		520,800		120,779
Airbus SE, non-registered shares^1,2		944,893		103,796
Middleby Corp.²		702,000		90,502
Lockheed Martin Corp.		243,441		86,417
Carrier Global Corp.		2,181,661		82,292
ITOCHU Corp.¹		2,545,000		73,299
Dun & Bradstreet Holdings, Inc.²		2,885,458		71,848
Ryanair Holdings PLC (ADR)²		634,951		69,832
Ryanair Holdings PLC^1,2		96,554		1,923
Komatsu Ltd.¹		1,995,900		54,693
Honeywell International Inc.		251,344		53,461
Norfolk Southern Corp.		216,936		51,546
Southwest Airlines Co.		1,100,000		51,271
Equifax Inc.		247,800		47,786
Westinghouse Air Brake Technologies Corp.		641,700		46,972
ASGN Inc.²		560,000		46,777
HEICO Corp.		311,000		41,177
HEICO Corp., Class A		43,500		5,092
Boeing Company		215,302		46,088

American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Armstrong World Industries, Inc.		616,904	$	45,892
Emerson Electric Co.		508,000		40,828
BWX Technologies, Inc.		615,900		37,126
Safran SA^1,2		259,640		36,822
Plug Power Inc.²		1,054,776		35,767
Parker-Hannifin Corp.		113,931		31,036
AMETEK, Inc.		253,600		30,670
Waste Connections, Inc.		290,200		29,766
FedEx Corp.		99,600		25,858
Caterpillar Inc.		111,500		20,295
Lennox International Inc.		55,533		15,214
Northrop Grumman Corp.		47,900		14,596
Generac Holdings Inc.²		31,762		7,223
				3,285,691

Financials 5.43%
Bank of America Corp.		14,780,700		448,003
First Republic Bank		1,800,955		264,614
Intercontinental Exchange, Inc.		1,735,900		200,132
Berkshire Hathaway Inc., Class B²		582,700		135,111
Berkshire Hathaway Inc., Class A²		57		19,825
SVB Financial Group²		349,456		135,529
BlackRock, Inc.		150,000		108,231
S&P Global Inc.		236,500		77,745
State Street Corp.		973,886		70,879
Marsh & McLennan Companies, Inc.		577,751		67,597
American International Group, Inc.		1,761,110		66,676
JPMorgan Chase & Co.		510,000		64,806
MSCI Inc.		117,900		52,646
London Stock Exchange Group PLC¹		426,339		52,553
Arch Capital Group Ltd.²		1,326,267		47,838
Capital One Financial Corp.		390,000		38,551
Moody’s Corp.		102,277		29,685
CME Group Inc., Class A		134,493		24,484
Onex Corp.		425,000		24,393
KKR & Co. Inc.		600,300		24,306
Bank of New York Mellon Corp.		559,000		23,724
The Blackstone Group Inc., Class A		360,000		23,332
Aon PLC, Class A		110,000		23,240
East West Bancorp, Inc.		326,417		16,553
Everest Re Group, Ltd.		66,500		15,567
Ares Management Corp., Class A		310,500		14,609
Western Alliance Bancorporation		241,906		14,502
RenaissanceRe Holdings Ltd.		63,000		10,447
BNP Paribas SA^1,2		180,106		9,500
PNC Financial Services Group, Inc.		56,934		8,483
				2,113,561

Consumer staples 3.22%
Kroger Co.		8,065,000		256,144
Philip Morris International Inc.		2,996,360		248,069
British American Tobacco PLC¹		3,967,410		147,567
British American Tobacco PLC (ADR)		195,000		7,311
Costco Wholesale Corp.		403,332		151,967
Constellation Brands, Inc., Class A		617,500		135,263
Altria Group, Inc.		2,873,699		117,822
Molson Coors Beverage Company, Class B, restricted voting shares		1,104,700		49,921
Associated British Foods PLC^1,2		1,515,607		46,958
Estée Lauder Companies Inc., Class A		146,800		39,077
Grocery Outlet Holding Corp.²		529,261		20,774

60	American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Church & Dwight Co., Inc.		151,700	$	13,233
Anheuser-Busch InBev SA/NV¹		162,528		11,358
Monster Beverage Corp.²		73,900		6,834
				1,252,298

Materials 3.09%
Vale SA, ordinary nominative (ADR)		14,554,387		243,931
Wheaton Precious Metals Corp.		3,176,400		132,583
Franco-Nevada Corp.		937,000		117,484
LyondellBasell Industries NV		1,249,142		114,496
Grupo México, SAB de CV, Series B		25,084,100		106,037
Barrick Gold Corp.		4,058,000		92,441
CCL Industries Inc., Class B, nonvoting shares		1,615,000		73,321
Royal Gold, Inc.		517,000		54,988
Sherwin-Williams Company		71,200		52,326
Celanese Corp.		350,400		45,531
CF Industries Holdings, Inc.		979,000		37,897
Allegheny Technologies Inc.²		2,070,860		34,728
Shin-Etsu Chemical Co., Ltd.¹		194,100		33,980
Linde PLC		120,000		31,621
PPG Industries, Inc.		149,623		21,579
Nucor Corp.		95,800		5,096
Dow Inc.		66,000		3,663
				1,201,702

Energy 1.66%
Halliburton Co.		13,300,000		251,370
Canadian Natural Resources, Ltd. (CAD denominated)		5,048,400		121,322
Canadian Natural Resources, Ltd.		105,100		2,527
Cenovus Energy Inc.		12,798,618		77,924
EOG Resources, Inc.		1,139,372		56,820
Suncor Energy Inc.		3,326,066		55,787
ConocoPhillips		527,835		21,108
Concho Resources Inc.		319,500		18,643
Cimarex Energy Co.		435,500		16,336
Equitrans Midstream Corp.		1,858,695		14,944
Schlumberger Ltd.		363,800		7,942
				644,723

Real estate 0.95%
Equinix, Inc. REIT		311,485		222,456
American Tower Corp. REIT		349,342		78,413
Park Hotels & Resorts Inc. REIT		2,181,898		37,420
Pebblebrook Hotel Trust REIT		1,660,276		31,213
				369,502

Utilities 0.55%
PG&E Corp.²		7,278,900		90,695
Edison International		751,381		47,202
Xcel Energy Inc.		680,000		45,336
Ørsted AS¹		125,286		25,624
AES Corp.		312,000		7,332
				216,189

Total common stocks (cost: $16,215,513,000)				37,173,320

Preferred securities 0.12%
Information technology 0.12%
Samsung Electronics Co., Ltd., nonvoting preferred shares¹		654,840		44,452

Total preferred securities (cost: $27,479,000)				44,452

American Funds Insurance Series

Growth Fund (continued)

Convertible bonds & notes 0.07%	Principal amount (000)		Value (000)
Consumer staples 0.07%
JUUL Labs, Inc., convertible notes, 7.00% 2025 (100% PIK)^1,4,5,7	$	40,439	$	29,464

Total convertible bonds & notes (cost: $40,250,000)				29,464

Short-term securities 4.19%		Shares
Money market investments 4.19%
Capital Group Central Cash Fund 0.12%^8,9		16,235,284		1,623,691
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^8,10		6,803,461		6,803

Total short-term securities (cost: $1,630,388,000)				1,630,494
Total investment securities 99.88% (cost: $17,913,630,000)				38,877,730
Other assets less liabilities 0.12%				46,314

Net assets 100.00%			$	38,924,044

Investments in affiliates⁹

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 4.17%
Money market investments 4.17%
Capital Group Central Cash Fund 0.12%⁸	$	1,102,492	$	7,443,677	$	6,923,077	$	602	$	(3	)	$	1,623,691	$	6,391

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $2,408,205,000, which represented 6.19% of the net assets of the fund. This amount includes $2,319,288,000 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.
³	All or a portion of this security was on loan. The total value of all such securities was $7,302,000, which represented .02% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁴	Value determined using significant unobservable inputs.
⁵	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 below.
⁶	Acquired in a transaction exempt from registration under Rule 144A 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 $18,350,000, which represented .05% 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. ⁸Rate represents the seven-day yield at 12/31/2020.
⁹	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
¹⁰	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Private placement securities	Acquisition date(s)		Cost (000)		Value (000)		Percent of net assets
Verily Life Sciences LLC		12/21/2018	$	37,000	$	41,103		.10	%
JUUL Labs, Inc., convertible notes, 7.00% 2025	2/3/2020-11/3/2020			40,250		29,464		.08
Grail, Inc.		4/17/2020		9,526		18,350		.05
Total private placement securities			$	86,776	$	88,917		.23	%

Key To abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

EUR = Euros

See notes to financial statements.

62	American Funds Insurance Series

International Fund

Investment portfolio December 31, 2020

Common stocks 93.80%	Shares		Value (000)
Financials 17.06%
AIA Group Ltd.¹		36,489,500	$	449,466
HDFC Bank Ltd.^1,2		17,086,200		336,563
HDFC Bank Ltd. (ADR)²		531,294		38,392
Kotak Mahindra Bank Ltd.^1,2		10,657,149		291,651
Ping An Insurance (Group) Company of China, Ltd., Class H¹		11,877,600		145,893
Ping An Insurance (Group) Company of China, Ltd., Class A¹		962,202		12,803
Bank Rakyat Indonesia (Persero) Tbk PT¹		214,873,000		63,782
Sberbank of Russia PJSC (ADR)¹		4,253,000		61,311
XP Inc., Class A²		1,483,000		58,831
BNP Paribas SA^1,2		847,058		44,677
B3 SA - Brasil, Bolsa, Balcao		3,338,300		39,834
Axis Bank Ltd.^1,2		3,890,055		33,115
Aegon NV¹		7,120,095		28,434
London Stock Exchange Group PLC¹		217,000		26,748
Banco Santander, SA^1,2		7,887,200		24,489
Lufax Holding Ltd. (ADR)^2,3		1,676,700		23,809
PICC Property and Casualty Co. Ltd., Class H¹		26,414,000		20,013
FinecoBank SpA^1,2		1,211,135		19,765
Deutsche Bank AG^1,2		1,715,430		18,676
Bajaj Finance Ltd.¹		244,400		17,750
ING Groep NV^1,2		1,486,000		14,077
IndusInd Bank Ltd.^1,2		941,500		11,568
BOC Hong Kong (Holdings) Ltd.¹		3,739,000		11,363
China Merchants Bank Co., Ltd., Class H¹		1,254,500		7,967
The People’s Insurance Co. (Group) of China Ltd., Class H¹		17,500,000		5,560
				1,806,537

Consumer discretionary 14.88%
MercadoLibre, Inc.²		190,800		319,632
Alibaba Group Holding Ltd.^1,2		8,148,200		238,071
Alibaba Group Holding Ltd. (ADR)²		17,700		4,119
Sony Corp.¹		1,610,700		161,946
Delivery Hero SE^1,2		854,887		132,687
Galaxy Entertainment Group Ltd.¹		9,203,000		71,582
Meituan, Class B^1,2		1,755,447		67,139
B2W - Cia. Digital, ordinary nominative²		3,734,000		54,354
Fast Retailing Co., Ltd.¹		58,900		52,854
adidas AG^1,2		138,518		50,425
Evolution Gaming Group AB¹		483,000		48,970
LVMH Moët Hennessy-Louis Vuitton SE¹		72,223		45,127
Kering SA¹		61,638		44,811
Maruti Suzuki India Ltd.¹		422,000		44,280
Melco Resorts & Entertainment Ltd. (ADR)		2,334,881		43,312
Cie. Financière Richemont SA, Class A¹		454,500		41,070
Prosus NV¹		361,000		38,834
Naspers Ltd., Class N¹		147,000		30,087
Flutter Entertainment PLC (GBP denominated)¹		112,374		23,266
H & M Hennes & Mauritz AB, Class B^1,2		768,000		16,042
EssilorLuxottica¹		90,000		14,036
Just Eat Takeaway (GBP denominated)^1,2		79,800		9,017
Astra International Tbk PT¹		19,726,000		8,472
Pan Pacific International Holdings Corp.¹		354,000		8,177
Bandai Namco Holdings Inc.¹		86,442		7,482
				1,575,792

Health care 14.59%
Daiichi Sankyo Company, Ltd.¹		6,480,000		222,137
Chugai Pharmaceutical Co., Ltd.¹		3,896,700		208,040
WuXi Biologics (Cayman) Inc.^1,2		13,919,700		185,411
Olympus Corp.¹		4,813,000		105,357
Novartis AG¹		1,008,000		95,206
Grifols, SA, Class A, non-registered shares^1,3		2,691,000		78,559

American Funds Insurance Series

International Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Grifols, SA, Class B (ADR)		793,690	$	14,636
Fresenius SE & Co. KGaA¹		1,959,154		90,529
M3, Inc.¹		882,000		83,426
Hikma Pharmaceuticals PLC¹		2,371,000		81,673
Teva Pharmaceutical Industries Ltd. (ADR)²		7,216,598		69,640
Alcon Inc.^1,2		872,151		58,225
Aier Eye Hospital Group Co., Ltd., Class A¹		4,254,057		48,723
WuXi AppTec Co., Ltd., Class A¹		2,102,800		43,412
WuXi AppTec Co., Ltd., Class H¹		260,000		5,108
Notre Dame Intermédica Participações SA		3,111,000		46,921
Fresenius Medical Care AG & Co. KGaA¹		325,140		27,120
HOYA Corp.¹		189,100		26,139
Merck KGaA¹		129,000		22,112
Takeda Pharmaceutical Company, Ltd.¹		533,765		19,350
Yunnan Baiyao Group Co., Ltd., Class A¹		790,600		13,767
NMC Health PLC^1,2,4		449,500		6
				1,545,497

Industrials 11.54%
Airbus SE, non-registered shares^1,2		2,732,749		300,191
Recruit Holdings Co., Ltd.¹		3,195,109		134,014
Knorr-Bremse AG, non-registered shares¹		847,671		115,475
Melrose Industries PLC^1,2		45,834,933		111,783
Safran SA^1,2		701,300		99,459
NIBE Industrier AB, Class B¹		2,666,589		87,563
Ryanair Holdings PLC (ADR)²		591,300		65,031
Ryanair Holdings PLC^1,2		348,056		6,933
MTU Aero Engines AG¹		182,000		47,420
Airports of Thailand PCL, foreign registered¹		21,472,000		44,267
Rheinmetall AG¹		381,264		40,293
ASSA ABLOY AB, Class B¹		1,510,047		37,142
International Container Terminal Services, Inc.¹		12,890,350		33,159
CCR SA, ordinary nominative		9,410,222		24,403
Shanghai International Airport Co., Ltd., Class A¹		2,032,685		23,527
Jardine Matheson Holdings Ltd.¹		336,600		18,852
BAE Systems PLC¹		2,510,000		16,788
Brenntag AG¹		77,900		6,029
Rumo SA²		1,514,700		5,611
Alliance Global Group, Inc.¹		20,000,000		4,417
				1,222,357

Information technology 8.15%
StoneCo Ltd., Class A²		1,215,600		102,013
PagSeguro Digital Ltd., Class A²		1,743,000		99,142
Nice Ltd. (ADR)²		263,000		74,571
Nomura Research Institute, Ltd.¹		1,945,500		69,515
Taiwan Semiconductor Manufacturing Company, Ltd.¹		3,433,000		64,477
ASML Holding NV¹		125,945		60,864
Samsung Electronics Co., Ltd.¹		777,000		58,071
Atlassian Corp. PLC, Class A²		210,500		49,230
Keyence Corp.¹		83,000		46,711
Delta Electronics, Inc.¹		4,812,409		44,891
Silergy Corp.¹		474,000		40,636
OBIC Co., Ltd.¹		172,600		34,712
Oneconnect Financial Technology Co., Ltd. (ADR)²		1,716,000		33,822
Avast PLC¹		4,289,000		31,550
STMicroelectronics NV¹		631,500		23,397
Hexagon AB, Class B¹		208,900		19,023
Xero Ltd.^1,2		95,031		10,819
				863,444

64	American Funds Insurance Series

International Fund (continued)

Common stocks (continued)	Shares		Value (000)
Communication services 7.69%
SoftBank Group Corp.¹		2,723,400	$	213,285
Tencent Holdings Ltd.¹		1,729,587		126,376
Z Holdings Corp.¹		14,787,000		89,685
Square Enix Holdings Co., Ltd.¹		1,251,900		75,968
SoftBank Corp.¹		4,438,300		55,641
Sea Ltd., Class A (ADR)²		273,600		54,460
Nintendo Co., Ltd.¹		82,500		52,651
Bharti Airtel Ltd.¹		6,879,515		48,090
Altice Europe NV, Class A^1,2		5,269,395		34,307
Altice Europe NV, Class B^1,2		1,077,927		6,955
Bilibili Inc., Class Z (ADR)²		429,261		36,796
Scout24 AG¹		154,000		12,616
América Móvil, SAB de CV, Series L (ADR)		409,657		5,957
América Móvil, SAB de CV, Series L		2,139,900		1,558
				814,345

Energy 6.24%
Reliance Industries Ltd.¹		8,944,564		243,658
Reliance Industries Ltd., interim shares¹		196,599		3,015
Neste Oyj¹		1,676,225		121,090
Royal Dutch Shell PLC, Class B¹		5,001,407		86,166
Royal Dutch Shell PLC, Class A (GBP denominated)¹		620,800		11,021
Canadian Natural Resources, Ltd. (CAD denominated)		2,290,400		55,042
Total SE^1,3		1,147,298		49,492
BP PLC¹		13,959,863		48,089
Cenovus Energy Inc.		6,343,100		38,620
Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR)		426,000		4,784
				660,977

Materials 5.26%
Vale SA, ordinary nominative (ADR)		15,872,642		266,026
Vale SA, ordinary nominative		608,881		10,251
First Quantum Minerals Ltd.		5,508,100		98,877
Shin-Etsu Chemical Co., Ltd.¹		321,400		56,265
Linde PLC (EUR denominated)¹		207,300		53,837
BHP Group PLC¹		976,400		25,732
Akzo Nobel NV¹		118,578		12,737
BASF SE¹		151,600		11,971
CRH PLC¹		250,861		10,604
Koninklijke DSM NV¹		61,300		10,560
				556,860

Consumer staples 4.32%
Nestlé SA¹		970,200		114,221
Pernod Ricard SA¹		294,714		56,493
Inner Mongolia Yili Industrial Group Co., Ltd., Class A¹		8,254,713		56,087
Imperial Brands PLC¹		2,046,000		42,989
Kweichow Moutai Co., Ltd., Class A¹		134,543		41,115
British American Tobacco PLC¹		951,000		35,372
Kirin Holdings Company, Ltd.^1,3		1,365,800		32,247
Treasury Wine Estates Ltd.¹		3,771,435		27,358
Heineken NV¹		135,200		15,077
Chocoladefabriken Lindt & Sprüngli AG¹		107		10,693
Shiseido Company, Ltd.¹		152,000		10,544
JBS SA, ordinary nominative		1,811,000		8,249
Dabur India Ltd.¹		980,000		7,170
				457,615

American Funds Insurance Series

International Fund (continued)

Common stocks (continued)	Shares		Value (000)
Utilities 3.28%
ENN Energy Holdings Ltd.¹		13,250,000	$	194,483
China Gas Holdings Ltd.¹		24,134,000		96,227
E.ON SE¹		5,147,000		57,003
				347,713
Real estate 0.79%
Ayala Land, Inc.¹		54,527,900		46,441
China Overseas Land & Investment Ltd.¹		13,502,000		29,371
CK Asset Holdings Ltd.¹		1,442,000		7,417
				83,229

Total common stocks (cost: $6,233,438,000)				9,934,366

Preferred securities 1.19%
Energy 0.66%
Petróleo Brasileiro SA (Petrobras), preferred nominative (ADR)		6,336,898		70,086

Health care 0.53%
Grifols, SA, Class B, nonvoting preferred, non-registered shares¹		3,026,230		56,376

Total preferred securities (cost: $104,416,000)				126,462

Rights & warrants 0.40%
Health care 0.40%
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expire 2021^1,5		1,448,500		16,590
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expire 2021^1,2,5		578,554		6,527
WuXi AppTec Co., Ltd., Class A, warrants, expire 2021^1,5		896,000		18,498
				41,615

Consumer discretionary 0.00%
Cie. Financière Richemont SA, Class A, warrants, expire 2023²		909,000		236

Total rights & warrants (cost: $21,623,000)				41,851

Convertible bonds & notes 0.01%	Principal amount (000)
Health care 0.01%
NMC Health Jersey Ltd., convertible notes, 1.875% 2025⁶	$	28,000		1,260

Total convertible bonds & notes (cost: $5,855,000)				1,260

Bonds, notes & other debt instruments 0.17%
Bonds & notes of governments & government agencies outside the U.S. 0.11%
United Mexican States, Series M, 8.00% 2023	MXN	203,000		11,204

Corporate bonds, notes & loans 0.06%
Materials 0.06%
Vale Overseas Ltd. 3.75% 2030	$	5,936		6,610

Total bonds, notes & other debt instruments (cost: $15,915,000)				17,814

66	American Funds Insurance Series

International Fund (continued)

Short-term securities 5.08%	Shares		Value (000)
Money market investments 5.08%
Capital Group Central Cash Fund 0.12%^7,8		5,237,912	$	523,844
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^7,9		13,975,150		13,975

Total short-term securities (cost: $537,755,000)				537,819
Total investment securities 100.65% (cost: $6,919,002,000)				10,659,572
Other assets less liabilities (0.65)%				(68,714	)

Net assets 100.00%			$	10,590,858

Forward currency contracts

Contract amount				Unrealized appreciation (depreciation)
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 12/31/2020 (000)
GBP18,500	USD24,992	Citibank	1/11/2021		$	309
USD24,907	GBP18,500	Citibank	1/11/2021			(395	)
					$	(86	)

Investments in affiliates⁸

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 4.95%
Money market investments 4.95%
Capital Group Central Cash Fund 0.12%⁷	$	544,457	$	2,134,592	$	2,155,054	$	36	$	(187	)	$	523,844	$	3,029

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $8,284,434,000, which represented 78.22% of the net assets of the fund. This amount includes $8,284,428,000 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.
³	All or a portion of this security was on loan. The total value of all such securities was $83,899,000, which represented .79% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁴	Value determined using significant unobservable inputs.
⁵	Acquired in a transaction exempt from registration under Rule 144A 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 $41,615,000, which represented .39% of the net assets of the fund.
⁶	Scheduled interest and/or principal payment was not received.
⁷	Rate represents the seven-day yield at 12/31/2020.
⁸	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
⁹	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviations and symbol

ADR = American Depositary Receipts

CAD = Canadian dollars

EUR = Euros

GBP = British pounds

MXN = Mexican pesos

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

New World Fund

Investment portfolio December 31, 2020

Common stocks 89.66%	Shares		Value (000)
Information technology 18.98%
Microsoft Corp.		410,007	$	91,194
Taiwan Semiconductor Manufacturing Company, Ltd.¹		3,960,000		74,375
PagSeguro Digital Ltd., Class A²		1,145,350		65,147
StoneCo Ltd., Class A²		712,435		59,788
Mastercard Inc., Class A		146,107		52,151
PayPal Holdings, Inc.²		204,345		47,858
Keyence Corp.¹		68,700		38,663
Broadcom Inc.		86,409		37,834
Adobe Inc.²		67,840		33,928
ASML Holding NV¹		62,856		30,376
Cree, Inc.²		253,513		26,847
Silergy Corp.¹		307,000		26,319
Samsung Electronics Co., Ltd.¹		308,854		23,083
EPAM Systems, Inc.²		52,701		18,885
Kingdee International Software Group Co. Ltd.¹		3,135,000		12,866
Accenture PLC, Class A		43,462		11,353
Apple Inc.		82,604		10,961
Visa Inc., Class A		45,355		9,920
Trimble Inc.²		143,946		9,611
Hexagon AB, Class B¹		91,408		8,324
Oneconnect Financial Technology Co., Ltd. (ADR)²		417,419		8,227
Tokyo Electron Ltd.¹		18,600		6,937
MediaTek Inc.¹		259,000		6,917
Edenred SA¹		112,405		6,378
Advanced Micro Devices, Inc.²		67,034		6,148
FleetCor Technologies, Inc.²		20,916		5,706
Network International Holdings PLC^1,2		1,260,807		5,630
Inphi Corp.²		32,349		5,191
Atlassian Corp. PLC, Class A²		20,258		4,738
Chindata Group Holdings Ltd., Class A (ADR)²		172,368		4,130
Halma PLC¹		121,095		4,057
Autodesk, Inc.²		12,375		3,779
NetEase, Inc.¹		194,400		3,720
Logitech International SA¹		37,097		3,598
Nokia Corp.^1,2		802,140		3,059
Micron Technology, Inc.²		39,018		2,933
Cognizant Technology Solutions Corp., Class A		35,343		2,896
ON Semiconductor Corp.²		82,489		2,700
GDS Holdings Ltd., Class A^1,2		230,900		2,691
Nice Ltd. (ADR)²		9,355		2,652
Aspen Technology, Inc.²		19,209		2,502
Elastic NV, non-registered shares²		15,997		2,338
Globant SA²		10,638		2,315
Amphenol Corp., Class A		16,828		2,201
Hamamatsu Photonics KK¹		30,700		1,758
SAP SE¹		12,349		1,623
TravelSky Technology Ltd., Class H¹		664,000		1,602
KLA Corp.		5,692		1,474
Hangzhou Hikvision Digital Technology Co., Ltd., Class A¹		193,443		1,438
Intel Corp.		28,781		1,434
CMC Materials, Inc.		8,338		1,261
VeriSign, Inc.²		5,316		1,150
Amadeus IT Group SA, Class A, non-registered shares¹		14,929		1,081
Vontier Corp.²		31,087		1,038
Coforge Ltd.¹		20,580		765
				805,550

Consumer discretionary 14.40%
MercadoLibre, Inc.²		53,020		88,820
Alibaba Group Holding Ltd.^1,2		2,075,204		60,633
LVMH Moët Hennessy-Louis Vuitton SE¹		57,683		36,042
Delivery Hero SE^1,2		228,670		35,492


68	American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Naspers Ltd., Class N¹		129,169	$	26,437
General Motors Company		531,686		22,139
Galaxy Entertainment Group Ltd.¹		2,777,000		21,600
Hermès International¹		19,805		21,297
Meituan, Class B^1,2		523,802		20,034
Kering SA¹		26,627		19,358
XPeng Inc., Class A (ADR)^2,3		434,541		18,611
EssilorLuxottica¹		106,218		16,565
Evolution Gaming Group AB¹		158,058		16,025
JD Health International Inc.^1,2		710,150		13,741
adidas AG^1,2		32,858		11,961
Cie. Financière Richemont SA, Class A¹		115,827		10,466
Sony Corp.¹		103,800		10,436
NIKE, Inc., Class B		71,017		10,047
Booking Holdings Inc.²		4,420		9,845
Gree Electric Appliances, Inc. of Zhuhai, Class A¹		895,846		8,504
Li Ning Co. Ltd.¹		1,231,501		8,484
Pop Mart International Group Ltd.^1,2		778,200		8,166
Melco Resorts & Entertainment Ltd. (ADR)		411,713		7,637
IDP Education Ltd.¹		418,781		6,415
Jumbo SA¹		362,261		6,308
Astra International Tbk PT¹		14,461,800		6,211
YUM! Brands, Inc.		52,525		5,702
Wyndham Hotels & Resorts, Inc.		95,196		5,659
Marriott International, Inc., Class A		42,036		5,545
JD.com, Inc., Class A^1,2		120,550		5,309
Zhongsheng Group Holdings Ltd.¹		683,500		4,873
Midea Group Co., Ltd., Class A¹		307,835		4,642
Fast Retailing Co., Ltd.¹		4,900		4,397
Suzuki Motor Corp.¹		86,400		4,011
Wynn Macau, Ltd.^1,2		2,336,800		3,929
Ferrari NV¹		14,576		3,371
China MeiDong Auto Holdings Ltd.¹		816,000		3,318
Prosus NV¹		30,717		3,304
Industria de Diseño Textil, SA¹		101,889		3,244
Samsonite International SA^1,2		1,787,100		3,175
Allegro.eu^1,2		136,887		3,111
Maruti Suzuki India Ltd.¹		28,401		2,980
Domino’s Pizza, Inc.		7,473		2,866
Flutter Entertainment PLC (GBP denominated)¹		12,491		2,586
Hyundai Motor Co.¹		12,662		2,246
Shangri-La Asia Ltd.^1,2		2,212,000		1,973
Aptiv PLC		14,036		1,829
InterContinental Hotels Group PLC^1,2		26,077		1,694
Airbnb, Inc., Class A²		10,563		1,551
Lojas Americanas SA, ordinary nominative		384,328		1,513
Entain PLC^1,2		94,780		1,471
Peugeot SA^1,2		39,005		1,068
Vivo Energy PLC¹		919,486		1,063
Dada Nexus Ltd. (ADR)^2,3		25,200		920
Levi Strauss & Co., Class A		45,515		914
Wynn Resorts, Ltd.		7,397		835
Bayerische Motoren Werke AG¹		6,118		540
				610,913

Health care 12.35%
Zai Lab Ltd. (ADR)²		384,191		51,996
Thermo Fisher Scientific Inc.		83,711		38,991
WuXi Biologics (Cayman) Inc.^1,2		2,647,600		35,266
Carl Zeiss Meditec AG, non-registered shares¹		205,241		27,310
WuXi AppTec Co., Ltd., Class A¹		871,716		17,996
WuXi AppTec Co., Ltd., Class H¹		459,100		9,020


American Funds Insurance Series	69

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
AstraZeneca PLC¹		232,864	$	23,265
Notre Dame Intermédica Participações SA		1,465,403		22,102
Abbott Laboratories		200,515		21,954
BioMarin Pharmaceutical Inc.²		179,080		15,704
PerkinElmer, Inc.		107,200		15,383
Asahi Intecc Co., Ltd.¹		412,600		15,062
bioMérieux SA¹		95,915		13,526
Jiangsu Hengrui Medicine Co., Ltd., Class A¹		779,198		13,311
BeiGene, Ltd. (ADR)²		46,796		12,091
BeiGene, Ltd.^1,2		54,000		1,086
CSL Ltd.¹		57,968		12,666
Pharmaron Beijing Co., Ltd., Class H¹		431,200		7,308
Pharmaron Beijing Co., Ltd., Class A¹		265,800		4,894
Aier Eye Hospital Group Co., Ltd., Class A¹		1,033,827		11,841
Yunnan Baiyao Group Co., Ltd., Class A¹		679,100		11,826
Koninklijke Philips NV (EUR denominated)^1,2		205,320		10,988
Shionogi & Co., Ltd.¹		179,300		9,801
Olympus Corp.¹		440,900		9,651
Novo Nordisk A/S, Class B¹		111,509		7,800
Hypera SA, ordinary nominative		1,156,915		7,629
Hugel, Inc.^1,2		43,840		7,585
CanSino Biologics Inc., Class H^1,2		323,600		7,406
Straumann Holding AG¹		6,192		7,211
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A¹		346,233		6,802
Pfizer Inc.		171,061		6,297
Hangzhou Tigermed Consulting Co., Ltd., Class A¹		227,271		5,632
Teva Pharmaceutical Industries Ltd. (ADR)²		573,624		5,536
Novartis AG¹		55,224		5,216
Zoetis Inc., Class A		31,037		5,137
Alibaba Health Information Technology Ltd.^1,2		1,650,600		4,898
Hikma Pharmaceuticals PLC¹		135,368		4,663
Medtronic PLC		39,620		4,641
Danaher Corp.		20,736		4,606
HOYA Corp.¹		27,600		3,815
Baxter International Inc.		47,480		3,810
Alcon Inc.^1,2		55,002		3,672
Grifols, SA, Class A, non-registered shares¹		84,195		2,458
Grifols, SA, Class B (ADR)		30,657		565
Mettler-Toledo International Inc.²		1,661		1,893
Lupin Ltd.¹		140,828		1,885
OdontoPrev SA, ordinary nominative		554,693		1,554
Viatris Inc.²		21,294		399
NMC Health PLC^1,2,4		49,400		1
				524,149

Financials 11.00%
Kotak Mahindra Bank Ltd.^1,2		2,768,189		75,756
AIA Group Ltd.¹		4,488,200		55,284
HDFC Bank Ltd.^1,2		2,384,834		46,976
HDFC Bank Ltd. (ADR)²		76,097		5,499
B3 SA - Brasil, Bolsa, Balcao		2,627,316		31,351
Société Générale^1,2		1,218,593		25,386
XP Inc., Class A²		480,952		19,079
Bajaj Finance Ltd.¹		261,996		19,028
Capitec Bank Holdings Ltd.^1,2		185,645		18,091
Sberbank of Russia PJSC (ADR)¹		1,012,500		14,596
Sberbank of Russia PJSC (ADR)		226,687		3,287
Ping An Insurance (Group) Company of China, Ltd., Class H¹		1,371,300		16,844
Ping An Insurance (Group) Company of China, Ltd., Class A¹		36,100		480
UniCredit SpA^1,2		1,762,672		16,312
HDFC Life Insurance Company Ltd.^1,2		1,109,818		10,295
ICICI Bank Ltd. (ADR)²		495,101		7,357


70	American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
ICICI Bank Ltd.^1,2		384,782	$	2,825
Moody’s Corp.		31,860		9,247
Banco Bilbao Vizcaya Argentaria, SA¹		1,830,437		8,973
Hong Kong Exchanges and Clearing Ltd.¹		153,700		8,454
S&P Global Inc.		22,691		7,459
Discovery Ltd.¹		565,192		5,849
Bajaj Finserv Ltd.¹		45,189		5,518
Fairfax Financial Holdings Ltd., subordinate voting shares		15,658		5,337
TCS Group Holding PLC (GDR)^1,5		140,222		4,584
TCS Group Holding PLC (GDR)¹		1,553		51
Bank Central Asia Tbk PT¹		1,879,300		4,528
Lufax Holding Ltd. (ADR)²		291,670		4,142
China Merchants Bank Co., Ltd., Class H¹		605,500		3,845
UBS Group AG¹		225,557		3,155
AU Small Finance Bank Ltd.^1,2		259,859		3,050
Moscow Exchange MICEX-RTS PJSC¹		1,404,664		3,031
Eurobank Ergasias Services and Holdings SA^1,2		4,206,715		2,978
PICC Property and Casualty Co. Ltd., Class H¹		3,623,000		2,745
Alpha Bank SA^1,2		2,100,154		2,453
Chubb Ltd.		15,529		2,390
The People’s Insurance Co. (Group) of China Ltd., Class H¹		6,833,000		2,171
Axis Bank Ltd.^1,2		219,958		1,872
BB Seguridade Participações SA		273,314		1,559
Bank of the Philippine Islands¹		839,100		1,424
Kasikornbank PCL, foreign registered¹		345,200		1,318
Banco Santander México, SA, Institución de Banca Múltiple, Grupo Financiero Santander México, Class B²		1,278,484		1,305
Credicorp Ltd.		4,951		812
				466,696

Communication services 8.28%
Tencent Holdings Ltd.¹		1,058,700		77,356
Sea Ltd., Class A (ADR)²		259,149		51,584
Facebook, Inc., Class A²		183,040		49,999
Alphabet Inc., Class C²		22,802		39,946
Alphabet Inc., Class A²		3,487		6,112
Netflix, Inc.²		48,388		26,165
Yandex NV, Class A²		283,230		19,707
América Móvil, SAB de CV, Series L (ADR)		1,066,269		15,504
Electronic Arts Inc.		92,639		13,303
Activision Blizzard, Inc.		126,033		11,702
Bharti Airtel Ltd.¹		892,598		6,239
Indus Towers Ltd.¹		1,872,343		5,909
Vodafone Group PLC¹		3,261,452		5,367
JOYY Inc., Class A (ADR)		53,334		4,266
Bilibili Inc., Class Z (ADR)²		47,070		4,035
MTN Group Ltd.¹		943,276		3,868
China Tower Corp. Ltd., Class H¹		23,738,000		3,494
SoftBank Group Corp.¹		39,400		3,086
Informa PLC¹		186,868		1,404
JCDecaux SA^1,2		48,473		1,107
Telkom Indonesia (Persero) Tbk PT, Class B¹		4,360,300		1,029
				351,182

Materials 5.95%
Vale SA, ordinary nominative		1,721,168		28,977
Vale SA, ordinary nominative (ADR)		1,497,718		25,102
First Quantum Minerals Ltd.		1,278,353		22,948
Sika AG¹		70,329		19,200
Asian Paints Ltd.¹		499,171		18,927
Freeport-McMoRan Inc.		394,687		10,270
Shin-Etsu Chemical Co., Ltd.¹		56,900		9,961


American Funds Insurance Series	71

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Materials (continued)
Rio Tinto PLC¹		106,811	$	7,992
Linde PLC		29,913		7,882
LANXESS AG¹		98,732		7,571
Koninklijke DSM NV¹		39,449		6,796
Givaudan SA¹		1,578		6,647
AngloGold Ashanti Ltd. (ADR)		210,144		4,753
AngloGold Ashanti Ltd.¹		70,895		1,621
Gerdau SA (ADR)		1,298,914		6,066
Shree Cement Ltd.¹		18,011		5,933
Arkema SA¹		44,846		5,126
BHP Group PLC¹		192,429		5,071
CCL Industries Inc., Class B, nonvoting shares		93,655		4,252
Umicore SA¹		87,348		4,196
Air Liquide SA, non-registered shares¹		25,294		4,151
Akzo Nobel NV¹		36,592		3,931
Loma Negra Compania Industrial Argentina SA (ADR)		599,550		3,687
BASF SE¹		45,331		3,580
Alrosa PJSC¹		2,643,724		3,515
Barrick Gold Corp.		142,586		3,248
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A¹		546,193		3,242
Chr. Hansen Holding A/S^1,2		27,666		2,847
SIG Combibloc Group AG¹		122,353		2,834
Huntsman Corp.		103,725		2,608
Turquoise Hill Resources Ltd.²		156,812		1,948
Turquoise Hill Resources Ltd. (CAD denominated)²		49,730		618
Amcor PLC (CDI)¹		162,847		1,934
Celanese Corp.		14,743		1,916
Dow Inc.		32,269		1,791
Asahi Kasei Corp.¹		130,400		1,341
				252,482

Industrials 5.91%
Shanghai International Airport Co., Ltd., Class A¹		2,560,277		29,634
Airbus SE, non-registered shares^1,2		244,231		26,829
Safran SA^1,2		162,243		23,009
CCR SA, ordinary nominative		8,621,584		22,358
Wizz Air Holdings PLC^1,2		220,032		13,742
IMCD NV¹		99,924		12,696
International Container Terminal Services, Inc.¹		4,297,260		11,054
DSV Panalpina A/S¹		64,161		10,738
SMC Corp.¹		16,500		10,077
Rumo SA²		2,191,897		8,119
Nidec Corp.¹		56,800		7,157
TransDigm Group Inc.²		11,118		6,880
Ryanair Holdings PLC (ADR)²		52,278		5,750
Fortive Corp.		76,735		5,434
Daikin Industries, Ltd.¹		23,300		5,189
Han’s Laser Technology Industry Group Co., Ltd., Class A¹		771,125		5,053
Airports of Thailand PCL, foreign registered¹		2,363,200		4,872
Spirax-Sarco Engineering PLC¹		28,754		4,444
Centre Testing International Group Co., Ltd.¹		1,056,096		4,427
Copa Holdings, SA, Class A		48,964		3,782
Jardine Matheson Holdings Ltd.¹		59,000		3,305
Guangzhou Baiyun International Airport Co. Ltd., Class A¹		1,501,303		3,245
Epiroc AB, Class B¹		178,529		3,025
A-Living Smart City Services Co., Ltd., Class H¹		659,500		2,938
Boeing Company		11,550		2,472
ABB Ltd.¹		83,200		2,327
Komatsu Ltd.¹		81,500		2,233
Experian PLC¹		56,793		2,164
Air Lease Corp., Class A		43,452		1,930
Hefei Meyer Optoelectronic Technology Inc., Class A¹		254,600		1,728


72	American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Atlas Copco AB, Class B¹		37,156	$	1,669
Havells India Ltd.¹		126,664		1,589
Carrier Global Corp.		23,873		901
				250,770

Consumer staples 5.71%
Kweichow Moutai Co., Ltd., Class A¹		253,607		77,500
Nestlé SA¹		162,495		19,130
Foshan Haitian Flavouring and Food Co. Ltd., Class A¹		597,861		18,388
Nongfu Spring Co., Ltd., Class H^1,2,3		2,018,605		14,354
Anheuser-Busch InBev SA/NV¹		176,745		12,351
Carlsberg A/S, Class B¹		55,396		8,881
Raia Drogasil SA, ordinary nominative		1,594,597		7,687
Pernod Ricard SA¹		39,282		7,530
Avenue Supermarts Ltd.^1,2		142,505		5,389
Mondelez International, Inc.		85,994		5,028
Reckitt Benckiser Group PLC¹		53,352		4,772
Fomento Económico Mexicano, SAB de CV		618,449		4,672
Unilever PLC¹		76,805		4,623
British American Tobacco PLC¹		117,770		4,380
United Spirits Ltd.^1,2		535,599		4,246
Wal-Mart de México, SAB de CV, Series V		1,351,284		3,801
Shiseido Company, Ltd.¹		50,800		3,524
Inner Mongolia Yili Industrial Group Co., Ltd., Class A¹		513,300		3,488
ITC Ltd.¹		1,169,574		3,350
Heineken NV¹		27,072		3,019
Kimberly-Clark de México, SAB de CV, Class A		1,647,040		2,813
Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd., Class A¹		266,585		2,725
Constellation Brands, Inc., Class A		11,586		2,538
Uni-Charm Corp.¹		52,100		2,472
L’Oréal SA, non-registered shares¹		6,491		2,466
Kirin Holdings Company, Ltd.¹		89,700		2,118
Herbalife Nutrition Ltd.²		41,972		2,017
Japan Tobacco Inc.^1,3		97,300		1,983
Colgate-Palmolive Company		18,811		1,609
Danone SA¹		21,048		1,383
McCormick & Co., Inc., nonvoting shares		13,126		1,255
JBS SA, ordinary nominative		259,002		1,180
Chengdu Hongqi Chain Co., Ltd.¹		1,109,901		1,124
Diageo PLC¹		11,617		459
				242,255

Energy 3.77%
Reliance Industries Ltd.¹		2,911,135		79,302
Reliance Industries Ltd., interim shares¹		152,741		2,343
Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR)		3,866,812		43,424
Royal Dutch Shell PLC, Class B¹		446,106		7,686
Rosneft Oil Company PJSC (GDR)¹		1,301,724		7,340
New Fortress Energy Inc., Class A		96,956		5,196
Gazprom PJSC (ADR)¹		780,774		4,341
Schlumberger Ltd.		172,397		3,763
Total SE^1,3		74,483		3,213
Chevron Corp.		31,798		2,685
United Tractors Tbk PT¹		326,800		620
				159,913

Real estate 1.68%
American Tower Corp. REIT		45,257		10,158
Shimao Services Holdings Ltd.^1,2		6,203,187		9,570
ESR Cayman Ltd.^1,2		2,262,400		8,131
CK Asset Holdings Ltd.¹		1,249,500		6,427
BR Malls Participacoes SA, ordinary nominative²		3,304,622		6,298


American Funds Insurance Series	73

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Real estate (continued)
Ayala Land, Inc.¹		6,681,900	$	5,691
KE Holdings Inc., Class A (ADR)²		87,058		5,358
CIFI Holdings (Group) Co. Ltd.¹		5,873,674		4,981
Embassy Office Parks REIT¹		939,200		4,435
Shimao Group Holdings Ltd.¹		1,282,000		4,099
China Overseas Land & Investment Ltd.¹		1,464,500		3,186
Longfor Group Holdings Ltd.¹		495,000		2,907
				71,241

Utilities 1.63%
ENN Energy Holdings Ltd.¹		1,619,800		23,776
China Gas Holdings Ltd.¹		5,533,000		22,061
AES Corp.		345,838		8,127
China Resources Gas Group Ltd.¹		1,092,000		5,808
Enel SpA¹		515,991		5,211
Engie SA^1,2		275,227		4,214
				69,197

Total common stocks (cost: $2,195,857,000)				3,804,348

Preferred securities 1.14%
Industrials 0.31%
Azul SA, preferred nominative (ADR)^2,3		357,605		8,161
GOL Linhas Aéreas Inteligentes SA, preferred nominative²		847,943		4,071
GOL Linhas Aéreas Inteligentes SA, preferred nominative (ADR)²		72,525		712
				12,944

Materials 0.29%
Gerdau SA, preferred nominative		2,652,635		12,487

Consumer discretionary 0.22%
Volkswagen AG, nonvoting preferred shares¹		35,834		6,676
Lojas Americanas SA, preferred nominative		489,555		2,478
				9,154

Health care 0.10%
Grifols, SA, Class B, nonvoting preferred, non-registered shares¹		235,609		4,389

Consumer staples 0.07%
Henkel AG & Co. KGaA, nonvoting preferred shares¹		27,859		3,139

Information technology 0.07%
Samsung Electronics Co., Ltd., nonvoting preferred shares¹		44,182		2,999

Energy 0.05%
Petróleo Brasileiro SA (Petrobras), preferred nominative (ADR)		101,360		1,121
Petróleo Brasileiro SA (Petrobras), preferred nominative		182,615		997
				2,118

Financials 0.03%
Itaúsa SA, preferred nominative		525,633		1,187

Real estate 0.00%
Ayala Land, Inc., preferred shares^1,2,4		15,000,000		—	⁶

Total preferred securities (cost: $30,866,000)				48,417


74	American Funds Insurance Series

New World Fund (continued)

Rights & warrants 0.27%	Shares			Value (000)
Consumer staples 0.25%
Foshan Haitian Flavouring and Food Co., Ltd., Class A, warrants, expire 2022^1,5		336,160		$	10,339

Health care 0.02%
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expire 2021^1,5		54,200			621
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expire 2021^1,2,5		21,625			244
					865

Consumer discretionary 0.00%
Cie. Financière Richemont SA, Class A, warrants, expire 2023²		144,354			37

Total rights & warrants (cost: $3,236,000)					11,241

Convertible bonds & notes 0.00%	Principal amount (000		)
Health care 0.00%
BioMarin Pharmaceutical Inc., convertible bonds, 1.25% 2027⁵	$	114			120

Total convertible bonds & notes (cost: $121,000)					120

Bonds, notes & other debt instruments 2.83%
Bonds & notes of governments & government agencies outside the U.S. 2.47%
Abu Dhabi (Emirate of) 2.50% 2029⁵		1,900			2,055
Abu Dhabi (Emirate of) 1.70% 2031⁵		455			456
Angola (Republic of) 9.50% 2025		800			833
Angola (Republic of) 8.25% 2028		200			192
Angola (Republic of) 8.00% 2029⁵		2,800			2,639
Angola (Republic of) 8.00% 2029		200			189
Argentine Republic 1.00% 2029		384			167
Argentine Republic 0.125% 2030 (0.50% on 7/9/2021)⁷		757			308
Argentine Republic 0.125% 2035 (1.125% on 7/9/2021)⁷		4,190			1,538
Argentine Republic 0.125% 2038 (2.00% on 7/9/2021)⁷		1,318			541
Argentine Republic 0.125% 2041 (2.50% on 7/9/2021)⁷		5,900			2,239
Armenia (Republic of) 7.15% 2025		490			566
Bahrain (Kingdom of) 6.75% 2029⁵		500			576
Belarus (Republic of) 6.875% 2023		1,775			1,860
Belarus (Republic of) 5.875% 2026		230			237
Belarus (Republic of) 7.625% 2027		335			370
Buenos Aires (City of) 8.95% 2021		359			359
Cameroon (Republic of) 9.50% 2025		805			899
Colombia (Republic of) 4.50% 2026		1,250			1,419
Colombia (Republic of) 7.375% 2037		600			878
Colombia (Republic of) 4.125% 2051		350			390
Costa Rica (Republic of) 4.375% 2025		234			219
Costa Rica (Republic of) 6.125% 2031⁵		1,250			1,170
Costa Rica (Republic of) 6.125% 2031		818			766
Costa Rica (Republic of) 7.158% 2045		498			464
Cote d’Ivoire (Republic of) 4.875% 2032	€	150			189
Dominican Republic 9.75% 2026	DOP	18,150			336
Dominican Republic 8.625% 2027⁵	$	575			733
Dominican Republic 11.375% 2029	DOP	12,800			265
Dominican Republic 7.45% 2044⁵	$	1,125			1,458
Dominican Republic 7.45% 2044		1,100			1,426
Dominican Republic 6.85% 2045		100			122
Dominican Republic 5.875% 2060⁵		280			309
Egypt (Arab Republic of) 5.75% 2024⁵		450			483
Egypt (Arab Republic of) 5.625% 2030	€	260			333
Egypt (Arab Republic of) 7.625% 2032⁵	$	1,140			1,294
Egypt (Arab Republic of) 8.50% 2047		1,200			1,364
Egypt (Arab Republic of) 8.15% 2059⁵		900			993


American Funds Insurance Series	75

New World Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Ethiopia (Federal Democratic Republic of) 6.625% 2024	$	1,230	$	1,255
Export-Import Bank of India 3.25% 2030		1,180		1,265
Gabonese Republic 6.375% 2024		2,480		2,589
Guatemala (Republic of) 4.375% 2027		600		668
Honduras (Republic of) 6.25% 2027		1,750		2,032
Honduras (Republic of) 5.625% 2030⁵		200		230
Indonesia (Republic of) 6.625% 2037		700		999
Indonesia (Republic of) 5.25% 2042		840		1,091
Iraq (Republic of) 6.752% 2023		960		941
Jordan (Hashemite Kingdom of) 4.95% 2025⁵		600		639
Jordan (Hashemite Kingdom of) 5.75% 2027⁵		1,530		1,691
Jordan (Hashemite Kingdom of) 5.75% 2027		200		221
Kazakhstan (Republic of) 5.125% 2025⁵		900		1,066
Kazakhstan (Republic of) 6.50% 2045⁵		800		1,294
Kenya (Republic of) 6.875% 2024⁵		900		988
Kenya (Republic of) 8.25% 2048⁵		2,200		2,526
Malaysia (Federation of), Series 0419, 3.828% 2034	MYR	430		114
Malaysia (Federation of), Series 0418, 4.893% 2038		1,150		338
Pakistan (Islamic Republic of) 8.25% 2024	$	500		547
Pakistan (Islamic Republic of) 8.25% 2025⁵		410		453
Pakistan (Islamic Republic of) 6.875% 2027⁵		1,250		1,309
Pakistan (Islamic Republic of) 7.875% 2036		400		415
Panama (Republic of) 3.75% 2026⁵		1,380		1,513
Panama (Republic of) 4.50% 2047		1,155		1,489
Panama (Republic of) 4.50% 2050		400		516
Panama (Republic of) 4.30% 2053		400		510
Paraguay (Republic of) 5.00% 2026⁵		500		588
Paraguay (Republic of) 5.00% 2026		210		247
Paraguay (Republic of) 4.70% 2027⁵		800		938
Paraguay (Republic of) 4.70% 2027		500		586
Paraguay (Republic of) 4.95% 2031		320		388
Peru (Republic of) 6.55% 2037		1,070		1,628
Peru (Republic of) 2.78% 2060		840		849
PETRONAS Capital Ltd. 3.50% 2030⁵		200		230
PETRONAS Capital Ltd. 4.55% 2050⁵		400		536
Philippines (Republic of) 6.375% 2034		820		1,206
Philippines (Republic of) 2.95% 2045		1,220		1,291
PT Indonesia Asahan Aluminium Tbk 6.757% 2048		200		274
Qatar (State of) 4.50% 2028⁵		3,000		3,640
Qatar (State of) 4.50% 2028		1,000		1,213
Romania 2.00% 2032	€	1,510		1,940
Romania 5.125% 2048⁵	$	1,700		2,180
Russian Federation 4.375% 2029⁵		1,000		1,169
Russian Federation 5.10% 2035		1,200		1,520
Russian Federation 5.25% 2047		1,400		1,943
Senegal (Republic of) 4.75% 2028	€	1,100		1,436
Serbia (Republic of) 3.125% 2027		1,020		1,403
South Africa (Republic of) 5.875% 2030	$	2,110		2,396
Sri Lanka (Democratic Socialist Republic of) 5.75% 2022		250		196
Sri Lanka (Democratic Socialist Republic of) 5.875% 2022		1,000		697
Sri Lanka (Democratic Socialist Republic of) 6.125% 2025		410		247
Sri Lanka (Democratic Socialist Republic of) 6.85% 2025		700		426
Sri Lanka (Democratic Socialist Republic of) 6.825% 2026		1,610		934
Sri Lanka (Democratic Socialist Republic of) 7.55% 2030		800		462
Sri Lanka (Democratic Socialist Republic of) 7.55% 2030⁵		500		289
Tunisia (Republic of) 6.75% 2023	€	110		129
Tunisia (Republic of) 5.625% 2024		710		805
Tunisia (Republic of) 5.75% 2025	$	875		801
Turkey (Republic of) 6.375% 2025		475		514
Turkey (Republic of) 11.875% 2030		600		877
Turkey (Republic of) 4.875% 2043		1,295		1,137


76	American Funds Insurance Series

New World Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Turkey (Republic of) 5.75% 2047	$	2,205	$	2,106
Ukraine 7.75% 2027		2,328		2,648
Ukraine 9.75% 2028		700		863
Ukraine 7.375% 2032		2,180		2,402
United Mexican States 3.90% 2025		320		360
United Mexican States 4.50% 2029		1,070		1,258
United Mexican States 4.75% 2032		870		1,049
United Mexican States 4.75% 2044		1,090		1,300
Venezuela (Bolivarian Republic of) 7.00% 2018⁸		64		6
Venezuela (Bolivarian Republic of) 7.75% 2019⁸		1,149		111
Venezuela (Bolivarian Republic of) 6.00% 2020⁸		950		92
Venezuela (Bolivarian Republic of) 12.75% 2022⁸		85		8
Venezuela (Bolivarian Republic of) 9.00% 2023⁸		1,383		134
Venezuela (Bolivarian Republic of) 8.25% 2024⁸		299		29
Venezuela (Bolivarian Republic of) 7.65% 2025⁸		129		13
Venezuela (Bolivarian Republic of) 11.75% 2026⁸		64		6
Venezuela (Bolivarian Republic of) 9.25% 2027⁸		170		17
Venezuela (Bolivarian Republic of) 9.25% 2028⁸		319		31
Venezuela (Bolivarian Republic of) 11.95% 2031⁸		106		10
Venezuela (Bolivarian Republic of) 7.00% 2038⁸		107		10
				104,902

Corporate bonds, notes & loans 0.36%
Energy 0.10%
Oleoducto Central SA 4.00% 2027⁵		255		277
Petrobras Global Finance Co. 5.60% 2031		575		662
Petrobras Global Finance Co. 6.75% 2050		110		137
Petrobras Global Finance Co. 6.85% 2115		314		392
Petróleos Mexicanos 6.875% 2025⁵		624		685
Petróleos Mexicanos 6.875% 2026		755		826
Petróleos Mexicanos 6.49% 2027		910		962
PTT Exploration and Production PCL 2.587% 2027⁵		320		335
				4,276

Financials 0.08%
Bangkok Bank PCL 3.733% 2034 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.90% on 9/25/2029)⁷		1,140		1,189
HSBK (Europe) BV 7.25% 2021⁵		665		674
Power Financial Corp Ltd. 5.25% 2028		425		491
Power Financial Corp Ltd. 6.15% 2028		432		527
Power Financial Corp Ltd. 4.50% 2029		273		301
				3,182

Utilities 0.06%
AES Panama Generation Holdings SRL 4.375% 2030⁵		280		303
Empresas Publicas de Medellin ESP 4.25% 2029⁵		665		716
Empresas Publicas de Medellin ESP 4.375% 2031⁵		360		387
State Grid Overseas Investment Ltd. 3.50% 2027⁵		900		1,002
State Grid Overseas Investment Ltd. 4.25% 2028		200		234
				2,642

Industrials 0.05%
DP World Crescent 4.848% 2028⁵		835		973
Empresa de Transporte de Pasajeros Metro SA 4.70% 2050⁵		270		340
Mexico City Airport Trust 4.25% 2026		675		716
Mexico City Airport Trust 3.875% 2028		200		207
				2,236


American Funds Insurance Series	77

New World Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services 0.04%
Axiata SPV5 Labuan Ltd. 3.064% 2050	$	357	$	359
PLDT Inc. 2.50% 2031		210		220
Tencent Holdings Ltd. 3.975% 2029		400		456
Tencent Holdings Ltd. 3.24% 2050⁵		580		601
				1,636

Materials 0.02%
Braskem Idesa SAPI 7.45% 2029		775		728
Braskem Idesa SAPI 7.45% 2029⁵		300		282
				1,010

Consumer discretionary 0.01%
Sands China Ltd. 4.375% 2030⁵		220		246

Total corporate bonds, notes & loans				15,228

Total bonds, notes & other debt instruments (cost: $110,988,000)				120,130

Short-term securities 5.62%	Shares
Money market investments 5.62%
Capital Group Central Cash Fund 0.12%^9,10		2,244,744		224,497
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^9,11		14,020,660		14,020

Total short-term securities (cost: $238,510,000)				238,517
Total investment securities 99.52% (cost: $2,579,578,000)				4,222,773
Other assets less liabilities 0.48%				20,380

Net assets 100.00%			$	4,243,153

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		¹²	Value at 12/31/2020 (000)		¹³	Unrealized appreciation (depreciation) at 12/31/2020 (000)
10 Year Ultra U.S. Treasury Note Futures	Short	8	March 2021	$	(800	)	$	(1,251	)		$	3
30 Year Ultra U.S. Treasury Bond Futures	Long	10	March 2021		1,000			2,136				(13	)
											$	(10	)

Forward currency contracts

Unrealized

Contract amount

depreciation

Purchases

Sales

Settlement

at 12/31/2020

(000)

Counterparty

date

(000)

USD

3,404

EUR

2,830

Bank of New York Mellon

1/8/2021

(54

)


78	American Funds Insurance Series

New World Fund (continued)

Investments in affiliates¹⁰

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 5.29%
Money market investments 5.29%
Capital Group Central Cash Fund 0.12%⁹	$	238,673	$	930,010	$	944,104	$	40	$	(122	)	$	224,497	$	1,220

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $2,245,296,000, which represented 52.92% of the net assets of the fund. This amount includes $2,245,295,000 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.
³	All or a portion of this security was on loan. The total value of all such securities was $18,411,000, which represented .43% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁴	Value determined using significant unobservable inputs.
⁵	Acquired in a transaction exempt from registration under Rule 144A 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 $56,174,000, which represented 1.32% of the net assets of the fund.
⁶	Amount less than one thousand.
⁷	Step bond; coupon rate may change at a later date.
⁸	Scheduled interest and/or principal payment was not received.
⁹	Rate represents the seven-day yield at 12/31/2020.
¹⁰	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
¹¹	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹²	Notional amount is calculated based on the number of contracts and notional contract size.
¹³	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbols

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

DOP = Dominican pesos

EUR/€ = Euros

GBP = British pounds

GDR = Global Depositary Receipts

MYR = Malaysian ringgits

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

Blue Chip Income and Growth Fund

Investment portfolio December 31, 2020

Common stocks 97.04%	Shares		Value (000)
Health care 17.33%
Abbott Laboratories		3,362,500	$	368,160
Amgen Inc.		1,258,510		289,357
UnitedHealth Group Inc.		593,400		208,093
AbbVie Inc.		1,890,460		202,563
Gilead Sciences, Inc.		3,005,712		175,113
Teva Pharmaceutical Industries Ltd. (ADR)¹		10,333,800		99,721
Medtronic PLC		700,000		81,998
Stryker Corp.		296,800		72,728
Humana Inc.		124,700		51,161
Merck & Co., Inc.		500,000		40,900
Zimmer Biomet Holdings, Inc.		225,000		34,670
PerkinElmer, Inc.		210,400		30,192
GlaxoSmithKline PLC (ADR)		148,000		5,446
				1,660,102

Information technology 17.11%
Microsoft Corp.		2,598,300		577,914
Broadcom Inc.		1,007,100		440,959
Mastercard Inc., Class A		613,600		219,018
Apple Inc.		1,600,000		212,304
SS&C Technologies Holdings, Inc.		1,153,800		83,939
Intel Corp.		1,100,000		54,802
Cognizant Technology Solutions Corp., Class A		486,000		39,828
QUALCOMM Inc.		68,000		10,359
				1,639,123

Industrials 13.56%
CSX Corp.		3,255,142		295,404
Raytheon Technologies Corp.		3,935,100		281,399
General Dynamics Corp.		908,000		135,129
Union Pacific Corp.		565,600		117,769
General Electric Co.		9,974,300		107,722
Carrier Global Corp.		2,549,000		96,148
Illinois Tool Works Inc.		450,000		91,746
Airbus Group SE (ADR)¹		2,639,000		72,097
RELX PLC (ADR)		1,225,000		30,209
Stanley Black & Decker, Inc.		136,000		24,284
Otis Worldwide Corp.		277,500		18,745
L3Harris Technologies, Inc.		85,000		16,067
ManpowerGroup Inc.		131,500		11,859
Rolls-Royce Holdings PLC (ADR)²		356,800		564
				1,299,142

Communication services 9.47%
Comcast Corp., Class A		5,789,400		303,364
Facebook, Inc., Class A¹		967,600		264,310
Alphabet Inc., Class A¹		80,975		141,920
Alphabet Inc., Class C¹		3,000		5,256
Netflix, Inc.¹		201,800		109,119
Omnicom Group Inc.		1,000,000		62,370
Activision Blizzard, Inc.		113,000		10,492
Electronic Arts Inc.		73,000		10,483
				907,314

Energy 9.05%
EOG Resources, Inc.		4,588,100		228,809
Baker Hughes Co., Class A		10,437,000		217,611
Chevron Corp.		1,099,000		92,811
Diamondback Energy, Inc.		1,320,033		63,890
Royal Dutch Shell PLC, Class B (ADR)		1,839,000		61,809
Pioneer Natural Resources Company		486,800		55,442
Concho Resources Inc.		616,100		35,949

80	American Funds Insurance Series

Blue Chip Income and Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Williams Companies, Inc.		1,661,000	$	33,303
Canadian Natural Resources, Ltd.		1,230,250		29,587
TC Energy Corp.		600,000		24,432
Schlumberger Ltd.		1,045,400		22,821
				866,464

Consumer staples 8.16%
Philip Morris International Inc.		3,090,600		255,871
Altria Group, Inc.		2,448,000		100,368
British American Tobacco PLC (ADR)		2,630,706		98,625
Constellation Brands, Inc., Class A		408,300		89,438
Coca-Cola Company		1,250,000		68,550
PepsiCo, Inc.		400,000		59,320
Keurig Dr Pepper Inc.		1,746,500		55,888
Lamb Weston Holdings, Inc.		400,000		31,496
Mondelez International, Inc.		384,000		22,452
				782,008

Consumer discretionary 7.63%
General Motors Company		4,485,500		186,776
Royal Caribbean Cruises Ltd.		1,525,200		113,917
McDonald’s Corp.		500,000		107,290
Starbucks Corp.		608,000		65,044
Lowe’s Companies, Inc.		392,000		62,920
Sony Corp. (ADR)		561,000		56,717
Home Depot, Inc.		150,000		39,843
NIKE, Inc., Class B		225,000		31,831
Hasbro, Inc.		315,000		29,465
Williams-Sonoma, Inc.		273,700		27,874
Darden Restaurants, Inc.		76,000		9,053
				730,730

Financials 6.98%
Citigroup Inc.		2,947,300		181,730
JPMorgan Chase & Co.		1,349,300		171,456
American International Group, Inc.		3,230,000		122,288
Discover Financial Services		920,000		83,288
Franklin Resources, Inc.		1,550,000		38,734
Nasdaq, Inc.		260,000		34,512
PNC Financial Services Group, Inc.		125,300		18,670
CME Group Inc., Class A		96,500		17,568
				668,246

Utilities 3.42%
Public Service Enterprise Group Inc.		1,520,000		88,616
Entergy Corp.		812,300		81,100
DTE Energy Company		421,000		51,114
Sempra Energy		331,000		42,173
American Electric Power Company, Inc.		450,000		37,471
NextEra Energy, Inc.		200,000		15,430
E.ON SE (ADR)		1,090,000		12,055
				327,959

Materials 2.58%
Linde PLC		782,200		206,118
Freeport-McMoRan Inc.		1,565,000		40,721
				246,839


American Funds Insurance Series	81

Blue Chip Income and Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Real estate 1.75%
Crown Castle International Corp. REIT		525,000	$	83,575
Americold Realty Trust REIT		690,000		25,758
Digital Realty Trust, Inc. REIT		177,500		24,763
Alexandria Real Estate Equities, Inc. REIT		98,500		17,555
Equinix, Inc. REIT		22,400		15,997
				167,648

Total common stocks (cost: $6,473,788,000)				9,295,575

Rights & warrants 0.00%
Financials 0.00%
American International Group, Inc., warrants, expire 2021¹		1,151,554		138

Total rights & warrants (cost: $17,794,000)				138

Convertible stocks 0.90%
Consumer discretionary 0.70%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023		431,213		66,536

Health care 0.20%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023²		8,921		11,607
Danaher Corp., Series A, cumulative convertible preferred shares, 4.75% 2022		4,900		7,437
				19,044

Total convertible stocks (cost: $57,918,000)				85,580

Convertible bonds & notes 0.14%	Principal amount (000)
Consumer discretionary 0.14%
Royal Caribbean Cruises Ltd., convertible notes, 2.875% 2023³	$	11,376		13,651

Total convertible bonds & notes (cost: $11,376,000)				13,651

Short-term securities 1.90%	Shares
Money market investments 1.90%
Capital Group Central Cash Fund 0.12%^4,5		1,785,145		178,532
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^4,6		3,229,762		3,230

Total short-term securities (cost: $181,729,000)				181,762
Total investment securities 99.98% (cost: $6,742,605,000)				9,576,706
Other assets less liabilities 0.02%				2,360

Net assets 100.00%			$	9,579,066

Investments in affiliates⁵

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 1.86%
Money market investments 1.86%
Capital Group Central Cash Fund 0.12%⁴	$	312,462	$	1,545,068	$	1,679,415	$	414	$	3	$	178,532	$	2,015

82	American Funds Insurance Series

Blue Chip Income and Growth Fund (continued)

¹	Security did not produce income during the last 12 months.
²	All or a portion of this security was on loan. The total value of all such securities was $3,447,000, which represented .04% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Acquired in a transaction exempt from registration under Rule 144A 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 $13,651,000, which represented .14% of the net assets of the fund.
⁴	Rate represents the seven-day yield at 12/31/2020.
⁵	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
⁶	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

American Funds Insurance Series

Global Growth and Income Fund

Investment portfolio December 31, 2020

Common stocks 94.88%	Shares		Value (000)
Information technology 18.51%
Taiwan Semiconductor Manufacturing Company, Ltd.¹		4,709,800	$	88,457
Broadcom Inc.		155,700		68,173
Apple Inc.		423,960		56,255
Microsoft Corp.		213,200		47,420
ASML Holding NV¹		70,000		33,828
Tokyo Electron Ltd.¹		49,000		18,276
Afterpay Ltd.^1,2		184,495		16,914
GoDaddy Inc., Class A²		142,000		11,779
Fiserv, Inc.²		88,000		10,020
Advanced Micro Devices, Inc.²		98,400		9,024
NetEase, Inc.¹		420,800		8,052
PagSeguro Digital Ltd., Class A²		130,000		7,395
Texas Instruments Inc.		40,000		6,565
Murata Manufacturing Co., Ltd.¹		67,000		6,034
MediaTek Inc.¹		194,000		5,181
SAP SE¹		34,500		4,534
Atlassian Corp. PLC, Class A²		19,200		4,490
				402,397

Financials 15.82%
Société Générale^1,2		2,306,018		48,040
Fannie Mae²		16,006,000		38,254
Sberbank of Russia PJSC (ADR)¹		2,177,000		31,383
HDFC Bank Ltd.^1,2		1,166,577		22,979
Discover Financial Services		249,000		22,542
AIA Group Ltd.¹		1,590,000		19,585
Toronto-Dominion Bank (CAD denominated)		320,492		18,108
B3 SA - Brasil, Bolsa, Balcao		1,500,000		17,899
UniCredit SpA^1,2		1,686,696		15,608
DBS Group Holdings Ltd.¹		805,000		15,226
Macquarie Group Ltd.¹		142,118		15,186
Ping An Insurance (Group) Company of China, Ltd., Class H¹		1,195,000		14,678
CME Group Inc., Class A		70,000		12,744
JPMorgan Chase & Co.		92,000		11,690
The Blackstone Group Inc., Class A		136,700		8,860
HDFC Life Insurance Company Ltd.^1,2		773,990		7,180
Barclays PLC^1,2		3,365,000		6,754
Zurich Insurance Group AG¹		14,000		5,934
BB Seguridade Participações SA		997,600		5,691
Truist Financial Corp.		116,550		5,586
				343,927

Industrials 11.32%
Airbus SE, non-registered shares^1,2		607,200		66,700
CCR SA, ordinary nominative		18,355,800		47,602
Lockheed Martin Corp.		66,000		23,429
Safran SA^1,2		123,500		17,515
Honeywell International Inc.		71,700		15,251
Illinois Tool Works Inc.		54,000		11,009
Rheinmetall AG¹		98,800		10,441
VAT Group AG¹		35,200		8,773
Boeing Company		35,500		7,599
CSX Corp.		73,000		6,625
Experian PLC¹		171,000		6,516
Watsco, Inc.		23,500		5,324
Union Pacific Corp.		24,400		5,081
PACCAR Inc.		58,600		5,056
Aeroflot - Russian Airlines PJSC^1,2		3,920,000		3,773
Seven Group Holdings Ltd.¹		180,000		3,244
International Consolidated Airlines Group SA (CDI)^1,2		1,035,000		2,265
				246,203

84	American Funds Insurance Series

Global Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care 9.11%
Novartis AG¹		337,000	$	31,830
UnitedHealth Group Inc.		86,300		30,264
Sarepta Therapeutics, Inc.²		94,500		16,111
Abbott Laboratories		125,000		13,686
Hikma Pharmaceuticals PLC¹		340,000		11,712
Allogene Therapeutics, Inc.²		461,000		11,636
Centene Corp.²		186,000		11,166
HOYA Corp.¹		76,700		10,602
DexCom, Inc.²		23,700		8,762
AstraZeneca PLC¹		83,000		8,292
CSL Ltd.¹		35,200		7,691
Eli Lilly and Company		45,000		7,598
Gilead Sciences, Inc.		130,000		7,574
Insulet Corp.²		28,300		7,234
CVS Health Corp.		95,000		6,489
Pfizer Inc.		104,000		3,828
Regeneron Pharmaceuticals, Inc.²		7,650		3,696
				198,171

Consumer discretionary 9.09%
LVMH Moët Hennessy-Louis Vuitton SE¹		74,096		46,298
Flutter Entertainment PLC (EUR denominated)¹		126,077		25,825
Home Depot, Inc.		81,000		21,515
General Motors Company		400,000		16,656
Alibaba Group Holding Ltd.^1,2		522,600		15,269
Li Ning Co. Ltd.¹		1,685,000		11,608
Amazon.com, Inc.²		3,005		9,787
Aston Martin Lagonda Global Holdings PLC^1,2		267,252		7,360
NIKE, Inc., Class B		51,800		7,328
Tesla, Inc.²		9,000		6,351
Restaurant Brands International Inc. (CAD denominated)		103,600		6,335
Gentex Corp.		166,000		5,632
Naspers Ltd., Class N¹		27,000		5,526
Melco Resorts & Entertainment Ltd. (ADR)		297,000		5,509
lululemon athletica inc.²		9,800		3,411
Strategic Education, Inc.		34,000		3,241
				197,651

Communication services 7.63%
Alphabet Inc., Class A²		21,800		38,208
Alphabet Inc., Class C²		7,000		12,263
Comcast Corp., Class A		546,000		28,610
Facebook, Inc., Class A²		65,000		17,755
Warner Music Group Corp., Class A		419,376		15,932
Walt Disney Company²		67,000		12,139
Activision Blizzard, Inc.		101,000		9,378
SoftBank Corp.¹		663,800		8,322
New York Times Co., Class A		160,000		8,283
Tencent Holdings Ltd.¹		100,000		7,307
Koninklijke KPN NV¹		1,528,000		4,633
Netflix, Inc.²		5,500		2,974
				165,804

Utilities 6.03%
Ørsted AS¹		189,456		38,748
Enel SpA¹		3,539,000		35,738
Dominion Energy, Inc.		150,000		11,280
E.ON SE¹		1,015,000		11,241
China Resources Gas Group Ltd.¹		1,778,000		9,457
National Grid PLC¹		750,000		8,933

American Funds Insurance Series

Global Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Utilities (continued)
Brookfield Infrastructure Partners LP		170,000	$	8,411
American Electric Power Company, Inc.		72,700		6,054
Brookfield Infrastructure Corp., Class A, subordinate voting shares		18,888		1,368
				131,230

Materials 5.75%
Vale SA, ordinary nominative		1,409,600		23,732
Vale SA, ordinary nominative (ADR)		385,600		6,463
BHP Group PLC¹		870,000		22,928
Koninklijke DSM NV¹		96,800		16,675
Fortescue Metals Group Ltd.¹		915,000		16,544
Evonik Industries AG¹		375,000		12,217
Shin-Etsu Chemical Co., Ltd.¹		63,000		11,029
Eastman Chemical Company		68,000		6,819
Air Products and Chemicals, Inc.		18,700		5,109
Lynas Rare Earths Ltd.^1,2		1,180,000		3,624
				125,140

Energy 4.63%
Reliance Industries Ltd.¹		1,606,099		43,752
Reliance Industries Ltd., interim shares¹		107,073		1,642
Canadian Natural Resources, Ltd. (CAD denominated)		904,000		21,725
EOG Resources, Inc.		350,000		17,454
Gazprom PJSC (ADR)¹		2,141,000		11,902
Total SE^1,3		95,600		4,124
				100,599

Consumer staples 4.47%
Nestlé SA¹		298,275		35,116
Keurig Dr Pepper Inc.		405,000		12,960
ITC Ltd.¹		3,410,972		9,769
British American Tobacco PLC¹		252,000		9,373
Pernod Ricard SA¹		35,000		6,709
Philip Morris International Inc.		80,000		6,623
Altria Group, Inc.		145,000		5,945
Mondelez International, Inc.		72,000		4,210
Reckitt Benckiser Group PLC¹		42,000		3,756
Beyond Meat, Inc.^2,3		21,500		2,688
				97,149

Real estate 2.52%
Mindspace Business Parks REIT^1,2		2,124,800		9,308
Mindspace Business Parks REIT^1,2,4		1,309,000		5,619
Alexandria Real Estate Equities, Inc. REIT		75,000		13,367
Prologis, Inc. REIT		90,000		8,969
Iron Mountain Inc. REIT		219,200		6,462
Longfor Group Holdings Ltd.¹		1,025,000		6,020
CIFI Holdings (Group) Co. Ltd.¹		5,910,000		5,011
				54,756

Total common stocks (cost: $1,313,317,000)				2,063,027

Bonds, notes & other debt instruments 1.58%	Principal amount (000)
Corporate bonds, notes & loans 1.58%
Communication services 1.58%
Sprint Corp. 7.25% 2021	$	33,000		34,378

Total bonds, notes & other debt instruments (cost: $32,569,000)				34,378

86	American Funds Insurance Series

Global Growth and Income Fund (continued)

Short-term securities 3.35%	Shares		Value (000)
Money market investments 3.35%
Capital Group Central Cash Fund 0.12%^5,6		664,822	$	66,489
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^5,7		6,440,115		6,440

Total short-term securities (cost: $72,921,000)				72,929
Total investment securities 99.81% (cost: $1,418,807,000)				2,170,334
Other assets less liabilities 0.19%				4,116

Net assets 100.00%			$	2,174,450

Investments in affiliates⁶

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 3.06%
Money market investments 3.06%
Capital Group Central Cash Fund 0.12%⁵	$	28,561	$	583,471	$	545,530	$	51	$	(64	)	$	66,489	$	578


¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,044,566,000, which represented 48.04% 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.
²	Security did not produce income during the last 12 months.
³	All or a portion of this security was on loan. The total value of all such securities was $6,890,000, which represented .32% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁴	Acquired in a transaction exempt from registration under Rule 144A 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 $5,619,000, which represented .26% of the net assets of the fund.
⁵	Rate represents the seven-day yield at 12/31/2020.
⁶	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
⁷	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

See notes to financial statements.

American Funds Insurance Series

Growth-Income Fund

Investment portfolio December 31, 2020

Common stocks 96.33%	Shares		Value (000)
Information technology 19.97%
Microsoft Corp.		10,689,658	$	2,377,594
Broadcom Inc.		2,735,734		1,197,841
Mastercard Inc., Class A		1,692,300		604,049
Accenture PLC, Class A		991,200		258,911
Intel Corp.		4,856,300		241,941
Visa Inc., Class A		1,093,800		239,247
Taiwan Semiconductor Manufacturing Company, Ltd.¹		10,147,000		190,576
Adobe Inc.²		360,100		180,093
Apple Inc.		1,220,400		161,935
Autodesk, Inc.²		530,000		161,830
ServiceNow, Inc.²		280,100		154,175
QUALCOMM Inc.		1,007,952		153,551
Automatic Data Processing, Inc.		845,000		148,889
ASML Holding NV (New York registered) (ADR)		147,800		72,085
ASML Holding NV¹		140,000		67,657
Ceridian HCM Holding Inc.²		1,240,574		132,196
StoneCo Ltd., Class A²		1,285,500		107,879
Global Payments Inc.		498,100		107,301
CDK Global, Inc.		2,042,800		105,878
Cognizant Technology Solutions Corp., Class A		1,219,000		99,897
Samsung Electronics Co., Ltd.¹		1,110,000		82,958
MKS Instruments, Inc.		481,000		72,366
Fidelity National Information Services, Inc.		504,200		71,324
Euronet Worldwide, Inc.²		491,600		71,243
PayPal Holdings, Inc.²		298,500		69,909
Concentrix Corp.²		641,935		63,359
Fiserv, Inc.²		536,700		61,109
Atlassian Corp. PLC, Class A²		247,800		57,953
NetApp, Inc.		873,100		57,834
Micron Technology, Inc.²		760,600		57,182
Amphenol Corp., Class A		386,000		50,477
FleetCor Technologies, Inc.²		167,000		45,563
SAP SE¹		239,500		31,472
Applied Materials, Inc.		337,400		29,118
Trimble Inc.²		413,300		27,596
Teradata Corp.²		1,056,057		23,730
Vontier Corp.²		434,000		14,496
VeriSign, Inc.²		61,000		13,200
GoDaddy Inc., Class A²		143,400		11,895
Analog Devices, Inc.		75,000		11,080
				7,687,389

Communication services 15.48%
Facebook, Inc., Class A²		7,410,800		2,024,334
Alphabet Inc., Class C²		336,784		590,005
Alphabet Inc., Class A²		308,780		541,180
Netflix, Inc.²		1,952,025		1,055,518
Comcast Corp., Class A		15,095,800		791,020
Charter Communications, Inc., Class A²		443,970		293,708
Electronic Arts Inc.		1,168,000		167,725
Verizon Communications Inc.		2,665,513		156,599
ViacomCBS Inc., Class B		2,666,983		99,372
Tencent Holdings Ltd.¹		1,295,500		94,659
Cable One, Inc.		33,300		74,183
Vodafone Group PLC¹		20,000,000		32,913
Activision Blizzard, Inc.		262,939		24,414
Fox Corp., Class A		473,666		13,793
				5,959,423

88	American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care 14.22%
UnitedHealth Group Inc.		2,609,900	$	915,240
Abbott Laboratories		6,645,169		727,580
Gilead Sciences, Inc.		9,502,600		553,621
Amgen Inc.		1,909,500		439,032
Merck & Co., Inc.		3,038,880		248,580
Thermo Fisher Scientific Inc.		392,000		182,586
AstraZeneca PLC¹		1,451,800		145,048
AstraZeneca PLC (ADR)		721,200		36,053
Seagen Inc.²		871,319		152,603
Daiichi Sankyo Company, Ltd.¹		4,176,000		143,155
AbbVie Inc.		1,296,036		138,870
PRA Health Sciences, Inc.²		1,023,500		128,388
Royalty Pharma PLC, Class A		2,557,706		128,013
Novo Nordisk A/S, Class B¹		1,611,056		112,686
Chugai Pharmaceutical Co., Ltd.¹		2,105,700		112,421
Anthem, Inc.		342,000		109,813
GlaxoSmithKline PLC¹		5,827,300		106,774
Eli Lilly and Company		625,800		105,660
Medtronic PLC		860,000		100,740
Novartis AG¹		1,066,059		100,690
PerkinElmer, Inc.		596,500		85,598
Baxter International Inc.		995,800		79,903
Allakos Inc.²		511,000		71,540
Ultragenyx Pharmaceutical Inc.²		508,100		70,336
Galapagos NV^1,2		268,105		26,381
Galapagos NV (ADR)^2,3		209,697		20,756
Zimmer Biomet Holdings, Inc.		305,670		47,101
Vertex Pharmaceuticals Inc.²		192,000		45,377
Incyte Corp.²		473,200		41,159
NovoCure Ltd.²		193,600		33,501
Roche Holding AG, nonvoting, non-registered shares¹		93,081		32,477
Allogene Therapeutics, Inc.²		1,258,500		31,764
Edwards Lifesciences Corp.²		330,750		30,174
AmerisourceBergen Corp.		283,400		27,705
Humana Inc.		65,300		26,791
Stryker Corp.		106,535		26,105
Biohaven Pharmaceutical Holding Co. Ltd.²		259,600		22,250
Karuna Therapeutics, Inc.²		215,600		21,903
Cigna Corp.		59,413		12,369
GoodRx Holdings, Inc., Class A²		243,100		9,807
Cortexyme, Inc.²		258,690		7,186
Vir Biotechnology, Inc.^2,3		258,400		6,920
Bluebird Bio, Inc.²		109,400		4,734
Agios Pharmaceuticals, Inc.²		89,350		3,871
				5,473,261

Financials 10.23%
JPMorgan Chase & Co.		4,105,630		521,702
Intercontinental Exchange, Inc.		3,183,555		367,032
CME Group Inc., Class A		1,779,800		324,013
Aon PLC, Class A		1,214,800		256,651
Marsh & McLennan Companies, Inc.		2,162,201		252,978
PNC Financial Services Group, Inc.		1,587,422		236,526
State Street Corp.		3,126,915		227,577
Nasdaq, Inc.		1,609,900		213,698
Chubb Ltd.		1,239,153		190,730
Moody’s Corp.		640,058		185,770
BlackRock, Inc.		180,700		130,382
Travelers Companies, Inc.		906,955		127,309
S&P Global Inc.		342,408		112,560
Bank of New York Mellon Corp.		2,299,000		97,570
American International Group, Inc.		2,572,000		97,376

American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
KeyCorp		4,886,953	$	80,195
Arthur J. Gallagher & Co.		617,000		76,329
Power Corp. of Canada, subordinate voting shares³		2,625,000		60,279
B3 SA - Brasil, Bolsa, Balcao		5,032,000		60,045
London Stock Exchange Group PLC¹		424,000		52,264
Citizens Financial Group, Inc.		1,457,453		52,119
Charles Schwab Corp.		879,000		46,622
Discover Financial Services		478,900		43,355
Truist Financial Corp.		870,732		41,734
Wells Fargo & Company		1,222,300		36,889
Bank of America Corp.		914,300		27,712
UBS Group AG¹		1,343,666		18,793
				3,938,210

Industrials 9.50%
CSX Corp.		3,114,900		282,677
Woodward, Inc.		2,204,500		267,913
Carrier Global Corp.		6,668,375		251,531
Norfolk Southern Corp.		946,977		225,011
Northrop Grumman Corp.		733,200		223,421
BWX Technologies, Inc.		3,080,911		185,717
TransDigm Group Inc.²		295,700		182,994
Airbus SE, non-registered shares^1,2		1,617,590		177,691
Raytheon Technologies Corp.		2,349,100		167,984
Union Pacific Corp.		746,200		155,374
Meggitt PLC^1,2		24,131,952		154,177
Equifax Inc.		777,300		149,895
Waste Connections, Inc.		1,042,100		106,888
Lockheed Martin Corp.		294,900		104,684
Westinghouse Air Brake Technologies Corp.		1,422,942		104,159
Air Lease Corp., Class A		2,097,300		93,162
Waste Management, Inc.		767,700		90,535
L3Harris Technologies, Inc.		443,000		83,736
Old Dominion Freight Line, Inc.		405,000		79,048
Fortive Corp.		1,085,000		76,840
Safran SA^1,2		539,713		76,542
General Electric Co.		7,022,250		75,840
General Dynamics Corp.		482,600		71,821
Ryanair Holdings PLC (ADR)²		445,550		49,002
Ryanair Holdings PLC^1,2		611,907		12,189
Middleby Corp.²		441,000		56,854
Otis Worldwide Corp.		555,100		37,497
Fastenal Co.		635,000		31,007
ManpowerGroup Inc.		252,000		22,725
Cummins Inc.		100,000		22,710
Caterpillar Inc.		101,600		18,493
Nielsen Holdings PLC		856,400		17,873
				3,655,990

Consumer discretionary 8.11%
Amazon.com, Inc.²		346,130		1,127,321
General Motors Company		7,736,000		322,127
Wyndham Hotels & Resorts, Inc.		3,198,334		190,109
Home Depot, Inc.		623,900		165,720
Royal Caribbean Cruises Ltd.		2,084,381		155,683
Burlington Stores, Inc.²		555,458		145,280
Thor Industries, Inc.		1,289,600		119,920
MercadoLibre, Inc.²		70,000		117,265
Lowe’s Companies, Inc.		666,000		106,900
Booking Holdings Inc.²		47,600		106,018
Flutter Entertainment PLC (GBP denominated)¹		387,005		80,125
Chipotle Mexican Grill, Inc.²		53,110		73,648

90	American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Darden Restaurants, Inc.		600,000	$	71,472
D.R. Horton, Inc.		913,000		62,924
Hasbro, Inc.		600,000		56,124
Wynn Resorts, Ltd.		490,966		55,396
Kering SA¹		62,207		45,224
Marriott International, Inc., Class A		250,500		33,046
Aptiv PLC		233,000		30,358
Hilton Worldwide Holdings Inc.		197,720		21,998
YUM! Brands, Inc.		196,630		21,346
Airbnb, Inc., Class A²		99,500		14,607
				3,122,611

Consumer staples 5.06%
Keurig Dr Pepper Inc.		10,220,935		327,070
British American Tobacco PLC¹		8,704,673		323,770
Philip Morris International Inc.		3,549,640		293,875
Costco Wholesale Corp.		459,800		173,243
Nestlé SA¹		1,227,796		144,547
Lamb Weston Holdings, Inc.		1,506,566		118,627
Carlsberg A/S, Class B¹		720,474		115,505
Reckitt Benckiser Group PLC¹		1,275,000		114,030
Mondelez International, Inc.		1,676,300		98,013
Clorox Co.		255,000		51,490
Herbalife Nutrition Ltd.²		849,000		40,795
Church & Dwight Co., Inc.		424,500		37,029
General Mills, Inc.		428,800		25,213
Pernod Ricard SA¹		117,200		22,466
Constellation Brands, Inc., Class A		100,700		22,058
Anheuser-Busch InBev SA/NV¹		281,571		19,677
Kraft Heinz Company		567,200		19,659
				1,947,067

Materials 4.89%
Celanese Corp.		2,593,233		336,965
LyondellBasell Industries NV		2,453,100		224,851
Vale SA, ordinary nominative (ADR)		9,206,039		154,293
Vale SA, ordinary nominative		3,404,848		57,325
Linde PLC		774,300		204,036
Dow Inc.		2,859,700		158,713
Sherwin-Williams Company		162,500		119,423
International Flavors & Fragrances Inc.³		1,075,000		117,003
Freeport-McMoRan Inc.		4,073,000		105,980
Air Products and Chemicals, Inc.		312,100		85,272
Rio Tinto PLC¹		1,020,655		76,369
Barrick Gold Corp.		2,373,000		54,057
Mosaic Co.		2,333,266		53,688
PPG Industries, Inc.		295,550		42,624
Centerra Gold Inc.		2,917,909		33,789
DuPont de Nemours Inc.		459,700		32,689
Asahi Kasei Corp.¹		2,392,300		24,606
				1,881,683

Energy 3.42%
Canadian Natural Resources, Ltd. (CAD denominated)		10,768,800		258,793
Chevron Corp.		2,670,200		225,498
Enbridge Inc. (CAD denominated)		5,382,362		172,139
EOG Resources, Inc.		3,255,400		162,347
Baker Hughes Co., Class A		5,510,024		114,884
ConocoPhillips		2,307,010		92,257
Equitrans Midstream Corp.		8,547,400		68,721
Schlumberger Ltd.		2,727,900		59,550
Royal Dutch Shell PLC, Class B (ADR)		1,622,300		54,525

American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Royal Dutch Shell PLC, Class A (ADR)		13,204	$	464
TC Energy Corp. (CAD denominated)³		1,168,019		47,486
Concho Resources Inc.		653,000		38,103
Exxon Mobil Corp.		500,000		20,610
Tullow Oil PLC^1,2		3,674,051		1,473
Weatherford International²		128,424		771
				1,317,621

Utilities 2.89%
Edison International		2,916,721		183,228
CenterPoint Energy, Inc.		6,548,899		141,718
Enel SpA¹		13,587,341		137,210
AES Corp.		5,203,200		122,275
Sempra Energy		750,000		95,557
American Electric Power Company, Inc.		1,036,600		86,318
Exelon Corp.		1,576,100		66,543
Endesa, SA¹		2,286,838		62,703
PG&E Corp.²		4,171,900		51,982
CMS Energy Corp.		692,700		42,262
Public Service Enterprise Group Inc.		686,500		40,023
Xcel Energy Inc.		423,300		28,221
Entergy Corp.		274,900		27,446
DTE Energy Company		125,900		15,286
E.ON SE¹		937,841		10,387
				1,111,159

Real estate 2.56%
Equinix, Inc. REIT		541,418		386,670
Crown Castle International Corp. REIT		1,561,966		248,649
MGM Growth Properties LLC REIT, Class A		3,346,000		104,730
American Tower Corp. REIT		421,300		94,565
Digital Realty Trust, Inc. REIT		645,000		89,984
SBA Communications Corp. REIT		210,000		59,247
				983,845

Total common stocks (cost: $22,668,560,000)				37,078,259

Convertible stocks 0.81%
Health care 0.47%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023³		80,972		105,353
Danaher Corp., Series A, cumulative convertible preferred shares, 4.75% 2022		50,000		75,882
				181,235

Information technology 0.33%
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		88,400		125,746

Industrials 0.01%
Stanley Black & Decker, Inc., convertible preferred shares, 5.25% 2022		35,448		3,965

Consumer discretionary 0.00%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023		675		104

Total convertible stocks (cost: $234,248,000)				311,050

92	American Funds Insurance Series

Growth-Income Fund (continued)


Bonds, notes & other debt instruments 0.12%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 0.12%
Consumer discretionary 0.09%
Carnival Corp. 11.50% 2023⁴	$	27,790	$	32,174
General Motors Financial Co. 4.30% 2025		160		180
General Motors Financial Co. 5.25% 2026		827		976
				33,330

Energy 0.02%
Weatherford International PLC 8.75% 2024⁴		1,983		1,990
Weatherford International PLC 11.00% 2024⁴		5,280		4,132
				6,122

Industrials 0.01%
Boeing Company 4.875% 2025		4,706		5,367

Total corporate bonds, notes & loans				44,819

Total bonds, notes & other debt instruments (cost: $40,235,000)				44,819

Short-term securities 3.06%		Shares
Money market investments 3.06%
Capital Group Central Cash Fund 0.12%^5,6		10,056,640		1,005,764
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^5,7		174,462,623		174,463
				1,180,227

Total short-term securities (cost: $1,180,023,000)				1,180,227
Total investment securities 100.32% (cost: $24,123,066,000)				38,614,355
Other assets less liabilities (0.32)%				(122,820	)

Net assets 100.00%			$	38,491,535

Investments in affiliates⁶
	Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)
Common stocks 0.00%
Industrials 0.00%
BWX Technologies, Inc.⁸	$	336,143	$	16,890	$	138,597	$	(18,623	)	$	(10,096	)	$	—	$	3,020
Short-term securities 2.61%
Money market investments 2.61%
Capital Group Central Cash Fund 0.12%⁵		1,940,600		5,169,467		6,103,677		262			(888	)		1,005,764		9,905
Total 2.61%							$	(18,361	)	$	(10,984	)	$	1,005,764	$	12,925

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $2,949,615,000, which represented 7.66% 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.
²	Security did not produce income during the last 12 months.
³	All or a portion of this security was on loan. The total value of all such securities was $188,806,000, which represented .49% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁴	Acquired in a transaction exempt from registration under Rule 144A 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 $38,296,000, which represented .10% of the net assets of the fund.
⁵	Rate represents the seven-day yield at 12/31/2020.
⁶	Affiliate of the fund or part of the same group of investment companies as the fund, in each case as defined under the Investment Company Act of 1940.
⁷	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁸	Unaffiliated issuer at 12/31/2020.

American Funds Insurance Series

Growth-Income Fund (continued)

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

GBP = British pounds

See notes to financial statements.

94	American Funds Insurance Series

International Growth and Income Fund

Investment portfolio December 31, 2020

Common stocks 94.17%	Shares		Value (000)
Financials 17.86%
HDFC Bank Ltd.^1,2		2,457,600	$	48,410
AIA Group Ltd.¹		2,338,600		28,806
ING Groep NV^1,2		2,789,300		26,424
Zurich Insurance Group AG¹		54,100		22,930
DNB ASA^1,2		825,000		16,243
B3 SA - Brasil, Bolsa, Balcao		1,302,000		15,536
Sberbank of Russia PJSC (ADR)¹		999,000		14,402
IndusInd Bank Ltd.^1,2		1,105,000		13,577
Moscow Exchange MICEX-RTS PJSC¹		5,665,000		12,224
DBS Group Holdings Ltd.¹		558,000		10,555
Banco Santander, SA^1,2		3,393,521		10,536
Haci Ömer Sabanci Holding AS¹		6,520,900		10,063
Aegon NV¹		2,483,308		9,917
Ping An Insurance (Group) Company of China, Ltd., Class H¹		690,500		8,481
PICC Property and Casualty Co. Ltd., Class H¹		7,905,000		5,989
Great-West Lifeco Inc. (CAD denominated)		248,102		5,916
				260,009

Industrials 12.94%
Shanghai International Airport Co., Ltd., Class A¹		3,091,967		35,788
Airbus SE, non-registered shares^1,2		246,912		27,123
Ryanair Holdings PLC (ADR)²		179,000		19,686
Singapore Technologies Engineering Ltd¹		5,270,000		15,216
SAAB AB, Class B^1,2		510,000		14,838
Recruit Holdings Co., Ltd.¹		319,900		13,418
Komatsu Ltd.¹		445,000		12,194
Alliance Global Group, Inc.¹		54,617,900		12,062
Airports of Thailand PCL, foreign registered¹		5,250,000		10,824
GT Capital Holdings, Inc.¹		797,142		9,715
Aena SME, SA, non-registered shares^1,2		52,450		9,159
LIXIL Corp.¹		385,000		8,362
				188,385

Communication services 12.10%
SoftBank Corp.¹		4,691,700		58,818
SoftBank Group Corp.¹		580,800		45,486
Yandex NV, Class A²		470,000		32,702
Tencent Holdings Ltd.¹		297,700		21,752
Rightmove PLC^1,2		1,290,000		11,488
Bilibili Inc., Class Z (ADR)^2,3		69,200		5,932
				176,178

Consumer discretionary 11.91%
LVMH Moët Hennessy-Louis Vuitton SE¹		48,000		29,992
Sony Corp.¹		265,900		26,734
Taylor Wimpey PLC^1,2		10,317,400		23,457
Kering SA¹		29,000		21,083
Naspers Ltd., Class N¹		95,400		19,526
Flutter Entertainment PLC (GBP denominated)¹		73,000		15,114
Alibaba Group Holding Ltd.^1,2		442,500		12,929
Galaxy Entertainment Group Ltd.¹		1,345,000		10,461
Entain PLC^1,2		494,100		7,670
Prosus NV¹		59,100		6,357
				173,323

Health care 9.62%
Daiichi Sankyo Company, Ltd.¹		1,359,000		46,587
Aier Eye Hospital Group Co., Ltd., Class A¹		1,937,655		22,193
Fresenius SE & Co. KGaA¹		283,701		13,109
Chugai Pharmaceutical Co., Ltd.¹		228,900		12,221
HOYA Corp.¹		85,000		11,750
Novartis AG¹		113,564		10,726

American Funds Insurance Series

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
GlaxoSmithKline PLC¹		386,500	$	7,082
Richter Gedeon Nyrt.¹		265,232		6,656
Teva Pharmaceutical Industries Ltd. (ADR)²		662,000		6,388
Alcon Inc.^1,2		48,672		3,249
NMC Health PLC^1,2,4		304,610		4
				139,965

Materials 6.96%
Vale SA, ordinary nominative		1,712,500		28,832
Vale SA, ordinary nominative (ADR)		424,300		7,111
Rio Tinto PLC¹		379,300		28,381
Linde PLC		53,000		13,966
Air Liquide SA, non-registered shares¹		79,200		12,999
Akzo Nobel NV¹		93,955		10,092
				101,381

Consumer staples 6.72%
Imperial Brands PLC¹		2,228,016		46,814
Treasury Wine Estates Ltd.¹		2,607,742		18,916
Philip Morris International Inc.		140,000		11,591
British American Tobacco PLC¹		216,802		8,064
Pernod Ricard SA¹		39,400		7,553
Kirin Holdings Company, Ltd.¹		209,500		4,946
				97,884

Information technology 5.36%
ASML Holding NV¹		47,800		23,100
Nice Ltd. (ADR)²		73,400		20,812
Taiwan Semiconductor Manufacturing Company, Ltd.¹		1,010,000		18,969
SUMCO Corp.¹		692,000		15,193
				78,074

Utilities 5.20%
E.ON SE¹		2,453,000		27,167
ENN Energy Holdings Ltd.¹		1,358,000		19,933
Ørsted AS¹		63,707		13,030
Iberdrola, SA, non-registered shares¹		623,669		8,919
SSE PLC¹		325,350		6,706
				75,755

Energy 2.84%
Royal Dutch Shell PLC, Class A (GBP denominated)¹		792,000		14,061
Royal Dutch Shell PLC, Class B¹		482,000		8,304
Canadian Natural Resources, Ltd. (CAD denominated)		272,500		6,549
Canadian Natural Resources, Ltd.		92,000		2,212
Cenovus Energy Inc.		935,000		5,692
Total SE^1,3		104,750		4,519
				41,337

Real estate 2.66%
CK Asset Holdings Ltd.¹		2,626,000		13,507
China Resources Mixc Lifestyle Services Ltd.^1,2		2,193,461		10,171
Sun Hung Kai Properties Ltd.¹		747,000		9,644
China Resources Land Ltd.¹		1,308,000		5,420
				38,742

Total common stocks (cost: $998,798,000)				1,371,033

96	American Funds Insurance Series

International Growth and Income Fund (continued)

Preferred securities 1.67%		Shares		Value (000)
Energy 1.67%
Petróleo Brasileiro SA (Petrobras), preferred nominative (ADR)			1,182,200	$	13,075
Petróleo Brasileiro SA (Petrobras), preferred nominative			2,062,500		11,253
					24,328

Total preferred securities (cost: $16,583,000)					24,328

Rights & warrants 1.05%
Health care 1.05%
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expire 2021^1,5			958,500		10,978
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expire 2021^1,2,5			382,799		4,319

Total rights & warrants (cost: $8,134,000)					15,297

Bonds, notes & other debt instruments 0.61%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 0.34%
Brazil (Federative Republic of) 10.00% 2025		BRL	22,000		4,900

Corporate bonds, notes & loans 0.27%
Health care 0.27%
Teva Pharmaceutical Finance Co. BV 3.15% 2026		$	1,060		1,021
Teva Pharmaceutical Finance Co. BV 4.10% 2046			1,160		1,035
Valeant Pharmaceuticals International, Inc. 6.125% 2025⁵			1,865		1,924
					3,980

Total bonds, notes & other debt instruments (cost: $9,565,000)					8,880

Short-term securities 2.62%			Shares
Money market investments 2.62%
Capital Group Central Cash Fund 0.12%^6,7			317,516		31,755
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^6,8			6,385,194		6,385

Total short-term securities (cost: $38,133,000)					38,140
Total investment securities 100.12% (cost: $1,071,213,000)					1,457,678
Other assets less liabilities (0.12)%					(1,795	)

Net assets 100.00%				$	1,455,883

Investments in affiliates⁷
	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 2.18%
Money market investments 2.18%
Capital Group Central Cash Fund 0.12%⁶	$	128,026	$	424,730	$	520,991	$	29	$	(39	)	$	31,755	$	543

American Funds Insurance Series

International Growth and Income Fund (continued)

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,203,405,000, which represented 82.66% of the net assets of the fund. This amount includes $1,203,401,000 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.
³	All or a portion of this security was on loan. The total value of all such securities was $6,820,000, which represented .47% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁴	Value determined using significant unobservable inputs.
⁵	Acquired in a transaction exempt from registration under Rule 144A 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 $17,221,000, which represented 1.18% of the net assets of the fund.
⁶	Rate represents the seven-day yield at 12/31/2020.
⁷	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
⁸	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviations

ADR = American Depositary Receipts

BRL = Brazilian reais

CAD = Canadian dollars

GBP = British pounds

See notes to financial statements.

98	American Funds Insurance Series

Capital Income Builder

Investment portfolio December 31, 2020

Common stocks 73.08%	Shares		Value (000)
Financials 13.08%
Zurich Insurance Group AG¹		31,951	$	13,542
JPMorgan Chase & Co.		93,281		11,853
Toronto-Dominion Bank (CAD denominated)		177,227		10,014
Münchener Rückversicherungs-Gesellschaft AG¹		32,434		9,606
Ping An Insurance (Group) Company of China, Ltd., Class H¹		519,000		6,375
Ping An Insurance (Group) Company of China, Ltd., Class A¹		67,300		895
Truist Financial Corp.		146,476		7,021
CME Group Inc., Class A		37,418		6,812
Hong Kong Exchanges and Clearing Ltd.¹		107,600		5,918
PNC Financial Services Group, Inc.		38,822		5,784
DBS Group Holdings Ltd.¹		258,926		4,898
Power Corp. of Canada, subordinate voting shares		200,855		4,612
Principal Financial Group, Inc.		89,574		4,444
Great-West Lifeco Inc. (CAD denominated)		179,325		4,276
State Street Corp.		56,582		4,118
Citizens Financial Group, Inc.		99,875		3,572
American International Group, Inc.		78,458		2,970
Kaspi.kz JSC^1,2,3		42,503		2,855
Kaspi.kz JSC (GDR)^1,2		528		35
Royal Bank of Canada		34,719		2,853
China Pacific Insurance (Group) Co., Ltd., Class H¹		672,000		2,639
KeyCorp		159,523		2,618
Citigroup Inc.		34,320		2,116
East West Bancorp, Inc.		41,043		2,081
Moscow Exchange MICEX-RTS PJSC¹		879,942		1,899
Travelers Companies, Inc.		13,301		1,867
Sberbank of Russia PJSC (ADR)¹		124,715		1,798
DNB ASA^1,2		89,834		1,769
AIA Group Ltd.¹		109,200		1,345
U.S. Bancorp		27,892		1,300
National Bank of Canada (Canada)		21,800		1,227
BOC Hong Kong (Holdings) Ltd.¹		401,500		1,220
BNP Paribas SA^1,2		21,885		1,154
Tryg A/S¹		32,699		1,031
Franklin Resources, Inc.		36,936		923
PICC Property and Casualty Co. Ltd., Class H¹		1,170,000		887
Everest Re Group, Ltd.		3,444		806
Banco Santander, SA^1,2		256,104		795
Banca Mediolanum SpA^1,2		79,459		688
B3 SA - Brasil, Bolsa, Balcao		51,891		619
Marsh & McLennan Companies, Inc.		5,080		594
China Merchants Bank Co., Ltd., Class H¹		92,000		584
Euronext NV¹		3,260		359
Wells Fargo & Company		9,632		291
The Blackstone Group Inc., Class A		2,897		188
UBS Group AG¹		12,103		169
TISCO Financial Group PCL, foreign registered¹		31,200		93
				143,513

Information technology 9.11%
Broadcom Inc.		85,538		37,453
Microsoft Corp.		80,505		17,906
Taiwan Semiconductor Manufacturing Company, Ltd.¹		710,800		13,350
Vanguard International Semiconductor Corp.¹		1,036,700		4,296
International Business Machines Corp.		29,876		3,761
Intel Corp.		70,500		3,512
NetApp, Inc.		51,604		3,418
Globalwafers Co., Ltd.¹		111,000		2,809
Paychex, Inc.		30,081		2,803
Western Union Company		127,630		2,800
QUALCOMM Inc.		14,936		2,275
KLA Corp.		8,387		2,172

American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Apple Inc.		11,238	$	1,491
Texas Instruments Inc.		6,003		985
Tokyo Electron Ltd.¹		2,300		858
				99,889

Consumer staples 9.03%
Philip Morris International Inc.		310,514		25,706
British American Tobacco PLC¹		439,883		16,361
Coca-Cola Company		141,409		7,755
Altria Group, Inc.		157,834		6,471
General Mills, Inc.		103,684		6,097
Nestlé SA¹		49,230		5,796
Unilever PLC¹		77,436		4,661
Imperial Brands PLC¹		204,285		4,292
Carlsberg A/S, Class B¹		25,128		4,029
Danone SA¹		48,065		3,159
Kraft Heinz Company		54,961		1,905
Anheuser-Busch InBev SA/NV¹		25,927		1,812
ITC Ltd.¹		581,859		1,667
Kirin Holdings Company, Ltd.¹		63,700		1,504
Kimberly-Clark Corp.		10,979		1,480
Keurig Dr Pepper Inc.		43,352		1,387
Japan Tobacco Inc.^1,4		62,300		1,270
Reckitt Benckiser Group PLC¹		14,019		1,254
Vector Group Ltd.		102,492		1,194
Procter & Gamble Company		4,639		645
PepsiCo, Inc.		3,593		533
Treasury Wine Estates Ltd.¹		13,106		95
Convenience Retail Asia Ltd.¹		510,000		39
				99,112

Health care 8.92%
AbbVie Inc.		195,093		20,904
Amgen Inc.		79,926		18,377
GlaxoSmithKline PLC¹		894,600		16,392
Gilead Sciences, Inc.		263,841		15,371
Novartis AG¹		111,820		10,561
Merck & Co., Inc.		52,966		4,333
AstraZeneca PLC¹		36,532		3,650
Roche Holding AG, nonvoting, non-registered shares¹		7,659		2,672
Abbott Laboratories		23,690		2,594
Royalty Pharma PLC, Class A		33,980		1,701
Eli Lilly and Company		5,814		982
UnitedHealth Group Inc.		811		284
				97,821

Utilities 8.26%
E.ON SE¹		1,163,311		12,884
Iberdrola, SA, non-registered shares¹		883,550		12,636
Dominion Energy, Inc.		125,783		9,459
Enel SpA¹		707,229		7,142
Duke Energy Corp.		75,190		6,884
DTE Energy Company		55,834		6,779
National Grid PLC¹		527,889		6,287
SSE PLC¹		182,254		3,756
Southern Co.		56,300		3,459
Consolidated Edison, Inc.		42,140		3,045
Exelon Corp.		58,099		2,453
Naturgy Energy Group, SA¹		95,933		2,239
Power Grid Corp. of India Ltd.¹		707,310		1,844
EDP - Energias de Portugal, SA¹		237,733		1,498
Endesa, SA¹		54,319		1,489

100	American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Utilities (continued)
Public Service Enterprise Group Inc.		21,289	$	1,241
AES Corp.		51,108		1,201
Infratil Ltd.¹		177,514		932
Centrica PLC^1,2		1,385,547		884
China Gas Holdings Ltd.¹		218,200		870
Power Assets Holdings Ltd.¹		134,500		730
Engie SA^1,2		43,725		670
Sempra Energy		3,323		423
Ratch Group PCL, foreign registered¹		239,000		421
Keppel Infrastructure Trust¹		1,021,236		421
CLP Holdings Ltd.¹		44,000		407
Guangdong Investment Ltd.¹		222,000		401
NextEra Energy, Inc.		1,367		106
				90,561

Real estate 5.64%
Crown Castle International Corp. REIT		124,703		19,851
Digital Realty Trust, Inc. REIT		62,741		8,753
Link Real Estate Investment Trust REIT¹		528,018		4,811
VICI Properties Inc. REIT		180,807		4,611
CK Asset Holdings Ltd.¹		683,000		3,513
Gaming and Leisure Properties, Inc. REIT		82,780		3,510
Federal Realty Investment Trust REIT		32,070		2,730
Longfor Group Holdings Ltd.¹		394,500		2,317
TAG Immobilien AG¹		70,512		2,229
Charter Hall Group REIT¹		160,868		1,826
MGM Growth Properties LLC REIT, Class A		50,154		1,570
American Tower Corp. REIT		4,721		1,060
Embassy Office Parks REIT¹		223,400		1,055
Mindspace Business Parks REIT^1,2		115,800		507
Mindspace Business Parks REIT^1,2,3		110,400		474
Americold Realty Trust REIT		25,291		944
Sun Hung Kai Properties Ltd.¹		61,755		797
China Overseas Land & Investment Ltd.¹		215,000		468
Ventas, Inc. REIT		6,719		329
China Resources Land Ltd.¹		72,000		298
AvalonBay Communities, Inc. REIT		1,264		203
				61,856

Communication services 5.11%
Verizon Communications Inc.		169,518		9,959
BCE Inc.		186,983		7,996
SoftBank Corp.¹		573,300		7,187
Comcast Corp., Class A		129,064		6,763
Koninklijke KPN NV¹		1,905,767		5,778
Nippon Telegraph and Telephone Corp.¹		141,600		3,631
HKT Trust and HKT Ltd., units¹		2,729,240		3,543
Vodafone Group PLC¹		1,455,807		2,396
AT&T Inc.		59,287		1,705
TELUS Corp.		75,253		1,490
Indus Towers Ltd.¹		362,801		1,145
ITV PLC^1,2		755,275		1,104
HKBN Ltd.¹		466,500		722
KT Corp. (ADR)		65,529		721
ProSiebenSat.1 Media SE^1,2		38,716		651
Omnicom Group Inc.		10,004		624
Lumen Technologies, Inc.		39,066		381
Zegona Communications PLC¹		190,674		274
				56,070

American Funds Insurance Series

101

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Energy 4.55%
Chevron Corp.		145,007	$	12,246
TC Energy Corp. (CAD denominated)		168,661		6,857
TC Energy Corp.		50,505		2,056
Enbridge Inc. (CAD denominated)		205,928		6,586
Canadian Natural Resources, Ltd. (CAD denominated)		216,326		5,199
Total SE^1,4		81,796		3,528
ConocoPhillips		73,490		2,939
Royal Dutch Shell PLC, Class B¹		150,315		2,590
Royal Dutch Shell PLC, Class B (ADR)		8,064		271
EOG Resources, Inc.		54,719		2,729
BP PLC¹		719,280		2,478
Equitrans Midstream Corp.		199,833		1,606
Gazprom PJSC (ADR)¹		113,653		632
Exxon Mobil Corp.		4,511		186
				49,903

Industrials 4.27%
Raytheon Technologies Corp.		140,295		10,032
United Parcel Service, Inc., Class B		38,043		6,406
VINCI SA¹		38,230		3,804
Singapore Technologies Engineering Ltd¹		1,141,700		3,296
BOC Aviation Ltd.¹		378,700		3,275
Caterpillar Inc.		14,767		2,688
Deutsche Post AG¹		45,308		2,242
Trinity Industries, Inc.		81,264		2,145
RELX PLC¹		75,368		1,854
Cía. de Distribución Integral Logista Holdings, SA, non-registered shares¹		76,271		1,479
Stanley Black & Decker, Inc.		7,147		1,276
Union Pacific Corp.		6,033		1,256
BAE Systems PLC¹		162,460		1,087
ABB Ltd.¹		36,607		1,024
CCR SA, ordinary nominative		320,739		832
ComfortDelGro Corp., Ltd.¹		643,200		813
Lockheed Martin Corp.		2,118		752
ALD SA¹		52,301		735
Cummins Inc.		2,832		643
Melrose Industries PLC^1,2		200,791		490
General Dynamics Corp.		2,392		356
Honeywell International Inc.		1,235		263
L3Harris Technologies, Inc.		655		124
				46,872

Materials 3.88%
Dow Inc.		143,551		7,967
Rio Tinto PLC¹		93,848		7,022
BHP Group PLC¹		250,488		6,601
LyondellBasell Industries NV		54,261		4,974
Vale SA, ordinary nominative		100,331		1,689
Vale SA, ordinary nominative (ADR)		87,319		1,464
Fortescue Metals Group Ltd.¹		138,322		2,501
Evonik Industries AG¹		74,726		2,435
Nutrien Ltd.		30,705		1,479
BASF SE¹		18,013		1,422
Asahi Kasei Corp.¹		121,900		1,254
Amcor PLC (CDI)¹		90,984		1,081
Celanese Corp.		6,820		886
Nexa Resources SA⁴		49,159		474
CRH PLC¹		9,678		409

102	American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Materials (continued)
Linde PLC		1,401	$	369
WestRock Co.		7,219		314
Air Products and Chemicals, Inc.		704		192
				42,533

Consumer discretionary 1.23%
McDonald’s Corp.		10,713		2,299
Kering SA¹		2,740		1,992
Hasbro, Inc.		17,740		1,659
Sands China Ltd.¹		290,000		1,275
Home Depot, Inc.		4,332		1,151
Gree Electric Appliances, Inc. of Zhuhai, Class A¹		109,338		1,038
LVMH Moët Hennessy-Louis Vuitton SE¹		1,515		946
Taylor Wimpey PLC^1,2		307,380		699
Starbucks Corp.		5,854		626
VF Corp.		6,812		582
Industria de Diseño Textil, SA¹		15,355		489
YUM! Brands, Inc.		3,958		430
Cie. Financière Richemont SA, Class A¹		3,565		322
				13,508

Total common stocks (cost: $658,866,000)				801,638

Preferred securities 0.18%
Information technology 0.18%
Samsung Electronics Co., Ltd., nonvoting preferred shares¹		29,272		1,987

Total preferred securities (cost: $1,093,000)				1,987

Rights & warrants 0.00%
Consumer discretionary 0.00%
Cie. Financière Richemont SA, Class A, warrants, expire 2023²		7,130		2

Total rights & warrants (cost: $0)				2

Convertible stocks 1.26%
Utilities 0.57%
Sempra Energy, Series A, convertible preferred shares, 6.00% 2021		17,965		1,792
NextEra Energy, Inc., convertible preferred units, 4.872% 2022		29,485		1,745
Dominion Energy, Inc., Series A, convertible preferred shares, 7.25% 2022		16,000		1,605
American Electric Power Company, Inc., convertible preferred units, 6.125% 2023		15,148		767
American Electric Power Company, Inc., convertible preferred shares, 6.125% 2022		6,400		321
				6,230

Information technology 0.35%
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		2,746		3,906

Health care 0.21%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023⁴		1,745		2,270

Industrials 0.10%
Stanley Black & Decker, Inc., convertible preferred shares, 5.25% 2022⁴		10,100		1,130

American Funds Insurance Series

103

Capital Income Builder (continued)

Convertible stocks (continued)	Shares		Value (000)
Consumer discretionary 0.03%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023		1,948	$	301

Total convertible stocks (cost: $11,489,000)				13,837

Convertible bonds & notes 0.07%	Principal amount (000)
Consumer discretionary 0.07%
Carnival Corp., convertible notes, 5.75% 2023³	$	110		261
Royal Caribbean Cruises Ltd., convertible notes, 4.25% 2023³		392		523
				784

Total convertible bonds & notes (cost: $540,000)				784

Bonds, notes & other debt instruments 20.79%
U.S. Treasury bonds & notes 9.20%
U.S. Treasury 8.40%
U.S. Treasury 0.125% 2022		20,800		20,806
U.S. Treasury 0.125% 2022		9,600		9,601
U.S. Treasury 0.125% 2022		5,850		5,851
U.S. Treasury 0.125% 2022		2,600		2,600
U.S. Treasury 0.125% 2022		2,500		2,501
U.S. Treasury 0.25% 2025		7,612		7,582
U.S. Treasury 0.375% 2025		907		910
U.S. Treasury 0.375% 2025		850		851
U.S. Treasury 2.00% 2025⁵		10,000		10,773
U.S. Treasury 1.875% 2026		6,300		6,795
U.S. Treasury 2.00% 2026⁵		2,800		3,047
U.S. Treasury 0.50% 2027		2,900		2,892
U.S. Treasury 0.875% 2030		3,154		3,142
U.S. Treasury 1.125% 2040⁵		2,400		2,278
U.S. Treasury 1.375% 2050⁵		13,332		12,475
				92,104

U.S. Treasury inflation-protected securities 0.80%
U.S. Treasury Inflation-Protected Security 0.125% 2025⁶		4,133		4,445
U.S. Treasury Inflation-Protected Security 0.125% 2030⁶		2,226		2,484
U.S. Treasury Inflation-Protected Security 0.25% 2050^5,6		1,544		1,840
				8,769

Total U.S. Treasury bonds & notes				100,873

Corporate bonds, notes & loans 5.98%
Health care 0.87%
Abbott Laboratories 3.75% 2026		240		281
AbbVie Inc. 2.95% 2026		369		409
AbbVie Inc. 4.25% 2049		92		116
Amgen Inc. 3.375% 2050		150		168
AstraZeneca PLC 3.375% 2025		200		225
Becton, Dickinson and Company 3.70% 2027		930		1,067
Boston Scientific Corp. 2.65% 2030		250		268
Centene Corp. 4.625% 2029		530		589
Centene Corp. 3.375% 2030		179		189
Novartis Capital Corp. 1.75% 2025		208		218
Novartis Capital Corp. 2.00% 2027		120		128
Partners HealthCare System, Inc. 3.192% 2049		210		232
Pfizer Inc. 2.70% 2050		425		457
Regeneron Pharmaceuticals, Inc. 1.75% 2030		54		53
Regeneron Pharmaceuticals, Inc. 2.80% 2050		109		106
Shire PLC 3.20% 2026		182		204
Takeda Pharmaceutical Company, Ltd. 4.40% 2023		1,330		1,475
Tenet Healthcare Corp. 7.50% 2025³		325		356

104	American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Teva Pharmaceutical Finance Co. BV 6.00% 2024	$	700	$	744
Teva Pharmaceutical Finance Co. BV 3.15% 2026		1,375		1,324
Teva Pharmaceutical Finance Co. BV 4.10% 2046		300		268
Thermo Fisher Scientific Inc. 4.497% 2030		95		119
UnitedHealth Group Inc. 2.375% 2024		35		37
UnitedHealth Group Inc. 4.45% 2048		170		235
Upjohn Inc. 2.70% 2030³		83		88
Upjohn Inc. 3.85% 2040³		32		36
Upjohn Inc. 4.00% 2050³		70		80
				9,472

Energy 0.82%
Apache Corp. 4.25% 2030		385		405
Baker Hughes, a GE Co. 4.08% 2047		37		42
BP Capital Markets America Inc. 3.633% 2030		360		419
BP Capital Markets America Inc. 2.772% 2050		90		89
BP Capital Markets America Inc. 2.939% 2051		80		82
Canadian Natural Resources Ltd. 3.85% 2027		185		208
Canadian Natural Resources Ltd. 2.95% 2030		83		89
Canadian Natural Resources Ltd. 4.95% 2047		91		115
Cenovus Energy Inc. 5.40% 2047		75		88
Cheniere Energy, Inc. 3.70% 2029		252		281
Concho Resources Inc. 4.30% 2028		210		248
Enbridge Energy Partners, LP 7.375% 2045		37		56
Energy Transfer Operating, LP 5.00% 2050		361		391
Energy Transfer Partners, LP 5.30% 2047		60		67
Energy Transfer Partners, LP 6.00% 2048		161		192
Energy Transfer Partners, LP 6.25% 2049		150		181
Enterprise Products Operating LLC 3.20% 2052		24		24
EQT Corp. 5.00% 2029		35		37
Equinor ASA 2.375% 2030		365		391
Exxon Mobil Corp. 2.995% 2039		200		217
Exxon Mobil Corp. 3.452% 2051		72		82
Kinder Morgan, Inc. 5.05% 2046		925		1,134
MPLX LP 5.50% 2049		625		823
ONEOK, Inc. 3.10% 2030		42		45
ONEOK, Inc. 4.95% 2047		51		57
ONEOK, Inc. 5.20% 2048		184		215
ONEOK, Inc. 7.15% 2051		97		134
Pemex Project Funding Master Trust, Series 13, 6.625% 2035		150		149
Petrobras Global Finance Co. 5.60% 2031		150		173
Petróleos Mexicanos 7.69% 2050		75		76
Pioneer Natural Resources Company 1.90% 2030		163		162
Plains All American Pipeline, LP 3.80% 2030		11		12
Sabine Pass Liquefaction, LLC 4.50% 2030³		215		255
Shell International Finance BV 2.00% 2024		420		443
Total Capital International 2.434% 2025		175		187
Total Capital International 3.127% 2050		250		271
TransCanada PipeLines Ltd. 4.10% 2030		205		242
TransCanada PipeLines Ltd. 5.10% 2049		425		569
Williams Companies, Inc. 3.50% 2030		216		245
Williams Partners LP 6.30% 2040		95		126
				9,022

Financials 0.82%
Allstate Corp. 3.85% 2049		170		214
American International Group, Inc. 4.375% 2050		250		327
AON Corp. 2.20% 2022		249		258
Bank of America Corp. 0.81% 2024 (USD-SOFR + 0.74% on 10/24/2023)⁷		150		151
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)⁷		1,125		1,140

American Funds Insurance Series

105

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Citigroup Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)⁷	$	540	$	576
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)^3,7		500		589
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)⁷		150		154
Goldman Sachs Group, Inc. 3.50% 2025		177		197
Goldman Sachs Group, Inc. 2.60% 2030		400		431
Hartford Financial Services Group, Inc. 2.80% 2029		300		326
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)⁷		500		532
HSBC Holdings PLC 3.973% 2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)⁷		250		289
JPMorgan Chase & Co. 1.764% 2031 (USD-SOFR + 1.05% on 11/19/2030)⁷		120		121
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)⁷		475		511
JPMorgan Chase & Co. 2.525% 2041 (USD-SOFR + 1.51% on 11/19/2040)⁷		75		77
JPMorgan Chase & Co. 3.109% 2051 (USD-SOFR + 3.109% on 4/22/2050)⁷		241		268
Lloyds Banking Group PLC 3.87% 2025 (UST Yield Curve Rate T Note Constant Maturity 1-year + 3.50% on 7/9/2024)⁷		390		430
MetLife, Inc. 4.55% 2030		190		238
Metropolitan Life Global Funding I 1.95% 2023³		380		392
Mitsubishi UFJ Financial Group, Inc. 3.195% 2029		290		327
Morgan Stanley 3.70% 2024		260		290
Morgan Stanley 1.794% 2032 (USD-SOFR + 1.034% on 2/13/2031)⁷		100		101
Morgan Stanley 5.597% 2051 (USD-SOFR + 4.84% on 3/24/2050)⁷		115		185
Navient Corp. 5.00% 2027		150		152
New York Life Global Funding 3.00% 2028³		150		168
New York Life Insurance Company 3.75% 2050³		62		74
Travelers Companies, Inc. 4.10% 2049		130		171
Wells Fargo & Company 4.60% 2021		300		303
				8,992

Communication services 0.77%
Alphabet Inc. 2.05% 2050		80		76
AT&T Inc. 2.25% 2032		75		76
AT&T Inc. 3.50% 2041		75		81
AT&T Inc. 3.50% 2053³		624		624
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2027³		235		250
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031		158		167
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 2031³		360		380
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2032³		950		1,016
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2049		65		79
CCO Holdings LLC and CCO Holdings Capital Corp. 3.70% 2051		100		104
CenturyLink, Inc. 7.50% 2024		300		340
Comcast Corp. 3.75% 2040		138		166
Comcast Corp. 2.80% 2051		200		208
Discovery Communications, Inc. 4.65% 2050		139		174
NBCUniversal Enterprise, Inc., junior subordinated, 5.25% 2049³		630		643
Sprint Corp. 11.50% 2021		1,425		1,549
Sprint Corp. 6.875% 2028		325		429
T-Mobile US, Inc. 3.875% 2030³		625		725
T-Mobile US, Inc. 3.00% 2041³		100		104
T-Mobile US, Inc. 3.30% 2051³		186		192
Verizon Communications Inc. 4.329% 2028		192		231
Verizon Communications Inc. 3.875% 2029		25		30
Verizon Communications Inc. 4.016% 2029		215		255
Verizon Communications Inc. 1.75% 2031		98		98
Verizon Communications Inc. 2.875% 2050		125		126
Vodafone Group PLC 4.25% 2050		75		93
Walt Disney Co. 4.625% 2040		120		160
				8,376

106	American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities 0.67%
AEP Transmission Co. LLC 3.15% 2049	$	60	$	67
AEP Transmission Co. LLC 3.80% 2049		45		56
AEP Transmission Co. LLC 3.65% 2050		75		91
American Electric Power Company, Inc. 3.65% 2021		300		309
American Electric Power Company, Inc. 1.00% 2025		25		25
CenterPoint Energy, Inc. 2.95% 2030		345		376
Connecticut Light and Power Co. 3.20% 2027		445		500
Consumers Energy Co. 3.10% 2050		159		184
Duke Energy Florida, LLC 2.50% 2029		430		470
Edison International 3.55% 2024		375		404
Edison International 5.75% 2027		158		189
Edison International 4.125% 2028		332		370
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)⁷		120		140
Evergy Metro, Inc. 2.25% 2030		125		132
FirstEnergy Corp. 3.90% 2027 (4.40% on 1/16/2021)⁷		50		55
FirstEnergy Corp. 2.25% 2030		162		157
FirstEnergy Corp. 2.65% 2030		493		495
Jersey Central Power & Light Co. 4.30% 2026³		115		129
NSTAR Electric Co. 3.95% 2030		50		61
Pacific Gas and Electric Co. 2.95% 2026		97		103
Pacific Gas and Electric Co. 3.75% 2028		105		115
Pacific Gas and Electric Co. 4.65% 2028		284		325
Pacific Gas and Electric Co. 2.50% 2031		450		451
Pacific Gas and Electric Co. 3.30% 2040		100		100
Pacific Gas and Electric Co. 3.50% 2050		325		324
Public Service Company of Colorado 3.80% 2047		20		25
San Diego Gas & Electric Co. 3.75% 2047		227		266
San Diego Gas & Electric Co. 4.10% 2049		115		144
Southern California Edison Co. 4.125% 2048		235		281
Southern California Edison Co. 3.65% 2050		298		339
Southern California Edison Co., Series C, 3.60% 2045		256		284
Virginia Electric and Power Co. 2.45% 2050		25		25
Xcel Energy Inc. 2.60% 2029		175		189
Xcel Energy Inc. 3.50% 2049		145		170
				7,351

Consumer discretionary 0.63%
Amazon.com, Inc. 2.50% 2050		75		78
Amazon.com, Inc. 2.70% 2060		30		32
Bayerische Motoren Werke AG 4.15% 2030³		290		351
Carnival Corp. 11.50% 2023³		775		897
Carnival Corp. 10.50% 2026³		165		192
Ford Motor Co. 9.625% 2030		50		71
General Motors Company 5.95% 2049		90		122
Home Depot, Inc. 3.35% 2050		350		417
PetSmart, Inc. 7.125% 2023³		125		125
Royal Caribbean Cruises Ltd. 10.875% 2023³		600		684
Royal Caribbean Cruises Ltd. 11.50% 2025³		1,210		1,416
Toyota Motor Credit Corp. 2.15% 2022		505		521
Toyota Motor Credit Corp. 2.60% 2022		856		876
Toyota Motor Credit Corp. 3.00% 2025		1,010		1,111
				6,893

Consumer staples 0.46%
Altria Group, Inc. 5.95% 2049		327		458
Anheuser-Busch Co. / InBev Worldwide 4.90% 2046		420		548
British American Tobacco PLC 3.215% 2026		250		276
British American Tobacco PLC 3.557% 2027		660		735
British American Tobacco PLC 4.906% 2030		350		423
British American Tobacco PLC 4.54% 2047		73		81

American Funds Insurance Series

107

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
British American Tobacco PLC 4.758% 2049	$	130	$	151
Coca-Cola Co. 1.375% 2031		100		100
Coca-Cola Co. 2.50% 2051		65		67
Conagra Brands, Inc. 5.30% 2038		18		24
Conagra Brands, Inc. 5.40% 2048		52		74
Constellation Brands, Inc. 3.15% 2029		190		212
Constellation Brands, Inc. 2.875% 2030		210		230
Keurig Dr Pepper Inc. 3.20% 2030		25		28
Keurig Dr Pepper Inc. 5.085% 2048		64		91
Keurig Dr Pepper Inc. 3.80% 2050		51		61
Kimberly-Clark Corp. 3.10% 2030		56		65
Kraft Heinz Company 3.00% 2026		100		104
Molson Coors Brewing Co. 4.20% 2046		65		75
PepsiCo, Inc. 1.40% 2031		40		40
PepsiCo, Inc. 3.625% 2050		240		305
Philip Morris International Inc. 3.375% 2029		450		516
Procter & Gamble Company 0.55% 2025		185		187
Wal-Mart Stores, Inc. 2.85% 2024		210		227
				5,078

Industrials 0.45%
Boeing Company 2.70% 2022		300		308
Boeing Company 2.75% 2026		91		96
Boeing Company 2.95% 2030		190		197
Boeing Company 3.60% 2034		90		95
Boeing Company 5.805% 2050		235		325
Carrier Global Corp. 2.242% 2025		102		108
Carrier Global Corp. 2.493% 2027		84		91
Carrier Global Corp. 2.722% 2030		74		79
CSX Corp. 4.75% 2048		50		68
CSX Corp. 3.35% 2049		310		354
CSX Corp. 2.50% 2051		50		50
General Electric Co. 3.45% 2027		50		56
General Electric Co. 4.25% 2040		75		89
General Electric Co. 4.35% 2050		50		61
Honeywell International Inc. 2.15% 2022		305		313
Honeywell International Inc. 2.30% 2024		175		187
Honeywell International Inc. 2.70% 2029		70		78
Norfolk Southern Corp. 3.00% 2022		224		230
Raytheon Technologies Corp. 3.125% 2050		125		138
TransDigm Inc. 6.50% 2024		455		464
TransDigm Inc. 8.00% 2025³		230		255
TransDigm Inc. 6.25% 2026³		445		474
Union Pacific Corp. 3.70% 2029		430		499
Union Pacific Corp. 4.30% 2049		110		144
Union Pacific Corp. 3.25% 2050		53		60
Union Pacific Corp. 3.95% 2059		45		56
Westinghouse Air Brake Technologies Corp. 4.40% 2024⁷		39		43
				4,918

Information technology 0.35%
Adobe Inc. 2.30% 2030		645		698
Apple Inc. 0.55% 2025		125		126
Apple Inc. 2.40% 2050		75		77
Broadcom Inc. 5.00% 2030		420		511
Broadcom Ltd. 3.875% 2027		370		416
Fiserv, Inc. 3.50% 2029		870		995
Intuit Inc. 0.95% 2025		50		51
Lenovo Group Ltd. 5.875% 2025		400		461

108	American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Microsoft Corp. 2.525% 2050	$	227		$	239
Oracle Corp. 3.60% 2050		150			175
ServiceNow, Inc. 1.40% 2030		130			127
					3,876

Real estate 0.07%
Corporate Office Properties LP 2.25% 2026		68			71
Equinix, Inc. 2.90% 2026		266			291
Equinix, Inc. 1.55% 2028		25			26
Equinix, Inc. 3.20% 2029		288			318
Equinix, Inc. 3.00% 2050		18			18
Equinix, Inc. 2.95% 2051		25			25
Westfield Corp. Ltd. 3.50% 2029³		54			57
					806

Materials 0.07%
Anglo American Capital PLC 5.625% 2030³		240			306
Braskem SA 4.50% 2030³		200			206
Dow Chemical Co. 4.80% 2049		67			90
LYB International Finance III, LLC 2.25% 2030		32			33
LYB International Finance III, LLC 4.20% 2050		75			88
LYB International Finance III, LLC 3.625% 2051		52			57
					780

Total corporate bonds, notes & loans					65,564

Mortgage-backed obligations 5.07%
Federal agency mortgage-backed obligations 4.46%
Fannie Mae Pool #695412 5.00% 2033⁸		—	⁹		—	⁹
Fannie Mae Pool #MA4124 2.50% 2035⁸		2,633			2,755
Fannie Mae Pool #AD3566 5.00% 2035⁸		2			2
Fannie Mae Pool #MA4228 1.50% 2036⁸		2,670			2,749
Fannie Mae Pool #AC0794 5.00% 2039⁸		10			11
Fannie Mae Pool #931768 5.00% 2039⁸		2			2
Fannie Mae Pool #AE0311 3.50% 2040⁸		17			18
Fannie Mae Pool #932606 5.00% 2040⁸		5			6
Fannie Mae Pool #AJ1873 4.00% 2041⁸		7			8
Fannie Mae Pool #AE1248 5.00% 2041⁸		11			13
Fannie Mae Pool #AE1274 5.00% 2041⁸		9			10
Fannie Mae Pool #AE1277 5.00% 2041⁸		5			6
Fannie Mae Pool #AE1283 5.00% 2041⁸		3			4
Fannie Mae Pool #AE1290 5.00% 2042⁸		6			7
Fannie Mae Pool #AL3829 3.50% 2043⁸		64			70
Fannie Mae Pool #AT7161 3.50% 2043⁸		29			31
Fannie Mae Pool #AR1512 3.50% 2043⁸		14			15
Fannie Mae Pool #AT0412 3.50% 2043⁸		7			8
Fannie Mae Pool #AT3954 3.50% 2043⁸		4			4
Fannie Mae Pool #AT0300 3.50% 2043⁸		3			3
Fannie Mae Pool #AY1829 3.50% 2044⁸		5			6
Fannie Mae Pool #AW8240 3.50% 2044⁸		1			1
Fannie Mae Pool #BE5017 3.50% 2045⁸		36			39
Fannie Mae Pool #BE5009 3.50% 2045⁸		29			31
Fannie Mae Pool #BE8740 3.50% 2047⁸		33			36
Fannie Mae Pool #BE8742 3.50% 2047⁸		10			11
Fannie Mae Pool #BH2848 3.50% 2047⁸		5			5
Fannie Mae Pool #BH2847 3.50% 2047⁸		3			4
Fannie Mae Pool #BH2846 3.50% 2047⁸		4			4
Fannie Mae Pool #BJ5015 4.00% 2047⁸		79			87
Fannie Mae Pool #BH3122 4.00% 2047⁸		3			3
Fannie Mae Pool #BJ4901 3.50% 2048⁸		23			25
Fannie Mae Pool #CA2850 4.00% 2048⁸		91			102

American Funds Insurance Series

109

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BK6840 4.00% 2048⁸	$	51	$	55
Fannie Mae Pool #BK5232 4.00% 2048⁸		40		45
Fannie Mae Pool #BK9743 4.00% 2048⁸		14		15
Fannie Mae Pool #CA2804 4.50% 2048⁸		654		709
Fannie Mae Pool #BK7665 4.50% 2048⁸		336		373
Fannie Mae Pool #BK0951 4.50% 2048⁸		257		288
Fannie Mae Pool #BK9761 4.50% 2048⁸		14		15
Fannie Mae Pool #CA4151 3.50% 2049⁸		318		350
Fannie Mae Pool #BJ8411 3.50% 2049⁸		67		73
Fannie Mae Pool #CA5540 3.00% 2050⁸		5,289		5,632
Freddie Mac Pool #SB8083 1.50% 2036⁸		285		294
Freddie Mac Pool #Q18236 3.50% 2043⁸		29		31
Freddie Mac Pool #Q19133 3.50% 2043⁸		18		20
Freddie Mac Pool #Q17696 3.50% 2043⁸		16		18
Freddie Mac Pool #Q15874 4.00% 2043⁸		2		2
Freddie Mac Pool #Q52069 3.50% 2047⁸		48		52
Freddie Mac Pool #Q55056 3.50% 2048⁸		60		65
Freddie Mac Pool #Q54709 3.50% 2048⁸		36		39
Freddie Mac Pool #Q54701 3.50% 2048⁸		34		37
Freddie Mac Pool #Q54782 3.50% 2048⁸		30		32
Freddie Mac Pool #Q54781 3.50% 2048⁸		27		30
Freddie Mac Pool #Q54700 3.50% 2048⁸		26		29
Freddie Mac Pool #Q55060 3.50% 2048⁸		19		20
Freddie Mac Pool #Q56591 3.50% 2048⁸		18		19
Freddie Mac Pool #Q56590 3.50% 2048⁸		17		18
Freddie Mac Pool #Q56589 3.50% 2048⁸		16		17
Freddie Mac Pool #Q54698 3.50% 2048⁸		14		15
Freddie Mac Pool #Q54699 3.50% 2048⁸		13		14
Freddie Mac Pool #Q54831 3.50% 2048⁸		9		10
Freddie Mac Pool #G67711 4.00% 2048⁸		440		486
Freddie Mac Pool #Q56599 4.00% 2048⁸		57		63
Freddie Mac Pool #Q56175 4.00% 2048⁸		43		47
Freddie Mac Pool #Q55971 4.00% 2048⁸		38		42
Freddie Mac Pool #Q56576 4.00% 2048⁸		29		31
Freddie Mac Pool #Q55970 4.00% 2048⁸		19		21
Freddie Mac Pool #Q58411 4.50% 2048⁸		116		129
Freddie Mac Pool #Q58436 4.50% 2048⁸		52		59
Freddie Mac Pool #Q58378 4.50% 2048⁸		43		48
Freddie Mac Pool #Q57242 4.50% 2048⁸		31		34
Freddie Mac Pool #RA1463 3.50% 2049⁸		216		238
Freddie Mac Pool #QA2748 3.50% 2049⁸		29		32
Freddie Mac Pool #SD7512 3.00% 2050⁸		6,954		7,446
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056⁸		390		418
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 2056^8,10		390		410
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 2056^8,10		193		203
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^8,10		149		162
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057⁸		121		132
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057⁸		36		39
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 2058⁸		1,422		1,553
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 2058⁸		1,026		1,118
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 2058⁸		715		777
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 2058⁸		34		37
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 2058⁸		15		16
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028⁸		1,440		1,524
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 2029⁸		2,121		2,232
Government National Mortgage Assn. 2.00% 2051^8,11		3,390		3,533
Government National Mortgage Assn. 2.00% 2051^8,11		1,710		1,786

110	American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. 2.50% 2051^8,11	$	2,650		$	2,794
Government National Mortgage Assn. 3.50% 2051^8,11		21			22
Government National Mortgage Assn. 3.50% 2051^8,11		21			22
Government National Mortgage Assn. Pool #MA5764 4.50% 2049⁸		1,476			1,597
Government National Mortgage Assn. Pool #MA5877 4.50% 2049⁸		165			179
Government National Mortgage Assn. Pool #694836 5.661% 2059⁸		1			1
Government National Mortgage Assn. Pool #765152 4.14% 2061⁸		—	⁹		—	⁹
Government National Mortgage Assn. Pool #766525 4.70% 2062⁸		—	⁹		—	⁹
Government National Mortgage Assn. Pool #777452 3.676% 2063⁸		6			7
Government National Mortgage Assn. Pool #767639 3.913% 2063⁸		9			9
Government National Mortgage Assn. Pool #AA1709 4.343% 2063⁸		4			4
Government National Mortgage Assn. Pool #725893 5.20% 2064⁸		1			1
Government National Mortgage Assn. Pool #AA7554 6.64% 2064⁸		2			2
Uniform Mortgage-Backed Security 1.50% 2036^8,11		1,632			1,676
Uniform Mortgage-Backed Security 2.00% 2036^8,11		2,100			2,193
Uniform Mortgage-Backed Security 3.50% 2051^8,11		1,775			1,879
Uniform Mortgage-Backed Security 4.50% 2051^8,11		1,477			1,603
					48,998

Collateralized mortgage-backed obligations (privately originated) 0.45%
Cascade Funding Mortgage Trust, Series 2019-HB1, Class A, 2.386% 2029^3,8,10		295			297
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 2030^3,8,10		194			194
Citigroup Mortgage Loan Trust Inc., Series 2020-EXP1, Class A1A, 1.804% 2060^3,8,10		75			76
Finance of America HECM Buyout, Series 2020-HB1, Class A, 2.012% 2030^3,8,10		592			597
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 2059^3,8,10		213			215
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 2059^3,8,10		186			186
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.898% 2052^3,8,10		1,000			1,001
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 0.996% 2053^3,8,10		175			175
Mello Warehouse Securitization Trust, Series 2020-1, Class A, (1-month USD-LIBOR + 0.90%) 1.048% 2053^3,8,10		279			280
Nationstar HECM Loan Trust, Series 2019-2A, Class A, 2.272% 2029^3,8,10		82			83
Nationstar HECM Loan Trust, Series 2019-1A, Class A, 2.651% 2029^3,8,10		58			58
New York Mortgage Trust, Series 2020-SP1, Class A1, 3.962% 2060^3,8		302			305
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 2056^3,8,10		106			108
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 2057^3,8,10		115			119
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 2057^3,8,10		94			97
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 2058^3,8,10		261			274
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 2058^3,8,10		63			66
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 2060^3,8		787			806
					4,937

Commercial mortgage-backed securities 0.16%
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 1.079% 2025^3,8,10		243			239
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 1.309% 2038^3,8,10		300			299
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.75%) 2.25% 2021^1,3,8,10		1,057			1,057
Multi Family Connecticut Avenue Securities, Series 2019-1, Class M10, (1-month USD-LIBOR + 3.25%) 3.398% 2049^3,8,10		150			141
					1,736

Total mortgage-backed obligations					55,671

Asset-backed obligations 0.35%
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 2027^3,8		297			303
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 2027^3,8		100			102
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 2060^3,8		372			380
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 2060^3,8		95			97

American Funds Insurance Series

111

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 2060^3,8	$	95	$	97
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 2060^3,8		95		97
Drivetime Auto Owner Trust, Series 2019-3, Class A, 2.55% 2022^3,8		40		40
Drivetime Auto Owner Trust, Series 2020-1, Class A, 1.94% 2023^3,8		222		223
Exeter Automobile Receivables Trust, Series 2019-4A, Class A, 2.18% 2023^3,8		96		97
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 2037^3,8		425		428
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 2045^3,8		678		682
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 2039^3,8		172		173
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 2060^3,8,10		226		231
Westlake Automobile Receivables Trust, Series 2019-3A, Class A2, 2.15% 2023^3,8		845		851
				3,801

Bonds & notes of governments & government agencies outside the U.S. 0.13%
Portuguese Republic 5.125% 2024		18		21
Qatar (State of) 4.50% 2028		200		243
Saudi Arabia (Kingdom of) 3.625% 2028		200		225
United Mexican States, Series M, 6.50% 2021	MXN	15,000		760
United Mexican States 3.25% 2030	$	200		216
				1,465
Municipals 0.06%
Illinois 0.02%
G.O. Bonds, Pension Funding Series 2003, 5.10% 2033		225		242

South Carolina 0.04%
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 2035		350		429

Total municipals				671

Total bonds, notes & other debt instruments (cost: $218,849,000)				228,045

Short-term securities 5.28%		Shares
Money market investments 5.28%
Capital Group Central Cash Fund 0.12%^12,13		567,564		56,762
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^12,14		1,184,688		1,185

Total short-term securities (cost: $57,947,000)				57,947
Total investment securities 100.66% (cost: $948,784,000)				1,104,240
Other assets less liabilities (0.66)%				(7,288	)

Net assets 100.00%			$	1,096,952

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)	¹⁵	Value at 12/31/2020 (000)		¹⁶	Unrealized (depreciation) appreciation at 12/31/2020 (000)
90 Day Euro Dollar Futures	Short	80	March 2021	$(20,000	)	$	(19,966	)		$	(13	)
2 Year U.S. Treasury Note Futures	Short	8	April 2021	(1,600	)		(1,768	)			(1	)
5 Year U.S. Treasury Note Futures	Long	83	April 2021	8,300			10,472				23
10 Year U.S. Treasury Note Futures	Long	14	March 2021	1,400			1,933				2
10 Year Ultra U.S. Treasury Note Futures	Short	38	March 2021	(3,800	)		(5,942	)			14

112	American Funds Insurance Series

Capital Income Builder (continued)

Futures contracts (continued)

Contracts	Type	Number of contracts	Expiration	Notional amount (000)	¹⁵	Value at 12/31/2020 (000)		¹⁶	Unrealized (depreciation) appreciation at 12/31/2020 (000)
20 Year U.S. Treasury Bond Futures	Long	6	March 2021	$ 600		$	1,039		$	(10	)
30 Year Ultra U.S. Treasury Bond Futures	Long	48	March 2021	4,800			10,251			(65	)
									$	(50	)

Forward currency contracts

Contract amount

Unrealized
appreciation
(depreciation)

Purchases
(000)

Sales
(000)

Counterparty

Settlement
date

at 12/31/2020
(000)

MXN3,100

USD154

HSBC Bank

1/8/2021

GBP1,594

USD2,151

Bank of New York Mellon

1/11/2021

GBP382

USD519

Goldman Sachs

1/11/2021

USD169

GBP127

Bank of New York Mellon

1/11/2021

)

USD2,663

GBP1,985

Standard Chartered Bank

1/11/2021

(52

)

(22

)

Swap contracts

Interest rate swaps
Receive	Pay	Expiration date	Notional (000		)	Value at 12/31/2020 (000		)	Upfront premium paid (000		)	Unrealized appreciation at 12/31/2020 (000		)
U.S. EFFR	0.11%	5/18/2024	$	6,200		$	7		$	—		$	7
3-month USD-LIBOR	0.337%	5/18/2025		21,500			23			—			23
U.S. EFFR	0.1275%	6/25/2025		2,700			10			—			10
U.S. EFFR	0.105%	6/30/2025		2,700			13			—			13
U.S. EFFR	0.0975%	6/30/2025		1,460			8			—			8
U.S. EFFR	0.106%	6/30/2025		1,190			6			—			6
U.S. EFFR	0.10875%	7/6/2025		2,600			13			—			13
U.S. EFFR	0.105%	7/9/2025		1,300			7			—			7
U.S. EFFR	0.0995%	7/9/2025		1,300			7			—			7
U.S. EFFR	0.099%	7/10/2025		3,000			16			—			16
3-month USD-LIBOR	0.5935%	5/18/2030		7,200			187			—			187
3-month USD-LIBOR	0.807%	5/18/2050		1,800			272			—			272
									$	—		$	569

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Receive/ Payment frequency		Pay		Expiration date		Notional (000)				Value at 12/31/2020 (000)				Upfront premium paid (000)				Unrealized appreciation at 12/31/2020 (000)
5.00%/Quarterly		CDX.NA.HY.25		6/20/2025		$	3,335			$	309			$	157			$	152

American Funds Insurance Series

113

Capital Income Builder (continued)

Investments in affiliates¹³

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 5.17%
Money market investments 5.17%
Capital Group Central Cash Fund 0.12%¹²		$76,520		$398,466		$418,149		$52		$(127	)		$56,762		$436

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $323,175,000, which represented 29.46% of the net assets of the fund. This amount includes $322,118,000 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.
³	Acquired in a transaction exempt from registration under Rule 144A 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 $25,651,000, which represented 2.34% of the net assets of the fund.
⁴	All or a portion of this security was on loan. The total value of all such securities was $5,528,000, which represented .50% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁵	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,268,000, which represented .21% of the net assets of the fund.
⁶	Index-linked bond whose principal amount moves with a government price index.
⁷	Step bond; coupon rate may change at a later date.
⁸	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁹	Amount less than one thousand.
¹⁰	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
¹¹	Purchased on a TBA basis.
¹²	Rate represents the seven-day yield at 12/31/2020.
¹³	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
¹⁴	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁵	Notional amount is calculated based on the number of contracts and notional contract size.
¹⁶	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol
ADR = American Depositary Receipts

Auth. = Authority

CAD = Canadian dollars

CDI = CREST Depository Interest

EFFR = Effective Federal Funds Rate

G.O. = General Obligation

GBP = British pounds

GDR = Global Depositary Receipts

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

114	American Funds Insurance Series

Asset Allocation Fund

Investment portfolio December 31, 2020

Common stocks 65.78%	Shares		Value (000)
Information technology 16.49%
Microsoft Corp.		4,891,900	$	1,088,056
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		6,056,700		660,423
Broadcom Inc.		1,490,000		652,397
ASML Holding NV (New York registered) (ADR)		795,900		388,177
ASML Holding NV¹		70,000		33,828
MKS Instruments, Inc.		2,200,000		330,990
Flex Ltd.²		14,500,000		260,710
FleetCor Technologies, Inc.²		900,000		245,547
Dell Technologies Inc., Class C²		3,250,000		238,193
VeriSign, Inc.²		1,100,000		238,040
Mastercard Inc., Class A		510,000		182,039
Visa Inc., Class A		700,200		153,155
RingCentral, Inc., Class A²		221,100		83,790
PayPal Holdings, Inc.²		316,300		74,077
Shopify Inc., Class A, subordinate voting shares²		55,800		63,163
Intel Corp.		1,250,000		62,275
Okta, Inc., Class A²		174,680		44,414
NVIDIA Corp.		68,566		35,805
MongoDB, Inc., Class A²		94,819		34,044
Smartsheet Inc., Class A²		311,910		21,612
				4,890,735

Health care 10.70%
Johnson & Johnson		3,885,000		611,421
UnitedHealth Group Inc.		1,322,300		463,704
Humana Inc.		865,000		354,884
Cigna Corp.		1,275,000		265,429
Thermo Fisher Scientific Inc.		507,000		236,150
Abbott Laboratories		2,000,000		218,980
Daiichi Sankyo Company, Ltd.¹		3,873,900		132,799
Vertex Pharmaceuticals Inc.²		550,000		129,987
Merck & Co., Inc.		1,400,000		114,520
Pfizer Inc.		3,060,000		112,639
Gilead Sciences, Inc.		1,600,000		93,216
Regeneron Pharmaceuticals, Inc.²		150,000		72,466
Zoetis Inc., Class A		434,700		71,943
IDEXX Laboratories, Inc.²		94,102		47,039
Allakos Inc.²		293,700		41,118
Cortexyme, Inc.^2,3		1,218,038		33,837
Centene Corp.²		562,770		33,783
Ultragenyx Pharmaceutical Inc.²		217,400		30,095
AbCellera Biologics Inc.^2,3		625,100		25,154
Viatris Inc.²		1,121,937		21,025
Sarepta Therapeutics, Inc.²		115,700		19,726
Bluebird Bio, Inc.²		378,900		16,395
NuCana PLC (ADR)^2,4		2,977,153		13,367
Rotech Healthcare Inc.^1,2,5,6		184,138		13,074
Advanz Pharma Corp. Ltd.^2,6		175,310		773
Advanz Pharma Corp. Ltd.²		41,657		184
				3,173,708

Financials 10.36%
Chubb Ltd.		2,200,000		338,624
First Republic Bank		1,780,000		261,535
Capital One Financial Corp.		2,000,000		197,700
CME Group Inc., Class A		977,200		177,899
JPMorgan Chase & Co.		1,400,000		177,898
Bank of America Corp.		5,750,000		174,283
Synchrony Financial		5,000,000		173,550
The Blackstone Group Inc., Class A		2,190,950		141,995
Sberbank of Russia PJSC (ADR)¹		9,788,000		141,103
Citigroup Inc.		2,250,000		138,735

American Funds Insurance Series

115

Asset Allocation Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Apollo Global Management, Inc., Class A		2,769,732	$	135,661
Aon PLC, Class A		620,000		130,987
Arch Capital Group Ltd.²		3,234,000		116,650
Nasdaq, Inc.		844,100		112,046
MSCI Inc.		225,200		100,559
Intercontinental Exchange, Inc.		840,000		96,844
Truist Financial Corp.		1,966,000		94,230
PNC Financial Services Group, Inc.		500,000		74,500
Kotak Mahindra Bank Ltd.^1,2		2,713,240		74,253
RenaissanceRe Holdings Ltd.		357,000		59,198
Ares Management Corp., Class A		1,015,403		47,775
BlackRock, Inc.		56,000		40,406
S&P Global Inc.		102,000		33,530
Berkshire Hathaway Inc., Class A²		61		21,217
Tradeweb Markets Inc., Class A		156,400		9,767
Jonah Energy Parent LLC^1,2,5		32,117		482
				3,071,427

Consumer discretionary 6.66%
Amazon.com, Inc.²		134,822		439,106
Aramark		8,000,000		307,840
Home Depot, Inc.		1,113,000		295,635
General Motors Company		4,100,000		170,724
LVMH Moët Hennessy-Louis Vuitton SE¹		256,896		160,516
MercadoLibre, Inc.²		91,300		152,948
Kontoor Brands, Inc.⁴		3,700,000		150,072
VF Corp.		1,000,000		85,410
Darden Restaurants, Inc.		627,109		74,701
NIKE, Inc., Class B		357,000		50,505
Restaurant Brands International Inc.		595,000		36,360
Booking Holdings Inc.²		12,750		28,398
XPeng Inc., Class A (ADR)^2,3		517,000		22,143
				1,974,358

Consumer staples 5.31%
Philip Morris International Inc.		7,543,000		624,485
Nestlé SA¹		2,700,000		317,868
Nestlé SA (ADR)		665,000		78,337
British American Tobacco PLC (ADR)		3,919,700		146,949
British American Tobacco PLC¹		1,060,000		39,427
Altria Group, Inc.		3,750,000		153,750
Mondelez International, Inc.		1,200,000		70,164
Colgate-Palmolive Company		677,300		57,916
Archer Daniels Midland Company		1,000,000		50,410
Avenue Supermarts Ltd.^1,2		970,539		36,704
				1,576,010

Communication services 5.01%
Charter Communications, Inc., Class A²		754,600		499,206
Facebook, Inc., Class A²		952,100		260,076
Comcast Corp., Class A		4,278,910		224,215
Alphabet Inc., Class C²		78,600		137,698
Alphabet Inc., Class A²		27,616		48,401
Netflix, Inc.²		226,700		122,583
New York Times Co., Class A		1,450,000		75,066
Tencent Holdings Ltd.¹		965,000		70,510
Activision Blizzard, Inc.		519,500		48,235
				1,485,990

116	American Funds Insurance Series

Asset Allocation Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials 4.28%
Northrop Grumman Corp.		1,211,900	$	369,290
Lockheed Martin Corp.		663,000		235,352
CSX Corp.		2,038,000		184,949
L3Harris Technologies, Inc.		791,100		149,534
Komatsu Ltd.¹		4,604,900		126,186
Boeing Company		583,000		124,797
Honeywell International Inc.		152,000		32,330
Waste Management, Inc.		214,000		25,237
Cintas Corp.		34,000		12,018
Associated Materials Group Inc.^1,2,5		1,588,250		9,974
ACR III LSC Holdings LLC^1,2,5		467		703
				1,270,370

Materials 3.16%
Dow Inc.		4,800,000		266,400
LyondellBasell Industries NV		2,368,100		217,060
Franco-Nevada Corp.		838,620		105,149
Rio Tinto PLC¹		1,250,000		93,530
Royal Gold, Inc.		695,000		73,920
Nucor Corp.		1,000,000		53,190
First Quantum Minerals Ltd.		2,775,000		49,814
Allegheny Technologies Inc.²		2,589,437		43,425
Barrick Gold Corp.		1,455,000		33,145
				935,633

Energy 1.53%
Chevron Corp.		2,100,000		177,345
Pioneer Natural Resources Company		800,000		91,112
EOG Resources, Inc.		1,352,400		67,444
Suncor Energy Inc.		4,000,000		67,091
Rosneft Oil Company PJSC (GDR)¹		3,730,353		21,035
ConocoPhillips		335,000		13,397
Euronav NV		750,000		6,000
Scorpio Tankers Inc.		345,000		3,860
Oasis Petroleum Inc.²		79,058		2,930
Weatherford International²		289,547		1,737
Tribune Resources, LLC^1,2,5		926,514		843
McDermott International, Inc.²		40,219		33
Sable Permian Resources, LLC, units^1,2,5		24,001,604		—	⁷
				452,827

Real estate 1.28%
Crown Castle International Corp. REIT		1,032,335		164,337
American Tower Corp. REIT		328,100		73,645
VICI Properties Inc. REIT		2,805,000		71,528
Alexandria Real Estate Equities, Inc. REIT		399,000		71,110
				380,620

Utilities 1.00%
Enel SpA¹		24,000,000		242,361
DTE Energy Company		226,000		27,439
Xcel Energy Inc.		400,000		26,668
				296,468

Total common stocks (cost: $11,273,725,000)				19,508,146

American Funds Insurance Series

117

Asset Allocation Fund (continued)

Rights & warrants 0.00%		Shares		Value (000)
Energy 0.00%
Tribune Resources, LLC, Class A, warrants, expire 2023^1,2,5			311,755	$	—	⁷
Tribune Resources, LLC, Class B, warrants, expire 2023^1,2,5			242,476		—	⁷
Tribune Resources, LLC, Class C, warrants, expire 2023^1,2,5			227,540		—	⁷

Total rights & warrants (cost: $47,000)					—	⁷

Convertible stocks 0.50%
Information technology 0.29%
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022			60,000		85,348

Financials 0.15%
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 2023⁸			37,778		45,378

Health care 0.06%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023³			13,300		17,304

Total convertible stocks (cost: $110,591,000)					148,030

Bonds, notes & other debt instruments 30.11%	Principal amount (000)
Corporate bonds, notes & loans 12.99%
Financials 2.27%
ACE INA Holdings Inc. 2.875% 2022		$	3,880		4,047
ACE INA Holdings Inc. 3.35% 2026			1,380		1,556
ACE INA Holdings Inc. 4.35% 2045			800		1,085
Advisor Group Holdings, LLC 6.25% 2028⁸			2,445		2,479
AG Merger Sub II, Inc. 10.75% 2027⁸			2,484		2,752
Allstate Corp. 3.85% 2049			950		1,194
Ally Financial Inc. 8.00% 2031			3,000		4,274
American International Group, Inc. 2.50% 2025			15,800		16,992
American International Group, Inc. 4.20% 2028			565		671
American International Group, Inc. 3.40% 2030			4,540		5,203
American International Group, Inc. 4.375% 2050			1,770		2,318
AON Corp. 2.20% 2022			2,236		2,312
Banco Santander, SA 2.749% 2030			5,400		5,578
Bangkok Bank PCL 3.733% 2034 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.90% on 9/25/2029)⁹			1,278		1,333
Bank of America Corp. 3.55% 2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)⁹			6,000		6,413
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)⁹			2,500		2,534
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)⁹			2,345		2,653
Bank of America Corp. 1.898% 2031 (USD-SOFR + 1.53% on 7/23/2030)⁹			42,674		43,128
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)⁹			11,065		11,215
Bank of America Corp. 2.676% 2041 (USD-SOFR + 1.93% on 6/19/2040)⁹			750		783
Bank of Nova Scotia 1.625% 2023			5,000		5,145
BB&T Corp. 2.625% 2022			2,500		2,557
BB&T Corp. 2.75% 2022			762		784
Berkshire Hathaway Finance Corp. 4.20% 2048			6,570		8,679
Berkshire Hathaway Finance Corp. 4.25% 2049			1,125		1,495
Berkshire Hathaway Inc. 2.20% 2021			500		501
Berkshire Hathaway Inc. 2.75% 2023			1,615		1,696
Berkshire Hathaway Inc. 3.125% 2026			500		559
BNP Paribas 3.375% 2025⁸			3,225		3,538
Citigroup Inc. 2.312% 2022 (USD-SOFR + 0.867% on 11/4/2021)⁹			9,000		9,146
Citigroup Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)⁹			3,254		3,585
Citigroup Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)⁹			5,575		5,944
CME Group Inc. 3.75% 2028			3,425		4,059
Commonwealth Bank of Australia 3.35% 2024			1,225		1,342
Commonwealth Bank of Australia 3.35% 2024⁸			1,000		1,096
Compass Diversified Holdings 8.00% 2026⁸			3,245		3,419

118	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Crédit Agricole SA 4.375% 2025⁸		$	850	$	955
Credit Suisse AG (New York Branch) 2.95% 2025			2,700		2,963
Credit Suisse Group AG 3.80% 2023			1,625		1,751
Credit Suisse Group AG 3.869% 2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)^8,9			800		907
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)^8,9			11,625		13,683
Danske Bank AS 2.70% 2022⁸			1,000		1,025
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)⁹			5,800		5,935
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)⁹			4,050		4,401
DNB Bank ASA 2.375% 2021⁸			2,000		2,018
Ford Motor Credit Co. 3.375% 2025			5,750		5,896
FS Energy and Power Fund 7.50% 2023⁸			2,995		2,883
Goldman Sachs Group, Inc. 1.093% 2026 (USD-SOFR + 0.789% on 12/9/2025)⁹			11,150		11,275
Goldman Sachs Group, Inc. 3.691% 2028 (3-month USD-LIBOR + 1.51% on 6/5/2027)⁹			2,000		2,307
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)⁹			390		452
Goldman Sachs Group, Inc. 2.60% 2030			7,000		7,538
Groupe BPCE SA 2.75% 2023⁸			600		628
Groupe BPCE SA 5.70% 2023⁸			3,460		3,918
Groupe BPCE SA 5.15% 2024⁸			2,500		2,849
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)^8,9			6,375		6,530
Hartford Financial Services Group, Inc. 2.80% 2029			3,480		3,786
Hartford Financial Services Group, Inc. 3.60% 2049			1,000		1,175
HSBC Holdings PLC 3.262% 2023 (3-month USD-LIBOR + 1.055% on 3/13/2022)⁹			1,500		1,551
HSBC Holdings PLC 4.25% 2024			3,000		3,312
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)⁹			625		665
HSBC Holdings PLC 2.099% 2026 (USD-SOFR + 1.929% on 6/4/2025)⁹			6,000		6,240
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)⁹			4,675		5,532
HSBC Holdings PLC 3.973% 2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)⁹			9,675		11,191
HSBC Holdings PLC 2.357% 2031 (USD-SOFR + 1.947% on 8/18/2030)⁹			12,025		12,439
Icahn Enterprises Finance Corp. 6.25% 2022			5,675		5,702
Icahn Enterprises Finance Corp. 5.25% 2027			1,185		1,273
Intercontinental Exchange, Inc. 2.65% 2040			7,425		7,643
Intercontinental Exchange, Inc. 3.00% 2060			2,380		2,499
Intesa Sanpaolo SpA 3.375% 2023⁸			750		786
Intesa Sanpaolo SpA 3.25% 2024⁸			750		802
Intesa Sanpaolo SpA 5.017% 2024⁸			1,730		1,893
Intesa Sanpaolo SpA 3.875% 2027⁸			300		330
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)⁹			4,725		5,066
JPMorgan Chase & Co. 1.045% 2026 (USD-SOFR + 0.80% on 11/19/2025)⁹			3,955		4,001
JPMorgan Chase & Co. 1.764% 2031 (USD-SOFR + 1.05% on 11/19/2030)⁹			5,000		5,053
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)⁹			7,325		7,879
JPMorgan Chase & Co. 3.109% 2051 (USD-SOFR + 3.109% on 4/22/2050)⁹			3,236		3,603
JPMorgan Chase & Co., Series Z, junior subordinated, 4.014% (3-month USD-LIBOR + 3.80% on 2/1/2021)⁹			500		498
Kasikornbank PC HK 3.343% 2031 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.70% on 10/2/2026)⁹			1,222		1,257
Ladder Capital Corp. 5.25% 2022⁸			475		478
Ladder Capital Corp. 4.25% 2027⁸			3,157		3,110
Lloyds Banking Group PLC 2.907% 2023 (3-month USD-LIBOR + 0.81% on 11/7/2022)⁹			750		784
Lloyds Banking Group PLC 4.05% 2023			2,000		2,187
Lloyds Banking Group PLC 3.87% 2025 (UST Yield Curve Rate T Note Constant Maturity 1-year + 3.50% on 7/9/2024)⁹			6,340		6,998
Lloyds Banking Group PLC 4.45% 2025			800		918
Lloyds Banking Group PLC 4.375% 2028			2,150		2,559
LPL Financial Holdings Inc. 4.625% 2027⁸			2,200		2,284
Marsh & McLennan Companies, Inc. 3.875% 2024			820		905
Marsh & McLennan Companies, Inc. 4.375% 2029			1,705		2,076
Marsh & McLennan Companies, Inc. 4.90% 2049			1,539		2,233
MetLife, Inc. 4.55% 2030			3,770		4,715
Metropolitan Life Global Funding I 1.95% 2021⁸			1,250		1,265
Metropolitan Life Global Funding I 1.95% 2023⁸			7,800		8,050

American Funds Insurance Series

119

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Metropolitan Life Global Funding I 0.95% 2025⁸		$	18,767	$	19,024
MGIC Investment Corp. 5.25% 2028			1,175		1,259
Mitsubishi UFJ Financial Group, Inc. 2.623% 2022			1,610		1,665
Mitsubishi UFJ Financial Group, Inc. 2.801% 2024			1,610		1,727
Mitsubishi UFJ Financial Group, Inc. 3.195% 2029			5,000		5,636
Morgan Stanley 2.50% 2021			3,000		3,019
Morgan Stanley 3.70% 2024			2,410		2,684
Morgan Stanley 3.737% 2024 (3-month USD-LIBOR + 0.847% on 4/24/2023)⁹			300		323
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)⁹			18,706		18,853
Morgan Stanley 3.125% 2026			325		364
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)⁹			6,000		6,518
Morgan Stanley 1.794% 2032 (USD-SOFR + 1.034% on 2/13/2031)⁹			3,000		3,020
Navient Corp. 6.50% 2022			3,675		3,898
Navient Corp. 5.50% 2023			10,165		10,654
Navient Corp. 7.25% 2023			725		796
Navient Corp. 5.875% 2024			1,005		1,070
Navient Corp. 6.125% 2024			8,030		8,597
New York Life Global Funding 1.70% 2021⁸			1,125		1,136
New York Life Global Funding 2.30% 2022⁸			250		257
New York Life Global Funding 0.95% 2025⁸			8,537		8,658
New York Life Global Funding 2.35% 2026⁸			890		951
New York Life Global Funding 1.20% 2030⁸			3,528		3,424
New York Life Insurance Company 3.75% 2050⁸			527		631
Owl Rock Capital Corp. 4.625% 2024⁸			2,305		2,363
Owl Rock Capital Corp. 3.75% 2025			2,874		2,985
Owl Rock Capital Corp. 4.00% 2025			102		107
Owl Rock Capital Corp. 3.375% 2026			1,290		1,308
PNC Bank 2.55% 2021			4,000		4,079
PNC Financial Services Group, Inc. 2.854% 2022⁹			1,445		1,513
PNC Financial Services Group, Inc. 3.50% 2024			3,850		4,198
PNC Financial Services Group, Inc. 3.90% 2024			2,000		2,217
PNC Financial Services Group, Inc. 2.55% 2030			2,000		2,192
Power Financial Corp Ltd. 5.25% 2028			383		442
Power Financial Corp Ltd. 6.15% 2028			350		427
Power Financial Corp Ltd. 4.50% 2029			554		611
Power Financial Corp Ltd. 3.95% 2030			1,213		1,298
Progressive Corp. 3.20% 2030			1,380		1,592
Prudential Financial, Inc. 3.878% 2028			500		588
Prudential Financial, Inc. 4.35% 2050			7,000		9,196
Quicken Loans, LLC 3.625% 2029⁸			1,505		1,538
Rabobank Nederland 2.75% 2022			2,250		2,307
Rabobank Nederland 4.375% 2025			4,500		5,138
Royal Bank of Canada 3.20% 2021			12,000		12,115
Royal Bank of Canada 1.15% 2025			11,711		11,972
Skandinaviska Enskilda Banken AB 1.875% 2021			1,675		1,694
Skandinaviska Enskilda Banken AB 2.625% 2021			250		251
Skandinaviska Enskilda Banken AB 2.80% 2022			700		721
Springleaf Finance Corp. 6.125% 2024			5,825		6,371
Starwood Property Trust, Inc. 5.00% 2021			6,625		6,753
Starwood Property Trust, Inc. 5.50% 2023⁸			1,160		1,214
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (UST Yield Curve Rate T Note Constant Maturity 5-year + 3.582% on 4/2/2029)^8,9			2,800		3,271
Toronto-Dominion Bank 2.65% 2024			625		670
Toronto-Dominion Bank 0.75% 2025			5,375		5,398
Toronto-Dominion Bank 1.15% 2025			12,000		12,259
Travelers Companies, Inc. 4.00% 2047			860		1,116
Travelers Companies, Inc. 4.10% 2049			910		1,199
Travelers Companies, Inc. 2.55% 2050			172		181
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 8.00%) 1.06% 2025 (72.22% PIK)^10,11,12			1,460		1,445

120	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 5.00%) 5.254% 2026^10,12		$	1,795	$	1,244
U.S. Bancorp 2.625% 2022			1,805		1,847
U.S. Bancorp 2.40% 2024			2,000		2,133
U.S. Bancorp 3.70% 2024			5,000		5,486
U.S. Bancorp 2.375% 2026			4,000		4,339
UBS Group AG 4.125% 2025⁸			2,750		3,152
UBS Group AG 1.364% 2027 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.08% on 1/30/2026)^8,9			2,925		2,959
UniCredit SpA 3.75% 2022⁸			5,725		5,934
UniCredit SpA 6.572% 2022⁸			475		501
UniCredit SpA 4.625% 2027⁸			625		712
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)^8,9			1,200		1,353
Wells Fargo & Company 2.164% 2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)⁹			8,000		8,416
Wells Fargo & Company 3.196% 2027 (3-month USD-LIBOR + 1.17% on 6/17/2026)⁹			1,988		2,205
Wells Fargo & Company 3.584% 2028 (3-month USD-LIBOR + 1.31% on 5/22/2027)⁹			217		246
Wells Fargo & Company 2.879% 2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)⁹			2,904		3,169
Wells Fargo & Company 2.572% 2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)⁹			12,846		13,604
Wells Fargo & Company 3.068% 2041 (USD-SOFR + 2.53% on 4/30/2040)⁹			3,076		3,351
Westpac Banking Corp. 2.75% 2023			1,750		1,840
Westpac Banking Corp. 2.894% 2030 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.35% on 2/4/2025)⁹			8,500		8,914
Westpac Banking Corp. 2.668% 2035 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.75% on 11/15/2030)⁹			3,325		3,429
Westpac Banking Corp. 2.963% 2040			1,500		1,597
					674,041

Utilities 1.54%
AEP Transmission Co. LLC 3.75% 2047			2,390		2,915
AEP Transmission Co. LLC 4.25% 2048			1,524		2,015
AEP Transmission Co. LLC 3.65% 2050			550		669
Ameren Corp. 2.50% 2024			969		1,034
Ameren Corp. 3.50% 2031			4,829		5,560
Ameren Corp. 4.50% 2049			425		579
American Electric Power Company, Inc. 2.95% 2022			3,020		3,155
American Electric Power Company, Inc. 1.00% 2025			625		633
American Electric Power Company, Inc. 2.30% 2030			4,500		4,706
CenterPoint Energy, Inc. 2.50% 2022			900		931
CenterPoint Energy, Inc. 3.85% 2024			3,275		3,585
CenterPoint Energy, Inc. 2.95% 2030			1,350		1,471
CenterPoint Energy, Inc. 3.70% 2049			2,775		3,202
CenterPoint Energy, Inc. 2.90% 2050			350		380
CMS Energy Corp. 3.00% 2026			1,004		1,108
CMS Energy Corp. 3.45% 2027			1,850		2,093
Comisión Federal de Electricidad 4.75% 2027⁸			645		734
Commonwealth Edison Co. 4.35% 2045			1,585		2,070
Commonwealth Edison Co. 4.00% 2048			2,600		3,293
Connecticut Light and Power Co. 0.75% 2025			825		835
Connecticut Light and Power Co. 3.20% 2027			1,525		1,713
Consolidated Edison Co. of New York, Inc. 4.50% 2058			6,100		8,064
Consumers Energy Co. 3.25% 2046			507		580
Consumers Energy Co. 4.05% 2048			3,017		3,954
Consumers Energy Co. 3.10% 2050			1,730		2,004
Consumers Energy Co. 3.75% 2050			1,193		1,500
Dominion Resources, Inc. 2.00% 2021			665		671
Dominion Resources, Inc. 2.75% 2022			800		818
Dominion Resources, Inc. 3.30% 2025			1,164		1,283
Dominion Resources, Inc. 2.85% 2026			750		827
Dominion Resources, Inc., junior subordinated, 3.071% 2024⁹			1,775		1,917
DPL Inc. 4.125% 2025⁸			1,160		1,254

American Funds Insurance Series

121

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
DTE Energy Co. 3.95% 2049		$	1,800	$	2,337
Duke Energy Carolinas, LLC 3.95% 2028			1,250		1,491
Duke Energy Corp. 0.90% 2025			800		802
Duke Energy Florida, LLC 3.20% 2027			1,445		1,615
Duke Energy Florida, LLC 1.75% 2030			5,000		5,116
Duke Energy Indiana, Inc. 3.25% 2049			1,225		1,387
Duke Energy Ohio, Inc. 2.125% 2030			850		891
Duke Energy Progress Inc. 3.70% 2046			750		907
Duke Energy Progress, LLC 2.50% 2050			1,459		1,471
Edison International 3.55% 2024			4,763		5,133
Edison International 4.95% 2025			250		286
Edison International 5.75% 2027			5,436		6,512
Edison International 4.125% 2028			5,904		6,584
EDP Finance BV 3.625% 2024⁸			4,100		4,478
Electricité de France SA 4.75% 2035⁸			1,250		1,558
Electricité de France SA 4.875% 2038⁸			2,750		3,434
Electricité de France SA 5.60% 2040			525		705
Emera US Finance LP 3.55% 2026			320		360
Enersis Américas SA 4.00% 2026			245		275
Entergy Corp. 2.95% 2026			872		962
Entergy Corp. 3.12% 2027			3,000		3,346
Entergy Corp. 1.60% 2030			875		885
Entergy Corp. 2.80% 2030			4,700		5,081
Entergy Corp. 3.75% 2050			850		987
Entergy Louisiana, LLC 4.20% 2048			4,200		5,475
Entergy Texas, Inc. 1.75% 2031			5,575		5,597
Evergy Metro, Inc. 2.25% 2030			1,320		1,399
Eversource Energy 3.80% 2023			2,730		2,991
Exelon Corp. 3.40% 2026			100		113
Exelon Corp. 4.70% 2050			500		666
Exelon Corp., junior subordinated, 3.497% 2022⁹			1,075		1,118
FirstEnergy Corp. 1.60% 2026			4,160		4,070
FirstEnergy Corp. 3.90% 2027 (4.40% on 1/16/2021)⁹			6,708		7,400
FirstEnergy Corp. 2.25% 2030			25,443		24,629
FirstEnergy Corp. 2.65% 2030			11,581		11,630
FirstEnergy Corp. 3.40% 2050			9,400		9,037
Florida Power & Light Co. 3.15% 2049			1,975		2,276
Gulf Power Co. 3.30% 2027			4,500		5,075
Interstate Power and Light Co. 2.30% 2030			825		874
Jersey Central Power & Light Co. 4.30% 2026⁸			1,790		2,004
MidAmerican Energy Holdings Co. 3.10% 2027			2,000		2,244
Mississippi Power Co. 3.95% 2028			2,814		3,283
National Grid PLC 3.15% 2027⁸			275		306
NextEra Energy Capital Holdings, Inc. 2.75% 2029			641		699
Northern States Power Co. 4.125% 2044			6,000		7,781
Northern States Power Co. 2.60% 2051			147		156
Oncor Electric Delivery Company LLC 2.75% 2024			1,525		1,636
Oncor Electric Delivery Company LLC 0.55% 2025⁸			1,625		1,624
Pacific Gas and Electric Co. 1.75% 2022			1,575		1,580
Pacific Gas and Electric Co. 4.25% 2023			3,445		3,701
Pacific Gas and Electric Co. 3.40% 2024			1,385		1,476
Pacific Gas and Electric Co. 2.95% 2026			7,825		8,282
Pacific Gas and Electric Co. 3.15% 2026			6,925		7,385
Pacific Gas and Electric Co. 2.10% 2027			14,885		15,127
Pacific Gas and Electric Co. 3.30% 2027			5,118		5,484
Pacific Gas and Electric Co. 3.30% 2027			4,775		5,104
Pacific Gas and Electric Co. 3.75% 2028			500		547
Pacific Gas and Electric Co. 4.65% 2028			5,449		6,229
Pacific Gas and Electric Co. 2.50% 2031			21,246		21,300
Pacific Gas and Electric Co. 3.30% 2040			375		375
Pacific Gas and Electric Co. 3.75% 2042			1,505		1,517

122	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Pacific Gas and Electric Co. 3.50% 2050		$	5,012	$	4,993
PacifiCorp., First Mortgage Bonds, 3.60% 2024			5,695		6,210
PacifiCorp., First Mortgage Bonds, 4.125% 2049			5,500		7,072
Peco Energy Co. 2.80% 2050			975		1,038
PG&E Corp. 5.00% 2028			3,850		4,105
Public Service Company of Colorado 2.25% 2022			2,000		2,048
Public Service Company of Colorado 1.90% 2031			2,500		2,612
Public Service Company of Colorado 3.80% 2047			1,720		2,132
Public Service Electric and Gas Co. 3.65% 2028			1,700		1,975
Public Service Electric and Gas Co. 3.20% 2029			2,333		2,663
Public Service Electric and Gas Co. 2.45% 2030			679		738
Public Service Electric and Gas Co. 3.60% 2047			548		661
Public Service Electric and Gas Co. 2.05% 2050			1,840		1,731
Public Service Electric and Gas Co. 3.15% 2050			4,150		4,740
Public Service Enterprise Group Inc. 2.65% 2022			1,900		1,981
Public Service Enterprise Group Inc. 2.25% 2026			345		373
Public Service Enterprise Group Inc. 1.60% 2030			4,375		4,320
Puget Energy, Inc. 6.00% 2021			1,823		1,887
Puget Energy, Inc. 5.625% 2022			1,965		2,081
Puget Sound Energy, Inc. 3.25% 2049			3,000		3,339
San Diego Gas & Electric Co. 1.70% 2030			851		861
San Diego Gas & Electric Co. 6.125% 2037			1,450		1,998
San Diego Gas & Electric Co. 4.50% 2040			750		956
San Diego Gas & Electric Co. 3.75% 2047			331		388
San Diego Gas & Electric Co. 4.10% 2049			1,607		2,008
San Diego Gas & Electric Co. 3.32% 2050			500		570
Southern California Edison Co. 2.90% 2021			8,000		8,033
Southern California Edison Co. 3.70% 2025			611		686
Southern California Edison Co. 3.65% 2028			821		922
Southern California Edison Co. 2.85% 2029			5,450		5,949
Southern California Edison Co. 2.25% 2030			7,642		7,965
Southern California Edison Co. 6.00% 2034			2,500		3,482
Southern California Edison Co. 5.35% 2035			3,000		4,075
Southern California Edison Co. 5.75% 2035			675		933
Southern California Edison Co. 4.00% 2047			1,406		1,652
Southern California Edison Co. 4.125% 2048			2,902		3,468
Southern California Edison Co. 4.875% 2049			3,745		4,946
Southern California Edison Co. 3.65% 2050			1,030		1,171
Southern California Edison Co., Series C, 3.60% 2045			3,840		4,261
Southern California Gas Company 2.55% 2030			4,650		5,047
Talen Energy Corp. 10.50% 2026⁸			885		789
Talen Energy Corp. 7.25% 2027⁸			4,130		4,405
Talen Energy Supply, LLC 7.625% 2028⁸			1,575		1,700
Union Electric Co. 2.625% 2051			5,625		5,896
Virginia Electric and Power Co. 3.80% 2028			2,000		2,343
Virginia Electric and Power Co. 4.00% 2043			969		1,220
Virginia Electric and Power Co. 4.60% 2048			2,650		3,723
Virginia Electric and Power Co. 2.45% 2050			1,825		1,835
Xcel Energy Inc. 3.35% 2026			5,000		5,646
Xcel Energy Inc. 2.60% 2029			4,758		5,155
Xcel Energy Inc. 3.40% 2030			1,000		1,151
Xcel Energy Inc. 6.50% 2036			2,000		3,011
Xcel Energy Inc. 3.50% 2049			1,276		1,496
					456,786

Energy 1.53%
American Energy-Permian Basin, LLC / AEPB Finance Corp. 12.00% 2024^8,13			2,935		22
Antero Resources Corp. 7.875% 2026⁸			207		214
Apache Corp. 4.875% 2027			2,150		2,282
Apache Corp. 4.375% 2028			2,580		2,690

American Funds Insurance Series

123

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Baker Hughes, a GE Co. 4.486% 2030		$	1,596	$	1,919
Baker Hughes, a GE Co. 4.08% 2047			571		645
BP Capital Markets America Inc. 1.749% 2030			2,024		2,032
BP Capital Markets America Inc. 3.633% 2030			1,190		1,385
BP Capital Markets America Inc. 2.772% 2050			7,552		7,472
BP Capital Markets America Inc. 2.939% 2051			1,260		1,287
Canadian Natural Resources Ltd. 2.95% 2023			1,935		2,024
Canadian Natural Resources Ltd. 2.05% 2025			5,814		6,104
Canadian Natural Resources Ltd. 3.85% 2027			4,448		4,996
Canadian Natural Resources Ltd. 2.95% 2030			10,682		11,439
Canadian Natural Resources Ltd. 4.95% 2047			1,559		1,980
Cenovus Energy Inc. 3.80% 2023			3,970		4,125
Cenovus Energy Inc. 4.25% 2027			5,690		6,216
Cenovus Energy Inc. 6.75% 2039			400		529
Cheniere Energy Partners, LP 5.625% 2026			2,475		2,584
Cheniere Energy, Inc. 4.625% 2028⁸			4,595		4,831
Cheniere Energy, Inc. 3.70% 2029			5,977		6,663
Chesapeake Energy Corp. 4.875% 2022¹³			7,225		361
Chesapeake Energy Corp. 11.50% 2025^8,13			5,122		904
Chesapeake Energy Corp., Term Loan, (3-month USD-LIBOR + 8.00%) 8.223% 2024^10,12,13			6,132		5,028
Chevron Corp. 1.995% 2027			2,631		2,791
Chevron Corp. 2.236% 2030			1,862		1,994
Chevron Corp. 2.978% 2040			268		297
Chevron Corp. 3.078% 2050			301		335
Chevron USA Inc. 0.687% 2025			3,135		3,154
Chevron USA Inc. 1.018% 2027			7,311		7,309
CNX Resources Corp. 7.25% 2027⁸			1,725		1,848
CNX Resources Corp. 6.00% 2029⁸			425		436
Comstock Resources, Inc. 9.75% 2026			1,266		1,360
Concho Resources Inc. 4.30% 2028			9,615		11,370
Concho Resources Inc. 2.40% 2031			963		1,010
Concho Resources Inc. 4.85% 2048			750		1,010
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)^8,11			1,084		309
Continental Resources Inc. 5.75% 2031⁸			1,430		1,590
DCP Midstream Operating LP 4.95% 2022			3,145		3,250
Diamond Offshore Drilling, Inc. 4.875% 2043¹³			5,610		711
Enbridge Energy Partners, LP 5.875% 2025			3,200		3,915
Enbridge Energy Partners, LP 7.375% 2045			544		831
Enbridge Energy Partners, LP, Series B, 7.50% 2038			2,000		2,841
Enbridge Inc. 4.00% 2023			1,678		1,827
Enbridge Inc. 2.50% 2025			1,700		1,822
Enbridge Inc. 3.70% 2027			162		185
Energy Transfer Operating, LP 2.90% 2025			1,601		1,695
Energy Transfer Operating, LP 3.75% 2030			1,361		1,469
Energy Transfer Operating, LP 5.00% 2050			23,216		25,161
Energy Transfer Partners, LP 4.50% 2024			1,210		1,325
Energy Transfer Partners, LP 4.75% 2026			2,494		2,823
Energy Transfer Partners, LP 5.25% 2029			5,757		6,723
Energy Transfer Partners, LP 6.00% 2048			774		921
Energy Transfer Partners, LP 6.25% 2049			6,257		7,569
Enterprise Products Operating LLC 2.80% 2030			942		1,022
Enterprise Products Operating LLC 4.90% 2046			500		637
Enterprise Products Operating LLC 3.20% 2052			1,954		1,993
EQM Midstream Partners, LP 4.125% 2026			686		692
EQM Midstream Partners, LP 6.50% 2027⁸			2,690		3,033
EQM Midstream Partners, LP 5.50% 2028			2,588		2,834
EQT Corp. 7.875% 2025			1,295		1,477
EQT Corp. 3.90% 2027			450		448
EQT Corp. 5.00% 2029			340		359
EQT Corp. 8.75% 2030			1,110		1,358

124	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Equinor ASA 1.75% 2026		$	4,064	$	4,270
Equinor ASA 3.625% 2028			3,685		4,295
Equinor ASA 3.25% 2049			5,320		5,912
Extraction Oil & Gas, Inc. 5.625% 2026^8,13			4,125		757
Exxon Mobil Corp. 2.222% 2021			3,070		3,074
Exxon Mobil Corp. 2.019% 2024			643		677
Exxon Mobil Corp. 2.992% 2025			2,000		2,190
Exxon Mobil Corp. 2.44% 2029			1,963		2,133
Exxon Mobil Corp. 3.452% 2051			596		681
Genesis Energy, LP 5.625% 2024			575		560
Genesis Energy, LP 6.50% 2025			3,572		3,480
Genesis Energy, LP 8.00% 2027			595		594
Halliburton Company 3.80% 2025			16		18
Harvest Midstream I, LP 7.50% 2028⁸			850		906
Hess Midstream Partners LP 5.125% 2028⁸			2,155		2,255
Hilcorp Energy I, LP 5.75% 2025⁸			2,575		2,613
Kinder Morgan, Inc. 4.30% 2028			4,359		5,116
Kinder Morgan, Inc. 2.00% 2031			3,000		3,034
Kinder Morgan, Inc. 3.25% 2050			1,338		1,347
Marathon Oil Corp. 4.40% 2027			1,005		1,117
MPLX LP 1.75% 2026			1,756		1,818
MPLX LP 4.125% 2027			500		577
MPLX LP 4.80% 2029			1,724		2,084
MPLX LP 2.65% 2030			8,266		8,672
MPLX LP 4.50% 2038			750		858
MPLX LP 4.70% 2048			2,500		2,970
MPLX LP 5.50% 2049			6,393		8,419
New Fortress Energy Inc. 6.75% 2025⁸			17		18
NGL Energy Partners LP 7.50% 2023			1,610		1,143
NGL Energy Partners LP 6.125% 2025			8,322		5,295
Occidental Petroleum Corp. 4.85% 2021			2,751		2,763
Occidental Petroleum Corp. 2.90% 2024			2,698		2,601
Occidental Petroleum Corp. 5.50% 2025			1,640		1,713
Occidental Petroleum Corp. 6.375% 2028			1,855		1,965
ONEOK, Inc. 2.20% 2025			527		550
ONEOK, Inc. 5.85% 2026			16,837		20,185
ONEOK, Inc. 3.10% 2030			2,141		2,283
ONEOK, Inc. 6.35% 2031			1,601		2,056
ONEOK, Inc. 5.20% 2048			298		348
ONEOK, Inc. 4.50% 2050			873		918
ONEOK, Inc. 7.15% 2051			812		1,125
Ovintiv Inc. 6.50% 2034			1,825		2,114
Parsley Energy, Inc. 5.25% 2025⁸			403		421
Peabody Energy Corp. 6.00% 2022⁸			2,750		2,013
Petrobras Global Finance Co. 6.75% 2050			2,240		2,786
Petróleos Mexicanos 6.875% 2025⁸			5,700		6,255
Petróleos Mexicanos 5.35% 2028			1,870		1,848
Phillips 66 3.90% 2028			2,107		2,432
Phillips 66 2.15% 2030			1,541		1,567
Phillips 66 Partners LP 3.55% 2026			160		175
Phillips 66 Partners LP 4.68% 2045			400		434
Phillips 66 Partners LP 4.90% 2046			275		308
Pioneer Natural Resources Company 1.90% 2030			2,564		2,542
Plains All American Pipeline, LP 3.80% 2030			830		893
Rattler Midstream Partners LP 5.625% 2025⁸			355		376
Rockies Express Pipeline LLC 4.95% 2029⁸			2,689		2,802
Sabine Pass Liquefaction, LLC 5.875% 2026			923		1,117
Sabine Pass Liquefaction, LLC 4.20% 2028			1,307		1,501
Sabine Pass Liquefaction, LLC 4.50% 2030⁸			11,548		13,696
Saudi Arabian Oil Co. 1.25% 2023⁸			250		253
Saudi Arabian Oil Co. 1.625% 2025⁸			1,160		1,189

American Funds Insurance Series

125

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Saudi Arabian Oil Co. 2.25% 2030⁸		$	1,800	$	1,834
Schlumberger BV 3.75% 2024⁸			495		540
Schlumberger BV 4.00% 2025⁸			70		80
Shell International Finance BV 3.875% 2028			2,787		3,302
Shell International Finance BV 2.75% 2030			5,000		5,520
Shell International Finance BV 3.25% 2050			907		1,029
Southwestern Energy Co. 6.45% 2025⁹			1,760		1,829
Southwestern Energy Co. 7.50% 2026			335		352
Southwestern Energy Co. 8.375% 2028			395		429
Statoil ASA 2.75% 2021			1,925		1,964
Statoil ASA 3.25% 2024			2,850		3,143
Statoil ASA 4.25% 2041			2,000		2,515
Suncor Energy Inc. 3.10% 2025			3,687		4,042
Sunoco Logistics Operating Partners, LP 5.40% 2047			650		733
Tallgrass Energy Partners, LP 7.50% 2025⁸			550		595
Targa Resources Partners LP 5.875% 2026			1,350		1,434
Targa Resources Partners LP 5.50% 2030			2,260		2,456
Targa Resources Partners LP 4.875% 2031⁸			1,065		1,157
Teekay Corp. 9.25% 2022⁸			4,825		4,934
Teekay Offshore Partners LP 8.50% 2023⁸			3,550		3,026
Total Capital International 3.127% 2050			808		877
Total SE 2.986% 2041			11,607		12,705
TransCanada PipeLines Ltd. 4.25% 2028			1,090		1,288
TransCanada PipeLines Ltd. 4.10% 2030			7,951		9,400
TransCanada PipeLines Ltd. 4.75% 2038			3,000		3,754
TransCanada PipeLines Ltd. 4.875% 2048			700		905
Valero Energy Corp. 4.00% 2029			4,000		4,501
Vine Oil & Gas LP 8.75% 2023⁸			2,500		2,000
Weatherford International PLC 8.75% 2024⁸			3,571		3,584
Weatherford International PLC 11.00% 2024⁸			9,918		7,761
Western Gas Partners LP 4.50% 2028			4,450		4,628
Williams Companies, Inc. 3.50% 2030			10,474		11,871
Williams Partners LP 4.30% 2024			85		94
Woodside Finance Ltd. 4.60% 2021⁸			1,965		1,973
					453,833

Health care 1.51%
Abbott Laboratories 3.40% 2023			185		201
Abbott Laboratories 3.75% 2026			5,012		5,874
Abbott Laboratories 4.75% 2036			460		634
Abbott Laboratories 4.90% 2046			500		740
AbbVie Inc. 2.60% 2024			3,000		3,218
AbbVie Inc. 3.60% 2025			10,000		11,150
AbbVie Inc. 3.80% 2025			206		230
AbbVie Inc. 2.95% 2026			1,445		1,600
Amgen Inc. 2.20% 2027			2,429		2,605
Anthem, Inc. 2.375% 2025			818		875
AstraZeneca PLC 2.375% 2022			4,072		4,186
AstraZeneca PLC 3.375% 2025			13,790		15,515
AstraZeneca PLC 0.70% 2026			8,935		8,892
AstraZeneca PLC 1.375% 2030			2,000		1,981
Bausch Health Companies Inc. 5.00% 2028⁸			1,735		1,790
Bausch Health Companies Inc. 5.25% 2031⁸			1,610		1,685
Bayer US Finance II LLC 3.875% 2023⁸			1,685		1,837
Bayer US Finance II LLC 4.25% 2025⁸			425		486
Bayer US Finance II LLC 4.375% 2028⁸			312		367
Bayer US Finance II LLC 4.20% 2034⁸			460		510
Becton, Dickinson and Company 2.894% 2022			9,020		9,325
Becton, Dickinson and Company 3.363% 2024			647		703
Becton, Dickinson and Company 3.70% 2027			19,246		22,091

126	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Becton, Dickinson and Company 2.823% 2030		$	1,271	$	1,398
Boston Scientific Corp. 3.45% 2024			3,100		3,361
Boston Scientific Corp. 1.90% 2025			5,856		6,154
Boston Scientific Corp. 3.85% 2025			2,289		2,584
Boston Scientific Corp. 3.75% 2026			2,595		2,946
Boston Scientific Corp. 4.00% 2029			1,550		1,827
Boston Scientific Corp. 2.65% 2030			4,030		4,328
Boston Scientific Corp. 4.70% 2049			515		707
Centene Corp. 4.75% 2025			4,000		4,110
Centene Corp. 4.25% 2027			565		600
Centene Corp. 4.625% 2029			9,665		10,743
Centene Corp. 3.00% 2030			6,895		7,317
Centene Corp. 3.375% 2030			3,397		3,579
Cigna Corp. 3.40% 2021			1,350		1,379
Cigna Corp. 3.75% 2023			1,836		1,985
Cigna Corp. 4.125% 2025			2,000		2,304
Cigna Corp. 4.80% 2038			3,880		5,058
CVS Health Corp. 3.35% 2021			194		195
CVS Health Corp. 3.70% 2023			69		74
CVS Health Corp. 1.30% 2027			3,760		3,778
CVS Health Corp. 4.30% 2028			588		700
CVS Health Corp. 1.75% 2030			4,000		4,025
CVS Health Corp. 1.875% 2031			4,000		4,050
Eli Lilly and Co. 3.375% 2029			3,330		3,867
Encompass Health Corp. 4.50% 2028			1,449		1,517
Endo Dac / Endo Finance LLC / Endo Finco 9.50% 2027⁸			4,517		5,051
Endo International PLC 5.75% 2022⁸			7,340		7,129
GlaxoSmithKline PLC 3.625% 2025			4,585		5,154
HCA Inc. 5.875% 2023			2,125		2,338
HCA Inc. 5.375% 2025			515		580
HCA Inc. 4.125% 2029			2,250		2,612
HCA Inc. 3.50% 2030			2,125		2,259
HealthSouth Corp. 5.75% 2025			2,685		2,779
LifePoint Health, Inc. 5.375% 2029⁸			1,680		1,681
Mallinckrodt PLC 10.00% 2025⁸			7,120		7,743
Medtronic, Inc. 3.50% 2025			701		787
Molina Healthcare, Inc. 5.375% 2022			6,985		7,408
Molina Healthcare, Inc. 3.875% 2030⁸			720		774
Novartis Capital Corp. 1.75% 2025			4,731		4,965
Novartis Capital Corp. 2.00% 2027			4,336		4,630
Novartis Capital Corp. 2.20% 2030			2,385		2,562
Owens & Minor, Inc. 4.375% 2024			5,615		5,773
Owens & Minor, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.655% 2025^10,12			1,867		1,865
Par Pharmaceutical Inc. 7.50% 2027⁸			7,028		7,635
Partners HealthCare System, Inc. 3.192% 2049			1,920		2,124
Pfizer Inc. 2.95% 2024			3,825		4,128
Pfizer Inc. 3.45% 2029			8,000		9,352
Regeneron Pharmaceuticals, Inc. 1.75% 2030			5,529		5,451
Regeneron Pharmaceuticals, Inc. 2.80% 2050			6,055		5,891
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% 2023 (100% PIK)^1,5,10,11,12			4,079		4,079
Shire PLC 2.40% 2021			1,227		1,243
Shire PLC 2.875% 2023			3,413		3,621
Shire PLC 3.20% 2026			14,821		16,589
Takeda Pharmaceutical Company, Ltd. 2.05% 2030			3,408		3,489
Team Health Holdings, Inc. 6.375% 2025⁸			8,415		7,279
Team Health Holdings, Inc., Term Loan B, 3.75% 2024^10,12			2,177		1,962
Tenet Healthcare Corp. 4.625% 2024			1,953		2,004
Tenet Healthcare Corp. 4.875% 2026⁸			16,225		16,993
Teva Pharmaceutical Finance Co. BV 2.80% 2023			12,560		12,457
Teva Pharmaceutical Finance Co. BV 6.00% 2024			12,016		12,765

American Funds Insurance Series

127

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Teva Pharmaceutical Finance Co. BV 7.125% 2025		$	1,935	$	2,143
Teva Pharmaceutical Finance Co. BV 3.15% 2026			28,373		27,327
Teva Pharmaceutical Finance Co. BV 4.10% 2046			3,550		3,168
Thermo Fisher Scientific Inc. 4.497% 2030			883		1,104
UnitedHealth Group Inc. 2.375% 2024			590		629
UnitedHealth Group Inc. 3.50% 2024			4,500		4,925
UnitedHealth Group Inc. 3.375% 2027			245		280
UnitedHealth Group Inc. 3.875% 2028			2,500		3,001
UnitedHealth Group Inc. 2.875% 2029			1,050		1,194
UnitedHealth Group Inc. 4.45% 2048			5,315		7,337
Upjohn Inc. 2.30% 2027⁸			2,447		2,608
Upjohn Inc. 2.70% 2030⁸			5,692		6,042
Upjohn Inc. 3.85% 2040⁸			3,531		3,985
Upjohn Inc. 4.00% 2050⁸			2,907		3,331
Valeant Pharmaceuticals International, Inc. 6.125% 2025⁸			14,550		15,011
Zimmer Holdings, Inc. 3.15% 2022			7,070		7,273
					447,591

Communication services 1.37%
Alphabet Inc. 1.998% 2026			3,000		3,218
Alphabet Inc. 1.10% 2030			10,770		10,620
Alphabet Inc. 1.90% 2040			2,190		2,150
Alphabet Inc. 2.05% 2050			440		420
Alphabet Inc. 2.25% 2060			4,085		3,955
AT&T Inc. 1.65% 2028			10,775		11,003
AT&T Inc. 2.75% 2031			9,742		10,417
AT&T Inc. 2.25% 2032			7,525		7,644
AT&T Inc. 2.55% 2033⁸			348		359
AT&T Inc. 3.50% 2053⁸			6,966		6,966
CCO Holdings LLC and CCO Holdings Capital Corp. 4.908% 2025			500		581
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2026⁸			5,050		5,217
CCO Holdings LLC and CCO Holdings Capital Corp. 5.05% 2029			1,150		1,399
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2030⁸			3,500		3,719
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 2030⁸			2,500		2,701
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031			10,842		11,468
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 2031⁸			2,975		3,139
CCO Holdings LLC and CCO Holdings Capital Corp. 2.30% 2032			2,500		2,504
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2032⁸			2,710		2,897
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2049			570		696
CCO Holdings LLC and CCO Holdings Capital Corp. 4.80% 2050			800		956
CCO Holdings LLC and CCO Holdings Capital Corp. 3.70% 2051			3,770		3,922
CenturyLink, Inc. 6.75% 2023			2,500		2,789
CenturyLink, Inc. 7.50% 2024			1,500		1,701
CenturyLink, Inc. 5.125% 2026⁸			2,050		2,168
CenturyLink, Inc. 4.00% 2027⁸			700		724
Comcast Corp. 3.00% 2024			500		538
Comcast Corp. 3.70% 2024			2,245		2,471
Comcast Corp. 3.95% 2025			1,470		1,690
Comcast Corp. 2.35% 2027			4,000		4,307
Comcast Corp. 4.15% 2028			2,608		3,140
Comcast Corp. 1.50% 2031			4,000		3,976
Comcast Corp. 1.95% 2031			9,236		9,506
Comcast Corp. 3.20% 2036			750		853
Comcast Corp. 3.90% 2038			1,000		1,224
Comcast Corp. 4.60% 2038			2,000		2,635
Comcast Corp. 3.75% 2040			594		716
Comcast Corp. 4.00% 2048			250		315
Comcast Corp. 2.80% 2051			1,791		1,866
Comcast Corp. 2.45% 2052			2,000		1,948
Deutsche Telekom International Finance BV 9.25% 2032			3,570		6,016

128	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Discovery Communications, Inc. 3.625% 2030		$	5,512	$	6,318
Discovery Communications, Inc. 4.65% 2050			920		1,152
Embarq Corp. 7.995% 2036			3,075		3,799
Fox Corp. 4.03% 2024			1,120		1,234
France Télécom 4.125% 2021			2,500		2,563
Frontier Communications Corp. 5.875% 2027⁸			2,225		2,410
Frontier Communications Corp. 5.00% 2028⁸			2,175		2,272
Frontier Communications Corp. 6.75% 2029⁸			775		831
Gogo Inc. 9.875% 2024⁸			20,346		21,823
iHeartCommunications, Inc. 5.25% 2027⁸			2,493		2,616
Intelsat Jackson Holding Co. 8.00% 2024⁸			7,275		7,460
Intelsat Jackson Holding Co. 8.50% 2024^8,13			7,650		5,488
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 5.50%) 6.50% 2021^10,12			2,072		2,122
Intelsat Jackson Holding Co., Term Loan, 6.625% 2024¹⁰			1,400		1,428
Liberty Global PLC 5.50% 2028⁸			2,075		2,193
Ligado Networks LLC 15.50% 2023^8,11			4,325		4,217
Live Nation Entertainment, Inc. 3.75% 2028⁸			575		582
MDC Partners Inc. 6.50% 2024⁸			3,225		3,274
NBCUniversal Enterprise, Inc., junior subordinated, 5.25% 2049⁸			4,630		4,728
Nexstar Broadcasting, Inc. 4.75% 2028⁸			1,350		1,415
Scripps Escrow II, Inc. 3.875% 2029⁸			450		470
Sinclair Television Group, Inc. 4.125% 2030⁸			1,175		1,206
Sirius XM Radio Inc. 3.875% 2022⁸			3,450		3,506
Sirius XM Radio Inc. 4.625% 2024⁸			3,345		3,470
Sprint Corp. 7.625% 2026			4,125		5,126
Sprint Corp. 6.875% 2028			6,900		9,110
TEGNA Inc. 4.75% 2026⁸			2,350		2,512
TEGNA Inc. 4.625% 2028⁸			425		435
T-Mobile US, Inc. 1.50% 2026⁸			3,000		3,077
T-Mobile US, Inc. 2.05% 2028⁸			10,100		10,518
T-Mobile US, Inc. 3.875% 2030⁸			18,459		21,399
T-Mobile US, Inc. 2.55% 2031⁸			9,149		9,619
T-Mobile US, Inc. 4.50% 2050⁸			7,638		9,435
T-Mobile US, Inc. 3.30% 2051⁸			7,565		7,797
Trilogy International Partners, LLC 8.875% 2022⁸			12,800		12,381
Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC 7.875% 2025⁸			425		457
Univision Communications Inc. 6.625% 2027⁸			4,800		5,164
Verizon Communications Inc. 3.00% 2027			2,200		2,439
Verizon Communications Inc. 4.329% 2028			5,785		6,968
Verizon Communications Inc. 3.875% 2029			250		295
Verizon Communications Inc. 4.016% 2029			1,902		2,259
Verizon Communications Inc. 1.68% 2030⁸			983		980
Verizon Communications Inc. 1.75% 2031			6,012		5,989
Verizon Communications Inc. 4.50% 2033			2,000		2,522
Verizon Communications Inc. 4.272% 2036			582		722
Verizon Communications Inc. 2.65% 2040			16,740		16,931
Verizon Communications Inc. 2.875% 2050			5,500		5,547
Verizon Communications Inc. 3.00% 2060			2,500		2,517
Virgin Media O2 4.25% 2031⁸			2,075		2,125
Virgin Media Secured Finance PLC 4.50% 2030⁸			2,590		2,709
Vodafone Group PLC 3.75% 2024			3,788		4,141
Vodafone Group PLC 4.125% 2025			2,500		2,860
Vodafone Group PLC 4.375% 2028			350		419
Vodafone Group PLC 5.25% 2048			500		696
Vodafone Group PLC 4.25% 2050			8,000		9,928
Walt Disney Company 2.65% 2031			2,000		2,193
Ziggo Bond Co. BV 5.125% 2030⁸			1,775		1,875
Ziggo Bond Finance BV 5.50% 2027⁸			4,813		5,032
					407,288

American Funds Insurance Series

129

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Industrials 1.01%
Allison Transmission Holdings, Inc. 3.75% 2031⁸		$	2,175	$	2,229
Associated Materials, LLC 9.00% 2025⁸			3,749		3,983
Avis Budget Car Rental, LLC 5.75% 2027⁸			2,025		2,072
Avis Budget Group, Inc. 5.25% 2025⁸			2,275		2,291
Avis Budget Group, Inc. 10.50% 2025⁸			2,719		3,214
Avolon Holdings Funding Ltd. 3.625% 2022⁸			1,254		1,281
Avolon Holdings Funding Ltd. 3.95% 2024⁸			1,587		1,677
Avolon Holdings Funding Ltd. 4.25% 2026⁸			1,126		1,214
Avolon Holdings Funding Ltd. 4.375% 2026⁸			1,975		2,141
Boeing Company 2.70% 2022			4,400		4,524
Boeing Company 4.875% 2025			5,529		6,306
Boeing Company 2.75% 2026			18,731		19,706
Boeing Company 3.10% 2026			1,508		1,615
Boeing Company 5.04% 2027			3,000		3,511
Boeing Company 3.25% 2028			13,481		14,460
Boeing Company 5.15% 2030			2,061		2,498
Boeing Company 3.625% 2031			4,615		5,064
Boeing Company 3.60% 2034			7,500		7,933
Boeing Company 3.50% 2039			250		253
Boeing Company 3.75% 2050			1,300		1,367
Boeing Company 5.805% 2050			1,100		1,520
Bombardier Inc. 8.75% 2021⁸			1,250		1,302
Bombardier Inc. 7.875% 2027⁸			2,120		1,952
Burlington Northern Santa Fe, LLC 4.40% 2042			5,000		6,639
Burlington Northern Santa Fe, LLC 3.05% 2051			4,860		5,519
Canadian National Railway Company 3.20% 2046			1,320		1,566
Carrier Global Corp. 2.242% 2025			1,560		1,653
Carrier Global Corp. 2.493% 2027			762		823
Carrier Global Corp. 2.722% 2030			687		735
CSX Corp. 3.80% 2028			4,060		4,737
CSX Corp. 4.25% 2029			3,062		3,713
CSX Corp. 4.30% 2048			1,125		1,448
CSX Corp. 3.35% 2049			563		642
CSX Corp. 2.50% 2051			5,350		5,314
Dun & Bradstreet Corp. 6.875% 2026⁸			1,067		1,149
Fortress Transportation and Infrastructure Investors LLC 6.50% 2025⁸			1,040		1,091
GE Capital International Funding Co. 4.418% 2035			1,200		1,433
General Dynamics Corp. 3.375% 2023			1,000		1,070
General Dynamics Corp. 3.50% 2025			329		368
General Electric Co. 3.45% 2027			2,150		2,428
General Electric Co. 3.625% 2030			800		915
General Electric Co. 4.25% 2040			550		650
General Electric Co. 4.35% 2050			1,075		1,307
Honeywell International Inc. 2.15% 2022			4,400		4,519
Honeywell International Inc. 2.30% 2024			6,925		7,386
Honeywell International Inc. 1.35% 2025			5,947		6,157
Honeywell International Inc. 2.70% 2029			4,330		4,849
Honeywell International Inc. 1.95% 2030			2,000		2,119
Howmet Aerospace Inc. 6.875% 2025			1,885		2,227
Icahn Enterprises Finance Corp. 4.75% 2024			3,590		3,735
L3Harris Technologies, Inc. 1.80% 2031			2,625		2,675
MasTec, Inc. 4.50% 2028⁸			1,425		1,498
Meritor, Inc. 4.50% 2028⁸			1,025		1,053
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 2025⁸			2,175		2,236
Norfolk Southern Corp. 3.00% 2022			2,056		2,111
Norfolk Southern Corp. 3.05% 2050			4,151		4,552
Northrop Grumman Corp. 2.55% 2022			5,400		5,610
Northrop Grumman Corp. 2.93% 2025			1,820		1,980
Northrop Grumman Corp. 3.25% 2028			3,495		3,953
Otis Worldwide Corp. 2.293% 2027			2,135		2,283
Otis Worldwide Corp. 2.565% 2030			3,000		3,225

130	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
R.R. Donnelley & Sons Co. 6.50% 2023		$	2,635	$	2,724
Raytheon Technologies Corp. 2.80% 2022			1,500		1,543
Rolls-Royce PLC 5.75% 2027⁸			765		848
Siemens AG 2.70% 2022⁸			2,685		2,758
SkyMiles IP Ltd. 4.75% 2028⁸			3,975		4,342
The Brink’s Co. 4.625% 2027⁸			2,385		2,497
TransDigm Inc. 6.50% 2024			33,817		34,480
TransDigm Inc. 6.25% 2026⁸			451		481
TransDigm Inc. 5.50% 2027			1,100		1,158
Triumph Group, Inc. 5.25% 2022			740		707
Triumph Group, Inc. 6.25% 2024⁸			970		964
Triumph Group, Inc. 8.875% 2024⁸			970		1,066
Triumph Group, Inc. 7.75% 2025⁸			875		803
Union Pacific Corp. 3.15% 2024			1,287		1,394
Union Pacific Corp. 3.75% 2025			4,643		5,273
Union Pacific Corp. 2.15% 2027			2,318		2,465
Union Pacific Corp. 3.95% 2028			1,875		2,228
Union Pacific Corp. 3.70% 2029			6,500		7,547
Union Pacific Corp. 2.40% 2030			2,414		2,603
Union Pacific Corp. 4.30% 2049			2,690		3,511
Union Pacific Corp. 3.25% 2050			371		423
Union Pacific Corp. 3.95% 2059			1,365		1,697
Union Pacific Corp. 3.75% 2070			1,091		1,323
United Airlines Holdings, Inc. 6.50% 2027⁸			2,200		2,369
United Rentals, Inc. 3.875% 2031			675		709
United Technologies Corp. 3.65% 2023			52		56
United Technologies Corp. 3.95% 2025			5,155		5,914
United Technologies Corp. 4.125% 2028			1,960		2,337
Vertical U.S. Newco Inc. 5.25% 2027⁸			2,000		2,124
Vinci SA 3.75% 2029⁸			2,237		2,626
Wesco Aircraft Holdings, Inc. 9.00% 2026⁸			1,045		991
WESCO Distribution, Inc. 7.125% 2025⁸			1,210		1,332
WESCO Distribution, Inc. 7.25% 2028⁸			1,320		1,503
XPO Logistics, Inc. 6.25% 2025⁸			660		711
					300,988

Consumer discretionary 0.95%
Adient US LLC 9.00% 2025⁸			521		582
Amazon.com, Inc. 1.50% 2030			2,000		2,033
Amazon.com, Inc. 2.50% 2050			920		955
Amazon.com, Inc. 2.70% 2060			4,485		4,802
American Honda Finance Corp. 0.875% 2023			13,000		13,162
American Honda Finance Corp. 1.20% 2025			2,546		2,607
American Honda Finance Corp. 3.50% 2028			750		865
Bayerische Motoren Werke AG 2.25% 2023⁸			300		313
Bayerische Motoren Werke AG 3.45% 2023⁸			1,870		1,994
Bayerische Motoren Werke AG 3.15% 2024⁸			8,510		9,179
Caesars Entertainment, Inc. 6.25% 2025⁸			3,315		3,535
Carnival Corp. 11.50% 2023⁸			5,575		6,455
Ford Motor Credit Co. 3.20% 2021			2,250		2,255
Ford Motor Credit Co. 3.087% 2023			405		413
Ford Motor Credit Co. 3.664% 2024			455		468
Ford Motor Credit Co. 3.81% 2024			1,070		1,098
Ford Motor Credit Co. 5.584% 2024			423		457
Ford Motor Credit Co. 5.125% 2025			12,355		13,449
Ford Motor Credit Co. 4.542% 2026			2,455		2,624
Ford Motor Credit Co. 3.815% 2027			250		257
General Motors Company 4.20% 2027			5,156		5,844
General Motors Company 5.95% 2049			2,200		2,978
General Motors Financial Co. 3.45% 2022			2,000		2,054

American Funds Insurance Series

131

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
General Motors Financial Co. 3.55% 2022		$	1,780	$	1,857
General Motors Financial Co. 5.20% 2023			7,768		8,521
General Motors Financial Co. 3.50% 2024			4,145		4,483
General Motors Financial Co. 2.75% 2025			5,000		5,350
General Motors Financial Co. 4.30% 2025			400		449
General Motors Financial Co. 4.35% 2027			500		570
Hanesbrands Inc. 4.625% 2024⁸			860		902
Hanesbrands Inc. 5.375% 2025⁸			706		748
Hanesbrands Inc. 4.875% 2026⁸			2,700		2,936
Hilton Worldwide Holdings Inc. 5.125% 2026			2,675		2,769
Hilton Worldwide Holdings Inc. 4.00% 2031⁸			1,035		1,094
Home Depot, Inc. 3.90% 2028			825		993
Home Depot, Inc. 2.95% 2029			9,301		10,575
Home Depot, Inc. 2.70% 2030			2,180		2,434
Home Depot, Inc. 4.25% 2046			3,500		4,643
Home Depot, Inc. 4.50% 2048			428		601
Home Depot, Inc. 3.35% 2050			3,060		3,642
Hyundai Capital America 3.25% 2022⁸			480		500
Hyundai Capital America 1.80% 2025⁸			4,523		4,641
Hyundai Capital America 2.375% 2027⁸			2,579		2,707
International Game Technology PLC 6.25% 2022⁸			687		711
International Game Technology PLC 6.50% 2025⁸			4,555		5,104
International Game Technology PLC 5.25% 2029⁸			940		1,014
Lithia Motors, Inc. 4.375% 2031⁸			1,025		1,101
Lowe’s Companies, Inc. 3.65% 2029			3,574		4,172
Macy’s, Inc. 8.375% 2025⁸			1,230		1,367
Magna International Inc. 2.45% 2030			6,875		7,400
Mattel, Inc. 6.75% 2025⁸			3,225		3,407
Melco International Development Ltd. 5.75% 2028⁸			1,485		1,584
MGM Growth Properties LLC 4.625% 2025⁸			1,050		1,126
MGM Growth Properties LLC 3.875% 2029⁸			1,175		1,204
MGM Resorts International 7.75% 2022			1,700		1,814
Nissan Motor Co., Ltd. 3.043% 2023⁸			1,686		1,764
Nissan Motor Co., Ltd. 3.522% 2025⁸			4,180		4,485
Nissan Motor Co., Ltd. 4.345% 2027⁸			9,815		10,849
Nissan Motor Co., Ltd. 4.81% 2030⁸			4,000		4,514
Panther BF Aggregator 2, LP 6.25% 2026⁸			556		597
PetSmart, Inc. 8.875% 2025⁸			12,215		12,561
PetSmart, Inc., Term Loan, (3-month USD-LIBOR + 3.00%) 4.00% 2022^10,12			5,870		5,824
Royal Caribbean Cruises Ltd. 11.50% 2025⁸			1,225		1,434
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025			5,255		5,407
Sally Holdings LLC and Sally Capital Inc. 8.75% 2025⁸			2,347		2,614
Scientific Games Corp. 5.00% 2025⁸			1,996		2,062
Scientific Games Corp. 8.625% 2025⁸			1,260		1,381
Scientific Games Corp. 8.25% 2026⁸			6,905		7,453
Scientific Games Corp. 7.00% 2028⁸			950		1,023
Scientific Games Corp. 7.25% 2029⁸			1,615		1,775
Staples, Inc. 7.50% 2026⁸			3,055		3,195
Toyota Motor Credit Corp. 2.15% 2022			545		562
Toyota Motor Credit Corp. 2.60% 2022			924		946
Toyota Motor Credit Corp. 0.80% 2025			2,994		3,016
Toyota Motor Credit Corp. 3.05% 2028			2,430		2,732
Toyota Motor Credit Corp. 3.375% 2030			2,225		2,605
VICI Properties LP 4.625% 2029⁸			995		1,066
VICI Properties LP / VICI Note Co. Inc. 3.50% 2025⁸			2,100		2,152
VICI Properties LP / VICI Note Co. Inc. 3.75% 2027⁸			450		461
VICI Properties LP / VICI Note Co. Inc. 4.125% 2030⁸			2,225		2,351
Volkswagen Group of America Finance, LLC 4.00% 2021⁸			2,500		2,577
Volkswagen Group of America Finance, LLC 4.25% 2023⁸			5,320		5,856
Volkswagen Group of America Finance, LLC 1.25% 2025⁸			3,610		3,642
Volkswagen Group of America Finance, LLC 3.35% 2025⁸			2,578		2,836

132	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Volkswagen Group of America Finance, LLC 4.625% 2025⁸		$	3,845	$	4,485
Volkswagen Group of America Finance, LLC 3.20% 2026⁸			3,201		3,539
Volkswagen Group of America Finance, LLC 1.625% 2027⁸			985		994
Wyndham Worldwide Corp. 5.375% 2026⁸			625		648
Wyndham Worldwide Corp. 4.375% 2028⁸			1,855		1,931
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 2023⁸			3,468		3,525
					281,660

Consumer staples 0.89%
Albertsons Companies, Inc. 3.50% 2029⁸			660		668
Altria Group, Inc. 3.80% 2024			2,630		2,873
Altria Group, Inc. 4.40% 2026			445		517
Altria Group, Inc. 4.80% 2029			1,681		2,017
Altria Group, Inc. 3.40% 2030			437		491
Altria Group, Inc. 5.80% 2039			4,820		6,351
Altria Group, Inc. 4.50% 2043			3,000		3,445
Altria Group, Inc. 5.95% 2049			490		686
Altria Group, Inc. 4.45% 2050			3,500		4,145
Anheuser-Busch InBev NV 4.15% 2025			8,000		9,112
Anheuser-Busch InBev NV 4.00% 2028			4,345		5,124
Anheuser-Busch InBev NV 4.75% 2029			886		1,093
Anheuser-Busch InBev NV 5.45% 2039			7,070		9,557
Anheuser-Busch InBev NV 5.55% 2049			2,500		3,554
Anheuser-Busch InBev NV 4.50% 2050			2,150		2,710
B&G Foods, Inc. 5.25% 2025			2,175		2,248
British American Tobacco International Finance PLC 3.95% 2025⁸			4,250		4,783
British American Tobacco PLC 2.789% 2024			4,000		4,280
British American Tobacco PLC 3.222% 2024			2,826		3,061
British American Tobacco PLC 3.215% 2026			3,323		3,664
British American Tobacco PLC 3.557% 2027			1,384		1,541
British American Tobacco PLC 2.259% 2028			2,509		2,607
British American Tobacco PLC 3.462% 2029			2,000		2,185
British American Tobacco PLC 4.906% 2030			4,770		5,764
British American Tobacco PLC 2.726% 2031			4,000		4,148
British American Tobacco PLC 4.39% 2037			5,500		6,157
British American Tobacco PLC 4.54% 2047			2,953		3,279
Coca-Cola Co. 1.00% 2028			3,015		3,028
Coca-Cola Co. 1.375% 2031			1,460		1,458
Coca-Cola Co. 2.50% 2051			1,040		1,075
Conagra Brands, Inc. 4.30% 2024			4,685		5,245
Conagra Brands, Inc. 1.375% 2027			4,105		4,145
Conagra Brands, Inc. 5.30% 2038			55		74
Conagra Brands, Inc. 5.40% 2048			412		588
Constellation Brands, Inc. 2.65% 2022			7,846		8,156
Constellation Brands, Inc. 2.70% 2022			195		201
Constellation Brands, Inc. 3.20% 2023			1,340		1,416
Constellation Brands, Inc. 3.60% 2028			938		1,072
Constellation Brands, Inc. 2.875% 2030			2,259		2,479
Constellation Brands, Inc. 4.50% 2047			220		278
Constellation Brands, Inc. 3.75% 2050			351		414
Costco Wholesale Corp. 2.75% 2024			10,000		10,763
Costco Wholesale Corp. 1.60% 2030			5,000		5,127
H.J. Heinz Co. 3.875% 2027⁸			2,475		2,669
H.J. Heinz Co. 5.50% 2050⁸			1,215		1,534
Imperial Tobacco Finance PLC 3.50% 2023⁸			4,000		4,190
Keurig Dr Pepper Inc. 4.057% 2023			2,000		2,174
Keurig Dr Pepper Inc. 4.597% 2028			2,000		2,437
Keurig Dr Pepper Inc. 3.20% 2030			3,771		4,274
Keurig Dr Pepper Inc. 4.985% 2038			3,351		4,495
Keurig Dr Pepper Inc. 5.085% 2048			75		106

American Funds Insurance Series

133

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
Keurig Dr Pepper Inc. 3.80% 2050		$	2,552	$	3,062
Kimberly-Clark Corp. 1.05% 2027			1,395		1,414
Kimberly-Clark Corp. 3.10% 2030			844		972
Kraft Heinz Company 3.95% 2025			2,195		2,418
Kraft Heinz Company 4.375% 2046			840		909
Kraft Heinz Company 4.875% 2049⁸			1,725		2,013
Molson Coors Brewing Co. 4.20% 2046			2,270		2,605
Nestlé Holdings, Inc. 3.35% 2023⁸			750		809
Nestlé Holdings, Inc. 0.625% 2026⁸			5,240		5,217
Nestlé Holdings, Inc. 1.00% 2027⁸			19,720		19,773
Nestlé Holdings, Inc. 1.25% 2030⁸			5,000		4,979
PepsiCo, Inc. 1.40% 2031			3,795		3,825
PepsiCo, Inc. 3.625% 2050			2,180		2,769
Philip Morris International Inc. 1.875% 2021			1,500		1,500
Philip Morris International Inc. 2.375% 2022			1,960		2,023
Philip Morris International Inc. 2.625% 2022			1,670		1,712
Philip Morris International Inc. 2.875% 2024			788		849
Philip Morris International Inc. 3.25% 2024			2,000		2,203
Philip Morris International Inc. 0.875% 2026			2,990		3,004
Philip Morris International Inc. 3.375% 2029			3,268		3,746
Philip Morris International Inc. 1.75% 2030			4,974		5,039
Philip Morris International Inc. 2.10% 2030			2,477		2,585
Post Holdings, Inc. 4.625% 2030⁸			2,886		3,040
Procter & Gamble Company 1.70% 2021			400		405
Procter & Gamble Company 0.55% 2025			5,595		5,646
Procter & Gamble Company 1.20% 2030			8,210		8,224
Reckitt Benckiser Group PLC 2.375% 2022⁸			1,125		1,157
Reynolds American Inc. 4.45% 2025			1,425		1,623
Reynolds American Inc. 5.85% 2045			2,030		2,598
TreeHouse Foods, Inc. 4.00% 2028			320		332
Wal-Mart Stores, Inc. 2.35% 2022			1,000		1,042
Wal-Mart Stores, Inc. 2.85% 2024			1,805		1,953
Wal-Mart Stores, Inc. 3.05% 2026			2,060		2,320
					265,224

Materials 0.76%
Anglo American Capital PLC 2.625% 2030⁸			11,275		11,808
Anglo American Capital PLC 5.625% 2030⁸			720		918
Anglo American Capital PLC 3.95% 2050⁸			2,945		3,313
Ardagh Packaging Finance 5.25% 2025⁸			833		880
Chevron Phillips Chemical Co. LLC 3.30% 2023⁸			595		630
Cleveland-Cliffs Inc. 4.875% 2024⁸			3,975		4,057
Cleveland-Cliffs Inc. 5.75% 2025			9,456		9,616
Cleveland-Cliffs Inc. 9.875% 2025⁸			925		1,089
Cleveland-Cliffs Inc. 6.75% 2026⁸			2,035		2,200
Cleveland-Cliffs Inc. 5.875% 2027			10,500		10,719
CVR Partners, LP 9.25% 2023⁸			2,350		2,355
Dow Chemical Co. 4.55% 2025			1,405		1,645
Dow Chemical Co. 3.625% 2026			1,884		2,124
Dow Chemical Co. 2.10% 2030			4,000		4,105
Dow Chemical Co. 4.80% 2049			627		845
Dow Chemical Co. 3.60% 2050			15,250		17,135
First Quantum Minerals Ltd. 7.25% 2023⁸			1,200		1,239
First Quantum Minerals Ltd. 6.50% 2024⁸			4,704		4,842
First Quantum Minerals Ltd. 7.50% 2025⁸			15,400		16,055
First Quantum Minerals Ltd. 6.875% 2026⁸			11,375		11,880
First Quantum Minerals Ltd. 6.875% 2027⁸			3,240		3,520
Freeport-McMoRan Inc. 3.875% 2023			825		862
Freeport-McMoRan Inc. 4.25% 2030			2,550		2,750
FXI Holdings, Inc. 7.875% 2024⁸			2,226		2,248

134	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
FXI Holdings, Inc. 12.25% 2026⁸		$	4,392	$	5,014
Glencore Funding LLC 4.125% 2024⁸			945		1,041
Hexion Inc. 7.875% 2027⁸			2,045		2,192
International Paper Co. 7.30% 2039			2,005		3,218
Joseph T. Ryerson & Son, Inc. 8.50% 2028⁸			1,148		1,302
LSB Industries, Inc. 9.625% 2023⁸			5,170		5,344
LYB International Finance III, LLC 1.25% 2025			5,780		5,885
LYB International Finance III, LLC 2.25% 2030			3,690		3,819
LYB International Finance III, LLC 3.375% 2040			11,184		11,977
LYB International Finance III, LLC 3.625% 2051			2,922		3,199
LYB International Finance III, LLC 3.80% 2060			1,186		1,281
Methanex Corp. 5.125% 2027			4,525		4,924
Mosaic Co. 3.25% 2022			1,788		1,869
Mosaic Co. 4.05% 2027			1,587		1,799
Newcrest Finance Pty Ltd. 3.25% 2030⁸			1,329		1,470
Newcrest Finance Pty Ltd. 4.20% 2050⁸			371		455
Nutrition & Biosciences, Inc. 1.832% 2027⁸			7,468		7,699
Nutrition & Biosciences, Inc. 2.30% 2030⁸			5,310		5,471
Praxair, Inc. 1.10% 2030			6,604		6,540
Praxair, Inc. 2.00% 2050			1,605		1,505
Sherwin-Williams Co. 2.75% 2022			29		30
Sherwin-Williams Co. 3.125% 2024			275		299
Sherwin-Williams Co. 2.95% 2029			4,000		4,407
Sherwin-Williams Co. 3.80% 2049			5,208		6,295
Tronox Ltd. 6.50% 2026⁸			1,980		2,064
Vale Overseas Ltd. 3.75% 2030			3,949		4,397
Valvoline Inc. 4.375% 2025			670		692
Venator Materials Corp. 5.75% 2025⁸			5,845		5,476
Venator Materials Corp. 9.50% 2025⁸			1,495		1,637
Warrior Met Coal, Inc. 8.00% 2024⁸			5,095		5,214
Westlake Chemical Corp. 4.375% 2047			500		595
					223,945

Information technology 0.74%
Adobe Inc. 1.90% 2025			2,216		2,344
Adobe Inc. 2.30% 2030			11,627		12,593
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 2025^10,12			4,150		4,172
Apple Inc. 3.00% 2024			625		673
Apple Inc. 0.55% 2025			14,140		14,213
Apple Inc. 1.125% 2025			1,866		1,920
Apple Inc. 3.35% 2027			40		46
Apple Inc. 1.25% 2030			8,760		8,768
Apple Inc. 2.40% 2050			3,000		3,077
Avaya Inc. 6.125% 2028⁸			1,600		1,712
Broadcom Inc. 3.125% 2022			1,575		1,649
Broadcom Inc. 3.625% 2024			1,575		1,731
Broadcom Inc. 4.25% 2026			7,508		8,606
Broadcom Inc. 4.75% 2029			4,710		5,634
Broadcom Inc. 4.15% 2030			5,000		5,791
Broadcom Inc. 5.00% 2030			1,807		2,198
Broadcom Ltd. 3.625% 2024			750		811
Broadcom Ltd. 3.875% 2027			3,060		3,440
CommScope Finance LLC 6.00% 2026⁸			2,425		2,558
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 3.004% 2023^10,12			1,342		1,312
Diebold Nixdorf, Inc. 9.375% 2025⁸			3,775		4,235
Diebold, Inc. 8.50% 2024			1,400		1,419
Fiserv, Inc. 2.75% 2024			1,600		1,719
Fiserv, Inc. 3.20% 2026			7,455		8,355
Fiserv, Inc. 2.25% 2027			1,030		1,099
Fiserv, Inc. 3.50% 2029			4,070		4,654

American Funds Insurance Series

135

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Fiserv, Inc. 2.65% 2030		$	12,611	$	13,653
Fiserv, Inc. 4.40% 2049			1,800		2,411
Gartner, Inc. 4.50% 2028⁸			650		687
Global Payments Inc. 2.90% 2030			3,528		3,839
Intuit Inc. 0.95% 2025			1,530		1,551
Intuit Inc. 1.35% 2027			3,565		3,652
Intuit Inc. 1.65% 2030			4,870		5,006
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 3.75%) 4.004% 2024^10,12			2,602		2,606
Microsoft Corp. 3.30% 2027			4,000		4,565
Microsoft Corp. 4.20% 2035			6,000		7,890
Microsoft Corp. 4.10% 2037			628		825
Microsoft Corp. 2.525% 2050			2,961		3,123
Oracle Corp. 3.60% 2050			6,730		7,860
PayPal Holdings, Inc. 2.65% 2026			2,364		2,599
PayPal Holdings, Inc. 2.85% 2029			2,770		3,081
PayPal Holdings, Inc. 2.30% 2030			3,303		3,541
PayPal Holdings, Inc. 3.25% 2050			932		1,077
Sabre Holdings Corp. 5.25% 2023⁸			325		330
Sabre Holdings Corp. 9.25% 2025⁸			1,025		1,221
ServiceNow, Inc. 1.40% 2030			8,965		8,752
Unisys Corp. 6.875% 2027⁸			725		794
Veritas Holdings Ltd. 7.50% 2025⁸			3,860		3,966
ViaSat, Inc. 5.625% 2027⁸			555		584
Visa Inc. 2.80% 2022			2,000		2,093
Visa Inc. 3.15% 2025			5,500		6,173
Visa Inc. 0.75% 2027			4,450		4,441
Visa Inc. 1.10% 2031			10,000		9,872
Visa Inc. 2.00% 2050			5,000		4,776
Xerox Corp. 4.125% 2023			906		953
Xerox Corp. 5.50% 2028⁸			2,450		2,604
					219,254

Real estate 0.42%
Alexandria Real Estate Equities, Inc. 3.80% 2026			315		363
Alexandria Real Estate Equities, Inc. 3.95% 2028			1,220		1,418
Alexandria Real Estate Equities, Inc. 2.75% 2029			1,940		2,122
Alexandria Real Estate Equities, Inc. 3.375% 2031			1,320		1,513
Alexandria Real Estate Equities, Inc. 1.875% 2033			4,095		4,097
Alexandria Real Estate Equities, Inc. 4.85% 2049			410		576
American Campus Communities, Inc. 3.75% 2023			3,055		3,230
American Campus Communities, Inc. 4.125% 2024			2,075		2,267
American Campus Communities, Inc. 3.30% 2026			1,698		1,855
American Campus Communities, Inc. 3.625% 2027			9,545		10,528
American Campus Communities, Inc. 2.85% 2030			144		151
American Campus Communities, Inc. 3.875% 2031			744		844
American Tower Corp. 3.55% 2027			1,425		1,613
American Tower Corp. 1.50% 2028			10,000		10,068
American Tower Corp. 3.60% 2028			1,000		1,137
Brandywine Operating Partnership, LP 3.95% 2023			1,070		1,115
Brookfield Property REIT Inc. 5.75% 2026⁸			6,050		5,980
Communications Sales & Leasing, Inc. 6.00% 2023⁸			2,475		2,529
Corporate Office Properties LP 3.60% 2023			390		413
Corporate Office Properties LP 5.25% 2024			3,595		3,976
Corporate Office Properties LP 2.25% 2026			1,431		1,493
Equinix, Inc. 2.625% 2024			501		536
Equinix, Inc. 2.90% 2026			6,087		6,664
Equinix, Inc. 1.80% 2027			1,295		1,334
Equinix, Inc. 1.55% 2028			5,920		6,023
Equinix, Inc. 3.20% 2029			6,170		6,810
Equinix, Inc. 2.15% 2030			2,969		3,025

136	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Equinix, Inc. 3.00% 2050		$	2,095	$	2,128
Essex Portfolio LP 3.875% 2024			1,000		1,099
Essex Portfolio LP 3.50% 2025			6,825		7,566
Gaming and Leisure Properties, Inc. 3.35% 2024			1,263		1,330
Hospitality Properties Trust 4.50% 2023			1,945		1,958
Hospitality Properties Trust 4.50% 2025			150		148
Hospitality Properties Trust 4.95% 2027			500		504
Hospitality Properties Trust 3.95% 2028			1,950		1,888
Host Hotels & Resorts LP 4.50% 2026			355		389
Howard Hughes Corp. 5.375% 2028⁸			2,450		2,640
Iron Mountain Inc. 5.25% 2030⁸			3,695		3,995
Iron Mountain Inc. 4.50% 2031⁸			2,015		2,113
Ladder Capital Corp. 5.25% 2025⁸			440		440
Public Storage 2.37% 2022			565		584
QTS Realty Trust, Inc. 3.875% 2028⁸			2,025		2,068
Scentre Group 3.25% 2025⁸			1,000		1,066
Scentre Group 3.50% 2025⁸			3,075		3,290
Scentre Group 3.75% 2027⁸			2,430		2,620
UDR, Inc. 2.95% 2026			760		835
Westfield Corp. Ltd. 3.15% 2022⁸			4,290		4,364
Westfield Corp. Ltd. 3.50% 2029⁸			443		465
					123,170

Total corporate bonds, notes & loans					3,853,780

U.S. Treasury bonds & notes 8.47%
U.S. Treasury 6.99%
U.S. Treasury 1.50% 2021			3,777		3,811
U.S. Treasury 1.625% 2021			3,704		3,732
U.S. Treasury 1.625% 2021			98		99
U.S. Treasury 1.75% 2021			425		431
U.S. Treasury 2.25% 2021¹⁴			95,000		95,664
U.S. Treasury 2.50% 2021			200,000		200,359
U.S. Treasury 2.75% 2021			19,232		19,586
U.S. Treasury 0.125% 2022			114,525		114,548
U.S. Treasury 0.125% 2022			20,000		20,004
U.S. Treasury 1.375% 2022			5,000		5,068
U.S. Treasury 1.375% 2022			280		286
U.S. Treasury 1.50% 2022			9,407		9,627
U.S. Treasury 1.625% 2022			94		97
U.S. Treasury 1.875% 2022			80,000		81,633
U.S. Treasury 1.875% 2022			4,000		4,122
U.S. Treasury 2.125% 2022			37,000		38,471
U.S. Treasury 0.125% 2023			5,362		5,355
U.S. Treasury 0.125% 2023			2,000		1,999
U.S. Treasury 0.25% 2023			30,000		30,077
U.S. Treasury 1.375% 2023			5,309		5,449
U.S. Treasury 2.25% 2023			5,000		5,312
U.S. Treasury 2.375% 2023			5,000		5,233
U.S. Treasury 2.75% 2023			15,000		15,908
U.S. Treasury 1.50% 2024			22,500		23,583
U.S. Treasury 1.50% 2024			907		950
U.S. Treasury 2.125% 2024			5,000		5,313
U.S. Treasury 2.25% 2024			5,000		5,319
U.S. Treasury 2.375% 2024			70,000		75,442
U.S. Treasury 2.50% 2024			225,000		241,055
U.S. Treasury 2.50% 2024			700		754
U.S. Treasury 0.25% 2025			89,250		89,011
U.S. Treasury 0.25% 2025			84,812		84,641
U.S. Treasury 0.25% 2025			2,272		2,263
U.S. Treasury 0.375% 2025			3,368		3,372

American Funds Insurance Series

137

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 0.375% 2025		$	2,705	$	2,715
U.S. Treasury 2.50% 2025			3,500		3,818
U.S. Treasury 2.75% 2025			3,229		3,581
U.S. Treasury 1.50% 2026			500		529
U.S. Treasury 1.625% 2026			60,000		63,990
U.S. Treasury 1.625% 2026			27,000		28,786
U.S. Treasury 1.625% 2026			7,000		7,444
U.S. Treasury 1.625% 2026			1,500		1,597
U.S. Treasury 0.50% 2027			46,770		46,591
U.S. Treasury 0.50% 2027			33,050		32,899
U.S. Treasury 0.50% 2027			4,418		4,389
U.S. Treasury 1.125% 2027			762		790
U.S. Treasury 2.25% 2027			78,250		86,472
U.S. Treasury 2.375% 2027			880		981
U.S. Treasury 2.875% 2028			5,217		6,042
U.S. Treasury 0.625% 2030			18,400		17,985
U.S. Treasury 0.875% 2030			128,258		127,767
U.S. Treasury 1.50% 2030			36,651		38,765
U.S. Treasury 1.125% 2040			60,975		57,877
U.S. Treasury 2.50% 2046			3,755		4,486
U.S. Treasury 3.00% 2047			9,355		12,252
U.S. Treasury 3.00% 2048			336		441
U.S. Treasury 2.25% 2049¹⁴			15,000		17,169
U.S. Treasury 2.375% 2049¹⁴			75,000		88,101
U.S. Treasury 1.375% 2050			194,447		181,954
U.S. Treasury 1.625% 2050			20,000		19,905
U.S. Treasury 2.00% 2050¹⁴			15,075		16,370
					2,072,270

U.S. Treasury inflation-protected securities 1.48%
U.S. Treasury Inflation-Protected Security 0.125% 2024¹⁵			86,266		92,498
U.S. Treasury Inflation-Protected Security 0.625% 2024¹⁵			87,479		93,915
U.S. Treasury Inflation-Protected Security 0.125% 2025¹⁵			23,186		24,937
U.S. Treasury Inflation-Protected Security 0.75% 2028¹⁵			18,153		21,133
U.S. Treasury Inflation-Protected Security 0.875% 2029¹⁵			20,465		24,068
U.S. Treasury Inflation-Protected Security 0.125% 2030¹⁵			23,488		26,199
U.S. Treasury Inflation-Protected Security 1.00% 2049¹⁵			102,525		144,589
U.S. Treasury Inflation-Protected Security 0.25% 2050¹⁵			10,301		12,271
					439,610

Total U.S. Treasury bonds & notes					2,511,880

Mortgage-backed obligations 7.41%
Federal agency mortgage-backed obligations 7.05%
Fannie Mae Pool #885290 6.00% 2021¹⁶			2		2
Fannie Mae Pool #AD7072 4.00% 2025¹⁶			5		5
Fannie Mae Pool #AE3069 4.00% 2025¹⁶			3		3
Fannie Mae Pool #AE2321 4.00% 2025¹⁶			2		2
Fannie Mae Pool #AH9695 4.00% 2026¹⁶			519		552
Fannie Mae Pool #AH6431 4.00% 2026¹⁶			472		503
Fannie Mae Pool #890329 4.00% 2026¹⁶			72		76
Fannie Mae Pool #AJ3010 4.00% 2026¹⁶			42		45
Fannie Mae Pool #AH8174 4.00% 2026¹⁶			5		6
Fannie Mae Pool #AL3908 4.00% 2026¹⁶			4		4
Fannie Mae Pool #AH5618 4.00% 2026¹⁶			4		4
Fannie Mae Pool #AH0829 4.00% 2026¹⁶			4		4
Fannie Mae Pool #AH8275 4.00% 2026¹⁶			2		3
Fannie Mae Pool #AL7299 4.00% 2027¹⁶			265		281
Fannie Mae Pool #MA1109 4.00% 2027¹⁶			5		5
Fannie Mae Pool #MA3653 3.00% 2029¹⁶			45		48
Fannie Mae Pool #AL8347 4.00% 2029¹⁶			534		567

138	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #254767 5.50% 2033¹⁶		$	321	$	374
Fannie Mae Pool #555956 5.50% 2033¹⁶			217		253
Fannie Mae Pool #BN1085 4.00% 2034¹⁶			820		870
Fannie Mae Pool #BN3172 4.00% 2034¹⁶			408		432
Fannie Mae Pool #MA4228 1.50% 2036¹⁶			64,738		66,646
Fannie Mae Pool #MA4229 2.00% 2036¹⁶			12,064		12,621
Fannie Mae Pool #AS8554 3.00% 2036¹⁶			12,279		12,934
Fannie Mae Pool #929185 5.50% 2036¹⁶			473		556
Fannie Mae Pool #893641 6.00% 2036¹⁶			1,046		1,251
Fannie Mae Pool #893688 6.00% 2036¹⁶			286		342
Fannie Mae Pool #907239 6.00% 2036¹⁶			60		70
Fannie Mae Pool #AD0249 5.50% 2037¹⁶			177		206
Fannie Mae Pool #190379 5.50% 2037¹⁶			94		111
Fannie Mae Pool #924952 6.00% 2037¹⁶			1,205		1,431
Fannie Mae Pool #888292 6.00% 2037¹⁶			969		1,153
Fannie Mae Pool #928031 6.00% 2037¹⁶			117		138
Fannie Mae Pool #888637 6.00% 2037¹⁶			16		19
Fannie Mae Pool #AD0119 6.00% 2038¹⁶			1,484		1,761
Fannie Mae Pool #AD0095 6.00% 2038¹⁶			1,154		1,365
Fannie Mae Pool #995674 6.00% 2038¹⁶			562		667
Fannie Mae Pool #AE0021 6.00% 2038¹⁶			468		553
Fannie Mae Pool #AL7164 6.00% 2038¹⁶			281		328
Fannie Mae Pool #AB0538 6.00% 2038¹⁶			222		260
Fannie Mae Pool #995391 6.00% 2038¹⁶			32		38
Fannie Mae Pool #889983 6.00% 2038¹⁶			30		35
Fannie Mae Pool #995224 6.00% 2038¹⁶			18		21
Fannie Mae Pool #AD0833 6.00% 2039¹⁶			1		1
Fannie Mae Pool #AL0013 6.00% 2040¹⁶			294		347
Fannie Mae Pool #AL0309 6.00% 2040¹⁶			96		114
Fannie Mae Pool #AB4536 6.00% 2041¹⁶			565		669
Fannie Mae Pool #AL7228 6.00% 2041¹⁶			395		467
Fannie Mae Pool #AP2131 3.50% 2042¹⁶			5,880		6,346
Fannie Mae Pool #AU8813 4.00% 2043¹⁶			2,968		3,356
Fannie Mae Pool #AU9348 4.00% 2043¹⁶			1,768		2,000
Fannie Mae Pool #AU9350 4.00% 2043¹⁶			1,410		1,568
Fannie Mae Pool #AL8773 3.50% 2045¹⁶			9,959		10,820
Fannie Mae Pool #AL8354 3.50% 2045¹⁶			2,392		2,614
Fannie Mae Pool #BC4764 3.00% 2046¹⁶			21,678		22,815
Fannie Mae Pool #AL8522 3.50% 2046¹⁶			4,748		5,188
Fannie Mae Pool #BD9699 3.50% 2046¹⁶			1,895		2,040
Fannie Mae Pool #BD9307 4.00% 2046¹⁶			1,733		1,897
Fannie Mae Pool #BC7611 4.00% 2046¹⁶			501		549
Fannie Mae Pool #BH4084 3.50% 2047¹⁶			20,500		21,774
Fannie Mae Pool #BE1290 3.50% 2047¹⁶			3,822		4,145
Fannie Mae Pool #CA0770 3.50% 2047¹⁶			3,514		3,735
Fannie Mae Pool #MA3211 4.00% 2047¹⁶			6,971		7,490
Fannie Mae Pool #257036 7.00% 2047¹⁶			11		12
Fannie Mae Pool #256975 7.00% 2047¹⁶			2		2
Fannie Mae Pool #BJ3775 3.50% 2048¹⁶			13,514		14,336
Fannie Mae Pool #BK7655 3.899% 2048^12,16			683		719
Fannie Mae Pool #CA2377 4.00% 2048¹⁶			16,923		18,085
Fannie Mae Pool #BK0920 4.00% 2048¹⁶			2,979		3,182
Fannie Mae Pool #BJ9256 4.00% 2048¹⁶			2,968		3,170
Fannie Mae Pool #BJ9252 4.00% 2048¹⁶			891		952
Fannie Mae Pool #BK0915 4.00% 2048¹⁶			265		283
Fannie Mae Pool #BK6971 4.00% 2048¹⁶			216		231
Fannie Mae Pool #MA3277 4.00% 2048¹⁶			28		30
Fannie Mae Pool #BK5255 4.00% 2048¹⁶			27		30
Fannie Mae Pool #CA2493 4.50% 2048¹⁶			1,894		2,058
Fannie Mae Pool #CA4756 3.00% 2049¹⁶			10,033		10,863
Fannie Mae Pool #BK8767 4.00% 2049¹⁶			189		206

American Funds Insurance Series

139

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #MA4256 2.50% 2051¹⁶		$	3,051	$	3,218
Fannie Mae, Series 2001-T10, Class A1, 7.00% 2041¹⁶			121		144
Fannie Mae, Series 2002-W3, Class A5, 7.50% 2041¹⁶			32		39
Fannie Mae, Series 2012-M14, Class A2, Multi Family, 2.301% 2022^12,16			1,160		1,191
Fannie Mae, Series 2012-M9, Class A2, Multi Family, 2.482% 2022¹⁶			2,248		2,288
Fannie Mae, Series 2012-M5, Class A2, Multi Family, 2.715% 2022¹⁶			1,603		1,627
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.128% 2023^12,16			5,566		5,880
Fannie Mae, Series 2013-M14, Class A2, Multi Family, 3.329% 2023^12,16			5,262		5,589
Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 2023^12,16			4,544		4,869
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 2024^12,16			5,881		6,372
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 2024^12,16			4,697		5,080
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.477% 2026^12,16			9,665		10,575
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2027^12,16			2,891		3,241
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 2036¹⁶			67		63
Freddie Mac Pool #Q46021 3.50% 2047¹⁶			2,396		2,592
Freddie Mac Pool #ZK7598 3.00% 2027¹⁶			10,439		10,976
Freddie Mac Pool #ZK7580 3.00% 2027¹⁶			4,541		4,828
Freddie Mac Pool #QN1174 2.50% 2034¹⁶			642		670
Freddie Mac Pool #SB8083 1.50% 2036¹⁶			14,002		14,415
Freddie Mac Pool #SB8084 2.00% 2036¹⁶			3,275		3,426
Freddie Mac Pool #C91912 3.00% 2037¹⁶			19,815		20,882
Freddie Mac Pool #G03978 5.00% 2038¹⁶			692		805
Freddie Mac Pool #G04553 6.50% 2038¹⁶			84		95
Freddie Mac Pool #G08347 4.50% 2039¹⁶			121		135
Freddie Mac Pool #C03518 5.00% 2040¹⁶			1,211		1,409
Freddie Mac Pool #Q05807 4.00% 2042¹⁶			2,988		3,295
Freddie Mac Pool #Q23185 4.00% 2043¹⁶			1,886		2,134
Freddie Mac Pool #Q23190 4.00% 2043¹⁶			1,446		1,608
Freddie Mac Pool #760014 3.116% 2045^12,16			420		439
Freddie Mac Pool #Q37988 4.00% 2045¹⁶			10,020		11,077
Freddie Mac Pool #G60344 4.00% 2045¹⁶			8,736		9,678
Freddie Mac Pool #Z40130 3.00% 2046¹⁶			6,415		7,004
Freddie Mac Pool #Q41909 4.50% 2046¹⁶			884		970
Freddie Mac Pool #Q41090 4.50% 2046¹⁶			547		600
Freddie Mac Pool #760015 2.849% 2047^12,16			980		1,013
Freddie Mac Pool #Q52216 3.50% 2047¹⁶			13,195		14,009
Freddie Mac Pool #Q52157 3.50% 2047¹⁶			2,902		3,081
Freddie Mac Pool #SI2002 4.00% 2048¹⁶			6,236		6,675
Freddie Mac Pool #ZM6968 4.00% 2048¹⁶			3,718		3,970
Freddie Mac Pool #SD7507 3.00% 2049¹⁶			33,113		35,812
Freddie Mac Pool #RA2020 3.00% 2050¹⁶			13,908		14,949
Freddie Mac, Series T041, Class 3A, 5.222% 2032^12,16			240		272
Freddie Mac, Series K723, Class A2, Multi Family, 2.454% 2023¹⁶			3,025		3,176
Freddie Mac, Series K725, Class A2, Multi Family, 3.002% 2024¹⁶			5,555		5,981
Freddie Mac, Series K044, Class A2, Multi Family, 2.811% 2025¹⁶			4,265		4,648
Freddie Mac, Series K047, Class A2, Multi Family, 3.329% 2025¹⁶			4,000		4,466
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 2025^12,16			9,778		10,998
Freddie Mac, Series K055, Class A2, Multi Family, 2.673% 2026¹⁶			10,050		11,062
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 2026¹⁶			7,370		8,226
Freddie Mac, Series K066, Class A2, Multi Family, 3.117% 2027¹⁶			4,755		5,420
Freddie Mac, Series K067, Class A2, Multi Family, 3.194% 2027¹⁶			5,770		6,622
Freddie Mac, Series K063, Class A2, Multi Family, 3.43% 2027¹⁶			4,375		5,035
Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 2028¹⁶			3,237		3,884
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056¹⁶			8,475		9,091
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 2056^12,16			8,495		8,927
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 2056^12,16			4,449		4,677
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 2056^12,16			1,877		1,990

140	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^12,16		$	1,401	$	1,527
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057¹⁶			3,306		3,582
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057¹⁶			2,852		3,115
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057¹⁶			1,135		1,239
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 2058¹⁶			15,488		16,882
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2059¹⁶			8,737		9,322
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028¹⁶			3,363		3,558
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 2029¹⁶			4,393		4,650
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 2029¹⁶			7,001		7,426
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 2029¹⁶			2,455		2,714
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 3.448% 2027^12,16			1,301		1,338
Government National Mortgage Assn. 2.00% 2051^16,17			149,150		155,465
Government National Mortgage Assn. 2.00% 2051^16,17			83,050		86,703
Government National Mortgage Assn. 2.50% 2051^16,17			5,375		5,668
Government National Mortgage Assn. 3.00% 2051^16,17			74,000		77,425
Government National Mortgage Assn. 3.50% 2051^16,17			13,404		14,202
Government National Mortgage Assn. 3.50% 2051^16,17			13,352		14,139
Government National Mortgage Assn. 4.00% 2051^16,17			13,107		13,981
Government National Mortgage Assn. 4.50% 2051^16,17			7,053		7,560
Government National Mortgage Assn. 4.50% 2051^16,17			2,947		3,156
Government National Mortgage Assn. Pool #BD7245 4.00% 2048¹⁶			1,191		1,302
Government National Mortgage Assn. Pool #MA5876 4.00% 2049¹⁶			17,039		18,229
Government National Mortgage Assn. Pool #MA5986 4.00% 2049¹⁶			2,226		2,391
Government National Mortgage Assn. Pool #MA5764 4.50% 2049¹⁶			28,452		30,796
Government National Mortgage Assn. Pool #MA6092 4.50% 2049¹⁶			6,837		7,374
Government National Mortgage Assn. Pool #MA5877 4.50% 2049¹⁶			4,167		4,506
Government National Mortgage Assn. Pool #MA7052 2.50% 2050¹⁶			15,905		16,854
Uniform Mortgage-Backed Security 1.50% 2036^16,17			89,384		91,842
Uniform Mortgage-Backed Security 1.50% 2036^16,17			15,049		15,455
Uniform Mortgage-Backed Security 2.00% 2036^16,17			54,690		57,117
Uniform Mortgage-Backed Security 2.00% 2036^16,17			17,235		18,017
Uniform Mortgage-Backed Security 3.00% 2036^16,17			8,784		9,218
Uniform Mortgage-Backed Security 2.00% 2051^16,17			69,840		72,297
Uniform Mortgage-Backed Security 2.00% 2051^16,17			45,476		47,153
Uniform Mortgage-Backed Security 2.50% 2051^16,17			123,053		129,292
Uniform Mortgage-Backed Security 2.50% 2051^16,17			92,374		97,198
Uniform Mortgage-Backed Security 3.00% 2051^16,17			114,305		119,939
Uniform Mortgage-Backed Security 3.00% 2051^16,17			24,371		25,555
Uniform Mortgage-Backed Security 3.50% 2051^16,17			147,126		155,725
Uniform Mortgage-Backed Security 4.00% 2051^16,17			105,276		112,587
Uniform Mortgage-Backed Security 4.50% 2051^16,17			41,792		45,352
					2,091,688

Collateralized mortgage-backed obligations (privately originated) 0.18%
Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.763% 2048^8,12,16			1,624		1,651
Bellemeade Re Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.748% 2029^8,12,16			3,810		3,817
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 2068^8,12,16			2,163		2,240
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 2037^8,16			4,191		4,353
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 2034¹⁶			216		228
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 2069^8,16			10,763		11,678
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 2069^8,16			3,798		4,172
JPMorgan Mortgage Trust, Series 2019-INV3, Class A13, 3.50% 2050^8,12,16			1,120		1,167

American Funds Insurance Series

141

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
JPMorgan Mortgage Trust, Series 2019-INV3, Class A3, 3.50% 2050^8,12,16		$	1,069	$	1,114
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 2059^8,12,16			5,422		5,483
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 2059^8,12,16			1,408		1,412
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 2059^8,12,16			765		768
MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2034¹⁶			495		518
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.898% 2052^8,12,16			3,001		3,005
Mortgage Repurchase Agreement Financing Trust, Series 2020-1, Class A1, (1-month USD-LIBOR + 2.00%) 2.149% 2022^8,12,16			1,625		1,629
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, Class A1, (1-month USD-LIBOR + 1.00%) 1.149% 2023^8,12,16			2,862		2,884
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 2049^8,12,16			2,427		2,505
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 2063^8,12,16			981		987
Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.00% 2048^8,12,16			1,794		1,845
Station Place Securitization Trust, Series 2020-WL1, Class A, (1-month USD-LIBOR + 1.15%) 1.298% 2051^8,12,16			2,500		2,504
					53,960

Commercial mortgage-backed securities 0.18%
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 2063¹⁶			2,909		3,130
Barclays Commercial Mortgage Securities LLC, Series 2017-DELC, Class A, 1.009% 2036^8,12,16			2,000		1,982
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2051¹⁶			1,000		1,146
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 2053¹⁶			2,960		3,168
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 2048¹⁶			1,015		1,058
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 2050¹⁶			4,735		5,308
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 2048¹⁶			1,335		1,426
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 2040^8,16			5,201		5,517
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 2053¹⁶			5,602		6,040
Manhattan West, Series 2020-OMW, Class A, 2.13% 2039^8,16			13,772		14,516
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 2047¹⁶			981		1,044
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 2048¹⁶			1,038		1,086
Morgan Stanley Capital I Trust, Series 2014-CPT, Class A, 3.35% 2029^8,16			2,650		2,669
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.75%) 2.25% 2021^1,8,12,16			5,219		5,219
					53,309

Total mortgage-backed obligations					2,198,957

Asset-backed obligations 0.79%
Aesop Funding LLC, Series 2017-2A, Class A, 2.97% 2024^8,16			1,920		1,998
Aesop Funding LLC, Series 2018-1A, Class A, 3.70% 2024^8,16			1,114		1,176
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 2027^8,16			539		551
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 2027^8,16			138		141
CarMaxAuto Owner Trust, Series 2020-1, Class A2, 1.87% 2023¹⁶			993		1,000
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 2060^8,16			15,289		15,616
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 2060^8,16			2,633		2,677
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 2060^8,16			945		962
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 2060^8,16			177		179
CLI Funding V LLC, Series 2020-2A, Class A, 2.03% 2045^8,16			7,267		7,339
CLI Funding V LLC, Series 2020-3A, Class A, 2.07% 2045^8,16			1,527		1,544
CLI Funding V LLC, Series 2020-1A, Class A, 2.08% 2045^8,16			9,277		9,403
CLI Funding V LLC, Series 2020-3A, Class B, 3.30% 2045^8,16			973		983
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.554% 2022^8,12,16			918		930
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 2029^8,16			2,964		3,032
Drive Auto Receivables Trust, Series 2020-1, Class A2, 1.99% 2022¹⁶			153		153
Drive Auto Receivables Trust, Series 2019-3, Class A3, 2.49% 2023¹⁶			1,498		1,502
Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65% 2024¹⁶			595		601

142	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Asset-backed obligations (continued)
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 2025¹⁶		$	820	$	845
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 2026¹⁶			2,262		2,316
Drivetime Auto Owner Trust, Series 2019-3, Class A, 2.55% 2022^8,16			40		40
Drivetime Auto Owner Trust, Series 2019-2A, Class A, 2.85% 2022^8,16			36		36
Drivetime Auto Owner Trust, Series 2019-3, Class B, 2.60% 2023^8,16			285		287
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 2025^8,16			110		112
Exeter Automobile Receivables Trust, Series 2018-1A, Class C, 3.03% 2023^8,16			688		690
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 2037^8,16			13,474		13,572
Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.03% 2027^8,16			3,900		3,932
Ford Credit Auto Owner Trust, Series 2017-1, Class A, 2.62% 2028^8,16			4,330		4,441
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 2030^8,16			13,095		14,053
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 2030^8,16			9,756		10,650
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 2031^8,16			8,861		9,354
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 2031^8,16			11,965		13,165
Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06% 2033^8,16			12,376		12,516
Ford Credit Floorplan Master Owner Trust, Series 2020-2, Class A, 1.06% 2027¹⁶			10,000		10,172
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 2045^8,16			917		922
GCI Funding I LLC, Series 2020-1, Class B, 3.81% 2045^8,16			369		359
Global SC Finance II SRL, Series 2014-1A, Class A1, 3.19% 2029^8,16			159		159
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 2039^8,16			3,152		3,169
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 2040^8,16			13,337		13,504
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 2040^8,16			16,701		16,926
Global SC Finance VII SRL, Series 2020-2A, Class B, 3.32% 2040^8,16			691		700
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2017-2A, Class A, 3.29% 2023^8,16			483		484
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2018-1A, Class A, 3.29% 2024^8,16			746		748
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2018-3A, Class A, 4.03% 2024^8,16			280		281
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-3A, Class A, 2.67% 2025^8,16			730		731
Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.52% 2023¹⁶			2,815		2,868
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 1.134% 2028^8,12,16			3,400		3,404
Santander Drive Auto Receivables Trust, Series 2020-1, Class A2A, 2.07% 2023¹⁶			380		382
Santander Drive Auto Receivables Trust, Series 2020-1, Class A3, 2.03% 2024¹⁶			444		450
Santander Drive Auto Receivables Trust, Series 2020-1, Class B, 3.03% 2024¹⁶			345		357
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 2025¹⁶			1,000		1,069
Symphony Ltd., CLO, Series 2013-12A, Class AR, (3-month USD-LIBOR + 1.03%) 1.267% 2025^8,12,16			2,976		2,977
TAL Advantage V LLC, Series 2020-1A, Class A, 2.05% 2045^8,16			2,320		2,348
TAL Advantage V LLC, Series 2020-1A, Class B, 3.29% 2045^8,16			260		263
Textainer Marine Containers Ltd., Series 2020-2A, Class A, 2.10% 2045^8,16			3,648		3,710
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 2031^8,16			3,250		3,474
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 2033^8,16			889		917
Triton Container Finance LLC, Series 2020-1A, Class A, 2.11% 2045^8,16			18,596		18,875
Westlake Automobile Receivables Trust, Series 2019-2A, Class A2, 2.57% 2023^8,16			915		919
Westlake Automobile Receivables Trust, Series 2019-2A, Class B, 2.62% 2024^8,16			870		881
Westlake Automobile Receivables Trust, Series 2019-2A, Class C, 2.84% 2024^8,16			1,390		1,419
World Financial Network Credit Card Master Note Trust, Series 2018-A, Class A, 3.07% 2024¹⁶			7,000		7,023
					235,287

Bonds & notes of governments & government agencies outside the U.S. 0.21%
CPPIB Capital Inc. 2.375% 2021⁸			6,000		6,009
CPPIB Capital Inc. 2.25% 2022⁸			4,286		4,377
CPPIB Capital Inc. 2.75% 2027⁸			6,600		7,436
KfW 2.125% 2022			375		384
Manitoba (Province of) 3.05% 2024			2,600		2,824
Morocco (Kingdom of) 3.00% 2032⁸			3,000		3,054

American Funds Insurance Series

143

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Morocco (Kingdom of) 4.00% 2050⁸		$	3,000	$	3,103
Peru (Republic of) 1.862% 2032			2,525		2,550
Peru (Republic of) 2.78% 2060			3,775		3,817
Qatar (State of) 3.375% 2024⁸			2,315		2,511
Qatar (State of) 4.00% 2029⁸			745		885
Qatar (State of) 4.817% 2049⁸			750		1,025
Quebec (Province of) 2.375% 2022			5,057		5,173
Quebec (Province of) 2.75% 2027			9,000		10,077
Saudi Arabia (Kingdom of) 3.25% 2030⁸			1,750		1,933
Saudi Arabia (Kingdom of) 5.25% 2050⁸			1,000		1,366
United Mexican States 2.659% 2031			2,703		2,773
United Mexican States 3.771% 2061			1,528		1,595
					60,892

Federal agency bonds & notes 0.13%
Fannie Mae 1.875% 2026			13,000		14,062
Fannie Mae 0.875% 2030			23,958		23,506
					37,568

Municipals 0.11%
California 0.01%
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.316% 2027			2,285		2,323
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 2030			1,340		1,355
					3,678

Connecticut 0.00%
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 2044			25		26
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044			35		37
					63

Florida 0.04%
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 2027			5,335		5,541
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 2030			5,365		5,650
					11,191

Illinois 0.02%
G.O. Bonds, Pension Funding Series 2003, Assured Guaranty Municipal insured, 5.10% 2033			4,125		4,757

Maryland 0.00%
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-E, 2.857% 2040			40		40

Minnesota 0.00%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 2038			70		74

Nebraska 0.00%
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-A, 3.00% 2043			15		15

South Carolina 0.04%
Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 2041			20		21
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2013-E, 5.00% 2048			20		22
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-A, 5.50% 2054			1,350		1,552

144	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Municipals (continued)
South Carolina (continued)
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-A, 5.00% 2050		$	1,390	$	1,606
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-A, 5.00% 2055			2,955		3,408
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-E, 5.25% 2055			3,020		3,572
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 2035			410		502
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 2036			1,685		2,058
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 2035			650		796
					13,537
South Dakota 0.00%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 2034			10		10

Tennessee 0.00%
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 2043			15		16

Total municipals					33,381

Total bonds, notes & other debt instruments (cost: $8,502,239,000)					8,931,745

Short-term securities 7.71%		Shares
Money market investments 7.71%
Capital Group Central Cash Fund 0.12%^4,18			22,734,631		2,273,691
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^18,19			12,643,336		12,643

Total short-term securities (cost: $2,285,981,000)					2,286,334
Total investment securities 104.10% (cost: $22,172,583,000)					30,874,255
Other assets less liabilities (4.10)%					(1,216,604	)

Net assets 100.00%				$	29,657,651

American Funds Insurance Series

145

Asset Allocation Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)	²⁰	Value at 12/31/2020 (000)	²¹	Unrealized appreciation (depreciation) at 12/31/2020 (000)
2 Year U.S. Treasury Note Futures	Long	1,726	April 2021	$345,200		$381,405			$	362
5 Year U.S. Treasury Note Futures	Long	485	April 2021	48,500		61,190				128
10 Year U.S. Treasury Note Futures	Long	116	March 2021	11,600		16,017				27
10 Year Ultra U.S. Treasury Note Futures	Short	3,275	March 2021	(327,500)		(512,077)				1,093
20 Year U.S. Treasury Bond Futures	Long	1,185	March 2021	118,500		205,227				(1,792	)
30 Year Ultra U.S. Treasury Bond Futures	Long	494	March 2021	49,400		105,500				(590	)
									$	(772	)

Swap contracts

Interest rate swaps

Receive

Pay

Expiration
date

Notional
(000)

Value at
12/31/2020
(000)

Upfront
premium
paid
(000)

Unrealized
appreciation
at 12/31/2020
(000)

U.S. EFFR

0.0795%

7/13/2025

125,400

$796

—

796

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Receive/
Payment frequency

Pay

Expiration
date

Notional
(000)

Value at
12/31/2020
(000)

Upfront
premium
paid
(000)

Unrealized
appreciation
at 12/31/2020
(000)

1.00%/Quarterly

CDX.NA.IG.35

12/20/2025

$100

—

⁷

Investments in affiliates⁴

	Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)
Common stocks 0.55%
Information technology 0.00%
MKS Instruments, Inc.²²	$	308,028	$	14,580	$	87,945	$	13,498	$	82,829		$	—	$	2,040
Health care 0.04%
NuCana PLC (ADR)²		7,257		8,574		1		—		(2,463	)		13,367		—
Consumer discretionary 0.51%
Kontoor Brands, Inc.		136,467		9,313		—		—		4,292			150,072		3,300
Total common stocks													163,439
Short-term securities 7.67%
Money market investments 7.67%
Capital Group Central Cash Fund 0.12%¹⁸		1,584,844		5,613,428		4,925,712		1,347		(216	)		2,273,691		10,928
Total 8.22%							$	14,845	$	84,442		$	2,437,130	$	16,268

146	American Funds Insurance Series

Asset Allocation Fund (continued)

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,524,494,000, which represented 5.14% of the net assets of the fund. This amount includes $1,490,120,000 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.
³	All or a portion of this security was on loan. The total value of all such securities was $13,741,000, which represented .05% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁴	Affiliate of the fund or part of the same group of investment companies as the fund, in each case as defined under the Investment Company Act of 1940.
⁵	Value determined using significant unobservable inputs.
⁶	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 below.
⁷	Amount less than one thousand.
⁸	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,283,591,000, which represented 4.33% of the net assets of the fund.
⁹	Step bond; coupon rate may change at a later date.
¹⁰	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $33,087,000, which represented .11% of the net assets of the fund.
¹¹	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.
¹²	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
¹³	Scheduled interest and/or principal payment was not received.
¹⁴	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $8,238,000, which represented .03% of the net assets of the fund.
¹⁵	Index-linked bond whose principal amount moves with a government price index.
¹⁶	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
¹⁷	Purchased on a TBA basis.
¹⁸	Rate represents the seven-day yield at 12/31/2020.
¹⁹	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
²⁰	Notional amount is calculated based on the number of contracts and notional contract size.
²¹	Value is calculated based on the notional amount and current market price.
²²	Unaffiliated issuer at 12/31/2020.

Private placement securities	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Rotech Healthcare Inc.	9/26/2013	$	6,949	$	13,074		.04	%
Advanz Pharma Corp. Ltd.	8/31/2018-9/4/2018		2,219		773		.01
Total private placement securities		$	9,168	$	13,847		.05	%

Key to abbreviations and symbol

ADR = American Depositary Receipts

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

CLO = Collateralized Loan Obligations

Dept. = Department

Dev. = Development

EFFR = Effective Federal Funds Rate

Fin. = Finance

G.O. = General Obligation

GDR = Global Depositary Receipts

ICE = Intercontinental Exchange, Inc.

LIBOR = London Interbank Offered Rate

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

147

Global Balanced Fund

Investment portfolio December 31, 2020

Common stocks 58.02%	Shares		Value (000)
Information technology 14.67%
Taiwan Semiconductor Manufacturing Company, Ltd.¹		772,000	$	14,499
Microsoft Corp.		51,361		11,423
ASML Holding NV¹		21,414		10,349
Broadcom Inc.		19,688		8,620
PagSeguro Digital Ltd., Class A²		98,303		5,591
Tokyo Electron Ltd.¹		12,300		4,588
Keyence Corp.¹		3,900		2,195
Edenred SA¹		38,207		2,168
Visa Inc., Class A		8,945		1,957
Mastercard Inc., Class A		5,259		1,877
Amphenol Corp., Class A		13,928		1,821
Murata Manufacturing Co., Ltd.¹		18,800		1,693
				66,781

Health care 8.83%
AstraZeneca PLC¹		68,312		6,825
UnitedHealth Group Inc.		14,645		5,136
Humana Inc.		8,875		3,641
Pfizer Inc.		88,181		3,246
Thermo Fisher Scientific Inc.		6,032		2,810
Merck & Co., Inc.		33,487		2,739
Coloplast A/S, Class B¹		17,427		2,662
Mettler-Toledo International Inc.²		2,089		2,381
Fisher & Paykel Healthcare Corp. Ltd.¹		87,349		2,074
Novartis AG¹		20,845		1,969
Cigna Corp.		6,958		1,449
Carl Zeiss Meditec AG, non-registered shares¹		10,029		1,334
Viatris Inc.²		63,052		1,182
Gilead Sciences, Inc.		16,639		969
Koninklijke Philips NV (EUR denominated)^1,2		16,938		906
Bayer AG¹		14,514		853
				40,176

Financials 7.28%
JPMorgan Chase & Co.		53,654		6,818
Zurich Insurance Group AG¹		13,094		5,550
Berkshire Hathaway Inc., Class A²		11		3,826
BlackRock, Inc.		4,013		2,895
AIA Group Ltd.¹		206,600		2,545
Hong Kong Exchanges and Clearing Ltd.¹		43,100		2,370
Tokio Marine Holdings, Inc.¹		40,000		2,072
S&P Global Inc.		5,890		1,936
B3 SA - Brasil, Bolsa, Balcao		154,305		1,841
Deutsche Boerse AG¹		10,789		1,832
FinecoBank SpA^1,2		89,681		1,464
				33,149

Consumer staples 6.32%
Nestlé SA¹		49,011		5,770
Philip Morris International Inc.		62,968		5,213
Kweichow Moutai Co., Ltd., Class A¹		12,400		3,790
British American Tobacco PLC¹		88,645		3,297
British American Tobacco PLC (ADR)		4,587		172
Altria Group, Inc.		81,153		3,327
Keurig Dr Pepper Inc.		98,392		3,149
Budweiser Brewing Co. APAC Ltd.¹		367,900		1,216
Coca-Cola European Partners PLC		20,787		1,036
Coca-Cola Company		17,456		957
Procter & Gamble Company		5,916		823
				28,750

148	American Funds Insurance Series

Global Balanced Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary 5.27%
LVMH Moët Hennessy-Louis Vuitton SE¹		7,305	$	4,564
Home Depot, Inc.		14,441		3,836
Amazon.com, Inc.²		905		2,947
Ocado Group PLC^1,2		91,873		2,879
Darden Restaurants, Inc.		17,400		2,073
Domino’s Pizza, Inc.		4,733		1,815
Alibaba Group Holding Ltd.^1,2		57,300		1,674
General Motors Company		34,796		1,449
Ferrari NV¹		5,608		1,297
Peugeot SA^1,2		31,465		861
Wynn Resorts, Ltd.		5,258		593
				23,988

Industrials 4.99%
Airbus SE, non-registered shares^1,2		25,944		2,850
SITC International Holdings Co. Ltd.¹		1,109,000		2,401
SMC Corp.¹		3,700		2,260
Lockheed Martin Corp.		6,285		2,231
Spirax-Sarco Engineering PLC¹		12,695		1,962
MTU Aero Engines AG¹		7,308		1,904
Watsco, Inc.		6,594		1,494
CSX Corp.		16,155		1,466
BAE Systems PLC¹		201,878		1,350
Honeywell International Inc.		5,705		1,214
United Parcel Service, Inc., Class B		6,356		1,070
Union Pacific Corp.		4,976		1,036
Nidec Corp.¹		7,400		932
Boeing Company		2,458		526
				22,696

Communication services 2.86%
SoftBank Corp.¹		295,200		3,701
Alphabet Inc., Class C²		1,708		2,992
Nintendo Co., Ltd.¹		4,500		2,872
Verizon Communications Inc.		46,262		2,718
América Móvil, SAB de CV, Series L (ADR)		49,856		725
				13,008

Materials 2.86%
Givaudan SA¹		657		2,768
Vale SA, ordinary nominative		138,510		2,332
Croda International PLC¹		24,263		2,192
LyondellBasell Industries NV		17,400		1,595
Akzo Nobel NV¹		14,721		1,581
Koninklijke DSM NV¹		8,699		1,499
Rio Tinto PLC¹		13,862		1,037
				13,004

Real estate 2.69%
Crown Castle International Corp. REIT		18,510		2,947
Equinix, Inc. REIT		3,430		2,450
Longfor Group Holdings Ltd.¹		374,000		2,196
Gaming and Leisure Properties, Inc. REIT		43,213		1,832
American Tower Corp. REIT		7,855		1,763
Shimao Group Holdings Ltd.¹		334,500		1,069
Shimao Services Holdings Ltd.^1,2		4,271		7
				12,264

American Funds Insurance Series

149

Global Balanced Fund (continued)

Common stocks (continued)	Shares		Value (000)
Energy 1.25%
TC Energy Corp. (CAD denominated)		51,157	$	2,080
Baker Hughes Co., Class A		78,260		1,632
Chevron Corp.		13,871		1,171
Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR)		73,448		825
				5,708

Utilities 1.00%
Enel SpA¹		365,980		3,696
Brookfield Infrastructure Partners LP		17,213		852
				4,548

Total common stocks (cost: $171,327,000)				264,072


Preferred securities 0.45%
Information technology 0.45%
Samsung Electronics Co., Ltd., nonvoting preferred shares¹		30,276		2,055

Total preferred securities (cost: $1,560,000)				2,055

Bonds, notes & other debt instruments 31.89%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 14.75%
Abu Dhabi (Emirate of) 2.50% 2022³	$	200		207
Abu Dhabi (Emirate of) 0.75% 2023³		275		276
Abu Dhabi (Emirate of) 3.125% 2027³		200		225
Agricultural Development Bank of China 3.75% 2029	CNY	550		85
Agricultural Development Bank of China 2.96% 2030		4,350		630
Australia (Commonwealth of), Series 152, 2.75% 2028	A$	1,175		1,046
Australia (Commonwealth of), Series 162, 1.75% 2051		400		294
Bermuda 2.375% 2030³	$	200		210
Brazil (Federative Republic of) 0% 2021	BRL	3,000		572
Brazil (Federative Republic of) 6.00% 2024⁴		2,395		532
Brazil (Federative Republic of) 10.00% 2027		1,200		273
Canada 2.25% 2025	C$	1,400		1,191
Canada 2.25% 2029		1,440		1,286
Chile (Republic of) 4.50% 2026	CLP	235,000		379
China (People’s Republic of), Series 1916, 3.12% 2026	CNY	6,650		1,017
China (People’s Republic of), Series INBK, 2.85% 2027		6,000		902
China (People’s Republic of), Series 1906, 3.29% 2029		5,500		845
China (People’s Republic of), Series 1910, 3.86% 2049		5,010		778
China (People’s Republic of), Series INBK, 3.39% 2050		300		43
China Development Bank Corp., Series 1805, 4.04% 2028		5,000		789
China Development Bank Corp., Series 1905, 3.48% 2029		11,780		1,785
Colombia (Republic of) 5.75% 2027	COP	2,154,200		669
Colombia (Republic of), Series B, 7.75% 2030		453,000		156
French Republic O.A.T. 3.25% 2045	€	160		338
Germany (Federal Republic of) 0% 2025		910		1,152
Germany (Federal Republic of) 0.50% 2027		675		893
Germany (Federal Republic of) 0.25% 2029		830		1,091
Germany (Federal Republic of) 0% 2030		705		910
Germany (Federal Republic of) 0% 2030		400		516
Germany (Federal Republic of) 0% 2050		610		782
Greece (Hellenic Republic of) 3.375% 2025		475		659
Greece (Hellenic Republic of) 3.75% 2028		280		421
Greece (Hellenic Republic of) 3.875% 2029		270		418
Indonesia (Republic of) 3.75% 2022	$	410		427
Indonesia (Republic of) 3.85% 2027³		400		458
Indonesia (Republic of), Series 78, 8.25% 2029	IDR	3,977,000		327
Indonesia (Republic of), Series 82, 7.00% 2030		1,000,000		77

150	American Funds Insurance Series

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Indonesia (Republic of), Series 87, 6.50% 2031	IDR	2,010,000	$	150
Indonesia (Republic of), Series 74, 7.50% 2032		597,000		46
Indonesia (Republic of), Series 65, 6.625% 2033		1,493,000		109
Israel (State of) 2.875% 2024	€	200		267
Israel (State of) 1.50% 2027		100		133
Israel (State of) 2.00% 2027	ILS	2,600		888
Israel (State of) 5.50% 2042		700		373
Italy (Republic of) 0.10% 2023⁴	€	772		965
Italy (Republic of) 0.95% 2027		1,025		1,315
Japan, Series 134, 0.10% 2022	¥	31,900		310
Japan, Series 17, 0.10% 2023⁴		10,450		101
Japan, Series 19, 0.10% 2024⁴		30,330		294
Japan, Series 18, 0.10% 2024⁴		20,780		202
Japan, Series 145, 0.10% 2025		110,200		1,078
Japan, Series 21, 0.10% 2026⁴		40,483		394
Japan, Series 346, 0.10% 2027		173,250		1,699
Japan, Series 22, 0.10% 2027⁴		25,376		247
Japan, Series 23, 0.10% 2028⁴		66,293		644
Japan, Series 24, 0.10% 2029⁴		213,289		2,076
Japan, Series 356, 0.10% 2029		112,800		1,105
Japan, Series 360, 0.10% 2030		415,150		4,052
Japan, Series 152, 1.20% 2035		212,000		2,339
Japan, Series 42, 1.70% 2044		94,100		1,156
Kuwait (State of) 2.75% 2022³	$	200		206
Malaysia (Federation of), Series 0119, 3.906% 2026	MYR	1,380		372
Malaysia (Federation of), Series 0417, 3.899% 2027		1,300		355
Malaysia (Federation of), Series 0418, 4.893% 2038		2,800		822
Malaysia (Federation of), Series 0519, 3.757% 2040		1,650		431
Malaysia (Federation of), Series 0216, 4.736% 2046		609		173
Morocco (Kingdom of) 4.25% 2022	$	200		211
Morocco (Kingdom of) 3.50% 2024	€	100		133
Morocco (Kingdom of) 1.375% 2026		130		160
Morocco (Kingdom of) 1.50% 2031		125		149
Morocco (Kingdom of) 1.50% 2031		100		119
Morocco (Kingdom of) 3.00% 2032³	$	200		204
National Highways Authority of India 7.17% 2021	INR	30,000		424
Netherlands (Kingdom of the) 0% 2027	€	810		1,029
Netherlands (Kingdom of the) 5.50% 2028		100		176
Norway (Kingdom of) 1.75% 2025	NKr	4,000		489
Nova Scotia (Province of) 3.15% 2051	C$	170		165
Panama (Republic of) 3.16% 2030	$	265		294
Peru (Republic of) 2.392% 2026		90		96
Peru (Republic of) 6.15% 2032	PEN	600		202
Peru (Republic of) 5.625% 2050	$	20		32
Philippines (Republic of) 1.648% 2031		200		203
Qatar (State of) 3.40% 2025³		200		221
Qatar (State of) 4.50% 2028³		500		607
Quebec (Province of) 1.90% 2030	C$	700		581
Romania 3.624% 2030	€	692		1,011
Romania 3.624% 2030		225		329
Romania 2.00% 2032		100		128
Romania 3.50% 2034		65		95
Romania 3.875% 2035		170		255
Romania 3.375% 2038		250		352
Romania 4.625% 2049		184		304
Romania 4.625% 2049		25		41
Romania 3.375% 2050		73		103
Russian Federation 7.00% 2023	RUB	16,600		237
Russian Federation 2.875% 2025	€	200		270
Russian Federation 2.875% 2025		100		135
Russian Federation 4.25% 2027	$	200		229

American Funds Insurance Series

151

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Russian Federation 6.90% 2029	RUB	25,250	$	367
Russian Federation 7.65% 2030		6,000		92
Russian Federation 8.50% 2031		5,530		90
Russian Federation 7.70% 2033		23,030		351
Russian Federation 7.25% 2034		8,140		120
Saudi Arabia (Kingdom of) 2.894% 2022³	$	200		206
Saudi Arabia (Kingdom of) 3.625% 2028³		200		224
Serbia (Republic of) 3.125% 2027	€	915		1,259
Singapore (Republic of) 2.625% 2028	S$	275		236
Singapore (Republic of) 2.875% 2029		155		137
Singapore (Republic of) 2.875% 2030		165		148
South Africa (Republic of), Series R-214, 6.50% 2041	ZAR	2,200		98
South Africa (Republic of), Series R-2048, 8.75% 2048		6,300		353
South Korea (Republic of), Series 2209, 2.00% 2022	KRW	560,000		525
South Korea (Republic of), Series 2503, 1.50% 2025		639,700		595
Sri Lanka (Democratic Socialist Republic of) 6.25% 2021	$	250		218
Thailand (Kingdom of) 2.125% 2026	THB	16,450		594
Ukraine 6.75% 2026	€	150		202
United Kingdom 1.75% 2022	£	280		395
United Kingdom 2.75% 2024		50		76
United Kingdom 4.75% 2030		460		911
United Kingdom 4.25% 2032		280		553
United Kingdom 4.50% 2034		225		476
United Kingdom 0.625% 2035		600		833
United Kingdom 3.25% 2044		250		526
United Mexican States 0.70% 2021	¥	100,000		968
United Mexican States, Series M, 7.50% 2027	MXN	25,740		1,473
United Mexican States, Series M20, 8.50% 2029		11,500		705
United Mexican States 2.659% 2031	$	216		222
United Mexican States, Series M, 8.00% 2047	MXN	4,000		237
				67,135

U.S. Treasury bonds & notes 10.85%
U.S. Treasury 10.36%
U.S. Treasury 0.125% 2022	$	8,318		8,319
U.S. Treasury 1.875% 2022		700		713
U.S. Treasury 1.875% 2022		600		617
U.S. Treasury 0.375% 2025		8,605		8,616
U.S. Treasury 2.25% 2027		700		774
U.S. Treasury 2.25% 2027		300		333
U.S. Treasury 2.875% 2028⁵		1,275		1,477
U.S. Treasury 2.875% 2028		700		813
U.S. Treasury 0.625% 2030		2,640		2,580
U.S. Treasury 0.625% 2030		650		633
U.S. Treasury 0.875% 2030		14,286		14,231
U.S. Treasury 2.875% 2046		400		511
U.S. Treasury 1.375% 2050⁵		8,058		7,540
				47,157

U.S. Treasury inflation-protected securities 0.49%
U.S. Treasury Inflation-Protected Security 0.25% 2029⁴		713		807
U.S. Treasury Inflation-Protected Security 1.375% 2044^4,5		279		403
U.S. Treasury Inflation-Protected Security 1.00% 2049^4,5		724		1,021
				2,231

Total U.S. Treasury bonds & notes				49,388

152	American Funds Insurance Series

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 4.81%
Financials 1.23%
ACE INA Holdings Inc. 2.875% 2022	$	10	$	10
ACE INA Holdings Inc. 3.35% 2026		10		11
ACE INA Holdings Inc. 4.35% 2045		20		27
Allianz SE 4.75% 2049 (3-month EUR-EURIBOR + 3.60% on 10/24/2023)⁶	€	100		137
Bank of America Corp. 3.55% 2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)⁶	$	100		107
Bank of America Corp. 1.319% 2026 (USD-SOFR + 1.15% on 6/19/2025)⁶		500		511
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)⁶		236		267
Bank of America Corp. 2.496% 2031 (3-month USD-LIBOR + 0.99% on 2/13/2030)⁶		20		21
CaixaBank, SA 3.50% 2027 (5-year EUR Mid-Swap + 3.35% on 2/15/2022)⁶	€	100		126
China Construction Bank Corp. 2.45% 2030 (UST Yield Curve Rate T Note Constant Maturity 5-year + 2.15% on 6/24/2025)⁶	$	300		308
Citigroup Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)⁶		175		192
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022)⁶		130		135
Goldman Sachs Group, Inc. 3.50% 2025		207		230
Goldman Sachs Group, Inc. 4.017% 2038 (3-month USD-LIBOR + 1.373% on 10/31/2037)⁶		78		95
Groupe BPCE SA 0.64% 2022	¥	100,000		972
Groupe BPCE SA 5.70% 2023³	$	200		227
Groupe BPCE SA 1.00% 2025	€	100		127
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)⁶	$	200		228
JPMorgan Chase & Co. 3.25% 2022		28		30
JPMorgan Chase & Co. 4.493% 2031 (USD-SOFR + 3.79% on 3/24/2030)⁶		160		197
Mizuho Financial Group, Ltd. 2.721% 2023 (3-month USD-LIBOR + 0.84% on 7/16/2022)⁶		271		280
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)⁶		200		202
Morgan Stanley 3.125% 2026		110		123
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)⁶		72		78
New York Life Insurance Company 3.75% 2050³		23		28
PNC Financial Services Group, Inc. 2.854% 2022⁶		100		105
Rabobank Nederland 3.875% 2023	€	100		134
Skandinaviska Enskilda Banken AB 2.80% 2022	$	250		257
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)⁶		400		426
				5,591

Utilities 1.05%
Abu Dhabi National Energy Company PJSC (TAQA) 3.625% 2023³		200		212
Berkshire Hathaway Energy Company 3.70% 2030³		25		30
Berkshire Hathaway Energy Company 1.65% 2031³		175		175
CMS Energy Corp. 3.00% 2026		150		166
Duke Energy Carolinas, LLC 3.05% 2023		280		296
Duke Energy Progress, LLC 3.70% 2028		75		88
Edison International 4.125% 2028		160		178
Enel Finance International SA 2.75% 2023³		200		209
Enel Finance International SA 3.50% 2028³		200		228
Enersis Américas SA 4.00% 2026		35		39
Exelon Corp. 3.40% 2026		150		169
Exelon Corp., junior subordinated, 3.497% 2022⁶		25		26
FirstEnergy Corp. 3.90% 2027 (4.40% on 1/16/2021)⁶		120		132
FirstEnergy Corp. 3.50% 2028³		35		37
Interstate Power and Light Co. 2.30% 2030		50		53
NextEra Energy Capital Holdings, Inc. 2.75% 2029		234		255
NextEra Energy Capital Holdings, Inc. 2.25% 2030		478		502
Niagara Mohawk Power Corp. 3.508% 2024³		85		93
Pacific Gas and Electric Co. 2.95% 2026		25		26
Pacific Gas and Electric Co. 2.10% 2027		100		102
Pacific Gas and Electric Co. 4.65% 2028		114		130
Pacific Gas and Electric Co. 4.55% 2030		31		35
Pacific Gas and Electric Co. 2.50% 2031		600		602
Pacific Gas and Electric Co. 3.50% 2050		137		137

American Funds Insurance Series

153

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
State Grid Overseas Investment Ltd. 1.25% 2022	€	100	$	124
State Grid Overseas Investment Ltd. 3.50% 2027³	$	450		501
Xcel Energy Inc. 3.35% 2026		216		244
				4,789

Communication services 0.48%
AT&T Inc. 2.75% 2031		375		401
AT&T Inc. 2.55% 2033³		64		66
Comcast Corp. 3.95% 2025		80		92
Deutsche Telekom International Finance BV 9.25% 2032		45		76
France Télécom 9.00% 2031⁶		65		107
KT Corp. 0.22% 2022	¥	100,000		966
T-Mobile US, Inc. 2.05% 2028³	$	200		208
Walt Disney Company 2.65% 2031		240		263
				2,179

Health care 0.46%
Abbott Laboratories 3.75% 2026		51		60
Aetna Inc. 2.80% 2023		10		10
Amgen Inc. 1.90% 2025		40		42
Amgen Inc. 2.20% 2027		30		32
AstraZeneca PLC 3.50% 2023		150		162
Bayer US Finance II LLC 3.875% 2023³		200		218
Becton, Dickinson and Company 2.894% 2022		47		49
Becton, Dickinson and Company 3.734% 2024		35		39
Becton, Dickinson and Company 3.70% 2027		43		49
Becton, Dickinson and Company 2.823% 2030		28		31
Bristol-Myers Squibb Co. 2.90% 2024		178		193
Cigna Corp. 4.125% 2025		80		92
EMD Finance LLC 3.25% 2025³		250		274
Medtronic, Inc. 3.50% 2025		31		35
Novartis Capital Corp. 1.75% 2025		31		33
Novartis Capital Corp. 2.00% 2027		34		36
Novartis Capital Corp. 2.20% 2030		73		78
Stryker Corp. 0.75% 2029	€	210		267
Takeda Pharmaceutical Company, Ltd. 2.25% 2026		100		137
Thermo Fisher Scientific Inc. 4.133% 2025	$	84		96
Upjohn Inc. 2.70% 2030³		142		151
				2,084

Energy 0.39%
Canadian Natural Resources Ltd. 2.95% 2030		161		173
Enbridge Inc. 4.25% 2026		70		82
Enbridge Inc. 3.70% 2027		45		51
Equinor ASA 1.75% 2026		35		37
Equinor ASA 2.375% 2030		70		75
Exxon Mobil Corp. 2.992% 2025		135		148
Exxon Mobil Corp. 3.482% 2030		170		198
Halliburton Company 3.80% 2025		3		3
MPLX LP 2.65% 2030		75		79
Petróleos Mexicanos 7.19% 2024	MXN	1,335		61
Petróleos Mexicanos 7.47% 2026		5,330		224
Saudi Arabian Oil Co. 1.625% 2025³	$	200		205
Shell International Finance BV 3.50% 2023		330		359
Statoil ASA 3.70% 2024		50		55
				1,750

154	American Funds Insurance Series

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary 0.36%
Amazon.com, Inc. 2.80% 2024	$	170	$	184
Amazon.com, Inc. 1.20% 2027		50		51
Amazon.com, Inc. 2.50% 2050		305		316
Bayerische Motoren Werke AG 3.90% 2025³		70		79
Bayerische Motoren Werke AG 4.15% 2030³		70		85
DaimlerChrysler North America Holding Corp. 2.00% 2021³		200		201
Hyundai Capital America 3.25% 2022³		65		68
Hyundai Capital America 2.375% 2027³		109		114
Hyundai Capital Services Inc. 3.75% 2023³		250		266
Toyota Motor Credit Corp. 2.90% 2023		100		106
Toyota Motor Credit Corp. 3.00% 2025		100		110
Toyota Motor Credit Corp. 3.375% 2030		33		39
				1,619

Consumer staples 0.35%
Altria Group, Inc. 1.00% 2023	€	110		137
Altria Group, Inc. 2.20% 2027		270		360
Anheuser-Busch InBev NV 4.00% 2028	$	100		118
Anheuser-Busch InBev NV 4.75% 2029		220		272
British American Tobacco PLC 3.215% 2026		62		68
British American Tobacco PLC 3.557% 2027		105		117
British American Tobacco PLC 3.462% 2029		75		82
Conagra Brands, Inc. 4.30% 2024		210		235
Keurig Dr Pepper Inc. 4.597% 2028		175		213
				1,602

Real estate 0.19%
American Campus Communities, Inc. 3.75% 2023		100		106
American Campus Communities, Inc. 4.125% 2024		90		98
Corporate Office Properties LP 3.60% 2023		65		69
Equinix, Inc. 2.15% 2030		197		201
Essex Portfolio LP 3.50% 2025		120		133
Essex Portfolio LP 3.375% 2026		40		45
WEA Finance LLC 3.75% 2024³		200		211
				863

Industrials 0.15%
Carrier Global Corp. 2.242% 2025		36		38
Carrier Global Corp. 2.493% 2027		30		32
CCCI Treasure Ltd. 3.425% (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.998% on 2/21/2025)⁶		200		198
CSX Corp. 3.80% 2050		6		7
CSX Corp. 2.50% 2051		75		75
Lima Metro Line 2 Finance Ltd. 5.875% 2034³		105		127
United Technologies Corp. 4.125% 2028		170		203
				680

Information technology 0.13%
Broadcom Inc. 3.15% 2025		70		76
Broadcom Inc. 4.15% 2030		70		81
Microsoft Corp. 2.40% 2026		187		204
Oracle Corp. 2.65% 2026		216		238
				599

Materials 0.02%
Vale Overseas Ltd. 3.75% 2030		94		105

Total corporate bonds, notes & loans				21,861

American Funds Insurance Series

155

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations 1.42%
Other mortgage-backed securities 0.73%
Korea Housing Finance Corp. 2.00% 2021^3,7	$	250	$	253
Nordea Kredit 0.50% 2040⁷	DKr	1,846		305
Nykredit Realkredit AS, Series 01E, 1.50% 2037⁷		821		140
Nykredit Realkredit AS, Series 01E, 0.50% 2040⁷		12,241		2,021
Nykredit Realkredit AS, Series 01E, 1.50% 2040⁷		2,102		358
Nykredit Realkredit AS, Series 01E, 0.50% 2050⁷		1,466		238
				3,315

Federal agency mortgage-backed obligations 0.69%
Fannie Mae Pool #MA4228 1.50% 2036⁷	$	1,042		1,073
Freddie Mac Pool #SB8083 1.50% 2036⁷		267		275
Freddie Mac Pool #2B7343 3.711% 2049^7,8		136		142
Government National Mortgage Assn. 4.00% 2051^7,9		75		80
Government National Mortgage Assn. Pool #MA5986 4.00% 2049⁷		18		19
Uniform Mortgage-Backed Security 1.50% 2036^7,9		1,508		1,550
				3,139

Total mortgage-backed obligations				6,454

Municipals 0.04%
Ohio 0.02%
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2048		100		102

Texas 0.02%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052		80		84

Total municipals				186

Asset-backed obligations 0.02%
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 2060^3,7,8		93		95

Total bonds, notes & other debt instruments (cost: $137,636,000)				145,119

Short-term securities 9.30%
Money market investments 5.35%
Capital Group Central Cash Fund 0.12%^10,11		243,271		24,329

Commercial paper 3.95%
Toronto-Dominion Bank 0.19% due 1/19/2021³		9,000		9,000
NRW.Bank 0.21% due 1/22/2021³		9,000		8,999
				17,999

Total short-term securities (cost: $42,325,000)				42,328
Total investment securities 99.66% (cost: $352,848,000)				453,574
Other assets less liabilities 0.34%				1,558

Net assets 100.00%			$	455,132

156	American Funds Insurance Series

Global Balanced Fund (continued)

Futures contracts

Contracts		Type		Number of contracts		Expiration		Notional amount (000)			¹²		Value at 12/31/2020 (000)			¹³		Unrealized appreciation at 12/31/2020 (000)
10 Year Ultra U.S. Treasury Note Futures		Short		18		March 2021			$	(1,800	)			$	(2,814	)			$	3

Forward currency contracts

Contract amount

Unrealized
appreciation
(depreciation)

Purchases
(000)

Sales
(000)

Counterparty

Settlement
date

at 12/31/2020
(000)

GBP626

USD833

Citibank

1/6/2021

EUR560

USD665

Goldman Sachs

1/6/2021

ILS800

USD239

Standard Chartered Bank

1/6/2021

JPY39,700

USD383

UBS AG

1/6/2021

CAD10

USD8

Standard Chartered Bank

1/6/2021

—

¹⁴

GBP200

EUR224

Citibank

1/6/2021

—

¹⁴

USD275

MXN5,550

HSBC Bank

1/6/2021

)

PLN1,400

USD372

Citibank

1/7/2021

EUR715

USD860

Bank of New York Mellon

1/8/2021

CNH3,320

USD505

HSBC Bank

1/8/2021

USD377

PLN1,400

Barclays Bank PLC

1/8/2021

USD451

EUR370

Citibank

1/8/2021

)

USD520

EUR430

JPMorgan Chase

1/8/2021

)

USD717

MXN14,415

HSBC Bank

1/8/2021

)

USD541

CAD700

Standard Chartered Bank

1/8/2021

)

USD397

ZAR6,080

Standard Chartered Bank

1/8/2021

(16

)

USD899

ILS2,960

Citibank

1/8/2021

(23

)

CAD1,400

USD1,094

Goldman Sachs

1/12/2021

USD260

AUD350

Citibank

1/12/2021

(10

)

JPY234,930

USD2,252

HSBC Bank

1/14/2021

CLP175,000

USD237

Citibank

1/14/2021

KRW320,500

USD295

Standard Chartered Bank

1/14/2021

—

¹⁴

USD421

INR31,100

HSBC Bank

1/14/2021

)

USD11

RUB800

Citibank

1/15/2021

—

¹⁴

EUR717

USD871

Goldman Sachs

1/19/2021

CZK11,700

EUR444

Standard Chartered Bank

1/19/2021

USD549

CAD700

Barclays Bank PLC

1/19/2021

)

USD513

CNH3,360

Goldman Sachs

1/19/2021

)

USD540

CZK11,700

Standard Chartered Bank

1/19/2021

)

ILS2,000

USD617

Goldman Sachs

1/21/2021

MXN8,100

USD404

Morgan Stanley

1/21/2021

CNH1,700

USD261

Goldman Sachs

1/21/2021

—

¹⁴

USD174

JPY18,000

Goldman Sachs

1/21/2021

—

¹⁴

USD523

ILS1,700

JPMorgan Chase

1/21/2021

)

USD545

BRL2,788

Goldman Sachs

1/22/2021

KRW476,000

USD435

Citibank

1/22/2021

USD431

KRW476,000

Citibank

1/22/2021

)

EUR3,234

USD3,945

HSBC Bank

1/25/2021

CAD1,170

USD896

Morgan Stanley

1/29/2021

CAD1,170

USD897

Citibank

1/29/2021

MXN6,630

USD317

Morgan Stanley

1/29/2021

MXN6,640

USD319

Morgan Stanley

1/29/2021

ZAR2,790

USD177

JPMorgan Chase

1/29/2021

EUR502

DKK3,737

Citibank

1/29/2021

—

¹⁴

EUR63

DKK467

Goldman Sachs

1/29/2021

—

¹⁴

EUR63

DKK467

Citibank

1/29/2021

—

¹⁴

American Funds Insurance Series

157

Global Balanced Fund (continued)

Forward currency contracts (continued)

Contract amount

Unrealized
appreciation
(depreciation)

Purchases
(000)

Sales
(000)

Counterparty

Settlement
date

at 12/31/2020
(000)

EUR1,219

DKK9,069

Citibank

1/29/2021

—

¹⁴

USD280

AUD370

HSBC Bank

1/29/2021

)

USD169

ZAR2,790

Bank of America

1/29/2021

(21

)

USD617

MXN13,270

Morgan Stanley

1/29/2021

(48

)

USD1,764

CAD2,340

Citibank

1/29/2021

(74

)

CAD1,390

USD1,074

Barclays Bank PLC

2/10/2021

USD1,027

CAD1,320

Goldman Sachs

2/10/2021

(11

)

Swap contracts

Interest rate swaps

Receive		Pay		Expiration date		Notional (000)				Value at 12/31/2020 (000)				Upfront premium paid (000)					Unrealized appreciation at 12/31/2020 (000)
(0.0955)%		6-month EURIBOR		7/22/2024		€	2,200			$	21				$	—				$	21

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Receive/ Payment frequency		Pay		Expiration date		Notional (000)				Value at 12/31/2020 (000)				Upfront premium paid (000)					Unrealized depreciation at 12/31/2020 (000)
1.00%/Quarterly		CDX.NA.IG.35		12/20/2025		$	3,800			$	93				$	93				$	—	¹⁴

Investments in affiliates¹¹

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 5.35%
Money market investments 5.35%
Capital Group Central Cash Fund 0.12%¹⁰	$	2,825	$	130,916	$	109,410	$	3	$	(5	)	$	24,329	$	103

158	American Funds Insurance Series

Global Balanced Fund (continued)

¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $131,628,000, which represented 28.92% 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.
²	Security did not produce income during the last 12 months.
³	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 $25,404,000, which represented 5.58% of the net assets of the fund.
⁴	Index-linked bond whose principal amount moves with a government price index.
⁵	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $184,000, which represented .04% of the net assets of the fund.
⁶	Step bond; coupon rate may change at a later date.
⁷	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁸	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁹	Purchased on a TBA basis.
¹⁰	Rate represents the seven-day yield at 12/31/2020.
¹¹	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
¹²	Notional amount is calculated based on the number of contracts and notional contract size.
¹³	Value is calculated based on the notional amount and current market price.
¹⁴	Amount less than one thousand.

Key to abbreviations and symbols

ADR = American Depositary Receipts

AUD/A$ = Australian dollars

BRL = Brazilian reais

CAD/C$ = Canadian dollars

CLP = Chilean pesos

CNH/CNY = Chinese yuan renminbi

COP = Colombian pesos

CZK = Czech korunas

DKK/DKr = Danish kroner

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

GBP/£ = British pounds

IDR = Indonesian rupiah

ILS = Israeli shekels

INR = Indian rupees

JPY/¥ = Japanese yen

KRW = South Korean won
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
MYR = Malaysian ringgits
NKr = Norwegian kroner
PEN = Peruvian nuevos soles
PLN = Polish zloty
Ref. = Refunding
Rev. = Revenue
RUB = Russian rubles
S$ = Singapore dollars
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
THB = Thai baht
USD/$ = U.S. dollars
ZAR = South African rand

See notes to financial statements.

American Funds Insurance Series

159

Bond Fund

Investment portfolio December 31, 2020

Bonds, notes & other debt instruments 96.71%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 33.25%
Financials 7.75%
ACE INA Holdings Inc. 2.875% 2022	$	3,625	$	3,781
ACE INA Holdings Inc. 3.35% 2026		2,025		2,283
ACE INA Holdings Inc. 4.35% 2045		2,220		3,011
AerCap Holdings NV 6.50% 2025		1,798		2,151
Ally Financial Inc. 5.125% 2024		1,500		1,730
Ally Financial Inc. 8.00% 2031		8,479		12,081
Ally Financial Inc. 8.00% 2031		7,070		10,393
American International Group, Inc. 4.20% 2028		9,875		11,733
American International Group, Inc. 3.40% 2030		12,313		14,111
American International Group, Inc. 4.375% 2050		3,455		4,524
Assicurazioni Generali SpA 10.125% 2042 (3-month EUR-EURIBOR + 9.181% on 7/10/2022)¹	€	3,800		5,376
Banco Do Brasil, SA 4.75% 2024²	$	10,000		10,775
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)¹		16,676		18,867
Bank of America Corp. 1.898% 2031 (USD-SOFR + 1.53% on 7/23/2030)¹		2,515		2,542
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)¹		21,177		21,463
Berkshire Hathaway Finance Corp. 4.20% 2048		8,720		11,520
BNP Paribas 3.80% 2024²		18,775		20,490
BNP Paribas 2.819% 2025 (3-month USD-LIBOR + 1.111% on 11/19/2024)^1,2		2,875		3,073
BNP Paribas 3.375% 2025²		6,425		7,049
BNP Paribas 2.219% 2026 (USD-SOFR + 2.074% on 6/9/2025)^1,2		12,000		12,565
CIT Group Inc. 3.929% 2024 (USD-SOFR + 3.827% on 6/19/2023)¹		5,410		5,728
CIT Group Inc. 4.75% 2024		2,066		2,263
Citigroup Inc. 4.60% 2026		1,800		2,111
Citigroup Inc. 3.668% 2028 (3-month USD-LIBOR + 1.39% on 7/24/2027)¹		1,000		1,134
Citigroup Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)¹		3,001		3,306
Citigroup Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)¹		18,102		19,300
Citigroup Inc. 4.412% 2031 (USD-SOFR + 3.914% on 3/31/2030)¹		18,470		22,399
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)^1,2		4,450		4,620
Credit Suisse Group AG 2.997% 2023 (3-month USD-LIBOR + 1.20% on 12/14/2022)^1,2		12,000		12,555
Credit Suisse Group AG 3.80% 2023		12,925		13,927
Credit Suisse Group AG 4.207% 2024 (3-month USD-LIBOR + 1.24% on 6/12/2023)^1,2		500		542
Credit Suisse Group AG 2.593% 2025 (USD-SOFR + 1.56% on 9/11/2024)^1,2		850		895
Credit Suisse Group AG 2.193% 2026 (USD-SOFR + 2.044% on 6/5/2025)^1,2		5,750		6,014
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)^1,2		3,096		3,644
Deutsche Bank AG 3.15% 2021		28,037		28,068
Deutsche Bank AG 3.375% 2021		1,300		1,313
Deutsche Bank AG 4.25% 2021		27,043		27,116
Deutsche Bank AG 4.25% 2021		525		538
Deutsche Bank AG 3.30% 2022		2,695		2,812
Deutsche Bank AG 5.00% 2022		2,675		2,798
Deutsche Bank AG 3.95% 2023		6,350		6,751
Deutsche Bank AG 2.222% 2024 (USD-SOFR + 2.159% on 9/18/2023)¹		10,475		10,782
Deutsche Bank AG 3.70% 2024		4,950		5,330
Deutsche Bank AG 3.70% 2024		2,750		2,967
Deutsche Bank AG 3.961% 2025 (USD-SOFR + 2.581% on 11/26/2024)¹		8,835		9,662
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)¹		42,015		42,990
Deutsche Bank AG 4.10% 2026		7,305		8,154
Deutsche Bank AG 4.10% 2026		857		950
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)¹		2,900		3,151
GE Capital Funding, LLC 4.05% 2027²		5,346		6,119
GE Capital Funding, LLC 4.40% 2030²		10,000		11,791
Goldman Sachs Group, Inc. 5.75% 2022		4,800		5,074
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)¹		9,600		11,126
Goldman Sachs Group, Inc., junior subordinated, 5.30% (3-month USD-LIBOR + 3.834% on 11/10/2026)¹		1,750		1,916
Groupe BPCE SA 2.75% 2023²		6,875		7,192
Groupe BPCE SA 5.70% 2023²		28,166		31,898
Groupe BPCE SA 5.15% 2024²		5,481		6,247
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)^1,2		6,350		6,504

160	American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)¹	$	12,000	$	14,200
Intesa Sanpaolo SpA 3.375% 2023²		10,035		10,514
Intesa Sanpaolo SpA 3.25% 2024²		770		823
Intesa Sanpaolo SpA 5.017% 2024²		68,143		74,578
Intesa Sanpaolo SpA 5.71% 2026²		15,400		17,634
Intesa Sanpaolo SpA 3.875% 2027²		6,250		6,866
Intesa Sanpaolo SpA 3.875% 2028²		1,986		2,194
JPMorgan Chase & Co. 2.182% 2028 (USD-SOFR + 1.89% on 6/1/2027)¹		4,750		5,046
JPMorgan Chase & Co. 3.509% 2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)¹		9,600		10,958
JPMorgan Chase & Co. 4.203% 2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)¹		11,980		14,331
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)¹		1,766		1,900
Lloyds Banking Group PLC 2.438% 2026 (UST Yield Curve Rate T Note Constant Maturity 1-year + 1.00% on 2/5/2025)¹		2,675		2,827
Lloyds Banking Group PLC 4.375% 2028		8,825		10,505
MetLife Capital Trust IV, junior subordinated, 7.875% 2067 (3-month USD-LIBOR + 3.96% on 12/1/2037)^1,2		1,405		1,985
MetLife, Inc. 3.60% 2025		3,490		3,954
Mizuho Financial Group, Inc. 0.849% 2024 (3-month USD-LIBOR + 0.61% on 9/8/2023)¹		6,000		6,036
Morgan Stanley 2.50% 2021		19,200		19,320
Morgan Stanley 2.72% 2025 (USD-SOFR + 1.152% on 7/22/2024)¹		2,300		2,461
New York Life Insurance Company 3.75% 2050²		5,749		6,884
PNC Financial Services Group, Inc. 2.854% 2022¹		5,850		6,127
PNC Funding Corp. 3.30% 2022		8,700		8,989
Rede D’Or Finance SARL 4.50% 2030²		3,000		3,133
Santander Holdings USA, Inc. 3.50% 2024		8,325		8,997
Synchrony Financial 2.85% 2022		5,400		5,578
Synchrony Financial 4.375% 2024		3,640		4,009
Travelers Companies, Inc. 2.55% 2050		768		809
UBS Group AG 1.364% 2027 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.08% on 1/30/2026)^1,2		1,675		1,695
UniCredit SpA 3.75% 2022²		2,545		2,638
UniCredit SpA 6.572% 2022²		11,295		11,904
UniCredit SpA 4.625% 2027²		1,395		1,588
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)^1,2		16,130		18,192
UniCredit SpA 7.296% 2034 (5-year USD-ICE Swap + 4.914% on 4/2/2029)^1,2		10,221		12,362
UniCredit SpA 5.459% 2035 (5-year USD-ICE Swap + 4.75% on 6/30/2030)^1,2		606		668
Wells Fargo & Company 2.10% 2021		16,800		16,971
Wells Fargo & Company 2.406% 2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)¹		20,480		21,659
Wells Fargo & Company 2.188% 2026 (USD-SOFR + 2.00% on 4/30/2025)¹		10,408		10,968
Wells Fargo & Company 2.572% 2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)¹		14,200		15,038
				883,546

Energy 5.65%
Apache Corp. 4.625% 2025		645		678
Apache Corp. 4.875% 2027		5,475		5,812
Apache Corp. 4.25% 2030		2,465		2,593
Apache Corp. 4.75% 2043		12,100		12,569
Apache Corp. 4.25% 2044		2,100		2,077
Apache Corp. 5.35% 2049		800		823
Baker Hughes, a GE Co. 4.486% 2030		914		1,099
Boardwalk Pipeline Partners, LP 3.375% 2023		1,900		1,984
BP Capital Markets America Inc. 2.772% 2050		6,417		6,349
BP Capital Markets PLC 3.00% 2050		8,284		8,490
Canadian Natural Resources Ltd. 2.05% 2025		3,849		4,041
Canadian Natural Resources Ltd. 3.85% 2027		1,151		1,293
Canadian Natural Resources Ltd. 2.95% 2030		2,374		2,542
Cenovus Energy Inc. 3.80% 2023		1,120		1,164
Cenovus Energy Inc. 4.25% 2027		12,685		13,858
Cenovus Energy Inc. 5.25% 2037		770		872
Cenovus Energy Inc. 5.40% 2047		15,180		17,821

American Funds Insurance Series

161

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Cheniere Energy, Inc. 7.00% 2024	$	410	$	479
Cheniere Energy, Inc. 5.125% 2027		16,000		18,946
Cheniere Energy, Inc. 3.70% 2029		7,369		8,215
Chevron Corp. 2.355% 2022		4,800		4,973
Chevron Corp. 3.078% 2050		1,114		1,239
Chevron USA Inc. 2.343% 2050		1,365		1,330
Columbia Pipeline Partners LP 5.80% 2045		1,410		1,929
Concho Resources Inc. 4.30% 2028		6,095		7,207
Concho Resources Inc. 4.85% 2048		5,000		6,735
DCP Midstream Operating LP 4.95% 2022		500		517
Enbridge Energy Partners, LP 4.20% 2021		6,325		6,432
Enbridge Energy Partners, LP 5.875% 2025		7,700		9,420
Enbridge Energy Partners, LP 7.375% 2045		18,154		27,723
Enbridge Inc. 4.00% 2023		1,500		1,633
Energy Transfer Operating, LP 5.875% 2024		294		331
Energy Transfer Operating, LP 2.90% 2025		4,402		4,661
Energy Transfer Operating, LP 3.75% 2030		7,707		8,319
Energy Transfer Operating, LP 5.00% 2050		15,408		16,699
Energy Transfer Partners, LP 4.20% 2023		2,860		3,085
Energy Transfer Partners, LP 4.50% 2024		4,915		5,380
Energy Transfer Partners, LP 4.75% 2026		1,506		1,705
Energy Transfer Partners, LP 4.20% 2027		45		50
Energy Transfer Partners, LP 4.95% 2028		4,559		5,256
Energy Transfer Partners, LP 5.25% 2029		1,275		1,489
Energy Transfer Partners, LP 6.125% 2045		11,780		13,993
Energy Transfer Partners, LP 5.30% 2047		10,459		11,681
Energy Transfer Partners, LP 6.00% 2048		1,868		2,223
Energy Transfer Partners, LP 6.25% 2049		1,775		2,147
Energy Transfer Partners, LP, junior subordinated, 6.25% (3-month USD-LIBOR + 4.028% on 2/15/2023)¹		7,850		6,260
Energy Transfer Partners, LP, junior subordinated, 6.625% (3-month USD-LIBOR + 4.155% on 2/15/2028)¹		500		425
Enterprise Products Operating LLC 3.20% 2052		3,031		3,091
EOG Resources, Inc. 4.375% 2030		451		549
EOG Resources, Inc. 4.95% 2050		1,776		2,409
EQT Corp. 3.00% 2022		6,700		6,763
EQT Corp. 8.75% 2030		7,500		9,178
Equinor ASA 3.625% 2028		4,928		5,744
Equinor ASA 3.125% 2030		20,000		22,706
Equinor ASA 3.25% 2049		5,687		6,320
Exxon Mobil Corp. 3.043% 2026		4,625		5,127
Exxon Mobil Corp. 2.61% 2030		1,293		1,413
Exxon Mobil Corp. 3.452% 2051		4,701		5,373
Kinder Morgan Energy Partners, LP 6.50% 2037		900		1,167
Kinder Morgan Energy Partners, LP 5.50% 2044		700		881
Kinder Morgan, Inc. 5.30% 2034		760		937
MPLX LP 1.75% 2026		5,557		5,754
MPLX LP 4.00% 2028		4,665		5,368
MPLX LP 2.65% 2030		2,404		2,522
MPLX LP 5.50% 2049		4,741		6,243
Noble Energy, Inc. 3.25% 2029		744		855
Noble Energy, Inc. 5.05% 2044		2,407		3,386
Noble Energy, Inc. 4.95% 2047		4,845		6,889
Noble Energy, Inc. 4.20% 2049		10,334		13,419
Occidental Petroleum Corp. 2.90% 2024		4,336		4,180
Odebrecht Drilling Norbe 7.35% 2026^2,3		37		10
Odebrecht Drilling Norbe 0% 2049²		1,150		7
ONEOK, Inc. 2.20% 2025		193		201
ONEOK, Inc. 5.85% 2026		896		1,074
ONEOK, Inc. 3.10% 2030		540		576
ONEOK, Inc. 6.35% 2031		2,794		3,587

162	American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
ONEOK, Inc. 5.20% 2048	$	9,563	$	11,162
ONEOK, Inc. 4.50% 2050		1,266		1,331
ONEOK, Inc. 7.15% 2051		3,275		4,538
Petrobras Global Finance Co. 5.093% 2030		5,000		5,594
Petrobras Global Finance Co. 6.90% 2049		4,000		5,080
Petróleos Mexicanos 6.875% 2026		43,810		47,928
Petróleos Mexicanos 6.50% 2027		29,533		31,156
Pioneer Natural Resources Company 1.90% 2030		5,726		5,676
Plains All American Pipeline, LP 3.80% 2030		590		635
QEP Resources, Inc. 5.25% 2023		3,420		3,605
Sabine Pass Liquefaction, LLC 6.25% 2022		2,300		2,421
Sabine Pass Liquefaction, LLC 5.625% 2023¹		1,000		1,099
Sabine Pass Liquefaction, LLC 5.75% 2024		8,000		9,149
Sabine Pass Liquefaction, LLC 5.625% 2025		10,000		11,667
Sabine Pass Liquefaction, LLC 5.875% 2026		15,700		18,991
Sabine Pass Liquefaction, LLC 4.50% 2030²		1,797		2,131
Saudi Arabian Oil Co. 2.875% 2024²		4,885		5,189
Saudi Arabian Oil Co. 1.625% 2025²		1,410		1,446
Schlumberger BV 4.00% 2025²		7,915		9,004
Shell International Finance BV 3.875% 2028		9,410		11,149
Southwestern Energy Co. 6.45% 2025¹		920		956
Sunoco Logistics Operating Partners, LP 5.40% 2047		6,190		6,982
Targa Resources Partners LP 5.125% 2025		175		180
Targa Resources Partners LP 5.375% 2027		175		184
TC PipeLines, LP 4.375% 2025		405		457
Total Capital Canada Ltd. 2.75% 2023		2,140		2,273
Total Capital International 3.127% 2050		6,910		7,496
Total SE 2.986% 2041		1,726		1,889
Total SE 3.386% 2060		5,200		5,916
TransCanada PipeLines Ltd. 4.25% 2028		11,275		13,320
TransCanada PipeLines Ltd. 4.10% 2030		4,776		5,646
Transcontinental Gas Pipe Line Company, LLC 3.95% 2050		1,372		1,556
Western Midstream Operating, LP 4.10% 2025¹		2,782		2,871
Western Midstream Operating, LP 4.05% 2030		2,202		2,453
Western Midstream Operating, LP 5.25% 2050		3,079		3,392
Williams Partners LP 4.50% 2023		500		552
Williams Partners LP 4.30% 2024		595		657
WPX Energy, Inc. 4.50% 2030		7,995		8,487
				644,494

Utilities 4.13%
Abu Dhabi National Energy Co. PJSC (TAQA) 4.375% 2025²		10,500		11,896
Abu Dhabi National Energy Co. PJSC (TAQA) 4.375% 2026²		300		348
AEP Transmission Co. LLC 3.65% 2050		350		426
Alliant Energy Finance LLC 4.25% 2028²		500		581
Ameren Corp. 3.50% 2031		325		374
Ameren Corp. 4.50% 2049		2,875		3,914
American Electric Power Company, Inc. 2.30% 2030		1,825		1,909
Berkshire Hathaway Energy Company 4.50% 2045		5,895		7,475
Consolidated Edison Co. of New York, Inc. 3.875% 2047		9,200		10,892
Consumers Energy Co. 4.05% 2048		8,270		10,839
Consumers Energy Co. 3.75% 2050		5,625		7,074
Duke Energy Corp. 3.75% 2024		3,826		4,214
Duke Energy Florida, LLC 3.40% 2046		6,445		7,372
Duke Energy Progress, LLC 3.70% 2028		3,750		4,393
Edison International 3.125% 2022		2,900		3,013
Edison International 3.55% 2024		6,850		7,382
Edison International 4.95% 2025		175		200
Edison International 5.75% 2027		3,181		3,810
Edison International 4.125% 2028		3,644		4,064

American Funds Insurance Series

163

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)¹	$	1,950	$	2,282
Enel Società per Azioni 8.75% 2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)^1,2		1,000		1,170
Entergy Louisiana, LLC 4.20% 2048		6,325		8,245
Eversource Energy 2.75% 2022		527		541
Eversource Energy 3.80% 2023		5,000		5,478
Exelon Corp. 3.40% 2026		1,570		1,769
Exelon Corp. 4.05% 2030		1,250		1,481
Exelon Corp. 4.70% 2050		250		333
FirstEnergy Corp. 2.85% 2022 (3.10% on 1/15/2021)¹		8,750		8,897
FirstEnergy Corp. 1.60% 2026		481		471
FirstEnergy Corp. 3.90% 2027 (4.40% on 1/16/2021)¹		12,178		13,434
FirstEnergy Corp. 3.50% 2028²		2,400		2,555
FirstEnergy Corp. 2.25% 2030		1,184		1,146
FirstEnergy Corp. 2.65% 2030		3,428		3,442
FirstEnergy Corp. 7.375% 2031		5,150		7,349
FirstEnergy Corp., Series B, 4.25% 2023 (4.75% on 3/15/2021)¹		2,750		2,905
Georgia Power Co. 3.70% 2050		1,938		2,337
IPALCO Enterprises, Inc. 3.70% 2024		200		218
Mississippi Power Co. 4.25% 2042		11,247		13,614
NextEra Energy Capital Holdings, Inc. 2.25% 2030		2,700		2,833
Niagara Mohawk Power Corp. 3.508% 2024²		7,575		8,325
Niagara Mohawk Power Corp. 4.278% 2034²		1,000		1,248
Pacific Gas and Electric Co. 1.75% 2022		13,000		13,038
Pacific Gas and Electric Co. 3.25% 2023		5,615		5,862
Pacific Gas and Electric Co. 3.40% 2024		850		906
Pacific Gas and Electric Co. 2.95% 2026		9,436		9,988
Pacific Gas and Electric Co. 3.15% 2026		8,705		9,283
Pacific Gas and Electric Co. 2.10% 2027		456		463
Pacific Gas and Electric Co. 3.30% 2027		9,125		9,754
Pacific Gas and Electric Co. 3.30% 2027		4,675		5,009
Pacific Gas and Electric Co. 3.75% 2028		6,788		7,421
Pacific Gas and Electric Co. 4.65% 2028		7,900		9,030
Pacific Gas and Electric Co. 4.55% 2030		14,505		16,539
Pacific Gas and Electric Co. 2.50% 2031		19,695		19,745
Pacific Gas and Electric Co. 3.30% 2040		8,898		8,891
Pacific Gas and Electric Co. 3.75% 2042		7,825		7,885
Pacific Gas and Electric Co. 4.75% 2044		336		378
Pacific Gas and Electric Co. 3.95% 2047		2,835		2,941
Pacific Gas and Electric Co. 3.50% 2050		6,567		6,542
Progress Energy, Inc. 7.75% 2031		1,820		2,713
Public Service Electric and Gas Co. 3.20% 2029		6,000		6,849
Puget Energy, Inc. 6.00% 2021		3,135		3,245
Puget Energy, Inc. 5.625% 2022		8,004		8,477
Puget Energy, Inc. 3.65% 2025		3,000		3,312
San Diego Gas & Electric Co. 3.32% 2050		1,350		1,539
Southern California Edison Co. 3.70% 2025		1,275		1,431
Southern California Edison Co. 2.85% 2029		7,500		8,186
Southern California Edison Co. 4.20% 2029		11,700		13,853
Southern California Edison Co. 5.35% 2035		6,450		8,762
Southern California Edison Co. 5.75% 2035		4,550		6,291
Southern California Edison Co. 5.625% 2036		7,050		9,007
Southern California Edison Co. 5.55% 2037		2,775		3,553
Southern California Edison Co. 5.95% 2038		5,654		7,691
Southern California Edison Co. 4.50% 2040		8,620		10,400
Southern California Edison Co. 5.50% 2040		607		811
Southern California Edison Co. 4.00% 2047		9,061		10,644
Southern California Edison Co. 4.125% 2048		9,027		10,788
Southern California Edison Co. 4.875% 2049		5,034		6,649
Southern California Edison Co. 3.65% 2050		3,461		3,935
Southern California Edison Co., Series C, 3.60% 2045		2,717		3,015

164	American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Southern California Gas Company 2.55% 2030	$	625	$	678
Southern Co. 3.70% 2030		5,450		6,318
Southern Co. 4.25% 2036		1,725		2,118
Southern Co. 4.40% 2046		787		991
Tampa Electric Co. 2.60% 2022		4,350		4,486
Wisconsin Power and Light Co. 3.65% 2050		1,550		1,842
Xcel Energy Inc. 3.30% 2025		5,650		6,215
Xcel Energy Inc. 2.60% 2029		2,925		3,169
				470,892

Health care 3.88%
Abbott Laboratories 3.40% 2023		910		987
Abbott Laboratories 3.75% 2026		2,244		2,630
Abbott Laboratories 4.75% 2036		4,565		6,291
AbbVie Inc. 3.20% 2022		9,600		10,054
AbbVie Inc. 3.20% 2029		23,754		26,648
Amgen Inc. 2.45% 2030		10,000		10,720
Anthem, Inc. 2.375% 2025		1,534		1,641
AstraZeneca PLC 4.00% 2029		5,920		7,056
Bayer US Finance II LLC 3.875% 2023²		8,783		9,576
Bayer US Finance II LLC 4.25% 2025²		17,570		20,106
Becton, Dickinson and Company 3.734% 2024		903		1,001
Becton, Dickinson and Company 4.669% 2047		3,395		4,458
Boston Scientific Corp. 3.375% 2022		350		365
Boston Scientific Corp. 3.85% 2025		255		288
Centene Corp. 4.75% 2025		325		334
Centene Corp. 4.25% 2027		14,860		15,786
Centene Corp. 4.625% 2029		14,945		16,611
Centene Corp. 3.375% 2030		15,718		16,561
Cigna Corp. 4.375% 2028		7,090		8,571
EMD Finance LLC 2.95% 2022²		2,100		2,157
Gilead Sciences, Inc. 1.20% 2027		3,828		3,859
GlaxoSmithKline PLC 3.375% 2023		16,800		18,030
Laboratory Corp. of America Holdings 4.70% 2045		4,160		5,465
Novartis Capital Corp. 1.75% 2025		2,361		2,478
Novartis Capital Corp. 2.20% 2030		5,446		5,851
Shire PLC 3.20% 2026		15,100		16,901
Teva Pharmaceutical Finance Co. BV 2.20% 2021		4,911		4,908
Teva Pharmaceutical Finance Co. BV 2.80% 2023		16,420		16,286
Teva Pharmaceutical Finance Co. BV 7.125% 2025		45,000		49,828
Teva Pharmaceutical Finance Co. BV 3.15% 2026		68,853		66,315
Teva Pharmaceutical Finance Co. BV 6.75% 2028		26,824		30,394
Teva Pharmaceutical Finance Co. BV 4.10% 2046		46,666		41,649
UnitedHealth Group Inc. 3.35% 2022		4,385		4,597
UnitedHealth Group Inc. 3.75% 2025		5,410		6,166
Zimmer Holdings, Inc. 3.15% 2022		7,845		8,070
				442,638

Consumer discretionary 3.74%
Carnival Corp. 11.50% 2023²		9,140		10,582
DaimlerChrysler North America Holding Corp. 1.75% 2023²		8,000		8,216
DaimlerChrysler North America Holding Corp. 3.35% 2023²		2,000		2,118
Ford Motor Credit Co. 4.375% 2023		16,400		17,056
Ford Motor Credit Co. 4.063% 2024		17,230		18,123
Ford Motor Credit Co. 3.815% 2027		3,630		3,737
Ford Motor Credit Co. 4.125% 2027		28,345		29,727
Ford Motor Credit Co. 4.271% 2027		17,442		18,314
Ford Motor Credit Co. 5.113% 2029		8,075		9,003
General Motors Company 5.40% 2023		421		472
General Motors Company 6.125% 2025		28,743		34,886

American Funds Insurance Series

165

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
General Motors Company 6.80% 2027	$	1,030	$	1,325
General Motors Company 5.00% 2035		5,000		6,026
General Motors Company 6.75% 2046		1,093		1,579
General Motors Company 5.40% 2048		7,200		9,068
General Motors Company 5.95% 2049		334		452
General Motors Financial Co. 3.15% 2022		25		26
General Motors Financial Co. 3.45% 2022		200		205
General Motors Financial Co. 3.55% 2022		3,703		3,863
General Motors Financial Co. 3.25% 2023		964		1,011
General Motors Financial Co. 3.70% 2023		2,076		2,202
General Motors Financial Co. 5.20% 2023		4,371		4,795
General Motors Financial Co. 3.50% 2024		9,945		10,757
General Motors Financial Co. 3.95% 2024		6,269		6,830
General Motors Financial Co. 5.10% 2024		1,081		1,210
General Motors Financial Co. 2.75% 2025		3,819		4,086
General Motors Financial Co. 2.90% 2025		1,032		1,103
General Motors Financial Co. 4.00% 2025		587		647
General Motors Financial Co. 4.35% 2025		11,358		12,692
General Motors Financial Co. 5.25% 2026		995		1,174
General Motors Financial Co. 2.70% 2027		6,079		6,454
General Motors Financial Co. 3.60% 2030		465		519
Home Depot, Inc. 4.40% 2021		7,200		7,200
Home Depot, Inc. 2.95% 2029		6,081		6,914
Home Depot, Inc. 4.50% 2048		1,915		2,691
Hyundai Capital America 3.75% 2021²		8,500		8,626
Hyundai Capital America 2.85% 2022²		4,118		4,270
Hyundai Capital America 3.00% 2022²		4,500		4,642
Hyundai Capital America 3.25% 2022²		1,521		1,584
Hyundai Capital America 3.95% 2022²		8,000		8,268
Hyundai Capital America 1.25% 2023²		3,150		3,189
Hyundai Capital America 2.375% 2023²		9,977		10,292
Hyundai Capital America 3.40% 2024²		8,180		8,730
Hyundai Capital America 1.80% 2025²		12,714		13,047
Hyundai Capital America 2.65% 2025²		13,054		13,854
Hyundai Capital America 2.375% 2027²		6,264		6,575
Hyundai Capital America 3.00% 2027²		10,408		11,325
International Game Technology PLC 6.25% 2027²		880		1,009
International Game Technology PLC 5.25% 2029²		4,075		4,397
McDonald’s Corp. 2.125% 2030		2,482		2,620
McDonald’s Corp. 4.45% 2047		3,535		4,593
McDonald’s Corp. 3.625% 2049		2,938		3,454
MGM Resorts International 7.75% 2022		2,000		2,134
NIKE, Inc. 3.25% 2040		6,171		7,183
NIKE, Inc. 3.875% 2045		1,560		2,025
Nissan Motor Co., Ltd. 2.60% 2022²		1,415		1,452
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025		300		309
Starbucks Corp. 3.75% 2047		3,785		4,429
Starbucks Corp. 4.50% 2048		7,680		10,027
Toyota Motor Credit Corp. 3.375% 2030		6,664		7,802
Volkswagen Group of America Finance, LLC 4.00% 2021²		4,510		4,649
Volkswagen Group of America Finance, LLC 2.70% 2022²		2,473		2,565
Volkswagen Group of America Finance, LLC 3.125% 2023²		2,459		2,598
Volkswagen Group of America Finance, LLC 4.25% 2023²		15,000		16,512
Volkswagen Group of America Finance, LLC 2.85% 2024²		2,996		3,202
Volkswagen Group of America Finance, LLC 3.35% 2025²		2,636		2,900
Volkswagen Group of America Finance, LLC 4.625% 2025²		1,177		1,373
Volkswagen Group of America Finance, LLC 1.625% 2027²		1,645		1,660
				426,358

166	American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials 2.75%
Air Lease Corp. 2.875% 2026	$	11,453	$	12,127
Airbus Group SE 2.70% 2023²		2,120		2,227
Avolon Holdings Funding Ltd. 3.625% 2022²		2,810		2,872
Avolon Holdings Funding Ltd. 3.95% 2024²		12,514		13,225
Avolon Holdings Funding Ltd. 4.25% 2026²		3,302		3,560
Avolon Holdings Funding Ltd. 3.25% 2027²		8,000		8,181
BNSF Funding Trust I, junior subordinated, 6.613% 2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)¹		1,680		1,922
Boeing Company 4.508% 2023		7,801		8,435
Boeing Company 1.95% 2024		8,719		8,983
Boeing Company 2.80% 2024		500		525
Boeing Company 4.875% 2025		31,752		36,216
Boeing Company 2.75% 2026		15,262		16,056
Boeing Company 3.10% 2026		649		695
Boeing Company 2.70% 2027		12,728		13,241
Boeing Company 5.04% 2027		10,099		11,818
Boeing Company 3.25% 2028		5,379		5,770
Boeing Company 3.25% 2028		1,925		2,039
Boeing Company 3.45% 2028		1,400		1,504
Boeing Company 3.20% 2029		675		713
Boeing Company 5.15% 2030		13,626		16,514
Boeing Company 3.625% 2031		7,358		8,074
Boeing Company 3.90% 2049		1,411		1,497
Boeing Company 5.805% 2050		1,782		2,462
Bohai Financial Investment Holding Co., Ltd. 5.25% 2022²		2,485		2,609
Carrier Global Corp. 2.722% 2030		855		914
Carrier Global Corp. 3.377% 2040		15,000		16,400
Continental Airlines, Inc., Series 2001-1, Class A1, 6.703% 2022		38		38
Continental Airlines, Inc., Series 2000-2, Class A1, 7.707% 2022		164		163
GE Capital International Funding Co. 4.418% 2035		20,075		23,965
General Electric Capital Corp. 3.373% 2025		4,615		5,139
General Electric Capital Corp. 6.15% 2037		1,425		1,967
General Electric Co. 3.45% 2027		1,250		1,412
General Electric Co. 3.625% 2030		675		772
General Electric Co. 4.25% 2040		5,500		6,502
General Electric Co. 4.35% 2050		6,575		7,997
Mexico City Airport Trust 5.50% 2046		1,959		2,090
Mexico City Airport Trust 5.50% 2047		5,909		6,238
Mexico City Airport Trust 5.50% 2047²		1,132		1,195
Northrop Grumman Corp. 3.25% 2028		10,845		12,266
Union Pacific Corp. 2.15% 2027		2,213		2,354
Union Pacific Corp. 2.40% 2030		4,454		4,802
Union Pacific Corp. 3.25% 2050		7,000		7,980
United Rentals, Inc. 5.50% 2027		5,000		5,366
United Technologies Corp. 3.125% 2027		9,525		10,695
Vinci SA 3.75% 2029²		12,456		14,620
				314,140

Consumer staples 2.24%
Altria Group, Inc. 2.85% 2022		4,800		4,986
Altria Group, Inc. 4.40% 2026		8,840		10,266
Altria Group, Inc. 4.50% 2043		1,585		1,820
Altria Group, Inc. 5.95% 2049		9,039		12,664
Anheuser-Busch InBev NV 4.75% 2029		7,500		9,255
Anheuser-Busch InBev NV 5.55% 2049		11,149		15,850
Anheuser-Busch InBev NV 4.50% 2050		5,000		6,302
British American Tobacco International Finance PLC 3.95% 2025²		16,879		18,997
British American Tobacco International Finance PLC 1.668% 2026		4,070		4,168
British American Tobacco PLC 3.557% 2027		10,991		12,241
British American Tobacco PLC 2.259% 2028		4,348		4,517

American Funds Insurance Series

167

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
British American Tobacco PLC 4.39% 2037	$	1,500	$	1,679
British American Tobacco PLC 4.54% 2047		12,786		14,199
British American Tobacco PLC 4.758% 2049		23,659		27,475
Conagra Brands, Inc. 5.30% 2038		436		584
Conagra Brands, Inc. 5.40% 2048		57		81
Constellation Brands, Inc. 3.50% 2027		7,500		8,470
General Mills, Inc. (3-month USD-LIBOR + 0.54%) 0.770% 2021⁴		10,620		10,636
General Mills, Inc. 3.20% 2021		2,170		2,187
Imperial Tobacco Finance PLC 3.50% 2023²		2,335		2,446
JBS Investments GmbH II 7.00% 2026²		3,868		4,181
JBS Investments GmbH II 7.00% 2026		1,665		1,800
Keurig Dr Pepper Inc. 4.057% 2023		6,190		6,730
Keurig Dr Pepper Inc. 4.597% 2028		10,752		13,101
Molson Coors Brewing Co. 2.10% 2021		2,415		2,435
Molson Coors Brewing Co. 4.20% 2046		9,955		11,423
Philip Morris International Inc. 4.25% 2044		9,550		12,029
Reynolds American Inc. 4.45% 2025		14,570		16,598
Reynolds American Inc. 5.85% 2045		1,970		2,521
Wal-Mart Stores, Inc. 2.85% 2024		6,765		7,321
Wal-Mart Stores, Inc. 3.05% 2026		7,720		8,694
				255,656

Communication services 1.48%
AT&T Inc. 2.55% 2033²		4,953		5,104
AT&T Inc. 3.50% 2053²		1,915		1,915
AT&T Inc. 3.55% 2055²		8,325		8,297
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2027²		4,800		5,100
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031		5,642		5,968
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2048		5,000		6,547
CenturyLink, Inc. 4.00% 2027²		16,374		16,929
CenturyLink, Inc. 7.65% 2042		5,000		6,066
Comcast Corp. 3.15% 2028		7,200		8,130
Comcast Corp. 2.65% 2030		7,500		8,199
Comcast Corp. 4.00% 2048		5,000		6,292
NBCUniversal Enterprise, Inc., junior subordinated, 5.25% 2049²		5,170		5,280
SoftBank Group Corp. 3.36% 2023²		2,175		2,199
Tencent Holdings Ltd. 2.39% 2030²		10,000		10,264
T-Mobile US, Inc. 3.50% 2025²		3,275		3,622
T-Mobile US, Inc. 3.75% 2027²		5,000		5,699
T-Mobile US, Inc. 3.875% 2030²		4,500		5,217
T-Mobile US, Inc. 3.00% 2041²		2,100		2,181
T-Mobile US, Inc. 4.50% 2050²		11,575		14,298
Verizon Communications Inc. 4.40% 2034		5,080		6,342
Verizon Communications Inc. 2.875% 2050		3,000		3,026
Vodafone Group PLC 4.375% 2028		10,000		11,979
Vodafone Group PLC 4.25% 2050		3,050		3,785
Walt Disney Company 2.65% 2031		15,000		16,450
				168,889

Information technology 1.02%
Apple Inc. 1.55% 2021		11,630		11,714
Broadcom Inc. 3.625% 2024		3,000		3,297
Broadcom Inc. 3.15% 2025		5,000		5,462
Broadcom Inc. 4.25% 2026		41,375		47,428
Broadcom Ltd. 3.875% 2027		14,860		16,706
Financial & Risk US Holdings, Inc. 6.25% 2026²		3,325		3,556
Microsoft Corp. 2.525% 2050		10,000		10,546

168	American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
PayPal Holdings, Inc. 1.65% 2025	$	6,989	$	7,308
Simon Property Group, LP 3.50% 2025		4,775		5,305
Simon Property Group, LP 2.65% 2030		5,225		5,569
				116,891

Real estate 0.36%
Alexandria Real Estate Equities, Inc. 3.95% 2028		1,425		1,657
Alexandria Real Estate Equities, Inc. 4.50% 2029		150		184
American Campus Communities, Inc. 3.75% 2023		2,900		3,066
American Campus Communities, Inc. 3.875% 2031		620		703
Corporate Office Properties LP 5.25% 2024		10		11
Equinix, Inc. 2.90% 2026		3,287		3,599
Equinix, Inc. 3.20% 2029		3,846		4,245
Essex Portfolio LP 3.25% 2023		335		353
Essex Portfolio LP 3.875% 2024		1,000		1,099
Hospitality Properties Trust 5.00% 2022		1,270		1,295
Hospitality Properties Trust 4.50% 2025		855		844
Hospitality Properties Trust 3.95% 2028		1,710		1,655
Iron Mountain Inc. 4.875% 2027²		1,605		1,682
Iron Mountain Inc. 5.25% 2028²		3,500		3,700
Iron Mountain Inc. 4.875% 2029²		2,770		2,925
Iron Mountain Inc. 5.25% 2030²		3,000		3,244
Iron Mountain Inc. 4.50% 2031²		2,080		2,181
Kimco Realty Corp. 3.40% 2022		1,045		1,098
Omega Healthcare Investors, Inc. 4.375% 2023		900		974
Piedmont Operating Partnership LP 4.45% 2024		1,000		1,072
Scentre Group 2.375% 2021²		175		176
Scentre Group 3.50% 2025²		4,565		4,885
				40,648

Materials 0.25%
Air Products and Chemicals, Inc. 2.70% 2040		5,736		6,182
Braskem SA 4.50% 2030²		2,500		2,572
LYB International Finance III, LLC 2.25% 2030		3,802		3,935
LYB International Finance III, LLC 3.375% 2040		2,996		3,208
LYB International Finance III, LLC 3.625% 2051		8,881		9,723
LYB International Finance III, LLC 3.80% 2060		2,833		3,061
				28,681

Total corporate bonds, notes & loans				3,792,833

Mortgage-backed obligations 31.72%
Federal agency mortgage-backed obligations 30.74%
Fannie Mae Pool #976945 5.50% 2023⁵		67		68
Fannie Mae Pool #AB1068 4.50% 2025⁵		136		145
Fannie Mae Pool #AB4088 3.00% 2026⁵		629		662
Fannie Mae Pool #AJ9156 3.00% 2026⁵		326		343
Fannie Mae Pool #AJ6967 3.00% 2026⁵		164		173
Fannie Mae Pool #AJ5522 3.00% 2026⁵		4		4
Fannie Mae Pool #256133 4.50% 2026⁵		161		175
Fannie Mae Pool #AK5394 3.00% 2027⁵		774		814
Fannie Mae Pool #AL5603 3.00% 2027⁵		685		719
Fannie Mae Pool #AX3597 3.00% 2027⁵		318		335
Fannie Mae Pool #AL4641 3.00% 2027⁵		300		315
Fannie Mae Pool #AB4281 3.00% 2027⁵		136		143
Fannie Mae Pool #AJ9355 3.00% 2027⁵		88		92
Fannie Mae Pool #AB4486 3.00% 2027⁵		69		73
Fannie Mae Pool #AB5236 3.00% 2027⁵		27		29
Fannie Mae Pool #AO0800 3.00% 2027⁵		24		25
Fannie Mae Pool #AK0971 3.00% 2027⁵		12		12
Fannie Mae Pool #AL3802 3.00% 2028⁵		957		1,005

American Funds Insurance Series

169

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #AR3058 3.00% 2028⁵	$	107		$	113
Fannie Mae Pool #AL8241 3.00% 2029⁵		908			954
Fannie Mae Pool #BM4299 3.00% 2030⁵		2,701			2,834
Fannie Mae Pool #AL9573 3.00% 2031⁵		109			114
Fannie Mae Pool #AS8018 3.00% 2031⁵		81			87
Fannie Mae Pool #BM4741 3.00% 2032⁵		66			69
Fannie Mae Pool #MA4229 2.00% 2036⁵		58,877			61,594
Fannie Mae Pool #924866 2.265% 2037^4,5		728			737
Fannie Mae Pool #945680 6.00% 2037⁵		709			840
Fannie Mae Pool #913966 6.00% 2037⁵		70			81
Fannie Mae Pool #889982 5.50% 2038⁵		1,514			1,779
Fannie Mae Pool #988588 5.50% 2038⁵		271			319
Fannie Mae Pool #AB1297 5.00% 2040⁵		323			376
Fannie Mae Pool #AH8144 5.00% 2041⁵		1,915			2,228
Fannie Mae Pool #AH9479 5.00% 2041⁵		1,866			2,170
Fannie Mae Pool #AI1862 5.00% 2041⁵		1,569			1,825
Fannie Mae Pool #AI3510 5.00% 2041⁵		923			1,073
Fannie Mae Pool #AJ0704 5.00% 2041⁵		837			974
Fannie Mae Pool #AJ5391 5.00% 2041⁵		479			554
Fannie Mae Pool #BM6240 2.754% 2044^4,5		3,104			3,245
Fannie Mae Pool #AZ3904 4.00% 2045⁵		85			92
Fannie Mae Pool #AL8522 3.50% 2046⁵		1,516			1,656
Fannie Mae Pool #BD1968 4.00% 2046⁵		2,149			2,347
Fannie Mae Pool #BE0592 4.00% 2046⁵		851			912
Fannie Mae Pool #BD5477 4.00% 2046⁵		517			566
Fannie Mae Pool #CA0770 3.50% 2047⁵		10,841			11,523
Fannie Mae Pool #BJ1910 3.50% 2047⁵		4,361			4,626
Fannie Mae Pool #CA0706 4.00% 2047⁵		268			288
Fannie Mae Pool #MA3058 4.00% 2047⁵		108			116
Fannie Mae Pool #BM4413 4.50% 2047⁵		7,086			7,724
Fannie Mae Pool #BF0293 3.00% 2048⁵		13,107			13,989
Fannie Mae Pool #BF0318 3.50% 2048⁵		12,283			13,278
Fannie Mae Pool #CA1189 3.50% 2048⁵		3,157			3,352
Fannie Mae Pool #BK0920 4.00% 2048⁵		1,600			1,709
Fannie Mae Pool #BJ9252 4.00% 2048⁵		506			540
Fannie Mae Pool #MA3384 4.00% 2048⁵		308			330
Fannie Mae Pool #BJ9256 4.00% 2048⁵		287			306
Fannie Mae Pool #BJ0639 4.00% 2048⁵		214			229
Fannie Mae Pool #BJ9169 4.00% 2048⁵		182			195
Fannie Mae Pool #BK0915 4.00% 2048⁵		150			160
Fannie Mae Pool #BJ5749 4.00% 2048⁵		33			36
Fannie Mae Pool #BM4676 4.00% 2048⁵		25			27
Fannie Mae Pool #CA2493 4.50% 2048⁵		1,774			1,928
Fannie Mae Pool #CA4534 3.00% 2049⁵		16,409			17,767
Fannie Mae Pool #CA3807 3.00% 2049⁵		2,275			2,468
Fannie Mae Pool #CA3806 3.00% 2049⁵		1,230			1,338
Fannie Mae Pool #FM0007 3.50% 2049⁵		31,664			34,351
Fannie Mae Pool #CA4802 3.50% 2049⁵		30,616			33,658
Fannie Mae Pool #FM1954 3.50% 2049⁵		14,979			16,159
Fannie Mae Pool #FM1589 3.50% 2049⁵		9,307			10,016
Fannie Mae Pool #FM2092 3.50% 2049⁵		9,040			9,875
Fannie Mae Pool #FM1262 4.00% 2049⁵		125,351			136,525
Fannie Mae Pool #MA4256 2.50% 2051⁵		2,843			2,998
Fannie Mae Pool #BF0264 3.50% 2058⁵		14,025			15,509
Fannie Mae Pool #BF0332 3.00% 2059⁵		30,573			33,245
Fannie Mae, Series 2001-4, Class GA, 9.081% 2025^4,5		—	⁶		—	⁶
Fannie Mae, Series 2001-50, Class BA, 7.00% 2041⁵		10			12
Fannie Mae, Series 2002-W3, Class A5, 7.50% 2041⁵		23			28
Fannie Mae, Series 2002-W1, Class 2A, 5.522% 2042^4,5		30			34
Freddie Mac Pool #ZA2657 3.00% 2026⁵		455			479
Freddie Mac Pool #ZK3537 3.00% 2026⁵		88			92

170	American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #ZK4277 3.00% 2027⁵	$	575	$	605
Freddie Mac Pool #ZK3836 3.00% 2027⁵		190		200
Freddie Mac Pool #ZK3970 3.00% 2027⁵		181		190
Freddie Mac Pool #ZS6521 3.00% 2027⁵		119		125
Freddie Mac Pool #ZK3893 3.00% 2027⁵		59		62
Freddie Mac Pool #ZK4162 3.00% 2027⁵		45		47
Freddie Mac Pool #ZS8452 3.00% 2027⁵		15		15
Freddie Mac Pool #ZK4039 3.00% 2027⁵		6		7
Freddie Mac Pool #ZS8463 3.00% 2027⁵		6		6
Freddie Mac Pool #ZS8507 3.00% 2028⁵		225		236
Freddie Mac Pool #ZK7590 3.00% 2029⁵		4,648		4,925
Freddie Mac Pool #ZK7593 3.00% 2029⁵		235		249
Freddie Mac Pool #ZT1931 3.00% 2033⁵		306		322
Freddie Mac Pool #A15120 5.50% 2033⁵		64		72
Freddie Mac Pool #QN1073 3.00% 2034⁵		154		163
Freddie Mac Pool #SB8083 1.50% 2036⁵		14,702		15,135
Freddie Mac Pool #SB8084 2.00% 2036⁵		15,986		16,724
Freddie Mac Pool #G05196 5.50% 2038⁵		84		99
Freddie Mac Pool #G05267 5.50% 2038⁵		62		73
Freddie Mac Pool #G06020 5.50% 2039⁵		121		142
Freddie Mac Pool #A93948 4.50% 2040⁵		269		303
Freddie Mac Pool #G05860 5.50% 2040⁵		448		525
Freddie Mac Pool #G06868 4.50% 2041⁵		294		329
Freddie Mac Pool #G06841 5.50% 2041⁵		689		810
Freddie Mac Pool #841039 3.54% 2043^4,5		3,059		3,166
Freddie Mac Pool #G60138 3.50% 2045⁵		23,567		25,901
Freddie Mac Pool #Z40130 3.00% 2046⁵		29,938		32,684
Freddie Mac Pool #G61733 3.00% 2047⁵		7,668		8,318
Freddie Mac Pool #Q52157 3.50% 2047⁵		4,216		4,476
Freddie Mac Pool #G08789 4.00% 2047⁵		1,664		1,788
Freddie Mac Pool #G67709 3.50% 2048⁵		23,635		25,832
Freddie Mac Pool #G67710 3.50% 2048⁵		21,713		23,367
Freddie Mac Pool #G61628 3.50% 2048⁵		657		712
Freddie Mac Pool #SI2002 4.00% 2048⁵		3,356		3,592
Freddie Mac Pool #Q58494 4.00% 2048⁵		1,884		2,015
Freddie Mac Pool #QA4673 3.00% 2049⁵		42,800		46,229
Freddie Mac Pool #SD7507 3.00% 2049⁵		28,385		30,699
Freddie Mac Pool #SD7509 3.00% 2049⁵		8,724		9,372
Freddie Mac Pool #QA5125 3.50% 2049⁵		27,889		30,661
Freddie Mac Pool #SD7508 3.50% 2049⁵		19,850		21,774
Freddie Mac Pool #RA1369 3.50% 2049⁵		4,667		5,071
Freddie Mac Pool #ZN4842 3.50% 2049⁵		1,676		1,818
Freddie Mac Pool #RA2020 3.00% 2050⁵		3,353		3,604
Freddie Mac Pool #SD7514 3.50% 2050⁵		39,178		42,144
Freddie Mac, Series 3061, Class PN, 5.50% 2035⁵		90		105
Freddie Mac, Series 3318, Class JT, 5.50% 2037⁵		236		272
Freddie Mac, Series K716, Class A2, Multi Family, 3.13% 2021⁵		6,104		6,143
Freddie Mac, Series K020, Class A2, Multi Family, 2.373% 2022⁵		4,300		4,402
Freddie Mac, Series K718, Class A2, Multi Family, 2.791% 2022⁵		9,240		9,432
Freddie Mac, Series 3156, Class PO, principal only, 0% 2036⁵		189		177
Freddie Mac, Series 3146, Class PO, principal only, 0% 2036⁵		190		175
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057⁵		15,166		16,431
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 2058⁵		3,146		3,429
Government National Mortgage Assn. 2.00% 2051^5,7		285,328		297,877
Government National Mortgage Assn. 2.00% 2051^5,7		144,122		150,225
Government National Mortgage Assn. Pool #MA5817 4.00% 2049⁵		38,672		41,466
Government National Mortgage Assn. Pool #MA5876 4.00% 2049⁵		5,631		6,024
Government National Mortgage Assn. Pool #MA6221 4.50% 2049⁵		17,517		18,955
Government National Mortgage Assn. Pool #MA5764 4.50% 2049⁵		1,913		2,071
Government National Mortgage Assn. Pool #MA5878 5.00% 2049⁵		44,710		48,986
Government National Mortgage Assn. Pool #MA6042 5.00% 2049⁵		119		131

American Funds Insurance Series

171

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Uniform Mortgage-Backed Security 1.50% 2036^5,7	$	408,695	$	419,729
Uniform Mortgage-Backed Security 1.50% 2036^5,7		343,501		352,950
Uniform Mortgage-Backed Security 2.00% 2036^5,7		197,784		206,562
Uniform Mortgage-Backed Security 2.00% 2051^5,7		330,010		341,624
Uniform Mortgage-Backed Security 2.00% 2051^5,7		170,554		176,843
Uniform Mortgage-Backed Security 2.50% 2051^5,7		134,685		141,513
Uniform Mortgage-Backed Security 2.50% 2051^5,7		86,091		90,588
Uniform Mortgage-Backed Security 3.00% 2051^5,7		166,000		174,066
Uniform Mortgage-Backed Security 3.50% 2051^5,7		31,602		33,449
Uniform Mortgage-Backed Security 4.00% 2051^5,7		52,938		56,615
Uniform Mortgage-Backed Security 4.50% 2051^5,7		68,056		73,853
				3,506,261

Collateralized mortgage-backed obligations (privately originated) 0.64%
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 2055^2,5		390		394
Bellemeade Re Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.748% 2029^2,4,5		3,175		3,181
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 2059^2,5		1,381		1,426
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 2059^2,4,5		1,127		1,167
Bunker Hill Loan Depositary Trust, Series 2019-1, Class A1, 3.613% 2048^2,4,5		1,038		1,050
Bunker Hill Loan Depositary Trust, Series 2019-1, Class A3, 3.919% 2048^2,4,5		1,546		1,572
Cascade Funding Mortgage Trust, Series 2019-HB1, Class M1, 2.572% 2029^2,4,5		1,950		1,960
Cascade Funding Mortgage Trust, Series 2019-HB1, Class M2, 2.863% 2029^2,4,5		475		478
Cascade Funding Mortgage Trust, Series 2019-HB1, Class M3, 3.257% 2029^2,4,5		243		241
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 2030^2,4,5		1,162		1,163
Citigroup Mortgage Loan Trust Inc., Series 2020-EXP1, Class A1A, 1.804% 2060^2,4,5		1,479		1,491
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 2037^2,5		1,612		1,674
Finance of America HECM Buyout, Series 2019-HB1, Class M1, 2.105% 2030^2,4,5		1,400		1,407
Finance of America HECM Buyout, Series 2020-HB1, Class M2, 2.389% 2030^2,4,5		500		490
Finance of America HECM Buyout, Series 2020-HB1, Class M3, 2.723% 2030^2,4,5		253		243
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 2069^2,5		4,485		4,866
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 2069^2,5		3,798		4,172
JPMorgan Mortgage Trust, Series 2020-INV1, Class A3, 3.50% 2050^2,4,5		4,399		4,584
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 2059^2,4,5		1,529		1,536
Mortgage Repurchase Agreement Financing Trust, Series 2020-1, Class A1, (1-month USD-LIBOR + 2.00%) 2.149% 2022^2,4,5		6,556		6,571
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, Class A1, (1-month USD-LIBOR + 1.00%) 1.149% 2023^2,4,5		11,402		11,490
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 2049^2,4,5		2,119		2,187
Starwood Mortgage Residential Trust, Series 2019-IMC1, Class A1, 3.468% 2049^2,4,5		1,684		1,697
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 2060^2,5		17,877		18,323
				73,363

Commercial mortgage-backed securities 0.34%
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 2052⁵		100		117
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2052⁵		770		915
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 2061⁵		1,018		1,156
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2061⁵		130		147
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2061⁵		205		237
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 2061^4,5		2,444		2,916
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 2063⁵		295		317
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 2052⁵		2,541		3,057
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 2053^4,5		781		955
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class AS, 3.514% 2049⁵		250		277
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2049⁵		610		687
Commercial Mortgage Trust, Series 2012-CR3, Class B, 3.922% 2045^2,5		430		425
Commercial Mortgage Trust, Series 2013-LC13, Class B, 5.009% 2046^2,4,5		312		330
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 2047⁵		350		385
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class C, 4.563% 2048^4,5		204		211
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class B, 4.044% 2050^4,5		300		318

172	American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 2049⁵	$	200	$	219
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 2040^2,5		2,601		2,759
GS Mortgage Securities Trust, Series 2011-GC5, Class B, 5.555% 2044^2,4,5		530		529
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 2050⁵		400		457
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2052⁵		100		119
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 2053⁵		1,536		1,656
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2047⁵		3,280		3,597
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 2050⁵		240		272
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 2050⁵		640		732
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON, Class A, 3.735% 2031^2,5		785		818
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 2049^4,5		2,040		2,327
L.A. Arena Funding, LLC, Series 1, Class A, 7.656% 2026^2,5		153		153
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 2047⁵		2,038		2,224
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.306% 2048⁵		410		447
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72% 2049⁵		245		281
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 2048⁵		730		814
Morgan Stanley Capital I Trust, Series 2016-UBS9, Class C, 4.608% 2049^4,5		208		204
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4, 3.789% 2048⁵		2,437		2,714
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class C, 4.094% 2048^4,5		220		225
Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class B, 2.967% 2049⁵		350		360
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class AS, 3.484% 2049⁵		130		143
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 2049⁵		2,550		2,932
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 2052⁵		1,019		1,154
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class AS, 3.988% 2059⁵		250		280
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 2060⁵		205		235
				38,101

Total mortgage-backed obligations				3,617,725

U.S. Treasury bonds & notes 24.40%
U.S. Treasury 22.29%
U.S. Treasury 0.125% 2022		63,000		63,006
U.S. Treasury 2.625% 2023		70,000		75,132
U.S. Treasury 2.75% 2023		173,600		184,108
U.S. Treasury 2.125% 2024		72,100		77,178
U.S. Treasury 2.125% 2024⁸		72,100		77,015
U.S. Treasury 0.25% 2025⁸		402,459		401,224
U.S. Treasury 0.25% 2025		11,240		11,190
U.S. Treasury 2.875% 2025⁸		96,200		107,380
U.S. Treasury 2.875% 2025		72,100		80,105
U.S. Treasury 1.375% 2026⁸		75,000		78,872
U.S. Treasury 1.625% 2026		50,000		53,288
U.S. Treasury 0.50% 2027		185,625		185,110
U.S. Treasury 0.50% 2027		160,000		158,960
U.S. Treasury 2.25% 2027⁸		120,200		133,420
U.S. Treasury 2.25% 2027⁸		72,100		79,675
U.S. Treasury 6.125% 2027		24,000		32,951
U.S. Treasury 2.875% 2028		72,100		83,726
U.S. Treasury 0.875% 2030		147,750		147,185
U.S. Treasury 1.125% 2040		88,288		83,802
U.S. Treasury 2.25% 2049		41,697		47,726

American Funds Insurance Series

173

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 3.00% 2049⁸	$	150,000	$	197,801
U.S. Treasury 1.25% 2050		44,000		39,906
U.S. Treasury 1.375% 2050		153,811		143,929
				2,542,689

U.S. Treasury inflation-protected securities 2.11%
U.S. Treasury Inflation-Protected Security 0.375% 2027^8,9		79,834		89,865
U.S. Treasury Inflation-Protected Security 0.50% 2028^8,9		79,172		89,819
U.S. Treasury Inflation-Protected Security 1.00% 2049⁹		14,978		21,124
U.S. Treasury Inflation-Protected Security 0.25% 2050⁹		33,837		40,307
				241,115

Total U.S. Treasury bonds & notes				2,783,804

Bonds & notes of governments & government agencies outside the U.S. 3.06%
Dominican Republic 5.95% 2027²		8,100		9,548
Italy (Republic of) 0.95% 2023	€	45,000		56,628
Italy (Republic of) 1.50% 2025		33,327		43,649
Japan, Series 20, 0.10% 2025⁹	¥	11,396,250		110,591
Paraguay (Republic of) 4.625% 2023	$	1,025		1,104
Paraguay (Republic of) 5.00% 2026		1,250		1,469
Paraguay (Republic of) 4.95% 2031		3,487		4,232
Portuguese Republic 5.125% 2024		24,775		28,835
Portuguese Republic 5.65% 2024	€	20,000		29,205
PT Indonesia Asahan Aluminium Tbk 5.23% 2021²	$	1,862		1,935
PT Indonesia Asahan Aluminium Tbk 5.71% 2023²		1,020		1,129
PT Indonesia Asahan Aluminium Tbk 4.75% 2025²		1,270		1,405
PT Indonesia Asahan Aluminium Tbk 5.45% 2030²		340		410
PT Indonesia Asahan Aluminium Tbk 5.80% 2050²		1,150		1,431
Qatar (State of) 4.50% 2028²		5,100		6,188
Qatar (State of) 5.103% 2048²		3,400		4,790
Saudi Arabia (Kingdom of) 3.628% 2027²		5,000		5,624
Saudi Arabia (Kingdom of) 3.625% 2028²		11,435		12,835
United Mexican States, Series M, 5.75% 2026	MXN	527,500		27,728
				348,736

Asset-backed obligations 2.19%
Aesop Funding LLC, Series 2020-1A, Class A, 2.33% 2026^2,5	$	7,689		7,958
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 2027^2,5		2,427		2,480
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 2027^2,5		623		637
Aesop Funding LLC, Series 2020-2A, Class C, 4.25% 2027^2,5		1,279		1,316
American Credit Acceptance Receivables Trust, Series 2020-3, Class B, 1.15% 2024^2,5		900		905
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 2026^2,5		2,602		2,648
American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.40% 2026^2,5		2,500		2,587
AmeriCredit Automobile Receivables Trust, Series 2017-1, Class C, 2.71% 2022⁵		3,749		3,771
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 2025⁵		400		420
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 2060^2,5		10,894		11,127
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 2060^2,5		2,086		2,121
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 2060^2,5		3,567		3,634
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 2060^2,5		387		392
CPS Auto Receivables Trust, Series 2019-B, Class C, 3.35% 2024^2,5		835		852
CPS Auto Receivables Trust, Series 2019-C, Class C, 2.84% 2025^2,5		743		759
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 2025^2,5		1,125		1,166
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 2025^2,5		3,045		3,140
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 2029^2,5		7,411		7,581
Drive Auto Receivables Trust, Series 2019-2, Class B, 3.17% 2023⁵		2,087		2,101
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 2025⁵		4,910		5,060
Drive Auto Receivables Trust, Series 2019-2, Class C, 3.42% 2025⁵		4,665		4,794
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 2026⁵		4,020		4,190

174	American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 2025^2,5	$	880	$	898
Drivetime Auto Owner Trust, Series 2019-3, Class D, 2.96% 2025^2,5		1,915		1,981
Drivetime Auto Owner Trust, Series 2019-2A, Class C, 3.18% 2025^2,5		2,565		2,619
Drivetime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 2025^2,5		4,250		4,414
Drivetime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 2026^2,5		817		825
Exeter Automobile Receivables Trust, Series 2017-3A, Class B, 2.81% 2022^2,5		572		572
Exeter Automobile Receivables Trust, Series 2019-2A, Class B, 3.06% 2023^2,5		1,791		1,800
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 2024^2,5		5,000		5,108
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30% 2024^2,5		2,500		2,553
Exeter Automobile Receivables Trust, Series 2019-1A, Class C, 3.82% 2024^2,5		4,145		4,208
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 2025⁵		780		787
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 2025^2,5		5,000		5,171
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 2025^2,5		6,000		6,271
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 2026⁵		1,012		1,027
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 2037^2,5		18,161		18,292
Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.03% 2027^2,5		26,755		26,972
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 2030^2,5		17,675		18,968
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 2030^2,5		939		1,025
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 2031^2,5		6,672		7,043
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 2031^2,5		30,740		33,823
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A1, 2.23% 2024⁵		2,625		2,709
GM Financial Automobile Leasing Trust, Series 2020-2, Class B, 1.56% 2024⁵		360		367
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 2024⁵		301		312
GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 2024⁵		425		444
GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class B, 2.57% 2023⁵		520		528
GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class C, 2.77% 2023⁵		360		366
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2016-4A, Class A, 2.65% 2022^2,5		838		840
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-3A, Class A, 2.67% 2025^2,5		1,894		1,898
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-2A, Class A, 3.42% 2025^2,5		1,027		1,031
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 2024^2,5		2,190		2,248
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 2025^2,5		1,355		1,402
Santander Drive Auto Receivables Trust, Series 2017-3, Class C, 2.76% 2022⁵		435		436
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 2025⁵		3,110		3,236
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 2026⁵		3,344		3,373
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 2026⁵		2,211		2,246
Social Professional Loan Program LLC, Series 2015-C, Class A2, 2.51% 2033^2,5		688		691
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 2031^2,5		6,000		6,414
Verizon Owner Trust, Series 2017-3A, Class B, 2.38% 2022^2,5		1,572		1,575
Voya Ltd., CLO, Series 2014-3A, Class A1R, (3-month USD-LIBOR + 0.72%) 0.935% 2026^2,4,5		928		927
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 2025^2,5		1,557		1,567
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2026^2,5		3,023		3,062
				249,668

Municipals 1.98%
California 0.06%
G.O. Bonds, Series 2009, 7.50% 2034		2,100		3,503
High-Speed Passenger Train G.O. Rev. Ref. Bonds, Series 2017-A, 2.367% 2022		3,775		3,871
				7,374

American Funds Insurance Series

175

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals (continued)
Illinois 1.88%
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 2039	$	30,835	$	32,542
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 2029		65		70
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 2040		8,945		9,285
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2011-A, 5.50% 2039		410		417
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2015-C, 5.25% 2039		1,190		1,288
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2026		1,100		1,260
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2030		2,205		2,537
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2034		490		556
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-D, 5.00% 2031		980		1,123
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-G, 5.00% 2044		1,350		1,514
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2036		980		1,107
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2046		2,770		3,090
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2026		730		836
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2028		855		1,079
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2029		430		536
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2029		245		286
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2030		245		304
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2030		245		286
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2031		490		605
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2032		490		602
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2033		245		300
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2034		280		323
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2028		1,090		1,378
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2029		730		914
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1998-B-1, National insured, 0% 2031		490		351
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2011-A, 5.00% 2041		665		674
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2012-A, 5.00% 2042		1,875		1,923
G.O. Bonds, Pension Funding Series 2003, 4.95% 2023		22,553		23,112
G.O. Bonds, Pension Funding Series 2003, 5.10% 2033		107,310		115,570
G.O. Bonds, Series 2013-B, 4.11% 2022		750		761
G.O. Bonds, Series 2013-B, 4.31% 2023		2,125		2,175

176	American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals (continued)
Illinois (continued)
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.85% 2022	$	2,370	$	2,449
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023		3,210		3,396
G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 6.20% 2021		1,946		1,979
				214,628

Texas 0.04%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052		4,075		4,265

Total municipals				226,267

Federal agency bonds & notes 0.11%
Fannie Mae 2.125% 2026		11,910		12,979

Total bonds, notes & other debt instruments (cost: $10,403,219,000)				11,032,012

Short-term securities 23.58%		Shares
Money market investments 23.58%
Capital Group Central Cash Fund 0.12%^10,11		26,897,764		2,690,045

Total short-term securities (cost: $2,690,027,000)				2,690,045
Total investment securities 120.29% (cost: $13,093,246,000)				13,722,057
Other assets less liabilities (20.29)%				(2,314,638	)

Net assets 100.00%			$	11,407,419

Futures contracts

											Unrealized
											appreciation
					Notional			Value at			(depreciation)
		Number of			amount	¹²		12/31/2020	¹³		at 12/31/2020
Contracts	Type	contracts	Expiration		(000)			(000)			(000)
2 Year U.S. Treasury Note Futures	Long	4,793	April 2021	$	958,600		$	1,059,141		$	791
5 Year Euro-Bobl Futures	Short	1,321	March 2021	€	(132,100	)		(218,153	)		(211	)
5 Year U.S. Treasury Note Futures	Long	18,935	April 2021	$	1,893,500			2,388,916			5,023
10 Year Euro-Bund Futures	Short	468	March 2021	€	(46,800	)		(101,563	)		(438	)
10 Year U.S. Treasury Note Futures	Short	953	March 2021	$	(95,300	)		(131,588	)		(140	)
10 Year Ultra U.S. Treasury Note Futures	Short	4,048	March 2021		(404,800	)		(632,943	)		809
30 Year Euro-Buxl Futures	Long	245	March 2021	€	24,500			67,415			1,008
30 Year Ultra U.S. Treasury Bond Futures	Short	84	March 2021	$	(8,400	)		(17,939	)		(35	)
										$	6,807

Forward currency contracts

Contract amount

Unrealized
(depreciation)
appreciation

Purchases
(000)

Sales
(000)

Counterparty

Settlement
date

at 12/31/2020
(000)

USD13,934

JPY1,445,000

UBS AG

1/6/2021

(62

)

USD55,331

EUR46,000

Bank of New York Mellon

1/8/2021

(877

)

USD37,932

MXN755,000

Morgan Stanley

1/12/2021

American Funds Insurance Series

177

Bond Fund (continued)

Forward currency contracts (continued)

Contract amount

Unrealized
(depreciation)
appreciation

Purchases
(000)

Sales
(000)

Counterparty

Settlement
date

at 12/31/2020
(000)

USD132,884

EUR109,250

HSBC Bank

1/12/2021

(624

)

USD102,847

JPY10,730,000

HSBC Bank

1/14/2021

(1,090

)

(2,607

)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 12/31/2020 (000		)	Upfront premium paid (000)		Unrealized (depreciation) appreciation at 12/31/2020 (000)
3-month USD-LIBOR	2.18075%	3/29/2024	$	31,600	$	(1,973	)	$	—	$	(1,973	)
3-month USD-LIBOR	2.194%	3/29/2024		31,900		(2,005	)		—		(2,005	)
3-month USD-LIBOR	2.21875%	3/29/2024		33,500		(2,133	)		—		(2,133	)
3-month USD-LIBOR	2.3105%	5/3/2024		275,590		(18,844	)		—		(18,844	)
6-month EURIBOR	0.9852%	10/17/2024	€	25,000		(1,733	)		—		(1,733	)
U.S. EFFR	0.10875%	7/6/2025	$	121,300		595			—		595
U.S. EFFR	0.0995%	7/9/2025		60,700		325			—		325
U.S. EFFR	0.105%	7/9/2025		60,600		310			—		310
U.S. EFFR	0.099%	7/10/2025		149,000		804			—		804
6-month JPY-LIBOR	0.0875%	3/10/2026	¥	11,100,000		(698	)		—		(698	)
6-month JPY-LIBOR	0.58295%	3/23/2046		2,000,000		(1,131	)		—		(1,131	)
0.64355%	6-month JPY-LIBOR	4/27/2046		2,000,000		1,422			—		1,422
								$	—	$	(25,061	)

Investments in affiliates¹¹

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 23.58%
Money market investments 23.58%
Capital Group Central Cash Fund 0.12%¹⁰	$	602,451	$	5,522,355	$	3,435,554	$	885	$	(92	)	$	2,690,045	$	5,601

¹	Step bond; coupon rate may change at a later date.
²	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,081,328,000, which represented 9.48% of the net assets of the fund.
³	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.
⁴	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁵	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁶	Amount less than one thousand.
⁷	Purchased on a TBA basis.
⁸	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $28,008,000, which represented .25% of the net assets of the fund.
⁹	Index-linked bond whose principal amount moves with a government price index.
¹⁰	Rate represents the seven-day yield at 12/31/2020.
¹¹	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
¹²	Notional amount is calculated based on the number of contracts and notional contract size.
¹³	Value is calculated based on the notional amount and current market price.

178	American Funds Insurance Series

Bond Fund (continued)

Key to abbreviations and symbols

CLO = Collateralized Loan Obligations

EFFR = Effective Federal Funds Rate

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

JPY/¥ = Japanese yen

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

179

Capital World Bond Fund (formerly Global Bond Fund)

Investment portfolio December 31, 2020

Bonds, notes & other debt instruments 93.64%	Principal amount (000)		Value (000)
Euros 17.23%
Allianz SE 4.75% 2049 (3-month EUR-EURIBOR + 3.60% on 10/24/2023)¹	€	4,200	$	5,748
Altria Group, Inc. 1.00% 2023		1,020		1,272
Altria Group, Inc. 1.70% 2025		1,600		2,071
Altria Group, Inc. 2.20% 2027		2,900		3,870
American Honda Finance Corp. 1.60% 2022		620		775
American Honda Finance Corp. 1.95% 2024		560		736
AT&T Inc. 1.60% 2028		2,350		3,136
Bank of America Corp. 3.648% 2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)^1,2		5,000		7,602
Barclays Bank PLC 6.00% 2021		1,000		1,223
Barclays Bank PLC 6.625% 2022		1,070		1,416
CaixaBank, SA 3.50% 2027 (5-year EUR Mid-Swap + 3.35% on 2/15/2022)¹		1,500		1,890
CaixaBank, SA 2.25% 2030 (EUR Annual (vs. 6-month EUR-EURIBOR) 5-year + 1.68% on 4/17/2025)¹		2,400		3,071
Comcast Corp. 0.25% 2027		1,250		1,552
Cote d’Ivoire (Republic of) 5.25% 2030		900		1,182
Cote d’Ivoire (Republic of) 5.875% 2031		840		1,137
Deutsche Telekom International Finance BV 7.50% 2033		200		446
Dow Chemical Co. 0.50% 2027		1,110		1,371
Dow Chemical Co. 1.125% 2032		1,010		1,284
Egypt (Arab Republic of) 5.625% 2030		745		954
European Financial Stability Facility 0.40% 2025		6,000		7,637
European Union 0% 2035		220		276
French Republic O.A.T. 0% 2030		17,930		22,663
Germany (Federal Republic of) 0.50% 2027		2,510		3,319
Germany (Federal Republic of) 0% 2030		21,090		27,221
Germany (Federal Republic of) 0% 2050		3,540		4,540
Goldman Sachs Group, Inc. 3.375% 2025²		5,000		6,961
Greece (Hellenic Republic of) 3.375% 2025		21,435		29,726
Greece (Hellenic Republic of) 3.75% 2028		4,964		7,468
Greece (Hellenic Republic of) 3.875% 2029		6,884		10,666
Greece (Hellenic Republic of) 1.50% 2030		5,160		6,812
Groupe BPCE SA 4.625% 2023		1,200		1,637
Groupe BPCE SA 1.00% 2025		2,900		3,687
Honeywell International Inc. 0.75% 2032		370		471
Intesa Sanpaolo SpA 6.625% 2023		510		712
Ireland (Republic of) 0.20% 2030		900		1,155
Israel (State of) 2.875% 2024		1,180		1,577
Israel (State of) 1.50% 2027		775		1,031
Israel (State of) 1.50% 2029		725		982
Italy (Republic of) 0.10% 2023³		8,578		10,711
Italy (Republic of) 1.85% 2025		21,390		28,444
Italy (Republic of) 0.95% 2027		7,270		9,326
Italy (Republic of) 2.80% 2028		5,828		8,505
Italy (Republic of) 1.35% 2030		1,657		2,192
Italy (Republic of) 1.65% 2030		7,400		10,033
JPMorgan Chase & Co. 0.389% 2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)^1,2		3,208		3,988
Lloyds Banking Group PLC 1.75% 2028 (5-year EUR-EURIBOR + 1.30% on 9/7/2023)¹		2,400		3,020
Morocco (Kingdom of) 3.50% 2024		1,400		1,867
Morocco (Kingdom of) 1.375% 2026		1,130		1,394
Morocco (Kingdom of) 2.00% 2030		1,285		1,595
Morocco (Kingdom of) 1.50% 2031		4,100		4,895
Morocco (Kingdom of) 1.50% 2031		1,700		2,030
Netherlands (Kingdom of the) 0% 2027		10,320		13,104
Philippines (Republic of) 0.70% 2029		940		1,156
Portuguese Republic 0.475% 2030		1,610		2,053
Rabobank Nederland 2.50% 2026 (5-year EUR Mid-Swap + 1.40% on 5/26/2021)¹		2,400		2,962
Rolls-Royce PLC 4.625% 2026		100		133
Romania 3.624% 2030		6,530		9,538
Romania 2.00% 2032		2,665		3,424
Romania 3.50% 2034		835		1,217
Romania 3.875% 2035		2,810		4,213
Romania 3.375% 2038		4,170		5,877

180	American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Euros (continued)
Romania 4.625% 2049	€	5,795	$	9,586
Russian Federation 2.875% 2025		4,500		6,082
Serbia (Republic of) 3.125% 2027		15,747		21,665
Serbia (Republic of) 1.50% 2029		4,943		6,260
Spain (Kingdom of) 0.80% 2027		2,280		2,983
Spain (Kingdom of) 1.45% 2029		1,890		2,610
Spain (Kingdom of) 1.25% 2030		13,840		18,906
Spain (Kingdom of) 2.70% 2048		850		1,528
State Grid Europe Development (2014) PLC 1.50% 2022		194		241
State Grid Overseas Investment Ltd. 1.25% 2022		765		948
State Grid Overseas Investment Ltd. 1.375% 2025		441		562
State Grid Overseas Investment Ltd. 2.125% 2030		200		273
Stryker Corp. 0.25% 2024		480		594
Stryker Corp. 0.75% 2029		980		1,246
Stryker Corp. 1.00% 2031		450		576
Takeda Pharmaceutical Company, Ltd. 2.25% 2026		2,275		3,128
Tunisia (Republic of) 6.75% 2023		1,250		1,460
Tunisia (Republic of) 6.375% 2026		3,800		4,273
Ukraine 6.75% 2026		4,344		5,862
Ukraine 4.375% 2030		2,705		3,169
				402,906

Japanese yen 9.28%
Export-Import Bank of India 0.59% 2022	¥	400,000		3,860
Goldman Sachs Group, Inc. 1.00% 2021²		28,000		272
Goldman Sachs Group, Inc. 2.80% 2022²		100,000		996
Groupe BPCE SA 0.64% 2022		400,000		3,886
Indonesia (Republic of) 0.67% 2021		200,000		1,937
Indonesia (Republic of) 0.54% 2022		100,000		967
Intesa Sanpaolo SpA 1.36% 2022		600,000		5,851
Japan, Series 19, 0.10% 2024³		1,839,110		17,847
Japan, Series 18, 0.10% 2024³		1,021,233		9,910
Japan, Series 20, 0.10% 2025³		678,710		6,586
Japan, Series 21, 0.10% 2026³		986,778		9,595
Japan, Series 346, 0.10% 2027		875,700		8,587
Japan, Series 23, 0.10% 2028³		1,988,280		19,316
Japan, Series 356, 0.10% 2029		3,529,000		34,576
Japan, Series 24, 0.10% 2029³		1,604,510		15,619
Japan, Series 116, 2.20% 2030		576,100		6,715
Japan, Series 145, 1.70% 2033		2,210,000		25,534
Japan, Series 152, 1.20% 2035		966,000		10,656
Japan, Series 21, 2.30% 2035		720,000		9,085
Japan, Series 173, 0.40% 2040		492,000		4,773
Japan, Series 42, 1.70% 2044		641,900		7,888
Japan, Series 59, 0.70% 2048		260,500		2,597
Japan, Series 12, 0.50% 2059		138,850		1,266
KT Corp. 0.38% 2021		200,000		1,938
United Mexican States 0.70% 2021		600,000		5,810
United Mexican States 0.62% 2022		100,000		965
				217,032

Chinese yuan renminbi 6.03%
Agricultural Development Bank of China 3.75% 2029	CNY	9,850		1,518
Agricultural Development Bank of China 2.96% 2030		90,980		13,176
China (People’s Republic of), Series 1916, 3.12% 2026		50,200		7,677
China (People’s Republic of), Series 1906, 3.29% 2029		73,800		11,343
China (People’s Republic of), Series 1910, 3.86% 2049		259,860		40,357
China Development Bank Corp., Series 1814, 4.15% 2025		20,900		3,325
China Development Bank Corp., Series 1909, 3.50% 2026		10,400		1,599
China Development Bank Corp., Series 2004, 3.43% 2027		150,100		22,961

American Funds Insurance Series

181

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Chinese yuan renminbi (continued)
China Development Bank Corp., Series 1805, 4.04% 2028	CNY	51,800	$	8,174
China Development Bank Corp., Series 1905, 3.48% 2029		128,200		19,425
China Development Bank Corp., Series 2005, 3.07% 2030		78,250		11,451
				141,006

British pounds 3.90%
American Honda Finance Corp. 0.75% 2026	£	1,420		1,952
France Télécom 5.375% 2050		300		741
Lloyds Banking Group PLC 7.625% 2025		655		1,138
Rolls-Royce PLC 5.75% 2027		200		304
United Kingdom 2.75% 2024		1,210		1,828
United Kingdom 1.25% 2027		570		842
United Kingdom 4.25% 2027		2,800		4,954
United Kingdom 1.625% 2028		2,215		3,400
United Kingdom 0.375% 2030		4,970		6,905
United Kingdom 4.75% 2030		14,360		28,430
United Kingdom 4.25% 2032		3,414		6,742
United Kingdom 4.50% 2034		2,210		4,672
United Kingdom 0.625% 2035		8,262		11,473
United Kingdom 3.25% 2044		4,440		9,347
United Kingdom 0.625% 2050		6,330		8,387
				91,115

Danish kroner 2.55%
Nordea Kredit 0.50% 2040⁴	DKr	19,969		3,295
Nykredit Realkredit AS, Series 01E, 1.50% 2037⁴		27,851		4,768
Nykredit Realkredit AS, Series 01E, 2.00% 2037⁴		8,278		1,423
Nykredit Realkredit AS, Series 01E, 0.50% 2040⁴		210,985		34,839
Nykredit Realkredit AS, Series 01E, 1.50% 2040⁴		87,271		14,876
Nykredit Realkredit AS, Series 01E, 2.50% 2047⁴		2,934		509
				59,710

Canadian dollars 2.06%
Canada 1.00% 2022	C$	1,050		837
Canada 2.25% 2025		15,900		13,528
Canada 2.25% 2029		26,105		23,312
Canada 2.75% 2048		3,500		3,774
Quebec (Province of) 1.90% 2030		8,200		6,807
				48,258

Mexican pesos 2.00%
Petróleos Mexicanos 7.19% 2024	MXN	27,473		1,252
Petróleos Mexicanos 7.47% 2026		95,267		3,999
United Mexican States, Series M20, 10.00% 2024		54,000		3,248
United Mexican States, Series M, 7.50% 2027		341,420		19,539
United Mexican States, Series M20, 8.50% 2029		140,400		8,607
United Mexican States, Series M30, 8.50% 2038		21,100		1,316
United Mexican States, Series M, 8.00% 2047		147,500		8,755
				46,716

Malaysian ringgits 1.79%
Malaysia (Federation of), Series 0417, 3.899% 2027	MYR	19,152		5,226
Malaysia (Federation of), Series 0310, 4.498% 2030		8,420		2,406
Malaysia (Federation of), Series 0418, 4.893% 2038		60,780		17,838
Malaysia (Federation of), Series 0219, 4.467% 2039		9,167		2,569
Malaysia (Federation of), Series 0519, 3.757% 2040		40,283		10,526
Malaysia (Federation of), Series 0216, 4.736% 2046		7,559		2,149
Malaysia (Federation of), Series 0518, 4.921% 2048		2,773		815
Malaysia (Federation of), Series 0519, 4.638% 2049		560		157
Malaysia (Federation of), Series 0120, 4.065% 2050		1,110		287
				41,973

182	American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Australian dollars 1.34%
Australia (Commonwealth of), Series 152, 2.75% 2028	A$	3,690	$	3,284
Australia (Commonwealth of), Series 163, 1.00% 2031		32,100		24,628
Australia (Commonwealth of), Series 162, 1.75% 2051		4,620		3,393
				31,305

Russian rubles 1.16%
Russian Federation 7.00% 2023	RUB	430,300		6,137
Russian Federation 6.90% 2029		403,750		5,871
Russian Federation 7.65% 2030		485,000		7,408
Russian Federation 8.50% 2031		82,440		1,339
Russian Federation 7.70% 2033		295,840		4,509
Russian Federation 7.25% 2034		121,920		1,795
				27,059

Israeli shekels 1.09%
Israel (State of) 2.00% 2027	ILS	42,900		14,658
Israel (State of) 5.50% 2042		20,200		10,768
				25,426

South Korean won 0.89%
South Korea (Republic of), Series 2503, 1.50% 2025	KRW	13,411,000		12,465
South Korea (Republic of), Series 2712, 2.375% 2027		8,658,930		8,427
				20,892

Indonesian rupiah 0.67%
Indonesia (Republic of), Series 84, 7.25% 2026	IDR	22,733,000		1,751
Indonesia (Republic of), Series 56, 8.375% 2026		6,725,000		549
Indonesia (Republic of), Series 59, 7.00% 2027		11,000,000		845
Indonesia (Republic of), Series 78, 8.25% 2029		30,605,000		2,514
Indonesia (Republic of), Series 82, 7.00% 2030		59,605,000		4,601
Indonesia (Republic of), Series 87, 6.50% 2031		17,649,000		1,316
Indonesia (Republic of), Series 74, 7.50% 2032		7,073,000		549
Indonesia (Republic of), Series 65, 6.625% 2033		17,683,000		1,295
Indonesia (Republic of), Series 68, 8.375% 2034		27,353,000		2,274
				15,694

Colombian pesos 0.64%
Colombia (Republic of) 5.75% 2027	COP	16,661,900		5,171
Colombia (Republic of) 7.25% 2050		31,167,000		9,836
				15,007

Brazilian reais 0.47%
Brazil (Federative Republic of) 6.00% 2024³	BRL	34,215		7,606
Brazil (Federative Republic of) 10.00% 2027		15,000		3,417
				11,023

New Zealand dollars 0.41%
New Zealand 1.75% 2041	NZ$	13,580		9,638

Thai baht 0.40%
Thailand (Kingdom of) 2.125% 2026	THB	257,750		9,308

Chilean pesos 0.36%
Chile (Republic of) 4.50% 2026	CLP	5,205,000		8,404

South African rand 0.34%
South Africa (Republic of), Series R-2048, 8.75% 2048	ZAR	140,650		7,886

American Funds Insurance Series

183

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Ukrainian hryvnia 0.31%
Ukraine 16.06% 2022	UAH	86,536	$	3,268
Ukraine 17.00% 2022		60,180		2,279
Ukraine 17.25% 2022		47,384		1,775
				7,322

Singapore dollars 0.27%
Singapore (Republic of) 2.625% 2028	S$	3,307		2,834
Singapore (Republic of) 2.875% 2029		1,906		1,688
Singapore (Republic of) 2.875% 2030		2,037		1,832
				6,354

Norwegian kroner 0.26%
Norway (Kingdom of) 1.75% 2025	NKr	48,880		5,980

Peruvian nuevos soles 0.24%
Peru (Republic of) 6.15% 2032	PEN	16,770		5,639

Indian rupees 0.16%
National Highways Authority of India 7.17% 2021	INR	220,000		3,112
National Highways Authority of India 7.27% 2022		50,000		717
				3,829

Dominican pesos 0.13%
Dominican Republic 9.75% 2026	DOP	158,600		2,938

Polish zloty 0.06%
Poland (Republic of), Series 1029, 2.75% 2029	PLN	4,900		1,500

Romanian leu 0.06%
Romania 4.75% 2025	RON	5,000		1,361

U.S. dollars 39.54%
99 Escrow Issuer, Inc. 7.50% 2026²	$	70		70
Abbott Laboratories 3.40% 2023		137		149
Abbott Laboratories 3.75% 2026		793		929
AbbVie Inc. 2.90% 2022		1,170		1,224
AbbVie Inc. 3.20% 2022		200		209
Abu Dhabi (Emirate of) 0.75% 2023²		5,460		5,477
Abu Dhabi (Emirate of) 2.50% 2025²		2,195		2,349
ACE INA Holdings Inc. 2.875% 2022		195		203
ACE INA Holdings Inc. 3.35% 2026		195		220
ACE INA Holdings Inc. 4.35% 2045		425		576
Adobe Inc. 2.15% 2027		1,062		1,140
Advisor Group Holdings, LLC 6.25% 2028²		425		431
Aetna Inc. 2.80% 2023		340		358
Affinity Gaming 6.875% 2027²		205		215
AG Merger Sub II, Inc. 10.75% 2027²		311		345
Albertsons Companies, Inc. 3.50% 2029²		65		66
Alexandria Real Estate Equities, Inc. 1.875% 2033		2,047		2,048
Alliant Holdings Intermediate, LLC 6.75% 2027²		410		439
Allied Universal Holdco LLC 9.75% 2027²		200		218
Allison Transmission Holdings, Inc. 3.75% 2031²		100		102
Allstate Corp. 0.75% 2025		1,563		1,572
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 2025^5,6		650		654
Altice NV 7.50% 2026²		50		53
Altria Group, Inc. 5.95% 2049		131		184

184	American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Amazon.com, Inc. 1.50% 2030	$	2,040	$	2,073
Amazon.com, Inc. 2.50% 2050		2,500		2,594
American Campus Communities, Inc. 3.75% 2023		1,810		1,914
American Campus Communities, Inc. 4.125% 2024		1,195		1,305
American Campus Communities, Inc. 3.875% 2031		514		583
American Electric Power Company, Inc. 1.00% 2025		250		253
American Energy-Permian Basin, LLC / AEPB Finance Corp. 12.00% 2024^2,7		355		3
American Honda Finance Corp. 1.20% 2025		3,202		3,278
Amgen Inc. 1.90% 2025		580		611
Amgen Inc. 2.20% 2027		445		477
Amipeace Ltd. 2.50% 2024		4,100		4,275
Anglo American Capital PLC 3.95% 2050²		521		586
Angola (Republic of) 9.50% 2025		2,400		2,500
Angola (Republic of) 8.25% 2028		2,200		2,116
Anheuser-Busch Co. / InBev Worldwide 4.70% 2036		1,780		2,260
Anheuser-Busch InBev NV 4.15% 2025		2,230		2,540
Anheuser-Busch InBev NV 4.00% 2028		1,050		1,238
Anheuser-Busch InBev NV 4.75% 2029		2,535		3,128
Anheuser-Busch InBev NV 4.50% 2050		2,250		2,836
Apache Corp. 4.625% 2025		100		105
Apache Corp. 4.875% 2027		305		324
Apache Corp. 4.375% 2028		171		178
Apache Corp. 5.10% 2040		100		107
Apple Inc. 3.35% 2027		1,075		1,227
Apple Inc. 2.40% 2050		1,100		1,128
Ardagh Group SA 6.50% 2027^2,8		210		224
Argentine Republic 1.00% 2029		427		185
Argentine Republic 0.125% 2030 (0.50% on 7/9/2021)¹		4,221		1,718
Argentine Republic 0.125% 2035 (1.125% on 7/9/2021)¹		3,025		1,110
Ascent Resources - Utica LLC 8.25% 2028²		230		230
Associated Materials, LLC 9.00% 2025²		400		425
AssuredPartners, Inc. 7.00% 2025²		200		208
AssuredPartners, Inc. 5.625% 2029²		230		240
AstraZeneca PLC 3.50% 2023		2,700		2,911
AT&T Inc. 1.65% 2028		1,575		1,608
AT&T Inc. 2.55% 2033²		4,414		4,549
AT&T Inc. 3.30% 2052		2,080		2,062
ATS Automation Tooling Systems Inc. 4.125% 2028²		230		235
Austin BidCo Inc. 7.125% 2028²		120		125
Austin BidCo Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.732% 2027^5,6		25		25
Autoridad del Canal de Panama 4.95% 2035²		1,000		1,267
Avis Budget Car Rental, LLC 5.75% 2027²		220		225
Avis Budget Group, Inc. 5.25% 2025²		350		352
Avis Budget Group, Inc. 10.50% 2025²		202		239
Axiata SPV2 Bhd. 2.163% 2030		651		659
B&G Foods, Inc. 5.25% 2025		100		103
B&G Foods, Inc. 5.25% 2027		210		223
Baidu Inc. 3.425% 2030		675		748
Baker Hughes, a GE Co. 4.486% 2030		68		82
Banff Merger Sub Inc. 9.75% 2026²		210		227
Bank of America Corp. 2.456% 2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)¹		847		903
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)¹		7,710		7,815
Bausch Health Companies Inc. 9.25% 2026²		795		887
Bausch Health Companies Inc. 5.00% 2028²		315		325
Bausch Health Companies Inc. 5.00% 2029²		225		232
Bausch Health Companies Inc. 5.25% 2031²		85		89
Bayer AG 3.375% 2024²		840		918
Bayer US Finance II LLC 3.875% 2023²		900		981
Bayer US Finance II LLC 4.25% 2025²		203		232
Bayerische Motoren Werke AG 2.95% 2022²		3,675		3,801
Bayerische Motoren Werke AG 3.15% 2024²		5,000		5,393
Bayerische Motoren Werke AG 3.90% 2025²		900		1,014

American Funds Insurance Series

185

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Bayerische Motoren Werke AG 4.15% 2030²	$	900	$	1,089
Becton, Dickinson and Company 3.70% 2027		933		1,071
Becton, Dickinson and Company 2.823% 2030		3,312		3,643
Berkshire Hathaway Energy Company 2.85% 2051²		300		309
Bermuda 2.375% 2030²		760		799
Black Knight Inc. 3.625% 2028²		335		343
Blue Racer Midstream LLC and Blue Racer Finance Corp. 7.625% 2025²		225		240
BMC Software, Inc. 7.125% 2025²		70		76
BMC Software, Inc. 9.125% 2026²		150		162
Boeing Company 5.15% 2030		4,000		4,848
Bombardier Inc. 8.75% 2021²		50		52
Bombardier Inc. 5.75% 2022²		100		102
Bombardier Inc. 6.125% 2023²		245		240
Bombardier Inc. 7.50% 2024²		10		10
Bombardier Inc. 7.875% 2027²		125		115
Boyd Gaming Corp. 4.75% 2027		220		229
BP Capital Markets America Inc. 2.939% 2051		2,280		2,328
Brandywine Operating Partnership, LP 3.95% 2023		190		198
Brasil Foods SA 5.75% 2050²		220		245
Braskem SA 4.50% 2030²		745		766
Brightstar Escrow Corp. 9.75% 2025²		180		193
British Airways, Series 2020-1, Class B, 8.375% 2028²		100		111
British Airways, Series 2020-1, Class A, 4.25% 2032²		100		107
British American Tobacco PLC 2.789% 2024		1,150		1,230
British American Tobacco PLC 3.215% 2026		955		1,053
British American Tobacco PLC 3.557% 2027		1,545		1,721
British American Tobacco PLC 3.462% 2029		1,150		1,256
British American Tobacco PLC 4.758% 2049		894		1,038
Broadcom Inc. 3.15% 2025		910		994
Broadcom Inc. 4.15% 2030		1,450		1,680
Brookfield Property REIT Inc. 5.75% 2026²		760		751
Brookfield Residential Properties Inc. 4.875% 2030²		85		88
Cablevision Systems Corp. 6.75% 2021		950		995
Caesars Entertainment, Inc. 6.25% 2025²		445		474
Canadian Natural Resources Ltd. 2.95% 2030		2,343		2,509
Carnival Corp. 11.50% 2023²		2,630		3,045
Carrier Global Corp. 2.242% 2025		530		562
Carrier Global Corp. 2.493% 2027		438		473
Cars.com Inc. 6.375% 2028²		220		234
CCCI Treasure Ltd. 3.425% (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.998% on 2/21/2025)¹		2,680		2,648
CCCI Treasure Ltd. 3.65% (UST Yield Curve Rate T Note Constant Maturity 5-year + 3.00% on 2/21/2027)¹		510		502
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2026²		475		491
CCO Holdings LLC and CCO Holdings Capital Corp. 3.75% 2028		2,650		2,975
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2030²		1,045		1,110
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 2030²		275		297
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 2031²		375		396
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2032²		210		224
Cenovus Energy Inc. 5.375% 2025		175		197
Cenovus Energy Inc. 6.75% 2039		50		66
Centene Corp. 4.75% 2025		350		360
Centene Corp. 4.625% 2029		405		450
Central Garden & Pet Co. 4.125% 2030		99		103
Cheniere Energy Partners, LP 5.625% 2026		210		219
Cheniere Energy Partners, LP 4.50% 2029		210		222
Cheniere Energy, Inc. 4.625% 2028²		405		426
Chesapeake Energy Corp. 4.875% 2022⁷		915		46
Chesapeake Energy Corp. 11.50% 2025^2,7		636		112
Chesapeake Energy Corp., Term Loan, (3-month USD-LIBOR + 8.00%) 8.223% 2024^5,6,7		756		620
China Construction Bank Corp. (Hong Kong Branch) 1.00% 2023		6,000		6,016

186	American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Cigna Corp. 3.40% 2021	$	750	$	766
Cigna Corp. 4.125% 2025		830		956
Cirsa Gaming Corp. SA 7.875% 2023²		200		202
Citigroup Inc. 2.35% 2021		1,500		1,518
Citigroup Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)¹		4,500		4,922
Citigroup Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)¹		425		468
Cleveland-Cliffs Inc. 9.875% 2025²		425		500
Cleveland-Cliffs Inc. 6.75% 2026²		315		341
Cleveland-Cliffs Inc. 5.875% 2027		100		102
CMS Energy Corp. 3.875% 2024		100		109
CMS Energy Corp. 3.00% 2026		1,200		1,324
CNX Resources Corp. 7.25% 2027²		210		225
CNX Resources Corp. 6.00% 2029²		225		231
Colombia (Republic of) 3.875% 2027		350		391
Colombia (Republic of) 4.50% 2029		1,165		1,351
Comcast Corp. 3.95% 2025		2,610		3,000
Community Health Systems Inc. 5.625% 2027²		90		97
Community Health Systems Inc. 6.00% 2029²		230		249
Compass Diversified Holdings 8.00% 2026²		475		500
Comstock Resources, Inc. 9.75% 2026		295		317
Conagra Brands, Inc. 4.30% 2024		2,380		2,664
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)^2,8		2,741		781
Consumers Energy Co. 3.375% 2023		345		370
Continental Airlines, Inc., Series 2000-2, Class A1, 7.707% 2022		4		4
Convey Park Energy LLC 7.50% 2025²		125		127
Costa Rica (Republic of) 6.125% 2031²		640		599
CP Atlas Buyer, Inc. 7.00% 2028²		50		52
Crédit Agricole SA 4.375% 2025²		1,100		1,236
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)^1,2		2,675		2,777
Credit Suisse AG (New York Branch) 2.95% 2025		875		960
CSX Corp. 3.80% 2050		75		93
CSX Corp. 2.50% 2051		1,075		1,068
CVR Partners, LP 9.25% 2023²		230		231
CVS Health Corp. 3.35% 2021		277		279
CVS Health Corp. 3.50% 2022		430		449
CVS Health Corp. 3.70% 2023		97		104
DaimlerChrysler North America Holding Corp. 2.00% 2021²		2,100		2,117
DaimlerChrysler North America Holding Corp. 2.875% 2021²		2,275		2,285
DaimlerChrysler North America Holding Corp. 3.00% 2021²		6,425		6,446
Dana Inc. 5.625% 2028		410		442
Danske Bank AS 2.70% 2022²		1,400		1,436
Danske Bank AS 3.875% 2023²		1,675		1,806
Darling Ingredients Inc. 5.25% 2027²		210		224
Dave & Buster’s, Inc. 7.625% 2025²		220		232
DCP Midstream LP 7.375% 2049 (3-month USD-LIBOR + 5.148% on 12/15/2022)¹		50		42
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)¹		850		870
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)¹		1,500		1,630
Deutsche Telekom International Finance BV 1.95% 2021²		575		580
Deutsche Telekom International Finance BV 2.82% 2022²		1,675		1,712
Deutsche Telekom International Finance BV 4.375% 2028²		890		1,052
Deutsche Telekom International Finance BV 9.25% 2032		930		1,567
Diamond Offshore Drilling, Inc. 4.875% 2043⁷		825		105
Diamond Sports Group LLC 6.625% 2027²		385		233
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 3.004% 2023^5,6		108		106
Diebold Nixdorf, Inc. 9.375% 2025²		630		707
Diebold, Inc. 8.50% 2024		150		152
Discovery Communications, Inc. 3.625% 2030		468		536
Dominican Republic 5.50% 2025²		1,375		1,552
Dominican Republic 5.95% 2027		624		736
Dominican Republic 8.625% 2027²		225		287
Dominican Republic 4.50% 2030²		1,400		1,524
Dominican Republic 6.40% 2049²		1,613		1,899


American Funds Insurance Series	187

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Dominican Republic 5.875% 2060²	$	1,075	$	1,188
DP World Crescent 4.848% 2028²		550		641
DPL Inc. 4.125% 2025²		95		103
Duke Energy Corp. 3.75% 2024		550		606
Duke Energy Progress, LLC 3.70% 2028		1,225		1,435
Dun & Bradstreet Corp. 6.875% 2026²		123		132
Edison International 5.75% 2027		370		443
Edison International 4.125% 2028		2,390		2,665
Egypt (Arab Republic of) 7.50% 2027²		2,200		2,550
Electricité de France SA 4.875% 2038²		795		993
Embarq Corp. 7.995% 2036		530		655
EMD Finance LLC 2.95% 2022²		225		231
EMD Finance LLC 3.25% 2025²		2,924		3,206
Empire Communities Corp. 7.00% 2025²		100		106
Empresas Publicas de Medellin ESP 4.25% 2029²		1,030		1,109
Enbridge Inc. 4.00% 2023		600		653
Enbridge Inc. 2.50% 2025		900		965
Enbridge Inc. 4.25% 2026		655		767
Enbridge Inc. 3.70% 2027		754		860
Encompass Health Corp. 4.50% 2028		100		105
Encompass Health Corp. 4.75% 2030		200		215
Endo Dac / Endo Finance LLC / Endo Finco 9.50% 2027²		551		616
Endo Dac / Endo Finance LLC / Endo Finco 6.00% 2028²		292		248
Enel Finance International SA 2.75% 2023²		5,000		5,235
Enel Finance International SA 3.625% 2027²		2,375		2,698
Enel Finance International SA 3.50% 2028²		1,800		2,052
Energizer Holdings, Inc. 4.375% 2029²		210		218
Energy Transfer Operating, LP 5.00% 2050		3,337		3,617
Energy Transfer Partners, LP 4.20% 2027		110		121
Energy Transfer Partners, LP 6.00% 2048		70		83
Energy Transfer Partners, LP 6.25% 2049		910		1,101
Engie Energia Chile SA 3.40% 2030²		547		593
EnLink Midstream Partners, LLC 5.625% 2028²		135		138
ENN Energy Holdings Ltd. 2.625% 2030²		2,982		3,001
Entergy Corp. 0.90% 2025		750		750
Entergy Texas, Inc. 1.75% 2031		525		527
Enterprise Products Operating LLC 2.80% 2030		377		409
EQM Midstream Partners, LP 6.50% 2027²		340		383
EQT Corp. 8.75% 2030		105		128
Equinix, Inc. 1.80% 2027		1,145		1,180
Equinix, Inc. 2.15% 2030		9,390		9,566
Equinor ASA 1.75% 2026		462		485
Equinor ASA 2.375% 2030		928		994
Equinor ASA 3.70% 2050		1,441		1,740
Essex Portfolio LP 3.50% 2025		2,835		3,143
Essex Portfolio LP 3.375% 2026		885		994
European Investment Bank 2.25% 2022		700		717
Exelon Corp. 3.40% 2026		1,465		1,651
Exelon Corp., junior subordinated, 3.497% 2022¹		525		546
Export-Import Bank of India 3.25% 2030		3,489		3,741
Extraction Oil & Gas, Inc. 5.625% 2026^2,7		425		78
Exxon Mobil Corp. 3.482% 2030		4,170		4,860
Fannie Mae, Series 2012-M17, Class A2, Multi Family, 2.184% 2022⁴		1,159		1,188
Fannie Mae Pool #MA2754 3.00% 2026⁴		155		163
Fannie Mae Pool #AB4281 3.00% 2027⁴		23		24
Fannie Mae Pool #MA4228 1.50% 2036⁴		6,429		6,618
Fannie Mae Pool #AP7888 3.50% 2042⁴		527		576
Fannie Mae Pool #AO4151 3.50% 2042⁴		205		222
Fannie Mae Pool #AQ0770 3.50% 2042⁴		177		195
FEL Energy VI SARL 5.75% 2040²		200		213
First Quantum Minerals Ltd. 7.25% 2023²		665		686
First Quantum Minerals Ltd. 7.50% 2025²		895		933

188	American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
First Quantum Minerals Ltd. 6.875% 2026²	$	325	$	339
First Quantum Minerals Ltd. 6.875% 2027²		440		478
FirstEnergy Corp. 3.90% 2027 (4.40% on 1/16/2021)¹		1,800		1,986
FirstEnergy Corp. 3.40% 2050		240		231
Ford Motor Credit Co. 3.81% 2024		800		821
Ford Motor Credit Co. 5.125% 2025		1,035		1,127
Ford Motor Credit Co. 4.00% 2030		125		132
France Télécom 9.00% 2031¹		2,434		4,005
Freddie Mac Pool #ZS8588 3.00% 2030⁴		93		97
Freddie Mac, Series 3213, Class OG, principal only, 0% 2036⁴		8		7
Freddie Mac Pool #SB8083 1.50% 2036⁴		252		260
Freddie Mac, Series 3292, Class BO, principal only, 0% 2037⁴		33		31
Freddie Mac Pool #SI2002 4.00% 2048⁴		3,151		3,373
Freddie Mac Pool #2B7343 3.711% 2049^4,6		2,053		2,146
Freedom Mortgage Corp. 7.625% 2026²		225		238
Freeport-McMoRan Inc. 3.875% 2023		75		78
Freeport-McMoRan Inc. 4.25% 2030		275		297
Fresnillo PLC 4.25% 2050²		973		1,070
Frontier Communications Corp. 11.00% 2025⁷		1,515		798
Frontier Communications Corp. 5.875% 2027²		125		135
Frontier Communications Corp. 5.00% 2028²		125		131
Frontier Communications Corp. 6.75% 2029²		125		134
FS Energy and Power Fund 7.50% 2023²		525		505
FXI Holdings, Inc. 7.875% 2024²		246		248
FXI Holdings, Inc. 12.25% 2026²		652		744
General Mills, Inc. 3.20% 2021		455		459
General Motors Company 6.125% 2025		117		142
General Motors Financial Co. 5.20% 2023		1,190		1,305
Genesis Energy, LP 8.00% 2027		205		204
Global Payments Inc. 2.90% 2030		683		743
Gogo Inc. 9.875% 2024²		985		1,057
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022)¹		1,200		1,247
Goldman Sachs Group, Inc. 3.50% 2025		5,111		5,688
GPC Merger Sub Inc. 7.125% 2028²		210		232
GrafTech Finance Inc. 4.625% 2028²		25		25
Groupe BPCE SA 5.70% 2023²		1,800		2,038
Grupo Energia Bogota SA ESP 4.875% 2030²		660		778
H.J. Heinz Co. 3.875% 2027²		300		324
Halliburton Company 3.80% 2025		54		61
Hanesbrands Inc. 4.625% 2024²		85		89
Hanesbrands Inc. 5.375% 2025²		86		91
Hanesbrands Inc. 4.875% 2026²		350		381
Harsco Corp. 5.75% 2027²		210		222
Harvest Midstream I, LP 7.50% 2028²		100		107
HCA Inc. 5.875% 2023		145		160
HCA Inc. 5.375% 2025		55		62
HCA Inc. 5.625% 2028		190		225
HCA Inc. 3.50% 2030		100		106
HCA Inc. 5.25% 2049		170		225
Hess Midstream Partners LP 5.125% 2028²		140		146
Hexion Inc. 7.875% 2027²		370		397
Hilton Worldwide Holdings Inc. 4.00% 2031²		130		137
Howard Hughes Corp. 5.375% 2028²		435		469
Howmet Aerospace Inc. 6.875% 2025		190		224
HSBC Holdings PLC 3.033% 2023 (3-month USD-LIBOR + 0.923% on 11/12/2022)¹		430		452
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)¹		305		325
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)¹		4,172		4,759
HSBC Holdings PLC 2.357% 2031 (USD-SOFR + 1.947% on 8/18/2030)¹		1,032		1,068
HSBC Holdings PLC 2.848% 2031 (USD-SOFR + 2.387% on 6/4/2030)¹		6,000		6,453
Humana Inc. 3.85% 2024		1,000		1,108
Hyundai Capital America 3.25% 2022²		250		260
Hyundai Capital America 2.375% 2027²		1,284		1,348

American Funds Insurance Series

189

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Hyundai Capital Services Inc. 3.75% 2023²	$	2,450	$	2,606
Imperial Tobacco Finance PLC 3.50% 2023²		2,000		2,095
Indonesia (Republic of) 3.75% 2022		1,110		1,157
Indonesia (Republic of) 4.75% 2026		3,500		4,100
Indonesia (Republic of) 3.85% 2030		315		367
International Game Technology PLC 6.50% 2025²		500		560
International Game Technology PLC 5.25% 2029²		200		216
International Paper Co. 7.30% 2039		600		963
Interstate Power and Light Co. 2.30% 2030		1,275		1,350
Intesa Sanpaolo SpA 5.017% 2024²		3,270		3,579
Intuit Inc. 1.35% 2027		700		717
Iraq (Republic of) 6.752% 2023²		545		534
Iron Mountain Inc. 5.25% 2030²		290		314
Iron Mountain Inc. 4.50% 2031²		280		294
Israel (State of) 2.50% 2030		3,850		4,176
Israel (State of) 2.75% 2030		1,135		1,253
Israel (State of) 3.375% 2050		1,470		1,631
Israel (State of) 3.875% 2050		1,265		1,524
J2 Global, Inc. 4.625% 2030²		220		233
Jaguar Land Rover PLC 7.75% 2025²		225		243
Jaguar Land Rover PLC 5.875% 2028²		150		152
Jordan (Hashemite Kingdom of) 5.75% 2027²		1,035		1,144
Joseph T. Ryerson & Son, Inc. 8.50% 2028²		157		178
JPMorgan Chase & Co. 1.045% 2026 (USD-SOFR + 0.80% on 11/19/2025)¹		6,710		6,787
KB Home 6.875% 2027		370		435
Keurig Dr Pepper Inc. 4.597% 2028		2,740		3,339
Keurig Dr Pepper Inc. 3.20% 2030		146		165
Keurig Dr Pepper Inc. 5.085% 2048		1,075		1,521
Kimberly-Clark Corp. 1.05% 2027		770		781
Kimberly-Clark Corp. 3.10% 2030		110		127
Kraft Heinz Company 3.95% 2025		235		259
Kraft Heinz Company 4.375% 2046		825		893
Kronos Acquisition Holdings Inc. 5.00% 2026²		95		99
Kronos Acquisition Holdings Inc. 7.00% 2027²		45		47
Kuwait (State of) 2.75% 2022²		3,550		3,655
L3Harris Technologies, Inc. 1.80% 2031		950		968
Lamar Media Corp. 3.75% 2028		210		216
LBM Acquisition LLC 6.25% 2029²		50		52
LD Holdings Group LLC 6.50% 2025²		220		232
Liberty Global PLC 5.50% 2028²		250		264
Ligado Networks LLC 15.50% 2023^2,8		225		219
Lima Metro Line 2 Finance Ltd. 5.875% 2034²		1,052		1,273
Lima Metro Line 2 Finance Ltd. 5.875% 2034		721		872
Lima Metro Line 2 Finance Ltd. 4.35% 2036²		630		700
Live Nation Entertainment, Inc. 3.75% 2028²		50		51
Lloyds Banking Group PLC 1.326% 2023 (UST Yield Curve Rate T Note Constant Maturity 1-year on 6/15/2022)¹		1,825		1,846
LPL Financial Holdings Inc. 4.625% 2027²		395		410
LSB Industries, Inc. 9.625% 2023²		760		786
LYB International Finance III, LLC 1.25% 2025		1,452		1,478
Magna International Inc. 2.45% 2030		725		780
Mallinckrodt PLC 10.00% 2025²		1,190		1,294
MasTec, Inc. 4.50% 2028²		100		105
Mattel, Inc. 6.75% 2025²		210		222
MDC Partners Inc. 6.50% 2024²		470		477
Medical Properties Trust, Inc. 3.50% 2031		450		465
Medtronic, Inc. 3.50% 2025		1,091		1,225
Methanex Corp. 5.125% 2027		350		381
Methanex Corp. 5.65% 2044		240		258
Mexico City Airport Trust 5.50% 2047		432		456
MGM Growth Properties LLC 3.875% 2029²		100		102
MGM Resorts International 7.75% 2022		200		213

190	American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Microsoft Corp. 2.40% 2026	$	2,688	$	2,933
Molina Healthcare, Inc. 5.375% 2022		1,200		1,273
Molina Healthcare, Inc. 3.875% 2030²		75		81
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)¹		5,730		5,775
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)¹		1,510		1,640
Morocco (Kingdom of) 5.50% 2042		3,100		3,881
MPLX LP 2.65% 2030		837		878
MPLX LP 5.50% 2049		1,900		2,502
MSCI Inc. 3.875% 2031²		410		434
National CineMedia, LLC 5.875% 2028²		100		85
National Financial Partners Corp. 6.875% 2028²		210		224
Nationstar Mortgage Holdings Inc. 5.125% 2030²		230		241
Navient Corp. 5.50% 2023		440		461
Navient Corp. 5.875% 2024		600		639
Navient Corp. 6.125% 2024		100		107
NCL Corp. Ltd. 3.625% 2024²		345		328
NCL Corp. Ltd. 5.875% 2026²		115		121
Neon Holdings, Inc. 10.125% 2026²		200		219
Nestlé Holdings, Inc. 0.625% 2026²		5,550		5,525
Netflix, Inc. 4.875% 2030²		190		219
New Fortress Energy Inc. 6.75% 2025²		103		109
New York Life Global Funding 1.20% 2030²		2,725		2,645
New York Life Insurance Company 3.75% 2050²		413		495
Newcrest Finance Pty Ltd. 3.25% 2030²		909		1,005
Newell Rubbermaid Inc. 4.70% 2026		100		110
Newell Rubbermaid Inc. 5.875% 2036¹		100		122
Nexstar Broadcasting, Inc. 4.75% 2028²		215		225
NGL Energy Partners LP 7.50% 2023		175		124
Niagara Mohawk Power Corp. 3.508% 2024²		180		198
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 2025²		225		231
Nielsen Finance LLC and Nielsen Finance Co. 5.625% 2028²		210		229
NIKE, Inc. 3.375% 2050		602		741
Nissan Motor Co., Ltd. 3.043% 2023²		1,543		1,614
Nissan Motor Co., Ltd. 3.522% 2025²		2,260		2,425
Northriver Midstream Finance LP 5.625% 2026²		220		228
Nouryon Holding BV 8.00% 2026²		210		224
Nova Chemicals Corp. 5.25% 2027²		120		128
Novartis Capital Corp. 1.75% 2025		460		483
Novartis Capital Corp. 2.00% 2027		501		535
Novartis Capital Corp. 2.20% 2030		1,060		1,139
NRG Energy, Inc. 3.375% 2029²		225		231
NRG Energy, Inc. 3.625% 2031²		225		232
Occidental Petroleum Corp. 2.70% 2023		230		230
Occidental Petroleum Corp. 5.875% 2025		240		256
Occidental Petroleum Corp. 6.375% 2028		234		248
Occidental Petroleum Corp. 6.125% 2031		155		166
State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2048		1,410		1,438
ONEOK, Inc. 6.35% 2031		31		40
ONEOK, Inc. 4.95% 2047		111		124
ONEOK, Inc. 5.20% 2048		1,378		1,608
ONEOK, Inc. 7.15% 2051		355		492
Oracle Corp. 2.65% 2026		2,327		2,560
Oracle Corp. 3.25% 2027		1,880		2,144
Oracle Corp. 3.60% 2050		980		1,145
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 2060^2,4,6		621		636
Oversea-Chinese Banking Corp. Ltd. 1.832% 2030 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.58% on 9/10/2025)^1,2		1,416		1,440
Owens & Minor, Inc. 4.375% 2024		425		437
Owens & Minor, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.655% 2025^5,6		352		352
Pacific Gas and Electric Co. 2.95% 2026		590		624
Pacific Gas and Electric Co. 2.10% 2027		9,935		10,097

American Funds Insurance Series

191

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Pacific Gas and Electric Co. 3.30% 2027	$	659	$	706
Pacific Gas and Electric Co. 4.65% 2028		542		620
Pacific Gas and Electric Co. 4.55% 2030		783		893
Pacific Gas and Electric Co. 3.30% 2040		6,850		6,845
Pacific Gas and Electric Co. 3.50% 2050		931		927
Pakistan (Islamic Republic of) 5.50% 2021²		3,535		3,588
Panama (Republic of) 3.75% 2026²		1,440		1,579
Panama (Republic of) 3.16% 2030		3,730		4,138
Panama (Republic of) 4.50% 2050		1,230		1,587
Panama (Republic of) 4.50% 2056		1,465		1,893
Panther BF Aggregator 2, LP 6.25% 2026²		55		59
Panther BF Aggregator 2, LP 8.50% 2027²		200		218
Par Pharmaceutical Inc. 7.50% 2027²		206		224
Paraguay (Republic of) 4.625% 2023		947		1,020
Paraguay (Republic of) 5.00% 2026		235		276
Paraguay (Republic of) 4.70% 2027²		350		410
Paraguay (Republic of) 5.60% 2048²		2,340		3,019
Paraguay (Republic of) 5.40% 2050²		1,510		1,918
PayPal Holdings, Inc. 2.30% 2030		541		580
Peabody Energy Corp. 6.00% 2022²		225		165
PennyMac Financial Services, Inc. 5.375% 2025²		210		222
Peru (Republic of) 2.392% 2026		500		534
Petrobras Global Finance Co. 6.75% 2050		1,370		1,704
Petróleos Mexicanos 6.875% 2025²		1,340		1,471
Petróleos Mexicanos 6.49% 2027		100		106
Petróleos Mexicanos 6.35% 2048		723		657
Petróleos Mexicanos 7.69% 2050		250		252
Petróleos Mexicanos 6.95% 2060		201		189
PETRONAS Capital Ltd. 3.50% 2030²		605		697
PetSmart, Inc. 5.875% 2025²		790		813
PetSmart, Inc. 8.875% 2025²		1,035		1,064
PG&E Corp. 5.00% 2028		220		235
PG&E Corp. 5.25% 2030		125		138
Philip Morris International Inc. 2.10% 2030		634		662
Philippines (Republic of) 1.648% 2031		1,637		1,662
Pioneer Natural Resources Company 1.90% 2030		1,078		1,069
Plains All American Pipeline, LP 3.80% 2030		352		379
Poland (Republic of) 3.25% 2026		3,090		3,491
Post Holdings, Inc. 4.625% 2030²		579		610
PowerTeam Services, LLC 9.033% 2025²		100		111
Prime Healthcare Services, Inc. 7.25% 2025²		140		149
Prime Security Services Borrower, LLC 3.375% 2027²		160		159
Procter & Gamble Company 3.00% 2030		338		390
Progress Energy, Inc. 7.75% 2031		150		224
PT Indonesia Asahan Aluminium Tbk 5.23% 2021²		555		577
PT Indonesia Asahan Aluminium Tbk 5.45% 2030²		500		602
PTT Exploration and Production PCL 2.587% 2027²		200		209
Public Service Electric and Gas Co. 2.05% 2050		415		391
Puget Energy, Inc. 6.00% 2021		1,023		1,059
Puget Energy, Inc. 5.625% 2022		480		508
Qatar (State of) 3.875% 2023²		475		511
Qatar (State of) 3.40% 2025²		4,805		5,306
Qatar (State of) 4.50% 2028²		3,205		3,889
Qatar (State of) 5.103% 2048²		530		747
Rabobank Nederland 4.625% 2023		2,180		2,431
Radiology Partners, Inc. 9.25% 2028²		410		462
Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 4.476% 2025^5,6		325		321
Rattler Midstream Partners LP 5.625% 2025²		220		233
Rayonier A.M. Products Inc. 7.625% 2026²		40		42
Regeneron Pharmaceuticals, Inc. 1.75% 2030		1,014		1,000
Reynolds American Inc. 4.45% 2025		2,115		2,409
Rolls-Royce PLC 5.75% 2027²		220		244


192	American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Roper Technologies, Inc. 1.00% 2025	$	2,210	$	2,238
Royal Caribbean Cruises Ltd. 11.50% 2025²		95		111
RP Escrow Issuer, LLC 5.25% 2025²		75		79
Russian Federation 4.25% 2027		1,400		1,600
Sabine Pass Liquefaction, LLC 4.50% 2030²		88		104
Sabre GLBL Inc. 7.375% 2025²		210		228
Sabre Holdings Corp. 5.25% 2023²		50		51
Sabre Holdings Corp. 9.25% 2025²		125		149
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025		640		659
Sally Holdings LLC and Sally Capital Inc. 8.75% 2025²		283		315
Santander Holdings USA, Inc. 3.244% 2026		3,750		4,095
Saudi Arabia (Kingdom of) 2.894% 2022²		1,900		1,959
Saudi Arabia (Kingdom of) 2.90% 2025		2,000		2,158
Saudi Arabia (Kingdom of) 3.628% 2027²		1,900		2,137
Saudi Arabia (Kingdom of) 3.625% 2028²		3,840		4,310
Saudi Arabian Oil Co. 1.625% 2025²		430		441
Scentre Group 3.50% 2025²		210		225
Scentre Group 3.75% 2027²		110		119
Schlumberger BV 4.00% 2025²		935		1,064
Scientific Games Corp. 5.00% 2025²		539		557
Scientific Games Corp. 8.25% 2026²		615		664
Scientific Games Corp. 7.00% 2028²		100		108
Scientific Games Corp. 7.25% 2029²		160		176
Scripps Escrow II, Inc. 3.875% 2029²		50		52
Service Properties Trust 5.50% 2027		85		93
ServiceNow, Inc. 1.40% 2030		1,830		1,787
Shell International Finance BV 3.25% 2050		1,000		1,135
Shire PLC 2.40% 2021		1,072		1,086
Sinclair Television Group, Inc. 5.125% 2027²		155		158
Sinclair Television Group, Inc. 4.125% 2030²		230		236
Six Flags Entertainment Corp. 4.875% 2024²		230		231
Sizzling Platter LLC 8.50% 2025²		200		209
Skandinaviska Enskilda Banken AB 2.625% 2021		2,250		2,261
Skandinaviska Enskilda Banken AB 2.80% 2022		2,100		2,162
SkyMiles IP Ltd. 4.75% 2028²		210		229
Sotera Health Holdings LLC, Term Loan, (3-months USD-LIBOR + 4.50%) 5.50% 2026^5,6		184		185
Southern California Edison Co. 2.85% 2029		200		218
Southwestern Energy Co. 6.45% 2025¹		200		208
Southwestern Energy Co. 8.375% 2028		60		65
Springleaf Finance Corp. 6.125% 2024		650		711
Sprint Corp. 7.625% 2026		180		224
Sprint Corp. 6.875% 2028		725		957
Sri Lanka (Democratic Socialist Republic of) 6.25% 2021		7,010		6,101
Sri Lanka (Democratic Socialist Republic of) 5.75% 2022		3,700		2,902
Sri Lanka (Democratic Socialist Republic of) 5.75% 2023		2,890		1,863
State Grid Overseas Investment Ltd. 3.50% 2027²		5,600		6,232
Statoil ASA 3.70% 2024		1,950		2,145
Statoil ASA 4.25% 2041		1,000		1,257
Stericycle, Inc. 3.875% 2029²		65		67
Summit Materials, Inc. 6.50% 2027²		210		224
Sunoco Logistics Operating Partners, LP 4.00% 2027		1,490		1,631
Sunoco LP 5.50% 2026		210		216
Sunoco LP 4.50% 2029²		220		229
Surgery Center Holdings 10.00% 2027²		210		232
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (UST Yield Curve Rate T Note Constant Maturity 5-year + 3.582% on 4/2/2029)^1,2		800		935
Syneos Health, Inc. 3.625% 2029²		45		45
Talen Energy Corp. 10.50% 2026²		105		94
Talen Energy Corp. 7.25% 2027²		510		544
Talen Energy Supply, LLC 7.625% 2028²		70		76
Targa Resources Partners LP 5.875% 2026		125		133
Targa Resources Partners LP 5.50% 2030		230		250

American Funds Insurance Series

193

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Targa Resources Partners LP 4.875% 2031²	$	90	$	98
Teekay Offshore Partners LP 8.50% 2023²		550		469
TEGNA Inc. 4.75% 2026²		100		107
Tencent Holdings Ltd. 3.24% 2050²		7,950		8,245
Tencent Music Entertainment Group 2.00% 2030		610		607
Tenet Healthcare Corp. 4.875% 2026²		865		906
Teva Pharmaceutical Finance Co. BV 2.20% 2021		71		71
Teva Pharmaceutical Finance Co. BV 2.80% 2023		4,361		4,325
Teva Pharmaceutical Finance Co. BV 6.00% 2024		4,600		4,887
Teva Pharmaceutical Finance Co. BV 7.125% 2025		3,910		4,329
Teva Pharmaceutical Finance Co. BV 3.15% 2026		2,900		2,793
State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052		1,780		1,863
The Home Company Inc. 7.25% 2025²		290		299
Thermo Fisher Scientific Inc. 4.133% 2025		1,170		1,331
T-Mobile US, Inc. 3.875% 2030²		2,925		3,391
T-Mobile US, Inc. 2.55% 2031²		9,390		9,872
Toronto-Dominion Bank 1.15% 2025		7,000		7,151
Total Capital International 3.127% 2050		3,283		3,562
Total Play Telecomunicaciones, SA de CV 7.50% 2025²		230		230
Toyota Motor Credit Corp. 2.90% 2023		1,360		1,439
Toyota Motor Credit Corp. 1.80% 2025		8,000		8,392
Toyota Motor Credit Corp. 3.00% 2025		1,360		1,496
Toyota Motor Credit Corp. 3.375% 2030		453		530
TransCanada PipeLines Ltd. 4.10% 2030		1,342		1,587
TransDigm Inc. 6.50% 2024		25		25
TransDigm Inc. 6.25% 2026²		204		218
TransDigm Inc. 5.50% 2027		220		232
Transocean Guardian Ltd. 5.875% 2024²		43		36
Transocean Inc. 6.125% 2025²		94		89
Transocean Poseidon Ltd. 6.875% 2027²		130		119
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 5.00%) 5.254% 2026^5,6		73		51
TreeHouse Foods, Inc. 4.00% 2028		50		52
Trilogy International Partners, LLC 8.875% 2022²		1,585		1,533
Trivium Packaging BV 8.50% 2027²		200		219
Tronox Ltd. 6.50% 2026²		375		391
Turkey (Republic of) 6.25% 2022		1,880		1,971
Turkey (Republic of) 5.75% 2024		2,500		2,638
Turkey (Republic of) 6.35% 2024		2,220		2,388
U.S. Treasury 0.125% 2022		12,340		12,341
U.S. Treasury 2.625% 2023		6,900		7,270
U.S. Treasury 1.875% 2024		4,515		4,787
U.S. Treasury 2.75% 2025		10,140		11,245
U.S. Treasury 2.875% 2025		5,400		6,063
U.S. Treasury 0.625% 2030		11,600		11,338
U.S. Treasury 1.125% 2040		9,170		8,704
U.S. Treasury 2.75% 2047⁹		1,625		2,040
U.S. Treasury 3.00% 2048		5,045		6,637
U.S. Treasury 1.25% 2050⁹		12,900		11,700
U.S. Treasury 2.00% 2050⁹		8,100		8,796
U.S. Treasury Inflation-Protected Security 0.125% 2021³		3,340		3,352
U.S. Treasury Inflation-Protected Security 1.125% 2021³		3,321		3,322
U.S. Treasury Inflation-Protected Security 0.125% 2030^3,9		14,594		16,279
U.S. Treasury Inflation-Protected Security 0.75% 2042³		720		918
U.S. Treasury Inflation-Protected Security 0.625% 2043³		1,359		1,697
U.S. Treasury Inflation-Protected Security 1.375% 2044³		5,921		8,540
U.S. Treasury Inflation-Protected Security 1.00% 2049^3,9		5,381		7,588
U.S. Treasury Inflation-Protected Security 0.25% 2050^3,9		5,672		6,756
Uber Technologies, Inc. 8.00% 2026²		300		327
UBS Group AG 1.008% 2024 (UST Yield Curve Rate T Note Constant Maturity 5-year + 0.83% on 7/30/2023)^1,2		1,950		1,970

194	American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Ultimate Software Group Inc., Term Loan, (3-month USD-LIBOR + 4.00%) 4.75% 2026^5,6	$	319	$	321
UniCredit SpA 3.75% 2022²		1,750		1,814
UniCredit SpA 4.625% 2027²		6,805		7,749
Uniform Mortgage-Backed Security 1.50% 2036^4,10		19,656		20,196
Uniform Mortgage-Backed Security 2.00% 2051^4,10		5,652		5,851
Uniform Mortgage-Backed Security 2.00% 2051^4,10		4,350		4,510
Unisys Corp. 6.875% 2027²		50		55
United Airlines Holdings, Inc. 6.50% 2027²		290		312
United Mexican States 3.90% 2025		1,080		1,213
United Mexican States 3.25% 2030		2,685		2,906
United Mexican States 2.659% 2031		1,822		1,869
United Mexican States 4.75% 2032		950		1,146
United Mexican States 5.00% 2051		890		1,111
United Natural Foods, Inc. 6.75% 2028²		175		183
United Rentals, Inc. 3.875% 2031		50		53
United Technologies Corp. 4.125% 2028		1,900		2,266
Univision Communications Inc. 6.625% 2027²		220		237
Upjohn Inc. 2.30% 2027²		794		846
Upjohn Inc. 3.85% 2040²		970		1,095
Uruguay (Oriental Republic of) 4.375% 2031		600		737
Vale Overseas Ltd. 3.75% 2030		1,873		2,086
Valeant Pharmaceuticals International, Inc. 6.125% 2025²		800		825
Valvoline Inc. 4.375% 2025		90		93
Valvoline Inc. 3.625% 2031²		210		216
Venator Materials Corp. 5.75% 2025²		620		581
Venator Materials Corp. 9.50% 2025²		420		460
Veritas Holdings Ltd. 7.50% 2023²		440		442
Veritas Holdings Ltd. 10.50% 2024²		200		204
Veritas Holdings Ltd. 7.50% 2025²		285		293
Verizon Communications Inc. 0.85% 2025		4,480		4,516
Verizon Communications Inc. 3.15% 2030		575		645
Vertical U.S. Newco Inc. 5.25% 2027²		225		239
VICI Properties LP 4.25% 2026²		175		182
VICI Properties LP 4.625% 2029²		45		48
VICI Properties LP / VICI Note Co. Inc. 3.50% 2025²		110		113
VICI Properties LP / VICI Note Co. Inc. 4.125% 2030²		250		264
Vine Oil & Gas LP 8.75% 2023²		175		140
Virgin Media O2 4.25% 2031²		275		282
Volkswagen Group of America Finance, LLC 4.00% 2021²		1,900		1,959
Volkswagen Group of America Finance, LLC 4.625% 2025²		1,280		1,493
Walt Disney Company 2.65% 2031		5,520		6,053
Warner Music Group 3.875% 2030²		210		224
WEA Finance LLC 3.75% 2024²		535		565
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)¹		11,775		12,542
WESCO Distribution, Inc. 7.125% 2025²		195		215
WESCO Distribution, Inc. 7.25% 2028²		215		245
Western Gas Partners LP 4.50% 2028		230		239
Western Global Airlines LLC 10.375% 2025²		80		89
Western Midstream Operating, LP 4.10% 2025¹		155		160
Western Midstream Operating, LP 4.75% 2028		70		73
Westfield Corp. Ltd. 3.15% 2022²		245		249
Westpac Banking Corp. 2.894% 2030
(UST Yield Curve Rate T Note Constant Maturity 5-year + 1.35% on 2/4/2025)¹		2,900		3,041
Williams Companies, Inc. 3.50% 2030		1,024		1,161
Williams Partners LP 4.30% 2024		820		905
Wyndham Worldwide Corp. 4.375% 2028²		230		239
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 2023²		228		232
Wynn Macau, Ltd. 5.625% 2028²		200		210
Wynn Resorts Ltd. 7.75% 2025²		180		195
Xcel Energy Inc. 3.35% 2026		2,581		2,914
Xerox Corp. 5.50% 2028²		450		478
Ziggo Bond Co. BV 5.125% 2030²		200		211


American Funds Insurance Series	195

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Ziggo Bond Finance BV 5.50% 2027²	$	412	$	431
Ziggo Bond Finance BV 4.875% 2030²		100		105
Zimmer Holdings, Inc. 3.15% 2022		790		813
				924,718

Total bonds, notes & other debt instruments (cost: $2,015,926,000)				2,189,999

Common stocks 0.08%	Shares
U.S. dollars 0.08%
Associated Materials Group Inc.^11,12,13		174,911		1,098
Oasis Petroleum Inc.¹³		8,735		324
Weatherford International¹³		29,931		180
Tribune Resources, LLC^11,12,13		158,988		145
ACR III LSC Holdings LLC^11,12,13		49		74
Advanz Pharma Corp. Ltd.^13,14		9,130		40
Advanz Pharma Corp. Ltd.¹³		6,028		27
McDermott International, Inc.¹³		4,287		3
Jonah Energy Parent LLC^11,12,13		130		2
Sable Permian Resources, LLC, units^11,12,13		2,905,980		—	¹⁵

Total common stocks (cost: $4,556,000)				1,893

Rights & warrants 0.00%
U.S. dollars 0.00%
Tribune Resources, LLC, Class A, warrants, expire 2023^11,12,13		53,128		—	¹⁵
Tribune Resources, LLC, Class B, warrants, expire 2023^11,12,13		41,322		—	¹⁵
Tribune Resources, LLC, Class C, warrants, expire 2023^11,12,13		39,060		—	¹⁵

Total rights & warrants (cost: $8,000)				—	¹⁵

Short-term securities 6.44%
Money market investments 6.28%
Capital Group Central Cash Fund 0.12%^16,17		1,470,026		147,017

	Principal amount (000)
Bills & notes of governments outside the U.S. 0.16%
Greek Treasury Bill 0.13% due 1/4/2021	€	3,000		3,665

Total short-term securities (cost: $150,388,000)				150,682
Total investment securities 100.16% (cost: $2,170,878,000)				2,342,574
Other assets less liabilities (0.16)%				(3,829	)

Net assets 100.00%			$	2,338,745

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		¹⁸	Value at 12/31/2020 (000)		¹⁹	Unrealized appreciation (depreciation) at 12/31/2020 (000)
5 Year U.S. Treasury Note Futures	Long	53	April 2021	$	5,300		$	6,687			$	14
10 Year Japanese Government Bond Futures	Long	1	March 2021	¥	100,000			1,471				(1	)
10 Year Ultra U.S. Treasury Note Futures	Short	256	March 2021	$	(25,600	)		(40,028	)			88

196	American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Futures contracts (continued)

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		¹⁸	Value at 12/31/2020 (000)		¹⁹	Unrealized appreciation (depreciation) at 12/31/2020 (000)
10 Year U.S. Treasury Note Futures	Short	363	March 2021		(36,300	)	$	(50,122	)		$	(53	)
30 Year Euro-Buxl Futures	Long	50	March 2021	€	5,000			13,758				206
30 Year Ultra U.S. Treasury Bond Futures	Long	75	March 2021	$	7,500			16,017				(101	)
											$	153

Forward currency contracts

Contract amount				Unrealized appreciation (depreciation)
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 12/31/2020 (000)
AUD1,830	USD1,338	Bank of New York Mellon	1/6/2021		$	73
USD1,384	AUD1,830	HSBC Bank	1/6/2021			(27	)
USD7,916	NZD11,400	Bank of America	1/6/2021			(287	)
EUR5,320	USD6,419	Bank of America	1/7/2021			81
EUR2,080	USD2,519	HSBC Bank	1/7/2021			23
USD4,624	EUR3,790	Citibank	1/7/2021			(7	)
JPY11,212,630	USD107,405	Goldman Sachs	1/8/2021			1,198
EUR74,298	USD89,863	JPMorgan Chase	1/8/2021			924
CAD16,330	USD12,628	Standard Chartered Bank	1/8/2021			202
SEK23,400	USD2,746	Bank of America	1/8/2021			99
MXN220,660	USD10,980	HSBC Bank	1/8/2021			98
AUD1,260	USD928	HSBC Bank	1/8/2021			44
NOK10,500	USD1,188	Bank of New York Mellon	1/8/2021			36
CHF800	USD894	Bank of America	1/8/2021			10
CZK181,540	EUR6,914	HSBC Bank	1/8/2021			5
EUR10,116	DKK75,300	Bank of New York Mellon	1/8/2021			(2	)
USD2,299	EUR1,890	Citibank	1/8/2021			(11	)
PLN12,600	USD3,397	Citibank	1/8/2021			(24	)
USD2,283	MXN46,000	Goldman Sachs	1/8/2021			(26	)
USD1,861	AUD2,460	HSBC Bank	1/8/2021			(36	)
USD984	ZAR15,210	Bank of America	1/8/2021			(49	)
USD2,623	GBP1,970	Citibank	1/8/2021			(71	)
USD6,270	CZK136,930	Citibank	1/8/2021			(106	)
USD12,699	CAD16,330	Goldman Sachs	1/8/2021			(130	)
USD17,096	ILS56,300	Citibank	1/8/2021			(427	)
USD15,021	AUD20,170	UBS AG	1/8/2021			(531	)
CNH137,510	USD21,027	UBS AG	1/12/2021			102
USD2,914	THB88,000	Citibank	1/12/2021			(24	)
JPY1,485,880	USD14,244	HSBC Bank	1/14/2021			149
COP4,735,500	USD1,368	Citibank	1/14/2021			19
KRW28,454,610	USD26,193	Citibank	1/14/2021			7
USD2,244	IDR31,688,220	Standard Chartered Bank	1/14/2021			(8	)
USD3,313	INR244,900	HSBC Bank	1/14/2021			(34	)
USD1,765	CLP1,302,100	Citibank	1/14/2021			(67	)
USD6,914	KRW7,636,890	Citibank	1/14/2021			(117	)
USD5,644	DKK34,570	Goldman Sachs	1/19/2021			(34	)
USD10,438	NZD14,740	Goldman Sachs	1/21/2021			(169	)
CAD13,240	USD10,150	Citibank	1/29/2021			253
CAD13,190	USD10,114	Bank of America	1/29/2021			249
MXN76,040	USD3,645	Goldman Sachs	1/29/2021			163
USD2,093	ZAR30,700	UBS AG	1/29/2021			13
EUR5,779	DKK43,000	Citibank	1/29/2021			2
EUR722	DKK5,372	Goldman Sachs	1/29/2021			—	¹⁵

American Funds Insurance Series

197

Capital World Bond Fund (formerly Global Bond Fund) (continued)

Forward currency contracts (continued)

Contract amount				Unrealized appreciation (depreciation)
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 12/31/2020 (000)
EUR722	DKK5,372	Citibank	1/29/2021		$	—	¹⁵
EUR14,020	DKK104,345	Citibank	1/29/2021			—	¹⁵
USD1,769	ZAR29,280	Bank of America	1/29/2021			(215	)
USD7,227	MXN155,490	Morgan Stanley	1/29/2021			(560	)
USD19,929	CAD26,430	Citibank	1/29/2021			(837	)
CAD17,000	USD13,128	UBS AG	2/10/2021			230
RUB422,320	USD5,511	Goldman Sachs	2/10/2021			175
					$	356

Swap contracts

Interest rate swaps

Receive		Pay		Expiration date		Notional (000)				Value at 12/31/2020 (000)			Upfront premium paid (000)				Unrealized depreciation at 12/31/2020 (000)
0.0079%		6-month JPY-LIBOR		4/8/2030		¥	1,620,000			$	(32	)		$	32			$	(64	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive		Pay/ Payment frequency		Expiration date		Notional (000)				Value at 12/31/2020 (000)			Upfront premium paid (000)				Unrealized depreciation at 12/31/2020 (000)
CDX.EM.34		1.00%/Quarterly		12/20/2025		$	25,000			$	602			$	1,300			$	(698	)

Centrally cleared credit default swaps on credit indices — sell protection

Receive/ Payment frequency		Pay		Expiration date		Notional (000)				Value at 12/31/2020 (000)			Upfront premium paid (000)				Unrealized appreciation at 12/31/2020 (000)
1.00%/Quarterly		CDX.NA.IG.35		12/20/2025		$	13,090			$	321			$	290			$	31

Investments in affiliates¹⁷

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 6.29%
Money market investments 6.29%
Capital Group Central Cash Fund 0.12%¹⁶	$	77,745	$	900,757	$	831,352	$	35	$	(168	)	$	147,017	$	477


198	American Funds Insurance Series

Capital World Bond Fund (formerly Global Bond Fund) (continued)

¹	Step bond; coupon rate may change at a later date.
²	Acquired in a transaction exempt from registration under Rule 144A 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 $282,947,000, which represented 12.10% of the net assets of the fund.
³	Index-linked bond whose principal amount moves with a government price index.
⁴	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁵	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $2,635,000, which represented .11% of the net assets of the fund.
⁶	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁷	Scheduled interest and/or principal payment was not received.
⁸	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.
⁹	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $4,515,000, which represented .19% of the net assets of the fund.
¹⁰	Purchased on a TBA basis.
¹¹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,319,000, which represented .06% of the net assets of the fund.
¹²	Value determined using significant unobservable inputs.
¹³	Security did not produce income during the last 12 months.
¹⁴	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 this holding appear below.
¹⁵	Amount less than one thousand.
¹⁶	Rate represents the seven-day yield at 12/31/2020.
¹⁷	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
¹⁸	Notional amount is calculated based on the number of contracts and notional contract size.
¹⁹	Value is calculated based on the notional amount and current market price.

Private placement security		Acquisition date				Cost (000)				Value (000)				Percent of net assets
Advanz Pharma Corp. Ltd.			8/31/2018			$	116			$	40				.00	%

Key to abbreviations and symbols

AUD/A$ = Australian dollars

BRL = Brazilian reais

CAD/C$ = Canadian dollars

CHF = Swiss francs

CLP = Chilean pesos

CNH/CNY = Chinese yuan renminbi

COP = Colombian pesos

CZK = Czech korunas

DKK/DKr = Danish kroner

DOP = Dominican pesos

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

GBP/£ = British pounds

IDR = Indonesian rupiah

ILS = Israeli shekels

INR = Indian rupees

JPY/¥ = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK/NKr = Norwegian kroner

NZD/NZ$ = New Zealand dollars

PEN = Peruvian nuevos soles

PLN = Polish zloty

Ref. = Refunding

Rev. = Revenue

RON = Romanian leu

RUB = Russian rubles

S$ = Singapore dollars

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

THB = Thai baht

UAH = Ukrainian hryvnia

USD/$ = U.S. dollars

ZAR = South African rand

See notes to financial statements.

American Funds Insurance Series

199

High-Income Bond Fund

Investment portfolio December 31, 2020

Bonds, notes & other debt instruments 89.34%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 89.33%
Communication services 13.43%
Brightstar Escrow Corp. 9.75% 2025¹	$	575	$	616
Cars.com Inc. 6.375% 2028¹		625		665
CCO Holdings LLC and CCO Holdings Capital Corp. 4.00% 2023¹		1,155		1,164
CCO Holdings LLC and CCO Holdings Capital Corp. 5.50% 2026¹		263		273
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2026¹		3,182		3,287
CCO Holdings LLC and CCO Holdings Capital Corp. 5.00% 2028¹		96		102
CCO Holdings LLC and CCO Holdings Capital Corp. 5.375% 2029¹		24		26
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2030¹		304		323
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 2030¹		787		850
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 2031¹		4,535		4,785
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2032¹		2,549		2,725
CenturyLink, Inc. 6.75% 2023		2,235		2,493
CenturyLink, Inc. 7.50% 2024		583		661
CenturyLink, Inc. 5.125% 2026¹		2,069		2,188
CenturyLink, Inc. 4.00% 2027¹		134		139
Clear Channel Worldwide Holdings, Inc. 9.25% 2024		561		569
Diamond Sports Group LLC 5.375% 2026¹		993		809
Diamond Sports Group LLC 6.625% 2027¹		1,155		700
Discovery Communications, Inc. 4.65% 2050		442		553
Embarq Corp. 7.995% 2036		927		1,145
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 4.25%) 5.25% 2027^2,3		75		75
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 8.75% 2028^2,3		525		549
Front Range BidCo, Inc. 6.125% 2028¹		1,089		1,153
Frontier Communications Corp. 10.50% 2022⁴		4,500		2,356
Frontier Communications Corp. 5.875% 2027¹		1,550		1,679
Frontier Communications Corp. 5.00% 2028¹		3,500		3,655
Frontier Communications Corp. 6.75% 2029¹		1,675		1,795
Gogo Inc. 9.875% 2024¹		10,414		11,170
Gray Television, Inc. 7.00% 2027¹		808		886
iHeartCommunications, Inc. 5.25% 2027¹		1,235		1,296
Inmarsat PLC 6.75% 2026¹		1,475		1,591
Intelsat Jackson Holding Co. 8.00% 2024¹		1,675		1,718
Intelsat Jackson Holding Co. 8.50% 2024^1,4		3,175		2,278
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 5.50%) 6.50% 2021^2,3		1,212		1,241
Intelsat Jackson Holding Co., Term Loan, 6.625% 2024²		3,900		3,976
Lamar Media Corp. 3.75% 2028		61		63
Lamar Media Corp. 4.875% 2029		300		320
Lamar Media Corp. 4.00% 2030		260		270
Liberty Global PLC 5.50% 2028¹		656		693
Ligado Networks LLC 15.50% 2023^1,5		1,750		1,706
Live Nation Entertainment, Inc. 3.75% 2028¹		450		456
Match Group, Inc. 4.625% 2028¹		1,100		1,155
MDC Partners Inc. 6.50% 2024¹		5,170		5,249
Meredith Corp. 6.875% 2026		2,239		2,187
National CineMedia, LLC 5.875% 2028¹		250		213
Netflix, Inc. 5.375% 2021		1,300		1,307
Netflix, Inc. 4.875% 2028		360		407
Netflix, Inc. 4.875% 2030¹		174		200
Nexstar Broadcasting, Inc. 4.75% 2028¹		2,500		2,620
Nexstar Escrow Corp. 5.625% 2027¹		289		310
Numericable Group SA 7.375% 2026¹		1,049		1,105
Qwest Capital Funding, Inc. 6.875% 2028		660		705
Scripps Escrow II, Inc. 3.875% 2029¹		1,125		1,175
Sinclair Television Group, Inc. 5.125% 2027¹		345		352
Sinclair Television Group, Inc. 4.125% 2030¹		1,800		1,847
Sirius XM Radio Inc. 4.625% 2024¹		74		77
Sirius XM Radio Inc. 4.125% 2030¹		345		368
Sprint Corp. 11.50% 2021		987		1,073
Sprint Corp. 7.625% 2026		2,000		2,485
Sprint Corp. 6.875% 2028		3,671		4,847
Sprint Corp. 8.75% 2032		2,440		3,866

200	American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
TEGNA Inc. 4.75% 2026¹	$	850	$	909
TEGNA Inc. 4.625% 2028¹		635		650
TEGNA Inc. 5.00% 2029		716		757
T-Mobile US, Inc. 3.875% 2030¹		292		339
T-Mobile US, Inc. 4.50% 2050¹		379		468
Total Play Telecomunicaciones, SA de CV 7.50% 2025¹		725		725
Trilogy International Partners, LLC 8.875% 2022¹		4,500		4,353
Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC 7.875% 2025¹		75		81
Univision Communications Inc. 5.125% 2025¹		3,195		3,225
Univision Communications Inc. 6.625% 2027¹		3,050		3,281
Virgin Media O2 4.25% 2031¹		1,925		1,971
Virgin Media Secured Finance PLC 4.50% 2030¹		790		826
Vodafone Group PLC 7.00% 2079 (5-year USD Swap + 4.873% on 4/4/2029)⁶		105		131
Warner Music Group 5.50% 2026¹		228		236
Warner Music Group 3.875% 2030¹		850		905
Ziggo Bond Co. BV 5.125% 2030¹		419		443
Ziggo Bond Finance BV 5.50% 2027¹		1,491		1,559
Ziggo Bond Finance BV 4.875% 2030¹		1,075		1,132
				116,538

Energy 12.44%
American Energy-Permian Basin, LLC / AEPB Finance Corp. 12.00% 2024^1,4		1,934		14
Antero Resources Corp. 5.375% 2024		875		855
Antero Resources Corp. 7.875% 2026¹		92		95
Apache Corp. 4.625% 2025		770		809
Apache Corp. 4.875% 2027		1,360		1,444
Apache Corp. 4.375% 2028		791		825
Apache Corp. 6.00% 2037		165		183
Apache Corp. 5.10% 2040		795		854
Apache Corp. 4.75% 2043		295		306
Ascent Resources - Utica LLC 7.00% 2026¹		765		734
Ascent Resources - Utica LLC 9.00% 2027¹		120		134
Ascent Resources - Utica LLC 8.25% 2028¹		271		271
Ascent Resources - Utica LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 9.233% 2025^1,2,3		228		249
Blue Racer Midstream LLC and Blue Racer Finance Corp. 6.125% 2022¹		1,300		1,303
Blue Racer Midstream LLC and Blue Racer Finance Corp. 7.625% 2025¹		871		930
Carrizo Oil & Gas Inc. 6.25% 2023		750		478
Cenovus Energy Inc. 5.375% 2025		755		852
Cenovus Energy Inc. 6.75% 2039		125		165
Cenovus Energy Inc. 5.40% 2047		400		470
Centennial Resource Production, LLC 6.875% 2027¹		465		335
Cheniere Energy Partners, LP 5.625% 2026		1,146		1,197
Cheniere Energy Partners, LP 4.50% 2029		583		618
Cheniere Energy, Inc. 7.00% 2024		319		373
Cheniere Energy, Inc. 5.875% 2025		495		576
Cheniere Energy, Inc. 4.625% 2028¹		5,055		5,314
Chesapeake Energy Corp. 4.875% 2022⁴		4,300		215
Chesapeake Energy Corp. 11.50% 2025^1,4		2,824		498
Chesapeake Energy Corp., Term Loan, (3-month USD-LIBOR + 8.00%) 8.223% 2024^2,3,4		2,627		2,154
CITGO Petroleum Corp. 7.00% 2025¹		500		500
CNX Resources Corp. 7.25% 2027¹		935		1,002
CNX Resources Corp. 6.00% 2029¹		1,345		1,380
Comstock Resources, Inc. 9.75% 2026		1,363		1,464
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)^1,5		7,784		2,219
Continental Resources Inc. 5.75% 2031¹		655		728
Convey Park Energy LLC 7.50% 2025¹		417		423
DCP Midstream LP 7.375% 2049 (3-month USD-LIBOR + 5.148% on 12/15/2022)⁶		270		225
DCP Midstream Operating LP 4.95% 2022		1,072		1,108

American Funds Insurance Series

201

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Diamond Offshore Drilling, Inc. 7.875% 2025⁴	$	508	$	65
Diamond Offshore Drilling, Inc. 4.875% 2043⁴		1,362		173
Endeavor Energy Resources, LP 6.625% 2025¹		850		911
Energy Transfer Operating, LP 5.00% 2050		2,051		2,223
EnLink Midstream Partners, LLC 5.625% 2028¹		660		676
EnLink Midstream Partners, LP 4.15% 2025		400		393
EQM Midstream Partners, LP 4.75% 2023		400		421
EQM Midstream Partners, LP 4.125% 2026		127		128
EQM Midstream Partners, LP 6.50% 2027¹		2,365		2,666
EQM Midstream Partners, LP 5.50% 2028		1,231		1,348
EQT Corp. 7.875% 2025		630		718
EQT Corp. 3.90% 2027		125		124
EQT Corp. 5.00% 2029		480		507
EQT Corp. 8.75% 2030		400		489
Extraction Oil & Gas, Inc. 5.625% 2026^1,4		1,575		289
Genesis Energy, LP 5.625% 2024		150		146
Genesis Energy, LP 6.50% 2025		2,235		2,178
Genesis Energy, LP 8.00% 2027		1,528		1,524
Harvest Midstream I, LP 7.50% 2028¹		1,325		1,413
Hess Midstream Partners LP 5.125% 2028¹		687		719
Hilcorp Energy I, LP 5.75% 2025¹		775		787
Lealand Finance Company BV, Term Loan, (3-month USD-LIBOR + 3.00%) 3.146% 2024^2,3,7		12		10
Lealand Finance Company BV, Term Loan, (3-month USD-LIBOR + 4.00%) 4.146% 2025^2,3,5		146		100
MPLX LP 5.50% 2049		417		549
Murphy Oil Corp. 6.875% 2024		1,000		1,019
Nabors Industries Inc. 5.75% 2025		355		186
New Fortress Energy Inc. 6.75% 2025¹		1,034		1,097
NGL Energy Partners LP 7.50% 2023		767		545
NGL Energy Partners LP 6.125% 2025		3,179		2,023
Northriver Midstream Finance LP 5.625% 2026¹		625		647
NuStar Logistics, LP 6.75% 2021¹		15		15
NuStar Logistics, LP 6.00% 2026		686		743
Occidental Petroleum Corp. 2.70% 2023		275		275
Occidental Petroleum Corp. 2.90% 2024		2,093		2,018
Occidental Petroleum Corp. 5.50% 2025		755		789
Occidental Petroleum Corp. 5.875% 2025		710		757
Occidental Petroleum Corp. 8.00% 2025		1,475		1,683
Occidental Petroleum Corp. 3.40% 2026		600		573
Occidental Petroleum Corp. 6.375% 2028		575		609
Occidental Petroleum Corp. 3.50% 2029		210		192
Occidental Petroleum Corp. 6.625% 2030		885		962
Occidental Petroleum Corp. 8.875% 2030		375		441
Occidental Petroleum Corp. 6.125% 2031		845		906
Occidental Petroleum Corp. 4.20% 2048		165		134
ONEOK, Inc. 5.85% 2026		273		327
ONEOK, Inc. 4.95% 2047		23		26
ONEOK, Inc. 5.20% 2048		282		329
ONEOK, Inc. 7.15% 2051		83		115
Ovintiv Inc. 6.50% 2034		550		637
Parsley Energy, Inc. 5.25% 2025¹		150		157
PBF Holding Company LLC 9.25% 2025¹		235		231
PDC Energy Inc. 5.75% 2026		1,100		1,138
Peabody Energy Corp. 6.00% 2022¹		1,738		1,272
Peabody Energy Corp. 6.375% 2025¹		100		55
Petrobras Global Finance Co. 5.60% 2031		250		288
Petrobras Global Finance Co. 6.90% 2049		375		476
Petrobras Global Finance Co. 6.75% 2050		850		1,057
Petróleos Mexicanos 6.875% 2025¹		350		384
Petróleos Mexicanos 6.49% 2027		495		523

202	American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Petróleos Mexicanos 5.35% 2028	$	449	$	444
Petróleos Mexicanos 6.375% 2045		210		193
Petróleos Mexicanos 6.35% 2048		108		98
Petróleos Mexicanos 7.69% 2050		651		657
PowerTeam Services, LLC 9.033% 2025¹		560		624
QEP Resources, Inc. 5.625% 2026		435		478
Range Resources Corp. 4.875% 2025		472		447
Rattler Midstream Partners LP 5.625% 2025¹		1,105		1,169
Rockies Express Pipeline LLC 4.95% 2029¹		1,000		1,042
Sabine Pass Liquefaction, LLC 4.50% 2030¹		256		304
Sanchez Energy Corp. 7.25% 2023^1,4		739		7
SM Energy Co. 5.625% 2025		247		201
SM Energy Co. 6.625% 2027		290		233
Southwestern Energy Co. 6.45% 2025⁶		935		972
Southwestern Energy Co. 7.50% 2026		1,224		1,286
Southwestern Energy Co. 7.75% 2027		72		78
Southwestern Energy Co. 8.375% 2028		865		940
Sunoco LP 5.50% 2026		513		528
Sunoco LP 6.00% 2027		147		156
Sunoco LP 4.50% 2029¹		1,205		1,255
Tallgrass Energy Partners, LP 5.50% 2024¹		1,000		1,020
Tallgrass Energy Partners, LP 7.50% 2025¹		585		633
Tapstone Energy, Term Loan, (3-month USD-LIBOR + 4.00%) 4.741% 2024^2,3,7,8		11		6
Targa Resources Partners LP 5.875% 2026		321		341
Targa Resources Partners LP 6.50% 2027		133		145
Targa Resources Partners LP 6.875% 2029		332		374
Targa Resources Partners LP 5.50% 2030		477		518
Targa Resources Partners LP 4.875% 2031¹		2,000		2,173
Teekay Corp. 9.25% 2022¹		3,108		3,178
Teekay Offshore Partners LP 8.50% 2023¹		2,009		1,712
Transocean Guardian Ltd. 5.875% 2024¹		862		726
Transocean Inc. 6.125% 2025¹		1,876		1,788
Transocean Poseidon Ltd. 6.875% 2027¹		655		598
USA Compression Partners, LP 6.875% 2026		264		276
USA Compression Partners, LP 6.875% 2027		247		264
Vine Oil & Gas LP 8.75% 2023¹		1,767		1,414
Weatherford International PLC 8.75% 2024¹		1,346		1,351
Weatherford International PLC 11.00% 2024¹		4,211		3,295
Western Gas Partners LP 4.50% 2028		1,368		1,423
Western Gas Partners LP 5.45% 2044		55		56
Western Midstream Operating, LP 4.10% 2025⁶		369		381
Western Midstream Operating, LP 4.75% 2028		160		167
Western Midstream Operating, LP 5.25% 2050		500		551
WPX Energy, Inc. 5.75% 2026		297		313
WPX Energy, Inc. 5.25% 2027		160		170
WPX Energy, Inc. 5.875% 2028		620		677
WPX Energy, Inc. 4.50% 2030		759		806
				107,954

Consumer discretionary 12.17%
99 Escrow Issuer, Inc. 7.50% 2026¹		405		403
Adient US LLC 9.00% 2025¹		205		229
Affinity Gaming 6.875% 2027¹		1,125		1,180
Allied Universal Holdco LLC 6.625% 2026¹		858		916
Allied Universal Holdco LLC 9.75% 2027¹		826		902
At Home Holding III Inc. 8.75% 2025¹		300		325
Boyd Gaming Corp. 8.625% 2025¹		120		134
Boyd Gaming Corp. 4.75% 2027		861		896
Brookfield Residential Properties Inc. 4.875% 2030¹		325		336
Caesars Entertainment, Inc. 6.25% 2025¹		1,195		1,274

American Funds Insurance Series

203

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Caesars Resort Collection, LLC 5.75% 2025¹	$	345	$	366
Carnival Corp. 11.50% 2023¹		1,812		2,098
Carnival Corp. 7.625% 2026¹		175		191
Carnival Corp. 10.50% 2026¹		275		321
Cedar Fair, LP 5.25% 2029		271		279
Churchill Downs Inc. 4.75% 2028¹		430		454
Cirsa Gaming Corp. SA 7.875% 2023¹		2,277		2,300
Clarios Global LP 6.75% 2025¹		375		405
Dana Inc. 5.625% 2028		675		728
Dave & Buster’s, Inc. 7.625% 2025¹		375		396
Empire Communities Corp. 7.00% 2025¹		525		555
Fertitta Entertainment, Inc. 6.75% 2024¹		371		369
Ford Motor Co. 8.50% 2023		1,787		2,018
Ford Motor Co. 9.00% 2025		684		841
Ford Motor Co. 9.625% 2030		250		353
Ford Motor Co. 7.45% 2031		275		353
Ford Motor Credit Co. 3.087% 2023		400		408
Ford Motor Credit Co. 3.664% 2024		500		514
Ford Motor Credit Co. 3.81% 2024		887		910
Ford Motor Credit Co. 5.584% 2024		350		378
Ford Motor Credit Co. 5.125% 2025		6,285		6,842
Ford Motor Credit Co. 4.542% 2026		510		545
Ford Motor Credit Co. 3.815% 2027		275		283
Ford Motor Credit Co. 4.125% 2027		835		876
Ford Motor Credit Co. 4.271% 2027		525		551
Ford Motor Credit Co. 5.113% 2029		200		223
Ford Motor Credit Co. 4.00% 2030		1,820		1,917
Hanesbrands Inc. 4.625% 2024¹		445		467
Hanesbrands Inc. 5.375% 2025¹		432		458
Hanesbrands Inc. 4.875% 2026¹		274		298
Hilton Worldwide Holdings Inc. 5.125% 2026		700		724
Hilton Worldwide Holdings Inc. 4.875% 2030		508		556
Hilton Worldwide Holdings Inc. 4.00% 2031¹		870		920
International Game Technology PLC 6.25% 2022¹		403		417
International Game Technology PLC 6.50% 2025¹		1,383		1,550
International Game Technology PLC 5.25% 2029¹		1,455		1,570
Jaguar Land Rover PLC 7.75% 2025¹		450		486
Jaguar Land Rover PLC 5.875% 2028¹		550		556
KB Home 6.875% 2027		330		388
Landry’s Finance Acquisition Co., Term Loan, (3-month USD-LIBOR + 12.00%) 13.00% 2023^2,3,7		17		20
Landry’s Finance Acquisition Co., Term Loan B, (3-month USD-LIBOR + 12.00%) 13.00% 2023^2,3		—⁹		—⁹
Lennar Corp. 4.50% 2024		40		44
Levi Strauss & Co. 5.00% 2025		452		464
Limited Brands, Inc. 6.875% 2025¹		245		266
Limited Brands, Inc. 6.625% 2030¹		380		423
Limited Brands, Inc. 6.875% 2035		346		389
Limited Brands, Inc. 6.75% 2036		495		552
Lithia Motors, Inc. 4.375% 2031¹		475		510
M.D.C. Holdings, Inc. 6.00% 2043		823		1,105
Macy’s, Inc. 8.375% 2025¹		145		161
Mattel, Inc. 6.75% 2025¹		904		955
McGraw-Hill Global Education Holdings, LLC, Term Loan B, (3-month USD-LIBOR + 4.00%) 5.00% 2022^2,3		1,224		1,196
Melco International Development Ltd. 5.75% 2028¹		2,000		2,133
Merlin Entertainment 5.75% 2026¹		792		834
MGM Growth Properties LLC 5.625% 2024		307		334
MGM Growth Properties LLC 4.625% 2025¹		900		965
MGM Growth Properties LLC 3.875% 2029¹		1,490		1,526
MGM Resorts International 7.75% 2022		740		789

204	American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
MGM Resorts International 6.00% 2023	$	541	$	582
MGM Resorts International 5.50% 2027		541		604
MYT Holding LLC 7.50% 2025^1,5		1,712		1,725
NCL Corp. Ltd. 3.625% 2024¹		650		619
NCL Corp. Ltd. 12.25% 2024¹		175		210
NCL Corp. Ltd. 5.875% 2026¹		475		501
Neiman Marcus Group Ltd. LLC, Term Loan, (3-month USD-LIBOR + 12.00%) 13.00% 2025^2,3		1,497		1,601
Newell Rubbermaid Inc. 4.875% 2025		445		490
Newell Rubbermaid Inc. 5.875% 2036⁶		30		37
Nissan Motor Co., Ltd. 4.81% 2030¹		425		480
Norwegian Cruise Line Holdings Ltd. 10.25% 2026¹		275		322
Panther BF Aggregator 2, LP 6.25% 2026¹		155		166
Panther BF Aggregator 2, LP 8.50% 2027¹		990		1,077
Party City Holdings Inc. 6.625% 2026¹		500		376
PetSmart, Inc. 7.125% 2023¹		6,489		6,495
PetSmart, Inc. 5.875% 2025¹		3,342		3,440
PetSmart, Inc. 8.875% 2025¹		1,846		1,898
PetSmart, Inc., Term Loan, (3-month USD-LIBOR + 3.00%) 4.00% 2022^2,3		2,555		2,535
Royal Caribbean Cruises Ltd. 10.875% 2023¹		325		370
Royal Caribbean Cruises Ltd. 11.50% 2025¹		775		907
Sally Holdings LLC and Sally Capital Inc. 5.50% 2023		57		57
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025		2,825		2,907
Sally Holdings LLC and Sally Capital Inc. 8.75% 2025¹		1,244		1,386
Scientific Games Corp. 5.00% 2025¹		301		311
Scientific Games Corp. 8.625% 2025¹		2,170		2,379
Scientific Games Corp. 8.25% 2026¹		3,644		3,933
Scientific Games Corp. 7.00% 2028¹		85		92
Scientific Games Corp. 7.25% 2029¹		845		929
Six Flags Entertainment Corp. 4.875% 2024¹		1,277		1,283
Six Flags Theme Parks Inc. 7.00% 2025¹		140		151
Sizzling Platter LLC 8.50% 2025¹		450		469
Staples, Inc. 7.50% 2026¹		1,366		1,429
Stars Group Holdings BV 7.00% 2026¹		525		554
The Home Company Inc. 7.25% 2025¹		725		746
Vail Resorts, Inc. 6.25% 2025¹		315		337
VICI Properties LP 4.25% 2026¹		962		999
VICI Properties LP 4.625% 2029¹		135		145
VICI Properties LP / VICI Note Co. Inc. 3.50% 2025¹		851		872
VICI Properties LP / VICI Note Co. Inc. 3.75% 2027¹		379		388
VICI Properties LP / VICI Note Co. Inc. 4.125% 2030¹		1,774		1,875
Viking Cruises Ltd. 6.25% 2025¹		140		138
Viking Cruises Ltd. 13.00% 2025¹		430		515
Viking Cruises Ltd. 5.875% 2027¹		185		181
Wyndham Destinations, Inc. 6.625% 2026¹		525		602
Wyndham Worldwide Corp. 5.375% 2026¹		860		892
Wyndham Worldwide Corp. 4.375% 2028¹		1,380		1,436
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 2023¹		1,171		1,190
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.25% 2027¹		373		385
Wynn Macau, Ltd. 5.125% 2029¹		200		205
Wynn Resorts Ltd. 7.75% 2025¹		820		890
Wynn Resorts Ltd. 5.125% 2029¹		342		359
				105,595

Materials 11.58%
Alcoa Netherlands Holding BV 5.50% 2027¹		510		559
Anglo American Capital PLC 5.625% 2030¹		310		395
Arconic Corp. 6.00% 2025¹		810		866
Ardagh Group SA 6.50% 2027^1,5		622		665
Ardagh Packaging Finance 5.25% 2025¹		495		523

American Funds Insurance Series

205

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Ardagh Packaging Finance 6.00% 2025¹	$	533	$	553
Ardagh Packaging Finance 5.25% 2027¹		425		447
Axalta Coating Systems LLC 4.75% 2027¹		460		490
Blue Cube Spinco Inc. 10.00% 2025		660		700
BWAY Parent Co., Inc. 5.50% 2024¹		1,619		1,653
CANPACK SA and Eastern PA Land Investment Holding LLC 3.125% 2025¹		425		428
Carlyle Group LP 8.75% 2023^1,5		215		217
Cascades Inc. 5.125% 2026¹		495		524
Cascades Inc. 5.375% 2028¹		340		362
Cleveland-Cliffs Inc. 4.875% 2024¹		2,245		2,291
Cleveland-Cliffs Inc. 5.75% 2025		2,739		2,785
Cleveland-Cliffs Inc. 9.875% 2025¹		309		364
Cleveland-Cliffs Inc. 6.75% 2026¹		1,167		1,262
Cleveland-Cliffs Inc. 5.875% 2027		4,675		4,773
Cleveland-Cliffs Inc. 7.00% 2027¹		297		288
Consolidated Energy Finance SA 6.50% 2026¹		1,250		1,253
CVR Partners, LP 9.25% 2023¹		2,248		2,253
Element Solutions Inc. 3.875% 2028¹		620		639
First Quantum Minerals Ltd. 7.25% 2023¹		2,073		2,140
First Quantum Minerals Ltd. 6.50% 2024¹		411		423
First Quantum Minerals Ltd. 7.50% 2025¹		7,943		8,281
First Quantum Minerals Ltd. 6.875% 2026¹		3,076		3,213
First Quantum Minerals Ltd. 6.875% 2027¹		5,790		6,289
Freeport-McMoRan Inc. 3.875% 2023		189		198
Freeport-McMoRan Inc. 4.25% 2030		925		998
Freeport-McMoRan Inc. 5.40% 2034		300		376
FXI Holdings, Inc. 7.875% 2024¹		3,425		3,459
FXI Holdings, Inc. 12.25% 2026¹		4,575		5,223
GPC Merger Sub Inc. 7.125% 2028¹		434		480
GrafTech Finance Inc. 4.625% 2028¹		425		431
Hexion Inc. 7.875% 2027¹		2,304		2,470
INEOS Group Holdings SA 5.625% 2024¹		772		785
Joseph T. Ryerson & Son, Inc. 8.50% 2028¹		1,260		1,429
LSB Industries, Inc. 9.625% 2023¹		3,363		3,476
LYB International Finance III, LLC 3.80% 2060		213		230
Methanex Corp. 5.125% 2027		4,075		4,434
Methanex Corp. 5.25% 2029		450		489
Methanex Corp. 5.65% 2044		475		510
Neon Holdings, Inc. 10.125% 2026¹		2,500		2,744
Newcrest Finance Pty Ltd. 4.20% 2050¹		550		674
Nouryon Holding BV 8.00% 2026¹		931		991
Nova Chemicals Corp. 4.875% 2024¹		495		516
Nova Chemicals Corp. 5.25% 2027¹		1,036		1,105
Novelis Corp. 5.875% 2026¹		950		994
Novelis Corp. 4.75% 2030¹		990		1,068
OCI NV 5.25% 2024¹		278		289
Olin Corp. 9.50% 2025¹		490		613
Olin Corp. 5.00% 2030		280		299
Owens-Illinois, Inc. 5.875% 2023¹		1,670		1,792
Owens-Illinois, Inc. 6.375% 2025¹		265		294
Plastipak Holdings, Inc. 6.25% 2025¹		200		206
Rayonier A.M. Products Inc. 7.625% 2026¹		745		778
Scotts Miracle-Gro Co. 4.50% 2029		639		691
Sealed Air Corp. 4.875% 2022¹		660		693
Sealed Air Corp. 5.25% 2023¹		267		285
Sealed Air Corp. 4.00% 2027¹		316		338
Silgan Holdings Inc. 4.125% 2028		377		393
Summit Materials, Inc. 6.50% 2027¹		360		384
Summit Materials, Inc. 5.25% 2029¹		1,275		1,340
Trivium Packaging BV 5.50% 2026¹		530		561
Trivium Packaging BV 8.50% 2027¹		403		442

206	American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Tronox Ltd. 5.75% 2025¹	$	700	$	728
Tronox Ltd. 6.50% 2026¹		775		808
Valvoline Inc. 4.375% 2025		555		573
Valvoline Inc. 4.25% 2030¹		353		375
Valvoline Inc. 3.625% 2031¹		620		638
Venator Materials Corp. 5.75% 2025¹		5,956		5,580
Venator Materials Corp. 9.50% 2025¹		2,175		2,382
W. R. Grace & Co. 4.875% 2027¹		790		839
Warrior Met Coal, Inc. 8.00% 2024¹		1,400		1,433
				100,470

Health care 11.31%
Auris Luxembourg III SARL, Term Loan, (3-month USD-LIBOR + 3.75%) 3.897% 2026^2,3		845		817
Avantor Funding, Inc. 4.625% 2028¹		1,510		1,599
Bausch Health Companies Inc. 9.25% 2026¹		2,644		2,952
Bausch Health Companies Inc. 5.00% 2028¹		587		606
Bausch Health Companies Inc. 7.00% 2028¹		1,153		1,269
Bausch Health Companies Inc. 5.00% 2029¹		891		918
Bausch Health Companies Inc. 6.25% 2029¹		815		886
Bausch Health Companies Inc. 5.25% 2030¹		852		893
Bausch Health Companies Inc. 5.25% 2031¹		3,055		3,197
Catalent Pharma Solutions Inc. 5.00% 2027¹		53		56
Centene Corp. 4.75% 2025		1,000		1,027
Centene Corp. 5.375% 2026¹		850		898
Centene Corp. 5.375% 2026¹		330		349
Centene Corp. 4.25% 2027		634		674
Centene Corp. 4.625% 2029		2,505		2,784
Centene Corp. 3.00% 2030		2,805		2,977
Centene Corp. 3.375% 2030		132		139
Charles River Laboratories International, Inc. 5.50% 2026¹		584		613
Charles River Laboratories International, Inc. 4.25% 2028¹		241		253
Community Health Systems Inc. 5.625% 2027¹		730		786
Community Health Systems Inc. 6.00% 2029¹		653		706
Concordia International Corp. 8.00% 2024		34		35
Concordia International Corp., Term Loan, (3-month USD-LIBOR + 5.50%) 6.50% 2024^2,3		59		58
Encompass Health Corp. 4.50% 2028		496		519
Encompass Health Corp. 4.75% 2030		635		681
Endo Dac / Endo Finance LLC / Endo Finco 9.50% 2027¹		1,644		1,838
Endo Dac / Endo Finance LLC / Endo Finco 6.00% 2028¹		1,185		1,008
Endo International PLC 5.75% 2022¹		2,937		2,853
Endo International PLC 5.875% 2024¹		1,300		1,320
HCA Inc. 5.875% 2023		604		665
HCA Inc. 5.375% 2025		175		197
HCA Inc. 5.875% 2026		321		370
HCA Inc. 4.50% 2027		173		201
HCA Inc. 5.625% 2028		1,315		1,556
HCA Inc. 3.50% 2030		1,325		1,408
HCA Inc. 5.50% 2047		128		171
HCA Inc. 5.25% 2049		475		627
HealthSouth Corp. 5.75% 2025		942		975
IMS Health Holdings, Inc. 5.00% 2026¹		823		864
Jaguar Holding Co. II 4.625% 2025¹		350		370
Jaguar Holding Co. II 5.00% 2028¹		375		401
Mallinckrodt International Finance SA 5.50% 2025^1,4		1,118		391
Mallinckrodt PLC 5.75% 2022¹		420		147
Mallinckrodt PLC 10.00% 2025¹		4,358		4,739
Molina Healthcare, Inc. 5.375% 2022		4,589		4,867
Molina Healthcare, Inc. 4.375% 2028¹		920		969
Molina Healthcare, Inc. 3.875% 2030¹		1,420		1,527
Owens & Minor, Inc. 4.375% 2024		1,440		1,481

American Funds Insurance Series

207

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Owens & Minor, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.655% 2025^2,3	$	1,460	$	1,458
Par Pharmaceutical Inc. 7.50% 2027¹		4,612		5,010
PAREXEL International Corp. 6.375% 2025¹		685		703
Prime Healthcare Services, Inc. 7.25% 2025¹		600		639
Radiology Partners, Inc. 9.25% 2028¹		1,293		1,458
Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 4.476% 2025^2,3		575		567
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% 2023 (100% PIK)^2,3,5,7,8		3,850		3,850
RP Escrow Issuer, LLC 5.25% 2025¹		655		686
Select Medical Holdings Corp. 6.25% 2026¹		554		597
Sotera Health Holdings LLC, Term Loan, (3-months USD-LIBOR + 4.50%) 5.50% 2026^2,3		570		573
Surgery Center Holdings 10.00% 2027¹		416		460
Syneos Health, Inc. 3.625% 2029¹		630		633
Team Health Holdings, Inc. 6.375% 2025¹		3,171		2,743
Team Health Holdings, Inc., Term Loan B, 3.75% 2024^2,3		917		826
Tenet Healthcare Corp. 4.625% 2024		559		574
Tenet Healthcare Corp. 4.875% 2026¹		6,080		6,368
Tenet Healthcare Corp. 5.125% 2027¹		710		753
Tenet Healthcare Corp. 6.125% 2028¹		275		288
Teva Pharmaceutical Finance Co. BV 2.20% 2021		75		75
Teva Pharmaceutical Finance Co. BV 2.80% 2023		1,908		1,892
Teva Pharmaceutical Finance Co. BV 6.00% 2024		4,779		5,077
Teva Pharmaceutical Finance Co. BV 7.125% 2025		1,309		1,449
Teva Pharmaceutical Finance Co. BV 3.15% 2026		1,684		1,622
Teva Pharmaceutical Finance Co. BV 6.75% 2028		1,188		1,346
Teva Pharmaceutical Finance Co. BV 4.10% 2046		525		469
U.S. Renal Care, Inc. 10.625% 2027¹		359		398
Valeant Pharmaceuticals International, Inc. 6.125% 2025¹		1,584		1,634
Valeant Pharmaceuticals International, Inc. 9.00% 2025¹		581		644
Valeant Pharmaceuticals International, Inc. 8.50% 2027¹		608		677
				98,106

Industrials 9.51%
ADT Corp. 3.50% 2022		1,221		1,255
Aircastle Ltd. 5.25% 2025¹		650		716
Alaska Air Group, Inc. 4.80% 2027¹		575		635
Allison Transmission Holdings, Inc. 3.75% 2031¹		1,950		1,999
ASGN Inc. 4.625% 2028¹		330		344
Ashtead Group PLC 4.25% 2029¹		488		536
Associated Materials, LLC 9.00% 2025¹		2,156		2,291
ATS Automation Tooling Systems Inc. 4.125% 2028¹		275		281
Aviation Capital Group LLC 5.50% 2024¹		500		554
Avis Budget Car Rental, LLC 5.75% 2027¹		1,375		1,407
Avis Budget Group, Inc. 6.375% 2024¹		1,710		1,747
Avis Budget Group, Inc. 5.25% 2025¹		437		440
Avis Budget Group, Inc. 10.50% 2025¹		800		946
Avolon Holdings Funding Ltd. 5.25% 2024¹		660		718
Avolon Holdings Funding Ltd. 4.25% 2026¹		218		235
Boeing Company 3.625% 2031		1,400		1,536
Boeing Company 3.50% 2039		70		71
Boeing Company 3.75% 2050		400		421
Boeing Company 5.93% 2060		700		993
Bohai Financial Investment Holding Co., Ltd. 5.25% 2022¹		1,600		1,680
Bohai Financial Investment Holding Co., Ltd. 4.50% 2023¹		1,072		1,124
Bohai Financial Investment Holding Co., Ltd. 5.125% 2023¹		660		707
Bohai Financial Investment Holding Co., Ltd. 5.50% 2024¹		600		655
Bombardier Inc. 8.75% 2021¹		445		464
Bombardier Inc. 5.75% 2022¹		255		260
Bombardier Inc. 6.125% 2023¹		338		331
Bombardier Inc. 7.50% 2024¹		140		135

208	American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Bombardier Inc. 7.50% 2025¹	$	1,191	$	1,106
Bombardier Inc. 7.875% 2027¹		1,598		1,472
British Airways, Series 2020-1, Class B, 8.375% 2028¹		185		205
British Airways, Series 2020-1, Class A, 4.25% 2032¹		370		397
BWX Technologies, Inc. 4.125% 2028¹		615		642
Clean Harbors, Inc. 4.875% 2027¹		766		800
Covanta Holding Corp. 5.875% 2025		858		895
Covanta Holding Corp. 5.00% 2030		1,000		1,071
CP Atlas Buyer, Inc. 7.00% 2028¹		450		468
Dun & Bradstreet Corp. 6.875% 2026¹		203		219
Dun & Bradstreet Corp. 10.25% 2027¹		2,098		2,370
F-Brasile SpA 7.375% 2026¹		1,338		1,301
Fortress Transportation and Infrastructure Investors LLC 6.50% 2025¹		480		503
Fortress Transportation and Infrastructure Investors LLC 9.75% 2027¹		445		511
Harsco Corp. 5.75% 2027¹		650		689
Howmet Aerospace Inc. 6.875% 2025		1,662		1,963
Icahn Enterprises Finance Corp. 4.75% 2024		1,080		1,124
JELD-WEN Holding, Inc. 4.875% 2027¹		1,033		1,095
JetBlue Airways Corp., Pass Through Trust Certificates, Series 2019-1, Class B, 8.00% 2027		158		171
JetBlue Airways Corp., Pass Through Trust Certificates, Series 2020-1, Class A, 7.75% 2028		350		382
Kratos Defense & Security Solutions, Inc. 6.50% 2025¹		1,710		1,785
LABL Escrow Issuer, LLC 10.50% 2027¹		690		778
LBM Acquisition LLC 6.25% 2029¹		400		417
LSC Communications, Inc. 8.75% 2023^1,4,7,8		8,744		482
LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 5.50%) 6.25% 2022^2,3,4,7,8		195		16
MasTec, Inc. 4.50% 2028¹		1,250		1,314
Meritor, Inc. 4.50% 2028¹		325		334
Moog Inc. 4.25% 2027¹		125		130
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 2025¹		750		771
Nielsen Finance LLC and Nielsen Finance Co. 5.625% 2028¹		250		272
Nielsen Finance LLC and Nielsen Finance Co. 5.875% 2030¹		1,400		1,586
Prime Security Services Borrower, LLC 3.375% 2027¹		925		919
Prime Security Services Borrower, LLC 6.25% 2028¹		627		674
R.R. Donnelley & Sons Co. 6.50% 2023		1,100		1,137
R.R. Donnelley & Sons Co., Term Loan B, (3-month USD-LIBOR + 5.00%) 5.254% 2024^2,3		1,323		1,290
Rexnord Corp. 4.875% 2025¹		848		867
Rolls-Royce PLC 4.625% 2026	€	300		398
Rolls-Royce PLC 5.75% 2027¹	$	1,060		1,175
Rolls-Royce PLC 5.75% 2027	£	275		417
Sensata Technologies, Inc. 3.75% 2031¹	$	500		519
Signature Aviation PLC 4.00% 2028¹		185		187
SkyMiles IP Ltd. 4.50% 2025¹		275		294
SkyMiles IP Ltd. 4.75% 2028¹		2,285		2,496
SkyMiles IP Ltd., Term Loan, (3-month USD-LIBOR + 3.75%) 4.75% 2027^2,3		525		545
Specialty Building Products Holdings LLC 6.375% 2026¹		450		477
Spirit AeroSystems, Inc. (3-month USD-LIBOR + 0.80%) 1.017% 2021³		120		118
Stericycle, Inc. 5.375% 2024¹		1,135		1,186
Stericycle, Inc. 3.875% 2029¹		500		514
The Brink’s Co. 4.625% 2027¹		719		753
TransDigm Inc. 6.50% 2024		529		539
TransDigm Inc. 8.00% 2025¹		658		729
TransDigm Inc. 6.25% 2026¹		513		547
TransDigm Inc. 5.50% 2027		855		900
Triumph Group, Inc. 5.25% 2022		240		229
Triumph Group, Inc. 6.25% 2024¹		310		308
Triumph Group, Inc. 8.875% 2024¹		445		489
Triumph Group, Inc. 7.75% 2025¹		270		248
Uber Technologies, Inc. 8.00% 2026¹		498		543

American Funds Insurance Series

209

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
United Airlines Holdings, Inc. 6.50% 2027¹	$	4,625	$	4,981
United Parcel Service, Inc. 3.125% 2021		200		200
United Rentals, Inc. 5.875% 2026		53		56
United Rentals, Inc. 3.875% 2031		650		683
Vertical Holdco GMBH 7.625% 2028¹		975		1,065
Vertical U.S. Newco Inc. 5.25% 2027¹		2,375		2,522
Virgin Australia Holdings Ltd. 7.875% 2021^1,4		800		66
Wesco Aircraft Holdings, Inc. 8.50% 2024¹		233		223
Wesco Aircraft Holdings, Inc. 9.00% 2026¹		939		891
WESCO Distribution, Inc. 7.125% 2025¹		1,865		2,054
WESCO Distribution, Inc. 7.25% 2028¹		1,770		2,016
Western Global Airlines LLC 10.375% 2025¹		385		430
XPO Logistics, Inc. 6.75% 2024¹		198		211
XPO Logistics, Inc. 6.25% 2025¹		800		862
				82,508

Financials 6.63%
Advisor Group Holdings, LLC 6.25% 2028¹		1,551		1,572
AG Merger Sub II, Inc. 10.75% 2027¹		1,862		2,063
Alliant Holdings Intermediate, LLC 6.75% 2027¹		1,036		1,110
Ally Financial Inc. 8.00% 2031		403		592
Ally Financial Inc. 8.00% 2031		63		90
American International Group, Inc. 4.375% 2050		245		321
AssuredPartners, Inc. 7.00% 2025¹		373		388
AssuredPartners, Inc. 8.00% 2027¹		603		656
AssuredPartners, Inc. 5.625% 2029¹		365		381
CIT Group Inc. 4.125% 2021		950		953
Compass Diversified Holdings 8.00% 2026¹		3,214		3,386
Credit Acceptance Corp. 5.125% 2024¹		765		798
Fairstone Financial Inc. 7.875% 2024¹		1,258		1,337
Ford Motor Credit Co. 3.375% 2025		1,875		1,923
Freedom Mortgage Corp. 7.625% 2026¹		625		662
FS Energy and Power Fund 7.50% 2023¹		3,999		3,850
HUB International Ltd. 7.00% 2026¹		1,950		2,041
Icahn Enterprises Finance Corp. 6.25% 2022		2,334		2,345
Icahn Enterprises Finance Corp. 5.25% 2027		377		405
Iris Merger Sub 2019 Inc. 9.375% 2028¹		349		383
Ladder Capital Corp. 5.25% 2022¹		150		151
Ladder Capital Corp. 4.25% 2027¹		1,239		1,220
LD Holdings Group LLC 6.50% 2025¹		625		659
LPL Financial Holdings Inc. 4.625% 2027¹		1,209		1,255
MGIC Investment Corp. 5.25% 2028		525		563
MSCI Inc. 5.375% 2027¹		320		342
MSCI Inc. 3.625% 2030¹		66		69
MSCI Inc. 3.875% 2031¹		2,150		2,276
National Financial Partners Corp. 6.875% 2028¹		1,094		1,169
Nationstar Mortgage Holdings Inc. 5.50% 2028¹		425		448
Nationstar Mortgage Holdings Inc. 5.125% 2030¹		650		680
Navient Corp. 6.50% 2022		3,533		3,748
Navient Corp. 5.50% 2023		3,086		3,235
Navient Corp. 5.875% 2024		1,020		1,086
Navient Corp. 6.125% 2024		417		447
Navient Corp. 5.00% 2027		2,483		2,508
Navient Corp. 5.625% 2033		978		941
New Residential Investment Corp. 6.25% 2025¹		275		277
NMI Holdings, Inc. 7.375% 2025¹		290		325
OneMain Holdings, Inc. 7.125% 2026		685		811
Owl Rock Capital Corp. 4.625% 2024¹		750		769
Owl Rock Capital Corp. 3.75% 2025		900		935
Owl Rock Capital Corp. 3.375% 2026		390		396

210	American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
PennyMac Financial Services, Inc. 5.375% 2025¹	$	525	$	556
Quicken Loans, LLC 3.625% 2029¹		455		465
Springleaf Finance Corp. 6.125% 2024		1,517		1,659
Springleaf Finance Corp. 6.625% 2028		190		226
Springleaf Finance Corp. 5.375% 2029		183		206
Starwood Property Trust, Inc. 5.00% 2021		2,371		2,417
Starwood Property Trust, Inc. 5.50% 2023¹		465		487
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 8.00%) 1.06% 2025 (72.22% PIK)^2,3,5		895		886
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 5.00%) 5.254% 2026^2,3		1,483		1,028
				57,496

Information technology 3.94%
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 2025^2,3		3,324		3,342
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 2025^2,3		822		829
Austin BidCo Inc. 7.125% 2028¹		940		983
Austin BidCo Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.732% 2027^2,3		125		125
Avaya Inc. 6.125% 2028¹		490		524
Banff Merger Sub Inc. 9.75% 2026¹		723		782
Black Knight Inc. 3.625% 2028¹		815		835
BMC Software, Inc. 7.125% 2025¹		225		245
BMC Software, Inc. 9.125% 2026¹		240		259
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 4.504% 2025^2,3		372		371
CommScope Finance LLC 6.00% 2026¹		833		879
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 3.004% 2023^2,3		647		632
Diebold Nixdorf, Inc. 9.375% 2025¹		4,850		5,441
Diebold, Inc. 8.50% 2024		1,534		1,555
Gartner, Inc. 4.50% 2028¹		1,475		1,558
Internet Brands, Inc., Term Loan, (3-month USD-LIBOR + 7.50%) 7.647% 2025^2,3		448		450
Logan Merger Sub, Inc. 5.50% 2027¹		725		760
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 3.75%) 4.004% 2024^2,3		1,035		1,036
MoneyGram International Inc., Term Loan B, (3-month USD-LIBOR + 6.00%) 7.00% 2023^2,3		1,216		1,223
Sabre GLBL Inc. 7.375% 2025¹		600		652
Sabre Holdings Corp. 5.25% 2023¹		83		84
Sabre Holdings Corp. 9.25% 2025¹		546		651
Solera Holdings, Inc. 10.50% 2024¹		726		753
Ultimate Software Group Inc., Term Loan, (3-month USD-LIBOR + 6.75%) 7.50% 2027^2,3		1,325		1,366
Unisys Corp. 6.875% 2027¹		1,725		1,889
VeriSign, Inc. 4.625% 2023		429		434
VeriSign, Inc. 5.25% 2025		132		150
Veritas Holdings Ltd. 7.50% 2023¹		852		856
Veritas Holdings Ltd. 10.50% 2024¹		625		638
Veritas Holdings Ltd. 7.50% 2025¹		2,140		2,199
ViaSat, Inc. 5.625% 2027¹		175		184
Xerox Corp. 4.125% 2023		314		330
Xerox Corp. 5.50% 2028¹		2,035		2,163
				34,178

Utilities 2.98%
AES Corp. 3.95% 2030¹		675		764
AES Panama Generation Holdings SRL 4.375% 2030¹		200		217
AmeriGas Partners, LP 5.75% 2027		297		339
Calpine Corp. 5.25% 2026¹		96		99
Calpine Corp. 4.50% 2028¹		500		521
Calpine Corp. 5.125% 2028¹		518		546
Calpine Corp. 5.00% 2031¹		1,000		1,046
DPL Inc. 4.125% 2025¹		765		827
DPL Inc. 4.35% 2029		575		646

American Funds Insurance Series

211

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)⁶	$	1,155	$	1,352
Enel Società per Azioni 8.75% 2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)^1,6		1,050		1,229
FEL Energy VI SARL 5.75% 2040¹		550		586
FirstEnergy Corp. 7.375% 2031		364		519
FirstEnergy Corp. 4.85% 2047 (5.10% on 1/15/2021)⁶		550		685
FirstEnergy Corp. 3.40% 2050		1,430		1,375
NextEra Energy Partners, LP 4.25% 2024¹		122		131
NextEra Energy Partners, LP 3.875% 2026¹		92		98
NGL Energy Partners LP 7.50% 2026		1,492		928
NRG Energy, Inc. 7.25% 2026		328		347
NRG Energy, Inc. 3.375% 2029¹		630		646
NRG Energy, Inc. 3.625% 2031¹		630		649
Pacific Gas and Electric Co. 3.75% 2028		203		221
Pacific Gas and Electric Co. 4.55% 2030		473		539
Pacific Gas and Electric Co. 4.95% 2050		600		716
PG&E Corp. 5.00% 2028		1,655		1,765
PG&E Corp. 5.25% 2030		675		743
PG&E Corp., Term Loan, (3-month USD-LIBOR + 4.50%) 5.50% 2025^2,3		254		257
Talen Energy Corp. 10.50% 2026¹		3,248		2,897
Talen Energy Corp. 7.25% 2027¹		2,773		2,958
Talen Energy Supply, LLC 7.625% 2028¹		1,590		1,716
UEP Penonome II SA 6.50% 2038¹		250		261
Vistra Operations Co. LLC 3.55% 2024¹		231		250
				25,873

Consumer staples 2.72%
Albertsons Companies, Inc. 3.50% 2029¹		585		592
Albertsons Companies, Inc. 4.875% 2030¹		335		370
B&G Foods, Inc. 5.25% 2025		612		633
B&G Foods, Inc. 5.25% 2027		228		243
Brasil Foods SA 5.75% 2050¹		370		412
C&S Wholsesale Grocers Inc. 5.00% 2028¹		650		649
Central Garden & Pet Co. 4.125% 2030		420		439
Darling Ingredients Inc. 5.25% 2027¹		579		617
Edgewell Personal Care Co. 5.50% 2028¹		275		296
Energizer Holdings, Inc. 7.75% 2027¹		227		253
Energizer Holdings, Inc. 4.375% 2029¹		545		565
H.J. Heinz Co. 3.875% 2027¹		725		782
H.J. Heinz Co. 4.25% 2031¹		713		795
H.J. Heinz Co. 4.625% 2039¹		165		185
H.J. Heinz Co. 5.50% 2050¹		1,341		1,694
Kraft Heinz Company 3.95% 2025		580		639
Kraft Heinz Company 5.20% 2045		330		392
Kraft Heinz Company 4.375% 2046		1,466		1,586
Kraft Heinz Company 4.875% 2049¹		985		1,149
Kronos Acquisition Holdings Inc. 5.00% 2026¹		385		402
Kronos Acquisition Holdings Inc. 7.00% 2027¹		485		509
Lamb Weston Holdings, Inc. 4.625% 2024¹		561		586
Nestle Skin Health SA, Term Loan B1, (3-month USD-LIBOR + 4.00%) 4.254% 2026^2,3		1,806		1,813
Post Holdings, Inc. 5.00% 2026¹		1,958		2,025
Post Holdings, Inc. 5.625% 2028¹		569		607
Post Holdings, Inc. 5.50% 2029¹		166		181
Post Holdings, Inc. 4.625% 2030¹		1,905		2,006
Prestige Brands International Inc. 6.375% 2024¹		260		266
Prestige Brands International Inc. 5.125% 2028¹		103		110
Spectrum Brands Inc. 5.75% 2025		528		546

212	American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
TreeHouse Foods, Inc. 6.00% 2024¹	$	1,188	$	1,213
TreeHouse Foods, Inc. 4.00% 2028		145		150
United Natural Foods, Inc. 6.75% 2028¹		865		906
				23,611

Real estate 2.62%
Brookfield Property REIT Inc. 5.75% 2026¹		2,839		2,806
Diversified Healthcare Trust 4.75% 2024		275		283
Diversified Healthcare Trust 9.75% 2025		650		739
Hospitality Properties Trust 7.50% 2025		238		274
Howard Hughes Corp. 5.375% 2025¹		2,568		2,655
Howard Hughes Corp. 5.375% 2028¹		1,950		2,101
Iron Mountain Inc. 4.875% 2027¹		1,266		1,327
Iron Mountain Inc. 5.00% 2028¹		617		656
Iron Mountain Inc. 5.25% 2028¹		1,214		1,283
Iron Mountain Inc. 5.25% 2030¹		2,450		2,649
Iron Mountain Inc. 4.50% 2031¹		1,960		2,056
Ladder Capital Corp. 5.25% 2025¹		140		140
Medical Properties Trust, Inc. 5.00% 2027		1,333		1,420
Medical Properties Trust, Inc. 3.50% 2031		1,369		1,416
Park Hotels & Resorts Inc. 7.50% 2025¹		425		460
QTS Realty Trust, Inc. 3.875% 2028¹		625		638
Realogy Corp. 9.375% 2027¹		740		821
Realogy Group LLC 7.625% 2025¹		260		283
Service Properties Trust 5.50% 2027		335		366
Xenia Hotels & Resorts, Inc. 6.375% 2025¹		300		317
				22,690

Total corporate bonds, notes & loans				775,019

Asset-backed obligations 0.01%
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 2060^1,10		95		97

Municipals 0.00%
Puerto Rico 0.00%
Aqueduct and Sewer Auth., Rev. Bonds, Series 2012-B, 5.35% 2027		5		5

Total bonds, notes & other debt instruments (cost: $755,326,000)				775,121


Convertible bonds & notes 0.61%
Communication services 0.27%
Cinemark USA, Inc., convertible notes, 4.50% 2025¹		190		278
DISH DBS Corp., convertible notes, 3.375% 2026		635		607
Liberty Broadband Corp., convertible notes, 2.75% 2050¹		321		344
Live Nation Entertainment, Inc., convertible notes, 2.125% 2025¹		430		459
Match Group Financeco 2 Inc., convertible notes, 0.875% 2026¹		175		321
Zillow Group, Inc., convertible notes, 1.50% 2023		180		307
				2,316

Information technology 0.15%
LivePerson, Inc., convertible notes, 0% 2026¹		219		240
Sabre Holdings Corp., convertible notes, 4.00% 2025¹		390		702
Shift4 Payments, Inc., convertible notes, 0% 2025¹		267		327
				1,269

Industrials 0.12%
American Airlines Group Inc., convertible notes, 6.50% 2025		183		230
Southwest Airlines Co., convertible notes, 1.25% 2025		403		587
Uber Technologies, Inc., convertible notes, 0% 2025¹		270		278
				1,095

American Funds Insurance Series

213

High-Income Bond Fund (continued)

Convertible bonds & notes (continued)	Principal amount (000)		Value (000)
Consumer discretionary 0.06%
NCL Corp. Ltd., convertible notes, 5.375% 2025¹	$	155	$	263
Royal Caribbean Cruises Ltd., convertible notes, 4.25% 2023¹		200		267
				530

Energy 0.01%
Mesquite Energy Inc., convertible notes, 15.04% 2023 (100% PIK)^1,5,7,8		65		65

Total convertible bonds & notes (cost: $4,324,000)				5,275

Convertible stocks 0.38%		Shares
Utilities 0.14%
PG&E Corp., convertible preferred units, 5.50% 2023¹¹		3,350		411
American Electric Power Company, Inc., convertible preferred shares, 6.125% 2022		8,000		401
NextEra Energy, Inc., convertible preferred units, 5.279% 2023		4,300		219
Essential Utilities, Inc., convertible preferred units, 6.00% 2022		2,600		161
				1,192

Financials 0.10%
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 2023¹		411		494
KKR & Co. Inc., Series C, convertible preferred shares, 6.00%		6,980		421
				915

Information technology 0.07%
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		450		640

Health care 0.07%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023		291		379
Boston Scientific Corp., Series A, convertible preferred shares, 5.50% 2023		1,935		212
				591

Total convertible stocks (cost: $2,799,000)				3,338

Preferred securities 0.33%
Consumer discretionary 0.33%
MYT Holding LLC, Series A, preferred shares^7,11		2,470,906		2,841

Total preferred securities (cost: $2,212,000)				2,841

Common stocks 4.07%
Health care 1.71%
Rotech Healthcare Inc.^7,8,11,12		201,793		14,327
Advanz Pharma Corp. Ltd.^11,12		80,350		354
Advanz Pharma Corp. Ltd.¹¹		29,584		131
				14,812

Energy 0.84%
Denbury Inc.¹¹		63,840		1,640
Oasis Petroleum Inc.¹¹		43,838		1,625
Ascent Resources - Utica, LLC, Class A^7,8,11,12		6,297,894		1,385
Weatherford International¹¹		156,870		941
Tribune Resources, LLC^7,8,11		1,006,339		916
California Resources Corp.¹¹		17,202		406
Whiting Petroleum Corp.¹¹		12,063		302
McDermott International, Inc.¹¹		107,875		87

214	American Funds Insurance Series

High-Income Bond Fund (continued)

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Mesquite Energy, Inc.^7,8,11		3,557	$	21
Tapstone Energy, LLC^1,7,8,11		14,603		—	⁹
Sable Permian Resources, LLC, units^7,8,11		15,816,020		—	⁹
				7,323

Industrials 0.81%
Associated Materials Group Inc.^7,8,11		949,277		5,961
ACR III LSC Holdings LLC^7,8,11		1,061		1,098
				7,059

Consumer discretionary 0.37%
MYT Holding Co., Class B^7,11		608,846		1,644
NMG Parent LLC^7,11		14,350		947
NMG Parent LLC^1,7,8,11		1,615		75
Chewy, Inc., Class A¹¹		3,070		276
Scientific Games Corp.¹¹		6,000		249
				3,191

Materials 0.12%
Hexion Holdings Corp., Class B¹¹		81,939		1,004


Information technology 0.10%
Snowflake Inc., Class A¹¹		1,200		338
MoneyGram International, Inc.¹¹		50,000		273
C3.ai, Inc., Class A¹¹		1,800		250
				861

Financials 0.09%
Jonah Energy Parent LLC^7,8,11		38,716		581
Navient Corp.		20,000		196
				777

Communication services 0.03%
iHeartMedia, Inc., Class A¹¹		22,639		294

Total common stocks (cost: $41,154,000)				35,321


Rights & warrants 0.01%
Consumer discretionary 0.01%
NMG Parent LLC, warrants, expire 2027^7,11		27,111		76

Energy 0.00%
Tribune Resources, LLC, Class A, warrants, expire 2023^7,8,11		336,564		—	⁹
Tribune Resources, LLC, Class B, warrants, expire 2023^7,8,11		261,772		—	⁹
Tribune Resources, LLC, Class C, warrants, expire 2023^7,8,11		247,225		—	⁹
				—	⁹

Total rights & warrants (cost: $215,000)				76

American Funds Insurance Series

215

High-Income Bond Fund (continued)

Short-term securities 3.86%	Shares		Value (000)
Money market investments 3.86%
Capital Group Central Cash Fund 0.12%^13,14		334,899	$	33,493

Total short-term securities (cost: $33,489,000)				33,493
Total investment securities 98.60% (cost: $839,519,000)				855,465
Other assets less liabilities 1.40%				12,114

Net assets 100.00%			$	867,579

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount¹⁵ (000)			Value at 12/31/2020¹⁶ (000)			Unrealized appreciation (depreciation) at 12/31/2020 (000)
10 Year Ultra U.S. Treasury Note Futures	Short	24	March 2021	$	(2,400	)	$	(3,753	)		$	8
10 Year U.S. Treasury Note Futures	Short	82	March 2021	(8,200		)	(11,322		)			(27	)
											$	(19	)

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive	Pay/ Payment frequency	Expiration date	Notional (000)		Value at 12/31/2020 (000)			Upfront premium received (000)			Unrealized appreciation (depreciation) at 12/31/2020 (000)
CDX.NA.IG.35	1.00%/Quarterly	12/20/2025	$	15,200	$	(372	)	$	(379	)		$	7
CDX.NA.HY.35	5.00%/Quarterly	12/20/2025		20,525		(1,911	)		(1,183	)			(728	)
								$	(1,562	)		$	(721	)

Investments in affiliates¹⁴

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 3.86%
Money market investments 3.86%
Capital Group Central Cash Fund 0.12%¹³	$	39,112	$	330,467	$	336,030	$	73	$	(129	)	$	33,493	$	227

216	American Funds Insurance Series

High-Income Bond Fund (continued)

¹	Acquired in a transaction exempt from registration under Rule 144A 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 $517,886,000, which represented 59.69% of the net assets of the fund.
²	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $37,070,000, which represented 4.27% of the net assets of the fund.
³	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁴	Scheduled interest and/or principal payment was not received.
⁵	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.
⁶	Step bond; coupon rate may change at a later date.
⁷	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $34,321,000, which represented 3.96% of the net assets of the fund.
⁸	Value determined using significant unobservable inputs.
⁹	Amount less than one thousand.
¹⁰	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
¹¹	Security did not produce income during the last 12 months.
¹²	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 following page.
¹³	Rate represents the seven-day yield at 12/31/2020.
¹⁴	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.
¹⁵	Notional amount is calculated based on the number of contracts and notional contract size.
¹⁶	Value is calculated based on the notional amount and current market price.

Private placement securities	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Rotech Healthcare Inc.	9/26/2013	$	4,331	$	14,327		1.65	%
Ascent Resources - Utica, LLC, Class A	11/15/2016		302		1,385		.16
Advanz Pharma Corp. Ltd.	8/31/2018		1,017		354		.04
Total private placement securities		$	5,650	$	16,066		1.85	%

Key to abbreviations and symbols

Auth. = Authority

£ = British pounds

€ = Euros

LIBOR = London Interbank Offered Rate

Rev. = Revenue

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

217

American Funds Mortgage Fund (formerly Mortgage Fund)

Investment portfolio December 31, 2020

Bonds, notes & other debt instruments 78.54%	Principal amount (000)			Value (000)
Mortgage-backed obligations 68.70%
Federal agency mortgage-backed obligations 64.32%
Fannie Mae Pool #AS7638 2.50% 2031¹	$	1,073		$	1,120
Fannie Mae Pool #695412 5.00% 2033¹		—	²		—	²
Fannie Mae Pool #AD3566 5.00% 2035¹		2			2
Fannie Mae Pool #MA4228 1.50% 2036¹		80			82
Fannie Mae Pool #256583 5.00% 2036^1,3		35			37
Fannie Mae Pool #889101 2.125% 2038^1,4		35			36
Fannie Mae Pool #964279 2.633% 2038^1,4		32			32
Fannie Mae Pool #964708 2.765% 2038^1,4		4			4
Fannie Mae Pool #AC0794 5.00% 2039¹		10			11
Fannie Mae Pool #931768 5.00% 2039¹		2			2
Fannie Mae Pool #AL9335 2.604% 2040^1,4		1,327			1,389
Fannie Mae Pool #932606 5.00% 2040¹		5			6
Fannie Mae Pool #AL9327 3.122% 2041^1,4		1,241			1,302
Fannie Mae Pool #AL9326 3.302% 2041^1,4		1,704			1,788
Fannie Mae Pool #AJ1873 4.00% 2041¹		7			8
Fannie Mae Pool #AE1248 5.00% 2041¹		11			13
Fannie Mae Pool #AE1274 5.00% 2041¹		9			10
Fannie Mae Pool #AE1277 5.00% 2041¹		5			6
Fannie Mae Pool #AE1283 5.00% 2041¹		3			4
Fannie Mae Pool #AP7553 3.00% 2042¹		402			430
Fannie Mae Pool #AE1290 5.00% 2042¹		6			7
Fannie Mae Pool #AL3829 3.50% 2043¹		64			70
Fannie Mae Pool #AT7161 3.50% 2043¹		29			31
Fannie Mae Pool #AR1512 3.50% 2043¹		14			15
Fannie Mae Pool #AT0412 3.50% 2043¹		7			8
Fannie Mae Pool #AT3954 3.50% 2043¹		4			4
Fannie Mae Pool #AT0300 3.50% 2043¹		3			3
Fannie Mae Pool #AY1829 3.50% 2044¹		5			6
Fannie Mae Pool #AW8240 3.50% 2044¹		1			1
Fannie Mae Pool #BE5017 3.50% 2045¹		36			39
Fannie Mae Pool #BE5009 3.50% 2045¹		29			31
Fannie Mae Pool #BE8740 3.50% 2047¹		33			36
Fannie Mae Pool #BE8742 3.50% 2047¹		10			11
Fannie Mae Pool #BH2848 3.50% 2047¹		5			5
Fannie Mae Pool #BH2847 3.50% 2047¹		3			4
Fannie Mae Pool #BH2846 3.50% 2047¹		4			4
Fannie Mae Pool #BJ5015 4.00% 2047¹		79			87
Fannie Mae Pool #BH3122 4.00% 2047¹		3			3
Fannie Mae Pool #BM4488 3.398% 2048^1,4		892			928
Fannie Mae Pool #BJ4901 3.50% 2048¹		23			25
Fannie Mae Pool #CA2850 4.00% 2048¹		91			102
Fannie Mae Pool #BK6840 4.00% 2048¹		51			55
Fannie Mae Pool #BK5232 4.00% 2048¹		40			44
Fannie Mae Pool #BK9743 4.00% 2048¹		14			15
Fannie Mae Pool #BK7665 4.50% 2048¹		336			373
Fannie Mae Pool #BK0951 4.50% 2048¹		257			288
Fannie Mae Pool #CA2205 4.50% 2048¹		67			72
Fannie Mae Pool #BK9761 4.50% 2048¹		14			15
Fannie Mae Pool #CA4867 3.00% 2049^1,3		4,614			5,010
Fannie Mae Pool #CA4151 3.50% 2049¹		318			350
Fannie Mae Pool #BJ8411 3.50% 2049¹		67			73
Fannie Mae Pool #BJ8402 3.53% 2049^1,4		178			185
Fannie Mae Pool #CA5496 3.00% 2050¹		9,365			10,214
Fannie Mae Pool #MA4256 2.50% 2051¹		7			7
Freddie Mac Pool #A18781 5.00% 2034^1,3		907			1,049
Freddie Mac Pool #SB8083 1.50% 2036¹		1,256			1,293
Freddie Mac Pool #C91883 4.00% 2036¹		3,471			3,792
Freddie Mac Pool #840222 2.803% 2040^1,4		363			382
Freddie Mac Pool #Q18236 3.50% 2043¹		29			31
Freddie Mac Pool #Q19133 3.50% 2043¹		18			20
Freddie Mac Pool #Q17696 3.50% 2043¹		16			18

218	American Funds Insurance Series

American Funds Mortgage Fund (formerly Mortgage Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #Q15874 4.00% 2043¹	$	2	$	2
Freddie Mac Pool #760012 3.097% 2045^1,4		83		86
Freddie Mac Pool #760014 3.116% 2045^1,4		788		823
Freddie Mac Pool #760013 3.162% 2045^1,4		46		48
Freddie Mac Pool #760015 2.849% 2047^1,4		140		145
Freddie Mac Pool #Q52069 3.50% 2047¹		48		52
Freddie Mac Pool #Q47615 3.50% 2047¹		33		36
Freddie Mac Pool #Q55056 3.50% 2048¹		60		65
Freddie Mac Pool #Q54709 3.50% 2048¹		36		39
Freddie Mac Pool #Q54701 3.50% 2048¹		34		37
Freddie Mac Pool #Q54782 3.50% 2048¹		30		32
Freddie Mac Pool #Q54781 3.50% 2048¹		27		30
Freddie Mac Pool #Q54700 3.50% 2048¹		26		29
Freddie Mac Pool #Q55060 3.50% 2048¹		19		20
Freddie Mac Pool #Q56591 3.50% 2048¹		18		19
Freddie Mac Pool #Q56590 3.50% 2048¹		17		18
Freddie Mac Pool #Q56589 3.50% 2048¹		16		17
Freddie Mac Pool #Q54698 3.50% 2048¹		14		15
Freddie Mac Pool #Q54699 3.50% 2048¹		13		14
Freddie Mac Pool #Q54831 3.50% 2048¹		9		10
Freddie Mac Pool #G67711 4.00% 2048¹		440		486
Freddie Mac Pool #Q56599 4.00% 2048¹		57		63
Freddie Mac Pool #Q56175 4.00% 2048¹		43		47
Freddie Mac Pool #Q55971 4.00% 2048¹		38		42
Freddie Mac Pool #Q55970 4.00% 2048¹		19		21
Freddie Mac Pool #Q58411 4.50% 2048¹		116		129
Freddie Mac Pool #Q58436 4.50% 2048¹		52		59
Freddie Mac Pool #Q58378 4.50% 2048¹		43		48
Freddie Mac Pool #Q57242 4.50% 2048¹		31		34
Freddie Mac Pool #RA1339 3.00% 2049¹		3,063		3,282
Freddie Mac Pool #RA1463 3.50% 2049¹		216		238
Freddie Mac Pool #QA2748 3.50% 2049¹		29		32
Freddie Mac Pool #SD7514 3.50% 2050^1,3		10,578		11,378
Freddie Mac, Series K030, Class A2, Multi Family, 3.25% 2023¹		1,746		1,850
Freddie Mac, Series K031, Class A2, Multi Family, 3.30% 2023¹		4,722		5,026
Freddie Mac, Series K083, Class A2, Multi Family, 4.05% 2028^1,4		900		1,096
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056¹		1,257		1,348
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 2056^1,4		1,260		1,324
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 2056^1,4		1,032		1,084
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 2056¹		136		149
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 2057¹		722		783
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^1,4		4,576		4,990
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057¹		2,640		2,861
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057¹		2,020		2,205
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057¹		1,097		1,198
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 2058¹		42		46
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 2058¹		27		30
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028¹		5,765		6,099
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 2028¹		1,608		1,692
Government National Mortgage Assn. 2.00% 2051^1,5		18,325		19,101
Government National Mortgage Assn. 2.50% 2051^1,5		4,750		5,009
Government National Mortgage Assn. 3.00% 2051^1,5		150		157
Government National Mortgage Assn. 3.50% 2051^1,5		19		20
Government National Mortgage Assn. 3.50% 2051^1,5		18		20
Government National Mortgage Assn. Pool #AH5894 3.75% 2034¹		988		1,062
Government National Mortgage Assn. Pool #AD0028 3.75% 2038¹		663		714
Government National Mortgage Assn. Pool #AH5897 3.75% 2039¹		624		671
Government National Mortgage Assn. Pool #004410 4.00% 2039¹		60		62
Government National Mortgage Assn. Pool #783690 6.00% 2039¹		134		155

American Funds Insurance Series

219

American Funds Mortgage Fund (formerly Mortgage Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. Pool #004823 4.00% 2040¹	$	141	$	146
Government National Mortgage Assn. Pool #005142 4.50% 2041¹		29		31
Government National Mortgage Assn. Pool #005104 5.00% 2041¹		553		608
Government National Mortgage Assn. Pool #005165 6.50% 2041¹		145		167
Government National Mortgage Assn. Pool #AA5326 3.50% 2042¹		243		252
Government National Mortgage Assn. Pool #MA0366 3.50% 2042¹		210		217
Government National Mortgage Assn. Pool #AA5526 3.50% 2042¹		143		151
Government National Mortgage Assn. Pool #AA7301 3.50% 2043¹		1,338		1,493
Government National Mortgage Assn. Pool #AD7278 3.50% 2043^1,3		1,043		1,120
Government National Mortgage Assn. Pool #AF0140 3.50% 2043¹		237		251
Government National Mortgage Assn. Pool #AD4360 3.50% 2043¹		96		102
Government National Mortgage Assn. Pool #AH5882 3.75% 2044¹		532		587
Government National Mortgage Assn. Pool #AH5884 4.25% 2044¹		1,444		1,631
Government National Mortgage Assn. Pool #MA3727 4.00% 2046¹		463		487
Government National Mortgage Assn. Pool #MA5877 4.50% 2049¹		783		847
Government National Mortgage Assn. Pool #MA6092 4.50% 2049¹		336		362
Government National Mortgage Assn. Pool #AO0409 4.55% 2065¹		218		237
Government National Mortgage Assn. Pool #AO0461 4.562% 2065¹		118		128
Government National Mortgage Assn. Pool #AN1825 4.573% 2065¹		375		407
Government National Mortgage Assn. Pool #AO0385 4.502% 2066¹		836		920
Government National Mortgage Assn. Pool #725897 5.20% 2066¹		4		4
Uniform Mortgage-Backed Security 1.50% 2036^1,5		23,863		24,519
Uniform Mortgage-Backed Security 1.50% 2036^1,5		12,400		12,735
Uniform Mortgage-Backed Security 2.00% 2036^1,5		10,700		11,175
Uniform Mortgage-Backed Security 2.00% 2051^1,5		12,555		12,997
Uniform Mortgage-Backed Security 2.00% 2051^1,5		9,663		10,019
Uniform Mortgage-Backed Security 2.50% 2051^1,5		280		295
Uniform Mortgage-Backed Security 2.50% 2051^1,5		211		221
Uniform Mortgage-Backed Security 3.00% 2051^1,5		3,656		3,833
Uniform Mortgage-Backed Security 3.50% 2051^1,5		5,206		5,511
Uniform Mortgage-Backed Security 4.00% 2051^1,5		77		82
Uniform Mortgage-Backed Security 4.50% 2051^1,5		6,348		6,889
				205,560

Collateralized mortgage-backed obligations (privately originated) 3.68%
Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.763% 2048^1,4,6		464		472
Cascade Funding Mortgage Trust, Series 2019-HB1, Class A, 2.386% 2029^1,4,6		221		223
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 2030^1,4,6		726		727
Cascade Funding Mortgage Trust, Series 2020-HB3, Class A, 2.812% 2030^1,4,6		921		930
Cascade Funding Mortgage Trust, Series 2020-HBA, Class A, 3.405% 2030^1,4,6		217		220
Finance of America HECM Buyout, Series 2020-HB1, Class A, 2.012% 2030^1,4,6		449		453
JPMorgan Mortgage Trust, Series 2019-INV3, Class A3, 3.50% 2050^1,4,6		534		557
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.898% 2052^1,4,6		750		751
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 0.996% 2053^1,4,6		583		584
Mello Warehouse Securitization Trust, Series 2020-1, Class A, (1-month USD-LIBOR + 0.90%) 1.048% 2053^1,4,6		809		811
Mortgage Repurchase Agreement Financing Trust, Series 2020-1, Class A1, (1-month USD-LIBOR + 2.00%) 2.149% 2022^1,4,6		500		501
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, Class A1, (1-month USD-LIBOR + 1.00%) 1.149% 2023^1,4,6		750		756
Nationstar HECM Loan Trust, Series 2019-2A, Class A, 2.272% 2029^1,4,6		268		269
Nationstar HECM Loan Trust, Series 2019-1A, Class A, 2.651% 2029^1,4,6		347		347
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 2049^1,4,6		314		324
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 2063^1,4,6		806		811
Starwood Mortgage Residential Trust, Series 2020-2, Class A1, 2.718% 2060^1,4,6		395		403
Station Place Securitization Trust, Series 2020-WL1, Class A, (1-month USD-LIBOR + 1.15%) 1.298% 2051^1,4,6		750		751
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 2056^1,4,6		435		444

220	American Funds Insurance Series

American Funds Mortgage Fund (formerly Mortgage Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Towd Point Mortgage Trust, Series 2017-5, Class A1, 0.748% 2057^1,4,6	$	32	$	32
Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75% 2057^1,4,6		118		122
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 2057^1,4,6		87		90
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 2057^1,4,6		72		74
Towd Point Mortgage Trust, Series 2015-2, Class 2A11, 3.00% 2057^1,4,6		78		78
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 2058^1,4,6		185		194
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 2060^1,6		721		739
Vendee Mortgage Trust, Series 2010-1, Class DA, 4.25% 2035¹		93		94
				11,757

Commercial mortgage-backed securities 0.70%
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.75%) 2.25% 2021^1,4,6,7		2,250		2,250

Total mortgage-backed obligations				219,567

U.S. Treasury bonds & notes 8.02%
U.S. Treasury 6.74%
U.S. Treasury 0.375% 2025		200		200
U.S. Treasury 0.625% 2030		2,000		1,949
U.S. Treasury 1.25% 2050		6,655		6,036
U.S. Treasury 1.375% 2050		6,150		5,755
U.S. Treasury 1.625% 2050		7,640		7,604
				21,544

U.S. Treasury inflation-protected securities 1.28%
U.S. Treasury Inflation-Protected Security 2.125% 2041⁸		131		205
U.S. Treasury Inflation-Protected Security 0.75% 2042^3,8		1,640		2,091
U.S. Treasury Inflation-Protected Security 1.00% 2049⁸		1,268		1,788
				4,084

Total U.S. Treasury bonds & notes				25,628

Asset-backed obligations 1.73%
American Express Credit Account Master Trust, Series 2018-3, Class A, 0.479% 2025^1,4		210		211
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 2060^1,6		635		648
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 2060^1,6		105		106
Drivetime Auto Owner Trust, Series 2019-3, Class A, 2.55% 2022^1,6		30		30
Dryden Senior Loan Fund, Series 2014-33A, Class AR3, CLO, (3-month USD-LIBOR + 1.00%) 1.237% 2029^1,4,6		250		250
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 2024^1,6		1,000		1,022
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 2037^1,6		879		885
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A1, 2.23% 2024¹		1,000		1,032
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A2B, 1.203% 2023^1,4		116		117
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.49% 2024¹		74		76
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 2060^1,4,6		128		131
Palmer Square Loan Funding, CLO, Series 2019-2, Class A1, (3-month USD-LIBOR + 0.97%) 1.188% 2027^1,4,6		587		586
Palmer Square Ltd., Series 2015-1A, Class A1R3, (3-month USD-LIBOR + 1.00%) 1.245% 2029^1,4,6		330		330
Symphony Ltd., CLO, Series 2013-12A, Class AR, (3-month USD-LIBOR + 1.03%) 1.267% 2025^1,4,6		122		122
				5,546

American Funds Insurance Series

221

American Funds Mortgage Fund (formerly Mortgage Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Federal agency bonds & notes 0.09%
Fannie Mae 0.875% 2030	$	300	$	294

Total bonds, notes & other debt instruments (cost: $246,328,000)				251,035

Short-term securities 44.24%
Commercial paper 27.57%
Army and Air Force Exchange Service 0.11% due 1/7/2021⁶		8,300		8,299
Atlantic Asset Securitization LLC 0.16% due 1/11/2021⁶		6,600		6,600
Chariot Funding, LLC 0.16% due 1/11/2021⁶		5,000		5,000
CHARTA, LLC 0.17% due 1/19/2021⁶		8,000		7,999
Chevron Corp. 0.11% due 2/1/2021⁶		8,000		7,999
Emerson Electric Co. 0.11%–0.12% due 1/22/2021–2/22/2021⁶		7,804		7,803
ExxonMobil Corp. 0.10%–0.13% due 1/27/2021–2/22/2021		9,000		8,999
Johnson & Johnson 0% due 6/1/2021⁶		4,000		3,998
Kaiser Foundation Hospitals 0% due 5/4/2021		8,027		8,019
National Rural Utilities Cooperative Finance Corp. 0.12% due 2/4/2021		5,000		4,999
Old Line Funding, LLC 0.15% due 1/7/2021⁶		7,900		7,900
Paccar Financial Corp. 0.11%–0.12% due 1/11/2021–2/9/2021		9,000		8,999
Regents of the University of California 0.17% due 2/18/2021		1,500		1,500
				88,114

Federal agency bills & notes 16.67%
Federal Farm Credit Banks 0.07%–0.10% due 1/20/2021–5/12/2021		23,100		23,092
Federal Home Loan Bank 0.07%–0.09% due 1/4/2021–3/5/2021		30,200		30,198
				53,290
Total short-term securities (cost: $141,410,000)				141,404
Total investment securities 122.78% (cost: $387,738,000)				392,439
Other assets less liabilities (22.78)%				(72,820	)

Net assets 100.00%			$	319,619

Futures contracts

Contracts	Type	Number of contracts		Expiration		Notional amount (000)		⁹	Value at 12/31/2020 (000)		¹⁰	Unrealized (depreciation) appreciation at 12/31/2020 (000)
90 Day Euro Dollar Futures	Short		123		March 2021	$	(30,750	)	$	(30,698	)	$	(15	)
5 Year U.S. Treasury Note Futures	Long		7		April 2021		700			883			1
10 Year U.S. Treasury Note Futures	Long		23		March 2021		2,300			3,176			5
10 Year Ultra U.S. Treasury Note Futures	Short		122		March 2021		(12,200	)		(19,076	)		44
20 Year U.S. Treasury Bond Futures	Long		4		March 2021		400			693			(6	)
30 Year Ultra U.S. Treasury Bond Futures	Short		3		March 2021		(300	)		(640	)		4
												$	33

222	American Funds Insurance Series

American Funds Mortgage Fund (formerly Mortgage Fund) (continued)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 12/31/2020 (000)		Upfront premium paid (000)			Unrealized (depreciation) appreciation at 12/31/2020 (000)
3-month USD-LIBOR	0.243%	5/2/2024	$	33,400	$	18		$	22		$	(4	)
U.S. EFFR	0.11%	5/18/2024		9,400		11			—			11
U.S. EFFR	0.1275%	6/25/2025		4,400		17			—			17
U.S. EFFR	0.105%	6/30/2025		4,300		22			—			22
U.S. EFFR	0.0975%	6/30/2025		2,387		13			—			13
U.S. EFFR	0.106%	6/30/2025		1,913		9			—			9
3-month USD-LIBOR	0.32%	9/23/2025		3,600		13			—			13
3-month USD-LIBOR	0.81%	7/28/2045		5,700		696			16			680
3-month USD-LIBOR	0.811%	7/27/2050		3,000		453			—			453
								$	38		$	1,214

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	Amount less than one thousand.
³	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,200,000, which represented .69% of the net assets of the fund.
⁴	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁵	Purchased on a TBA basis.
⁶	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 $73,621,000, which represented 23.03% of the net assets of the fund.
⁷	Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $2,250,000, which represented .70% of the net assets of the fund.
⁸	Index-linked bond whose principal amount moves with a government price index.
⁹	Notional amount is calculated based on the number of contracts and notional contract size.
¹⁰	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

CLO = Collateralized Loan Obligations

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

223

Ultra-Short Bond Fund

Investment portfolio December 31, 2020

Short-term securities 99.10%	Principal amount (000)		Value (000)
Commercial paper 71.47%
Alberta (Province of) 0.16% due 1/15/2021¹	$	3,000	$	3,000
Alberta (Province of) 0.16% due 2/8/2021¹		6,700		6,699
Apple Inc. 0.12% due 1/8/2021¹		10,000		10,000
Army and Air Force Exchange Service 0.10% due 1/8/2021¹		10,000		9,999
Bank of Nova Scotia 0.20% due 1/26/2021¹		8,000		7,999
British Columbia (Province of) 0.10% due 1/7/2021		8,600		8,600
Caisse d’Amortissement de la Dette Sociale 0.17% due 1/20/2021		10,000		9,999
Canadian Imperial Bank of Commerce 0.17% due 1/13/2021¹		8,300		8,300
Chariot Funding, LLC 0.16% due 1/6/2021¹		10,000		10,000
CHARTA, LLC 0.16% due 1/6/2021¹		10,000		10,000
DBS Bank Ltd. 0.19% due 1/4/2021¹		10,000		10,000
Denmark (Kingdom of) 0.13% due 1/25/2021		10,000		9,999
Emerson Electric Co. 0.11% due 2/2/2021¹		7,000		6,999
Equinor ASA 0.17% due 2/23/2021¹		7,500		7,498
European Investment Bank 0.14% due 1/21/2021		9,500		9,499
ExxonMobil Corp. 0.09% due 1/22/2021		4,100		4,100
Fairway Finance Company, LLC 0.15% due 1/21/2021¹		3,700		3,700
FMS Wertmanagement 0.21% due 3/10/2021¹		8,000		7,997
L’Oréal USA, Inc. 0.08% due 1/19/2021¹		2,800		2,800
LVMH Moët Hennessy Louis Vuitton Inc. 0.21% due 3/22/2021¹		9,500		9,496
Merck & Co. Inc. 0.09% due 2/9/2021¹		10,000		9,999
National Rural Utilities Cooperative Finance Corp. 0.11% due 1/7/2021		9,000		9,000
NRW.Bank 0.15% due 1/6/2021¹		5,000		5,000
OMERS Finance Trust 0.13% due 1/5/2021		9,000		9,000
Paccar Financial Corp. 0.10% due 1/13/2021		3,500		3,500
Paccar Financial Corp. 0.11% due 1/14/2021		2,500		2,500
Shell International Finance BV 0.20% due 5/25/2021¹		7,000		6,994
Siemens Capital Co. LLC 0.11% due 1/5/2021¹		4,000		4,000
Sumitomo Mitsui Banking Corp. 0.21% due 2/23/2021¹		7,500		7,498
Thunder Bay Funding, LLC 0.17% due 1/25/2021¹		10,000		9,999
Toronto-Dominion Bank 0.21% due 1/28/2021¹		10,000		9,999
Total Capital Canada Ltd. 0.19% due 2/17/2021¹		5,700		5,699
Total Capital Canada Ltd. 0.19% due 2/23/2021¹		4,000		3,999
Toyota Industries Commercial Finance, Inc. 0.16% due 1/15/2021¹		9,698		9,698
Unilever Capital Corp. 0.12% due 1/26/2021¹		5,000		5,000
Victory Receivables Corp. 0.19% due 2/22/2021¹		10,000		9,997
				268,566

Federal agency bills & notes 16.21%
Federal Farm Credit Banks 0.07% due 1/20/2021		5,000		5,000
Federal Farm Credit Banks 0.08% due 5/14/2021		5,000		4,998
Federal Home Loan Bank 0.09% due 1/6/2021		6,700		6,700
Federal Home Loan Bank 0.07% due 1/22/2021		8,000		8,000
Federal Home Loan Bank 0.10% due 1/27/2021		10,000		9,999
Federal Home Loan Bank 0.08% due 2/5/2021		5,000		5,000
Federal Home Loan Bank 0.08% due 2/8/2021		9,700		9,699
Federal Home Loan Bank 0.08% due 2/10/2021		11,500		11,499
				60,895

224	American Funds Insurance Series

Ultra-Short Bond Fund (continued)

Short-term securities (continued)	Principal amount (000)		Value (000)
U.S. Treasury bills 11.42%
U.S. Treasury 0.09% due 1/5/2021	$	6,600	$	6,600
U.S. Treasury 0.09% due 2/4/2021		11,600		11,599
U.S. Treasury 0.09% due 2/16/2021		8,000		8,000
U.S. Treasury 0.09% due 3/4/2021		2,800		2,799
U.S. Treasury 0.09% due 3/9/2021		3,800		3,800
U.S. Treasury 0.10% due 4/13/2021		10,100		10,098
				42,896
Total short-term securities (cost: $372,351,000)				372,357
Total investment securities 99.10% (cost: $372,351,000)				372,357
Other assets less liabilities 0.90%				3,392

Net assets 100.00%			$	375,749

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 $202,368,000, which represented 53.86% of the net assets of the fund.

See notes to financial statements.

American Funds Insurance Series

225

U.S. Government/AAA-Rated Securities Fund

Investment portfolio December 31, 2020

Bonds, notes & other debt instruments 81.82%	Principal amount (000)		Value (000)
Mortgage-backed obligations 35.15%
Federal agency mortgage-backed obligations 35.10%
Fannie Mae Pool #257104 6.50% 2028¹	$	97	$	108
Fannie Mae Pool #695412 5.00% 2033¹		1		1
Fannie Mae Pool #AD3566 5.00% 2035¹		8		9
Fannie Mae Pool #MA4228 1.50% 2036¹		24,617		25,343
Fannie Mae Pool #MA4229 2.00% 2036¹		1,731		1,811
Fannie Mae Pool #MA2746 4.00% 2036¹		2,283		2,487
Fannie Mae Pool #MA2588 4.00% 2036¹		1,234		1,344
Fannie Mae Pool #256860 6.50% 2037¹		20		23
Fannie Mae Pool #888698 7.00% 2037¹		44		51
Fannie Mae Pool #256828 7.00% 2037¹		4		5
Fannie Mae Pool #970343 6.00% 2038¹		15		16
Fannie Mae Pool #AC0794 5.00% 2039¹		38		44
Fannie Mae Pool #931768 5.00% 2039¹		6		8
Fannie Mae Pool #932606 5.00% 2040¹		20		23
Fannie Mae Pool #AJ1873 4.00% 2041¹		29		33
Fannie Mae Pool #AI1862 5.00% 2041¹		613		713
Fannie Mae Pool #AI3510 5.00% 2041¹		361		419
Fannie Mae Pool #AJ0704 5.00% 2041¹		327		380
Fannie Mae Pool #AJ5391 5.00% 2041¹		187		216
Fannie Mae Pool #AE1248 5.00% 2041¹		45		52
Fannie Mae Pool #AE1274 5.00% 2041¹		36		42
Fannie Mae Pool #AE1277 5.00% 2041¹		21		24
Fannie Mae Pool #AE1283 5.00% 2041¹		13		14
Fannie Mae Pool #AP7553 3.00% 2042¹		3,453		3,695
Fannie Mae Pool #AE1290 5.00% 2042¹		25		29
Fannie Mae Pool #AL3829 3.50% 2043¹		257		281
Fannie Mae Pool #AT7161 3.50% 2043¹		114		124
Fannie Mae Pool #AR1512 3.50% 2043¹		55		60
Fannie Mae Pool #AT0412 3.50% 2043¹		28		30
Fannie Mae Pool #AT3954 3.50% 2043¹		15		16
Fannie Mae Pool #AT0300 3.50% 2043¹		12		12
Fannie Mae Pool #BM6240 2.754% 2044^1,2		810		846
Fannie Mae Pool #AY1829 3.50% 2044¹		20		22
Fannie Mae Pool #AW8240 3.50% 2044¹		4		4
Fannie Mae Pool #BE5017 3.50% 2045¹		142		155
Fannie Mae Pool #BE5009 3.50% 2045¹		115		124
Fannie Mae Pool #MA3120 3.50% 2047¹		5,723		6,075
Fannie Mae Pool #BE8740 3.50% 2047¹		132		144
Fannie Mae Pool #BE8742 3.50% 2047¹		39		43
Fannie Mae Pool #BH2848 3.50% 2047¹		20		22
Fannie Mae Pool #BH2846 3.50% 2047¹		16		17
Fannie Mae Pool #BH2847 3.50% 2047¹		13		14
Fannie Mae Pool #BJ5015 4.00% 2047¹		315		347
Fannie Mae Pool #BH2597 4.00% 2047¹		10		11
Fannie Mae Pool #BH3122 4.00% 2047¹		10		11
Fannie Mae Pool #BM3788 3.50% 2048¹		8,392		9,169
Fannie Mae Pool #FM3164 3.50% 2048¹		4,066		4,291
Fannie Mae Pool #BJ4901 3.50% 2048¹		91		99
Fannie Mae Pool #CA2850 4.00% 2048¹		363		406
Fannie Mae Pool #BK6840 4.00% 2048¹		202		222
Fannie Mae Pool #BK5232 4.00% 2048¹		162		178
Fannie Mae Pool #BK9743 4.00% 2048¹		56		61
Fannie Mae Pool #MA3416 4.50% 2048¹		4,016		4,361
Fannie Mae Pool #BK7665 4.50% 2048¹		1,345		1,493
Fannie Mae Pool #BK0951 4.50% 2048¹		1,027		1,150
Fannie Mae Pool #BK9761 4.50% 2048¹		54		60
Fannie Mae Pool #CA1909 4.50% 2048¹		49		53
Fannie Mae Pool #CA4151 3.50% 2049¹		1,271		1,401
Fannie Mae Pool #FM1062 3.50% 2049¹		774		853
Fannie Mae Pool #FM1443 3.50% 2049¹		646		709
Fannie Mae Pool #BJ8411 3.50% 2049¹		267		293

226	American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CA5229 3.00% 2050¹	$	27,582		$	29,859
Fannie Mae Pool #FM2179 3.00% 2050¹		10,829			11,643
Fannie Mae Pool #FM3834 4.50% 2050¹		2,462			2,660
Fannie Mae Pool #MA4256 2.50% 2051¹		11			12
Fannie Mae, Series 2001-4, Class NA, 9.011% 2025^1,2		—	³		—	³
Fannie Mae, Series 2001-4, Class GA, 9.081% 2025^1,2		—	³		—	³
Fannie Mae, Series 2012-M2, Class A2, Multi Family, 2.717% 2022¹		444			452
Fannie Mae, Series 2012-M3, Class 1A2, Multi Family, 3.044% 2022¹		460			470
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.128% 2023^1,2		625			660
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 2024^1,2		1,292			1,397
Freddie Mac Pool #SB8083 1.50% 2036¹		2,805			2,887
Freddie Mac Pool #SB8084 2.00% 2036¹		996			1,042
Freddie Mac Pool #1H1354 2.442% 2036^1,2		137			145
Freddie Mac Pool #C03518 5.00% 2040¹		590			686
Freddie Mac Pool #G06459 5.00% 2041¹		1,175			1,367
Freddie Mac Pool #Q18236 3.50% 2043¹		115			125
Freddie Mac Pool #Q19133 3.50% 2043¹		73			79
Freddie Mac Pool #Q17696 3.50% 2043¹		64			70
Freddie Mac Pool #841039 3.54% 2043^1,2		832			861
Freddie Mac Pool #Q23190 4.00% 2043¹		277			308
Freddie Mac Pool #Q15874 4.00% 2043¹		7			7
Freddie Mac Pool #Q28558 3.50% 2044¹		345			378
Freddie Mac Pool #760014 3.116% 2045^1,2		630			658
Freddie Mac Pool #Q52069 3.50% 2047¹		192			209
Freddie Mac Pool #Q47615 3.50% 2047¹		90			99
Freddie Mac Pool #ZM4352 3.50% 2047¹		17			18
Freddie Mac Pool #Q55056 3.50% 2048¹		239			259
Freddie Mac Pool #Q54709 3.50% 2048¹		144			156
Freddie Mac Pool #Q54701 3.50% 2048¹		135			147
Freddie Mac Pool #Q54782 3.50% 2048¹		118			129
Freddie Mac Pool #Q54781 3.50% 2048¹		110			120
Freddie Mac Pool #Q54700 3.50% 2048¹		105			115
Freddie Mac Pool #Q55060 3.50% 2048¹		74			80
Freddie Mac Pool #Q56591 3.50% 2048¹		70			75
Freddie Mac Pool #Q56590 3.50% 2048¹		67			73
Freddie Mac Pool #Q56589 3.50% 2048¹		64			70
Freddie Mac Pool #Q54698 3.50% 2048¹		55			61
Freddie Mac Pool #Q54699 3.50% 2048¹		51			56
Freddie Mac Pool #Q54831 3.50% 2048¹		38			42
Freddie Mac Pool #G67711 4.00% 2048¹		2,642			2,914
Freddie Mac Pool #Q56599 4.00% 2048¹		228			250
Freddie Mac Pool #Q56175 4.00% 2048¹		171			188
Freddie Mac Pool #Q55971 4.00% 2048¹		152			168
Freddie Mac Pool #Q56576 4.00% 2048¹		118			126
Freddie Mac Pool #Q55970 4.00% 2048¹		75			83
Freddie Mac Pool #Q58411 4.50% 2048¹		464			516
Freddie Mac Pool #Q58436 4.50% 2048¹		209			234
Freddie Mac Pool #Q58378 4.50% 2048¹		174			191
Freddie Mac Pool #Q57242 4.50% 2048¹		122			134
Freddie Mac Pool #ZT0522 4.50% 2048¹		61			66
Freddie Mac Pool #ZS4774 4.50% 2048¹		56			61
Freddie Mac Pool #RA1463 3.50% 2049¹		864			953
Freddie Mac Pool #QA0284 3.50% 2049¹		372			408
Freddie Mac Pool #RA1580 3.50% 2049¹		299			332
Freddie Mac Pool #QA2748 3.50% 2049¹		115			127
Freddie Mac Pool #RA2236 4.50% 2049¹		733			796
Freddie Mac Pool #QA4453 4.50% 2049¹		47			51
Freddie Mac Pool #QA8801 3.00% 2050¹		16,922			18,221
Freddie Mac, Series 1567, Class A, (1-month USD-LIBOR + 0.40%) 0.559% 2023^1,2		6			6
Freddie Mac, Series K031, Class A1, Multi Family, 2.778% 2022¹		202			206
Freddie Mac, Series KS01, Class A2, Multi Family, 2.522% 2023¹		788			811

American Funds Insurance Series

227

U.S. Government/AAA-Rated Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 2023¹	$	200	$	212
Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 2023^1,2		2,565		2,757
Freddie Mac, Series K034, Class A2, Multi Family, 3.531% 2023¹		2,745		2,955
Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 2024¹		2,000		2,197
Freddie Mac, Series K038, Class A2, Multi Family, 3.389% 2024¹		6,895		7,513
Freddie Mac, Series K063, Class A2, Multi Family, 3.43% 2027¹		1,080		1,243
Freddie Mac, Series K095, Class A1, Multi Family, 2.631% 2028¹		518		566
Freddie Mac, Series K081, Class A2, Multi Family, 3.90% 2028^1,2		4,200		5,055
Freddie Mac, Series K082, Class A2, Multi Family, 3.92% 2028^1,2		3,300		3,985
Freddie Mac, Series K083, Class A2, Multi Family, 4.05% 2028^1,2		3,500		4,261
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056¹		8,362		8,970
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 2056^1,2		7,932		8,337
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 2056^1,2		7,589		7,975
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 2056¹		2,298		2,466
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 2056¹		447		491
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 2057¹		2,367		2,567
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^1,2		4,382		4,778
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057¹		7,399		8,080
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057¹		5,672		6,145
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057¹		2,723		2,973
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50% 2057¹		1,183		1,279
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 2058¹		4,700		5,122
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 2058¹		2,695		2,943
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 2058¹		1,400		1,522
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 2058¹		1,005		1,097
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 2058¹		589		648
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2059¹		5,350		5,708
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028¹		33,151		35,072
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 2028¹		7,871		8,284
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 2029¹		9,710		10,277
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 2030¹		3,111		3,210
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 2030¹		535		555
Government National Mortgage Assn. 5.50% 2038¹		162		185
Government National Mortgage Assn. 5.50% 2038¹		46		51
Government National Mortgage Assn. 2.00% 2051^1,4		11,627		12,139
Government National Mortgage Assn. 2.00% 2051^1,4		9,780		10,194
Government National Mortgage Assn. 2.50% 2051^1,4		460		485
Government National Mortgage Assn. 3.00% 2051^1,4		800		837
Government National Mortgage Assn. 3.50% 2051^1,4		22,750		24,105
Government National Mortgage Assn. 3.50% 2051^1,4		22,662		23,998
Government National Mortgage Assn. Pool #699537 5.50% 2038¹		94		105
Government National Mortgage Assn. Pool #700778 5.50% 2038¹		25		29
Government National Mortgage Assn. Pool #782365 6.00% 2038¹		149		179
Government National Mortgage Assn. Pool #004269 6.50% 2038¹		260		305
Government National Mortgage Assn. Pool #698406 5.00% 2039¹		317		359
Government National Mortgage Assn. Pool #783690 6.00% 2039¹		134		155
Government National Mortgage Assn. Pool #783689 5.50% 2040¹		3,959		4,560
Government National Mortgage Assn. Pool #783687 4.50% 2041¹		880		952
Government National Mortgage Assn. Pool #783688 5.00% 2041¹		1,546		1,743
Government National Mortgage Assn. Pool #MA0533 3.00% 2042¹		32		35
Government National Mortgage Assn. Pool #MA1012 3.50% 2043¹		1,119		1,223
Government National Mortgage Assn. Pool #MA5764 4.50% 2049¹		10,111		10,944
Government National Mortgage Assn. Pool #MA5877 4.50% 2049¹		4,528		4,898
Government National Mortgage Assn. Pool #MA6092 4.50% 2049¹		769		829
Government National Mortgage Assn. Pool #MA7052 2.50% 2050¹		6,040		6,400
Uniform Mortgage-Backed Security 1.50% 2036^1,4		119,476		122,702

228	American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Uniform Mortgage-Backed Security 1.50% 2036^1,4	$	89,298		$	91,755
Uniform Mortgage-Backed Security 2.00% 2036^1,4		70,158			73,272
Uniform Mortgage-Backed Security 2.00% 2051^1,4		16,809			17,401
Uniform Mortgage-Backed Security 2.00% 2051^1,4		9,414			9,761
Uniform Mortgage-Backed Security 2.50% 2051^1,4		451			474
Uniform Mortgage-Backed Security 2.50% 2051^1,4		339			357
Uniform Mortgage-Backed Security 3.00% 2051^1,4		2			2
Uniform Mortgage-Backed Security 3.50% 2051^1,4		20,663			21,871
					755,912

Collateralized mortgage-backed obligations 0.05%
Vendee Mortgage Trust, Series 2010-1, Class DA, 4.25% 2035¹		1,050			1,063

Total mortgage-backed obligations					756,975

U.S. Treasury bonds & notes 30.83%
U.S. Treasury 24.25%
U.S. Treasury 1.375% 2022		3,100			3,142
U.S. Treasury 1.75% 2022		32,093			32,831
U.S. Treasury 2.125% 2023		—	³		—	³
U.S. Treasury 2.875% 2023		5,000			5,394
U.S. Treasury 0.25% 2025		65,000			64,801
U.S. Treasury 0.25% 2025		4,000			3,984
U.S. Treasury 0.375% 2025		10,000			10,013
U.S. Treasury 1.625% 2026		10,000			10,665
U.S. Treasury 0.50% 2027		5,314			5,280
U.S. Treasury 0.625% 2030		1,175			1,145
U.S. Treasury 1.125% 2040		10,750			10,176
U.S. Treasury 1.125% 2040		7,000			6,644
U.S. Treasury 2.50% 2046		5,400			6,453
U.S. Treasury 2.50% 2046		3,900			4,659
U.S. Treasury 2.875% 2046		2,700			3,450
U.S. Treasury 2.25% 2049⁵		25,700			29,416
U.S. Treasury 2.375% 2049		13,000			15,271
U.S. Treasury 2.875% 2049⁵		26,000			33,565
U.S. Treasury 3.00% 2049⁵		22,500			29,670
U.S. Treasury 1.25% 2050⁵		46,500			42,173
U.S. Treasury 1.375% 2050⁵		100,000			93,575
U.S. Treasury 1.625% 2050⁵		110,500			109,973
					522,280

U.S. Treasury inflation-protected securities 6.58%
U.S. Treasury Inflation-Protected Security 0.125% 2021⁶		65,918			66,164
U.S. Treasury Inflation-Protected Security 0.125% 2022⁶		6,097			6,209
U.S. Treasury Inflation-Protected Security 0.125% 2030⁶		27,420			30,761
U.S. Treasury Inflation-Protected Security 0.125% 2030⁶		6,222			6,940
U.S. Treasury Inflation-Protected Security 2.125% 2041⁶		369			579
U.S. Treasury Inflation-Protected Security 0.75% 2042^5,6		15,199			19,375
U.S. Treasury Inflation-Protected Security 1.00% 2049⁶		8,278			11,674
					141,702

Total U.S. Treasury bonds & notes					663,982

Federal agency bonds & notes 15.84%
Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012 LLC 2.646% 2026		483			508
Fannie Mae 1.25% 2021		2,900			2,921
Fannie Mae 2.875% 2023		36,000			38,605
Fannie Mae 0.625% 2025		10,000			10,116

American Funds Insurance Series

229

U.S. Government/AAA-Rated Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Federal agency bonds & notes (continued)
Fannie Mae 0.75% 2027	$	2,900	$	2,916
Fannie Mae 0.875% 2030		8,600		8,438
Fannie Mae 7.125% 2030		2,000		3,059
Federal Farm Credit Banks 0.375% 2022		1,500		1,505
Federal Home Loan Bank 3.375% 2023		16,715		18,125
Federal Home Loan Bank 3.25% 2028		6,500		7,745
Federal Home Loan Bank 5.50% 2036		300		464
Freddie Mac 2.375% 2021		40,000		40,108
Private Export Funding Corp. 3.266% 2021⁷		34,000		34,886
Private Export Funding Corp. 3.55% 2024		3,190		3,500
Small Business Administration, Series 2001-20F, 6.44% 2021		7		7
Tennessee Valley Authority, Series A, 3.875% 2021		32,975		33,117
Tennessee Valley Authority 0.75% 2025		1,800		1,828
Tennessee Valley Authority 2.875% 2027		5,000		5,639
Tennessee Valley Authority 4.65% 2035		1,780		2,472
Tennessee Valley Authority 5.88% 2036		875		1,340
Tennessee Valley Authority, Series A, 4.625% 2060		250		391
TVA Southaven 3.846% 2033		1,112		1,214
U.S. Agency for International Development, Iraq (State of) 2.149% 2022		3,370		3,439
U.S. Agency for International Development, Jordan (Kingdom of) 2.578% 2022		41,500		42,998
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 2025		14,779		16,354
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 2026		2,669		3,168
U.S. Agency for International Development, Tunisia (Kingdom of) 1.416% 2021		1,500		1,513
U.S. Agency for International Development, Ukraine 1.471% 2021		2,210		2,234
U.S. Department of Housing and Urban Development, Series 2015-A-7, 2.35% 2021		3,750		3,799
U.S. Department of Housing and Urban Development, Series 2015-A-8, 2.45% 2022		6,000		6,212
U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 2023		1,500		1,599
U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 2024		2,250		2,455
U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 2025		2,640		2,892
U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 2026		2,625		2,889
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 2027		11,482		12,649
U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 2028		3,856		4,259
U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 2029		2,650		2,934
U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 2030		2,482		2,729
U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 2031		2,475		2,726
U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 2032		2,377		2,621
U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 2033		2,059		2,275
U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 2034		651		720
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp. 3.82% 2032		833		994
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp. 3.938% 2032		681		792
				341,155

Total bonds, notes & other debt instruments (cost: $1,717,324,000)				1,762,112


Short-term securities 33.97%
Commercial paper 25.22%
Amazon.com, Inc. 0.08% due 1/25/2021⁷		15,000		14,999
Apple Inc. 0.10%–0.11% due 1/21/2021–1/29/2021⁷		40,700		40,698
Army and Air Force Exchange Service 0.11% due 1/7/2021⁷		11,700		11,699
Atlantic Asset Securitization LLC 0.16% due 1/11/2021⁷		12,000		11,999
CAFCO, LLC 0.16% due 1/4/2021⁷		25,000		25,000
Chariot Funding, LLC 0.16%–0.20% due 1/11/2021–2/12/2021⁷		46,000		45,992
Chevron Corp. 0.08%–0.12% due 1/7/2021–2/26/2021⁷		46,800		46,794
CRC Funding, LLC 0.16%–0.17% due 1/4/2021–1/22/2021⁷		35,000		34,997
Emerson Electric Co. 0.12%–0.13% due 1/14/2021–1/26/2021⁷		52,650		52,647
ExxonMobil Corp. 0.12%–0.15% due 1/5/2021–2/17/2021		45,000		44,996

230	American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund (continued)

Short-term securities (continued)	Principal amount (000)		Value (000)
Commercial paper (continued)
Johnson & Johnson 0.11% due 6/1/2021⁷	$	26,000	$	25,985
Kaiser Foundation Hospitals 0.18% due 5/4/2021		17,000		16,983
Merck & Co. Inc. 0.09%–0.12% due 1/22/2021–2/19/2021⁷		46,000		45,995
National Rural Utilities Cooperative Finance Corp. 0.12% due 2/4/2021		10,000		9,999
Paccar Financial Corp. 0.11%–0.12% due 1/19/2021–2/3/2021		33,500		33,498
PepsiCo Inc. 0.15% due 3/1/2021⁷		3,000		2,999
Pfizer Inc. 0.10% due 1/7/2021⁷		28,800		28,800
Regents of the University of California 0.17% due 2/18/2021		18,500		18,496
Sumitomo Mitsui Banking Corp. 0.15% due 2/3/2021⁷		30,500		30,496
				543,072

Federal agency bills & notes 8.29%
Federal Farm Credit Banks 0.07%–0.10% due 1/7/2021–5/5/2021		83,300		83,289
Federal Home Loan Bank 0.07%–0.09% due 1/4/2021–2/9/2021		95,200		95,195
				178,484

U.S. Treasury bills 0.46%
U.S. Treasury 0.09% due 1/14/2021		10,000		10,000

Total short-term securities (cost: $731,564,000)				731,556
Total investment securities 115.79% (cost: $2,448,888,000)				2,493,668
Other assets less liabilities (15.79)%				(340,011	)

Net assets 100.00%			$	2,153,657

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount⁸ (000)			Value at 12/31/2020⁹ (000)				Unrealized appreciation (depreciation) at 12/31/2020 (000)
30 Day Federal Funds Futures	Short	759	January 2021	$	(316,275	)		$	(316,022	)		$	173
90 Day Euro Dollar Futures	Short	1,703	March 2021		(425,750	)			(425,026	)			(173	)
2 Year U.S. Treasury Note Futures	Short	195	April 2021		(39,000	)			(43,090	)			(41	)
5 Year U.S. Treasury Note Futures	Long	1,142	April 2021		114,200				144,079				307
10 Year U.S. Treasury Note Futures	Short	1,087	March 2021		(108,700	)			(150,091	)			(178	)
10 Year Ultra U.S. Treasury Note Futures	Short	2,164	March 2021		(216,400	)			(338,362	)			755
20 Year U.S. Treasury Bond Futures	Long	214	March 2021		21,400				37,062				(336	)
30 Year Ultra U.S. Treasury Bond Futures	Long	695	March 2021		69,500				148,426				(547	)
												$	(40	)

American Funds Insurance Series

231

U.S. Government/AAA-Rated Securities Fund (continued)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 12/31/2020 (000)			Upfront premium paid (received) (000)			Unrealized appreciation (depreciation) at 12/31/2020 (000)
2.5775%	U.S. EFFR	7/16/2022	$	181,639	$	4,629		$	—		$	4,629
1.2525%	U.S. EFFR	2/14/2023		156,941		3,951			—			3,951
U.S. EFFR	0.11%	5/18/2024		163,600		187			—			187
U.S. EFFR	0.1275%	6/25/2025		48,600		188			—			188
U.S. EFFR	0.126%	6/25/2025		20,100		79			—			79
U.S. EFFR	0.106%	6/30/2025		35,063		173			—			173
U.S. EFFR	0.105%	6/30/2025		28,500		142			—			142
U.S. EFFR	0.0975%	6/30/2025		15,429		82			—			82
3-month USD-LIBOR	1.867%	7/11/2025		49,400		(2,059	)		—			(2,059	)
2.91%	3-month USD-LIBOR	2/1/2028		16,000		1,613			—			1,613
2.908%	3-month USD-LIBOR	2/1/2028		16,000		1,611			—			1,611
2.925%	3-month USD-LIBOR	2/1/2028		12,800		1,300			—			1,300
2.92%	3-month USD-LIBOR	2/2/2028		12,200		1,236			—			1,236
U.S. EFFR	0.5385%	3/26/2030		49,000		658			—			658
0.913%	3-month USD-LIBOR	6/9/2030		31,000		93			—			93
U.S. EFFR	0.666%	11/19/2030		15,500		107			—			107
3-month USD-LIBOR	2.986%	2/1/2038		7,800		(892	)		—			(892	)
3-month USD-LIBOR	2.9625%	2/1/2038		9,800		(1,100	)		—			(1,100	)
3-month USD-LIBOR	2.963%	2/1/2038		9,800		(1,100	)		—			(1,100	)
0.833%	3-month USD-LIBOR	4/3/2040		15,800		(1,319	)		—			(1,319	)
3-month USD-LIBOR	0.81%	7/28/2045		87,600		10,704			(52	)		10,756
0.8235%	3-month USD-LIBOR	4/24/2050		5,300		(776	)		—			(776	)
3-month USD-LIBOR	0.811%	7/27/2050		52,500		7,921			—			7,921
								$	(52	)	$	27,480

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	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
³	Amount less than one thousand.
⁴	Purchased on a TBA basis.
⁵	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $22,183,000, which represented 1.03% of the net assets of the fund.
⁶	Index-linked bond whose principal amount moves with a government price index.
⁷	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 $453,986,000, which represented 21.08% of the net assets of the fund.
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

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

232	American Funds Insurance Series

Managed Risk Growth Fund

Investment portfolio December 31, 2020

Growth funds 80.18%	Shares		Value (000)
American Funds Insurance Series – Growth Fund, Class 1		3,764,738	$	452,559

Total growth funds (cost: $296,745,000)				452,559

Fixed income funds 15.04%
American Funds Insurance Series – Bond Fund, Class 1		7,142,308		84,922

Total fixed income funds (cost: $84,212,000)				84,922

Short-term securities 4.84%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%¹		27,316,055		27,316

Total short-term securities (cost: $27,316,000)				27,316
Total investment securities 100.06% (cost: $408,273,000)				564,797
Other assets less liabilities (0.06)%				(351	)

Net assets 100.00%			$	564,446

Futures contracts

Contracts

Type

Number of
contracts

Expiration

Notional
amount
(000)

Value at
12/31/2020
(000)

Unrealized
appreciation
at 12/31/2020
(000)

5 Year U.S. Treasury Note Futures

Long

242

March 2021

24,200

30,532

$69

Investments in affiliates⁴

	Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80.18%
American Funds Insurance Series – Growth Fund, Class 1	$	358,426	$	260,676	$	327,558	$	49,300	$	111,715		$	452,559	$	2,083	$	9,098
Fixed income funds 15.04%
American Funds Insurance Series – Bond Fund, Class 1		66,685		100,237		84,848		4,035		(1,187	)		84,922		1,784		580
Total 95.22%							$	53,335	$	110,528		$	537,481	$	3,867	$	9,678

¹	Rate represents the seven-day yield at 12/31/2020.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.
⁴	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

American Funds Insurance Series

233

Managed Risk International Fund

Investment portfolio December 31, 2020

Growth funds 80.05%	Shares		Value (000)
American Funds Insurance Series – International Fund, Class 1		5,742,124	$	135,744

Total growth funds (cost: $102,112,000)				135,744

Fixed income funds 15.02%
American Funds Insurance Series – Bond Fund, Class 1		2,142,314		25,472

Total fixed income funds (cost: $25,280,000)				25,472

Short-term securities 4.73%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%¹		8,021,459		8,021

Total short-term securities (cost: $8,021,000)				8,021
Total investment securities 99.80% (cost: $135,413,000)				169,237
Other assets less liabilities 0.20%				332

Net assets 100.00%			$	169,569

Futures contracts

Contracts

Type

Number of
contracts

Expiration

Notional
amount
(000)

Value at
12/31/2020
(000)

Unrealized
appreciation
at 12/31/2020
(000)

5 Year U.S. Treasury Note Futures

Long

March 2021

7,200

9,084

$21

Investments in affiliates⁴

	Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80.05%
American Funds Insurance Series – International Fund, Class 1	$	133,862	$	72,083	$	88,432	$	(1,268	)	$	19,499		$	135,744	$	1,092	$	—
Fixed income funds 15.02%
American Funds Insurance Series – Bond Fund, Class 1		24,465		30,573		30,185		1,103			(484	)		25,472		529		159
Total 95.07%							$	(165	)	$	19,015		$	161,216	$	1,621	$	159

¹	Rate represents the seven-day yield at 12/31/2020.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.
⁴	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

234	American Funds Insurance Series

Managed Risk Blue Chip Income and Growth Fund

Investment portfolio December 31, 2020

Growth-and-income funds 80.10%	Shares		Value (000)
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1		19,891,981	$	285,450

Total growth-and-income funds (cost: $223,384,000)				285,450

Fixed income funds 15.03%
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1		4,107,687		53,565

Total fixed income funds (cost: $54,284,000)				53,565

Short-term securities 4.92%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%¹		17,540,474		17,540

Total short-term securities (cost: $17,540,000)				17,540
Total investment securities 100.05% (cost: $295,208,000)				356,555
Other assets less liabilities (0.05)%				(195	)

Net assets 100.00%			$	356,360

Futures contracts

Contracts

Type

Number of
contracts

Expiration

Notional
amount
(000)

Value at
12/31/2020
(000)

Unrealized
appreciation
at 12/31/2020
(000)

5 Year U.S. Treasury Note Futures

Long

167

March 2021

16,700

21,069

$38

Investments in affiliates⁴

		Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 80.10%
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1	$	299,536	$	237,327	$	269,536	$	(40,214	)	$	58,337		$	285,450	$	5,176	$	3,353
Fixed income funds 15.03%
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1		53,524		87,643		90,377		4,226			(1,451	)		53,565		1,038		976
Total 95.13%							$	(35,988	)	$	56,886		$	339,015	$	6,214	$	4,329

¹	Rate represents the seven-day yield at 12/31/2020.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.
⁴	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

American Funds Insurance Series

235

Managed Risk Growth-Income Fund

Investment portfolio December 31, 2020

Growth-and-income funds 79.61%	Shares		Value (000)
American Funds Insurance Series – Growth-Income Fund, Class 1		34,999,287	$	1,938,260

Total growth-and-income funds (cost: $1,602,958,000)				1,938,260

Fixed income funds 14.94%
American Funds Insurance Series – Bond Fund, Class 1		30,589,705		363,712

Total fixed income funds (cost: $350,930,000)				363,712

Short-term securities 4.72%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%¹		114,850,821		114,851

Total short-term securities (cost: $114,851,000)				114,851

Options purchased 0.49%
Options purchased*				12,028

Total options purchased (cost: $44,381,000)				12,028
Total investment securities 99.76% (cost: $2,113,120,000)				2,428,851
Other assets less liabilities 0.24%				5,765

Net assets 100.00%			$	2,434,616

*Options purchased

Put

Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date	Value at 12/31/2020 (000)
S&P 500 Index		460	$	1,728	$	2,025.00	3/19/2021		$	122
S&P 500 Index		965		3,625		2,050.00	3/19/2021			251
S&P 500 Index		9,680		36,359		2,075.00	3/19/2021			2,759
S&P 500 Index		750		2,817		2,100.00	3/19/2021			225
S&P 500 Index		120		451		2,175.00	3/19/2021			41
S&P 500 Index		200		751		2,325.00	6/18/2021			312
S&P 500 Index		275		1,033		2,350.00	6/18/2021			483
S&P 500 Index		625		2,347		2,375.00	6/18/2021			1,147
S&P 500 Index		1,980		7,437		2,400.00	6/18/2021			3,514
S&P 500 Index		1,285		4,826		2,425.00	6/18/2021			2,397
S&P 500 Index		55		207		2,475.00	6/18/2021			113
S&P 500 Index		130		488		2,325.00	9/17/2021			367
S&P 500 Index		100		376		2,350.00	9/17/2021			297
									$	12,028

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		²	Value at 12/31/2020 (000)		³	Unrealized appreciation at 12/31/2020 (000)
5 Year U.S. Treasury Note Futures	Long	1,167	March 2021	$	116,700		$	147,234			$	341
S&P 500 E-mini Index Contracts	Long	601	March 2021		30			112,651				2,637
											$	2,978

236	American Funds Insurance Series

Managed Risk Growth-Income Fund (continued)

Investments in affiliates⁴

		Value of affiliates at 1/1/2020 (000)	Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 79.61%
American Funds Insurance Series – Growth-Income Fund, Class 1	$	1,841,827	$	536,730	$	621,211	$	8,083	$	172,831		$	1,938,260	$	27,764	$	46,619
Fixed income funds 14.94%
American Funds Insurance Series – Bond Fund, Class 1		337,186		271,155		261,381		23,965		(7,213	)		363,712		7,976		3,178
Total 94.55%							$	32,048	$	165,618		$	2,301,972	$	35,740	$	49,797

¹	Rate represents the seven-day yield at 12/31/2020.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.
⁴	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

American Funds Insurance Series

237

Managed Risk Asset Allocation Fund

Investment portfolio December 31, 2020

Asset allocation funds 95.25%	Shares		Value (000)
American Funds Insurance Series – Asset Allocation Fund, Class 1		99,876,172	$	2,646,718

Total asset allocation funds (cost: $2,242,813,000)				2,646,718

Short-term securities 4.82%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%¹		133,963,576		133,964

Total short-term securities (cost: $133,964,000)				133,964
Total investment securities 100.07% (cost: $2,376,777,000)				2,780,682
Other assets less liabilities (0.07)%				(1,911	)

Net assets 100.00%			$	2,778,771

Futures contracts

Contracts

Type

Number of
contracts

Expiration

Notional
amount
(000)

Value at
12/31/2020
(000)

Unrealized
appreciation
at 12/31/2020
(000)

5 Year U.S. Treasury Note Futures

Long

1,187

March 2021

118,700

149,757

$358

Investments in affiliates⁴

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliate at 12/31/2020 (000)		Dividend income (000)		Capital gain distributions received (000)
Asset allocation funds 95.25%
American Funds Insurance Series – Asset Allocation Fund, Class 1	$	2,704,731	$	748,623	$	1,032,662	$	65,756	$	160,270	$	2,646,718	$	46,786	$	11,668

¹	Rate represents the seven-day yield at 12/31/2020.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.
⁴	Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

See notes to financial statements.

238	American Funds Insurance Series

Financial statements
Statements of assets and liabilities at December 31, 2020	(dollars in thousands)

	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	8,155,602	$	5,335,230	$	37,254,039	$	10,135,728	$	3,998,276
Affiliated issuers		125,696		60,433		1,623,691		523,844		224,497
Cash		50		3,005		210		41		2,018
Cash collateral received for securities on loan		2,031		7,971		756		1,553		1,558
Cash collateral pledged for futures contracts		—		—		—		—		85
Cash denominated in currencies other than U.S. dollars		2,207		97		3,164		2,778		304
Unrealized appreciation on open forward currency contracts		—		—		—		309		—
Receivables for:
Sales of investments		—		238		150,761		3,290		10,960
Sales of fund’s shares		1,566		2,116		16,007		1,802		37,379
Dividends and interest		10,576		1,569		18,278		9,735		3,890
Variation margin on futures contracts		—		—		—		—		8
Securities lending income		22		278		4		19		24
Other		494		—		81		141		1,813
		8,298,244		5,410,937		39,066,991		10,679,240		4,280,812
Liabilities:
Collateral for securities on loan		20,305		79,709		7,559		15,528		15,578
Unrealized depreciation on open forward currency contracts		—		—		—		395		54
Payables for:
Purchases of investments		24		1,561		1,824		1,556		215
Repurchases of fund’s shares		23,218		6,758		114,829		37,500		3,100
Investment advisory services		3,454		3,020		10,027		4,312		1,758
Insurance administrative fees		311		150		1,347		249		468
Services provided by related parties		1,221		734		5,719		1,278		487
Trustees’ deferred compensation		88		59		528		205		42
Variation margin on futures contracts		—		—		—		—		2
Non-U.S. taxes		8,523		6,043		1,032		27,099		15,804
Other		130		162		82		260		151
		57,274		98,196		142,947		88,382		37,659
Net assets at December 31, 2020	$	8,240,970	$	5,312,741	$	38,924,044	$	10,590,858	$	4,243,153

Net assets consist of:
Capital paid in on shares of beneficial interest	$	3,464,639	$	2,848,920	$	12,646,186	$	7,030,548	$	2,476,998
Total distributable earnings		4,776,331		2,463,821		26,277,858		3,560,310		1,766,155
Net assets at December 31, 2020	$	8,240,970	$	5,312,741	$	38,924,044	$	10,590,858	$	4,243,153

Investment securities on loan, at value	$	21,446	$	77,648	$	7,302	$	83,899	$	18,411
Investment securities, at cost
Unaffiliated issuers		3,818,393		3,019,323		16,290,045		6,395,222		2,355,089
Affiliated issuers		125,680		29,938		1,623,585		523,780		224,489
Cash denominated in currencies other than U.S. dollars, at cost		2,119		96		3,115		2,761		304

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

American Funds Insurance Series

239

Statements of assets and liabilities
at December 31, 2020 (continued)

(dollars in thousands)

	Blue Chip Income and Growth Fund		Global Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder
Assets:
Investment securities, at value:
Unaffiliated issuers	$	9,398,174	$	2,103,845	$	37,608,591	$	1,425,923	$	1,047,478
Affiliated issuers		178,532		66,489		1,005,764		31,755		56,762
Cash		795		192		1,475		50		208
Cash collateral received for securities on loan		359		716		19,384		710		131
Cash denominated in currencies other than U.S. dollars		—		529		8,131		1,847		1,180
Unrealized appreciation on open forward currency contracts		—		—		—		—		34
Receivables for:
Sales of investments		—		12,647		1,628		824		40,739
Sales of fund’s shares		1,354		1,765		25,220		180		1,808
Dividends and interest		14,453		3,886		50,590		3,015		4,041
Variation margin on futures contracts		—		—		—		—		44
Variation margin on swap contracts		—		—		—		—		4
Securities lending income		5		6		268		1		3
Other		4		427		592		184		63
		9,593,676		2,190,502		38,721,643		1,464,489		1,152,495
Liabilities:
Collateral for securities on loan		3,589		7,156		193,847		7,095		1,316
Unrealized depreciation on open forward currency contracts		—		—		—		—		56
Payables for:
Purchases of investments		76		8		2,168		4		50,258
Repurchases of fund’s shares		6,089		3,403		18,913		455		3,045
Investment advisory services		3,113		1,074		8,083		738		197
Insurance administrative fees		471		96		829		65		280
Services provided by related parties		1,047		371		4,183		106		124
Trustees’ deferred compensation		105		27		603		14		7
Variation margin on futures contracts		—		—		—		—		9
Variation margin on swap contracts		—		—		—		—		36
Non-U.S. taxes		—		3,879		1,398		81		205
Other		120		38		84		48		10
		14,610		16,052		230,108		8,606		55,543
Net assets at December 31, 2020	$	9,579,066	$	2,174,450	$	38,491,535	$	1,455,883	$	1,096,952

Net assets consist of:
Capital paid in on shares of beneficial interest	$	6,782,313	$	1,372,114	$	23,517,537	$	1,145,069	$	1,004,823
Total distributable earnings		2,796,753		802,336		14,973,998		310,814		92,129
Net assets at December 31, 2020	$	9,579,066	$	2,174,450	$	38,491,535	$	1,455,883	$	1,096,952

Investment securities on loan, at value	$	3,447	$	6,890	$	188,806	$	6,820	$	5,528
Investment securities, at cost
Unaffiliated issuers		6,564,106		1,352,326		23,117,506		1,039,465		892,022
Affiliated issuers		178,499		66,481		1,005,560		31,748		56,762
Cash denominated in currencies other than U.S. dollars, at cost		—		524		8,047		1,847		1,175

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

240	American Funds Insurance Series

Statements of assets and liabilities
at December 31, 2020 (continued)

(dollars in thousands)

	Asset Allocation Fund		Global Balanced Fund		Bond Fund		Capital World Bond Fund (formerly Global Bond Fund)		High- Income Bond Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	28,437,125	$	429,245	$	11,032,012	$	2,195,557	$	821,972
Affiliated issuers		2,437,130		24,329		2,690,045		147,017		33,493
Cash		1,502		60		1,931		234		13
Cash collateral received for securities on loan		1,405		—		—		—		—
Cash collateral pledged for futures contracts		—		—		—		—		180
Cash collateral pledged for swap contracts		—		—		—		—		1,527
Cash denominated in currencies other than U.S. dollars		1,043		243		8		1,536		—	*
Unrealized appreciation on open forward currency contracts		—		257		46		4,155		—
Receivables for:
Sales of investments		2,211,415		2,039		4,259,301		37,036		2,195
Sales of fund’s shares		18,047		120		16,175		2,630		10
Dividends and interest		82,937		1,399		56,775		18,981		12,591
Variation margin on futures contracts		854		—		1,067		60		—
Variation margin on swap contracts		—		2		3		4		—
Securities lending income		35		—		—		—		—
Unrealized appreciation on unfunded commitments		740		—		—		—		323
Other		317		60		208		457		4
		33,192,550		457,754		18,057,571		2,407,667		872,308
Liabilities:
Collateral for securities on loan		14,048		—		—		—		—
Unrealized depreciation on open forward currency contracts		—		259		2,653		3,799		—
Payables for:
Purchases of investments		3,495,044		1,762		6,637,389		63,377		3,274
Repurchases of fund’s shares		6,458		154		3,405		217		789
Investment advisory services		6,508		250		3,453		841		355
Insurance administrative fees		3,028		63		426		35		39
Services provided by related parties		2,894		75		1,237		293		177
Trustees’ deferred compensation		326		4		137		29		41
Variation margin on futures contracts		716		4		1,143		114		14
Variation margin on swap contracts		66		—		295		18		39
Non-U.S. taxes		5,162		43		—		89		—
Other		649		8		14		110		1
		3,534,899		2,622		6,650,152		68,922		4,729
Net assets at December 31, 2020	$	29,657,651	$	455,132	$	11,407,419	$	2,338,745	$	867,579

Net assets consist of:
Capital paid in on shares of beneficial interest	$	20,079,887	$	352,482	$	10,340,097	$	2,109,516	$	1,110,844
Total distributable earnings (accumulated loss)		9,577,764		102,650		1,067,322		229,229		(243,265	)
Net assets at December 31, 2020	$	29,657,651	$	455,132	$	11,407,419	$	2,338,745	$	867,579

Investment securities on loan, at value	$	13,741	$	—	$	—	$	—	$	—
Investment securities, at cost
Unaffiliated issuers		19,781,571		328,521		10,403,219		2,023,861		806,030
Affiliated issuers		2,391,012		24,327		2,690,027		147,017		33,489
Cash denominated in currencies other than U.S. dollars, at cost		1,010		243		8		1,529		—	*

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

American Funds Insurance Series

241

Statements of assets and liabilities
at December 31, 2020 (continued)

(dollars in thousands)

	American Funds Mortgage Fund (formerly Mortgage Fund)		Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund		Managed Risk Growth Fund		Managed Risk International Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	392,439	$	372,357		$	2,493,668	$	27,316	$	8,021
Affiliated issuers		—		—			—		537,481		161,216
Cash		388		98			231		—		—
Cash collateral pledged for futures contracts		—		—			—		139		42
Receivables for:
Sales of investments		179,573		—			1,028,854		706		854
Sales of fund’s shares		429		3,527			4,197		191		—
Dividends and interest		460		—			5,801		1		—	*
Variation margin on futures contracts		4		—			648		11		3
Variation margin on swap contracts		—		—			160		—		—
Other		1		—			—		—		—
		573,294		375,982			3,533,559		565,845		170,136
Liabilities:
Payables for:
Purchases of investments		253,353		—			1,376,273		482		175
Repurchases of fund’s shares		123		11			946		427		241
Investment advisory services		65		102			641		47		14
Insurance administrative fees		23		25			174		328		101
Services provided by related parties		28		80			415		112		35
Trustees’ deferred compensation		3		15			54		3		1
Variation margin on futures contracts		29		—			613		—		—
Variation margin on swap contracts		51		—			785		—		—
Other		—		—			1		—		—
		253,675		233			1,379,902		1,399		567
Net assets at December 31, 2020	$	319,619	$	375,749		$	2,153,657	$	564,446	$	169,569

Net assets consist of:
Capital paid in on shares of beneficial interest	$	302,094	$	375,759		$	1,908,506	$	386,634	$	155,543
Total distributable earnings (accumulated loss)		17,525		(10	)		245,151		177,812		14,026
Net assets at December 31, 2020	$	319,619	$	375,749		$	2,153,657	$	564,446	$	169,569

Investment securities, at cost
Unaffiliated issuers	$	387,738	$	372,351		$	2,448,888	$	27,316	$	8,021
Affiliated issuers		—		—			—		380,957		127,392

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

242	American Funds Insurance Series

Statements of assets and liabilities
at December 31, 2020 (continued)

(dollars in thousands)

	Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	17,540		$	126,879	$	133,964
Affiliated issuers		339,015			2,301,972		2,646,718
Cash collateral pledged for futures contracts		132			6,144		683
Receivables for:
Sales of investments		702			—		2,195
Sales of fund’s shares		2			16,998		149
Dividends and interest		—	*		3		3
Variation margin on futures contracts		8			794		56
		357,399			2,452,790		2,783,768
Liabilities:
Payables for:
Purchases of investments		489			16,441		—
Repurchases of fund’s shares		226			6		2,460
Investment advisory services		30			202		234
Insurance administrative fees		218			1,449		1,697
Services provided by related parties		73			64		575
Trustees’ deferred compensation		3			12		31
		1,039			18,174		4,997
Net assets at December 31, 2020	$	356,360		$	2,434,616	$	2,778,771

Net assets consist of:
Capital paid in on shares of beneficial interest	$	357,836		$	2,054,184	$	2,392,464
Total (accumulated loss) distributable earnings		(1,476	)		380,432		386,307
Net assets at December 31, 2020	$	356,360		$	2,434,616	$	2,778,771

Investment securities, at cost
Unaffiliated issuers	$	17,540		$	159,232	$	133,964
Affiliated issuers		277,668			1,953,888		2,242,813

*	Amount less than one thousand.

See notes to financial statements.

American Funds Insurance Series

243

Statements of assets and liabilities
at December 31, 2020 (continued)

(dollars and shares in thousands, except per-share amounts)

		Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized

Class 1:	Net assets	$	3,309,395	$	2,390,834	$	15,644,155	$	5,652,007	$	2,308,973
	Shares outstanding		80,401		73,257		130,131		239,107		73,091
	Net asset value per share	$	41.16	$	32.64	$	120.22	$	23.64	$	31.59
Class 1A:	Net assets	$	11,706	$	1,226	$	60,452	$	9,847	$	17,803
	Shares outstanding		285		38		505		418		566
	Net asset value per share	$	41.02	$	32.49	$	119.59	$	23.55	$	31.43
Class 2:	Net assets	$	4,386,644	$	2,652,518	$	20,593,851	$	4,480,961	$	1,108,860
	Shares outstanding		107,734		84,047		172,799		190,374		35,483
	Net asset value per share	$	40.72	$	31.56	$	119.18	$	23.54	$	31.25
Class 3:	Net assets					$	278,776	$	24,720
	Shares outstanding		Not applicable		Not applicable		2,301		1,043		Not applicable
	Net asset value per share					$	121.13	$	23.69
Class 4:	Net assets	$	533,225	$	268,163	$	2,346,810	$	423,323	$	807,517
	Shares outstanding		13,182		8,469		20,017		18,209		26,016
	Net asset value per share	$	40.45	$	31.67	$	117.24	$	23.25	$	31.04

		Blue Chip Income and Growth Fund			Global Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized

Class 1:	Net assets	$	5,684,371	$	657,344	$	22,902,591	$	1,119,711	$	620,828
	Shares outstanding		396,056		39,436		413,533		58,897		57,099
	Net asset value per share	$	14.35	$	16.67	$	55.38	$	19.01	$	10.87
Class 1A:	Net assets	$	24,659	$	2,375	$	15,908	$	2,967	$	6,465
	Shares outstanding		1,727		143		288		156		595
	Net asset value per share	$	14.28	$	16.62	$	55.16	$	18.97	$	10.86
Class 2:	Net assets	$	3,081,893	$	1,348,612	$	14,012,328	$	221,049	$	7,705
	Shares outstanding		217,731		81,086		256,372		11,666		709
	Net asset value per share	$	14.15	$	16.63	$	54.66	$	18.95	$	10.87
Class 3:	Net assets					$	153,750
	Shares outstanding	Not applicable		Not applicable			2,771	Not applicable		Not applicable
	Net asset value per share					$	55.49
Class 4:	Net assets	$	788,143	$	166,119	$	1,406,958	$	112,156	$	461,954
	Shares outstanding		56,038		10,162		26,061		5,961		42,571
	Net asset value per share	$	14.06	$	16.35	$	53.99	$	18.82	$	10.85

See notes to financial statements.

244	American Funds Insurance Series

Statements of assets and liabilities
at December 31, 2020 (continued)

(dollars and shares in thousands, except per-share amounts)

		Asset Allocation Fund		Global Balanced Fund		Bond Fund		Capital World Bond Fund (formerly Global Bond Fund)		High- Income Bond Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized

Class 1:	Net assets	$	19,237,782	$	139,461	$	6,844,251	$	1,218,619	$	122,902
	Shares outstanding		725,940		9,827		575,693		94,166		12,541
	Net asset value per share	$	26.50	$	14.19	$	11.89	$	12.94	$	9.80
Class 1A:	Net assets	$	14,543	$	2,724	$	9,495	$	703	$	997
	Shares outstanding		550		192		802		54		102
	Net asset value per share	$	26.42	$	14.16	$	11.84	$	12.91	$	9.78
Class 2:	Net assets	$	5,241,950	$	207,779	$	3,839,814	$	1,058,224	$	664,940
	Shares outstanding		200,022		14,669		327,353		82,417		69,210
	Net asset value per share	$	26.21	$	14.16	$	11.73	$	12.84	$	9.61
Class 3:	Net assets	$	32,685							$	9,938
	Shares outstanding		1,232	Not applicable		Not applicable		Not applicable			1,010
	Net asset value per share	$	26.53							$	9.84
Class 4:	Net assets	$	5,130,691	$	105,168	$	713,859	$	61,199	$	68,802
	Shares outstanding		196,868		7,501		61,047		4,815		6,530
	Net asset value per share	$	26.06	$	14.02	$	11.69	$	12.71	$	10.54

		American Funds Mortgage Fund (formerly Mortgage Fund)			Ultra-Short Bond Fund		U.S. Government/ AAA-Rated Securities Fund		Managed Risk Growth Fund		Managed Risk International Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized

Class 1:	Net assets	$	223,554	$	43,579	$	428,683
	Shares outstanding		20,121		3,855		32,878		Not applicable		Not applicable
	Net asset value per share	$	11.11	$	11.31	$	13.04
Class 1A:	Net assets	$	1,161	$	10	$	3,585
	Shares outstanding		105		1		276		Not applicable		Not applicable
	Net asset value per share	$	11.08	$	11.31	$	13.00
Class 2:	Net assets	$	57,906	$	287,757	$	1,439,405
	Shares outstanding		5,222		26,184		111,630		Not applicable		Not applicable
	Net asset value per share	$	11.09	$	10.99	$	12.89
Class 3:	Net assets			$	4,301	$	10,295
	Shares outstanding		Not applicable		387		788		Not applicable		Not applicable
	Net asset value per share			$	11.12	$	13.07
Class 4:	Net assets	$	36,998	$	40,102	$	271,689
	Shares outstanding		3,371		3,618		21,091		Not applicable		Not applicable
	Net asset value per share	$	10.97	$	11.08	$	12.88
Class P1:	Net assets							$	10,705	$	1,538
	Shares outstanding		Not applicable		Not applicable		Not applicable		621		139
	Net asset value per share							$	17.25	$	11.07
Class P2:	Net assets							$	553,741	$	168,031
	Shares outstanding		Not applicable		Not applicable		Not applicable		32,357		15,286
	Net asset value per share							$	17.11	$	10.99

See notes to financial statements.

American Funds Insurance Series

245

Statements of assets and liabilities
at December 31, 2020 (continued)

(dollars and shares in thousands, except per-share amounts)

		Managed Risk Blue Chip Income and Growth Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized

Class P1:	Net assets	$	1,525	$	2,119,963	$	5,317
	Shares outstanding		136		151,361		384
	Net asset value per share	$	11.24	$	14.01	$	13.84
Class P2:	Net assets	$	354,835	$	314,653	$	2,773,454
	Shares outstanding		31,732		22,583		206,250
	Net asset value per share	$	11.18	$	13.93	$	13.45

See notes to financial statements.

246	American Funds Insurance Series

Financial statements (continued)

Statements of operations
for the year ended December 31, 2020

(dollars in thousands)

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund
Investment income:
Income (net of non-U.S. taxes¹):
Dividends:
Unaffiliated issuers	$	78,231		$	25,305		$	243,220		$	108,464		$	35,320
Affiliated issuers		973			1,310			6,391			3,029			1,220
		79,204			26,615			249,611			111,493			36,540
Interest from unaffiliated issuers		18			3			2,485			4,177			6,645
Securities lending income (net of fees)		176			3,888			37			175			133
		79,398			30,506			252,133			115,845			43,318
Fees and expenses¹:
Investment advisory services		35,225			30,652			98,281			45,293			24,693
Distribution services		10,622			6,084			47,087			10,718			3,931
Insurance administrative services		1,063			518			4,484			905			1,653
Transfer agent services		1			1			4			1			—	²
Administrative services		2,068			1,324			9,318			2,752			1,062
Reports to shareholders		143			91			634			199			85
Registration statement and prospectus		44			75			231			94			31
Trustees’ compensation		36			23			162			47			18
Auditing and legal		67			85			75			83			116
Custodian		905			710			527			1,874			975
Other		5			72			16			7			58
Total fees and expenses before waivers/reimbursements		50,179			39,635			160,819			61,973			32,622
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		1			—			—			—			4,382
Miscellaneous fee reimbursements		—			—			—			—			—
Total waivers/reimbursements of fees and expenses		1			—			—			—			4,382
Total fees and expenses after waivers/reimbursements		50,178			39,635			160,819			61,973			28,240
Net investment income (loss)		29,220			(9,129	)		91,314			53,872			15,078
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		460,355			114,077			5,288,250			41,340			134,422
Affiliated issuers		170			68			602			36			40
Futures contracts		—			—			—			—			140
Forward currency contracts		—			—			—			182			(245	)
Currency transactions		(1,374	)		(445	)		176			(1,536	)		(1,712	)
		459,151			113,700			5,289,028			40,022			132,645
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		1,448,079			1,153,033			8,444,104			1,257,109			658,964
Affiliated issuers		(246	)		26,897			(3	)		(187	)		(122	)
Futures contracts		—			—			—			—			(10	)
Forward currency contracts		—			—			—			45			(54	)
Currency translations		113			(297	)		77			45			(150	)
		1,447,946			1,179,633			8,444,178			1,257,012			658,628
Net realized gain (loss) and unrealized appreciation (depreciation)		1,907,097			1,293,333			13,733,206			1,297,034			791,273
Net increase (decrease) in net assets resulting from operations	$	1,936,317		$	1,284,204		$	13,824,520		$	1,350,906		$	806,351

See end of statements of operations for footnotes.

See notes to financial statements.

American Funds Insurance Series

247

Statements of operations
for the year ended December 31, 2020 (continued)

(dollars in thousands)

	Blue Chip Income and Growth Fund			Global Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder
Investment income:
Income (net of non-U.S. taxes¹):
Dividends:
Unaffiliated issuers	$	206,845		$	38,168		$	607,278		$	30,125		$	28,587
Affiliated issuers		2,015			578			12,925			543			436
		208,860			38,746			620,203			30,668			29,023
Interest from unaffiliated issuers		66			2,960			3,327			810			4,459
Securities lending income (net of fees)		5			34			620			13			39
		208,931			41,740			624,150			31,491			33,521
Fees and expenses¹:
Investment advisory services		33,547			11,651			87,809			8,128			4,711
Distribution services		8,654			3,375			35,109			727			1,084
Insurance administrative services		1,660			348			3,054			239			1,083
Transfer agent services		1			—	²		4			—	²		—	²
Administrative services		2,579			585			10,328			398			294
Reports to shareholders		137			32			761			15			10
Registration statement and prospectus		112			20			241			7			33
Trustees’ compensation		44			10			177			7			5
Auditing and legal		47			71			89			69			49
Custodian		120			413			571			395			91
Other		5			2			20			2			2
Total fees and expenses before waivers/reimbursements		46,906			16,507			138,163			9,987			7,362
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		—			—			—			—			1,735
Miscellaneous fee reimbursements		—			—			—			—			—
Total waivers/reimbursements of fees and expenses		—			—			—			—			1,735
Total fees and expenses after waivers/reimbursements		46,906			16,507			138,163			9,987			5,627
Net investment income (loss)		162,025			25,233			485,987			21,504			27,894
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		(75,549	)		51,131			377,029			(43,978	)		(48,491	)
Affiliated issuers		414			51			(18,361	)		29			52
Futures contracts		—			—			—			—			3,606
Forward currency contracts		—			(521	)		—			18			38
Swap contracts		—			—			—			—			2,686
Currency transactions		2			(974	)		470			714			54
		(75,133	)		49,687			359,138			(43,217	)		(42,055	)
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		717,525			113,105			3,860,050			123,508			60,596
Affiliated issuers		3			(64	)		(10,984	)		(39	)		(127	)
Futures contracts		—			—			—			—			281
Forward currency contracts		—			137			—			12			(22	)
Swap contracts		—			—			—			—			(108	)
Currency translations		(6	)		38			282			144			46
		717,522			113,216			3,849,348			123,625			60,666
Net realized gain (loss) and unrealized appreciation (depreciation)		642,389			162,903			4,208,486			80,408			18,611
Net increase (decrease) in net assets resulting from operations	$	804,414		$	188,136		$	4,694,473		$	101,912		$	46,505

See end of statements of operations for footnotes.

See notes to financial statements.

248	American Funds Insurance Series

Statements of operations
for the year ended December 31, 2020 (continued)

(dollars in thousands)

	Asset Allocation Fund			Global Balanced Fund			Bond Fund			Capital World Bond Fund³			High- Income Bond Fund
Investment income:
Income (net of non-U.S. taxes¹):
Dividends:
Unaffiliated issuers	$	331,247		$	5,802		$	—		$	—		$	161
Affiliated issuers		16,268			103			5,601			477			227
		347,515			5,905			5,601			477			388
Interest from unaffiliated issuers		216,938			2,516			251,927			55,130			62,664
Securities lending income (net of fees)		690			—			—			—			—
		565,143			8,421			257,528			55,607			63,052
Fees and expenses¹:
Investment advisory services		71,046			2,767			38,894			11,401			4,534
Distribution services		23,649			721			10,588			2,609			1,726
Insurance administrative services		11,402			239			1,504			131			140
Transfer agent services		3			—	²		1			—	²		—	²
Administrative services		8,053			126			3,223			642			281
Reports to shareholders		481			5			227			35			22
Registration statement and prospectus		330			5			80			22			7
Trustees’ compensation		135			2			51			11			4
Auditing and legal		72			53			54			48			47
Custodian		753			76			147			389			16
Other		14			2			7			9			17
Total fees and expenses before waivers/reimbursements		115,938			3,996			54,776			15,297			6,794
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		—			—			—			1,458			—
Miscellaneous fee reimbursements		—			—			—			—			—
Total waivers/reimbursements of fees and expenses		—			—			—			1,458			—
Total fees and expenses after waivers/reimbursements		115,938			3,996			54,776			13,839			6,794
Net investment income (loss)		449,205			4,425			202,752			41,768			56,258
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		767,904			17,369			406,202			33,450			(55,642	)
Affiliated issuers		14,845			3			885			35			73
Futures contracts		36,747			442			89,071			(180	)		(166	)
Forward currency contracts		—			801			(15,906	)		16,206			—
Swap contracts		(10,831	)		(123	)		44			(2,905	)		3,842
Currency transactions		(271	)		(237	)		(14	)		(766	)		6
		808,394			18,255			480,282			45,840			(51,887	)
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		1,914,198			18,521			308,933			114,258			18,771
Affiliated issuers		84,442			(5	)		(92	)		(168	)		(129	)
Futures contracts		2,190			19			10,886			958			(178	)
Forward currency contracts		—			97			(1,417	)		2,566			—
Swap contracts		4,608			23			(18,955	)		(923	)		857
Currency translations		190			28			132			301			2
		2,005,628			18,683			299,487			116,992			19,323
Net realized gain (loss) and unrealized appreciation (depreciation)		2,814,022			36,938			779,769			162,832			(32,564	)
Net increase (decrease) in net assets resulting from operations	$	3,263,227		$	41,363		$	982,521		$	204,600		$	23,694

See end of statements of operations for footnotes.

See notes to financial statements.

American Funds Insurance Series

249

Statements of operations
for the year ended December 31, 2020 (continued)

(dollars in thousands)

	American Funds Mortgage Fund⁴			Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund			Managed Risk Growth Fund			Managed Risk International Fund
Investment income:
Income (net of non-U.S. taxes¹):
Dividends:
Unaffiliated issuers	$	—		$	—		$	—		$	—		$	—
Affiliated issuers		—			—			—			3,867			1,621
		—			—			—			3,867			1,621
Interest from unaffiliated issuers		3,819			1,927			34,038			56			26
		3,819			1,927			34,038			3,923			1,647
Fees and expenses¹:
Investment advisory services		1,248			1,098			8,276			719			235
Distribution services		230			754			4,056			1,177			389
Insurance administrative services		90			85			587			1,198			392
Transfer agent services		—	²		—	²		—	²		—	²		—	²
Administrative services		89			103			712			—			—
Accounting and administrative services		—			—			—			61			54
Reports to shareholders		4			6			83			6			4
Registration statement and prospectus		3			4			14			8			1
Trustees’ compensation		1			2			9			3			1
Auditing and legal		44			45			46			16			16
Custodian		24			1			37			11			11
Other		—	²		—	²		2			2			2
Total fees and expenses before waivers/reimbursements		1,733			2,098			13,822			3,201			1,105
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		360			—			—			240			79
Miscellaneous fee reimbursements		—			—			—			—			41
Total waivers/reimbursements of fees and expenses		360			—			—			240			120
Total fees and expenses after waivers/reimbursements		1,373			2,098			13,822			2,961			985
Net investment income (loss)		2,446			(171	)		20,216			962			662
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		11,818			—			145,064			—			—
Affiliated issuers		—			—			—			53,335			(165	)
Futures contracts		8,696			—			89,336			(35,338	)		(14,051	)
Swap contracts		(8,505	)		—			(46,704	)		—			—
Currency transactions		—			—			—			77			178
Capital gain distributions received from affiliated issuers		—			—			—			9,678			159
		12,009			—			187,696			27,752			(13,879	)
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		239			(1	)		6,199			—			—
Affiliated issuers		—			—			—			110,528			19,015
Futures contracts		779			—			7,908			130			51
Swap contracts		4,046			—			47,782			—			—
		5,064			(1	)		61,889			110,658			19,066
Net realized gain (loss) and unrealized appreciation (depreciation)		17,073			(1	)		249,585			138,410			5,187
Net increase (decrease) in net assets resulting from operations	$	19,519		$	(172	)	$	269,801		$	139,372		$	5,849

See end of statements of operations for footnotes.

See notes to financial statements.

250	American Funds Insurance Series

Statements of operations for the year ended December 31, 2020 (continued)	(dollars in thousands)

	Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
Investment income:
Income (net of non-U.S. taxes¹):
Dividends:
Unaffiliated issuers	$	—		$	—		$	—
Affiliated issuers		6,214			35,740			46,786
		6,214			35,740			46,786
Interest from unaffiliated issuers		45			297			433
		6,259			36,037			47,219
Fees and expenses¹:
Investment advisory services		518			3,378			4,028
Distribution services		861			718			6,703
Insurance administrative services		864			5,630			6,712
Transfer agent services		—	²		—	²		—	²
Accounting and administrative services		58			100			102
Reports to shareholders		5			21			44
Registration statement and prospectus		3			14			11
Trustees’ compensation		2			11			13
Auditing and legal		16			18			19
Custodian		11			11			11
Other		2			3			3
Total fees and expenses before waivers/reimbursements		2,340			9,904			17,646
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		173			1,126			1,342
Miscellaneous fee reimbursements		—			—			—
Total waivers/reimbursements of fees and expenses		173			1,126			1,342
Total fees and expenses after waivers/reimbursements		2,167			8,778			16,304
Net investment income (loss)		4,092			27,259			30,915
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		—			(22,888	)		—
Affiliated issuers		(35,988	)		32,048			65,756
Futures contracts		(32,684	)		(20,595	)		(119,251	)
Currency transactions		15			307			140
Capital gain distributions received from affiliated issuers		4,329			49,797			11,668
		(64,328	)		38,669			(41,687	)
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		—			(22,232	)		—
Affiliated issuers		56,886			165,618			160,270
Futures contracts		90			2,308			883
		56,976			145,694			161,153
Net realized gain (loss) and unrealized appreciation (depreciation)		(7,352	)		184,363			119,466
Net increase (decrease) in net assets resulting from operations	$	(3,260	)	$	211,622		$	150,381

¹	Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.
²	Amount less than one thousand.
³	Formerly Global Bond Fund.
⁴	Formerly Mortgage Fund.

See notes to financial statements.

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Financial statements (continued)

Statements of changes in net assets	(dollars in thousands)

	Global Growth Fund						Global Small Capitalization Fund						Growth Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	29,220		$	56,332		$	(9,129	)	$	13,730		$	91,314		$	241,310
Net realized gain (loss)		459,151			193,918			113,700			251,270			5,289,028			745,536
Net unrealized appreciation (depreciation)		1,447,946			1,619,747			1,179,633			882,559			8,444,178			6,038,232
Net increase (decrease) in net assets resulting from operations		1,936,317			1,869,997			1,284,204			1,147,559			13,824,520			7,025,078
Distributions paid to shareholders		(224,589	)		(417,934	)		(284,490	)		(284,752	)		(865,145	)		(2,978,202	)

Net capital share transactions		(271,205	)		(153,769	)		(307,246	)		102,952			(2,504,990	)		974,922

Total increase (decrease) in net assets		1,440,523			1,298,294			692,468			965,759			10,454,385			5,021,798

Net assets:
Beginning of year		6,800,447			5,502,153			4,620,273			3,654,514			28,469,659			23,447,861
End of year	$	8,240,970		$	6,800,447		$	5,312,741		$	4,620,273		$	38,924,044		$	28,469,659

	International Fund						New World Fund						Blue Chip Income and Growth Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	53,872		$	136,307		$	15,078		$	34,732		$	162,025		$	189,701
Net realized gain (loss)		40,022			(127,992	)		132,645			32,951			(75,133	)		85,829
Net unrealized appreciation (depreciation)		1,257,012			1,988,427			658,628			791,400			717,522			1,423,960
Net increase (decrease) in net assets resulting from operations		1,350,906			1,996,742			806,351			859,083			804,414			1,699,490
Distributions paid to shareholders		(71,715	)		(394,620	)		(43,949	)		(164,192	)		(265,213	)		(878,225	)

Net capital share transactions		(763,764	)		(536,801	)		(279,660	)		54,641			(242,496	)		429,824

Total increase (decrease) in net assets		515,427			1,065,321			482,742			749,532			296,705			1,251,089

Net assets:
Beginning of year		10,075,431			9,010,110			3,760,411			3,010,879			9,282,361			8,031,272
End of year	$	10,590,858		$	10,075,431		$	4,243,153		$	3,760,411		$	9,579,066		$	9,282,361

See notes to financial statements.

252	American Funds Insurance Series

Statements of changes in net assets (continued)

(dollars in thousands)

	Global Growth and Income Fund						Growth-Income Fund						International Growth and Income Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	25,233		$	38,039		$	485,987		$	648,555		$	21,504		$	37,530
Net realized gain (loss)		49,687			51,837			359,138			902,476			(43,217	)		(37,024	)
Net unrealized appreciation (depreciation)		113,216			449,868			3,849,348			6,175,985			123,625			293,939
Net increase (decrease) in net assets resulting from operations		188,136			539,744			4,694,473			7,727,016			101,912			294,445
Distributions paid to shareholders		(77,584	)		(140,198	)		(1,429,478	)		(3,957,175	)		(21,467	)		(53,548	)

Net capital share transactions		(74,585	)		(76,937	)		(799,726	)		2,392,290			(124,648	)		(78,069	)

Total increase (decrease) in net assets		35,967			322,609			2,465,269			6,162,131			(44,203	)		162,828

Net assets:
Beginning of year		2,138,483			1,815,874			36,026,266			29,864,135			1,500,086			1,337,258
End of year	$	2,174,450		$	2,138,483		$	38,491,535		$	36,026,266		$	1,455,883		$	1,500,086

	Capital Income Builder						Asset Allocation Fund						Global Balanced Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	27,894		$	24,376		$	449,205		$	527,540		$	4,425		$	6,777
Net realized gain (loss)		(42,055	)		(6,878	)		808,394			20,909			18,255			9,826
Net unrealized appreciation (depreciation)		60,666			117,343			2,005,628			4,312,978			18,683			58,663
Net increase (decrease) in net assets resulting from operations		46,505			134,841			3,263,227			4,861,427			41,363			75,266
Distributions paid to shareholders		(28,997	)		(24,614	)		(606,436	)		(1,801,337	)		(21,373	)		(16,934	)

Net capital share transactions		80,728			213,209			(418,795	)		1,434,114			(1,808	)		12,429

Total increase (decrease) in net assets		98,236			323,436			2,237,996			4,494,204			18,182			70,761

Net assets:
Beginning of year		998,716			675,280			27,419,655			22,925,451			436,950			366,189
End of year	$	1,096,952		$	998,716		$	29,657,651		$	27,419,655		$	455,132		$	436,950

See notes to financial statements.

American Funds Insurance Series

253

Statements of changes in net assets (continued)

(dollars in thousands)

							Capital World Bond Fund
	Bond Fund						(formerly Global Bond Fund)						High-Income Bond Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	202,752		$	272,023		$	41,768		$	52,158		$	56,258		$	82,861
Net realized gain (loss)		480,282			243,332			45,840			21,665			(51,887	)		(19,893	)
Net unrealized appreciation (depreciation)		299,487			411,625			116,992			87,557			19,323			86,931
Net increase (decrease) in net assets resulting from operations		982,521			926,980			204,600			161,380			23,694			149,899
Distributions paid to shareholders		(339,511	)		(280,200	)		(64,860	)		(35,756	)		(69,840	)		(79,066	)

Net capital share transactions		213,249			49,693			70,361			(84,997	)		(352,568	)		(8,439	)

Total increase (decrease) in net assets		856,259			696,473			210,101			40,627			(398,714	)		62,394

Net assets:
Beginning of year		10,551,160			9,854,687			2,128,644			2,088,017			1,266,293			1,203,899
End of year	$	11,407,419		$	10,551,160		$	2,338,745		$	2,128,644		$	867,579		$	1,266,293

	American Funds Mortgage Fund (formerly Mortgage Fund)						Ultra-Short Bond Fund						U.S. Government/ AAA-Rated Securities Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	2,446		$	6,346		$	(171	)	$	4,833		$	20,216		$	55,852
Net realized gain (loss)		12,009			9,940			—			(1	)		187,696			122,154
Net unrealized appreciation (depreciation)		5,064			(1,209	)		(1	)		15			61,889			(22,336	)
Net increase (decrease) in net assets resulting from operations		19,519			15,077			(172	)		4,847			269,801			155,670
Distributions paid to shareholders		(4,820	)		(7,525	)		(737	)		(5,093	)		(77,781	)		(60,961	)

Net capital share transactions		10,410			(4,217	)		92,028			(21,528	)		(934,697	)		(67,678	)

Total increase (decrease) in net assets		25,109			3,335			91,119			(21,774	)		(742,677	)		27,031

Net assets:
Beginning of year		294,510			291,175			284,630			306,404			2,896,334			2,869,303
End of year	$	319,619		$	294,510		$	375,749		$	284,630		$	2,153,657		$	2,896,334

See notes to financial statements.

254	American Funds Insurance Series

Statements of changes in net assets (continued)

(dollars in thousands)

	Managed Risk Growth Fund						Managed Risk International Fund						Managed Risk Blue Chip Income and Growth Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	962		$	2,886		$	662		$	1,940		$	4,092		$	5,680
Net realized gain (loss)		27,752			30,629			(13,879	)		2,677			(64,328	)		16,823
Net unrealized appreciation (depreciation)		110,658			43,736			19,066			21,114			56,976			23,125
Net increase (decrease) in net assets resulting from operations		139,372			77,251			5,849			25,731			(3,260	)		45,628
Distributions paid to shareholders		(25,274	)		(30,222	)		(3,247	)		(7,796	)		(16,900	)		(23,415	)

Net capital share transactions		10,698			49,348			1,198			(3,125	)		11,085			6,553

Total increase (decrease) in net assets		124,796			96,377			3,800			14,810			(9,075	)		28,766

Net assets:
Beginning of year		439,650			343,273			165,769			150,959			365,435			336,669
End of year	$	564,446		$	439,650		$	169,569		$	165,769		$	356,360		$	365,435

	Managed Risk Growth-Income Fund						Managed Risk Asset Allocation Fund
	Year ended December 31,						Year ended December 31,
		2020			2019			2020			2019
Operations:
Net investment income (loss)	$	27,259		$	35,433		$	30,915		$	40,653
Net realized gain (loss)		38,669			149,567			(41,687	)		131,826
Net unrealized appreciation (depreciation)		145,694			180,419			161,153			271,610
Net increase (decrease) in net assets resulting from operations		211,622			365,419			150,381			444,089
Distributions paid to shareholders		(160,767	)		(32,440	)		(146,678	)		(177,811	)

Net capital share transactions		114,037			44,643			(57,436	)		23,729

Total increase (decrease) in net assets		164,892			377,622			(53,733	)		290,007

Net assets:
Beginning of year		2,269,724			1,892,102			2,832,504			2,542,497
End of year	$	2,434,616		$	2,269,724		$	2,778,771		$	2,832,504

See notes to financial statements.

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255

Notes to financial statements

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 34 different funds (“the funds”), including 23 funds in the series covered in this report. The other 11 funds in the series are covered in separate reports. Six funds in the series are covered in the American Funds Insurance Series -Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk 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 series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

Global Growth Fund — To provide long-term growth of capital.

Global Small Capitalization Fund — To provide long-term growth of capital.

Growth Fund — To provide growth of capital.

International Fund — To provide long-term growth of capital.

New World Fund — To provide long-term capital appreciation.

Blue Chip Income and Growth Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

Global Growth and Income Fund — To provide long-term growth of capital while providing current income.

Growth-Income Fund — To achieve long-term growth of capital and income.

International Growth and Income Fund — To provide long-term growth of capital while providing current income.

Capital Income Builder — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

Global Balanced Fund — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

Bond Fund — To provide as high a level of current income as is consistent with the preservation of capital.

Capital World Bond Fund (formerly Global Bond Fund) — To provide, over the long term, a high level of total return consistent with prudent investment management.

256	American Funds Insurance Series

High-Income Bond Fund — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

American Funds Mortgage Fund (formerly Mortgage Fund) — To provide current income and preservation of capital.

Ultra-Short Bond Fund — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

U.S. Government/AAA-Rated Securities Fund — To provide a high level of current income consistent with preservation of capital.

Managed Risk Growth Fund — To provide growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk International Fund — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Blue Chip Income and Growth Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

Managed Risk Growth-Income Fund — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

Managed Risk Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

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 additional information in the financial highlights tables.

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257

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

CRMC, the series’ investment adviser, values the funds’ investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Methods and inputs — The series’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities 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 & loans; convertible securities	Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities	Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

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.

258	American Funds Insurance Series

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series’ investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from 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. 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.

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 December 31, 2020 (dollars in thousands):

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Global Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	1,529,558	$	1,083,751	$	—	$	2,613,309
Consumer discretionary		888,809		797,513		—		1,686,322
Health care		703,000		232,172		—		935,172
Financials		360,183		447,703		—		807,886
Communication services		448,473		148,180		—		596,653
Consumer staples		232,624		267,945		—		500,569
Industrials		24,589		264,798		—		289,387
Materials		113,103		38,439		—		151,542
Energy		—		90,882		—		90,882
Real estate		—		33,356		—		33,356
Utilities		—		18,663		—		18,663
Preferred securities		—		238,600		—		238,600
Short-term securities		143,970		174,987		—		318,957
Total	$	4,444,309	$	3,836,989	$	—	$	8,281,298

Global Small Capitalization Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	869,090	$	566,908	$	—	$	1,435,998
Health care		901,274		317,375		3		1,218,652
Consumer discretionary		449,210		327,676		2,409		779,295
Industrials		171,236		530,019		—		701,255
Financials		298,192		98,457		—		396,649
Materials		31,914		91,606		—		123,520
Real estate		72,261		37,896		—		110,157
Communication services		34,538		71,794		—		106,332
Consumer staples		79,614		19,249		—		98,863
Utilities		5,859		59,096		—		64,955
Energy		13,972		—		10,434		24,406
Preferred securities		19,092		—		77,191		96,283
Rights & warrants		—		1,580		—		1,580
Convertible stocks		—		—		13,854		13,854
Short-term securities		86,874		136,990		—		223,864
Total	$	3,033,126	$	2,258,646	$	103,891	$	5,395,663

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended December 31, 2020 (dollars in thousands):

	Beginning value at 1/1/2020		Transfers into Level 3*		Purchases		Sales			Net realized loss^†			Unrealized appreciation^†		Transfers out of Level 3*		Ending value at 12/31/2020
Investment securities	$	44,058	$	914	$	52,617	$	(10,017	)	$	(4,877	)	$	21,196	$	—	$	103,891

Net unrealized appreciation during the period on Level 3 investment securities held at December 31, 2020																	$	21,196

*	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
^†	Net realized loss and unrealized appreciation are included in the related amounts on investments in the statement of operations.

260	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
12/31/2020

Valuation
techniques

Unobservable
inputs

Range
(if applicable)

Weighted
average*

Impact to
valuation from
an increase in
input^†

Liquidation value

N/A

Price/Cash flow multiple

8.8x

Increase

Common stocks

12,846

Market comparable

DLOM

25%

Decrease

companies

$ per one billion Btu

$2.25

Increase

MMTPA

10 MMTPA

Increase

Transaction price

N/A

Preferred securities

77,191

Transaction price

N/A

Convertible stocks

13,854

Transaction price

N/A

103,891

*	Weighted average is by relative fair value.
^†	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

Btu = British thermal unit

DLOM = Discount for lack of marketability

MMTPA = Million metric tonnes per annum

Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	7,806,427	$	988,629	$	—	$	8,795,056
Consumer discretionary		6,912,136		416,283		—		7,328,419
Communication services		7,012,728		—		—		7,012,728
Health care		4,816,461		77,537		59,453		4,953,451
Industrials		2,820,844		464,847		—		3,285,691
Financials		2,051,508		62,053		—		2,113,561
Consumer staples		1,046,415		205,883		—		1,252,298
Materials		1,167,722		33,980		—		1,201,702
Energy		644,723		—		—		644,723
Real estate		369,502		—		—		369,502
Utilities		190,565		25,624		—		216,189
Preferred securities		—		44,452		—		44,452
Convertible bonds & notes		—		—		29,464		29,464
Short-term securities		1,630,494		—		—		1,630,494
Total	$	36,469,525	$	2,319,288	$	88,917	$	38,877,730

American Funds Insurance Series

261

International Fund
	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Common stocks:
Financials	$	160,866	$	1,645,671		$	—	$	1,806,537
Consumer discretionary		421,417		1,154,375			—		1,575,792
Health care		131,197		1,414,294			6		1,545,497
Industrials		95,045		1,127,312			—		1,222,357
Information technology		358,778		504,666			—		863,444
Communication services		98,771		715,574			—		814,345
Energy		98,446		562,531			—		660,977
Materials		375,154		181,706			—		556,860
Consumer staples		8,249		449,366			—		457,615
Utilities		—		347,713			—		347,713
Real estate		—		83,229			—		83,229
Preferred securities		70,086		56,376			—		126,462
Rights & warrants		236		41,615			—		41,851
Convertible bonds & notes		—		1,260			—		1,260
Bonds, notes & other debt instruments		—		17,814			—		17,814
Short-term securities		537,819		—			—		537,819
Total	$	2,356,064	$	8,303,502		$	6	$	10,659,572

	Other investments*
		Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	309		$	—	$	309
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(395	)		—		(395	)
Total	$	—	$	(86	)	$	—	$	(86	)

*	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	$	540,290	$	265,260	$	—		$	805,550
Consumer discretionary		184,433		426,480		—			610,913
Health care		220,288		303,860		1			524,149
Financials		98,824		367,872		—			466,696
Communication services		242,323		108,859		—			351,182
Materials		126,066		126,416		—			252,482
Industrials		57,626		193,144		—			250,770
Consumer staples		32,600		209,655		—			242,255
Energy		55,068		104,845		—			159,913
Real estate		21,814		49,427		—			71,241
Utilities		8,127		61,070		—			69,197
Preferred securities		31,214		17,203		—	*		48,417
Rights & warrants		37		11,204		—			11,241
Convertible bonds & notes		—		120		—			120
Bonds, notes & other debt instruments		—		120,130		—			120,130
Short-term securities		238,517		—		—			238,517
Total	$	1,857,227	$	2,365,545	$	1		$	4,222,773

262	American Funds Insurance Series

	Other investments^†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	3		$	—		$	—	$	3
Liabilities:
Unrealized depreciation on futures contracts		(13	)		—			—		(13	)
Unrealized depreciation on open forward currency contracts		—			(54	)		—		(54	)
Total	$	(10	)	$	(54	)	$	—	$	(64	)

*	Amount less than one thousand.
^†	Futures contracts and forward currency contracts are not included in the investment portfolio.

Blue Chip Income and Growth Fund

	Investment securities
		Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	1,660,102	$	—	$	—	$	1,660,102
Information technology		1,639,123		—		—		1,639,123
Industrials		1,299,142		—		—		1,299,142
Communication services		907,314		—		—		907,314
Energy		866,464		—		—		866,464
Consumer staples		782,008		—		—		782,008
Consumer discretionary		730,730		—		—		730,730
Financials		668,246		—		—		668,246
Utilities		327,959		—		—		327,959
Materials		246,839		—		—		246,839
Real estate		167,648		—		—		167,648
Rights & warrants		138		—		—		138
Convertible stocks		85,580		—		—		85,580
Convertible bonds & notes		—		13,651		—		13,651
Short-term securities		181,762		—		—		181,762
Total	$	9,563,055	$	13,651	$	—	$	9,576,706

Global Growth and Income Fund

	Investment securities
		Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	221,121	$	181,276	$	—	$	402,397
Financials		141,374		202,553		—		343,927
Industrials		126,976		119,227		—		246,203
Health care		128,044		70,127		—		198,171
Consumer discretionary		85,765		111,886		—		197,651
Communication services		145,542		20,262		—		165,804
Utilities		27,113		104,117		—		131,230
Materials		42,123		83,017		—		125,140
Energy		39,179		61,420		—		100,599
Consumer staples		32,426		64,723		—		97,149
Real estate		28,798		25,958		—		54,756
Bonds, notes & other debt instruments		—		34,378		—		34,378
Short-term securities		72,929		—		—		72,929
Total	$	1,091,390	$	1,078,944	$	—	$	2,170,334

American Funds Insurance Series

263

Growth-Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	7,314,726	$	372,663	$	—	$	7,687,389
Communication services		5,831,851		127,572		—		5,959,423
Health care		4,693,629		779,632		—		5,473,261
Financials		3,867,153		71,057		—		3,938,210
Industrials		3,235,391		420,599		—		3,655,990
Consumer discretionary		2,997,262		125,349		—		3,122,611
Consumer staples		1,207,072		739,995		—		1,947,067
Materials		1,780,708		100,975		—		1,881,683
Energy		1,316,148		1,473		—		1,317,621
Utilities		900,859		210,300		—		1,111,159
Real estate		983,845		—		—		983,845
Convertible stocks		311,050		—		—		311,050
Bonds, notes & other debt instruments		—		44,819		—		44,819
Short-term securities		1,180,227		—		—		1,180,227
Total	$	35,619,921	$	2,994,434	$	—	$	38,614,355

International Growth and Income Fund

	Investment securities
		Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	21,452	$	238,557	$	—	$	260,009
Industrials		19,686		168,699		—		188,385
Communication services		38,634		137,544		—		176,178
Consumer discretionary		—		173,323		—		173,323
Health care		6,388		133,573		4		139,965
Materials		49,909		51,472		—		101,381
Consumer staples		11,591		86,293		—		97,884
Information technology		20,812		57,262		—		78,074
Utilities		—		75,755		—		75,755
Energy		14,453		26,884		—		41,337
Real estate		—		38,742		—		38,742
Preferred securities		24,328		—		—		24,328
Rights & warrants		—		15,297		—		15,297
Bonds, notes & other debt instruments		—		8,880		—		8,880
Short-term securities		38,140		—		—		38,140
Total	$	245,393	$	1,212,281	$	4	$	1,457,678

264	American Funds Insurance Series

Capital Income Builder

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Common stocks:
Financials	$	82,959		$	60,554		$	—	$	143,513
Information technology		78,576			21,313			—		99,889
Consumer staples		53,173			45,939			—		99,112
Health care		64,546			33,275			—		97,821
Utilities		35,050			55,511			—		90,561
Real estate		43,561			18,295			—		61,856
Communication services		29,639			26,431			—		56,070
Energy		40,675			9,228			—		49,903
Industrials		26,773			20,099			—		46,872
Materials		19,808			22,725			—		42,533
Consumer discretionary		6,747			6,761			—		13,508
Preferred securities		—			1,987			—		1,987
Rights & warrants		2			—			—		2
Convertible stocks		13,837			—			—		13,837
Convertible bonds & notes		—			784			—		784
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—			100,873			—		100,873
Corporate bonds, notes & loans		—			65,564			—		65,564
Mortgage-backed obligations		—			55,671			—		55,671
Asset-backed obligations		—			3,801			—		3,801
Bonds & notes of governments & government agencies outside the U.S.		—			1,465			—		1,465
Municipals		—			671			—		671
Short-term securities		57,947			—			—		57,947
Total	$	553,293		$	550,947		$	—	$	1,104,240

	Other investments*
		Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	39		$	—		$	—	$	39
Unrealized appreciation on open forward currency contracts		—			34			—		34
Unrealized appreciation on interest rate swaps		—			569			—		569
Unrealized appreciation on credit default swaps		—			152			—		152
Liabilities:
Unrealized depreciation on futures contracts		(89	)		—			—		(89	)
Unrealized depreciation on open forward currency contracts		—			(56	)		—		(56	)
Total	$	(50	)	$	699		$	—	$	649

*	Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the investment portfolio.

American Funds Insurance Series

265

Asset Allocation Fund

	Investment securities
	Level 1			Level 2			Level 3			Total
Assets:
Common stocks:
Information technology	$	4,856,907		$	33,828		$	—		$	4,890,735
Health care		3,027,835			132,799			13,074			3,173,708
Financials		2,855,589			215,356			482			3,071,427
Consumer discretionary		1,813,842			160,516			—			1,974,358
Consumer staples		1,182,011			393,999			—			1,576,010
Communication services		1,415,480			70,510			—			1,485,990
Industrials		1,133,507			126,186			10,677			1,270,370
Materials		842,103			93,530			—			935,633
Energy		430,949			21,035			843			452,827
Real estate		380,620			—			—			380,620
Utilities		54,107			242,361			—			296,468
Rights & warrants		—			—			—	*		—	*
Convertible stocks		102,652			45,378			—			148,030
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans		—			3,849,701			4,079			3,853,780
U.S. Treasury bonds & notes		—			2,511,880			—			2,511,880
Mortgage-backed obligations		—			2,198,957			—			2,198,957
Asset-backed obligations		—			235,287			—			235,287
Bonds & notes of governments & government agencies outside the U.S.		—			60,892			—			60,892
Federal agency bonds & notes		—			37,568			—			37,568
Municipals		—			33,381			—			33,381
Short-term securities		2,286,334			—			—			2,286,334
Total	$	20,381,936		$	10,463,164		$	29,155		$	30,874,255

	Other investments^†
		Level 1			Level 2			Level 3			Total
Assets:
Unrealized appreciation on futures contracts	$	1,610		$	—		$	—		$	1,610
Unrealized appreciation on interest rate swaps		—			796			—			796
Unrealized appreciation on credit default swaps		—			—	*		—			—	*
Liabilities:
Unrealized depreciation on futures contracts		(2,382	)		—			—			(2,382	)
Total	$	(772	)	$	796		$	—		$	24

*	Amount less than one thousand.
^†	Futures contracts, interest rate swaps and credit default swaps are not included in the investment portfolio.

266	American Funds Insurance Series

Global Balanced Fund

	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	31,289	$	35,492		$	—	$	66,781
Health care		23,553		16,623			—		40,176
Financials		17,316		15,833			—		33,149
Consumer staples		14,677		14,073			—		28,750
Consumer discretionary		12,713		11,275			—		23,988
Industrials		9,037		13,659			—		22,696
Communication services		6,435		6,573			—		13,008
Materials		3,927		9,077			—		13,004
Real estate		8,992		3,272			—		12,264
Energy		5,708		—			—		5,708
Utilities		852		3,696			—		4,548
Preferred securities		—		2,055			—		2,055
Bonds, notes & other debt instruments:
Bonds & notes of governments & government agencies outside the U.S.		—		67,135			—		67,135
U.S. Treasury bonds & notes		—		49,388			—		49,388
Corporate bonds, notes & loans		—		21,861			—		21,861
Mortgage-backed obligations		—		6,454			—		6,454
Municipals		—		186			—		186
Asset-backed obligations		—		95			—		95
Short-term securities		24,329		17,999			—		42,328
Total	$	158,828	$	294,746		$	—	$	453,574

	Other investments*
		Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	3	$	—		$	—	$	3
Unrealized appreciation on open forward currency contracts		—		257			—		257
Unrealized appreciation on interest rate swaps		—		21			—		21
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(259	)		—		(259	)
Unrealized depreciation on credit default swaps		—		—	^†		—		—	^†
Total	$	3	$	19		$	—	$	22

*	Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the investment portfolio.
^†	Amount less than one thousand.

Bond Fund

	Investment securities
		Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—	$	3,792,833	$	—	$	3,792,833
Mortgage-backed obligations		—		3,617,725		—		3,617,725
U.S. Treasury bonds & notes		—		2,783,804		—		2,783,804
Bonds & notes of governments & government agencies outside the U.S.		—		348,736		—		348,736
Asset-backed obligations		—		249,668		—		249,668
Municipals		—		226,267		—		226,267
Federal agency bonds & notes		—		12,979		—		12,979
Short-term securities		2,690,045		—		—		2,690,045
Total	$	2,690,045	$	11,032,012	$	—	$	13,722,057

American Funds Insurance Series

267

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	7,631		$	—		$	—	$	7,631
Unrealized appreciation on open forward currency contracts		—			46			—		46
Unrealized appreciation on interest rate swaps		—			3,456			—		3,456
Liabilities:
Unrealized depreciation on futures contracts		(824	)		—			—		(824	)
Unrealized depreciation on open forward currency contracts		—			(2,653	)		—		(2,653	)
Unrealized depreciation on interest rate swaps		—			(28,517	)		—		(28,517	)
Total	$	6,807		$	(27,668	)	$	—	$	(20,861	)

*	Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

Capital World Bond Fund

	Investment securities
		Level 1		Level 2		Level 3			Total
Assets:
Bonds, notes & other debt instruments:
Euros	$	—	$	402,906	$	—		$	402,906
Japanese yen		—		217,032		—			217,032
Chinese yuan renminbi		—		141,006		—			141,006
British pounds		—		91,115		—			91,115
Danish kroner		—		59,710		—			59,710
Canadian dollars		—		48,258		—			48,258
Mexican pesos		—		46,716		—			46,716
Malaysian ringgits		—		41,973		—			41,973
Australian dollars		—		31,305		—			31,305
Russian rubles		—		27,059		—			27,059
Israeli shekels		—		25,426		—			25,426
South Korean won		—		20,892		—			20,892
Indonesian rupiah		—		15,694		—			15,694
Colombian pesos		—		15,007		—			15,007
Brazilian reais		—		11,023		—			11,023
New Zealand dollars		—		9,638		—			9,638
Thai baht		—		9,308		—			9,308
Chilean pesos		—		8,404		—			8,404
South African rand		—		7,886		—			7,886
Ukrainian hryvnia		—		7,322		—			7,322
Singapore dollars		—		6,354		—			6,354
Norwegian kroner		—		5,980		—			5,980
Peruvian nuevos soles		—		5,639		—			5,639
Indian rupees		—		3,829		—			3,829
Dominican pesos		—		2,938		—			2,938
Polish zloty		—		1,500		—			1,500
Romanian leu		—		1,361		—			1,361
U.S. dollars		—		924,718		—			924,718
Common stocks		574		—		1,319			1,893
Rights & warrants		—		—		—	*		—	*
Short-term securities		147,017		3,665		—			150,682
Total	$	147,591	$	2,193,664	$	1,319		$	2,342,574

268	American Funds Insurance Series

	Other investments^†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	308		$	—		$	—	$	308
Unrealized appreciation on open forward currency contracts		—			4,155			—		4,155
Unrealized appreciation on credit default swaps		—			31			—		31
Liabilities:
Unrealized depreciation on futures contracts		(155	)		—			—		(155	)
Unrealized depreciation on open forward currency contracts		—			(3,799	)		—		(3,799	)
Unrealized depreciation on interest rate swaps		—			(64	)		—		(64	)
Unrealized depreciation on credit default swaps		—			(698	)		—		(698	)
Total	$	153		$	(375	)	$	—	$	(222	)

*	Amount less than one thousand.
^†	Futures contracts, forward currency contracts, interest rate swaps and credit default 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 & loans	$	—		$	770,665		$	4,354		$	775,019
Asset-backed obligations		—			97			—			97
Municipals		—			5			—			5
Convertible bonds & notes		—			5,210			65			5,275
Convertible stocks		2,844			494			—			3,338
Preferred securities		—			2,841			—			2,841
Common stocks		8,366			2,591			24,364			35,321
Rights & warrants		—			76			—	¹		76
Short-term securities		33,493			—			—			33,493
Total	$	44,703		$	781,979		$	28,783		$	855,465

	Other investments²
		Level 1			Level 2			Level 3			Total
Assets:
Unrealized appreciation on futures contracts	$	8		$	—		$	—		$	8
Unrealized appreciation on credit default swaps		—			7			—			7
Liabilities:
Unrealized depreciation on futures contracts		(27	)		—			—			(27	)
Unrealized depreciation on credit default swaps		—			(728	)		—			(728	)
Total	$	(19	)	$	(721	)	$	—		$	(740	)

¹	Amount less than one thousand.
²	Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended December 31, 2020 (dollars in thousands):

	Beginning value at 1/1/2020		Transfers into Level 3³		Purchases		Sales			Net realized loss⁴			Unrealized appreciation⁴		Transfers out of Level 3³			Ending value at 12/31/2020
Investment securities	$	19,675	$	5,892	$	12,692	$	(8,614	)	$	(4,424	)	$	8,405	$	(4,843	)	$	28,783
Net unrealized appreciation during the period on Level 3 investment securities held at December 31, 2020																		$	7,603

³	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
⁴	Net realized loss and unrealized appreciation are included in the related amounts on investments in the statement of operations.

American Funds Insurance Series

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Value at
12/31/2020

Valuation
techniques

Unobservable
inputs

Range
(if applicable)

Weighted
average¹

Impact to
valuation from
an increase in
input²

Bonds, notes & other
debt instruments

4,354

Estimated recovery
value

Exchange terms

N/A

Vendor price

N/A

Par value

N/A

Yield analysis

YTM risk premium

200 bps

Decrease

Convertible bonds & notes

Transaction price

N/A

Common stocks

24,364

Estimated recovery
value

N/A

Exchange terms

N/A

Vendor price

N/A

Risk discount

90%

Decrease

Par value

N/A

Adjustment based on market decline

20%

Decrease

Market comparable
companies

EV/EBITDA multiple

7.5x

Increase

EV/EBITDA less CapEx multiple

10.2x - 23.0x

19.2x

Increase

Discount to EV/EBITDA less CapEx multiple

50%

Decrease

DLOM

17% - 22%

19%

Decrease

Inputs to market comparables and

discounted cash flow

Weight ascribed to market comparables

50%

N/A

Weight ascribed to discounted cash flow

50%

N/A

Discounted cash flow

Proved reserves

$53.7 million

Increase

Discount rate

Decrease

Recent market information

Quoted price

N/A

DLOM

30%

Decrease

Transaction price

N/A

Rights & warrants

—

Black-Scholes

Implied volatility

30%

Increase

Underlying share price

N/A

28,783

¹	Weighted average is by relative fair value.
²	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.
³	Amount less than one thousand.

Key to abbreviations
CapEx = Capital expenditure
DLOM = Discount for lack of marketability
EBITDA = Earnings before income taxes, depreciation and amortization
EV = Enterprise value
YTM = Yield to maturity

270	American Funds Insurance Series

American Funds Mortgage Fund

	Investment securities

	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—		$	219,567		$	—	$	219,567
U.S. Treasury bonds & notes		—			25,628			—		25,628
Asset-backed obligations		—			5,546			—		5,546
Federal agency bonds & notes		—			294			—		294
Short-term securities		—			141,404			—		141,404
Total	$	—		$	392,439		$	—	$	392,439

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	54		$	—		$	—	$	54
Unrealized appreciation on interest rate swaps		—			1,218			—		1,218
Liabilities:
Unrealized depreciation on futures contracts		(21	)		—			—		(21	)
Unrealized depreciation on interest rate swaps		—			(4	)		—		(4	)
Total	$	33		$	1,214		$	—	$	1,247

Futures contracts and interest rate swaps are not included in the investment portfolio.

Ultra-Short Bond Fund

At December 31, 2020, all of the fund’s investment securities were classified as Level 2.

U.S. Government/AAA-Rated Securities Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—		$	756,975		$	—	$	756,975
U.S. Treasury bonds & notes		—			663,982			—		663,982
Federal agency bonds & notes		—			341,155			—		341,155
Short-term securities		—			731,556			—		731,556
Total	$	—		$	2,493,668		$	—	$	2,493,668

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	1,235		$	—		$	—	$	1,235
Unrealized appreciation on interest rate swaps		—			34,726			—		34,726
Liabilities:
Unrealized depreciation on futures contracts		(1,275	)		—			—		(1,275	)
Unrealized depreciation on interest rate swaps		—			(7,246	)		—		(7,246	)
Total	$	(40	)	$	27,480		$	—	$	27,440

*	Futures contracts and interest rate swaps are not included in the investment portfolio.

Managed Risk Growth Fund

At December 31, 2020, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund

At December 31, 2020, all of the fund’s investments were classified as Level 1.

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Managed Risk Blue Chip Income and Growth Fund

At December 31, 2020, all of the fund’s investments were classified as Level 1.

Managed Risk Growth-Income Fund

At December 31, 2020, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

At December 31, 2020, 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, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in income-oriented stocks — The value of a fund’s securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different 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

272	American Funds Insurance Series

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, emerging market 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, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries 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, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit ratings of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. A downgrade or default affecting any of a fund’s securities could cause the value of a fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may

American Funds Insurance Series

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expose a fund to losses in excess of its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund’s returns and increase a fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses.

Currency — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa. 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. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

Investing in future delivery contracts — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund’s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation-linked bonds may also reduce a fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by 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.

274	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. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, given the current 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 risk— 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 or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.

Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

Fund structure — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

Management — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Underlying fund risks — Because the managed risk funds’ investments consist of investments in underlying funds, the managed risk funds’ risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

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Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. 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 both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could be exposed to the risk of loss. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

Hedging — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

Short positions — 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

Securities lending — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals

276	American Funds Insurance Series

affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

			Collateral type
								Value of
	Values of							investment
	securities				U.S. government			securities
Funds	loan		Cash		securities			purchased
Global Growth Fund	$	21,446	$	20,305	$	1,985		$	18,274
Global Small Capitalization Fund		77,648		79,709		66			71,738
Growth Fund		7,302		7,559		—			6,803
International Fund		83,899		15,528		72,363			13,975
New World Fund		18,411		15,578		3,469			14,020
Blue Chip Income and Growth Fund		3,447		3,589		—			3,230
Global Growth and Income Fund		6,890		7,156		—	*		6,440
Growth-Income Fund		188,806		193,847		—			174,463
International Growth and Income Fund		6,820		7,095		14			6,385
Capital Income Builder		5,528		1,316		4,462			1,185
Asset Allocation Fund		13,741		14,048		—			12,643

Amount less than one thousand.

Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

Index-linked bonds — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

Mortgage dollar rolls — Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the funds’ portfolio turnover rates.

Loan transactions — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

Short-term securities — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

Unfunded commitments — Asset Allocation Fund and High-Income Bond Fund have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2020, the maximum exposure from these unfunded commitments for Asset Allocation Fund and High-Income Bond Fund was $3,543,000 and $1,481,000, respectively, which would represent 0.01% and 0.17%, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments for Asset Allocation Fund and High-Income Bond Fund was $740,000 and $323,000, respectively, which is disclosed as a receivable for unrealized appreciation on unfunded commitments in each fund’s statement of assets and liabilities and is included in net unrealized appreciation on investments in unaffiliated issuers in each fund’s statement of operations.

American Funds Insurance Series

277

Options contracts — The Managed Risk Growth-Income Fund has entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of its managed risk strategy, the Managed Risk Growth-Income Fund will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the fund obtains the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the fund pays the current market price, or the option premium, for the option.

The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire premium. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in the fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in investments in unaffiliated issuers in the fund’s statement of operations.

Futures contracts — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. 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. 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.

278	American Funds Insurance Series

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.

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.

American Funds Insurance Series

279

The following table presents the average month-end notional amounts of options contracts purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

Options
contracts
purchased

Futures
contracts

Forward
currency
contracts

Interest
rate
swaps

Credit
default
swaps

International Fund

Not applicable

$41,887

Not applicable

New World Fund

Not applicable

$ 1,829

5,742

Not applicable

Global Growth and Income Fund

Not applicable

6,973

Not applicable

International Growth and Income Fund

Not applicable

3,200

Not applicable

Capital Income Builder

Not applicable

71,475

965

$ 112,369

$3,389

Asset Allocation Fund

Not applicable

1,175,025

Not applicable

227,086

46,073

Global Balanced Fund

Not applicable

4,858

30,295

7,507

3,800

Bond Fund

Not applicable

3,685,113

491,051

823,870

173,850

Capital World Bond Fund

Not applicable

139,493

657,769

121,529

80,050

High-Income Bond Fund

Not applicable

10,600

Not applicable

31,310

Mortgage Fund

Not applicable

88,917

Not applicable

268,075

Not applicable

U.S. Government/AAA-Rated Securities Fund

Not applicable

1,922,908

Not applicable

3,696,916

Not applicable

Managed Risk Growth Fund

Not applicable

178,037

Not applicable

Managed Risk International Fund

Not applicable

716,661

Not applicable

Managed Risk Blue Chip Income and Growth Fund

Not applicable

119,174

Not applicable

Managed Risk Growth-Income Fund

$36,373

741,450

Not applicable

Managed Risk Asset Allocation Fund

Not applicable

735,724

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.

The following tables identify the location and fair value amounts on the funds’ statements of assets and liabilities and the effect on the funds’ statements of operations resulting from the funds’ use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2020 (dollars in thousands):

International Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

309

Unrealized depreciation on open forward currency contracts

395

Net realized gain

Net unrealized appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Forward currency

Currency

Net realized gain on forward currency contracts

182

Net unrealized appreciation on forward currency contracts

New World Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

Unrealized depreciation¹

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

—

Unrealized depreciation on open forward currency contracts

See end of tables for footnotes.

280	American Funds Insurance Series

Net realized gain (loss)

Net unrealized depreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Interest

Net realized gain on futures contracts

140

Net unrealized depreciation on futures contracts

(10

)

Forward currency

Currency

Net realized loss on forward currency contracts

(245

)

Net unrealized depreciation on forward currency contracts

(54

)

(105

)

(64

)

Global Growth and Income Fund

Net realized loss

Net unrealized appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Forward currency

Currency

Net realized loss on forward currency contracts

(521

)

Net unrealized appreciation on forward currency contracts

137

International Growth and Income Fund

Net realized gain

Net unrealized appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Forward currency

Currency

Net realized gain on forward currency contracts

Net unrealized appreciation on forward currency contracts

Capital Income Builder

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

Unrealized depreciation¹

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

Unrealized depreciation on open forward currency contracts

Swap

Interest

Unrealized appreciation¹

569

Unrealized depreciation¹

—

Swap

Credit

Unrealized appreciation¹

152

Unrealized depreciation¹

—

794

145

Net realized gain

Net unrealized appreciation (depreciation)

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Interest

Net realized gain on futures contracts

3,606

Net unrealized appreciation on futures contracts

281

Forward currency

Currency

Net realized gain on forward currency contracts

Net unrealized depreciation on forward currency contracts

(22

)

Swap

Interest

Net realized gain on swap contracts

2,280

Net unrealized depreciation on swap contracts

(260

)

Swap

Credit

Net realized gain on swap contracts

406

Net unrealized appreciation on swap contracts

152

6,330

151

See end of tables for footnotes.

American Funds Insurance Series

281

Asset Allocation Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

1,610

Unrealized depreciation¹

2,382

Swap

Interest

Unrealized appreciation¹

796

Unrealized depreciation¹

—

Swap

Credit

Unrealized appreciation¹

—

Unrealized depreciation¹

—

2,406

2,382

Net realized gain (loss)

Net unrealized appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Interest

Net realized gain on futures contracts

36,747

Net unrealized appreciation on futures contracts

2,190

Swap

Interest

Net realized loss on swap contracts

(13,556

)

Net unrealized appreciation on swap contracts

4,608

Swap

Credit

Net realized gain on swap contracts

2,725

Net unrealized appreciation on swap contracts

—

25,916

6,798

Global Balanced Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

Unrealized depreciation¹

—

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

257

Unrealized depreciation on open forward currency contracts

259

Swap

Interest

Unrealized appreciation¹

Unrealized depreciation¹

—

Swap

Credit

Unrealized appreciation¹

—

Unrealized depreciation¹

—

281

259

Net realized gain (loss)

Net unrealized appreciation (depreciation)

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Interest

Net realized gain on futures contracts

442

Net unrealized appreciation on futures contracts

Forward currency

Currency

Net realized gain on forward currency contracts

801

Net unrealized appreciation on forward currency contracts

Swap

Interest

Net realized loss on swap contracts

(126

)

Net unrealized appreciation on swap contracts

Swap

Credit

Net realized gain on swap contracts

Net unrealized depreciation on swap contracts

—

1,120

139

See end of tables for footnotes.

282	American Funds Insurance Series

Bond Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

7,631

Unrealized depreciation¹

824

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

Unrealized depreciation on open forward currency contracts

2,653

Swap

Interest

Unrealized appreciation¹

3,456

Unrealized depreciation¹

28,517

11,133

31,994

Net realized gain (loss)

Net unrealized appreciation (depreciation)

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Interest

Net realized gain on futures contracts

89,071

Net unrealized appreciation on futures contracts

10,886

Forward currency

Currency

Net realized loss on forward currency contracts

(15,906

)

Net unrealized depreciation on forward currency contracts

(1,417

)

Swap

Interest

Net realized loss on swap contracts

(22,499

)

Net unrealized depreciation on swap contracts

(18,955

)

Swap

Credit

Net realized gain on swap contracts

22,543

Net unrealized appreciation on swap contracts

—

73,209

(9,486

)

Capital World Bond Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

308

Unrealized depreciation¹

155

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

4,155

Unrealized depreciation on open forward currency contracts

3,799

Swap

Interest

Unrealized appreciation¹

—

Unrealized depreciation¹

Swap

Credit

Unrealized appreciation¹

Unrealized depreciation¹

698

4,494

4,716

Net realized (loss) gain

Net unrealized appreciation (depreciation)

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Interest

Net realized loss on futures contracts

(180

)

Net unrealized appreciation on futures contracts

958

Forward currency

Currency

Net realized gain on forward currency contracts

16,206

Net unrealized appreciation on forward currency contracts

2,566

Swap

Interest

Net realized loss on swap contracts

(2,548

)

Net unrealized appreciation on swap contracts

475

Swap

Credit

Net realized loss on swap contracts

(357

)

Net unrealized depreciation on swap contracts

(1,398

)

13,121

2,601

See end of tables for footnotes.

American Funds Insurance Series

283

High-Income Bond Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

Unrealized depreciation¹

Swap

Credit

Unrealized appreciation¹

Unrealized depreciation¹

728

755

Net realized (loss) gain

Net unrealized (depreciation) appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Interest

Net realized loss on futures contracts

(166

)

Net unrealized depreciation on futures contracts

(178

)

Swap

Interest

Net realized gain on swap contracts

Net unrealized appreciation on swap contracts

—

Swap

Credit

Net realized gain on swap contracts

3,841

Net unrealized appreciation on swap contracts

857

3,676

679

American Funds Mortgage Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

Unrealized depreciation¹

Swap

Interest

Unrealized appreciation¹

1,218

Unrealized depreciation¹

1,272

Net realized gain (loss)

Net unrealized appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Interest

Net realized gain on futures contracts

8,696

Net unrealized appreciation on futures contracts

779

Swap

Interest

Net realized loss on swap contracts

(8,505

)

Net unrealized appreciation on swap contracts

4,046

191

4,825

U.S. Government/AAA-Rated Securities Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

1,235

Unrealized depreciation¹

1,275

Swap

Interest

Unrealized appreciation¹

34,726

Unrealized depreciation¹

7,246

35,961

8,521

See end of tables for footnotes.

284	American Funds Insurance Series

Net realized gain (loss)

Net unrealized appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Interest

Net realized gain on futures contracts

89,336

Net unrealized appreciation on futures contracts

7,908

Swap

Interest

Net realized loss on swap contracts

(46,704

)

Net unrealized appreciation on swap contracts

47,782

42,632

55,690

Managed Risk Growth Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

Unrealized depreciation¹

—

Net realized (loss) gain

Net unrealized appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Currency

Net realized loss on futures contracts

(323

)

Net unrealized appreciation on futures contracts

—

Futures

Equity

Net realized loss on futures contracts

(40,633

)

Net unrealized appreciation on futures contracts

—

Futures

Interest

Net realized gain on futures contracts

5,618

Net unrealized appreciation on futures contracts

130

(35,338

)

130

Managed Risk International Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

Unrealized depreciation¹

—

Net realized (loss) gain

Net unrealized appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Currency

Net realized loss on futures contracts

(689

)

Net unrealized appreciation on futures contracts

—

Futures

Equity

Net realized loss on futures contracts

(14,445

)

Net unrealized appreciation on futures contracts

—

Futures

Interest

Net realized gain on futures contracts

1,083

Net unrealized appreciation on futures contracts

(14,051

)

See end of tables for footnotes.

American Funds Insurance Series

285

Managed Risk Blue Chip Income and Growth Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

Unrealized depreciation¹

—

Net realized (loss) gain

Net unrealized appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Currency

Net realized loss on futures contracts

(112

)

Net unrealized appreciation on futures contracts

—

Futures

Equity

Net realized loss on futures contracts

(36,178

)

Net unrealized appreciation on futures contracts

—

Futures

Interest

Net realized gain on futures contracts

3,606

Net unrealized appreciation on futures contracts

(32,684

)

Managed Risk Growth-Income Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Options purchased

Equity

Investment securities from unaffiliated issuers³

12,028

Investment securities from unaffiliated issuers

—

Futures

Equity

Unrealized appreciation¹

2,637

Unrealized depreciation¹

—

Futures

Interest

Unrealized appreciation¹

341

Unrealized depreciation¹

—

15,006

—

Net realized (loss) gain

Net unrealized appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Options purchased

Equity

Net realized loss on options purchased contracts⁴

(22,888

)

Net unrealized appreciation on options purchased contracts⁵

—

Futures

Currency

Net realized loss on futures contracts

(563

)

Net unrealized appreciation on futures contracts

—

Futures

Equity

Net realized loss on futures contracts

(44,738

)

Net unrealized appreciation on futures contracts

1,592

Futures

Interest

Net realized gain on futures contracts

24,706

Net unrealized appreciation on futures contracts

716

(43,483

)

2,308

See end of tables for footnotes.

286	American Funds Insurance Series

Managed Risk Asset Allocation Fund

Assets

Liabilities

Location on statement of

Contracts

Risk type

assets and liabilities

Value

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

358

Unrealized depreciation¹

—

Net realized (loss) gain

Net unrealized appreciation

Location on statement of

Contracts

Risk type

operations

Value

operations

Value

Futures

Currency

Net realized loss on futures contracts

(82

)

Net unrealized appreciation on futures contracts

—

Futures

Equity

Net realized loss on futures contracts

(141,847

)

Net unrealized appreciation on futures contracts

—

Futures

Interest

Net realized gain on futures contracts

22,678

Net unrealized appreciation on futures contracts

883

(119,251

)

883

¹	Includes cumulative appreciation/depreciation on futures contracts, interest rate swaps and/or credit default swaps as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities.
²	Amount less than one thousand.
³	Includes options purchased as reported in the fund’s investment portfolio.
⁴	Options purchased are included in net realized gain (loss) on investments in unaffiliated issuers.
⁵	Options purchased are included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers.

Collateral — Some funds participate in a collateral program that calls for the funds to either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, interest rate swaps and credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled forward currency contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in each fund’s statement of assets and liabilities.

Rights of offset — Funds that hold forward currency contracts have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) 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 December 31, 2020, if close-out netting was exercised (dollars in thousands):

American Funds Insurance Series

287

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:
Citibank	$	309	$	(309	)	$	—	$	—	$	—
Liabilities:
Citibank	$	395	$	(309	)	$	—	$	—	$	86

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
Liabilities:
Bank of New York Mellon	$	54	$	—		$	—	$	—	$	54

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
Assets:
Bank of New York Mellon	$	29	$	(4	)	$	—	$	—	$	25
Goldman Sachs		4		—			—		—		4
HSBC Bank		1		—			—		—		1
Total	$	34	$	(4	)	$	—	$	—	$	30
Liabilities:
Bank of New York Mellon	$	4	$	(4	)	$	—	$	—	$	—
Standard Chartered Bank		52		—			—		—		52
Total	$	56	$	(4	)	$	—	$	—	$	52

See end of tables for footnote.

288	American Funds Insurance Series

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 New York Mellon	$	14	$	—		$	—		$	—		$	14
Barclays Bank PLC		21		(1	)		—			—			20
Citibank		61		(61	)		—			—			—
Goldman Sachs		44		(14	)		—			—			30
HSBC Bank		38		(19	)		—			—			19
JPMorgan Chase		12		(11	)		—			—			1
Morgan Stanley		54		(48	)		—			—			6
Standard Chartered Bank		11		(11	)		—			—			—
UBS AG		2		—			—			—			2
Total	$	257	$	(165	)	$	—		$	—		$	92
Liabilities:
Bank of America	$	21	$	—		$	—		$	—		$	21
Barclays Bank PLC		1		(1	)		—			—			—
Citibank		115		(61	)		—			—			54
Goldman Sachs		14		(14	)		—			—			—
HSBC Bank		19		(19	)		—			—			—
JPMorgan Chase		11		(11	)		—			—			—
Morgan Stanley		48		(48	)		—			—			—
Standard Chartered Bank		30		(11	)		—			—			19
Total	$	259	$	(165	)	$	—		$	—		$	94

Bond 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:
Morgan Stanley	$	46	$	—		$	—		$	(46	)	$	—
Liabilities:
Bank of New York Mellon	$	877	$	—		$	(877	)	$	—		$	—
HSBC Bank		1,714		—			(1,714	)		—			—
UBS AG		62		—			—			—			62
Total	$	2,653	$	—		$	(2,591	)	$	—		$	62

See end of tables for footnote.

American Funds Insurance Series

289

Capital World Bond Fund

			Gross amounts not offset in the
	Gross amounts		statement of assets and liabilities and
	recognized in the		subject to a master netting agreement
	statement of assets		Available			Non-cash			Cash			Net
Counterparty	and liabilities		to offset			collateral*			collateral*			amount
Assets:
Bank of America	$	439	$	(439	)	$	—		$	—		$	—
Bank of New York Mellon		109		(2	)		—			—			107
Citibank		281		(281	)		—			—			—
Goldman Sachs		1,536		(359	)		—			(1,110	)		67
HSBC Bank		319		(97	)		(108	)		—			114
JPMorgan Chase		924		—			(924	)		—			—
Standard Chartered Bank		202		(8	)		(194	)		—			—
UBS AG		345		(345	)		—			—			—
Total	$	4,155	$	(1,531	)	$	(1,226	)	$	(1,110	)	$	288
Liabilities:
Bank of America	$	551	$	(439	)	$	(63	)	$	—		$	49
Bank of New York Mellon		2		(2	)		—			—			—
Citibank		1,691		(281	)		(1,312	)		—			98
Goldman Sachs		359		(359	)		—			—			—
HSBC Bank		97		(97	)		—			—			—
Morgan Stanley		560		—			(466	)		—			94
Standard Chartered Bank		8		(8	)		—			—			—
UBS AG		531		(345	)		—			—			186
Total	$	3,799	$	(1,531	)	$	(1,841	)	$	—		$	427

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 December 31, 2020, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund’s tax returns are not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is generally three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. 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 each fund’s 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; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

290	American Funds Insurance Series

Additional tax basis disclosures for each fund as of December 31, 2020, were 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
Undistributed ordinary income	$	23,610		$	—		$	276,979		$	4,878		$	10,741		$	38,218
Undistributed long-term capital gains		445,512			123,145			5,068,501			—			143,589			—
Capital loss carryforward*		—			—			—			(136,440	)		—			(63,496	)
Capital loss carryforward utilized		—			—			—			13,382			—			—
Gross unrealized appreciation on investments		4,449,917			2,433,892			21,167,676			4,059,818			1,659,058			3,361,319
Gross unrealized depreciation on investments		(135,394	)		(86,045	)		(234,902	)		(340,845	)		(33,325	)		(539,186	)
Net unrealized appreciation (depreciation) on investments		4,314,523			2,347,847			20,932,774			3,718,973			1,625,733			2,822,133
Cost of investments		3,966,775			3,047,816			17,944,956			6,940,513			2,596,976			6,754,573
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			(13,829	)		6			—			(1	)		—

	Global Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder			Asset Allocation Fund			Global Balanced Fund
Undistributed ordinary income	$	4,517		$	161,308		$	5,778		$	3,530		$	248,732		$	646
Undistributed long-term capital gains		51,479			403,490			—			—			899,471			1,975
Capital loss carryforward*		—			—			(76,870	)		(62,945	)		—			—
Gross unrealized appreciation on investments		784,941			15,269,066			428,729			168,138			8,710,090			103,417
Gross unrealized depreciation on investments		(35,268	)		(859,941	)		(46,994	)		(16,334	)		(257,151	)		(3,408	)
Net unrealized appreciation (depreciation) on investments		749,673			14,409,125			381,735			151,804			8,452,939			100,009
Cost of investments		1,420,661			24,205,230			1,075,943			952,928			22,421,338			353,494
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			(822	)		(1	)		1			18			2

See end of tables for footnote.

American Funds Insurance Series

291

	Bond Fund			Capital World Bond Fund			High- Income Bond Fund			American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund
Undistributed ordinary income	$	293,413		$	42,838		$	6,554		$	7,215		$	—		$	133,505
Undistributed long-term capital gains		218,389			21,745			—			4,438			—			51,890
Capital loss carryforward*		—			—			(247,718	)		—			(1	)		—
Gross unrealized appreciation on investments		648,591			188,721			54,124			6,536			8			88,168
Gross unrealized depreciation on investments		(47,722	)		(20,385	)		(55,153	)		(625	)		(2	)		(16,204	)
Net unrealized appreciation (depreciation) on investments		600,869			168,336			(1,029	)		5,911			6			71,964
Cost of investments		13,100,327			2,172,394			857,316			387,737			372,351			2,449,196
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		1			—			7,377			—			(172	)		—

	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
Undistributed ordinary income	$	1,371		$	929		$	4,349		$	25,029		$	31,041
Undistributed long-term capital gains		24,118			—			—			33,730			—
Capital loss carryforward*		—			(11,769	)		(22,483	)		—			(31,551	)
Gross unrealized appreciation on investments		156,525			33,827			62,066			380,437			403,906
Gross unrealized depreciation on investments		(4,202	)		(8,961	)		(45,409	)		(58,764	)		(17,089	)
Net unrealized appreciation (depreciation) on investments		152,323			24,866			16,657			321,673			386,817
Cost of investments		412,543			144,392			339,936			2,110,156			2,394,223

*	Capital loss carryforwards will be used to offset any capital gains realized by the funds in future years. The funds will not make distributions from capital gains while a capital loss carryforward remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	16,383	$	73,033	$	89,416	$	31,022	$	121,251	$	152,273
Class 1A		29		205		234		82		367		449
Class 2		13,463		109,286		122,749		40,119		204,481		244,600
Class 4		653		11,537		12,190		3,204		17,408		20,612
Total	$	30,528	$	194,061	$	224,589	$	74,427	$	343,507	$	417,934

See end of tables for footnote.

292	American Funds Insurance Series

Global Small Capitalization Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	5,414	$	120,074	$	125,488	$	28,009	$	97,912	$	125,921
Class 1A		2		42		44		6		23		29
Class 2		5,373		140,495		145,868		28,406		119,280		147,686
Class 4		408		12,682		13,090		1,932		9,184		11,116
Total	$	11,197	$	273,293	$	284,490	$	58,353	$	226,399	$	284,752

Growth Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	68,600	$	285,315	$	353,915	$	150,838	$	964,757	$	1,115,595
Class 1A		141		547		688		193		1,290		1,483
Class 2		53,722		404,657		458,379		192,058		1,500,212		1,692,270
Class 3		860		5,433		6,293		2,713		20,442		23,155
Class 4		3,629		42,241		45,870		14,770		130,929		145,699
Total	$	126,952	$	738,193	$	865,145	$	360,572	$	2,617,630	$	2,978,202

International Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	44,223	$	—	$	44,223	$	85,943	$	130,060	$	216,003
Class 1A		56		—		56		95		141		236
Class 2		25,688		—		25,688		59,246		104,778		164,024
Class 3		157		—		157		354		637		991
Class 4		1,591		—		1,591		4,496		8,870		13,366
Total	$	71,715	$	—	$	71,715	$	150,134	$	244,486	$	394,620

New World Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	16,847	$	8,752	$	25,599	$	23,315	$	71,500	$	94,815
Class 1A		48		26		74		39		132		171
Class 2		6,570		4,233		10,803		8,693		34,958		43,651
Class 4		4,454		3,019		7,473		4,452		21,103		25,555
Total	$	27,919	$	16,030	$	43,949	$	36,499	$	127,693	$	164,192

See end of tables for footnote.

American Funds Insurance Series

293

Blue Chip Income and Growth Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	100,756	$	61,517	$	162,273	$	118,657	$	410,713	$	529,370
Class 1A		350		134		484		163		435		598
Class 2		48,936		34,662		83,598		60,118		238,793		298,911
Class 4		10,866		7,992		18,858		10,646		38,700		49,346
Total	$	160,908	$	104,305	$	265,213	$	189,584	$	688,641	$	878,225

Global Growth and Income Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	8,987	$	15,679	$	24,666	$	12,475	$	27,971	$	40,446
Class 1A		28		53		81		33		66		99
Class 2		15,537		32,112		47,649		24,591		66,794		91,385
Class 4		1,576		3,612		5,188		2,298		5,970		8,268
Total	$	26,128	$	51,456	$	77,584	$	39,397	$	100,801	$	140,198

Growth-Income Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	381,174	$	482,142	$	863,316	$	455,391	$	1,825,184	$	2,280,575
Class 1A		211		265		476		206		825		1,031
Class 2		207,651		305,445		513,096		272,097		1,260,360		1,532,457
Class 3		2,378		3,413		5,791		3,204		14,500		17,704
Class 4		17,727		29,072		46,799		21,474		103,934		125,408
Total	$	609,141	$	820,337	$	1,429,478	$	752,372	$	3,204,803	$	3,957,175

International Growth and Income Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	17,264	$	—	$	17,264	$	41,626	$	—	$	41,626
Class 1A		38		—		38		84		—		84
Class 2		2,910		—		2,910		8,726		—		8,726
Class 4		1,255		—		1,255		3,112		—		3,112
Total	$	21,467	$	—	$	21,467	$	53,548	$	—	$	53,548

See end of tables for footnote.

294	American Funds Insurance Series

Capital Income Builder

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	17,286	$	—	$	17,286	$	13,476	$	—	$	13,476
Class 1A		161		—		161		126		—		126
Class 2		181		—		181		137		—		137
Class 4		11,369		—		11,369		10,875		—		10,875
Total	$	28,997	$	—	$	28,997	$	24,614	$	—	$	24,614

Asset Allocation Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	333,238	$	79,610	$	412,848	$	356,589	$	816,841	$	1,173,430
Class 1A		213		51		264		189		416		605
Class 2		80,906		22,747		103,653		94,178		253,101		347,279
Class 3		520		141		661		608		1,581		2,189
Class 4		67,789		21,221		89,010		71,682		206,152		277,834
Total	$	482,666	$	123,770	$	606,436	$	523,246	$	1,278,091	$	1,801,337

Global Balanced Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	1,746	$	5,085	$	6,831	$	1,912	$	3,479	$	5,391
Class 1A		29		99		128		28		61		89
Class 2		2,128		7,631		9,759		2,521		5,487		8,008
Class 4		844		3,811		4,655		954		2,492		3,446
Total	$	4,747	$	16,626	$	21,373	$	5,415	$	11,519	$	16,934

Bond Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	185,412	$	25,238	$	210,650	$	177,855	$	—	$	177,855
Class 1A		224		31		255		165		—		165
Class 2		96,166		14,478		110,644		90,796		—		90,796
Class 4		15,659		2,303		17,962		11,384		—		11,384
Total	$	297,461	$	42,050	$	339,511	$	280,200	$	—	$	280,200

See end of tables for footnote.

American Funds Insurance Series

295

Capital World Bond Fund

	Year ended December 31, 2020						Year ended December 31, 2019
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	30,575	$	4,335	$	34,910	$	19,173	$	—	$	19,173
Class 1A		16		3		19		7		—		7
Class 2		24,602		3,871		28,473		15,927		—		15,927
Class 4		1,252		206		1,458		649		—		649
Total	$	56,445	$	8,415	$	64,860	$	35,756	$	—	$	35,756

High-Income Bond Fund

	Year ended December 31, 2020						Year ended December 31, 2019
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	10,071	$	—	$	10,071	$	33,304	$	—	$	33,304
Class 1A		78		—		78		45		—		45
Class 2		54,086		—		54,086		41,753		—		41,753
Class 3		799		—		799		611		—		611
Class 4		4,806		—		4,806		3,353		—		3,353
Total	$	69,840	$	—	$	69,840	$	79,066	$	—	$	79,066

American Funds Mortgage Fund

	Year ended December 31, 2020						Year ended December 31, 2019
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	3,288	$	263	$	3,551	$	5,573	$	—	$	5,573
Class 1A		13		1		14		12		—		12
Class 2		722		75		797		1,355		—		1,355
Class 4		406		52		458		585		—		585
Total	$	4,429	$	391	$	4,820	$	7,525	$	—	$	7,525

Ultra-Short Bond Fund

	Year ended December 31, 2020								Year ended December 31, 2019
						Total								Total
	Ordinary			Long-term		distributions			Ordinary			Long-term		distributions
Share class	income			capital gains		paid			income			capital gains		paid
Class 1	$	104		$	—	$	104		$	604		$	—	$	604
Class 1A		—	*		—		—	*		—	*		—		—	*
Class 2		558			—		558			4,088			—		4,088
Class 3		8			—		8			59			—		59
Class 4		67			—		67			342			—		342
Total	$	737		$	—	$	737		$	5,093		$	—	$	5,093

See end of tables for footnote.

296	American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

	Year ended December 31, 2020						Year ended December 31, 2019
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class 1	$	12,901	$	3,231	$	16,132	$	31,700	$	—	$	31,700
Class 1A		107		29		136		50		—		50
Class 2		40,852		11,067		51,919		26,790		—		26,790
Class 3		318		89		407		180		—		180
Class 4		7,195		1,992		9,187		2,241		—		2,241
Total	$	61,373	$	16,408	$	77,781	$	60,961	$	—	$	60,961

Managed Risk Growth Fund

	Year ended December 31, 2020						Year ended December 31, 2019
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class P1	$	64	$	374	$	438	$	61	$	256	$	317
Class P2		3,441		21,395		24,836		3,581		26,324		29,905
Total	$	3,505	$	21,769	$	25,274	$	3,642	$	26,580	$	30,222

Managed Risk International Fund

	Year ended December 31, 2020						Year ended December 31, 2019
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class P1	$	21	$	10	$	31	$	11	$	16	$	27
Class P2		1,913		1,303		3,216		2,974		4,795		7,769
Total	$	1,934	$	1,313	$	3,247	$	2,985	$	4,811	$	7,796

Managed Risk Blue Chip Income and Growth Fund

	Year ended December 31, 2020						Year ended December 31, 2019
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class P1	$	29	$	37	$	66	$	13	$	40	$	53
Class P2		6,006		10,828		16,834		5,566		17,796		23,362
Total	$	6,035	$	10,865	$	16,900	$	5,579	$	17,836	$	23,415

Managed Risk Growth-Income Fund

	Year ended December 31, 2020						Year ended December 31, 2019
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class P1	$	37,519	$	103,175	$	140,694	$	14,564	$	14,505	$	29,069
Class P2		4,874		15,199		20,073		1,352		2,019		3,371
Total	$	42,393	$	118,374	$	160,767	$	15,916	$	16,524	$	32,440

See end of tables for footnote.

American Funds Insurance Series

297

Managed Risk Asset Allocation Fund

	Year ended December 31, 2020						Year ended December 31, 2019
					Total						Total
	Ordinary		Long-term		distributions		Ordinary		Long-term		distributions
Share class	income		capital gains		paid		income		capital gains		paid
Class P1	$	58	$	146	$	204	$	5	$	65	$	70
Class P2		40,641		105,833		146,474		62,691		115,050		177,741
Total	$	40,699	$	105,979	$	146,678	$	62,696	$	115,115	$	177,811

*	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 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 additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

Investment advisory services waivers — CRMC is waiving a portion of its investment advisory services fees for some of the funds. During the year ended December 31, 2020, CRMC voluntarily waived to proposed rates for Global Growth in advance of the next investment advisory and service agreement that will become effective May 1, 2021. In addition, CRMC waived a portion of its investment advisory services fees at the rate of 0.05% of the daily net assets of each of the managed risk funds. The waiver for each of the managed risk funds will be in effect through at least May 1, 2021, and may only be modified or terminated with the approval of the series’ board.

Effective May 1, 2020, CRMC began to waive a portion of its investment advisory fees at the rates of 0.18%, 0.26%, 0.10% and 0.18% of the daily net assets of New World Fund, Capital Income Builder, Capital World Bond Fund and American Funds Mortgage Fund, respectively. These waivers will be in effect through at least May 1, 2021, and may only be modified or terminated with the approval of the series’ board.

Investment advisory services fees are presented in each fund’s statement of operations gross of the waivers from CRMC. CRMC does not intend to recoup these waivers. For the year ended December 31, 2020, total investment advisory services fees waived by CRMC were $10,896,000.

298	American Funds Insurance Series

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers (if applicable), are as follows:

											For the			For the
							Net asset level				year ended			year ended
	Rates						(in billions)				December 31,			December 31,
	Beginning			Ending					In excess		2020,			2020,
Fund	with			with			Up to		of		before waiver			after waiver
Global Growth Fund		.690	%		.460	%	$	.6	$	5.0		.511	%		.511	%
Global Small Capitalization Fund		.800			.635			.6		5.0		.694			.694
Growth Fund		.500			.280			.6		34.0		.316			.316
International Fund		.690			.430			.5		21.0		.494			.494
New World Fund		.850			.580			.5		4.0		.698			.574
Blue Chip Income and Growth Fund		.500			.350			.6		10.5		.390			.390
Global Growth and Income Fund		.690			.480			.6		3.0		.597			.597
Growth-Income Fund		.500			.219			.6		34.0		.255			.255
International Growth and Income Fund		.690			.500			.5		1.5		.613			.613
Capital Income Builder		.500			.410			.6		1.0		.480			.303
Asset Allocation Fund		.500			.240			.6		21.0		.265			.265
Global Balanced Fund		.660			.510			.5		1.0		.660			.660
Bond Fund		.480			.320			.6		13.0		.362			.362
Capital World Bond Fund		.570			.450			1.0		3.0		.533			.465
High-Income Bond Fund		.500			.420			.6		2.0		.484			.484
American Funds Mortgage Fund		.420			.290			.6		3.0		.420			.299
Ultra-Short Bond Fund		.320			.270			1.0		2.0		.320			.320
U.S. Government/AAA-Rated Securities Fund		.420			.290			.6		3.0		.349			.349
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

Class-specific fees and expenses —Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

Share class	Currently approved limits			Plan limits
Class 1A		0.00	%		0.25	%
Class 2		0.25			0.25
Class 3		0.18			0.18
Class 4		0.25			0.25
Class P1		0.00			0.25
Class P2		0.25			0.50

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.

American Funds Insurance Series

299

Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds’ share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC’s provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

Accounting and administrative services — The managed risk funds have a subadministration agreement with Bank of New York Mellon (“BNY Mellon”) under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds’ share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	791
Class 1A	$	—	$	19		2
Class 2		9,578	Not applicable			1,150
Class 4		1,044		1,044		125
Total class-specific expenses	$	10,622	$	1,063	$	2,068

Global Small Capitalization Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	594
Class 1A	$	—	$	2		—	*
Class 2		5,567	Not applicable			668
Class 4		517		516		62
Total class-specific expenses	$	6,084	$	518	$	1,324

Growth Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	3,640
Class 1A	$	—	$	74		9
Class 2		42,263	Not applicable			5,071
Class 3		414	Not applicable			69
Class 4		4,410		4,410		529
Total class-specific expenses	$	47,087	$	4,484	$	9,318

International Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	1,462
Class 1A	$	—	$	19		2
Class 2		9,793	Not applicable			1,175
Class 3		39	Not applicable			7
Class 4		886		886		106
Total class-specific expenses	$	10,718	$	905	$	2,752

New World Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	588
Class 1A	$	—	$	20		2
Class 2		2,298	Not applicable			276
Class 4		1,633		1,633		196
Total class-specific expenses	$	3,931	$	1,653	$	1,062

Blue Chip Income and Growth Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	1,537
Class 1A	$	—	$	34		4
Class 2		7,027	Not applicable			843
Class 4		1,627		1,626		195
Total class-specific expenses	$	8,654	$	1,660	$	2,579

See end of tables for footnote.

300	American Funds Insurance Series

Global Growth and Income Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	180
Class 1A	$	—	$	5		—	*
Class 2		3,032	Not applicable			364
Class 4		343		343		41
Total class-specific expenses	$	3,375	$	348	$	585

Growth-Income Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	6,099
Class 1A	$	—	$	29		4
Class 2		31,824	Not applicable			3,819
Class 3		260	Not applicable			43
Class 4		3,025		3,025		363
Total class-specific expenses	$	35,109	$	3,054	$	10,328

International Growth and Income Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	310
Class 1A	$	—	$	6		1
Class 2		494	Not applicable			59
Class 4		233		233		28
Total class-specific expenses	$	727	$	239	$	398

Capital Income Builder

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	163
Class 1A	$	—	$	14		1
Class 2		15	Not applicable			2
Class 4		1,069		1,069		128
Total class-specific expenses	$	1,084	$	1,083	$	294

Asset Allocation Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	5,209
Class 1A	$	—	$	29		4
Class 2		12,220	Not applicable			1,466
Class 3		56	Not applicable			9
Class 4		11,373		11,373		1,365
Total class-specific expenses	$	23,649	$	11,402	$	8,053

Global Balanced Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	39
Class 1A	$	—	$	5		1
Class 2		487	Not applicable			58
Class 4		234		234		28
Total class-specific expenses	$	721	$	239	$	126

Bond Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	1,950
Class 1A	$	—	$	20		2
Class 2		9,104	Not applicable			1,093
Class 4		1,484		1,484		178
Total class-specific expenses	$	10,588	$	1,504	$	3,223

Capital World Bond Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	329
Class 1A	$	—	$	1		—	*
Class 2		2,480	Not applicable			298
Class 4		129		130		15
Total class-specific expenses	$	2,609	$	131	$	642

See end of tables for footnote.

American Funds Insurance Series

301

High-Income Bond Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	73
Class 1A	$	—	$	2		—	*
Class 2		1,571	Not applicable			188
Class 3		17	Not applicable			3
Class 4		138		138		17
Total class-specific expenses	$	1,726	$	140	$	281

American Funds Mortgage Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	61
Class 1A	$	—	$	2		—	*
Class 2		142	Not applicable			17
Class 4		88		88		11
Total class-specific expenses	$	230	$	90	$	89

Ultra-Short Bond Fund

			Insurance
	Distribution		administrative			Administrative
Share class	services		services			services
Class 1	Not applicable		Not applicable			$	12
Class 1A	$	—	$	—	*		—	*
Class 2		662	Not applicable				80
Class 3		7	Not applicable				1
Class 4		85		85			10
Total class-specific expenses	$	754	$	85		$	103

U.S. Government/AAA-Rated Securities Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1	Not applicable		Not applicable		$	223
Class 1A	$	—	$	9		1
Class 2		3,460	Not applicable			415
Class 3		18	Not applicable			3
Class 4		578		578		70
Total class-specific expenses	$	4,056	$	587	$	712

Managed Risk Growth Fund

Insurance

Distribution

administrative

Share class

services

Class P1

Not applicable

Class P2

1,177

Total class-specific expenses

1,177

1,198

Managed Risk International Fund

Insurance

Distribution

administrative

Share class

services

Class P1

Not applicable

Class P2

389

Total class-specific expenses

389

392

Managed Risk Blue Chip Income and Growth Fund

Insurance

Distribution

administrative

Share class

services

Class P1

Not applicable

Class P2

861

Total class-specific expenses

861

864

Managed Risk Growth-Income Fund

Insurance

Distribution

administrative

Share class

services

Class P1

Not applicable

4,911

Class P2

718

719

Total class-specific expenses

718

5,630

Managed Risk Asset Allocation Fund

Insurance

Distribution

administrative

Share class

services

Class P1

Not applicable

Class P2

6,703

Total class-specific expenses

6,703

6,712

*	Amount less than one thousand.

302	American Funds Insurance Series

Miscellaneous fee reimbursements — CRMC has agreed to reimburse a portion of miscellaneous fees and expenses for Managed Risk International Fund. Miscellaneous expenses exclude investment advisory services fees and distribution services fees. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the year ended December 31, 2020, total fees and expenses reimbursed by CRMC were $41,000. CRMC does not intend to recoup this reimbursement. Fees and expenses in the fund’s statement of operations are presented gross of any reimbursements from CRMC.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net decrease in the value of the deferred amounts as follows (dollars in thousands):

Fund	Current fees			Increase in value of deferred amounts				Total trustees’ compensation
Global Growth Fund		$	22		$	14			$	36
Global Small Capitalization Fund			14			9				23
Growth Fund			96			66				162
International Fund			30			17				47
New World Fund			11			7				18
Blue Chip Income and Growth Fund			27			17				44
Global Growth and Income Fund			6			4				10
Growth-Income Fund			111			66				177
International Growth and Income Fund			4			3				7
Capital Income Builder			3			2				5
Asset Allocation Fund			86			49				135
Global Balanced Fund			1			1				2
Bond Fund			34			17				51
Capital World Bond Fund			7			4				11
High-Income Bond Fund			3			1				4
American Funds Mortgage Fund			1			—	*			1
Ultra-Short Bond Fund			1			1				2
U.S. Government/AAA-Rated Securities Fund			8			1				9
Managed Risk Growth Fund			2			1				3
Managed Risk International Fund			1			—	*			1
Managed Risk Blue Chip Income and Growth Fund			1			1				2
Managed Risk Growth-Income Fund			7			4				11
Managed Risk Asset Allocation Fund			8			5				13

*	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.

Investment in CCF — Some of the funds hold shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for each fund’s short-term investments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC. CCF shares are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

American Funds Insurance Series

303

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of December 31, 2020 (dollars in thousands):

Fund	Purchases		Sales		Net realized gain (loss)
Global Growth Fund	$	139,989	$	85,866	$	21,004
Global Small Capitalization Fund		56,497		146,865		24,912
Growth Fund		569,889		816,449		267,011
International Fund		118,996		128,534		14,532
New World Fund		53,097		61,321		2,932
Blue Chip Income and Growth Fund		150,238		75,751		590
Global Growth and Income Fund		24,156		52,461		(6,576	)
Growth-Income Fund		471,004		714,281		60,282
International Growth and Income Fund		16,646		26,076		874
Capital Income Builder		82,136		47,478		(9,672	)
Asset Allocation Fund		262,721		379,296		62,547
Bond Fund		88,459		33,704		2,473
Capital World Bond Fund		11,945		12,762		(51	)
High-Income Bond Fund		6,251		371,551		(18,424	)
U.S. Government/AAA-Rated Securities Fund		—		444,556		22,675

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 $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund’s statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2020.

9. Capital share transactions

Capital share transactions in the funds were as follows (dollars and shares in thousands):

Global Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	402,110		11,550	$	89,416		2,661	$	(365,952	)		(11,056	)	$	125,574			3,155
Class 1A		4,330		121		234		7		(2,564	)		(87	)		2,000			41
Class 2		46,502		1,410		122,749		3,738		(613,644	)		(18,242	)		(444,393	)		(13,094	)
Class 4		96,748		2,812		12,190		377		(63,324	)		(1,924	)		45,614			1,265
Total net increase (decrease)	$	549,690		15,893	$	224,589		6,783	$	(1,045,484	)		(31,309	)	$	(271,205	)		(8,633	)

Year ended December 31, 2019

Class 1	$	230,089		7,777	$	152,273		5,192	$	(333,318	)		(11,180	)	$	49,044			1,789
Class 1A		1,744		62		449		15		(572	)		(19	)		1,621			58
Class 2		44,842		1,552		244,600		8,453		(555,704	)		(18,803	)		(266,262	)		(8,798	)
Class 4		70,615		2,415		20,612		716		(29,399	)		(1,009	)		61,828			2,122
Total net increase (decrease)	$	347,290		11,806	$	417,934		14,376	$	(918,993	)		(31,011	)	$	(153,769	)		(4,829	)

See end of tables for footnotes.

304	American Funds Insurance Series

Global Small Capitalization Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	223,000		10,191	$	125,091		5,146	$	(466,963	)		(18,580	)	$	(118,872	)		(3,243	)
Class 1A		627		24		43		2		(268	)		(10	)		402			16
Class 2		60,922		2,877		145,869		6,194		(409,129	)		(15,839	)		(202,338	)		(6,768	)
Class 4		35,430		1,424		13,089		554		(34,957	)		(1,396	)		13,562			582
Total net increase (decrease)	$	319,979		14,516	$	284,092		11,896	$	(911,317	)		(35,825	)	$	(307,246	)		(9,413	)

Year ended December 31, 2019

Class 1	$	337,817		13,612	$	125,498		5,216	$	(226,381	)		(9,119	)	$	236,934			9,709
Class 1A		196		8		28		2		(96	)		(4	)		128			6
Class 2		21,553		917		147,687		6,340		(327,909	)		(13,596	)		(158,669	)		(6,339	)
Class 4		35,449		1,468		11,115		475		(22,005	)		(911	)		24,559			1,032
Total net increase (decrease)	$	395,015		16,005	$	284,328		12,033	$	(576,391	)		(23,630	)	$	102,952			4,408

Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	2,322,779		26,334	$	353,232		3,917	$	(2,999,100	)		(33,591	)	$	(323,089	)		(3,340	)
Class 1A		33,301		338		688		8		(5,835	)		(64	)		28,154			282
Class 2		437,349		4,937		458,379		5,218		(3,162,923	)		(34,505	)		(2,267,195	)		(24,350	)
Class 3		1,333		17		6,293		70		(37,446	)		(395	)		(29,820	)		(308	)
Class 4		325,002		3,612		45,870		534		(283,912	)		(3,180	)		86,960			966
Total net increase (decrease)	$	3,119,764		35,238	$	864,462		9,747	$	(6,489,216	)		(71,735	)	$	(2,504,990	)		(26,750	)

Year ended December 31, 2019

Class 1	$	896,700		11,839	$	1,112,851		15,532	$	(1,155,174	)		(15,026	)	$	854,377			12,345
Class 1A		6,106		81		1,482		21		(1,574	)		(20	)		6,014			82
Class 2		294,401		3,907		1,692,272		23,866		(2,108,133	)		(27,828	)		(121,460	)		(55	)
Class 3		1,763		23		23,154		321		(29,706	)		(390	)		(4,789	)		(46	)
Class 4		227,023		3,055		145,699		2,087		(131,942	)		(1,767	)		240,780			3,375
Total net increase (decrease)	$	1,425,993		18,905	$	2,975,458		41,827	$	(3,426,529	)		(45,031	)	$	974,922			15,701

See end of tables for footnotes.

American Funds Insurance Series

305

International Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	535,603		30,721	$	44,223		2,049	$	(963,355	)		(50,229	)	$	(383,529	)		(17,459	)
Class 1A		2,754		147		56		2		(1,389	)		(70	)		1,421			79
Class 2		271,356		15,425		25,688		1,204		(667,572	)		(33,696	)		(370,528	)		(17,067	)
Class 3		226		12		157		7		(3,148	)		(157	)		(2,765	)		(138	)
Class 4		52,233		2,881		1,591		76		(62,187	)		(3,226	)		(8,363	)		(269	)
Total net increase (decrease)	$	862,172		49,186	$	71,715		3,338	$	(1,697,651	)		(87,378	)	$	(763,764	)		(34,854	)

Year ended December 31, 2019

Class 1	$	171,233		8,812	$	215,640		10,988	$	(699,395	)		(35,642	)	$	(312,522	)		(15,842	)
Class 1A		2,060		106		236		12		(1,174	)		(59	)		1,122			59
Class 2		175,514		9,064		164,024		8,407		(591,706	)		(30,261	)		(252,168	)		(12,790	)
Class 3		238		13		991		50		(4,348	)		(224	)		(3,119	)		(161	)
Class 4		60,129		3,112		13,366		694		(43,609	)		(2,263	)		29,886			1,543
Total net increase (decrease)	$	409,174		21,107	$	394,257		20,151	$	(1,340,232	)		(68,449	)	$	(536,801	)		(27,191	)

New World Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	80,299		3,402	$	25,570		1,027	$	(337,036	)		(13,731	)	$	(231,167	)		(9,302	)
Class 1A		12,129		461		73		3		(1,703	)		(71	)		10,499			393
Class 2		102,697		3,915		10,803		447		(184,643	)		(7,218	)		(71,143	)		(2,856	)
Class 4		89,140		3,662		7,473		310		(84,462	)		(3,316	)		12,151			656
Total net increase (decrease)	$	284,265		11,440	$	43,919		1,787	$	(607,844	)		(24,336	)	$	(279,660	)		(11,109	)

Year ended December 31, 2019

Class 1	$	149,338		6,057	$	94,601		3,981	$	(207,841	)		(8,743	)	$	36,098			1,295
Class 1A		1,685		70		171		7		(408	)		(17	)		1,448			60
Class 2		68,793		2,911		43,651		1,861		(165,106	)		(6,991	)		(52,662	)		(2,219	)
Class 4		83,946		3,576		25,555		1,096		(39,744	)		(1,687	)		69,757			2,985
Total net increase (decrease)	$	303,762		12,614	$	163,978		6,945	$	(413,099	)		(17,438	)	$	54,641			2,121

See end of tables for footnotes.

306	American Funds Insurance Series

Blue Chip Income and Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	474,186		41,847	$	161,061		11,902	$	(825,919	)		(67,505	)	$	(190,672	)		(13,756	)
Class 1A		15,517		1,215		484		35		(2,556	)		(194	)		13,445			1,056
Class 2		75,893		6,771		83,599		6,287		(337,510	)		(26,379	)		(178,018	)		(13,321	)
Class 4		148,645		12,358		18,858		1,428		(54,754	)		(4,444	)		112,749			9,342
Total net increase (decrease)	$	714,241		62,191	$	264,002		19,652	$	(1,220,739	)		(98,522	)	$	(242,496	)		(16,679	)

Year ended December 31, 2019

Class 1	$	213,624		16,737	$	525,212		41,913	$	(484,978	)		(37,271	)	$	253,858			21,379
Class 1A		5,177		403		598		47		(451	)		(35	)		5,324			415
Class 2		28,815		2,244		298,911		24,211		(366,595	)		(28,328	)		(38,869	)		(1,873	)
Class 4		198,327		15,485		49,345		4,013		(38,161	)		(2,979	)		209,511			16,519
Total net increase (decrease)	$	445,943		34,869	$	874,066		70,184	$	(890,185	)		(68,613	)	$	429,824			36,440

Global Growth and Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	274,643		21,210	$	23,674		1,607	$	(306,092	)		(22,650	)	$	(7,775	)		167
Class 1A		474		35		81		6		(266	)		(18	)		289			23
Class 2		48,178		3,670		47,647		3,258		(175,562	)		(11,876	)		(79,737	)		(4,948	)
Class 4		26,989		1,950		5,189		362		(19,540	)		(1,418	)		12,638			894
Total net increase (decrease)	$	350,284		26,865	$	76,591		5,233	$	(501,460	)		(35,962	)	$	(74,585	)		(3,864	)

Year ended December 31, 2019

Class 1	$	43,801		2,986	$	38,762		2,639	$	(61,157	)		(4,174	)	$	21,406			1,451
Class 1A		809		55		100		7		(205	)		(14	)		704			48
Class 2		15,277		1,057		91,385		6,251		(232,647	)		(15,758	)		(125,985	)		(8,450	)
Class 4		34,845		2,405		8,268		574		(16,175	)		(1,116	)		26,938			1,863
Total net increase (decrease)	$	94,732		6,503	$	138,515		9,471	$	(310,184	)		(21,062	)	$	(76,937	)		(5,088	)

See end of tables for footnotes.

American Funds Insurance Series

307

Growth-Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	1,892,111		42,172	$	862,018		17,198	$	(2,883,447	)		(61,087	)	$	(129,318	)		(1,717	)
Class 1A		4,637		94		476		9		(1,475	)		(30	)		3,638			73
Class 2		252,743		5,452		513,097		10,416		(1,497,209	)		(30,770	)		(731,369	)		(14,902	)
Class 3		2,002		41		5,790		116		(23,231	)		(465	)		(15,439	)		(308	)
Class 4		174,576		3,682		46,799		965		(148,613	)		(3,153	)		72,762			1,494
Total net increase (decrease)	$	2,326,069		51,441	$	1,428,180		28,704	$	(4,553,975	)		(95,505	)	$	(799,726	)		(15,360	)

Year ended December 31, 2019

Class 1	$	1,061,581		21,810	$	2,276,758		48,690	$	(1,229,398	)		(25,018	)	$	2,108,941			45,482
Class 1A		3,121		63		1,031		22		(929	)		(19	)		3,223			66
Class 2		173,237		3,593		1,532,457		33,240		(1,626,668	)		(33,632	)		79,026			3,201
Class 3		2,080		42		17,705		379		(21,190	)		(431	)		(1,405	)		(10	)
Class 4		180,857		3,787		125,407		2,752		(103,759	)		(2,175	)		202,505			4,364
Total net increase (decrease)	$	1,420,876		29,295	$	3,953,358		85,083	$	(2,981,944	)		(61,275	)	$	2,392,290			53,103

International Growth and Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	78,373		5,478	$	17,128		948	$	(179,914	)		(10,267	)	$	(84,413	)		(3,841	)
Class 1A		977		66		38		2		(791	)		(49	)		224			19
Class 2		13,943		970		2,909		161		(63,267	)		(3,635	)		(46,415	)		(2,504	)
Class 4		17,701		1,130		1,255		70		(13,000	)		(825	)		5,956			375
Total net increase (decrease)	$	110,994		7,644	$	21,330		1,181	$	(256,972	)		(14,776	)	$	(124,648	)		(5,951	)

Year ended December 31, 2019

Class 1	$	9,331		555	$	41,626		2,406	$	(130,370	)		(7,620	)	$	(79,413	)		(4,659	)
Class 1A		364		22		83		5		(75	)		(4	)		372			23
Class 2		14,448		831		8,726		507		(37,612	)		(2,202	)		(14,438	)		(864	)
Class 4		20,154		1,195		3,113		182		(7,857	)		(466	)		15,410			911
Total net increase (decrease)	$	44,297		2,603	$	53,548		3,100	$	(175,914	)		(10,292	)	$	(78,069	)		(4,589	)

See end of tables for footnotes.

308	American Funds Insurance Series

Capital Income Builder

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	237,195		24,206	$	17,285		1,757	$	(178,753	)		(18,572	)	$	75,727			7,391
Class 1A		809		80		161		16		(340	)		(34	)		630			62
Class 2		2,017		200		181		18		(286	)		(28	)		1,912			190
Class 4		49,099		4,860		11,369		1,158		(58,009	)		(5,855	)		2,459			163
Total net increase (decrease)	$	289,120		29,346	$	28,996		2,949	$	(237,388	)		(24,489	)	$	80,728			7,806

Year ended December 31, 2019

Class 1	$	160,592		15,806	$	13,476		1,322	$	(12,510	)		(1,240	)	$	161,558			15,888
Class 1A		2,709		268		126		12		(345	)		(34	)		2,490			246
Class 2		1,661		165		137		13		(567	)		(56	)		1,231			122
Class 4		66,462		6,575		10,875		1,070		(29,407	)		(2,903	)		47,930			4,742
Total net increase (decrease)	$	231,424		22,814	$	24,614		2,417	$	(42,829	)		(4,233	)	$	213,209			20,998

Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	1,817,230		79,909	$	412,849		16,378	$	(2,437,918	)		(107,604	)	$	(207,839	)		(11,317	)
Class 1A		4,177		174		264		10		(1,862	)		(81	)		2,579			103
Class 2		109,553		4,668		103,653		4,169		(595,244	)		(25,445	)		(382,038	)		(16,608	)
Class 3		914		38		661		26		(4,390	)		(184	)		(2,815	)		(120	)
Class 4		410,135		17,490		89,009		3,606		(327,826	)		(14,043	)		171,318			7,053
Total net increase (decrease)	$	2,342,009		102,279	$	606,436		24,189	$	(3,367,240	)		(147,357	)	$	(418,795	)		(20,889	)

Year ended December 31, 2019

Class 1	$	1,081,611		47,062	$	1,173,430		52,076	$	(1,121,605	)		(48,857	)	$	1,133,436			50,281
Class 1A		2,765		122		605		27		(689	)		(30	)		2,681			119
Class 2		111,154		4,871		347,279		15,613		(575,603	)		(25,266	)		(117,170	)		(4,782	)
Class 3		991		43		2,189		97		(4,150	)		(180	)		(970	)		(40	)
Class 4		356,681		15,732		277,834		12,559		(218,378	)		(9,706	)		416,137			18,585
Total net increase (decrease)	$	1,553,202		67,830	$	1,801,337		80,372	$	(1,920,425	)		(84,039	)	$	1,434,114			64,163

See end of tables for footnotes.

American Funds Insurance Series

309

Global Balanced Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	29,379		2,319	$	6,831		491	$	(35,963	)		(2,860	)	$	247			(50	)
Class 1A		379		27		127		9		(183	)		(13	)		323			23
Class 2		10,289		792		9,760		704		(28,821	)		(2,185	)		(8,772	)		(689	)
Class 4		11,783		881		4,655		339		(10,044	)		(767	)		6,394			453
Total net increase (decrease)	$	51,830		4,019	$	21,373		1,543	$	(75,011	)		(5,825	)	$	(1,808	)		(263	)

Year ended December 31, 2019

Class 1	$	10,073		777	$	5,390		408	$	(9,768	)		(718	)	$	5,695			467
Class 1A		111		9		89		7		(237	)		(19	)		(37	)		(3	)
Class 2		7,858		607		8,009		608		(22,255	)		(1,722	)		(6,388	)		(507	)
Class 4		15,727		1,225		3,446		264		(6,014	)		(470	)		13,159			1,019
Total net increase (decrease)	$	33,769		2,618	$	16,934		1,287	$	(38,274	)		(2,929	)	$	12,429			976

Bond Fund
	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	1,499,439		128,201	$	208,932		17,767	$	(1,735,112	)		(150,736	)	$	(26,741	)		(4,768	)
Class 1A		3,563		306		255		22		(1,431	)		(124	)		2,387			204
Class 2		397,055		34,256		110,645		9,541		(449,029	)		(39,506	)		58,671			4,291
Class 4		242,089		20,999		17,962		1,553		(81,119	)		(7,132	)		178,932			15,420
Total net increase (decrease)	$	2,142,146		183,762	$	337,794		28,883	$	(2,266,691	)		(197,498	)	$	213,249			15,147

Year ended December 31, 2019

Class 1	$	562,508		51,468	$	176,372		15,842	$	(614,303	)		(56,025	)	$	124,577			11,285
Class 1A		3,719		336		165		15		(744	)		(67	)		3,140			284
Class 2		133,036		12,239		90,797		8,262		(413,489	)		(38,133	)		(189,656	)		(17,632	)
Class 4		149,767		13,753		11,384		1,037		(49,519	)		(4,574	)		111,632			10,216
Total net increase (decrease)	$	849,030		77,796	$	278,718		25,156	$	(1,078,055	)		(98,799	)	$	49,693			4,153

Capital World Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	279,297		22,900	$	34,711		2,801	$	(244,497	)		(20,428	)	$	69,511			5,273
Class 1A		323		26		18		1		(135	)		(11	)		206			16
Class 2		104,127		8,595		28,474		2,321		(140,860	)		(11,802	)		(8,259	)		(886	)
Class 4		21,389		1,754		1,457		120		(13,943	)		(1,171	)		8,903			703
Total net increase (decrease)	$	405,136		33,275	$	64,660		5,243	$	(399,435	)		(33,412	)	$	70,361			5,106

Year ended December 31, 2019

Class 1	$	94,035		7,945	$	19,056		1,588	$	(113,011	)		(9,529	)	$	80			4
Class 1A		84		7		7		1		(59	)		(5	)		32			3
Class 2		33,181		2,816		15,927		1,338		(140,715	)		(11,911	)		(91,607	)		(7,757	)
Class 4		13,230		1,132		649		55		(7,381	)		(629	)		6,498			558
Total net increase (decrease)	$	140,530		11,900	$	35,639		2,982	$	(261,166	)		(22,074	)	$	(84,997	)		(7,192	)

See end of tables for footnotes.

310	American Funds Insurance Series

High-Income Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	18,985		2,117	$	9,529		992	$	(390,999	)		(43,725	)	$	(362,485	)		(40,616	)
Class 1A		408		43		78		8		(220	)		(23	)		266			28
Class 2		18,520		1,972		54,086		5,739		(68,277	)		(7,320	)		4,329			391
Class 3		733		76		799		83		(1,434	)		(151	)		98			8
Class 4		103,183		9,989		4,806		465		(102,765	)		(9,921	)		5,224			533
Total net increase (decrease)	$	141,829		14,197	$	69,298		7,287	$	(563,695	)		(61,140	)	$	(352,568	)		(39,656	)

Year ended December 31, 2019

Class 1	$	9,412		933	$	33,027		3,374	$	(48,250	)		(4,826	)	$	(5,811	)		(519	)
Class 1A		353		35		45		5		(350	)		(35	)		48			5
Class 2		10,165		1,039		41,753		4,340		(84,344	)		(8,552	)		(32,426	)		(3,173	)
Class 3		613		61		611		62		(1,328	)		(132	)		(104	)		(9	)
Class 4		64,302		6,070		3,353		321		(37,801	)		(3,523	)		29,854			2,868
Total net increase (decrease)	$	84,845		8,138	$	78,789		8,102	$	(172,073	)		(17,068	)	$	(8,439	)		(828	)

Mortgage Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	68,523		6,189	$	3,551		321	$	(68,907	)		(6,295	)	$	3,167			215
Class 1A		899		81		14		1		(274	)		(24	)		639			58
Class 2		7,728		703		797		72		(9,799	)		(891	)		(1,274	)		(116	)
Class 4		24,189		2,227		458		42		(16,769	)		(1,535	)		7,878			734
Total net increase (decrease)	$	101,339		9,200	$	4,820		436	$	(95,749	)		(8,745	)	$	10,410			891

Year ended December 31, 2019

Class 1	$	31,595		3,007	$	5,573		528	$	(41,843	)		(3,959	)	$	(4,675	)		(424	)
Class 1A		166		16		12		1		(444	)		(42	)		(266	)		(25	)
Class 2		4,351		413		1,355		129		(7,802	)		(738	)		(2,096	)		(196	)
Class 4		11,996		1,146		585		56		(9,761	)		(944	)		2,820			258
Total net increase (decrease)	$	48,108		4,582	$	7,525		714	$	(59,850	)		(5,683	)	$	(4,217	)		(387	)

See end of tables for footnotes.

American Funds Insurance Series

311

Ultra-Short Bond Fund

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	32,173		2,840	$	104			9		$	(17,960	)		(1,586	)	$	14,317			1,263
Class 1A		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 2		162,780		14,772		558			50			(104,954	)		(9,527	)		58,384			5,295
Class 3		2,553		229		8			1			(1,439	)		(129	)		1,122			101
Class 4		51,028		4,586		67			6			(32,890	)		(2,958	)		18,205			1,634
Total net increase (decrease)	$	248,534		22,427	$	737			66		$	(157,243	)		(14,200	)	$	92,028			8,293

Year ended December 31, 2019

Class 1	$	9,753		856	$	604			53		$	(17,930	)		(1,576	)	$	(7,573	)		(667	)
Class 1A		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 2		85,259		7,676		4,088			371			(106,127	)		(9,561	)		(16,780	)		(1,514	)
Class 3		714		64		59			5			(2,101	)		(188	)		(1,328	)		(119	)
Class 4		21,513		1,920		342			31			(17,702	)		(1,580	)		4,153			371
Total net increase (decrease)	$	117,239		10,516	$	5,093			460		$	(143,860	)		(12,905	)	$	(21,528	)		(1,929	)

U.S. Government/AAA-Rated Securities Fund

	Sales*				Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class 1	$	194,142		14,793	$	15,787			1,214		$	(1,305,241	)		(98,066	)	$	(1,095,312	)		(82,059	)
Class 1A		3,400		259		136			11			(2,557	)		(195	)		979			75
Class 2		211,715		16,419		51,919			4,038			(245,761	)		(18,789	)		17,873			1,668
Class 3		2,382		183		407			31			(1,812	)		(139	)		977			75
Class 4		301,535		23,299		9,187			715			(169,936	)		(13,051	)		140,786			10,963
Total net increase (decrease)	$	713,174		54,953	$	77,436			6,009		$	(1,725,307	)		(130,240	)	$	(934,697	)		(69,278	)

Year ended December 31, 2019

Class 1	$	63,401		5,184	$	31,462			2,550		$	(170,411	)		(13,819	)	$	(75,548	)		(6,085	)
Class 1A		1,348		110		50			4			(488	)		(40	)		910			74
Class 2		105,457		8,638		26,789			2,193			(155,177	)		(12,760	)		(22,931	)		(1,929	)
Class 3		975		79		180			15			(1,521	)		(124	)		(366	)		(30	)
Class 4		69,032		5,652		2,241			183			(41,016	)		(3,366	)		30,257			2,469
Total net increase (decrease)	$	240,213		19,663	$	60,722			4,945		$	(368,613	)		(30,109	)	$	(67,678	)		(5,501	)

Managed Risk Growth Fund

	Sales*				Reinvestments of distributions						Repurchases*						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class P1	$	3,987		282	$	438			32		$	(1,595	)		(110	)	$	2,830			204
Class P2		54,142		3,714		24,836			1,828			(71,110	)		(4,841	)		7,868			701
Total net increase (decrease)	$	58,129		3,996	$	25,274			1,860		$	(72,705	)		(4,951	)	$	10,698			905


Year ended December 31, 2019

Class P1	$	2,619		201	$	317			25		$	(523	)		(41	)	$	2,413			185
Class P2		47,485		3,690		29,905			2,419			(30,455	)		(2,336	)		46,935			3,773
Total net increase (decrease)	$	50,104		3,891	$	30,222			2,444		$	(30,978	)		(2,377	)	$	49,348			3,958

See end of tables for footnotes.

312	American Funds Insurance Series

Managed Risk International Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class P1	$	1,063		104	$	31		3	$	(311	)		(30	)	$	783			77
Class P2		14,905		1,575		3,216		348		(17,706	)		(1,759	)		415			164
Total net increase (decrease)	$	15,968		1,679	$	3,247		351	$	(18,017	)		(1,789	)	$	1,198			241

Year ended December 31, 2019

Class P1	$	357		34	$	27		3	$	(140	)		(14	)	$	244			23
Class P2		7,251		702		7,769		772		(18,389	)		(1,773	)		(3,369	)		(299	)
Total net increase (decrease)	$	7,608		736	$	7,796		775	$	(18,529	)		(1,787	)	$	(3,125	)		(276	)

Managed Risk Blue Chip Income and Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class P1	$	947		85	$	66		7	$	(241	)		(23	)	$	772			69
Class P2		24,832		2,333		16,834		1,640		(31,353	)		(2,866	)		10,313			1,107
Total net increase (decrease)	$	25,779		2,418	$	16,900		1,647	$	(31,594	)		(2,889	)	$	11,085			1,176

Year ended December 31, 2019

Class P1	$	547		46	$	53		5	$	(313	)		(28	)	$	287			23
Class P2		16,518		1,448		23,362		2,128		(33,614	)		(2,932	)		6,266			644
Total net increase (decrease)	$	17,065		1,494	$	23,415		2,133	$	(33,927	)		(2,960	)	$	6,553			667

Managed Risk Growth-Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class P1	$	92,644		6,852	$	140,694		11,020	$	(143,917	)		(10,953	)	$	89,421			6,919
Class P2		24,533		1,843		20,073		1,584		(19,990	)		(1,489	)		24,616			1,938
Total net increase (decrease)	$	117,177		8,695	$	160,767		12,604	$	(163,907	)		(12,442	)	$	114,037			8,857

Year ended December 31, 2019

Class P1	$	86,511		6,809	$	29,069		2,244	$	(82,465	)		(6,312	)	$	33,115			2,741
Class P2		28,190		2,218		3,371		263		(20,033	)		(1,562	)		11,528			919
Total net increase (decrease)	$	114,701		9,027	$	32,440		2,507	$	(102,498	)		(7,874	)	$	44,643			3,660

See end of tables for footnotes.

American Funds Insurance Series

313

Managed Risk Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Year ended December 31, 2020

Class P1	$	3,275		256	$	204		16	$	(622	)		(45	)	$	2,857			227
Class P2		73,918		5,805		146,474		12,155		(280,685	)		(21,952	)		(60,293	)		(3,992	)
Total net increase (decrease)	$	77,193		6,061	$	146,678		12,171	$	(281,307	)		(21,997	)	$	(57,436	)		(3,765	)

Year ended December 31, 2019

Class P1	$	626		47	$	70		5	$	(334	)		(25	)	$	362			27
Class P2		106,039		8,229		177,741		14,380		(260,413	)		(20,223	)		23,367			2,386
Total net increase (decrease)	$	106,665		8,276	$	177,811		14,385	$	(260,747	)		(20,248	)	$	23,729			2,413

*	Includes exchanges between share classes of the fund.
^†	Amount less than one thousand.

10. Ownership concentration

At December 31, 2020, Managed Risk Growth and Income Portfolio held 31% and 13% of the outstanding shares of American Funds Insurance Series - Capital Income Builder and American Funds Insurance Series - Global Growth and Income Fund, respectively. In addition, Managed Risk Global Allocation Portfolio held 23% of the outstanding shares of American Funds Insurance Series - Global Balanced Fund.

314	American Funds Insurance Series

11. Investment transactions and other disclosures

The following tables present additional information for each of the funds for the year ended December 31, 2020 (dollars in thousands):

	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund		Blue Chip Income and Growth Fund
Purchases of investment securities*	$	1,120,770	$	1,594,529	$	9,567,139	$	3,388,922	$	2,260,974	$	3,267,025
Sales of investment securities*		1,767,373		2,143,797		13,469,567		4,123,935		2,596,083		3,472,007
Non-U.S. taxes paid on dividend income		5,330		2,026		6,921		10,822		2,631		477
Non-U.S. taxes paid on interest income		—		11		—		—		4		—
Non-U.S. taxes paid on realized gains		—		—		—		—		1,590		—
Non-U.S. taxes provided on unrealized appreciation		7,807		7,041		—		26,706		15,681		—

	Global Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder		Asset Allocation Fund		Global Balanced Fund
Purchases of investment securities*	$	649,244	$	10,784,043	$	686,636	$	1,656,908	$	33,575,749	$	245,807
Sales of investment securities*		827,330		11,639,765		721,131		1,524,398		32,845,643		287,182
Non-U.S. taxes paid on dividend income		2,597		10,403		2,725		831		7,494		278
Non-U.S. taxes paid on interest income		—		—		—		2		—		15
Non-U.S. taxes paid on realized gains		179		165		—		1		27		3
Non-U.S. taxes provided on unrealized appreciation		3,738		—		—		101		5,162		20

	Bond Fund		Capital World Bond Fund		High- Income Bond Fund		American Funds Mortgage Fund		Ultra-Short Bond Fund		U.S. Government/ AAA-Rated Securities Fund
Purchases of investment securities*	$	44,831,898	$	2,806,381	$	706,463	$	2,995,459	$	—	$	18,179,150
Sales of investment securities*		44,287,472		2,562,406		1,079,778		2,991,216		—		18,466,598
Non-U.S. taxes paid on interest income		—		215		—		—		—		—
Non-U.S. taxes paid on realized gains		—		72		—		—		—		—
Non-U.S. taxes provided on unrealized appreciation		—		63		—		—		—		—

	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
Purchases of investment securities*	$	360,912	$	102,655	$	324,969	$	807,885	$	748,623
Sales of investment securities*		412,406		118,616		359,913		882,591		1,032,662

*	Excludes short-term securities and U.S. government obligations, if any.

American Funds Insurance Series

315

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 assets²			Ratio of net income (loss) to average net assets

Global Growth Fund

Class 1:
12/31/2020	$	32.57	$	.20		$	9.56		$	9.76		$	(.21	)	$	(.96	)	$	(1.17	)	$	41.16		30.79	%	$	3,309			.56	%		.59	%
12/31/2019		25.74		.32			8.60			8.92			(.41	)		(1.68	)		(2.09	)		32.57		35.61			2,515			.56			1.07
12/31/2018		30.51		.29			(2.65	)		(2.36	)		(.28	)		(2.13	)		(2.41	)		25.74		(8.81	)		1,942			.55			.98
12/31/2017		24.05		.26			7.30			7.56			(.26	)		(.84	)		(1.10	)		30.51		31.80			2,010			.55			.94
12/31/2016		26.39		.25			(.14	)		.11			(.29	)		(2.16	)		(2.45	)		24.05		.87			1,630			.56			1.00
Class 1A:
12/31/2020		32.47		.12			9.52			9.64			(.13	)		(.96	)		(1.09	)		41.02		30.49			12			.81			.34
12/31/2019		25.69		.25			8.55			8.80			(.34	)		(1.68	)		(2.02	)		32.47		35.22			8			.81			.83
12/31/2018		30.46		.23			(2.66	)		(2.43	)		(.21	)		(2.13	)		(2.34	)		25.69		(9.02	)		5			.80			.77
12/31/2017^3,4		24.50		.11			6.94			7.05			(.25	)		(.84	)		(1.09	)		30.46		29.13	⁵		2			.80	⁶		.39	⁶
Class 2:
12/31/2020		32.24		.12			9.44			9.56			(.12	)		(.96	)		(1.08	)		40.72		30.47			4,387			.81			.34
12/31/2019		25.50		.24			8.51			8.75			(.33	)		(1.68	)		(2.01	)		32.24		35.28			3,895			.81			.83
12/31/2018		30.24		.22			(2.63	)		(2.41	)		(.20	)		(2.13	)		(2.33	)		25.50		(9.04	)		3,306			.80			.73
12/31/2017		23.85		.19			7.23			7.42			(.19	)		(.84	)		(1.03	)		30.24		31.47			4,012			.80			.69
12/31/2016		26.19		.18			(.14	)		.04			(.22	)		(2.16	)		(2.38	)		23.85		.62			3,483			.81			.76
Class 4:
12/31/2020		32.05		.03			9.38			9.41			(.05	)		(.96	)		(1.01	)		40.45		30.17			533			1.06			.09
12/31/2019		25.39		.17			8.45			8.62			(.28	)		(1.68	)		(1.96	)		32.05		34.87			382			1.06			.57
12/31/2018		30.13		.14			(2.60	)		(2.46	)		(.15	)		(2.13	)		(2.28	)		25.39		(9.24	)		249			1.05			.47
12/31/2017		23.81		.10			7.22			7.32			(.16	)		(.84	)		(1.00	)		30.13		31.11			211			1.05			.37
12/31/2016		26.16		.12			(.14	)		(.02	)		(.17	)		(2.16	)		(2.33	)		23.81		.37			94			1.06			.50

Global Small Capitalization Fund

Class 1:
12/31/2020	$	26.80	$	(.01	)	$	7.49		$	7.48		$	(.05	)	$	(1.59	)	$	(1.64	)	$	32.64		30.04	%	$	2,391			.75	%		(.06	)%
12/31/2019		21.75		.12			6.61			6.73			(.10	)		(1.58	)		(1.68	)		26.80		31.84			2,050			.75			.48
12/31/2018		25.38		.11			(2.51	)		(2.40	)		(.09	)		(1.14	)		(1.23	)		21.75		(10.31	)		1,453			.73			.42
12/31/2017		20.24		.12			5.17			5.29			(.15	)		—			(.15	)		25.38		26.22			1,639			.73			.54
12/31/2016		24.41		.12			.17			.29			(.11	)		(4.35	)		(4.46	)		20.24		2.35			1,532			.74			.57
Class 1A:
12/31/2020		26.74		(.09	)		7.48			7.39			(.05	)		(1.59	)		(1.64	)		32.49		29.72			1			.99			(.33	)
12/31/2019		21.71		.05			6.61			6.66			(.05	)		(1.58	)		(1.63	)		26.74		31.56			1			.99			.22
12/31/2018		25.36		.05			(2.52	)		(2.47	)		(.04	)		(1.14	)		(1.18	)		21.71		(10.56	)		—	⁷		.98			.21
12/31/2017^3,4		20.70		.08			4.71			4.79			(.13	)		—			(.13	)		25.36		23.19	⁵		—	⁷		.96	⁶		.35	⁶
Class 2:
12/31/2020		26.02		(.08	)		7.25			7.17			(.04	)		(1.59	)		(1.63	)		31.56		29.72			2,653			1.00			(.31	)
12/31/2019		21.16		.05			6.43			6.48			(.04	)		(1.58	)		(1.62	)		26.02		31.52			2,363			1.00			.22
12/31/2018		24.72		.04			(2.44	)		(2.40	)		(.02	)		(1.14	)		(1.16	)		21.16		(10.55	)		2,056			.98			.17
12/31/2017		19.72		.06			5.04			5.10			(.10	)		—			(.10	)		24.72		25.89			2,551			.98			.27
12/31/2016		23.90		.07			.15			.22			(.05	)		(4.35	)		(4.40	)		19.72		2.10			2,303			.99			.31
Class 4:
12/31/2020		26.16		(.14	)		7.27			7.13			(.03	)		(1.59	)		(1.62	)		31.67		29.39			268			1.25			(.56	)
12/31/2019		21.28		(.01	)		6.47			6.46			—	⁸		(1.58	)		(1.58	)		26.16		31.24			206			1.25			(.04	)
12/31/2018		24.91		(.02	)		(2.46	)		(2.48	)		(.01	)		(1.14	)		(1.15	)		21.28		(10.80	)		146			1.24			(.08	)
12/31/2017		19.91		—	⁸		5.09			5.09			(.09	)		—			(.09	)		24.91		25.62			125			1.23			—	⁹
12/31/2016		24.11		.01			.16			.17			(.02	)		(4.35	)		(4.37	)		19.91		1.85			42			1.24			.03

See end of tables for footnotes.

316	American Funds Insurance Series

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 assets²			Ratio of net income (loss) to average net assets

Growth Fund

Class 1:
12/31/2020	$	81.22	$	.43		$	41.28	$	41.71	$	(.53	)	$	(2.18	)	$	(2.71	)	$	120.22		52.45	%	$	15,644		.35	%		.46	%
12/31/2019		69.96		.83			19.63		20.46		(.76	)		(8.44	)		(9.20	)		81.22		31.11			10,841		.35			1.09
12/31/2018		77.85		.64			.25		.89		(.54	)		(8.24	)		(8.78	)		69.96		(.01	)		8,474		.34			.81
12/31/2017		67.29		.55			17.89		18.44		(.55	)		(7.33	)		(7.88	)		77.85		28.62			8,100		.35			.75
12/31/2016		68.02		.67			5.40		6.07		(.67	)		(6.13	)		(6.80	)		67.29		9.77			6,931		.35			1.03

Class 1A:
12/31/2020		80.92		.20			41.05		41.25		(.40	)		(2.18	)		(2.58	)		119.59		52.07			60		.60			.21
12/31/2019		69.77		.65			19.55		20.20		(.61	)		(8.44	)		(9.05	)		80.92		30.79			18		.60			.85
12/31/2018		77.74		.47			.24		.71		(.44	)		(8.24	)		(8.68	)		69.77		(.26	)		10		.59			.60
12/31/2017^3,4		68.84		.35			16.38		16.73		(.50	)		(7.33	)		(7.83	)		77.74		25.47	⁵		3		.59	⁶		.47	⁶

Class 2:
12/31/2020		80.57		.19			40.89		41.08		(.29	)		(2.18	)		(2.47	)		119.18		52.10			20,594		.60			.21
12/31/2019		69.48		.63			19.47		20.10		(.57	)		(8.44	)		(9.01	)		80.57		30.77			15,885		.60			.83
12/31/2018		77.35		.44			.27		.71		(.34	)		(8.24	)		(8.58	)		69.48		(.25	)		13,701		.59			.55
12/31/2017		66.92		.37			17.76		18.13		(.37	)		(7.33	)		(7.70	)		77.35		28.28			15,716		.60			.50
12/31/2016		67.69		.51			5.36		5.87		(.51	)		(6.13	)		(6.64	)		66.92		9.49			13,978		.60			.78

Class 3:
12/31/2020		81.84		.26			41.56		41.82		(.35	)		(2.18	)		(2.53	)		121.13		52.20			279		.53			.28
12/31/2019		70.44		.69			19.77		20.46		(.62	)		(8.44	)		(9.06	)		81.84		30.86			213		.53			.90
12/31/2018		78.32		.50			.26		.76		(.40	)		(8.24	)		(8.64	)		70.44		(.18	)		187		.52			.62
12/31/2017		67.67		.42			17.98		18.40		(.42	)		(7.33	)		(7.75	)		78.32		28.39			212		.53			.57
12/31/2016		68.37		.56			5.42		5.98		(.55	)		(6.13	)		(6.68	)		67.67		9.56			183		.53			.85

Class 4:
12/31/2020		79.41		(.04	)		40.24		40.20		(.19	)		(2.18	)		(2.37	)		117.24		51.71			2,347		.85			(.04	)
12/31/2019		68.64		.44			19.19		19.63		(.42	)		(8.44	)		(8.86	)		79.41		30.44			1,513		.85			.59
12/31/2018		76.56		.24			.28		.52		(.20	)		(8.24	)		(8.44	)		68.64		(.50	)		1,076		.84			.31
12/31/2017		66.41		.18			17.61		17.79		(.31	)		(7.33	)		(7.64	)		76.56		27.99			954		.85			.25
12/31/2016		67.26		.34			5.32		5.66		(.38	)		(6.13	)		(6.51	)		66.41		9.22			458		.85			.53

See end of tables for footnotes.

American Funds Insurance Series

317

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 assets²			Ratio of net income (loss) to average net assets

International Fund

Class 1:
12/31/2020	$	20.86	$	.14	$	2.82		$	2.96		$	(.18	)	$	—		$	(.18	)	$	23.64		14.28	%	$	5,652		.55	%		.71	%
12/31/2019		17.66		.30		3.74			4.04			(.34	)		(.50	)		(.84	)		20.86		23.21			5,353		.54			1.54
12/31/2018		21.71		.34		(2.97	)		(2.63	)		(.40	)		(1.02	)		(1.42	)		17.66		(12.94	)		4,811		.53			1.62
12/31/2017		16.82		.26		5.16			5.42			(.30	)		(.23	)		(.53	)		21.71		32.46			5,014		.53			1.33
12/31/2016		18.08		.27		.30			.57			(.28	)		(1.55	)		(1.83	)		16.82		3.78			3,652		.54			1.57
Class 1A:
12/31/2020		20.80		.08		2.81			2.89			(.14	)		—			(.14	)		23.55		13.96			10		.80			.43
12/31/2019		17.62		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.80		22.90			7		.79			1.27
12/31/2018		21.67		.27		(2.93	)		(2.66	)		(.37	)		(1.02	)		(1.39	)		17.62		(13.11	)		5		.78			1.32
12/31/2017^3,4		17.17		.09		4.93			5.02			(.29	)		(.23	)		(.52	)		21.67		29.46	⁵		2		.77	⁶		.43	⁶
Class 2:
12/31/2020		20.78		.09		2.80			2.89			(.13	)		—			(.13	)		23.54		13.97			4,481		.80			.46
12/31/2019		17.60		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.78		22.88			4,311		.79			1.29
12/31/2018		21.63		.29		(2.95	)		(2.66	)		(.35	)		(1.02	)		(1.37	)		17.60		(13.13	)		3,875		.78			1.40
12/31/2017		16.76		.22		5.13			5.35			(.25	)		(.23	)		(.48	)		21.63		32.14			4,422		.78			1.10
12/31/2016		18.02		.23		.30			.53			(.24	)		(1.55	)		(1.79	)		16.76		3.53			3,710		.79			1.35
Class 3:
12/31/2020		20.92		.10		2.81			2.91			(.14	)		—			(.14	)		23.69		14.00			25		.73			.53
12/31/2019		17.70		.27		3.75			4.02			(.30	)		(.50	)		(.80	)		20.92		23.05			25		.72			1.37
12/31/2018		21.75		.31		(2.98	)		(2.67	)		(.36	)		(1.02	)		(1.38	)		17.70		(13.10	)		24		.71			1.48
12/31/2017		16.85		.23		5.17			5.40			(.27	)		(.23	)		(.50	)		21.75		32.23			31		.71			1.17
12/31/2016		18.11		.24		.30			.54			(.25	)		(1.55	)		(1.80	)		16.85		3.57			27		.72			1.42
Class 4:
12/31/2020		20.54		.04		2.76			2.80			(.09	)		—			(.09	)		23.25		13.66			423		1.05			.21
12/31/2019		17.40		.20		3.69			3.89			(.25	)		(.50	)		(.75	)		20.54		22.67			379		1.04			1.03
12/31/2018		21.42		.23		(2.93	)		(2.70	)		(.30	)		(1.02	)		(1.32	)		17.40		(13.41	)		295		1.03			1.13
12/31/2017		16.64		.11		5.16			5.27			(.26	)		(.23	)		(.49	)		21.42		31.89			289		1.03			.55
12/31/2016		17.93		.18		.29			.47			(.21	)		(1.55	)		(1.76	)		16.64		3.21			66		1.04			1.03

See end of tables for footnotes.

318	American Funds Insurance Series

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 return¹⁰			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers^2,10			Ratio of net income (loss) to average net assets¹⁰

New World Fund

Class 1:
12/31/2020	$	25.84	$	.15	$	5.93		$	6.08		$	(.06	)	$	(.27	)	$	(.33	)	$	31.59		23.89	%	$	2,309		.76	%		.64	%		.58	%
12/31/2019		20.98		.28		5.79			6.07			(.29	)		(.92	)		(1.21	)		25.84		29.47			2,129		.76			.76			1.18
12/31/2018		25.30		.27		(3.65	)		(3.38	)		(.27	)		(.67	)		(.94	)		20.98		(13.83	)		1,702		.77			.77			1.11
12/31/2017		19.72		.26		5.59			5.85			(.27	)		—			(.27	)		25.30		29.73			2,050		.77			.77			1.14
12/31/2016		18.87		.24		.81			1.05			(.20	)		—			(.20	)		19.72		5.59			1,743		.78			.78			1.25
Class 1A:
12/31/2020		25.74		.07		5.92			5.99			(.03	)		(.27	)		(.30	)		31.43		23.63			18		1.01			.87			.26
12/31/2019		20.92		.22		5.76			5.98			(.24	)		(.92	)		(1.16	)		25.74		29.11			4		1.01			1.01			.92
12/31/2018		25.25		.21		(3.64	)		(3.43	)		(.23	)		(.67	)		(.90	)		20.92		(14.02	)		2		1.02			1.02			.91
12/31/2017^3,4		20.14		.13		5.24			5.37			(.26	)		—			(.26	)		25.25		26.72	⁵		1		1.00	⁶		1.00	⁶		.53	⁶
Class 2:
12/31/2020		25.59		.08		5.87			5.95			(.02	)		(.27	)		(.29	)		31.25		23.58			1,109		1.01			.89			.34
12/31/2019		20.79		.22		5.73			5.95			(.23	)		(.92	)		(1.15	)		25.59		29.15			981		1.01			1.01			.93
12/31/2018		25.07		.20		(3.61	)		(3.41	)		(.20	)		(.67	)		(.87	)		20.79		(14.04	)		843		1.02			1.02			.85
12/31/2017		19.54		.20		5.55			5.75			(.22	)		—			(.22	)		25.07		29.44			1,055		1.02			1.02			.89
12/31/2016		18.71		.19		.79			.98			(.15	)		—			(.15	)		19.54		5.26			911		1.03			1.03			1.00
Class 4:
12/31/2020		25.47		.02		5.83			5.85			(.01	)		(.27	)		(.28	)		31.04		23.29			807		1.26			1.14			.08
12/31/2019		20.71		.16		5.70			5.86			(.18	)		(.92	)		(1.10	)		25.47		28.82			646		1.26			1.26			.67
12/31/2018		24.99		.14		(3.59	)		(3.45	)		(.16	)		(.67	)		(.83	)		20.71		(14.25	)		464		1.27			1.27			.61
12/31/2017		19.51		.14		5.52			5.66			(.18	)		—			(.18	)		24.99		29.06			427		1.27			1.27			.61
12/31/2016		18.69		.14		.80			.94			(.12	)		—			(.12	)		19.51		5.04			240		1.28			1.28			.75

See end of tables for footnotes.

American Funds Insurance Series

319

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 assets²			Ratio of net income (loss) to average net assets

Blue Chip Income and Growth Fund

Class 1:
12/31/2020	$	13.56	$	.25	$	.95		$	1.20		$	(.26	)	$	(.15	)	$	(.41	)	$	14.35		9.04	%	$	5,684			.43	%		2.00	%
12/31/2019		12.38		.30		2.25			2.55			(.30	)		(1.07	)		(1.37	)		13.56		21.66			5,559			.42			2.28
12/31/2018		14.96		.31		(1.44	)		(1.13	)		(.31	)		(1.14	)		(1.45	)		12.38		(8.45	)		4,810			.41			2.13
12/31/2017		13.53		.32		1.96			2.28			(.32	)		(.53	)		(.85	)		14.96		17.30			5,581			.41			2.27
12/31/2016		12.62		.31		1.97			2.28			(.29	)		(1.08	)		(1.37	)		13.53		19.06			5,099			.41			2.39
Class 1A:
12/31/2020		13.51		.23		.93			1.16			(.24	)		(.15	)		(.39	)		14.28		8.79			25			.67			1.78
12/31/2019		12.35		.26		2.24			2.50			(.27	)		(1.07	)		(1.34	)		13.51		21.35			9			.67			2.03
12/31/2018		14.94		.26		(1.42	)		(1.16	)		(.29	)		(1.14	)		(1.43	)		12.35		(8.67	)		3			.66			1.84
12/31/2017^3,4		13.75		.28		1.75			2.03			(.31	)		(.53	)		(.84	)		14.94		15.21	⁵		1			.65	⁶		2.01	⁶
Class 2:
12/31/2020		13.39		.22		.91			1.13			(.22	)		(.15	)		(.37	)		14.15		8.68			3,082			.68			1.75
12/31/2019		12.24		.26		2.22			2.48			(.26	)		(1.07	)		(1.33	)		13.39		21.38			3,093			.67			2.03
12/31/2018		14.80		.27		(1.42	)		(1.15	)		(.27	)		(1.14	)		(1.41	)		12.24		(8.66	)		2,850			.66			1.88
12/31/2017		13.39		.28		1.94			2.22			(.28	)		(.53	)		(.81	)		14.80		17.04			3,551			.66			2.02
12/31/2016		12.51		.28		1.94			2.22			(.26	)		(1.08	)		(1.34	)		13.39		18.70			3,412			.66			2.16
Class 4:
12/31/2020		13.31		.19		.91			1.10			(.20	)		(.15	)		(.35	)		14.06		8.47			788			.93			1.51
12/31/2019		12.19		.23		2.20			2.43			(.24	)		(1.07	)		(1.31	)		13.31		21.03			621			.92			1.78
12/31/2018		14.77		.23		(1.42	)		(1.19	)		(.25	)		(1.14	)		(1.39	)		12.19		(8.92	)		368			.91			1.62
12/31/2017		13.39		.25		1.93			2.18			(.27	)		(.53	)		(.80	)		14.77		16.70			247			.91			1.76
12/31/2016		12.53		.24		1.96			2.20			(.26	)		(1.08	)		(1.34	)		13.39		18.49			132			.91			1.81

Global Growth and Income Fund

Class 1:
12/31/2020	$	15.92	$	.22	$	1.14		$	1.36		$	(.23	)	$	(.38	)	$	(.61	)	$	16.67		9.03	%	$	657			.66	%		1.49	%
12/31/2019		13.02		.31		3.67			3.98			(.32	)		(.76	)		(1.08	)		15.92		31.39			625			.65			2.08
12/31/2018		15.81		.29		(1.62	)		(1.33	)		(.28	)		(1.18	)		(1.46	)		13.02		(9.36	)		492			.63			1.94
12/31/2017		13.02		.35		3.06			3.41			(.36	)		(.26	)		(.62	)		15.81		26.40			485			.63			2.43
12/31/2016		12.35		.28		.66			.94			(.27	)		—			(.27	)		13.02		7.61			571			.63			2.18
Class 1A:
12/31/2020		15.88		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.62		8.78			2			.90			1.23
12/31/2019		13.00		.26		3.68			3.94			(.30	)		(.76	)		(1.06	)		15.88		31.04			2			.90			1.77
12/31/2018		15.81		.26		(1.63	)		(1.37	)		(.26	)		(1.18	)		(1.44	)		13.00		(9.62	)		1			.88			1.74
12/31/2017^3,4		13.21		.18		3.03			3.21			(.35	)		(.26	)		(.61	)		15.81		24.54	⁵		—	⁷		.84	⁶		1.20	⁶
Class 2:
12/31/2020		15.89		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.63		8.73			1,349			.91			1.23
12/31/2019		12.99		.27		3.68			3.95			(.29	)		(.76	)		(1.05	)		15.89		31.14			1,366			.90			1.84
12/31/2018		15.78		.26		(1.63	)		(1.37	)		(.24	)		(1.18	)		(1.42	)		12.99		(9.63	)		1,228			.88			1.70
12/31/2017		13.00		.31		3.05			3.36			(.32	)		(.26	)		(.58	)		15.78		26.06			1,538			.88			2.11
12/31/2016		12.33		.25		.65			.90			(.23	)		—			(.23	)		13.00		7.34			1,405			.88			1.98
Class 4:
12/31/2020		15.63		.14		1.12			1.26			(.16	)		(.38	)		(.54	)		16.35		8.55			166			1.16			.97
12/31/2019		12.81		.23		3.61			3.84			(.26	)		(.76	)		(1.02	)		15.63		30.73			145			1.15			1.56
12/31/2018		15.60		.21		(1.60	)		(1.39	)		(.22	)		(1.18	)		(1.40	)		12.81		(9.89	)		95			1.13			1.43
12/31/2017		12.89		.22		3.08			3.30			(.33	)		(.26	)		(.59	)		15.60		25.83			79			1.14			1.49
12/31/2016		12.26		.21		.65			.86			(.23	)		—			(.23	)		12.89		7.04			16			1.13			1.63

See end of tables for footnotes.

320	American Funds Insurance Series

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 assets²			Ratio of net income (loss) to average net assets

Growth-Income Fund

Class 1:
12/31/2020	$	50.71	$	.75	$	6.02		$	6.77		$	(.80	)	$	(1.30	)	$	(2.10	)	$	55.38		13.81	%	$	22,903		.29	%		1.52	%
12/31/2019		45.39		1.00		10.40			11.40			(.92	)		(5.16	)		(6.08	)		50.71		26.46			21,057		.29			2.05
12/31/2018		50.22		.84		(1.25	)		(.41	)		(.84	)		(3.58	)		(4.42	)		45.39		(1.55	)		16,783		.28			1.65
12/31/2017		44.41		.81		8.89			9.70			(.78	)		(3.11	)		(3.89	)		50.22		22.68			15,765		.28			1.69
12/31/2016		45.40		.79		4.09			4.88			(.75	)		(5.12	)		(5.87	)		44.41		11.80			12,588		.29			1.79
Class 1A:
12/31/2020		50.54		.63		5.99			6.62			(.70	)		(1.30	)		(2.00	)		55.16		13.55			16		.54			1.28
12/31/2019		45.28		.89		10.36			11.25			(.83	)		(5.16	)		(5.99	)		50.54		26.14			11		.54			1.82
12/31/2018		50.15		.72		(1.25	)		(.53	)		(.76	)		(3.58	)		(4.34	)		45.28		(1.78	)		7		.53			1.43
12/31/2017^3,4		45.39		.67		7.96			8.63			(.76	)		(3.11	)		(3.87	)		50.15		19.83	⁵		2		.52	⁶		1.41	⁶
Class 2:
12/31/2020		50.08		.62		5.93			6.55			(.67	)		(1.30	)		(1.97	)		54.66		13.54			14,012		.54			1.27
12/31/2019		44.90		.87		10.27			11.14			(.80	)		(5.16	)		(5.96	)		50.08		26.14			13,586		.53			1.80
12/31/2018		49.71		.71		(1.23	)		(.52	)		(.71	)		(3.58	)		(4.29	)		44.90		(1.79	)		12,035		.53			1.40
12/31/2017		44.00		.68		8.80			9.48			(.66	)		(3.11	)		(3.77	)		49.71		22.38			13,930		.53			1.45
12/31/2016		45.04		.67		4.05			4.72			(.64	)		(5.12	)		(5.76	)		44.00		11.51			12,854		.54			1.54
Class 3:
12/31/2020		50.81		.66		6.02			6.68			(.70	)		(1.30	)		(2.00	)		55.49		13.60			154		.47			1.34
12/31/2019		45.47		.91		10.43			11.34			(.84	)		(5.16	)		(6.00	)		50.81		26.24			156		.46			1.87
12/31/2018		50.29		.75		(1.25	)		(.50	)		(.74	)		(3.58	)		(4.32	)		45.47		(1.72	)		140		.46			1.47
12/31/2017		44.47		.72		8.90			9.62			(.69	)		(3.11	)		(3.80	)		50.29		22.47			168		.46			1.52
12/31/2016		45.46		.71		4.09			4.80			(.67	)		(5.12	)		(5.79	)		44.47		11.59			156		.47			1.61
Class 4:
12/31/2020		49.52		.49		5.85			6.34			(.57	)		(1.30	)		(1.87	)		53.99		13.25			1,407		.79			1.02
12/31/2019		44.47		.74		10.18			10.92			(.71	)		(5.16	)		(5.87	)		49.52		25.86			1,216		.79			1.56
12/31/2018		49.31		.58		(1.23	)		(.65	)		(.61	)		(3.58	)		(4.19	)		44.47		(2.05	)		899		.78			1.15
12/31/2017		43.73		.56		8.73			9.29			(.60	)		(3.11	)		(3.71	)		49.31		22.08			827		.78			1.19
12/31/2016		44.82		.56		4.02			4.58			(.55	)		(5.12	)		(5.67	)		43.73		11.25			495		.79			1.29

See end of tables for footnotes.

American Funds Insurance Series

321

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 assets²			Ratio of net income (loss) to average net assets

International Growth and Income Fund

Class 1:
12/31/2020	$	18.18	$	.27	$	.85		$	1.12		$	(.29	)	$	—		$	(.29	)	$	19.01		6.24	%	$	1,120		.68	%		1.70	%
12/31/2019		15.35		.46		3.03			3.49			(.47	)		(.19	)		(.66	)		18.18		23.06			1,140		.66			2.73
12/31/2018		17.72		.45		(2.39	)		(1.94	)		(.43	)		—			(.43	)		15.35		(11.00	)		1,034		.65			2.62
12/31/2017		14.48		.46		3.20			3.66			(.42	)		—			(.42	)		17.72		25.31			1,121		.66			2.75
12/31/2016		14.72		.43		(.19	)		.24			(.42	)		(.06	)		(.48	)		14.48		1.71			820		.68			2.93
Class 1A:
12/31/2020		18.15		.22		.85			1.07			(.25	)		—			(.25	)		18.97		5.98			3		.93			1.38
12/31/2019		15.33		.41		3.04			3.45			(.44	)		(.19	)		(.63	)		18.15		22.76			2		.91			2.41
12/31/2018		17.70		.41		(2.39	)		(1.98	)		(.39	)		—			(.39	)		15.33		(11.24	)		2		.90			2.35
12/31/2017^3,4		14.69		.34		3.08			3.42			(.41	)		—			(.41	)		17.70		23.36	⁵		2		.91	⁶		1.99	⁶
Class 2:
12/31/2020		18.12		.23		.85			1.08			(.25	)		—			(.25	)		18.95		6.01			221		.93			1.43
12/31/2019		15.30		.42		3.02			3.44			(.43	)		(.19	)		(.62	)		18.12		22.76			257		.91			2.49
12/31/2018		17.66		.41		(2.38	)		(1.97	)		(.39	)		—			(.39	)		15.30		(11.23	)		230		.90			2.38
12/31/2017		14.43		.43		3.17			3.60			(.37	)		—			(.37	)		17.66		25.03			276		.91			2.60
12/31/2016		14.68		.40		(.21	)		.19			(.38	)		(.06	)		(.44	)		14.43		1.44			244		.93			2.72
Class 4:
12/31/2020		18.01		.19		.83			1.02			(.21	)		—			(.21	)		18.82		5.73			112		1.18			1.19
12/31/2019		15.22		.37		3.01			3.38			(.40	)		(.19	)		(.59	)		18.01		22.47			101		1.16			2.18
12/31/2018		17.58		.36		(2.36	)		(2.00	)		(.36	)		—			(.36	)		15.22		(11.46	)		71		1.15			2.10
12/31/2017		14.38		.37		3.18			3.55			(.35	)		—			(.35	)		17.58		24.72			63		1.16			2.24
12/31/2016		14.63		.36		(.19	)		.17			(.36	)		(.06	)		(.42	)		14.38		1.18			37		1.18			2.43

See end of tables for footnotes.

322	American Funds Insurance Series

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 return¹⁰			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers^2,10			Ratio of net income (loss) to average net assets¹⁰

Capital Income Builder

Class 1:
12/31/2020	$	10.73	$	.31	$	.15		$	.46		$	(.32	)	$	—		$	(.32	)	$	10.87		4.64	%	$	621			.53	%		.35	%		3.07	%
12/31/2019		9.37		.32		1.36			1.68			(.32	)		—			(.32	)		10.73		18.16			533			.53			.53			3.17
12/31/2018		10.40		.31		(1.00	)		(.69	)		(.32	)		(.02	)		(.34	)		9.37		(6.77	)		317			.54			.54			3.08
12/31/2017		9.46		.32		.93			1.25			(.31	)		—			(.31	)		10.40		13.29			254			.54			.54			3.21
12/31/2016		9.40		.32		.07			.39			(.33	)		—			(.33	)		9.46		4.17			156			.54			.54			3.39

Class 1A:
12/31/2020		10.72		.28		.16			.44			(.30	)		—			(.30	)		10.86		4.38			6			.78			.60			2.81
12/31/2019		9.36		.29		1.37			1.66			(.30	)		—			(.30	)		10.72		17.90			6			.78			.78			2.84
12/31/2018		10.39		.28		(.99	)		(.71	)		(.30	)		(.02	)		(.32	)		9.36		(7.01	)		2			.79			.79			2.82
12/31/2017^3,4		9.57		.27		.84			1.11			(.29	)		—			(.29	)		10.39		11.72	⁵		1			.79	⁶		.79	⁶		2.63	⁶
Class 2:
12/31/2020		10.72		.29		.16			.45			(.30	)		—			(.30	)		10.87		4.48			8			.78			.60			2.83
12/31/2019		9.36		.30		1.35			1.65			(.29	)		—			(.29	)		10.72		17.89			6			.78			.78			2.91
12/31/2018		10.40		.28		(1.00	)		(.72	)		(.30	)		(.02	)		(.32	)		9.36		(7.08	)		4			.79			.79			2.83
12/31/2017		9.46		.29		.93			1.22			(.28	)		—			(.28	)		10.40		13.04			1			.79			.79			2.82
12/31/2016		9.40		.27		.11			.38			(.32	)		—			(.32	)		9.46		4.08			—	⁷		.80			.80			2.82
Class 4:
12/31/2020		10.71		.26		.15			.41			(.27	)		—			(.27	)		10.85		4.11			462			1.03			.85			2.55
12/31/2019		9.35		.27		1.36			1.63			(.27	)		—			(.27	)		10.71		17.62			454			1.03			1.03			2.68
12/31/2018		10.38		.26		(1.00	)		(.74	)		(.27	)		(.02	)		(.29	)		9.35		(7.25	)		352			1.04			1.04			2.58
12/31/2017		9.45		.27		.92			1.19			(.26	)		—			(.26	)		10.38		12.65			338			1.04			1.04			2.72
12/31/2016		9.38		.27		.08			.35			(.28	)		—			(.28	)		9.45		3.78			256			1.04			1.04			2.88

See end of tables for footnotes.

American Funds Insurance Series

323

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 assets²			Ratio of net income (loss) to average net assets

Asset Allocation Fund

Class 1:
12/31/2020	$	24.05	$	.43	$	2.59		$	3.02		$	(.46	)	$	(.11	)	$	(.57	)	$	26.50		12.71	%	$	19,238		.30	%		1.80	%
12/31/2019		21.29		.51		3.94			4.45			(.50	)		(1.19	)		(1.69	)		24.05		21.54			17,730		.29			2.21
12/31/2018		23.71		.48		(1.43	)		(.95	)		(.44	)		(1.03	)		(1.47	)		21.29		(4.35	)		14,627		.28			2.04
12/31/2017		21.68		.44		3.06			3.50			(.41	)		(1.06	)		(1.47	)		23.71		16.51			16,556		.29			1.90
12/31/2016		20.62		.42		1.54			1.96			(.39	)		(.51	)		(.90	)		21.68		9.69			13,008		.29			1.97
Class 1A:
12/31/2020		23.99		.37		2.58			2.95			(.41	)		(.11	)		(.52	)		26.42		12.43			14		.55			1.56
12/31/2019		21.26		.45		3.92			4.37			(.45	)		(1.19	)		(1.64	)		23.99		21.19			11		.54			1.95
12/31/2018		23.69		.42		(1.42	)		(1.00	)		(.40	)		(1.03	)		(1.43	)		21.26		(4.58	)		7		.53			1.82
12/31/2017^3,4		21.97		.39		2.78			3.17			(.39	)		(1.06	)		(1.45	)		23.69		14.78	⁵		4		.53	⁶		1.69	⁶
Class 2:
12/31/2020		23.79		.37		2.56			2.93			(.40	)		(.11	)		(.51	)		26.21		12.46			5,242		.55			1.55
12/31/2019		21.08		.45		3.89			4.34			(.44	)		(1.19	)		(1.63	)		23.79		21.23			5,154		.54			1.96
12/31/2018		23.49		.41		(1.41	)		(1.00	)		(.38	)		(1.03	)		(1.41	)		21.08		(4.60	)		4,668		.53			1.78
12/31/2017		21.49		.37		3.04			3.41			(.35	)		(1.06	)		(1.41	)		23.49		16.23			5,480		.54			1.64
12/31/2016		20.45		.36		1.53			1.89			(.34	)		(.51	)		(.85	)		21.49		9.41			5,144		.54			1.72
Class 3:
12/31/2020		24.08		.39		2.59			2.98			(.42	)		(.11	)		(.53	)		26.53		12.50			33		.48			1.62
12/31/2019		21.32		.47		3.93			4.40			(.45	)		(1.19	)		(1.64	)		24.08		21.30			32		.47			2.02
12/31/2018		23.73		.43		(1.41	)		(.98	)		(.40	)		(1.03	)		(1.43	)		21.32		(4.49	)		29		.46			1.85
12/31/2017		21.70		.39		3.07			3.46			(.37	)		(1.06	)		(1.43	)		23.73		16.29			38		.47			1.72
12/31/2016		20.64		.38		1.54			1.92			(.35	)		(.51	)		(.86	)		21.70		9.49			35		.47			1.79
Class 4:
12/31/2020		23.67		.31		2.54			2.85			(.35	)		(.11	)		(.46	)		26.06		12.16			5,131		.80			1.30
12/31/2019		20.99		.39		3.87			4.26			(.39	)		(1.19	)		(1.58	)		23.67		20.92			4,493		.79			1.71
12/31/2018		23.40		.35		(1.40	)		(1.05	)		(.33	)		(1.03	)		(1.36	)		20.99		(4.83	)		3,594		.78			1.54
12/31/2017		21.43		.32		3.02			3.34			(.31	)		(1.06	)		(1.37	)		23.40		15.91			3,582		.79			1.40
12/31/2016		20.40		.31		1.53			1.84			(.30	)		(.51	)		(.81	)		21.43		9.16			2,861		.79			1.47

See end of tables for footnotes.

324	American Funds Insurance Series

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 assets²			Ratio of net income (loss) to average net assets

Global Balanced Fund

Class 1:
12/31/2020	$	13.51	$	.17	$	1.24		$	1.41		$	(.19	)	$	(.54	)	$	(.73	)	$	14.19		10.53	%	$	139			.72	%		1.29	%
12/31/2019		11.67		.24		2.17			2.41			(.20	)		(.37	)		(.57	)		13.51		20.79			134			.72			1.88
12/31/2018		12.75		.23		(.96	)		(.73	)		(.20	)		(.15	)		(.35	)		11.67		(5.81	)		110			.72			1.82
12/31/2017		11.08		.21		1.99			2.20			(.15	)		(.38	)		(.53	)		12.75		19.91			93			.72			1.68
12/31/2016		10.74		.19		.32			.51			(.17	)		—			(.17	)		11.08		4.73			64			.72			1.73
Class 1A:
12/31/2020		13.49		.14		1.23			1.37			(.16	)		(.54	)		(.70	)		14.16		10.25			3			.97			1.03
12/31/2019		11.65		.21		2.17			2.38			(.17	)		(.37	)		(.54	)		13.49		20.54			2			.97			1.63
12/31/2018		12.74		.18		(.94	)		(.76	)		(.18	)		(.15	)		(.33	)		11.65		(6.03	)		2			.98			1.44
12/31/2017^3,4		11.18		.16		1.92			2.08			(.14	)		(.38	)		(.52	)		12.74		18.71	⁵		—	⁷		.94	⁶		1.27	⁶
Class 2:
12/31/2020		13.48		.14		1.23			1.37			(.15	)		(.54	)		(.69	)		14.16		10.30			208			.97			1.03
12/31/2019		11.65		.21		2.16			2.37			(.17	)		(.37	)		(.54	)		13.48		20.44			207			.97			1.64
12/31/2018		12.72		.20		(.96	)		(.76	)		(.16	)		(.15	)		(.31	)		11.65		(6.01	)		185			.97			1.57
12/31/2017		11.06		.18		1.98			2.16			(.12	)		(.38	)		(.50	)		12.72		19.57			210			.96			1.43
12/31/2016		10.72		.16		.32			.48			(.14	)		—			(.14	)		11.06		4.48			178			.97			1.48
Class 4:
12/31/2020		13.36		.10		1.22			1.32			(.12	)		(.54	)		(.66	)		14.02		10.00			105			1.22			.78
12/31/2019		11.55		.18		2.14			2.32			(.14	)		(.37	)		(.51	)		13.36		20.21			94			1.22			1.37
12/31/2018		12.63		.17		(.96	)		(.79	)		(.14	)		(.15	)		(.29	)		11.55		(6.31	)		69			1.22			1.34
12/31/2017		11.00		.13		1.99			2.12			(.11	)		(.38	)		(.49	)		12.63		19.38			51			1.22			1.07
12/31/2016		10.69		.12		.33			.45			(.14	)		—			(.14	)		11.00		4.21			10			1.24			1.12

Bond Fund

Class 1:
12/31/2020	$	11.17	$	.23	$	.87		$	1.10		$	(.27	)	$	(.11	)	$	(.38	)	$	11.89		9.96	%	$	6,844			.40	%		2.00	%
12/31/2019		10.47		.30		.71			1.01			(.31	)		—			(.31	)		11.17		9.70			6,481			.39			2.76
12/31/2018		10.82		.29		(.35	)		(.06	)		(.28	)		(.01	)		(.29	)		10.47		(.45	)		5,962			.38			2.70
12/31/2017		10.80		.24		.18			.42			(.24	)		(.16	)		(.40	)		10.82		3.88			6,434			.38			2.19
12/31/2016		10.70		.21		.14			.35			(.21	)		(.04	)		(.25	)		10.80		3.27			6,829			.38			1.91
Class 1A:
12/31/2020		11.13		.20		.87			1.07			(.25	)		(.11	)		(.36	)		11.84		9.68			9			.65			1.74
12/31/2019		10.45		.27		.71			.98			(.30	)		—			(.30	)		11.13		9.36			7			.64			2.48
12/31/2018		10.80		.26		(.33	)		(.07	)		(.27	)		(.01	)		(.28	)		10.45		(.60	)		3			.63			2.50
12/31/2017^3,4		10.82		.22		.15			.37			(.23	)		(.16	)		(.39	)		10.80		3.46	⁵		1			.62	⁶		2.01	⁶
Class 2:
12/31/2020		11.02		.20		.86			1.06			(.24	)		(.11	)		(.35	)		11.73		9.73			3,840			.65			1.75
12/31/2019		10.34		.27		.70			.97			(.29	)		—			(.29	)		11.02		9.36			3,561			.64			2.51
12/31/2018		10.69		.26		(.34	)		(.08	)		(.26	)		(.01	)		(.27	)		10.34		(.71	)		3,524			.63			2.45
12/31/2017		10.67		.21		.18			.39			(.21	)		(.16	)		(.37	)		10.69		3.67			3,966			.63			1.94
12/31/2016		10.58		.18		.13			.31			(.18	)		(.04	)		(.22	)		10.67		2.95			3,959			.63			1.65
Class 4:
12/31/2020		11.00		.17		.85			1.02			(.22	)		(.11	)		(.33	)		11.69		9.38			714			.90			1.48
12/31/2019		10.33		.24		.70			.94			(.27	)		—			(.27	)		11.00		9.08			502			.89			2.25
12/31/2018		10.68		.23		(.33	)		(.10	)		(.24	)		(.01	)		(.25	)		10.33		(.89	)		366			.88			2.22
12/31/2017		10.70		.19		.16			.35			(.21	)		(.16	)		(.37	)		10.68		3.29			297			.88			1.72
12/31/2016		10.61		.15		.15			.30			(.17	)		(.04	)		(.21	)		10.70		2.80			102			.88			1.41

See end of tables for footnotes.

American Funds Insurance Series

325

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 return¹⁰			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers^2,10			Ratio of net income (loss) to average net assets¹⁰

Capital World Bond Fund

Class 1:
12/31/2020	$	12.12	$	.26	$	.95		$	1.21		$	(.18	)	$	(.21	)	$	(.39	)	$	12.94		10.17	%	$	1,219			.59	%		.52	%		2.08	%
12/31/2019		11.42		.31		.61			.92			(.22	)		—			(.22	)		12.12		8.08			1,077			.58			.58			2.60
12/31/2018		11.88		.30		(.44	)		(.14	)		(.28	)		(.04	)		(.32	)		11.42		(1.14	)		1,015			.57			.57			2.56
12/31/2017		11.22		.28		.52			.80			(.07	)		(.07	)		(.14	)		11.88		7.11			1,273			.56			.56			2.37
12/31/2016		11.01		.26		.06			.32			(.09	)		(.02	)		(.11	)		11.22		2.92			1,115			.57			.57			2.26
Class 1A:
12/31/2020		12.10		.23		.95			1.18			(.16	)		(.21	)		(.37	)		12.91		9.89			1			.83			.76			1.83
12/31/2019		11.41		.28		.60			.88			(.19	)		—			(.19	)		12.10		7.75			1			.83			.83			2.35
12/31/2018		11.87		.27		(.43	)		(.16	)		(.26	)		(.04	)		(.30	)		11.41		(1.29	)		1			.82			.82			2.36
12/31/2017^3,4		11.22		.26		.52			.78			(.06	)		(.07	)		(.13	)		11.87		7.00	⁵		—	⁷		.72	⁶		.72	⁶		2.27	⁶
Class 2:
12/31/2020		12.03		.22		.95			1.17			(.15	)		(.21	)		(.36	)		12.84		9.90			1,058			.84			.77			1.83
12/31/2019		11.34		.28		.60			.88			(.19	)		—			(.19	)		12.03		7.77			1,002			.83			.83			2.35
12/31/2018		11.79		.27		(.43	)		(.16	)		(.25	)		(.04	)		(.29	)		11.34		(1.33	)		1,032			.82			.82			2.32
12/31/2017		11.14		.25		.51			.76			(.04	)		(.07	)		(.11	)		11.79		6.86			1,164			.81			.81			2.12
12/31/2016		10.93		.23		.07			.30			(.07	)		(.02	)		(.09	)		11.14		2.71			1,121			.82			.82			2.01
Class 4:
12/31/2020		11.92		.19		.94			1.13			(.13	)		(.21	)		(.34	)		12.71		9.62			61			1.09			1.02			1.58
12/31/2019		11.24		.24		.60			.84			(.16	)		—			(.16	)		11.92		7.54			49			1.08			1.08			2.09
12/31/2018		11.70		.24		(.43	)		(.19	)		(.23	)		(.04	)		(.27	)		11.24		(1.61	)		40			1.07			1.07			2.09
12/31/2017		11.08		.22		.51			.73			(.04	)		(.07	)		(.11	)		11.70		6.63			31			1.06			1.06			1.89
12/31/2016		10.89		.20		.06			.26			(.05	)		(.02	)		(.07	)		11.08		2.42			12			1.07			1.07			1.76

See end of tables for footnotes.

326	American Funds Insurance Series

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 assets²			Ratio of net income (loss) to average net assets

High-Income Bond Fund

Class 1:
12/31/2020	$	9.87	$	.61	$	.17		$	.78		$	(.85	)	$	—	$	(.85	)	$	9.80		8.21	%	$	123			.52	%		6.46	%
12/31/2019		9.34		.67		.52			1.19			(.66	)		—		(.66	)		9.87		12.85			525			.51			6.71
12/31/2018		10.19		.64		(.84	)		(.20	)		(.65	)		—		(.65	)		9.34		(2.15	)		501			.50			6.32
12/31/2017		10.18		.63		.10			.73			(.72	)		—		(.72	)		10.19		7.25			632			.49			5.98
12/31/2016		9.19		.61		1.02			1.63			(.64	)		—		(.64	)		10.18		17.83			949			.49			6.18

Class 1A:
12/31/2020		9.86		.56		.20			.76			(.84	)		—		(.84	)		9.78		7.94			1			.78			5.85
12/31/2019		9.33		.65		.51			1.16			(.63	)		—		(.63	)		9.86		12.61			1			.75			6.47
12/31/2018		10.18		.62		(.84	)		(.22	)		(.63	)		—		(.63	)		9.33		(2.35	)		1			.75			6.11
12/31/2017^3,4		10.28		.60		.02			.62			(.72	)		—		(.72	)		10.18		6.02	⁵		—	⁷		.72	⁶		5.74	⁶

Class 2:
12/31/2020		9.70		.55		.19			.74			(.83	)		—		(.83	)		9.61		7.94			665			.78			5.88
12/31/2019		9.19		.64		.50			1.14			(.63	)		—		(.63	)		9.70		12.55			667			.76			6.45
12/31/2018		10.03		.61		(.83	)		(.22	)		(.62	)		—		(.62	)		9.19		(2.34	)		661			.75			6.07
12/31/2017		10.04		.59		.10			.69			(.70	)		—		(.70	)		10.03		6.89			776			.74			5.72
12/31/2016		9.06		.58		1.01			1.59			(.61	)		—		(.61	)		10.04		17.69			799			.74			5.92

Class 3:
12/31/2020		9.92		.57		.19			.76			(.84	)		—		(.84	)		9.84		7.93			10			.71			5.94
12/31/2019		9.38		.66		.52			1.18			(.64	)		—		(.64	)		9.92		12.70			10			.69			6.52
12/31/2018		10.23		.63		(.85	)		(.22	)		(.63	)		—		(.63	)		9.38		(2.33	)		10			.68			6.14
12/31/2017		10.22		.61		.10			.71			(.70	)		—		(.70	)		10.23		7.02			12			.67			5.79
12/31/2016		9.22		.59		1.03			1.62			(.62	)		—		(.62	)		10.22		17.68			13			.67			5.99

Class 4:
12/31/2020		10.56		.57		.22			.79			(.81	)		—		(.81	)		10.54		7.74			69			1.03			5.58
12/31/2019		9.96		.67		.54			1.21			(.61	)		—		(.61	)		10.56		12.27			63			1.01			6.21
12/31/2018		10.82		.63		(.90	)		(.27	)		(.59	)		—		(.59	)		9.96		(2.64	)		31			1.00			5.83
12/31/2017		10.79		.61		.10			.71			(.68	)		—		(.68	)		10.82		6.63			34			.99			5.46
12/31/2016		9.73		.60		1.07			1.67			(.61	)		—		(.61	)		10.79		17.29			21			.99			5.55

See end of tables for footnotes.

American Funds Insurance Series

327

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 return¹⁰			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers^2,10			Ratio of net income (loss) to average net assets¹⁰

American Funds Mortgage Fund

Class 1:
12/31/2020	$	10.56	$	.10	$	.64		$	.74		$	(.17	)	$	(.02	)	$	(.19	)	$	11.11		6.98	%	$	224			.48	%		.36	%		.93	%
12/31/2019		10.30		.24		.30			.54			(.28	)		—			(.28	)		10.56		5.30			210			.47			.47			2.26
12/31/2018		10.47		.20		(.14	)		.06			(.23	)		—			(.23	)		10.30		.58			209			.48			.48			1.97
12/31/2017		10.56		.16		—	⁸		.16			(.18	)		(.07	)		(.25	)		10.47		1.47			265			.47			.47			1.52
12/31/2016		10.61		.15		.11			.26			(.20	)		(.11	)		(.31	)		10.56		2.50			269			.46			.46			1.39

Class 1A:
12/31/2020		10.55		.07		.63			.70			(.15	)		(.02	)		(.17	)		11.08		6.63			1			.73			.59			.61
12/31/2019		10.28		.22		.30			.52			(.25	)		—			(.25	)		10.55		5.09			1			.71			.71			2.04
12/31/2018		10.46		.18		(.14	)		.04			(.22	)		—			(.22	)		10.28		.36			1			.73			.73			1.77
12/31/2017^3,4		10.55		.14		—	⁸		.14			(.16	)		(.07	)		(.23	)		10.46		1.31	⁵		—	⁷		.70	⁶		.70	⁶		1.38	⁶

Class 2:
12/31/2020		10.54		.08		.63			.71			(.14	)		(.02	)		(.16	)		11.09		6.72			58			.73			.60			.68
12/31/2019		10.28		.21		.31			.52			(.26	)		—			(.26	)		10.54		5.04			56			.72			.72			2.01
12/31/2018		10.45		.18		(.15	)		.03			(.20	)		—			(.20	)		10.28		.32			57			.73			.73			1.72
12/31/2017		10.54		.14		(.01	)		.13			(.15	)		(.07	)		(.22	)		10.45		1.22			63			.72			.72			1.27
12/31/2016		10.59		.12		.12			.24			(.18	)		(.11	)		(.29	)		10.54		2.25			63			.71			.71			1.14

Class 4:
12/31/2020		10.44		.04		.63			.67			(.12	)		(.02	)		(.14	)		10.97		6.38			37			.98			.85			.41
12/31/2019		10.19		.18		.31			.49			(.24	)		—			(.24	)		10.44		4.80			28			.97			.97			1.71
12/31/2018		10.38		.15		(.15	)		—	⁸		(.19	)		—			(.19	)		10.19		.07			24			.98			.98			1.49
12/31/2017		10.48		.11		—	⁸		.11			(.14	)		(.07	)		(.21	)		10.38		.97			12			.97			.97			1.03
12/31/2016		10.52		.09		.12			.21			(.14	)		(.11	)		(.25	)		10.48		2.01			8			.96			.96			.86

See end of tables for footnotes.

328	American Funds Insurance Series

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

Ultra-Short Bond Fund

Class 1:
12/31/2020	$	11.30	$	.02		$	.02		$	.04		$	(.03	)		$—	$	(.03	)	$	11.31		.34	%	$	44			.37	%		.16	%
12/31/2019		11.31		.22			—	⁸		.22			(.23	)		—		(.23	)		11.30		1.92			30			.36			1.92
12/31/2018		11.29		.18			—	⁸		.18			(.16	)		—		(.16	)		11.31		1.58			37			.35			1.60
12/31/2017		11.27		.08			(.01	)		.07			(.05	)		—		(.05	)		11.29		.66			37			.35			.68
12/31/2016¹¹		11.26		.01			—	⁸		.01			—			—		—			11.27		.09			37			.35			.11
Class 1A:
12/31/2020		11.30		.03			.01			.04			(.03	)		—		(.03	)		11.31		.32	¹²		—	⁷		.35	¹²		.26	¹²
12/31/2019		11.31		.22			—	⁸		.22			(.23	)		—		(.23	)		11.30		1.92	¹²		—	⁷		.37	¹²		1.90	¹²
12/31/2018		11.29		.18			—	⁸		.18			(.16	)		—		(.16	)		11.31		1.58	¹²		—	⁷		.35	¹²		1.60	¹²
12/31/2017^3,4		11.27		.08			—	⁸		.08			(.06	)		—		(.06	)		11.29		.67	^5,12		—	⁷		.34	^6,12		.69	^6,12
Class 2:
12/31/2020		11.01		—	⁸		—	⁸		—	⁸		(.02	)		—		(.02	)		10.99		.03			288			.62			(.05	)
12/31/2019		11.03		.18			—	⁸		.18			(.20	)		—		(.20	)		11.01		1.62			230			.61			1.66
12/31/2018		11.01		.15			—	⁸		.15			(.13	)		—		(.13	)		11.03		1.36			247			.60			1.34
12/31/2017		10.99		.05			—	⁸		.05			(.03	)		—		(.03	)		11.01		.46			249			.60			.42
12/31/2016¹¹		11.01		(.02	)		—	⁸		(.02	)		—			—		—			10.99		(.18	)		297			.60			(.14	)
Class 3:
12/31/2020		11.13		—	⁸		.02			.02			(.03	)		—		(.03	)		11.12		.13			4			.55			.03
12/31/2019		11.14		.20			—	⁸		.20			(.21	)		—		(.21	)		11.13		1.76			3			.54			1.74
12/31/2018		11.12		.16			(.01	)		.15			(.13	)		—		(.13	)		11.14		1.38			4			.53			1.42
12/31/2017		11.10		.06			—	⁸		.06			(.04	)		—		(.04	)		11.12		.54			4			.53			.50
12/31/2016¹¹		11.11		(.01	)		—	⁸		(.01	)		—			—		—			11.10		(.09	)		4			.53			(.08	)
Class 4:
12/31/2020		11.13		(.04	)		.01			(.03	)		(.02	)		—		(.02	)		11.08		(.25	)		40			.87			(.35	)
12/31/2019		11.15		.16			—	⁸		.16			(.18	)		—		(.18	)		11.13		1.40			22			.86			1.40
12/31/2018		11.13		.12			.01			.13			(.11	)		—		(.11	)		11.15		1.14			18			.86			1.11
12/31/2017		11.12		.02			—	⁸		.02			(.01	)		—		(.01	)		11.13		.16			15			.85			.19
12/31/2016¹¹		11.17		(.04	)		(.01	)		(.05	)		—			—		—			11.12		(.45	)		13			.85			(.40	)

See end of tables for footnotes.

American Funds Insurance Series

329

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:
12/31/2020	$	12.34	$	.16	$	1.07		$	1.23	$	(.26	)	$	(.27	)	$	(.53	)	$	13.04		10.09	%	$	429			.38	%		1.21	%
12/31/2019		11.94		.25		.43			.68		(.28	)		—			(.28	)		12.34		5.69			1,418			.37			2.07
12/31/2018		12.08		.24		(.13	)		.11		(.25	)		—			(.25	)		11.94		.91			1,445			.36			2.02
12/31/2017		12.05		.21		.01			.22		(.19	)		—			(.19	)		12.08		1.83			1,558			.36			1.68
12/31/2016		12.31		.16		.03			.19		(.20	)		(.25	)		(.45	)		12.05		1.44			1,467			.36			1.31
Class 1A:
12/31/2020		12.32		.09		1.10			1.19		(.24	)		(.27	)		(.51	)		13.00		9.75			4			.64			.69
12/31/2019		11.93		.22		.43			.65		(.26	)		—			(.26	)		12.32		5.42			2			.62			1.82
12/31/2018		12.08		.22		(.14	)		.08		(.23	)		—			(.23	)		11.93		.70			1			.61			1.82
12/31/2017^3,4		12.05		.18		.03			.21		(.18	)		—			(.18	)		12.08		1.73	⁵		—	⁷		.58	⁶		1.53	⁶
Class 2:
12/31/2020		12.21		.09		1.10			1.19		(.24	)		(.27	)		(.51	)		12.89		9.80			1,439			.64			.73
12/31/2019		11.82		.22		.42			.64		(.25	)		—			(.25	)		12.21		5.31			1,343			.62			1.82
12/31/2018		11.96		.21		(.14	)		.07		(.21	)		—			(.21	)		11.82		.73			1,323			.61			1.77
12/31/2017		11.93		.17		.02			.19		(.16	)		—			(.16	)		11.96		1.59			1,473			.61			1.43
12/31/2016		12.20		.13		.02			.15		(.17	)		(.25	)		(.42	)		11.93		1.19			1,503			.61			1.05
Class 3:
12/31/2020		12.37		.10		1.12			1.22		(.25	)		(.27	)		(.52	)		13.07		9.91			10			.57			.78
12/31/2019		11.97		.23		.43			.66		(.26	)		—			(.26	)		12.37		5.49			9			.55			1.88
12/31/2018		12.11		.22		(.14	)		.08		(.22	)		—			(.22	)		11.97		.71			9			.54			1.84
12/31/2017		12.07		.18		.03			.21		(.17	)		—			(.17	)		12.11		1.72			10			.54			1.50
12/31/2016		12.34		.14		.02			.16		(.18	)		(.25	)		(.43	)		12.07		1.24			11			.54			1.12
Class 4:
12/31/2020		12.22		.05		1.10			1.15		(.22	)		(.27	)		(.49	)		12.88		9.48			272			.89			.42
12/31/2019		11.84		.19		.42			.61		(.23	)		—			(.23	)		12.22		5.14			124			.87			1.56
12/31/2018		11.98		.18		(.12	)		.06		(.20	)		—			(.20	)		11.84		.50			91			.86			1.53
12/31/2017		11.96		.14		.01			.15		(.13	)		—			(.13	)		11.98		1.28			62			.86			1.18
12/31/2016		12.22		.10		.03			.13		(.14	)		(.25	)		(.39	)		11.96		.99			57			.86			.82

See end of tables for footnotes.

330	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions																	Ratio of expenses			Ratio of expenses
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 return¹⁰			Net assets, end of period (in millions)			to average net assets before waivers/ reimburse- ments¹³			to average net assets after waivers/ reimburse- ments^10,13			Net effective expense ratio^10,14			Ratio of net income (loss) to average net assets¹⁰

Managed Risk Growth Fund

Class P1:
12/31/2020	$	13.78	$	.07	$	4.20		$	4.27		$	(.12	)	$	(.68	)	$	(.80	)	$	17.25		32.45	%	$	11			.42	%		.37	%		.72	%		.49	%
12/31/2019		12.30		.15		2.44			2.59			(.19	)		(.92	)		(1.11	)		13.78		22.01			6			.42			.37			.73			1.19
12/31/2018		13.22		.11		(.04	)		.07			(.10	)		(.89	)		(.99	)		12.30		(.04	)¹²		3			.42	¹²		.37	¹²		.71	¹²		.82	¹²
12/31/2017		10.71		.08		2.70			2.78			(.07	)		(.20	)		(.27	)		13.22		26.23	¹²		2			.42	¹²		.36	¹²		.70	¹²		.69	¹²
12/31/2016		11.49		.08		.20			.28			(.05	)		(1.01	)		(1.06	)		10.71		2.89	¹²		1			.50	¹²		.34	¹²		.68	¹²		.79	¹²
Class P2:
12/31/2020		13.71		.03		4.16			4.19			(.11	)		(.68	)		(.79	)		17.11		32.03			554			.67			.62			.97			.20
12/31/2019		12.21		.09		2.45			2.54			(.12	)		(.92	)		(1.04	)		13.71		21.74			434			.68			.63			.99			.73
12/31/2018		13.14		.06		(.04	)		.02			(.06	)		(.89	)		(.95	)		12.21		(.37	)		340			.68			.63			.97			.46
12/31/2017		10.64		.04		2.70			2.74			(.04	)		(.20	)		(.24	)		13.14		25.99			286			.69			.63			.97			.34
12/31/2016		11.43		.05		.19			.24			(.02	)		(1.01	)		(1.03	)		10.64		2.52			200			.79			.63			.97			.43

Managed Risk International Fund

Class P1:
12/31/2020	$	11.01	$	.08	$	.22		$	.30		$	(.16	)	$	(.08	)	$	(.24	)	$	11.07		3.13	%¹²	$	2			.43	%¹²		.35	%¹²		.86	%¹²		.82	%¹²
12/31/2019		9.82		.17		1.54			1.71			(.20	)		(.32	)		(.52	)		11.01		17.91	¹²		1			.41	¹²		.33	¹²		.84	¹²		1.64	¹²
12/31/2018		11.25		.32		(1.44	)		(1.12	)		(.26	)		(.05	)		(.31	)		9.82		(10.11	)¹²		—	⁷		.33	¹²		.28	¹²		.77	¹²		3.02	¹²
12/31/2017		8.89		.11		2.47			2.58			(.10	)		(.12	)		(.22	)		11.25		29.28	¹²		—	⁷		.28	¹²		.20	¹²		.69	¹²		1.13	¹²
12/31/2016		9.48		.10		(.35	)		(.25	)		(.12	)		(.22	)		(.34	)		8.89		(2.59	)¹²		—	⁷		.39	¹²		.23	¹²		.74	¹²		1.15	¹²
Class P2:
12/31/2020		10.92		.04		.23			.27			(.12	)		(.08	)		(.20	)		10.99		2.80			168			.71			.63			1.14			.42
12/31/2019		9.76		.13		1.55			1.68			(.20	)		(.32	)		(.52	)		10.92		17.64			165			.71			.63			1.14			1.21
12/31/2018		11.15		.16		(1.32	)		(1.16	)		(.18	)		(.05	)		(.23	)		9.76		(10.50	)		151			.69			.64			1.13			1.49
12/31/2017		8.83		.11		2.41			2.52			(.08	)		(.12	)		(.20	)		11.15		28.69			148			.71			.63			1.12			1.03
12/31/2016		9.43		.09		(.38	)		(.29	)		(.09	)		(.22	)		(.31	)		8.83		(3.05	)		97			.79			.63			1.14			.97

Managed Risk Blue Chip Income and Growth Fund

Class P1:
12/31/2020	$	12.01	$	.18	$	(.35	)	$	(.17	)	$	(.26	)	$	(.34	)	$	(.60	)	$	11.24		(.93	)%¹²	$	2			.40	%¹²		.35	%¹²		.76	%¹²		1.66	%¹²
12/31/2019		11.28		.25		1.28			1.53			(.20	)		(.60	)		(.80	)		12.01		14.14	¹²		1			.38	¹²		.33	¹²		.74	¹²		2.14	¹²
12/31/2018		13.04		.40		(1.27	)		(.87	)		(.45	)		(.44	)		(.89	)		11.28		(6.99	)¹²		—	⁷		.33	¹²		.28	¹²		.67	¹²		3.21	¹²
12/31/2017		11.67		.19		1.59			1.78			(.22	)		(.19	)		(.41	)		13.04		15.48	¹²		—	⁷		.30	¹²		.25	¹²		.64	¹²		1.59	¹²
12/31/2016		10.80		.20		1.25			1.45			(.21	)		(.37	)		(.58	)		11.67		13.77	¹²		—	⁷		.43	¹²		.27	¹²		.67	¹²		1.83	¹²
Class P2:
12/31/2020		11.91		.13		(.33	)		(.20	)		(.19	)		(.34	)		(.53	)		11.18		(1.25	)		355			.68			.63			1.04			1.18
12/31/2019		11.21		.18		1.31			1.49			(.19	)		(.60	)		(.79	)		11.91		13.88			365			.68			.63			1.04			1.62
12/31/2018		12.96		.19		(1.10	)		(.91	)		(.40	)		(.44	)		(.84	)		11.21		(7.38	)		336			.68			.63			1.02			1.49
12/31/2017		11.61		.17		1.55			1.72			(.18	)		(.19	)		(.37	)		12.96		15.03			367			.68			.63			1.02			1.43
12/31/2016		10.76		.23		1.18			1.41			(.19	)		(.37	)		(.56	)		11.61		13.39			291			.79			.63			1.03			2.04

See end of tables for footnotes.

American Funds Insurance Series

331

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions																Ratio of expenses			Ratio of expenses
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 return¹⁰			Net assets, end of period (in millions)		to average net assets before waivers/ reimburse- ments¹³			to average net assets after waivers/ reimburse- ments^10,13			Net effective expense ratio^10,14			Ratio of net income (loss) to average net assets¹⁰

Managed Risk Growth-Income Fund

Class P1:
12/31/2020	$	13.76	$	.17		$	1.08		$	1.25		$	(.26	)	$	(.74	)	$	(1.00	)	$	14.01		9.85	%	$	2,120		.41	%		.36	%		.66	%		1.24	%
12/31/2019		11.73		.22			2.01			2.23			(.10	)		(.10	)		(.20	)		13.76		19.14			1,987		.42			.37			.67			1.71
12/31/2018		12.66		(.02	)		(.15	)		(.17	)		(.19	)		(.57	)		(.76	)		11.73		(1.66	)		1,662		.40			.35			.64			(.20	)
12/31/2017		11.07		.19			2.03			2.22			(.13	)		(.50	)		(.63	)		12.66		20.64	¹²		2		.44	¹²		.37	¹²		.66	¹²		1.61	¹²
12/31/2016		11.25		.16			.52			.68			(.16	)		(.70	)		(.86	)		11.07		6.49	¹²		1		.52	¹²		.36	¹²		.64	¹²		1.46	¹²
Class P2:
12/31/2020		13.69		.14			1.07			1.21			(.23	)		(.74	)		(.97	)		13.93		9.58			315		.66			.61			.91			1.02
12/31/2019		11.67		.19			2.00			2.19			(.07	)		(.10	)		(.17	)		13.69		18.84			283		.67			.62			.92			1.47
12/31/2018		12.58		.16			(.36	)		(.20	)		(.14	)		(.57	)		(.71	)		11.67		(1.97	)		230		.69			.64			.93			1.25
12/31/2017		11.02		.13			2.05			2.18			(.12	)		(.50	)		(.62	)		12.58		20.40			206		.70			.63			.92			1.08
12/31/2016		11.22		.12			.52			.64			(.14	)		(.70	)		(.84	)		11.02		6.08			160		.79			.63			.91			1.13


Managed Risk Asset Allocation Fund

Class P1:
12/31/2020	$	13.81	$	.25		$	.51		$	.76		$	(.21	)	$	(.52	)	$	(.73	)	$	13.84		6.10	%	$	5		.41	%		.36	%		.66	%		1.91	%
12/31/2019		12.23		.26			1.92			2.18			(.03	)		(.57	)		(.60	)		13.81		18.25			2		.41			.36			.65			2.01
12/31/2018		13.59		.22			(.80	)		(.58	)		(.25	)		(.53	)		(.78	)		12.23		(4.63	)		2		.37			.32			.59			1.67
12/31/2017		12.02		.19			1.60			1.79			(.10	)		(.12	)		(.22	)		13.59		15.06			1,656		.43			.38			.66			1.45
12/31/2016		11.72		.19			.67			.86			(.19	)		(.37	)		(.56	)		12.02		7.57			1,217		.43			.38			.66			1.65
Class P2:
12/31/2020		13.46		.15			.56			.71			(.20	)		(.52	)		(.72	)		13.45		5.88			2,773		.66			.61			.91			1.15
12/31/2019		12.22		.19			1.93			2.12			(.31	)		(.57	)		(.88	)		13.46		17.98			2,830		.66			.61			.90			1.51
12/31/2018		13.55		.17			(.79	)		(.62	)		(.18	)		(.53	)		(.71	)		12.22		(4.89	)		2,541		.62			.57			.84			1.27
12/31/2017		12.01		.15			1.61			1.76			(.10	)		(.12	)		(.22	)		13.55		14.80			2,798		.68			.63			.91			1.13
12/31/2016		11.71		.14			.69			.83			(.16	)		(.37	)		(.53	)		12.01		7.27			2,342		.68			.63			.91			1.20

See end of tables for footnotes.

332	American Funds Insurance Series

Financial highlights (continued)

Portfolio turnover rate for all share classes	Year ended December 31,
excluding mortgage dollar roll transactions^15,16	2020			2019			2018			2017			2016
Capital Income Builder		110	%		44	%		42	%		59	%		41	%
Asset Allocation Fund		49			47			34			39			43
Global Balanced Fund		68			60			30			28			43
Bond Fund		72			146			98			153			108
Capital World Bond Fund		88			110			78			74			70
American Funds Mortgage Fund		123			84			60			98			113
U.S. Government/AAA-Rated Securities Fund		112			103			76			120			273

Portfolio turnover rate for all share classes	Year ended December 31,
including mortgage dollar roll^15,16	2020			2019			2018			2017			2016
Global Growth Fund		17	%		14	%		25	%		31	%		27	%
Global Small Capitalization Fund		38			50			43			33			40
Growth Fund		32			21			35			24			26
International Fund		40			32			29			29			31
New World Fund		70			38			58			56			32
Blue Chip Income and Growth Fund		40			37			49			34			30
Global Growth and Income Fund		36			29			49			41			57
Growth-Income Fund		33			27			39			27			27
International Growth and Income Fund		56			28			38			51			32
Capital Income Builder Fund		184			72			98			88			53
Asset Allocation Fund		145			79			86			85			83
Global Balanced Fund		86			74			51			41			65
Bond Fund		461			373			514			502			375
Capital World Bond Fund		145			159			125			105			154
High-Income Bond Fund		78			58			67			78			89
American Funds Mortgage Fund		1143			350			811			680			713
U.S. Government/AAA-Rated Securities Fund		867			277			446			551			539
Ultra-Short Bond Fund		—	¹⁷		—	¹⁷		—	¹⁷		—	¹⁷		—	^11,17
Managed Risk Growth Fund		80			10			7			25			15
Managed Risk International Fund		71			8			8			25			26
Managed Risk Blue Chip Income and Growth Fund		101			13			11			32			9
Managed Risk Growth-Income Fund		38			6			14			26			14
Managed Risk Asset Allocation Fund		30			8			12			1			3

¹	Based on average shares outstanding.
²	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.
³	Based on operations for a period that is less than a full year.
⁴	Class 1A shares began investment operations on January 6, 2017.
⁵	Not annualized.
⁶	Annualized.
⁷	Amount less than $1 million.
⁸	Amount less than $.01.
⁹	Amount less than .01%.
¹⁰	This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the periods shown, CRMC waived a portion of investment advisory services fees on some funds, including each of the managed risk funds. In addition, during some of the periods shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds.
¹¹	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.
¹²	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.
¹³	This column does not include expenses of the underlying funds in which each fund invests.
¹⁴	This column reflects the net effective expense ratios for each fund and class, which are unaudited. These ratios include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the years presented. See expense example for further information regarding fees and expenses.
¹⁵	Refer to Note 5 for further information on mortgage dollar rolls.
¹⁶	Rates do not include the fund’s portfolio activity with respect to any Central Funds, if applicable.
¹⁷	Amount is either less than 1% or there is no turnover.

See notes to financial statements.

American Funds Insurance Series

333

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund^®, Blue Chip Income and Growth Fund, Global Growth and Income Fund, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder^®, Asset Allocation Fund, Global Balanced Fund, Bond Fund, Capital World Bond Fund^®, High-Income Bond Fund, American Funds Mortgage Fund^®, Ultra-Short Bond Fund, U.S. Government/AAA-Rated Securities 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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund^®, Blue Chip Income and Growth Fund, Global Growth and Income Fund, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder^®, Asset Allocation Fund, Global Balanced Fund, Bond Fund, Capital World Bond Fund^® (formerly Global Bond Fund), High-Income Bond Fund, American Funds Mortgage Fund^® (formerly Mortgage Fund), Ultra-Short Bond Fund, U.S. Government/AAA-Rated Securities 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 (twenty-three of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the “Funds”) as of December 31, 2020, the related statements of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodians, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Los Angeles, California
February 12, 2021

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

334	American Funds Insurance Series

Expense example

unaudited

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2020, through December 31, 2020).

Actual expenses:

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

Hypothetical example for comparison purposes:

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

American Funds Insurance Series

335

Expense example (continued)

	Beginning account value 7/1/2020		Ending account value 12/31/2020		Expenses paid during period¹		Annualized expense ratio
Global Growth Fund
Class 1 – actual return	$	1,000.00	$	1,254.84	$	3.13		.55	%
Class 1 – assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 1A – actual return		1,000.00		1,253.16		4.54		.80
Class 1A – assumed 5% return		1,000.00		1,021.17		4.08		.80
Class 2 – actual return		1,000.00		1,253.28		4.54		.80
Class 2 – assumed 5% return		1,000.00		1,021.17		4.08		.80
Class 4 – actual return		1,000.00		1,251.73		5.96		1.05
Class 4 – assumed 5% return		1,000.00		1,019.91		5.35		1.05
Global Small Capitalization Fund
Class 1 – actual return	$	1,000.00	$	1,343.20	$	4.37		.74	%
Class 1 – assumed 5% return		1,000.00		1,021.48		3.77		.74
Class 1A – actual return		1,000.00		1,341.45		5.84		.99
Class 1A – assumed 5% return		1,000.00		1,020.21		5.04		.99
Class 2 – actual return		1,000.00		1,341.27		5.84		.99
Class 2 – assumed 5% return		1,000.00		1,020.21		5.04		.99
Class 4 – actual return		1,000.00		1,340.24		7.31		1.24
Class 4 – assumed 5% return		1,000.00		1,018.95		6.31		1.24
Growth Fund
Class 1 – actual return	$	1,000.00	$	1,360.06	$	2.08		.35	%
Class 1 – assumed 5% return		1,000.00		1,023.44		1.79		.35
Class 1A – actual return		1,000.00		1,358.42		3.57		.60
Class 1A – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class 2 – actual return		1,000.00		1,358.42		3.57		.60
Class 2 – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class 3 – actual return		1,000.00		1,358.84		3.15		.53
Class 3 – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 4 – actual return		1,000.00		1,356.82		5.05		.85
Class 4 – assumed 5% return		1,000.00		1,020.92		4.33		.85
International Fund
Class 1 – actual return	$	1,000.00	$	1,286.94	$	3.17		.55	%
Class 1 – assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 1A – actual return		1,000.00		1,284.98		4.61		.80
Class 1A – assumed 5% return		1,000.00		1,021.17		4.08		.80
Class 2 – actual return		1,000.00		1,285.43		4.61		.80
Class 2 – assumed 5% return		1,000.00		1,021.17		4.08		.80
Class 3 – actual return		1,000.00		1,285.16		4.20		.73
Class 3 – assumed 5% return		1,000.00		1,021.53		3.72		.73
Class 4 – actual return		1,000.00		1,283.63		6.04		1.05
Class 4 – assumed 5% return		1,000.00		1,019.91		5.35		1.05
New World Fund
Class 1 – actual return	$	1,000.00	$	1,291.34	$	3.35		.58	%
Class 1 – assumed 5% return		1,000.00		1,022.28		2.96		.58
Class 1A – actual return		1,000.00		1,290.17		4.79		.83
Class 1A – assumed 5% return		1,000.00		1,021.02		4.23		.83
Class 2 – actual return		1,000.00		1,289.72		4.79		.83
Class 2 – assumed 5% return		1,000.00		1,021.02		4.23		.83
Class 4 – actual return		1,000.00		1,288.50		6.23		1.08
Class 4 – assumed 5% return		1,000.00		1,019.76		5.50		1.08

See end of tables for footnotes.

336	American Funds Insurance Series

Expense example (continued)

	Beginning account value 7/1/2020		Ending account value 12/31/2020		Expenses paid during period¹		Annualized expense ratio
Blue Chip Income and Growth Fund
Class 1 – actual return	$	1,000.00	$	1,188.67	$	2.32		.42	%
Class 1 – assumed 5% return		1,000.00		1,023.09		2.14		.42
Class 1A – actual return		1,000.00		1,187.68		3.69		.67
Class 1A – assumed 5% return		1,000.00		1,021.83		3.41		.67
Class 2 – actual return		1,000.00		1,186.62		3.69		.67
Class 2 – assumed 5% return		1,000.00		1,021.83		3.41		.67
Class 4 – actual return		1,000.00		1,185.33		5.07		.92
Class 4 – assumed 5% return		1,000.00		1,020.57		4.69		.92
Global Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	1,226.11	$	3.70		.66	%
Class 1 – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 1A – actual return		1,000.00		1,224.98		5.10		.91
Class 1A – assumed 5% return		1,000.00		1,020.62		4.63		.91
Class 2 – actual return		1,000.00		1,224.48		5.10		.91
Class 2 – assumed 5% return		1,000.00		1,020.62		4.63		.91
Class 4 – actual return		1,000.00		1,223.67		6.50		1.16
Class 4 – assumed 5% return		1,000.00		1,019.36		5.90		1.16
Growth-Income Fund
Class 1 – actual return	$	1,000.00	$	1,180.81	$	1.59		.29	%
Class 1 – assumed 5% return		1,000.00		1,023.74		1.48		.29
Class 1A – actual return		1,000.00		1,179.38		2.97		.54
Class 1A – assumed 5% return		1,000.00		1,022.48		2.75		.54
Class 2 – actual return		1,000.00		1,179.40		2.97		.54
Class 2 – assumed 5% return		1,000.00		1,022.48		2.75		.54
Class 3 – actual return		1,000.00		1,179.77		2.58		.47
Class 3 – assumed 5% return		1,000.00		1,022.84		2.40		.47
Class 4 – actual return		1,000.00		1,177.95		4.34		.79
Class 4 – assumed 5% return		1,000.00		1,021.22		4.02		.79
International Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	1,250.95	$	3.86		.68	%
Class 1 – assumed 5% return		1,000.00		1,021.78		3.47		.68
Class 1A – actual return		1,000.00		1,249.71		5.27		.93
Class 1A – assumed 5% return		1,000.00		1,020.52		4.74		.93
Class 2 – actual return		1,000.00		1,249.64		5.27		.93
Class 2 – assumed 5% return		1,000.00		1,020.52		4.74		.93
Class 4 – actual return		1,000.00		1,248.18		6.69		1.18
Class 4 – assumed 5% return		1,000.00		1,019.26		6.01		1.18
Capital Income Builder
Class 1 – actual return	$	1,000.00	$	1,115.95	$	1.44		.27	%
Class 1 – assumed 5% return		1,000.00		1,023.84		1.38		.27
Class 1A – actual return		1,000.00		1,114.72		2.77		.52
Class 1A – assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 2 – actual return		1,000.00		1,115.75		2.77		.52
Class 2 – assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 4 – actual return		1,000.00		1,113.43		4.10		.77
Class 4 – assumed 5% return		1,000.00		1,021.32		3.92		.77

See end of tables for footnotes.

American Funds Insurance Series

337

Expense example (continued)

	Beginning account value 7/1/2020		Ending account value 12/31/2020		Expenses paid during period¹		Annualized expense ratio
Asset Allocation Fund
Class 1 – actual return	$	1,000.00	$	1,143.93	$	1.62		.30	%
Class 1 – assumed 5% return		1,000.00		1,023.69		1.53		.30
Class 1A – actual return		1,000.00		1,142.08		2.97		.55
Class 1A – assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 2 – actual return		1,000.00		1,142.52		2.97		.55
Class 2 – assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 3 – actual return		1,000.00		1,142.59		2.59		.48
Class 3 – assumed 5% return		1,000.00		1,022.79		2.45		.48
Class 4 – actual return		1,000.00		1,140.96		4.32		.80
Class 4 – assumed 5% return		1,000.00		1,021.17		4.08		.80
Global Balanced Fund
Class 1 – actual return	$	1,000.00	$	1,137.75	$	3.93		.73	%
Class 1 – assumed 5% return		1,000.00		1,021.53		3.72		.73
Class 1A – actual return		1,000.00		1,136.55		5.28		.98
Class 1A – assumed 5% return		1,000.00		1,020.27		4.99		.98
Class 2 – actual return		1,000.00		1,136.23		5.28		.98
Class 2 – assumed 5% return		1,000.00		1,020.27		4.99		.98
Class 4 – actual return		1,000.00		1,135.20		6.62		1.23
Class 4 – assumed 5% return		1,000.00		1,019.00		6.26		1.23
Bond Fund
Class 1 – actual return	$	1,000.00	$	1,031.42	$	2.05		.40	%
Class 1 – assumed 5% return		1,000.00		1,023.19		2.04		.40
Class 1A – actual return		1,000.00		1,029.77		3.27		.64
Class 1A – assumed 5% return		1,000.00		1,021.98		3.26		.64
Class 2 – actual return		1,000.00		1,029.81		3.27		.64
Class 2 – assumed 5% return		1,000.00		1,021.98		3.26		.64
Class 4 – actual return		1,000.00		1,028.42		4.55		.89
Class 4 – assumed 5% return		1,000.00		1,020.72		4.53		.89
Capital World Bond Fund
Class 1 – actual return	$	1,000.00	$	1,078.63	$	2.57		.49	%
Class 1 – assumed 5% return		1,000.00		1,022.74		2.50		.49
Class 1A – actual return		1,000.00		1,077.00		3.82		.73
Class 1A – assumed 5% return		1,000.00		1,021.53		3.72		.73
Class 2 – actual return		1,000.00		1,077.13		3.87		.74
Class 2 – assumed 5% return		1,000.00		1,021.48		3.77		.74
Class 4 – actual return		1,000.00		1,075.46		5.13		.98
Class 4 – assumed 5% return		1,000.00		1,020.27		4.99		.98
High-Income Bond Fund
Class 1 – actual return	$	1,000.00	$	1,135.96	$	2.85		.53	%
Class 1 – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 1A – actual return		1,000.00		1,134.62		4.20		.78
Class 1A – assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 2 – actual return		1,000.00		1,134.44		4.20		.78
Class 2 – assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 3 – actual return		1,000.00		1,134.15		3.82		.71
Class 3 – assumed 5% return		1,000.00		1,021.63		3.62		.71
Class 4 – actual return		1,000.00		1,132.72		5.54		1.03
Class 4 – assumed 5% return		1,000.00		1,020.01		5.24		1.03

See end of tables for footnotes.

338	American Funds Insurance Series

Expense example (continued)

	Beginning account value 7/1/2020		Ending account value 12/31/2020		Expenses paid during period¹		Annualized expense ratio
American Funds Mortgage Fund
Class 1 – actual return	$	1,000.00	$	1,011.01	$	1.57		.31	%
Class 1 – assumed 5% return		1,000.00		1,023.64		1.58		.31
Class 1A – actual return		1,000.00		1,009.84		2.84		.56
Class 1A – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 2 – actual return		1,000.00		1,009.83		2.84		.56
Class 2 – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 4 – actual return		1,000.00		1,008.07		4.10		.81
Class 4 – assumed 5% return		1,000.00		1,021.12		4.13		.81
Ultra-Short Bond Fund
Class 1 – actual return	$	1,000.00	$	999.11	$	1.91		.38	%
Class 1 – assumed 5% return		1,000.00		1,023.29		1.94		.38
Class 1A – actual return		1,000.00		999.11		1.86		.37
Class 1A – assumed 5% return		1,000.00		1,023.34		1.89		.37
Class 2 – actual return		1,000.00		997.28		3.12		.62
Class 2 – assumed 5% return		1,000.00		1,022.08		3.16		.62
Class 3 – actual return		1,000.00		998.21		2.77		.55
Class 3 – assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 4 – actual return		1,000.00		996.40		4.38		.87
Class 4 – assumed 5% return		1,000.00		1,020.82		4.43		.87
U.S. Government/AAA-Rated Securities Fund
Class 1 – actual return	$	1,000.00	$	1,011.80	$	1.98		.39	%
Class 1 – assumed 5% return		1,000.00		1,023.24		1.99		.39
Class 1A – actual return		1,000.00		1,010.17		3.24		.64
Class 1A – assumed 5% return		1,000.00		1,021.98		3.26		.64
Class 2 – actual return		1,000.00		1,010.14		3.24		.64
Class 2 – assumed 5% return		1,000.00		1,021.98		3.26		.64
Class 3 – actual return		1,000.00		1,010.51		2.89		.57
Class 3 – assumed 5% return		1,000.00		1,022.33		2.91		.57
Class 4 – actual return		1,000.00		1,008.75		4.51		.89
Class 4 – assumed 5% return		1,000.00		1,020.72		4.53		.89

See end of tables for footnotes.

American Funds Insurance Series

339

Expense example (continued)

	Beginning account value 7/1/2020		Ending account value 12/31/2020		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Managed Risk Growth Fund
Class P1 – actual return	$	1,000.00	$	1,219.94	$	2.01		.36	%	$	4.02		.72	%
Class P1 – assumed 5% return		1,000.00		1,023.33		1.83		.36			3.66		.72
Class P2 – actual return		1,000.00		1,217.79		3.46		.62			5.41		.97
Class P2 – assumed 5% return		1,000.00		1,022.02		3.15		.62			4.93		.97
Managed Risk International Fund
Class P1 – actual return	$	1,000.00	$	1,176.41	$	1.81		.33	%	$	4.70		.86	%
Class P1 – assumed 5% return		1,000.00		1,023.48		1.68		.33			4.37		.86
Class P2 – actual return		1,000.00		1,174.15		3.28		.60			6.23		1.14
Class P2 – assumed 5% return		1,000.00		1,022.12		3.05		.60			5.79		1.14
Managed Risk Blue Chip Income and Growth Fund
Class P1 – actual return	$	1,000.00	$	1,080.32	$	1.83		.35	%	$	3.97		.76	%
Class P1 – assumed 5% return		1,000.00		1,023.38		1.78		.35			3.86		.76
Class P2 – actual return		1,000.00		1,079.10		3.24		.62			5.44		1.04
Class P2 – assumed 5% return		1,000.00		1,022.02		3.15		.62			5.28		1.04
Managed Risk Growth-Income Fund
Class P1 – actual return	$	1,000.00	$	1,091.34	$	1.89		.36	%	$	3.47		.66	%
Class P1 – assumed 5% return		1,000.00		1,023.33		1.83		.36			3.35		.66
Class P2 – actual return		1,000.00		1,089.02		3.20		.61			4.78		.91
Class P2 – assumed 5% return		1,000.00		1,022.07		3.10		.61			4.62		.91
Managed Risk Asset Allocation Fund
Class P1 – actual return	$	1,000.00	$	1,101.91	$	1.90		.36	%	$	3.49		.66	%
Class P1 – assumed 5% return		1,000.00		1,023.33		1.83		.36			3.35		.66
Class P2 – actual return		1,000.00		1,100.65		3.22		.61			4.81		.91
Class P2 – assumed 5% return		1,000.00		1,022.07		3.10		.61			4.62		.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 “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
³	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).
⁴	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.

340	American Funds Insurance Series

Liquidity Risk Management Program

The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.

The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2019, through September 30, 2020. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

American Funds Insurance Series

341

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the series²	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee
William H. Baribault, 1945	2009	Chairman of the Board and CEO, Oakwood Advisors (private investment and consulting); former CEO and President, Richard Nixon Foundation	89	General Finance Corporation
James G. Ellis, 1947	2010	Professor of Marketing and former Dean, Marshall School of Business, University of Southern California	99	Mercury General Corporation
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	87	None
Mary Davis Holt, 1950	2015–2016; 2017	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003)	87	None
R. Clark Hooper, 1946	2010	Private investor	90	None
Merit E. Janow, 1958	2007	Dean and Professor, Columbia University, School of International and Public Affairs	89	Mastercard Incorporated; Trimble Inc.
Margaret Spellings, 1957 Chairman of the Board (Independent and Non-Executive)	2010	President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Foundation	91	None
Alexandra Trower, 1964	2018	Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	86	None
Paul S. Williams, 1959	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	86	Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc.

Interested trustees^4,5

Name, year of birth and position with series	Year first elected a trustee or officer of the series²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series	Number of portfolios in fund complex overseen by trustee	Other directorships³ held by trustee
Donald D. O’Neal, 1960 Co-President	1998	Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company⁶	35	None
Michael C. Gitlin, 1970	2019	Vice Chairman and Director, Capital Research and Management Company; Partner — Capital Fixed Income Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.⁶; served as Head of Fixed Income at a large investment management firm prior to joining Capital Research and Management Company in 2015	86	None

The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.

342	American Funds Insurance Series

Other officers⁵

Name, year of birth and position with series	Year first elected an officer of the series²	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series
Alan N. Berro, 1960 Co-President	1998	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company⁶; Director, The Capital Group Companies, Inc.⁶
Maria Manotok, 1974 Executive Vice President	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Senior Vice President, Senior Counsel and Director, Capital International, Inc.⁶; Director, Capital Group Investment Management Limited⁶
Martin Jacobs, 1962 Vice President	2016	Partner — Capital Research Global Investors, Capital Research and Management Company
Carl M. Kawaja, 1964 Vice President	2008	Partner — Capital World Investors, Capital Research and Management Company; Chairman and Director, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company⁶
Sung Lee, 1966 Vice President	2008	Partner — Capital Research Global Investors, Capital International, Inc.⁶; Director, The Capital Group Companies, Inc.⁶
Keiko McKibben, 1969 Vice President	2010	Partner — Capital Research Global Investors, Capital Research and Management Company
Renaud H. Samyn, 1974 Vice President	2010	Partner — Capital Research Global Investors, Capital International, Inc.⁶
Steven I. Koszalka, 1964 Secretary	2003	Vice President — Fund Business Management Group, Capital Research and Management Company
Gregory F. Niland, 1971 Treasurer	2008	Vice President — Investment Operations, Capital Research and Management Company
Susan K. Countess, 1966 Assistant Secretary	2014	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Assistant Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2015	Vice President — Investment Operations, Capital Research and Management Company

¹	The term independent trustee refers to a trustee who is not an “interested person” of the series within the meaning of the Investment Company Act of 1940.
²	Trustees and officers of the series serve until their resignation, removal or retirement.
³	This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.
⁴	The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter).
⁵	All of the trustees and/or officers listed, with the exception of Martin Jacobs and Keiko McKibben, are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.
⁶	Company affiliated with Capital Research and Management Company.

American Funds Insurance Series

343

Office of the series
333 South Hope Street
Los Angeles, CA 90071-1406

Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406

Investment subadviser
Milliman Financial Risk Management LLC
(Managed Risk Funds only)
71 South Wacker Drive, 31st Floor
Chicago, IL 60606

Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

Counsel
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726

Independent registered public accounting firm

PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874

344	American Funds Insurance Series

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website and our website.

This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2021, 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 may not provide an effective hedge of the underlying securities because changes in the prices of futures 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 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. This 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. 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 © 2020 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^SM— has resulted in superior outcomes.

	Aligned with investor success
	We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment experience, including 23 years at our company, reflecting a career commitment to our long-term approach.¹

	The Capital System
	The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

	American Funds Insurance Series superior outcomes
	American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 90% of 10-year periods and 100% of 20-year periods.²Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.⁴

	¹	Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2020.
	²	Based on Class 1 share results for rolling periods through December 31, 2019. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund, Global Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Blue Chip Income and Growth Fund, Growth-Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.
	³	Based on Class 1 share results as of December 31, 2019. Four of our five fixed income funds showed a three-year correlation below 0.1. Standard & Poor’s 500
		Composite Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
	⁴	Based on management fees for the 20-year period ended December 31, 2019, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Item 2. Code of Ethics.

As of December 31, 2020, the Registrant adopted a Code of Ethics that applies to the Principal Executive Officer, Principal Financial Officer, and other senior financial officers pursuant to the Sarbanes-Oxley Act of 2002. For the year ended December 31, 2020, there were no reportable amendments to any provisions of the Code of Ethics and the Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code of Ethics. A copy of its Code of Ethics is filed with this Form N-CSR under Item 13(a)(1).

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that Susan B. Sweeney and Nabil N. El-Hage, both members of the Audit Committee, are audit committee financial experts as defined by the Securities and Exchange Commission (the “SEC”). Ms. Sweeney and Mr. El-Hage are both “independent” as defined by the SEC for purposes of audit committee financial expert determinations.

Item 4. Principal Accountant Fees and Services.

References below to Deloitte & Touche LLP include its affiliates where applicable.

(a)

AUDIT FEES: The aggregate fees billed to the Registrant for professional services rendered by its independent auditors, Deloitte & Touche LLP, for the audit of the Registrant’s annual financial statements for the fiscal years ended 2020 and 2019 were $1,336,204 and $859,881, respectively.

(b)

AUDIT RELATED FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2020 and 2019. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2020 and 2019.

(c)

TAX FEES: The aggregate fees billed to the Registrant for professional services rendered by Deloitte & Touche LLP for the review of Form 1120-RIC, Form 8613, excise distribution projections, distribution calculation and reasonable out of pocket expenses for the fiscal years ended 2020 and 2019 were $67,374 and $137,186, respectively. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2020 and 2019.

(d)

ALL OTHER FEES: No such fees were billed to the Registrant by Deloitte & Touche LLP for the fiscal years ended 2020 and 2019. No such fees were billed to the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant by Deloitte & Touche LLP* for the fiscal years ended 2020 and 2019.

(e)

(1) AUDIT COMMITTEE PRE-APPOVAL POLICY: All services to be performed for the Registrant by Deloitte & Touche LLP must be pre-approved by the audit committee. All services performed during the fiscal years ended 2020 and 2019 were pre-approved by the committee.

(2) Not applicable.

(f)

Not applicable.

(g)

The aggregate non-audit fees billed by Deloitte & Touche LLP for services rendered to the Registrant, the Registrant’s adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant, for the fiscal years ended 2020 and 2019 were $79,176 and $1,559,071, respectively.

(h)

The audit committee considers whether the provision of non-audit services by Deloitte & Touche LLP to the Registrant's adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining Deloitte & Touche LLP's independence.

Refers to fees that were required to be approved by the audit committee for services that relate directly to the operations and financial reporting of the Registrant.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this filing.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable to this filing.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer 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 effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure 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 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to this filing.

Item 13. Exhibits.

(a)(1) Code of Ethics (Item 2) is attached.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b)(1) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

(b)(2) Certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2, under the 1940 Act (17 CFR 270.30a-2), and, as applicable, Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

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.

(Registrant)

MML Series Investment Fund

By (Signature and Title)	/s/Paul LaPiana
	Paul LaPiana, President and Principal Executive Officer

Date

2/23/2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/Paul LaPiana
	Paul LaPiana, President and Principal Executive Officer

Date

2/23/2021

By (Signature and Title)	/s/Renee Hitchcock
	Renee Hitchcock, Treasurer and Principal Financial Officer

Date

2/23/2021