N-CSR

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 811-07238

SUNAMERICA SERIES TRUST

(Exact name of registrant as specified in charter)

21650 Oxnard Street, 10^th Floor, Woodlands Hills, CA 91367

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5, 185 Hudson Street, Suite 3300

Jersey City, NJ 07311

(Name and address of agent for service)

Registrant’s telephone number, including area code: (201) 324-6414

Date of fiscal year end: December 31

        Date of reporting period: December 31, 2018

Item 1.    Reports to Stockholders

This filing is on behalf of five of the fifty-eight Investment Company Series of SunAmerica Series Trust. Also, attached to this filing are the financial statements with regard to the five Master Funds of the American Funds Insurance Series^®.

SUNAMERICA SERIES TRUST

ANNUAL REPORT

DECEMBER 31, 2018

Table of Contents

Shareholder Letter	1
Expense Example	2
SunAmerica Series Trust SA American Funds® Asset Allocation Portfolio	4
SunAmerica Series Trust SA American Funds® Global Growth Portfolio	6
SunAmerica Series Trust SA American Funds® Growth Portfolio	8
SunAmerica Series Trust SA American Funds® Growth-Income Portfolio	10
SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio	12
Statements of Assets and Liabilities	14
Statements of Operations	15
Statements of Changes in Net Assets	16
Notes to Financial Statements	18
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	29
Approval of Advisory Agreement	30
Trustees and Officers Information	34
Shareholders Tax Information	36
Comparisons: Portfolios vs. Index	37

SUNAMERICA SERIES TRUST

SHAREHOLDER LETTER

Dear SunAmerica Series Trust Investor

We are pleased to present the SunAmerica Series Trust annual report, which contains the investment portfolio information and the financial statements of the Trust portfolios that invest exclusively in shares of corresponding funds (“Master Funds”) of the American Funds Insurance Series (“AFIS”) for the reporting period ended December 31, 2018.

If you have any questions, please contact your investment representative, or you may contact us directly at 1-800-445-7862.

Thank you for the confidence you place in us with your financial future, and we look forward to reporting to you once again in six months.

Sincerely,

John T. Genoy

President

SunAmerica Series Trust

Note: All performance figures quoted are for the SunAmerica Series Trust. They do not reflect fees and charges associated with the variable annuity. Past performance is no guarantee of future results. Annuities are long-term investment vehicles designed for retirement purposes. Early withdrawal may be subject to withdrawal charges and if taken prior to age 59 1/2, a 10% federal tax penalty may apply. An investment in a variable annuity involves investment risk, including possible loss of principal. The contract, when redeemed, may be worth more or less than the total amount invested.

Investments in stocks and bonds are subject to risks. The Portfolios are indirectly exposed to these risks through their investments in the master funds. Investments in growth stocks may be subject to volatile price swings and therefore present a greater potential for loss than other investments. Income seeking investment strategies may not be realized due to changes in dividend policies or the availability of capital resources. Investments in non-U.S. stocks and bonds may be subject to additional risks such as fluctuations in foreign currencies, political and economic instability, differences in securities regulation and accounting standards, foreign tax laws, and limited availability of public information. Investments in lower rated bonds and “junk bonds” are considered speculative due to the heightened risk of default and are subject to unpredictable losses as a result of changes in the issuer’s creditworthiness.

There can be no assurance that the Portfolios will meet their investment objectives. The master funds’ asset allocation may result in underperformance relative to benchmarks and other funds with similar objectives.

A full description of the investment goals, principal strategies, and risks for each Portfolio are provided in the prospectus.

For a full description of the master funds, please consult the prospectus for the relevant underlying master fund.

Investments are not guaranteed or endorsed by any bank, is not a deposit or obligation of any bank, and is not federally insured by Federal Deposit Corporation (FDIC), the Federal Reserve Board or any other federal government agency.

• Not FDIC or NCUA/NCUSIF Insured

• May Lose Value • No Bank of Credit Union Guarantee

• Not a Deposit • Not insured by any Federal Government Agency

1

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE

December 31, 2018

(unaudited)

Disclosure of Portfolio Expenses in Shareholder Reports

As a shareholder of a separate series (a “Portfolio”) in the SunAmerica Series Trust (the “Trust”), you incur ongoing costs, including management fees; service (12b-1) fees; and other Portfolio expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at July 1, 2018 and held until December 31, 2018. Shares of the Trust are not offered directly to the public. Instead, shares are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”) offered by life insurance companies affiliated with SunAmerica Asset Management, LLC, the Trust‘s investment adviser and manager. The fees and expenses associated with the Variable Contracts are not included in these Examples, and had such fees and expenses been included your costs would have been higher. Please see your variable contract prospectus for more details on the fees associated with the variable contract.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, 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 column under the heading entitled “Expenses Paid During the Six Months Ended December 31, 2018”, to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended December 31, 2018” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended December 31, 2018” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on the Portfolio‘s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Portfolio‘s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended December 31, 2018” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended December 31, 2018” would have been higher and the “Ending Account Value” would have been lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the Variable Contracts. Please refer to your variable contract prospectus for more information. Therefore the “Hypothetical” example is useful in comparing ongoing costs and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.

2

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE (continued)

December 31, 2018

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at July 1, 2018		Ending Account Value Using Actual Return at December 31, 2018		Expenses Paid During the Six Months Ended December 31, 2018*		Beginning Account Value at July 1, 2018		Ending Account Value Using a Hypothetical 5% Assumed Return at December 31, 2018		Expenses Paid During the Six Months Ended December 31, 2018*		Annualized Expense Ratio*
SA American Funds Asset Allocation
Class 1#@	$	1,000.00	$	944.64	$	1.32	$	1,000.00	$	1,023.84	$	1.38		0.27	%
Class 3#@	$	1,000.00	$	943.10	$	2.55	$	1,000.00	$	1,022.58	$	2.65		0.52	%
SA American Funds Global Growth
Class 1#@	$	1,000.00	$	882.61	$	1.28	$	1,000.00	$	1,023.84	$	1.38		0.27	%
Class 3#@	$	1,000.00	$	881.63	$	2.47	$	1,000.00	$	1,022.58	$	2.65		0.52	%
SA American Funds Growth
Class 1#@	$	1,000.00	$	907.05	$	1.30	$	1,000.00	$	1,023.84	$	1.38		0.27	%
Class 3#@	$	1,000.00	$	907.36	$	2.50	$	1,000.00	$	1,022.58	$	2.65		0.52	%
SA American Funds Growth-Income
Class 1#@	$	1,000.00	$	922.44	$	1.31	$	1,000.00	$	1,023.84	$	1.38		0.27	%
Class 3#@	$	1,000.00	$	921.16	$	2.57	$	1,000.00	$	1,022.53	$	2.70		0.53	%
SA American Funds VCP Managed Allocation†
Class 1#@	$	1,000.00	$	953.79	$	1.33	$	1,000.00	$	1,023.84	$	1.38		0.27	%
Class 3#@	$	1,000.00	$	952.76	$	2.56	$	1,000.00	$	1,022.58	$	2.65		0.52	%

† See Note 1 in Notes to Financial Statements

* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 days divided by 365 (to reflect the one-half year period). These ratios do not reflect expenses associated with the Variable Contracts. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on the expenses that apply to the Variable Contracts of the insurance companies.

# During the stated period, the investment adviser either waived fees and assumed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended December 31, 2018” and “Annualized Expense Ratios” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended December 31, 2018” and the “Annualized Expense Ratio” would have been lower.

@ Does not include the expenses of the underlying Funds of the American Funds Insurance Series (“Master Funds”) that the Portfolios bear indirectly. If these indirect expenses had been included, the “Actual/Hypothetical Expenses Paid During the Six Months Ended December 31, 2018” and the “Annualized Expense Ratios” would have been higher and the “Actual/Hypothetical Ending Account Value” would have been lower.

3

SunAmerica Series Trust SA American Funds^® Asset Allocation Portfolio

PORTFOLIO PROFILE — December 31, 2018 — (unaudited)

Industry Allocation*

Asset Allocation Investment Companies 100.0 % 

* Calculated as a percentage of net assets.

4

SunAmerica Series Trust SA American Funds^® Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2018

	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.0%
Asset Allocation Investment Companies —100.0%
American Funds Insurance Series® — Asset Allocation Fund, Class 1		37,142,346		$	790,760,548
TOTAL INVESTMENTS (cost $821,605,614)@		100.0	%		790,760,548
Liabilities in excess of other assets		(0.0	)		(34,439	)
NET ASSETS		100.0	%	$	790,726,109

@ See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Registered Investment Companies	$	790,760,548	$	—	$	—	$	790,760,548

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

5

SunAmerica Series Trust SA American Funds^® Global Growth Portfolio

PORTFOLIO PROFILE — December 31, 2018 — (unaudited)

Industry Allocation*

International Equity Investment Companies 100.0 % 

* Calculated as a percentage of net assets.

6

SunAmerica Series Trust SA American Funds^® Global Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2018

	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.0%
International Equity Investment Companies — 100.0%
American Funds Insurance Series® — Global Growth Fund, Class 1		13,734,818		$	353,534,218
TOTAL INVESTMENTS (cost $346,652,188)@		100.0	%		353,534,218
Other assets less liabilities		0.0			2,220
NET ASSETS		100.0	%	$	353,536,438

@ See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Registered Investment Companies	$	353,534,218	$	—	$	—	$	353,534,218

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

7

SunAmerica Series Trust SA American Funds^® Growth Portfolio

PORTFOLIO PROFILE — December 31, 2018 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies 100.0 % 

* Calculated as a percentage of net assets.

8

SunAmerica Series Trust SA American Funds^® Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2018

	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.0%
Domestic Equity Investment Companies — 100.0%
American Funds Insurance Series ® — Growth Fund, Class 1		4,368,068		$	305,590,049
TOTAL INVESTMENTS (cost $297,918,952)@		100.0	%		305,590,049
Liabilities in excess of other assets		(0.0	)		(29,872	)
NET ASSETS		100.0	%	$	305,560,177

@ See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Registered Investment Companies	$	305,590,049	$	—	$	—	$	305,590,049

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

9

SunAmerica Series Trust SA American Funds^® Growth-Income Portfolio

PORTFOLIO PROFILE — December 31, 2018 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies 100.0 % 

* Calculated as a percentage of net assets.

10

SunAmerica Series Trust SA American Funds^® Growth-Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2018

	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.0%
Domestic Equity Investment Companies — 100.0%
American Funds Insurance Series® — Growth-Income Fund, Class 1		5,403,361		$	245,258,564
TOTAL INVESTMENTS (cost $236,069,402)@		100.0	%		245,258,564
Liabilities in excess of other assets		(0.0	)		(28,706	)
NET ASSETS		100.0	%	$	245,229,858

@ See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Registered Investment Companies	$	245,258,564	$	—	$	—	$	245,258,564

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

11

SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio#

PORTFOLIO PROFILE — December 31, 2018 — (unaudited)

Industry Allocation*

Asset Allocation Investment Companies 100.0 % 

* Calculated as a percentage of net assets.

# See Note 1

12

SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio#

PORTFOLIO OF INVESTMENTS — December 31, 2018

	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.0%
Asset Allocation Investment Companies — 100.0%
American Funds Insurance Series® — Managed Risk Growth-Income Fund, Class P1		141,465,171		$	1,659,386,455
TOTAL INVESTMENTS (cost $1,665,026,969)@		100.0	%		1,659,386,455
Other assets in excess of liabilities		0.0			116,797
NET ASSETS		100.0	%	$	1,659,503,252

@ See Note 3 for cost of investments on a tax basis.

# See Note 1

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Registered Investment Companies	$	1,659,386,455	$	—	$	—	$	1,659,386,455

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

13

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2018

	SA American Funds® Asset Allocation Portfolio			SA American Funds® Global Growth Portfolio		SA American Funds® Growth Portfolio		SA American Funds® Growth- Income Portfolio		SA American Funds VCP Managed Allocation Portfolio†
ASSETS:
Investment at value (unaffiliated)*	$	790,760,548		$	353,534,218	$	305,590,049	$	245,258,564	$	1,659,386,455
Receivable for:
Fund shares sold		197,711			13,007,956		6,820,747		3,082,175		56
Investments sold		2,278,017			—		—		—		28,839,732
Prepaid expenses and other assets		4,719			4,695		4,688		4,680		4,560
Due from investment adviser for expense reimbursements/fee waivers		796,535			419,296		317,696		255,919		2,009,407
Total assets		794,037,530			366,966,165		312,733,180		248,601,338		1,690,240,210
LIABILITIES:
Payable for:
Fund shares redeemed		2,475,728			7,095		180,055		55,925		28,839,788
Investments purchased		—			13,000,861		6,640,692		3,026,250		—
Investment advisory and management fees		573,808			282,484		223,083		180,019		1,374,623
Service fees		168,591			74,313		65,556		52,893		361,712
Transfer agent fees		87			108		84		84		86
Trustees' fees and expenses		4,455			2,189		1,928		1,541		10,039
Other accrued expenses		88,752			62,677		61,605		54,768		150,710
Total liabilities		3,311,421			13,429,727		7,173,003		3,371,480		30,736,958
NET ASSETS	$	790,726,109		$	353,536,438	$	305,560,177	$	245,229,858	$	1,659,503,252
NET ASSETS REPRESENTED BY:
Paid-in capital		822,400,600			345,332,849		298,847,450		238,726,644		1,658,856,830
Total distributable earnings (loss)		(31,674,491	)		8,203,589		6,712,727		6,503,214		646,422
NET ASSETS	$	790,726,109		$	353,536,438	$	305,560,177	$	245,229,858	$	1,659,503,252
Class 1 (unlimited shares authorized):
Net assets	$	823,738		$	114,550	$	56,765	$	47,259	$	144,784
Shares of beneficial interest issued and outstanding		63,651			12,515		6,152		4,951		11,419
Net asset value, offering and redemption price per share	$	12.94		$	9.15	$	9.23	$	9.54	$	12.68
Class 3 (unlimited shares authorized):
Net assets	$	789,902,371		$	353,421,888	$	305,503,412	$	245,182,599	$	1,659,358,468
Shares of beneficial interest issued and outstanding		61,070,137			38,587,523		33,068,145		25,706,276		130,979,444
Net asset value, offering and redemption price per share	$	12.93		$	9.16	$	9.24	$	9.54	$	12.67
*  Cost
Investment securities (unaffiliated)	$	821,605,614		$	346,652,188	$	297,918,952	$	236,069,402	$	1,665,026,969

† See Note 1

See Notes To Financial Statements

14

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2018

	SA American Funds® Asset Allocation Portfolio			SA American Funds® Global Growth Portfolio			SA American Funds® Growth Portfolio			SA American Funds® Growth- Income Portfolio			SA American Funds VCP Managed Allocation Portfolio†
INVESTMENT INCOME:
Dividends (unaffiliated)	$	15,266,072		$	3,635,737		$	2,325,793		$	4,432,009		$	31,769,868
Total investment income		15,266,072			3,635,737			2,325,793			4,432,009			31,769,868
EXPENSES:
Investment advisory and management fees		5,901,503			3,946,091			2,991,615			2,352,637			16,385,228
Service fees		1,734,202			1,038,122			879,377			691,465			4,311,561
Transfer agent fees		679			816			816			816			691
Custodian and accounting fees		11,968			11,953			11,943			11,953			11,988
Reports to shareholders		72,178			31,475			29,216			21,844			167,462
Audit and tax fees		25,438			25,438			25,438			25,438			45,439
Legal fees		12,380			9,746			12,045			10,439			49,996
Trustees' fees and expenses		19,463			11,833			10,037			7,910			48,872
Interest expense		11			61			10			78			30
Other expenses		10,213			12,838			9,650			12,396			23,216
Total expenses before fee waivers and expense reimbursements		7,788,035			5,088,373			3,970,147			3,134,976			21,044,483
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4)		(4,165,767	)		(2,907,646	)		(2,111,728	)		(1,660,685	)		(12,073,325	)
Net expenses		3,622,268			2,180,727			1,858,419			1,474,291			8,971,158
Net investment income (loss)		11,643,804			1,455,010			467,374			2,957,718			22,798,710
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments (unaffiliated)		1,624,652			25,238,684			17,813,080			17,116,558			11,406,709
Net realized gain (loss) from capital gain distributions received from underlying funds (unaffiliated)		28,991,202			28,150,636			35,022,144			18,726,681			66,925,902
Net realized gain (loss) on investments		30,615,854			53,389,320			52,835,224			35,843,239			78,332,611
Net change in unrealized appreciation (depreciation) on investments (unaffiliated)		(85,420,834	)		(88,215,937	)		(51,046,007	)		(42,126,160	)		(193,244,936	)
Net realized and unrealized gain (loss) on investments		(54,804,980	)		(34,826,617	)		1,789,217			(6,282,921	)		(114,912,325	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(43,161,176	)	$	(33,371,607	)	$	2,256,591		$	(3,325,203	)	$	(92,113,615	)

† See Note 1

See Notes To Financial Statements

15

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS

	SA American Funds® Asset Allocation Portfolio						SA American Funds® Global Growth Portfolio						SA American Funds® Growth Portfolio
	For the year ended December 31, 2018			For the year ended December 31, 2017			For the year ended December 31, 2018			For the year ended December 31, 2017			For the year ended December 31, 2018			For the year ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	11,643,804		$	6,505,474		$	1,455,010		$	1,438,313		$	467,374		$	664,748
Net realized gain (loss) on investments		30,615,854			17,228,619			53,389,320			32,191,902			52,835,224			54,264,387
Net unrealized gain (loss) on investments		(85,420,834	)		30,861,936			(88,215,937	)		83,958,038			(51,046,007	)		29,387,966
Net increase (decrease) in net assets resulting from operations		(43,161,176	)		54,596,029			(33,371,607	)		117,588,253			2,256,591			84,317,101
DISTRIBUTIONS TO SHAREHOLDERS FROM: (1)
Distributable earnings — Class 1		(69,708	)		(2,813	)		(28,781	)		(12,696	)		(109,469	)		(14,029	)
Distributable earnings — Class 3		(65,164,367	)		(11,127,633	)		(85,129,035	)		(45,779,751	)		(99,439,357	)		(38,930,483	)
Total distributions to shareholders		(65,234,075	)		(11,130,446	)		(85,157,816	)		(45,792,447	)		(99,548,826	)		(38,944,512	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		350,585,083			232,963,007			32,526,086			(44,098,574	)		51,994,160			(16,304,257	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		242,189,832			276,428,590			(86,003,337	)		27,697,232			(45,298,075	)		29,068,332
NET ASSETS:
Beginning of period		548,536,277			272,107,687			439,539,775			411,842,543			350,858,252			321,789,920
End of period	$	790,726,109		$	548,536,277		$	353,536,438		$	439,539,775		$	305,560,177		$	350,858,252

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of Regulation S-X. Below are the amounts as stated in the December 31, 2017 annual report.

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1	$	(900	)	$	(1,158	)	$	(621	)
Net investment income — Class 3		(3,444,387	)		(3,932,655	)		(1,521,460	)
Net realized gain on securities — Class 1		(1,913	)		(11,538	)		(13,408	)
Net realized gain on securities — Class 3		(7,683,246	)		(41,847,096	)		(37,409,023	)
Total distributions to shareholders	$	(11,130,446	)	$	(45,792,447	)	$	(38,944,512	)

See Notes to Financial Statements

16

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS

	SA American Funds® Growth-Income Portfolio						SA American Funds VCP Managed Allocation Portfolio†
	For the year ended December 31, 2018			For the year ended December 31, 2017			For the year ended December 31, 2018			For the year ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,957,718		$	2,905,679		$	22,798,710		$	3,813,361
Net realized gain (loss) on investments		35,843,239			36,480,301			78,332,611			17,296,853
Net unrealized gain (loss) on investments		(42,126,160	)		15,106,865			(193,244,936	)		171,521,312
Net increase (decrease) in net assets resulting from operations		(3,325,203	)		54,492,845			(92,113,615	)		192,631,526
DISTRIBUTIONS TO SHAREHOLDERS FROM: (1)
Distributable earnings — Class 1		(90,252	)		(16,133	)		(10,534	)		(3,107	)
Distributable earnings — Class 3		(67,588,654	)		(37,100,272	)		(115,944,064	)		(41,633,047	)
Total distributions to shareholders		(67,678,906	)		(37,116,405	)		(115,954,598	)		(41,636,154	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		34,918,155			5,166,595			212,935,683			287,949,004
TOTAL INCREASE (DECREASE) IN NET ASSETS		(36,085,954	)		22,543,035			4,867,470			438,944,376
NET ASSETS:
Beginning of period		281,315,812			258,772,777			1,654,635,782			1,215,691,406
End of period	$	245,229,858		$	281,315,812		$	1,659,503,252		$	1,654,635,782

† See Note 1

(1) The prior year amounts have been restated to reflect the adoption of amendments to Rule 6-09.3 of Regulation S-X. Below are the amounts as stated in the December 31, 2017 annual report.

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1	$	(1,915	)	$	(877	)
Net investment income — Class 3		(4,254,146	)		(11,200,128	)
Net realized gain on securities — Class 1		(14,218	)		(2,230	)
Net realized gain on securities — Class 3		(32,846,126	)		(30,432,919	)
Total distributions to shareholders	$	(37,116,405	)	$	(41,636,154	)

See Notes to Financial Statements

17

SUNAMERICA SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2018

Note 1.  Description of Business and Basis of Presentation

SunAmerica Series Trust (the “Trust”), organized as a Massachusetts business trust on September 11, 1992, is an open-end management investment company. The Trust is comprised of fifty-eight separate investment series, five of which are included in this report: SA American Funds^® Asset Allocation Portfolio, SA American Funds^® Global Growth Portfolio, SA American Funds^® Growth Portfolio, SA American Funds^® Growth-Income Portfolio and SA American Funds VCP Managed Allocation Portfolio, (collectively, the “Portfolios”). SunAmerica Asset Management, LLC (“SAAMCO” or the “Adviser”), an indirect wholly-owned subsidiary of American International Group, Inc., a Delaware corporation (“AIG”), serves as investment adviser for all Portfolios of the Trust.

Shares of the Trust are issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life policies. Shares of the Portfolios are held by separate accounts of American General Life Insurance Company, a Texas life insurer (“AGL”), The United States Life Insurance Company in The City of New York, a New York life insurer (“USL”) and The Variable Annuity Life Insurance Company, a Texas life insurer (“VALIC”). AGL and USL and VALIC are indirect wholly-owned subsidiaries of AIG. The life insurance companies listed above are collectively referred to as the “Life Companies.” All shares may be purchased or redeemed at net asset value without any sales or redemption charges.

SA American Funds^® Asset Allocation Portfolio, SA American Funds^® Global Growth Portfolio, SA American Funds^® Growth Portfolio, SA American Funds^® Growth-Income Portfolio and SA American Funds VCP Managed Allocation Portfolio operate as “Feeder Funds,” and invest all or substantially all of their assets in shares of an underlying mutual fund (“underlying fund” and/or “Master Fund”).

Class 1 shares and Class 3 shares of each Portfolio may be offered only in connection with certain variable contracts. Class 3 shares of a given Portfolio are identical in all respects to Class 1 shares of the same Portfolio, except that (i) each class may bear differing amounts of certain class-specific expenses; (ii) Class 3 shares are subject to service fees while Class 1 shares are not; and (iii) Class 3 shares have voting rights on matters that pertain to the Rule 12b-1 plan adopted with respect to Class 3 shares. Class 3 shares of each Portfolio pay service fees at an annual rate of 0.25% of each class’s average daily net assets. The Board of Trustees may establish additional portfolios or classes in the future.

Each Master Fund is a portfolio offered by American Funds Insurance Series^® (“AFIS” or “American Funds”), a registered open-end management investment company. Each Portfolio’s corresponding Master Fund is listed below:

Trust Feeder Funds	American Funds Master Funds
SA American Funds® Asset Allocation Portfolio	American Funds® Asset Allocation Fund
SA American Funds® Global Growth Portfolio	American Funds® Global Growth Fund
SA American Funds® Growth Portfolio	American Funds® Growth Fund
SA American Funds® Growth-Income Portfolio	American Funds® Growth-Income Fund
SA American Funds VCP Managed Allocation Portfolio	American Funds® Managed Risk Growth-Income Fund

The underlying fund’s accounting policies are outlined in the underlying funds’ financial statements, available at U.S. Securities and Exchange Commission (“SEC”) Internet website at www.sec.gov, and should be read in conjunction with these financial statements.

Effective December 17, 2018, the SA American Fund VCP Managed Allocation Portfolio changed the master fund in which it invests all or substantially all of its assets to the Class P1 shares of the AFIS Managed Risk Growth-Income Fund, another portfolio offered by AFIS. In turn, the Master Managed Risk Growth-Income Fund pursues its investment objectives by investing in shares of two underlying funds, the AFIS — Growth-Income Fund and the AFIS — Bond Fund. In addition, on the same effective date, the Portfolio changed its name to SA American Funds VCP Managed Allocation Portfolio.

The investment goals for the Portfolios included in this report are as follows:

The SA American Funds^® Asset Allocation Portfolio seeks high total return (including income and capital gains) consistent with the preservation of capital over the long term. Its strategy is to invest all or substantially all of its assets in Class 1 shares of the Master Fund, the American Funds Insurance Series^® Asset Allocation Fund (“the Master Asset Allocation Fund”), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Asset Allocation Fund invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities and money market instruments.

The SA American Funds^® Global Growth Portfolio seeks growth. Its strategy is to invest all or substantially all of its assets in Class 1 shares of the Master Fund, the American Funds Insurance Series^® Global Growth Fund (“the Master Global Growth Fund”), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Global Growth Fund invests primarily in common stocks and other securities of companies around the world that have the potential for growth.

18

The SA American Funds^® Growth Portfolio seeks growth. Its strategy is to invest all or substantially all of its assets in Class 1 shares of the Master Fund, the American Funds Insurance Series^® Growth Fund (“the Master Growth Fund”), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Growth Fund invests primarily in common stocks of companies that appear to offer superior opportunities for growth of capital.

The SA American Funds^® Growth-Income Portfolio seeks growth and income. Its strategy is to invest all or substantially all of its assets in Class 1 shares of the Master Fund, the American Funds Insurance Series^® Growth-Income Fund (“the Master Growth-Income Fund”), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Growth-Income Fund invests primarily in common stocks or other securities that demonstrate the potential for appreciation and/or dividends.

The SA American Funds^® VCP Managed Allocation Portfolio seeks long-term growth of capital and income while seeking to manage volatility and provide downside protection all or substantially all of its assets in Class P1 shares of the Master Fund, the American Funds Insurance Series^® Managed Risk Growth-Income Fund^SM (“the Master Managed Risk Growth-Income Fund”), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Managed Risk Growth-Income Fund invests in the shares of an underlying fund, the American Funds Growth-Income Fund and American Funds — Bond Fund (the “Underlying Funds”). The Underlying Funds invest in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long term debt securities and money market instruments.

Indemnifications: The Trust’s organizational documents provide current and former officers and trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust. In addition, pursuant to Indemnification Agreements between the Trust and each of the current (and certain former) trustees who is not an “interested person,” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (collectively, the “Disinterested Trustees”), the Trust provides the Disinterested Trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust, whether such liabilities are asserted during or after their service as trustees. In addition, in the normal course of business the Trust enters into contracts that contain the obligation to indemnify others. The Trust’s maximum exposure under these arrangements is unknown. Currently, however, the Trust expects the risk of loss to be remote.

Note 2.  Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) 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 and those differences could be significant. The Portfolios are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies consistently followed by the Trust and the Master Funds, in the preparation of their respective financial statements:

Security Valuation

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Portfolios would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value 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. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability 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 developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Trustees (the “Board”), etc.)

Level 3 — Significant unobservable inputs (includes inputs that reflect the Portfolios’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is 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.

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 recently issued and not yet established in the marketplace, the liquidity of

19

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.

The summary of the Portfolios’ assets and liabilities classified in the fair value hierarchy as of December 31, 2018, is reported on a schedule at the end of each Portfolio’s Portfolio of Investments.

The net asset value (“NAV”) of each Portfolio is determined based upon the NAV of its corresponding Master Fund.

Master Funds

Each Master Fund is a series of AFIS. All portfolio securities of funds managed by Capital Research and Management Company (“Capital Research”) are valued, and the NAV per share for each share class are determined, as follows:

The AFIS investment adviser values the AFIS investments at fair value as defined by U.S. GAAP. The net asset value of each share class of each AFIS fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

Methods and inputs — The AFIS 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 in which the security trades. The value of an underlying fund is based on its reported net asset value.

Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class	Examples of standard inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds & notes; convertible securities	Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities	Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

When the AFIS 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.

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 AFIS investment adviser. The Government Cash Management Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded 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 at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or more pricing vendors. Interest rate swaps and credit default swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.

20

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the AFIS investment adviser are fair valued as determined in good faith under fair value guidelines adopted by authority of the AFIS board of trustees as further described. The AFIS 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 AFIS 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 AFIS board of trustees has delegated authority to the AFIS investment adviser to make fair value determinations, subject to board oversight. The AFIS 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 AFIS 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 AFIS board and audit committee also regularly review reports that describe fair value determinations and methods.

The AFIS 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.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders:    Security transactions are recorded on a trade date basis. Interest income is accrued daily from settlement date except when collection is not expected. Realized gains and losses on the sale of investments are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date.

The Portfolios invest in Master Fund portfolios offered by American Funds including funds investing in fixed income securities. Distributions from income from the Master Funds, if any, are recorded to income on ex-dividend date. Distributions from net realized capital gains from the Master Funds, if any, are recorded to realized gains on ex-dividend date.

Expenses common to all Portfolios, not directly related to individual Portfolios are allocated among the Portfolios based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Portfolio as incurred on a specific identification basis.

The expenses included in the accompanying financial statements reflect the expenses of the Portfolios and do not include indirect expenses borne by each underlying Portfolio in connection with its investment in the underlying Portfolio.

Dividends from net investment income and capital gain distributions, if any, are paid annually. The Portfolios record dividends and distributions to their shareholders on the ex-dividend date.

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

Each Portfolio is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Portfolio also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

The Portfolios recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Portfolio’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2015 – 2017 or expected to be taken in each Portfolio’s 2018 tax return. The Portfolios are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Portfolios file U.S. federal and certain state income tax returns. With few exceptions, the Portfolios are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2015.

21

New Accounting Pronouncements:    In August 2018, the SEC adopted amendments to certain financial statement disclosure requirements of Regulation S-X to conform them to GAAP for investment companies. The final rule became effective on November 5, 2018. All required changes have been made in accordance with Regulation S-X.

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”. The ASU eliminates, modifies, and adds disclosure requirements for fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The ASU allows for early adoption of either the entire standard or only the provisions that eliminate or modify the requirements. Management has elected to early adopt the provisions that eliminate disclosure requirements and is still evaluating the impact of applying the rest of the ASU.

Note 3.  Federal Income Taxes

The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales.

	For the year ended December 31, 2018
	Distributable Earnings							Tax Distributions
Portfolio	Ordinary Income		Long-term Gains/ Capital and Other Losses		Unrealized Appreciation (Depreciation)			Ordinary Income		Long-Term Capital Gains
SA American Funds® Asset Allocation	$	—	$	553,902	$	(32,228,393	)	$	20,798,886	$	44,435,189
SA American Funds® Global Growth		—		3,059,828		5,143,764			4,571,473		80,586,343
SA American Funds® Growth		—		1,646,364		5,066,362			3,095,423		96,453,403
SA American Funds® Growth-Income		—		1,227,416		5,275,799			7,155,075		60,523,831
SA American Funds VCP Managed Allocation		—		6,350,918		(5,704,496	)		26,612,070		89,342,528

	For the year ended December 31, 2017
	Tax Distributions
	Ordinary Income		Long-Term Capital Gains
SA American Funds® Asset Allocation	$	3,445,287	$	7,685,159
SA American Funds® Global Growth		3,933,813		41,858,634
SA American Funds® Growth		1,522,081		37,422,431
SA American Funds® Growth-Income		4,256,061		32,860,344
SA American Funds VCP Managed Allocation		11,201,005		30,435,149

For the year ended December 31, 2018, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to short-term capital gain distributions from underlying funds were as follows:

Portfolio	Accumulated Undistributed Net Investment Income (Loss)		Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
SA American Funds® Asset Allocation	$	2,421,722	$	(2,421,722	)	$	—
SA American Funds® Global Growth		1,679,432		(1,679,432	)		—
SA American Funds® Growth		1,141,813		(1,141,813	)		—
SA American Funds® Growth-Income		1,073,108		(1,073,108	)		—
SA American Funds VCP Managed Allocation		68,381		(68,381	)		—

The amounts of aggregate unrealized gain (loss) and the cost of investment securities for Federal tax purposes, including short-term securities and repurchase agreements, were as follows:

Portfolio	Aggregate Unrealized Gain		Aggregate Unrealized Loss			Net Unrealized Gain / (Loss)			Cost of Investments
SA American Funds® Asset Allocation	$	—	$	(32,228,393	)	$	(32,228,393	)	$	822,988,941
SA American Funds® Global Growth		6,882,030		(1,738,266	)		5,143,764			348,390,454
SA American Funds® Growth		7,671,097		(2,604,735	)		5,066,362			300,523,687
SA American Funds® Growth-Income		9,189,162		(3,913,363	)		5,275,799			239,982,765
SA American Funds VCP Managed Allocation		—		(5,704,496	)		(5,704,496	)		1,665,090,951

On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into law. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. All required changes have been made in accordance with the Act.

Note 4.  Investment Advisory and Management Agreement, and Service Plan (12b-1 Plan)

Capital Research serves as investment adviser to the Master Funds. Capital Research, a wholly owned subsidiary of The Capital Group Companies, Inc., manages the investment fund and business affairs of the Master Funds. The Trust, on behalf of each Portfolio, entered

22

into an Investment Advisory and Management Agreement (the “Agreement”) with SAAMCo to handle the Trust’s day-to-day affairs. The Agreement provides that SAAMCo shall manage the Trust’s investments and administer its business affairs; furnish offices, necessary facilities and equipment; provide clerical, bookkeeping and administrative services; and permit any of its officers or employees to serve, without compensation, as trustees or officers of the Trust, if duly elected to such positions. SAAMCo performs all investment advisory services for these Portfolios with the exception of portfolio management. The term “Assets,” as used in the following table, means the average daily net assets of the Portfolios.

The Trust pays SAAMCo a monthly fee calculated daily at the following annual percentages of each Portfolio’s Assets:

Portfolio	Management Fees
SA American Funds® Asset Allocation		0.85	%
SA American Funds® Global Growth		0.95	%
SA American Funds® Growth		0.85	%
SA American Funds® Growth-Income		0.85	%
SA American Funds VCP Managed Allocation		0.95	%

The Trust has entered into a contractual agreement with SAAMCo under which SAAMCo will waive 0.60%, 0.70%, 0.60%, 0.60%, and 0.70% for SA American Funds^® Asset Allocation Portfolio, SA American Funds^® Global Growth Portfolio, SA American Funds^® Growth Portfolio, SA American Funds^® Growth-Income Portfolio and SA American Funds VCP Managed Allocation Portfolio, respectively, of its advisory fee for such time as the Portfolios are operated as feeder funds, because during that time it will not be providing the portfolio management portion of the advisory and management services to be provided under its investment advisory and management agreement with the Trust. This fee waiver will continue as long as the Portfolios are part of a master-feeder fund structure unless the Board approves a change in or elimination of the waiver.

For the year ended December 31, 2018, SAAMCo has agreed to waive advisory fees as follows:

Portfolio	Amount
SA American Funds® Asset Allocation	$	4,165,767
SA American Funds® Global Growth		2,907,646
SA American Funds® Growth		2,111,728
SA American Funds® Growth-Income		1,660,685
SA American Funds VCP Managed Allocation		12,073,325

SAAMCo has contractually agreed to waive fees and/or reimburse expenses of the following Portfolio until April 30, 2019; so that the annual operating expenses do not exceed the following percentage of the Portfolio’s average net assets. For purposes of the waived fees and/or reimbursed expense calculations, annual operating expenses shall not include extraordinary expenses (i.e. expenses that are unusual in nature and infrequent in occurrence such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Portfolio’s business. This agreement may be modified or discontinued prior to April 30, 2019 only with the approval of the Board of Trustees of the Portfolio, including a majority of the Independent Trustees. This agreement will be renewed in terms of one year only if the Adviser agrees to extend the expense limitation.

Portfolio	Class 1			Class 3
SA American Funds VCP Managed Allocation		0.28	%		0.53	%

With the exception of advisory fee waivers, for the year ended December 31, 2018, pursuant to the contractual waivers/reimbursement expense referred to above, SAAMCo did not waive or reimburse any expenses.

With the exception of advisory fee waivers, any contractual waivers or reimbursements made by the Adviser are subject to recoupment from that Portfolio within the following two years after the occurrence of the waivers and/or reimbursements provided that the Portfolio is able to effect such payment to the Adviser and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made. For the year ended December 31, 2018, no amount was repaid to the Adviser, and there is no remaining balance subject to recoupment.

The Trust has entered into a master Transfer Agency and Service Agreement with VALIC Retirement Services Company (VRSCO), a wholly-owned subsidiary of VALIC, which is an affiliate of the Adviser. Under the agreement, VRSCO provides services, which include the issuance and redemption of shares, payment of dividends between the Trust and their “institutional” shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. The Trust, and certain other mutual funds advised by SAAMCo pay VRSCO on an annual basis, a fee in the aggregate amount of $150,000 for transfer agency services provided, pursuant to the agreement. Accordingly, for the year ended December 31, 2018, transfer agent fees were paid (see Statement of Operations) based on the aforementioned agreement.

Class 3 shares of each Portfolio are subject to Rule 12b-1 plans that provide for service fees payable at the annual rate 0.25% of the average daily net assets of Class 3 shares. The service fees are used to compensate the Life Companies for costs associated with the servicing of Class 3 shares, including the cost of reimbursing the Life Companies for expenditures made to financial intermediaries for providing services to contract holders who are the indirect beneficial owners of the Portfolios’ Class 3 shares. Accordingly, for the year ended December 31, 2018, service fees were paid (see Statement of Operations) based on the aforementioned rate.

23

Note 5.  Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended December 31, 2018 were as follows:

Portfolio	Purchases of Portfolio Securities (excluding U.S. Government Securities)		Sales of Portfolio Securities (excluding U.S. Government Securities)		Purchases of U.S. Government Securities		Sales of U.S. Government Securities
SA American Funds® Asset Allocation	$	286,135,643	$	4,664,759	$	—	$	—
SA American Funds® Global Growth		19,271,059		74,135,056		—		—
SA American Funds® Growth		12,747,290		62,348,620		—		—
SA American Funds® Growth-Income		9,889,130		44,274,709		—		—
SA American Funds VCP Managed Allocation		1,852,911,192		1,765,833,500		—		—

Note 6.  Capital Share Transactions

Transactions in capital shares of each class of each Portfolio were as follows:

	SA American Funds® Asset Allocation Portfolio
	Class 1												Class 3
	For the year ended December 31, 2018						For the year ended December 31, 2017						For the year ended December 31, 2018						For the year ended December 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		52,481		$	780,275			5,574		$	82,324			22,949,626		$	340,660,811			18,442,623		$	263,715,938
Reinvested dividends		5,231			69,708			194			2,813			4,888,668			65,164,367			769,720			11,127,633
Shares redeemed		(7,602	)		(111,490	)		(3	)		(56	)		(3,786,337	)		(55,978,588	)		(2,962,605	)		(41,965,645	)
Net increase (decrease)		50,110		$	738,493			5,765		$	85,081			24,051,957		$	349,846,590			16,249,738		$	232,877,926
	SA American Funds® Global Growth Portfolio
	Class 1												Class 3
	For the year ended December 31, 2018						For the year ended December 31, 2017						For the year ended December 31, 2018						For the year ended December 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—			2,635,695		$	29,221,552			1,300,899		$	16,561,311
Reinvested dividends		2,919			28,781			1,003			12,696			8,620,825			85,129,035			3,625,447			45,779,751
Shares redeemed					—			—			—			(6,238,775	)		(81,853,282	)		(8,297,188	)		(106,452,332	)
Net increase (decrease)		2,919		$	28,781			1,003		$	12,696			5,017,745		$	32,497,305			(3,370,842	)	$	(44,111,270	)
	SA American Funds® Growth Portfolio
	Class 1												Class 3
	For the year ended December 31, 2018						For the year ended December 31, 2017						For the year ended December 31, 2018						For the year ended December 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		18,151		$	256,449			—		$	—			2,459,680		$	30,429,416			1,678,023		$	21,538,241
Reinvested dividends		10,706			109,469			1,124			14,029			9,600,058			99,439,357			3,127,346			38,930,483
Shares redeemed		(32,725	)		(296,658	)		—			—			(5,731,612	)		(77,943,873	)		(5,931,545	)		(76,787,010	)
Net increase (decrease)		(3,868	)	$	69,260			1,124		$	14,029			6,328,126		$	51,924,900			(1,126,176	)	$	(16,318,286	)
	SA American Funds® Growth-Income Portfolio
	Class 1												Class 3
	For the year ended December 31, 2018						For the year ended December 31, 2017						For the year ended December 31, 2018						For the year ended December 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		18,101		$	246,681			—		$	—			1,941,502		$	24,389,551			1,567,938		$	20,491,708
Reinvested dividends		8,580			90,252			1,303			16,133			6,367,095			67,588,654			3,004,175			37,100,272
Shares redeemed		(31,486	)		(296,070	)		—			—			(4,315,963	)		(57,100,913	)		(3,983,027	)		(52,441,518	)
Net increase (decrease)		(4,805	)	$	40,863			1,303		$	16,133			3,992,634		$	34,877,292			589,086		$	5,150,462

24

	SA American Funds VCP Managed Allocation Portfolio
	Class 1										Class 3
	For the year ended December 31, 2018						For the year ended December 31, 2017				For the year ended December 31, 2018						For the year ended December 31, 2017
	Shares			Amount			Shares		Amount		Shares			Amount			Shares			Amount
Shares sold		2,102		$	30,066			424	$	6,044		15,039,627		$	215,370,662			21,295,344		$	292,102,492
Reinvested dividends		821			10,534			221		3,107		9,065,032			115,944,064			2,971,397			41,633,047
Shares redeemed		(50	)		(664	)		—		—		(8,573,779	)		(118,418,979	)		(3,296,948	)		(45,795,686	)
Net increase (decrease)		2,873		$	39,936			645	$	9,151		15,530,880		$	212,895,747			20,969,793		$	287,939,853

Note 7.  Line of Credit

The Trust has access to a $75 million committed unsecured line of credit and, along with certain other funds managed by the Adviser, a $50 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Trust’s custodian. Interest is currently payable on the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Trust, on behalf of each of the Portfolios, has paid State Street for its own account, such Portfolio’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. Borrowings under the line of credit will commence when the respective Portfolio’s cash shortfall exceeds $100,000. For the year ended December 31, 2018, the following Portfolios had borrowings:

Portfolio	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
SA American Funds® Asset Allocation		1	$	11	$	128,055		3.17	%
SA American Funds® Global Growth		2		61		307,096		3.55
SA American Funds® Growth		1		10		100,785		3.53
SA American Funds® Growth-Income		2		78		398,151		3.55
SA American Funds VCP Managed Allocation		1		30		345,415		3.17

At December 31, 2018, there were no borrowings outstanding.

Note 8.  Transactions with Affiliates

At December 31, 2018, the following affiliates owned outstanding shares of the following Portfolios:

	Holder
Portfolio	USL			AGL			VALIC
SA American Funds® Asset Allocation		5.54	%		91.33	%		3.13	%
SA American Funds® Global Growth		4.92	%		94.62	%		0.46	%
SA American Funds® Growth		4.93	%		94.38	%		0.69	%
SA American Funds® Global-Income		5.27	%		93.45	%		1.28	%
SA American Funds VCP Managed Allocation		9.49	%		87.74	%		2.77	%

25

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value, beginning of period		Net investment income (loss)*		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Dividend from net realized gain on investments			Total Distributions			Net Asset Value, end of period		Total Return**			Net Assets, end of period (000’s)		Ratio of expenses to average net assets(1)(2)			Ratio of net investment income (loss) to average net assets(1)(2)(3)			Portfolio turnover
SA American Funds® Asset Allocation Portfolio Class 1
09/26/16#-12/31/16	$	12.86	$	0.18	$	0.07		$	0.25		$	—		$	—		$	—		$	13.11		1.94	%	$	102		0.29	%†		5.35	%†		4	%
12/31/17		13.11		0.23		1.88			2.11			(0.12	)		(0.25	)		(0.37	)		14.85		16.10			201		0.28			1.64			1
12/31/18		14.85		0.32		(0.99	)		(0.67	)		(0.44	)		(0.80	)		(1.24	)		12.94		(4.58	)		824		0.27			2.30			1
SA American Funds® Asset Allocation Portfolio Class 3
12/31/14		13.93		0.17		0.54			0.71			(0.15	)		(0.27	)		(0.42	)		14.22		5.05			168,828		0.55			1.20			11
12/31/15		14.22		0.20		(0.09	)		0.11			(0.20	)		(1.08	)		(1.28	)		13.05		1.16			196,545		0.55			1.44			8
12/31/16		13.05		0.20		0.95			1.15			(0.24	)		(0.86	)		(1.10	)		13.10		9.09			272,006		0.54			1.52			4
12/31/17		13.10		0.23		1.84			2.07			(0.11	)		(0.25	)		(0.36	)		14.81		15.84			548,335		0.53			1.69			1
12/31/18		14.81		0.24		(0.95	)		(0.71	)		(0.37	)		(0.80	)		(1.17	)		12.93		(4.86	)		789,902		0.52			1.68			1
SA American Funds® Global Growth Portfolio Class 1
09/26/16#-12/31/16		11.64		0.09		(0.58	)		(0.49	)		—			—			—			11.15		(4.21	)		96		0.29	†		2.92	†		10
12/31/17		11.15		0.08		3.37			3.45			(0.13	)		(1.34	)		(1.47	)		13.13		31.51			126		0.28			0.64			1
12/31/18		13.13		0.09		(1.23	)		(1.14	)		(0.22	)		(2.62	)		(2.84	)		9.15		(9.12	)		115		0.27			0.68			5
SA American Funds® Global Growth Portfolio Class 3
12/31/14		15.39		0.13		0.17			0.30			(0.14	)		(0.51	)		(0.65	)		15.04		1.97			458,076		0.53			0.84			12
12/31/15		15.04		0.11		0.81			0.92			(0.15	)		(2.52	)		(2.67	)		13.29		6.68			422,275		0.53			0.70			12
12/31/16		13.29		0.08		0.01			0.09			(0.23	)		(2.00	)		(2.23	)		11.15		0.37			411,747		0.53			0.62			10
12/31/17		11.15		0.04		3.37			3.41			(0.13	)		(1.34	)		(1.47	)		13.09		31.05			439,414		0.53			0.33			1
12/31/18		13.09		0.05		(1.21	)		(1.16	)		(0.15	)		(2.62	)		(2.77	)		9.16		(9.28	)		353,422		0.53			0.35			5

  * Calculated based on average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements (recoupment).

† Annualized

# Commencement of operations.

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. If all fees and expenses had been incurred by the Portfolios, the ratio of expenses to average net assets and the ratio of net investment income (loss) to average net assets would have been as follows:

	Expenses															Net Investment Income ( Loss)
Portfolio	12/14			12/15			12/16			12/17			12/18			12/14			12/15			12/16			12/17			12/18
SA American Funds® Asset Allocation Class 1		—	%		—	%		0.89	%†		0.88	%		0.87	%		—	%		—	%		4.75	%†		1.04	%		1.70	%
SA American Funds® Asset Allocation Class 3		1.15			1.15			1.14			1.13			1.12			0.60			0.84			0.92			1.09			1.08
SA American Funds® Global Growth Class 1		—			—			0.99	†		0.98			0.97			—			—			2.22	†		(0.06	)		(0.02	)
SA American Funds® Global Growth Class 3		1.23			1.23			1.23			1.23			1.23			0.14			0.00			(0.08	)		(0.37	)		(0.35	)

(2) Does not include underlying fund expenses that the Portfolios bear indirectly.

(3) Recognition of net investment income by the Portfolios is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolios invest.

See Notes to Financial Statements

26

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value, beginning of period		Net investment income (loss)*			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Dividend from net realized gain on investments			Total Distributions			Net Asset Value, end of period		Total Return**			Net Assets, end of period (000’s)		Ratio of expenses to average net assets(1)(2)			Ratio of net investment income (loss) to average net assets(1)(2)(3)			Portfolio turnover
SA American Funds® Growth Portfolio Class 1
09/26/16#-12/31/16	$	11.24	$	0.08		$	0.23		$	0.31		$	—		$	—		$	—		$	11.55		2.76	%	$	103		0.30	%†		2.63	%†		4	%
12/31/17		11.55		0.06			3.12			3.18			(0.07	)		(1.51	)		(1.58	)		13.15		28.24			132		0.28			0.48			1
12/31/18		13.15		(0.32	)		0.41			0.09			(0.19	)		(3.82	)		(4.01	)		9.23		(0.40	)		57		0.27			(2.25	)		4
SA American Funds® Growth Portfolio Class 3
12/31/14		14.04		0.13			1.02			1.15			(0.09	)		(0.08	)		(0.17	)		15.02		8.19			314,384		0.54			0.90			10
12/31/15		15.02		0.05			0.86			0.91			(0.14	)		(1.36	)		(1.50	)		14.43		6.52			310,350		0.54			0.32			13
12/31/16		14.43		0.06			1.06			1.12			(0.05	)		(3.96	)		(4.01	)		11.54		9.17			321,687		0.53			0.49			4
12/31/17		11.54		0.03			3.12			3.15			(0.06	)		(1.51	)		(1.57	)		13.12		28.02			350,726		0.54			0.19			1
12/31/18		13.12		0.02			0.04			0.06			(0.12	)		(3.82	)		(3.94	)		9.24		(0.55	)		305,503		0.53			0.13			4
SA American Funds® Growth-Income Portfolio Class 1
09/26/16#-12/31/16		11.83		0.16			0.26			0.42			—			—			—			12.25		3.55			104		0.29	†		4.89	†		3
12/31/17		12.25		0.18			2.47			2.65			(0.23	)		(1.68	)		(1.91	)		12.99		22.39			127		0.29			1.38			2
12/31/18		12.99		0.06			(0.17	)		(0.11	)		(0.41	)		(2.93	)		(3.34	)		9.54		(1.86	)		47		0.28			0.45			4
SA American Funds® Growth-Income Portfolio Class 3
12/31/14		13.68		0.14			1.26			1.40			(0.14	)		(0.12	)		(0.26	)		14.82		10.28			263,319		0.54			0.99			10
12/31/15		14.82		0.15			(0.03	)		0.12			(0.15	)		(1.16	)		(1.31	)		13.63		1.17			246,642		0.54			1.00			13
12/31/16		13.63		0.16			1.20			1.36			(0.20	)		(2.55	)		(2.75	)		12.24		11.16			258,669		0.54			1.19			3
12/31/17		12.24		0.14			2.47			2.61			(0.22	)		(1.68	)		(1.90	)		12.95		22.08			281,189		0.54			1.06			2
12/31/18		12.95		0.14			(0.28	)		(0.14	)		(0.34	)		(2.93	)		(3.27	)		9.54		(2.05	)		245,183		0.53			1.07			4

  * Calculated based on average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements (recoupment).

† Annualized

# Commencement of operations.

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. If all fees and expenses had been incurred by the Portfolios, the ratio of expenses to average net assets and the ratio of net investment income (loss) to average net assets would have been as follows:

	Expenses															Net Investment Income ( Loss)
Portfolio	12/14			12/15			12/16			12/17			12/18			12/14			12/15			12/16			12/17			12/18
SA American Funds® Growth Class 1		—	%		—	%		0.90	%†		0.88	%		0.87	%		—	%		—	%		2.03	%†		(0.12	)%		(2.85	)%
SA American Funds® Growth Class 3		1.14			1.14			1.13			1.14			1.13			0.30			(0.28	)		(0.11	)		(0.41	)		(0.47	)
SA American Funds® Growth-Income Class 1		—			—			0.89	†		0.89			0.88			—			—			4.29	†		0.78			(0.15	)
SA American Funds® Growth-Income Class 3		1.14			1.14			1.14			1.14			1.13			0.39			0.40			0.59			0.46			0.47

(2) Does not include underlying fund expenses that the Portfolios bear indirectly.

(3) Recognition of net investment income by the Portfolios is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolios invest.

See Notes to Financial Statements

27

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value, beginning of period		Net investment income (loss)*			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Dividend from net realized gain on investments			Total Distributions			Net Asset Value, end of period		Total Return**			Net Assets, end of period (000’s)		Ratio of expenses to average net assets(1)(2)			Ratio of net investment income (loss) to average net assets(1)(2)(3)			Portfolio turnover
SA American Funds VCP Managed Allocation Portfolio Class 1@
09/26/16#-12/31/16	$	12.66	$	0.05		$	0.16		$	0.21		$	—		$	—		$	—		$	12.87		1.66	%	$	102		0.28	%†		1.40	%†		2	%
12/31/17		12.87		0.07			1.82			1.89			(0.11	)		(0.28	)		(0.39	)		14.37		14.78			123		0.27			0.51			2
12/31/18		14.37		0.22			(0.92	)		(0.70	)		(0.28	)		(0.71	)		(0.99	)		12.68		(4.89	)		145		0.27			1.56			103
SA American Funds VCP Managed Allocation Portfolio Class 3@
12/31/14		12.11		(0.03	)		0.36			0.33			(0.05	)		(0.00	)		(0.05	)		12.39		2.72			275,987		0.53			(0.22	)		0
12/31/15		12.39		0.19			(0.36	)		(0.17	)		—			—			—			12.22		(1.37	)		710,452		0.53			1.59			2
12/31/16		12.22		0.14			0.72			0.86			(0.09	)		(0.12	)		(0.21	)		12.87		7.07			1,215,590		0.53			1.16			2
12/31/17		12.87		0.04			1.80			1.84			(0.10	)		(0.28	)		(0.38	)		14.33		14.41			1,654,513		0.52			0.26			2
12/31/18		14.33		0.19			(0.93	)		(0.74	)		(0.21	)		(0.71	)		(0.92	)		12.67		(5.12	)		1,659,358		0.52			1.32			103

  * Calculated based on average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements (recoupment).

† Annualized

# Commencement of operations.

@ See Note 1

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. If all fees and expenses had been incurred by the Portfolios, the ratio of expenses to average net assets and the ratio of net investment income (loss) to average net assets would have been as follows:

	Expenses															Net Investment Income ( Loss)
Portfolio	12/14			12/15			12/16			12/17			12/18			12/14			12/15			12/16			12/17			12/18
SA American Funds VCP Managed Allocation Class 1		—	%		—	%		0.98	%†		0.97	%		0.97	%		—	%		—	%		0.70	%†		(0.19	)%		0.86	%
SA American Funds VCP Managed Allocation Class 3		1.25			1.23			1.23			1.22			1.22			(0.94	)		0.88			0.46			(0.44	)		0.61

(2) Does not include underlying fund expenses that the Portfolios bear indirectly.

(3) Recognition of net investment income by the Portfolios is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolios invest.

See Notes to Financial Statements

28

SUNAMERICA SERIES TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of SunAmerica Series Trust and Shareholders of SA American Funds^® Asset Allocation Portfolio, SA American Funds^® Global Growth Portfolio, SA American Funds^® Growth-Income Portfolio, SA American Funds^® Growth Portfolio and SA American Funds VCP Managed Allocation Portfolio (formerly SA American Funds VCP Managed Asset Allocation Portfolio)

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of SA American Funds^® Asset Allocation Portfolio, SA American Funds^® Global Growth Portfolio, SA American Funds^® Growth-Income Portfolio, SA American Funds^® Growth Portfolio and SA American Funds VCP Managed Allocation Portfolio (formerly SA American Funds VCP Managed Asset Allocation Portfolio) (constituting SunAmerica Series Trust, hereafter collectively referred to as the “Portfolios”) as of December 31, 2018, the related statements of operations for the year ended December 31, 2018, the statements of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the 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 Portfolios as of December 31, 2018, 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, 2018 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 Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ 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 Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 27, 2019

We have served as the auditor of one or more investment companies in the SunAmerica annuity family of funds (consisting of SunAmerica Series Trust, Seasons Series Trust and Anchor Series Trust) since at least 1986. We have not been able to determine the specific year we began serving as auditor.

29

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2018 (unaudited)

At a meeting held on October 10, 2018, the Board of Trustees (the “Board”), including the Trustees that are not interested persons of SunAmerica Series Trust (the “Trust”), as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved with respect to the American Funds Asset Allocation SAST Portfolio, American Funds Growth SAST Portfolio, American Funds Global Growth SAST Portfolio, American Funds Growth-Income SAST Portfolio and VCP Managed Asset Allocation Portfolio (collectively, the “Portfolios”) the continuation of the Investment Management and Advisory Agreement between SunAmerica Asset Management, LLC (“SAAMCo” or the “Adviser”) and the Trust (the “Advisory Agreement”).

In connection with the approval of the Advisory Agreement, the Board received materials related to certain factors used in its consideration whether to renew or approve the Advisory Agreement. Those factors included:

(1) the requirements of the Trust in the areas of investment supervisory and administrative services;

(2) the nature, extent and quality of the investment advisory, administrative, operational and compliance services provided by SAAMCo, including a review of the investment performance of the Portfolios;

(3) the size and structure of the investment advisory fee and any other material payments to the Adviser and, in connection therewith, a review of the costs of services provided and the profits realized by the Adviser and its affiliates from the relationship with the Trust;

(4) the expenses paid by each of the Portfolios, including their total operating expenses and any applicable expense limitation;

(5) the extent to which the Adviser realizes economies of scale and shares them with the Trust; and

(6) the organizational capability, resources, personnel and financial condition of the Adviser and its affiliates.

In addition, the Board considered (a) the historical relationship between the Trust and SAAMCo; (b) the possibility that services of the type required by the Trust might be better obtained from other organizations; and (c) the conditions and trends prevailing in the economy, the securities markets and the investment company industry

The Independent Trustees were separately represented by counsel that is independent of SAAMCo in connection with their consideration of approval of the Advisory Agreement. The matters discussed below were also considered separately by the Independent Trustees in executive sessions during which their independent counsel provided guidance to the Independent Trustees.

The Board received information regarding the Trust’s advisory fees compared to advisory fee rates of a group of funds with similar investment strategies and/or objectives, as applicable, (the “Expense Group/Universe”), as selected and prepared by an independent third-party provider of investment company data. The Board also received performance data and expense information prepared by management.

Nature, Extent and Quality of Services.

The Board, including the Independent Trustees, considered the nature, quality and extent of services provided by SAAMCo. In making its evaluation, the Board considered that SAAMCo acts as adviser for each Portfolio and manages the daily business affairs of the Trust, subject to the Trustees’ oversight and control. It was also noted that SAAMCo’s advisory fees compensate SAAMCo for services such as monitoring Portfolio performance and other administrative, compliance and legal services.

The Board noted that SAAMCo is responsible for overseeing the performance of services by the Trust’s custodian, transfer agent and dividend disbursing agent. The Board also noted that SAAMCo is responsible for the financial, legal and accounting records required to be maintained by each Portfolio and for the administration of the Trust’s business affairs, including providing such office space, bookkeeping, accounting, clerical, secretarial and administrative services (exclusive of, and in addition to, any such service provided by any others retained by the Trust or any Portfolio) and such executive and other personnel as may be necessary for the operations of each Portfolio. The Board considered that SAAMCo monitors and reviews the activities of third-party service providers that may provide additional administrative services.

In addition, the Board considered the key personnel of SAAMCo that are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios. The Board also considered the compensation program for SAAMCo’s investment professionals.

The Board reviewed the qualifications, background and responsibilities of SAAMCo’s staff who is responsible for providing investment management services to the Portfolios and other key personnel of SAAMCo in addition to current and projected staffing levels and compensation practices.

30

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2018 (unaudited) (continued)

The Board considered SAAMCo’s reputation and long-standing relationship with the Portfolios and considered the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of types of mutual funds and shareholder services. The Board also considered the Trust’s relationship with affiliated life insurance companies that offer the Portfolios through variable annuity and variable life insurance products. The Board considered SAAMCo’s experience in providing management and investment advisory and administrative services to advisory clients. The Board also considered SAAMCo’s code of ethics and its risk management process, and that SAAMCo has developed internal procedures, adopted by the Board, for monitoring compliance with the investment objectives, policies and restrictions of the Portfolios as set forth in the Portfolios’ registration statement.

The Board also reviewed and considered SAAMCo’s compliance and regulatory history, including information about any litigation, regulatory actions or investigations that could impair its ability to serve as an adviser to the Portfolios. The Board considered SAAMCo’s risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on SAAMCo’s ability to provide services to the Trust.

The Board concluded that it was satisfied with the nature, quality and extent of the services provided by or to be provided by SAAMCo and that there was a reasonable basis on which to conclude that they would provide high quality services to the Trust.

Portfolio Fees and Expenses; Investment Performance.

The Board, including the Independent Trustees, received and reviewed information regarding the Portfolios’ fees (actual or contractual management fees, non-management fees, and 12b-1 fees, if applicable), and expense ratios compared against such fees and expense ratios of the Expense Group/Universe for each Portfolio. Such fees and expense ratios were compared both before and after expense waivers, caps and reimbursements, if any.

To assist in analyzing the reasonableness of the advisory fee, the Board received a report prepared independently by Broadridge Financial Solutions, Inc. (“Broadridge”) as well as information provided by management. The Board also considered advisory fees received by the Adviser with respect to other mutual funds and accounts with similar investment strategies to the Portfolios. Based on the information from Broadridge, the Board reviewed detailed information about peer groups of comparable mutual funds based on various factors such as the type of fund (those underlying variable insurance products), comparable investment objectives and strategies, among other factors. Referred to herein are “Expense Groups” and “Performance Groups” that represent those peer groups of funds used to compare expenses and performance, respectively.

The performance information included annualized returns for the period since inception and the one-, three-, five-and ten-year periods, as applicable, ended June 30, 2018 from Broadridge and performance information as of June 30, 2018 from management. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to each Portfolio’s overall performance, performance relative to each Portfolio’s relevant benchmark and Morningstar and/or Broadridge peer groups, as applicable. The Board considered that management makes particular note of Portfolios that may require closer monitoring or potential corrective action by the Board.

As part of its review of the Portfolios’ fees and expenses and performance, the Board considered information, including but not limited to the following expense and performance information, provided by Broadridge and management in making its determinations. It was noted that actual advisory fees and total expenses were calculated as of each Portfolio’s most recent fiscal year end, which may vary among the Portfolio’s Expense Group/Universe.

The Boards considered that certain Portfolios pay advisory fees indirectly to Capital Research & Management Company (“Capital Research”) through their investment in the master funds. The Boards further considered the amount of such fees and the amount of the management fees paid to SAAMCo and determined that the amounts paid to SAAMCo by such Portfolios were reasonable in light of the services performed by SAAMCo.

• SA American Funds^® Asset Allocation Portfolio (master-feeder fund advised by Capital Research/SAAMCo). The Board noted that both actual management fees and total expenses were below the medians of its Expense Group. The Board considered that SAAMCo has contractually agreed to waive 0.60% of its investment advisory fee.

The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board further considered that the Portfolio performed above the medians of its Performance Group for the same periods.

• SA American Funds^® Global Growth Portfolio (master-feeder fund advised by Capital Research/SAAMCo). The Board considered that actual management fees and total expenses were slightly above the medians of its Expense Group. The Board considered that SAAMCo has contractually agreed to waive 0.70% of its investment advisory fee.

31

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2018 (unaudited) (continued)

The Board considered that the Portfolio outperformed its benchmark index for the three- and five-year periods but performed below that index for the one-year period. The Board further considered that the Portfolio performed above the medians of its Performance Group for the one-, three-, five- and ten-year periods. The Board took into account management’s discussion of the Master Fund’s performance.

• SA American Funds^® Growth-Income Portfolio (master-feeder fund advised by Capital Research/SAAMCo). The Board noted that both actual management fees and actual total expenses were below the medians of its Expense Group. The Board considered that SAAMCo has contractually agreed to waive 0.60% of its investment advisory fee.

The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five and ten-year periods. The Board also noted that the Portfolio performed above the medians of its Performance Group for the same periods.

• SA American Funds^® Growth Portfolio (master-feeder fund advised by Capital Research/SAAMCo). The Board noted that both actual management fees and total expenses were below the medians of its Expense Group. The Board considered that SAAMCo has contractually agreed to waive 0.60% of its investment advisory fee.

The Board considered that the Portfolio performed above its benchmark index for the three-year period but below that index for the one-, five- and ten-year periods. The Board further considered that the Portfolio performed above the median of its Performance Group for the three-year period but below the medians for the one-, five- and ten-year periods. The Board took into account management’s discussion of the Master Fund’s performance.

• SA American Funds^® VCP Managed Asset Allocation Portfolio (master-feeder fund advised by Capital Research/SAAMCo). The Board noted that actual management fees were below the median of its Expense Group. The Board also noted that total expenses were above the median of its Expense Group. The Board further noted that SAAMCo has contractually agreed to waive 0.70% of its advisory fee and that there is an expense limitation of 0.28% and 0.53% on Class 1 and Class 3 shares, respectively.

The Board considered that the Portfolio outperformed its benchmark index for the one- and three-year periods and slightly below the index for the five-year period. The Board also considered that the Portfolio performed at or above the medians of its Performance Group for the one-, three- and five-year periods.

Cost of Services & Benefits Derived.

With respect to indirect costs and benefits, the Board was informed, based on management’s judgment, that any indirect costs incurred by SAAMCo in connection with rendering investment advisory services to the Trust were inconsequential to the analysis of the adequacy of the advisory fees, and that any collateral benefits derived as a result of providing advisory services to the Trust did not impact the reasonableness of the advisory fee. The Board considered that SAAMCo is paid an administrative services fee of up to 0.04% of the average daily net asset value of the Trust’s Portfolios pursuant to an arrangement between SAAMCo and certain affiliated life insurance companies (the “Life Companies”). The Board considered that the Trust also pays VALIC Retirement Services Company, an affiliate of SAAMCo, a fee for the provision of recordkeeping and shareholder services to contract owners and participants.

In connection with benefits derived from the Trust, the Board considered that the Life Companies may benefit as a result of their direct ownership of the Portfolios’ shares, which amounts may be significant. It was noted that in calculating their corporate income tax liability as insurance companies, the Life Companies, as corporate mutual fund shareholders, may exclude a portion of the ordinary dividends paid by underlying U.S. equities in the Portfolios to the same extent the Portfolios receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Life Companies may also rely on foreign tax credits with respect to certain foreign securities held by applicable Portfolios. The Board considered that the Life Companies receive financial support from SAAMCo for distribution-related activities, including administrative, marketing and other servicing activities, including payments to help offset costs for marketing activities and training (including training of registered representatives of AIG Capital Services, Inc., an affiliate of SAAMCo) to support sales of the Portfolios, as well as occasional gifts, entertainment or other compensation as incentives. It was noted that such payments may be derived from 12b-1 (service) fees that are deducted directly from the assets of the Portfolios or from investment management fees received by SAAMCo. In addition, the Board considered that, because shares of the Portfolios are offered as investment options through variable annuity or life contracts issued by the Life Companies (the “Variable Contracts”), the investment objectives, strategies and performance of the Portfolios may positively or negatively impact a Life Company’s ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.

The Board concluded that any benefits that SAAMCo and its affiliates could be expected to receive with regard to providing investment advisory and other services to the Portfolios were reasonable.

32

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2018 (unaudited) (continued)

Profitability and Economies of Scale.

The Board received information related to SAAMCo’s profitability as well as the profitability of certain affiliates with respect to the services they provide to the Trust’s Portfolios. The profitability analysis reflected the relationship between SAAMCo and American General Life Insurance Company (“AGL”) that provides that SAAMCo contributes the profits earned through its management of the Portfolios of the Trust to AGL. The Board also considered that SAAMCo has entered into an agreement with The United States Life Insurance Company in the City of New York (“U.S. Life”) wherein SAAMCo pays U.S. Life a fee to perform certain administrative services for the benefit of certain variable annuity contract owners. Pursuant to additional Administrative Services Agreements between SAAMCo and each of AGL and U.S. Life, SAAMCo pays a fee to each insurer and in return each insurer provides certain administrative, recordkeeping, accounting and similar such services to the Portfolios as they relate to the insurer’s participants owning interest in shares of the Trust. The Board further considered that certain SAAMCo affiliates (i.e., AGL, U.S. Life and The Variable Annuity Life Insurance Company) provide services pursuant to certain agreements with the Trust and the Portfolios’ Rule 12b-1 Plans. The Board determined that the profitability to SAAMCo in connection with its relationship to the Trust was reasonable. In addition, the Board considered the Investment Management Profitability Analysis prepared by an independent information service, Broadridge, and noted that SAAMCo’s profitability was generally in the range of the profitability of companies contained in the report.

The Board also received and considered information regarding the ability of the Portfolios to achieve economies of scale. It was noted that the advisory fees of nearly all Portfolios contain breakpoints that will reduce the fees paid by a Portfolio as its assets increase. The Board also considered that SAAMCo has voluntarily agreed to waive fees in certain instances, which was noted earlier in the discussion of fees. It was noted that as a result of being part of a complex of mutual funds advised or administered by SAAMCo, the Trust is able to share common resources and may share certain expenses, which could result in a Portfolio experiencing lower expenses than it otherwise would achieve if the Trust were a stand-alone entity. The Board considered that management believed that the Portfolios’ existing fee schedules and the fee schedules for those Portfolios for which management proposed reductions or waivers reflect the economies of scale inherent in providing investment advice to a Portfolio in its particular asset category and asset size. The Board concluded that any potential economies of scale are currently being shared between the Trust and SAAMCo in an appropriate manner.

Terms of Advisory Agreement.

The Board, including the Independent Trustees, reviewed the terms of the Advisory Agreement including the duties and responsibilities undertaken by SAAMCo as discussed above. The Board considered that SAAMCo pays all of its own expenses in connection with the performance of its duties, as well as the salaries, fees and expenses of the officers of the Trust who are employees of SAAMCo.

Conclusions.

In reaching its decision to recommend the renewal of the Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered and each Trustee attributes different weight to the various factors. Based upon the materials it reviewed, the representations made to it and the considerations described above, and as part of their deliberations, the Board, including the Independent Trustees, concluded that SAAMCo possesses the capability and resources to perform the duties required of it under the Advisory Agreement.

Further, based upon its review of the Advisory Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that: (1) the terms of the Advisory Agreement are reasonable, fair and in the best interest of the Portfolios and their shareholders, and (2) the advisory fee rates are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

33

SUNAMERICA SERIES TRUST

TRUSTEES AND OFFICERS INFORMATION (unaudited)

The following table contains information regarding the Trustees and Officers that oversee operations of the Portfolios and other investment companies within the Fund complex.

Name, Address and Age†	Position Held With Trust	Term of Office and Length of Time Served(4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(1)		Other Directorships Held by Trustee(3)
Disinterested Trustee
Garrett F. Bouton Age: 74	Trustee	2007 – Present	Retired (2003-Present); Managing Director and CEO, Barclays Global Investors (1996-2003).		77	Chairman/Director, The LECG Group (consulting services) (2006-2010).
Carl D. Covitz Age: 79	Trustee	2001 – Present	Owner and President, Landmark Capital, Inc. (1973-Present).		77	Director, Arden Realty, Inc. (real estate) (1995-2006).
Jane Jelenko Age: 70	Trustee	2006 – Present	Retired Partner KPMG, LLP and Managing Director Bearingpoint, Inc. (formerly KPMG Consulting). (2003-Present).		77	Director, Countrywide Bank (2003-2008) and Director, Cathay General Bancorp and CathayBank (banking) (2012-Present).
Gilbert T. Ray Age: 74	Trustee	2001 – Present	Retired Partner, O’Melveny & Myers LLP (law firm) (2000-Present).		77	Director, Advanced Auto Parts, Inc. (retail, auto and home supply stores) (2002-2016); Director, Watson, Wyatt Worldwide (services — management consulting services) (2000-2009); Director Dine Equity (services — restaurant) (2004-Present); Director Diamond Rock Hospitality (financial — real estate) (2005-Present); Director, Towers Watson & Co. (services — management consulting services) (2010-2016).
Allan L. Sher Age: 87	Trustee	1997 – Present	Retired Brokerage Executive (1992-Present).		77	Director, Bowl America Inc. (1997-Present).
Bruce G. Willison Age: 70	Trustee and Chairman	2001 – Present	Professor of Management, Anderson School at UCLA (1999-2011); Dean, Anderson School at UCLA (1999-2005); co-founder, Grandpoint Capital, Inc. (2009-2010).		77	Director, GrandPoint Bank (banking). (2011-Present); Director, Indy Mac Bancorp (banking) (2003-2008); Director, Move, Inc. (internet real estate site) (2003-Present); Director, Healthnet International, Inc. (business services) (2000-2016).
Interested Trustee
Peter Harbeck (2) Age: 64	Trustee	2014 – Present	President (1995-Present), CEO (1997-Present) and Director, (1992-Present), SAAMCo; Director, AIG Capital Services, Inc. (“ACS”) (1993-Present); Chairman, President and CEO, Advisor Group, Inc., (2004-2016).		150	None

34

SUNAMERICA SERIES TRUST

TRUSTEES AND OFFICERS INFORMATION (unaudited) — (continued)

Name, Address and Age†	Position Held With Trust	Term of Office and Length of Time Served(4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(1)	Other Directorships Held by Trustee(3)
Officers
John T. Genoy Age: 50	President	2007 – Present	Chief Financial Officer, SAAMCo (2002-Present); Senior Vice President, SAAMCo (2004-Present); Chief Operating Officer, SAAMCo (2006-Present).	N/A	N/A
Kathleen D. Fuentes Age: 49	Chief Legal Officer, Vice President, and Secretary	2015 – Present	Vice President and Deputy General Counsel, SAAMCo (2004-Present).	N/A	N/A
Christopher C. Joe Age: 49	Chief Compliance Officer	2017-Present	Chief Compliance Officer, AIG Funds, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2017-Present); Chief Compliance Officer, VALIC Retirement Services Company (2017-Present); Chief Compliance Officer, Invesco Powershares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010- 2013); U.S. Compliance Director, Invesco, Ltd (2006-2014); Deputy Chief Compliance Officer, Invesco Advisers, Inc. (2014-2015).	N/A	N/A
Gregory N. Bressler Age: 52	Vice President and Assistant Secretary	2005 – Present	Senior Vice President and General Counsel, SAAMCo (2005-Present).	N/A	N/A
Gregory R. Kingston Age 52	Treasurer	2014 – Present	Vice President, SAAMCo (2001-Present); Head of Mutual Fund Administration (2014-Present); Senior Vice President, SAAMCo (2014-Present).	N/A	N/A
Shawn Parry Age: 46	Vice President and Assistant Treasurer	2014 – Present	Assistant Vice President, SAAMCo (2005-2014); Vice President, SAAMCo (2014-Present).	N/A	N/A
Donna McManus Age: 57	Vice President and Assistant Treasurer	2014 – Present	Vice President, SAAMCo (2014-Present); Managing Director, BNY Mellon (2009-2014).	N/A	N/A
Matthew J. Hackethal Age: 47	Anti-Money Laundering Compliance Officer	2006 – Present	Acting Chief Compliance Officer (2016-2017); Chief Compliance Officer, SAAMCo (2006-Present) and Vice President, SAAMCo (2011 to Present).	N/A	N/A

† The business address for each Trustee and Officer is 21650 Oxnard Street, 10th Floor, Woodland Hills, CA 91367.

(1) The “Fund Complex” consists of all registered investment company portfolios for which SAAMCo serves as investment adviser or administrator. The “Fund Complex” includes the Trust (58 portfolios), the SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (5 portfolios), Seasons Series Trust (19 portfolios), SunAmerica Specialty Series (6 funds), VALIC Company I (34 portfolios), and VALIC Company II (15 funds).

(2) Interested Trustee, as defined within the 1940 Act, because he serves as President, CEO and Director of SAAMCo and Director of ACS.

(3) Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e. “Public Company”) registered under the 1940 Act.

(4) Trustees serve until their successors are duly elected and qualified. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his/her successor is duly elected and qualifies.

Additional information concerning the Trustees and Officers is contained in the Statement of Additional Information and is available without charge by calling (800) 445-7862.

35

SUNAMERICA SERIES TRUST

SHAREHOLDERS TAX INFORMATION (unaudited)

Certain tax information regarding the SunAmerica Series Trust is required to be provided to the shareholders based upon each Portfolio’s income and capital gain distributions for the taxable year ended December 31, 2018.

During the year ended December 31, 2018 the Portfolios paid the following dividends per share along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations.

	Total Dividends		Net Investment Income		Net Short-Term Capital Gains*		Net Long-Term Capital Gains*		Qualifying% for the 70% Dividends Received Deduction
SA American Funds® Asset Allocation Portfolio Class 1	$	1.24	$	0.44	$	—	$	0.80		64.47	%
SA American Funds® Asset Allocation Portfolio Class 3		1.17		0.37		—		0.80		64.47
SA American Funds® Global Growth Portfolio Class 1		2.84		0.22		—		2.62		96.41
SA American Funds® Global Growth Portfolio Class 3		2.77		0.15		—		2.62		96.41
SA American Funds® Growth Portfolio Class 1		4.01		0.19		—		3.82		100.00
SA American Funds® Growth Portfolio Class 3		3.94		0.12		—		3.82		100.00
SA American Funds® Growth-Income Portfolio Class 1		3.34		0.41		—		2.93		100.00
SA American Funds® Growth-Income Portfolio Class 3		3.27		0.34		—		2.93		100.00
SA American Funds VCP Managed Allocation Portfolio Class 1		0.99		0.28		—		0.71		100.00
SA American Funds VCP Managed Allocation Portfolio Class 3		0.92		0.21		—		0.71		100.00

* Short-term capital gains are treated as ordinary income for tax purposes

36

COMPARISONS: PORTFOLIOS VS. INDEXES (unaudited)

As required by the Securities and Exchange Commission, the following graphs compare the performance of a $10,000 investment in the presented Feeder Portfolios of SunAmerica Series Trust (the “Trust”) to a $10,000 investment in a comparable securities index benchmark since the portfolio’s inception. Importantly, such indices represent “paper” portfolios and do not reflect the costs and expenses of actual investing. Following each graph is a discussion of portfolio performance and factors affecting performance over the year ended December 31, 2018.

The following graphs and tables show the performance of the Portfolios at the SunAmerica Series Trust Feeder Funds level and include all trust expenses but no insurance company expenses associated with the variable annuity or variable life policy and no insurance company contingent deferred sales charge. All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indexes.

The SA American Funds portfolios (“Feeder Funds”) are a part of the Trust and currently do not buy individual securities directly, but instead invest all of their assets in the underlying funds (“Master Funds”) of the American Funds Insurance Series. Each Feeder Fund has the same investment goal and limitations as the underlying Master Fund. Investing in a Feeder Fund may result in higher fees and expenses than investing directly in a Master Fund as the Feeder Funds will bear their own portfolio expenses as well as their pro rata share of each Feeder Fund’s underlying Master Fund fees and expenses. Please see the product prospectus for more information regarding the master-feeder fund structure.

Market indices referenced are unmanaged. You cannot invest directly in an index.

Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

37

American Funds

SA American Funds Asset Allocation Portfolio — Class 3

SA American Funds® Asset Allocation Portfolio
Average Annual Total Returns as of 12/31/2018
	Class 1*		Class 3*
1-year		-4.58%		-4.86%
5-Year		N/A		5.02%
10-Year		N/A		9.80%
Since Inception		5.52%		5.80%

* Inception date for Class 1: 09/26/16; Class 3: 09/01/06.

1 The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect the changes in larger companies more heavily than those in smaller companies.

2 The Bloomberg Barclays U.S. Aggregate Bond Index is a broad, unmanaged index generally representative of intermediate-term government bonds, investment grade corporate debt securities and mortgage-backed securities.

3 The Blended Index is comprised of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit aig.com/annuities for performance data current to the most recent month-end.

The SA American Funds Asset Allocation Portfolio — Class 3 (Feeder Fund), which is a mix of stocks and bonds, returned -4.86% for the twelve months ended December 31, 2018. The S&P 500^® Index declined -4.38% over the same period, while the Bloomberg Barclays U.S. Aggregate Bond Index returned 0.01%. The Blended Index (60% S&P 500^® Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index) decreased -2.35%. The American Funds Asset Allocation Fund — Class 1 (Master Fund), which is a mix of stocks and bonds, returned -4.35% for the annual period.

U.S. equities declined for the first time since 2008. Concerns over trade conflicts, slowing global growth and high valuations contributed to persistent volatility. Energy and materials companies were further pressured by falling commodity prices. While growth-oriented stocks performed relatively better than defensive stocks, many companies experienced wild swings throughout the year. In a turbulent year, a fourth quarter rally helped bonds outperform other asset classes.

Investments in the health care sector, one of the Master Fund’s largest sector holdings, contributed to the Master Fund’s returns. Molina Healthcare, UnitedHealth Group and Express Scripts boosted results, as all three companies had double-digit returns, which were on the back of strong third-quarter earnings for UnitedHealth Group and Express Scripts. On the downside, energy stocks detracted from returns as oil prices slipped due to fears of growing U.S. output and weaker global demand. The Master Fund’s fixed income holdings were also a drag on returns due to curve positioning.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

38

American Funds

SA American Funds Global Growth Portfolio — Class 3

SA American Funds® Global Growth Portfolio
Average Annual Total Returns as of 12/31/2018
	Class 1*		Class 3*
1-Year		-9.12%		-9.28%
5-Year		N/A		5.36%
10-Year		N/A		11.36%
Since Inception		6.15%		6.78%

* Inception date for Class 1: 09/26/16; Class 3: 09/01/06.

1 The MSCI ACWI (net) Index captures large and mid cap representation across 23 developed and 23 emerging markets countries. With 2,400 constituents, the index covers approximately 85% of the global investable equity opportunity set. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit aig.com/annuities for performance data current to the most recent month-end.

The SA American Funds Global Growth Portfolio — Class 3 (Feeder Fund) returned -9.28% for the twelve months ended December 31, 2018, compared with a -9.42% decrease for the MSCI ACWI (net) Index. The American Funds Global Growth Fund — Class 1 (Master Fund) returned -8.81% for the annual period.

Global stocks, as measured by the MSCI ACWI (net) Index, ended the year in negative territory hurt by slowing economic growth, increased volatility and higher interest rates in the United States. While ongoing turmoil over the United Kingdom’s departure from the European Union weighed on European stocks, a combination of a stronger U.S. dollar and heightened U.S.-China trade frictions impacted emerging markets equities. Cyclical stocks posted the biggest losses, underscored by double-digit declines in the financials, industrials and materials sectors.

An eclectic mix of financials and consumer discretionary investments boosted the Master Fund’s relative returns. Amazon reported strong third-quarter earnings that beat analyst estimates thanks to its cloud and advertising segments, and was the top contributor to relative returns. Investments in information technology were the biggest drag on relative results led by AAC Technologies Holdings, Tencent and Facebook, losing ground as a broad selloff continued in the formerly high-flying sector. On a geographic basis, stocks of companies domiciled in the U.S., Germany and India were additive to relative results, while stocks of companies based in the U.K., China and Brazil lagged.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

39

American Funds

SA American Funds Growth Portfolio — Class 3

SA American Funds® Growth Portfolio
Average Annual Total Returns as of 12/31/2018
	Class 1*		Class 3*
1-year		-0.40%		-0.55%
5-Year		N/A		9.88%
10-Year		N/A		14.38%
Since Inception		12.75%		7.89%

* Inception date for Class 1: 09/26/16; Class 3: 09/01/06.

1 The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect the changes in larger companies more heavily than those in smaller companies.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit aig.com/annuities for performance data current to the most recent month-end.

The SA American Funds Growth Portfolio — Class 3 (Feeder Fund) returned -0.55% for the twelve months ended December 31, 2018, compared with a -4.38% decline in the S&P 500^® Index. The American Funds Growth Fund — Class 1 (Master Fund) returned -0.01% for the annual period.

U.S. equities declined for the first calendar year since 2008. Concerns over trade conflicts, slowing global growth and high valuations contributed to persistent volatility. Energy and materials companies were further pressured by falling commodity prices. While growth-oriented stocks performed relatively better than defensive stocks, many companies experienced wild swings throughout the year.

Investments in the information technology and consumer discretionary sectors boosted the Master Fund’s returns. Among the Master Fund’s top contributors to returns (posting double-digit gains) was consumer discretionary company Amazon and information technology company ServiceNow. While Amazon reported strong third-quarter earnings that beat analyst estimates thanks to its cloud and advertising segments, ServiceNow benefited from increased demand for cloud services. Exposure to the energy sector detracted from results as oil prices plummeted on concerns of excess supply.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

40

American Funds

SA American Funds Growth-Income Portfolio — Class 3

SA American Funds® Growth-Income Portfolio
Average Annual Total Returns as of 12/31/2018
	Class 1*		Class 3*
1-Year		-1.86%		-2.05%
5-Year		N/A		8.20%
10-Year		N/A		12.64%
Since Inception		10.11%		6.98%

* Inception date for Class 1: 09/26/16; Class 3: 09/01/06.

1 The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect the changes in larger companies more heavily than those in smaller companies.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit aig.com/annuities for performance data current to the most recent month-end.

The SA American Funds Growth-Income Portfolio — Class 3 (Feeder Fund) returned -2.05% for the 12 months ended December 31, 2018, while the S&P 500^® Index declined -4.38% over the same period. The American Funds Growth-Income Fund — Class 1 (Master Fund) returned -1.55% for the annual period.

U.S. equities declined for the first calendar year since 2008. Concerns over trade conflicts, slowing global growth and high valuations contributed to persistent volatility. Energy and materials companies were further pressured by falling commodity prices. While growth-oriented stocks performed relatively better than defensive stocks, many companies experienced wild swings throughout the year.

The Master Fund investments in the consumer discretionary sector contributed the most to returns. Among consumer discretionary companies, Amazon reported strong third-quarter earnings that beat analyst estimates thanks to its cloud and advertising segments. On the downside, investments in the energy sector, such as EOG Resources and Schlumberger, detracted from the Master Fund’s results as oil prices plummeted on concerns of a glut.

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

41

American Funds

SA American Funds VCP Managed Allocation Portfolio@ — Class 3

SA American Funds VCP Managed Allocation Portfolio
Average Annual Total Returns as of 12/31/2018
	Class 1*		Class 3*
1-year		-4.89%		-5.12%
5-Year		N/A		3.32%
Since Inception		4.71%		5.89%

* Inception date for Class 1: 09/26/16; Class 3: 10/15/12.

1 The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect the changes in larger companies more heavily than those in smaller companies.

2 The Bloomberg Barclays U.S. Aggregate Bond Index is a broad, unmanaged index generally representative of intermediate-term government bonds, investment grade corporate debt securities and mortgage-backed securities.

3 The Blended Index is comprised of 60% S&P 500^® Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.

4 Effective December 17, 2018, the Portfolio changed its index to S&P 500^® Managed Risk Index - Moderate. The S&P 500^® Managed Risk Index — Moderate is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index. The Portfolio changed its Index because the new benchmark is more consistent with the subadvisor’s investment strategy and style.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit aig.com/annuities for performance data current to the most recent month-end.

The SA American Funds VCP Managed Allocation Portfolio — Class 3 (Feeder Fund) (formerly, SA American Funds VCP Managed Asset Allocation Portfolio — Class 3) returned -5.12% for the twelve months ended December 31, 2018.

For the period starting January 1, 2018 to December 17, 2018 the SA American Funds VCP Managed Allocation Portfolio — Class 3 (Feeder Fund) (formerly, SA American Funds VCP Managed Asset Allocation Portfolio — Class 3) returned -4.78%. The S&P 500^® Index declined -2.96% over the same period, while the Bloomberg Barclays U.S. Aggregate Bond Index declined -0.72%. A blend of the two indexes, the 60%/40% S&P^® 500 Index/Bloomberg Barclays U.S. Aggregate Bond Index decreased -1.82%. The American Funds Managed Risk Asset Allocation Fund — Class P1 (Master Fund) declined -4.32% for the period.

The SA American Funds VCP Managed Asset Allocation Portfolio is a Feeder Fund investing in shares of American Funds Insurance Series Managed Risk Asset Allocation Fund (Master Fund). The Master Fund pursues its objective by investing in shares of American Funds Insurance Series Asset Allocation Fund while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the Master 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 Master Fund’s underlying fund.

42

The underlying American Funds Insurance Series Asset Allocation Fund’s investments in the energy sector hindered results the most, while cash holdings and underlying investments in the industrials sector contributed the most to relative returns.

For the period starting December 18, 2018 to December 31, 2018 the SA American Funds VCP Managed Allocation Portfolio — Class 3 (Feeder Fund) (formerly, SA American Funds VCP Managed Asset Allocation Portfolio — Class 3) returned -0.35%. The S&P 500^® Managed Risk Index — Moderate Index declined -0.66% over the same period. The American Funds Managed Risk Growth-Income Fund — Class P1 (Master Fund) declined -0.34% for the period.

The SA American Funds VCP Managed Allocation Portfolio is a Feeder Fund investing in shares of American Funds Insurance Series Managed Risk Growth-Income Fund (Master Fund). The Master Fund pursues its objective by investing in shares of American Funds Insurance Series Growth-Income Fund and American Funds Insurance Series Bond Fund while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the Master 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 Master Fund’s underlying fund.

The underlying American Funds Insurance Series Growth-Income Fund’s underlying investments in the information technology sector contributed the most to relative returns, while investments in the industrials sector hindered results the most. The underlying American Funds Insurance Series Bond Fund’s fixed income investments in the credit sector hindered results the most and more than offset any benefit from being long duration as rates fell.

@ See Note 1

Past performance is no guarantee of future results.

Securities listed may or may not be a part of current Portfolio construction.

43

SUNAMERICA SERIES TRUST

VOTING PROXIES ON TRUST PORTFOLIO SECURITIES

A description of the policies and procedures that the Trust uses to determine how to vote proxies related to securities held in the Trust‘s Portfolios which is available in the Trust‘s Statement of Additional Information, may be obtained without charge upon request, by calling (800) 445-SUN2. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission‘s website at http://www.sec.gov.

PROXY VOTING RECORD ON TRUST PORTFOLIO SECURITIES

Information regarding how the SunAmerica Series Trust Portfolios voted proxies relating to securities held in the Trust‘s Portfolios during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling (800) 445-SUN2 or on the U.S. Securities and Exchange Commission‘s website at http://www.sec.gov.

DISCLOSURE OF QUARTERLY PORTFOLIO HOLDINGS

The Trust is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for its first and third fiscal quarters on Form N-Q. The Trust‘s Forms N-Q are available on the U.S. Securities and Exchange Commission‘s website at http://www.sec.gov. You can also review and obtain copies of the Forms N-Q at the U.S. Securities and Exchange Commission‘s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330).

This report is submitted solely for the general information of shareholders of the Trust. Distribution of this report to persons other than shareholders of the Trust is authorized only in connection with a currently effective prospectus, setting forth details of the Trust, which must precede or accompany this report.

44

Annuity Service Center

P.O. Box 15570

Amarillo, TX 79105-5570

CHANGE SERVICE REQUESTED

THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE PURCHASERS UNLESS ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS.

R4397AR.12 (2/19)

American Funds Insurance Series® Annual report for the year ended December 31, 2018

American Funds Insurance Series, by Capital Group, is the underlying investment vehicle for many variable annuities and insurance products. For more than 85 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 americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. Futures 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
48	Global Small Capitalization Fund
52	Growth Fund
55	International Fund
58	New World Fund®
61	Blue Chip Income and Growth Fund
64	Global Growth and Income Fund
67	Growth-Income Fund
70	International Growth and Income Fund
73	Capital Income Builder®
78	Asset Allocation Fund
84	Global Balanced Fund
90	Bond Fund
96	Global Bond Fund
103	High-Income Bond Fund
107	Mortgage Fund
111	Ultra-Short Bond Fund
112	U.S. Government/AAA-Rated Securities Fund
117	Managed Risk Growth Fund
119	Managed Risk International Fund
121	Managed Risk Blue Chip Income and Growth Fund
123	Managed Risk Growth-Income Fund
125	Managed Risk Asset Allocation Fund
126	Financial statements

Fellow investors:

Global equity markets, pressured by rising interest rates and a slowing global economy, fell on an annual basis for the first time since 2015, as measured by the

9.42% decline in the MSCI ACWI (All Country World Index).^1,2 Tighter monetary policy, potentially peaking earnings and a brewing trade war involving the U.S., China and Europe reverberated around the world, halting one of the longest-running bull markets in history.

Despite strong corporate earnings and economic growth boosted by tax cuts early in the year, a decline of 4.50% was recorded by the MSCI USA Index.^1,3 The nation’s GDP is estimated to have grown at an annualized 3.4% in the third quarter with the U.S. unemployment rate remaining at 3.7% in November, the lowest level in nearly 50 years. However, a series of trade-related issues between the U.S. and China that elevated geopolitical tensions, combined with political turmoil and high valuation in the U.S., contributed to a decline in the fourth quarter that wiped out the gains of the previous three quarters. Meanwhile, the Federal Reserve raised the benchmark federal funds rate to a range of 2.25% to 2.50%. The Fed continued on its path to reduce the size of its balance sheet and raised rates by a quarter percentage point four times over the past 12 months. This added to investor unease by the time they got to the fourth increase.

In Europe, worries over trade, delays in reaching a separation agreement between the U.K. and the European

Union, and a general retreat in favor of U.S. equities hurt markets. The MSCI Europe Index¹ fell 14.86% with Germany (-22.17%), Italy (-17.75%), France (-12.76%) and the U.K. (-14.15%) all registering double-digit losses. In an unexpected shift from the prior year, the European economy lurched to a near halt. Deteriorating trade relations also weighed on European stocks, given the region’s dependence on international trade. Adding to those concerns, the European Central Bank ended its bond-buying stimulus program in December, removing a degree of support for the economy. As business sentiment dropped, eurozone economic growth slowed to an annualized 0.6% in the third quarter, down from 2.3% at the end of 2017. Elsewhere among developed markets, Japanese equities declined 12.88% as the economy stumbled, contracting for the first time since 2015. Private consumption faltered and output declined, owing partly to natural disasters that hurt exports and tourism.

Emerging markets stocks also fell (the MSCI Emerging Markets Investable Market Index^1,4 was down 15.05%), dragged down by China’s weakening economy, heightened U.S.-China trade frictions and a rally in the U.S. dollar. In China, selling intensified as the economy decelerated and its trade clash with the U.S. escalated. Chinese stocks (-18.74%) posted their worst annual return since 2011, as shares of their leading technology-related companies fell from lofty levels. Individual market economies

All market indexes 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.

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 net of withholding taxes.

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 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.

American Funds Insurance Series      1

— Brazil and Turkey most notably — were impacted by idiosyncratic political and economic developments.

In bond markets, U.S. corporate investment-grade securities (rated BBB/ Baa and above) declined 2.51% (as measured by the Bloomberg Barclays U.S. Corporate Investment Grade Index^5,6), while U.S. high-yield corporate debt slipped 2.08% (as measured by the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index^5,7). More broadly, the Bloomberg Barclays Global Aggregate Index^5,8 was down 1.20%, while the Bloomberg Barclays U.S. Aggregate Index^5,9 was virtually unchanged at 0.01%. The 10-year Treasury yield, which stood at 2.40% on December 31, 2017, rose marginally to finish at 2.69%. The J.P. Morgan Emerging Markets Bond Index – Global¹⁰ lost 4.61%.

In currency markets, the U.S. dollar rose against most currencies. The euro (-4.80%), British pound (-5.85%) and Canadian dollar (-8.26%) all experienced headwinds from a stronger U.S. dollar. Although most currencies slipped, the Japanese yen was a rare gainer, as it rose

2.68% against the dollar.

Looking ahead

All over the globe, economies appear to be slowing down and equity markets are exhibiting volatility. The current environment is rife with uncertainty, from

trade-related disputes to geopolitical tensions to elevated debt levels. We will be following and analyzing each of these issues. But now that these uncertainties have been priced into markets, we can utilize these new lower valuations as we search for securities that are attractive on a longer-term basis. We’re careful by nature, and we know that after a period when everyone is very concerned, it is usually a good time to pick one’s head up and look around for bargains.

Our time-tested approach — based on extensive research, a long-term outlook and close attention to valuation — has served investors well over time. As always, we thank you for your continued support of our efforts and we look forward to reporting to you again in six months.

Sincerely,

Donald D. O’Neal

Co-President

Alan N. Berro

Co-President

February 12, 2019

⁵  Source: Bloomberg Index Services Ltd.

⁶  The 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.

⁷  The 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%.

⁸  The Bloomberg Barclays Global Aggregate Index represents the global investment-grade fixed income markets.

⁹  The Bloomberg Barclays U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market.

¹⁰  The J.P. 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

Summary investment portfolios

Summary investment portfolios are designed to streamline this report and help investors better focus on the funds’ principal holdings. Ultra-Short Bond Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund show a complete listing of portfolio holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings for each fund in the series.

Unless otherwise indicated, American Funds Insurance Series investment results are for Class 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. The series investment adviser waived a portion of its management fees for all existing funds from September 1, 2004, through December 31, 2008, for Global Growth and Income Fund from May 1, 2006, through December 31, 2008, for International Growth and Income Fund from November 18, 2008, through December 31, 2008, for U.S. Government/AAA-Rated Securities Fund from July 1, 2010, through December 31, 2010, and for Blue Chip Income and Growth Fund from February 1, 2014, through January 31, 2015.

For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of the funds’ net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for Managed Risk International Fund and Managed Risk Growth-Income Fund. The waivers and reimbursements will be in effect through at least May 1, 2020, unless modified or terminated by the series board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursements. The waivers may only be modified or terminated with the approval of the series board. Applicable fund results shown reflect the waivers and reimbursements, without which results would have been lower. See the Financial Highlights tables in this report for details.

The Managed Risk Growth Fund pursues its objective by investing in shares of American Funds Insurance Series — Growth Fund^SM and 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^SM and 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^SM and 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^SM and 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      3

Global Growth Fund

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

Global Growth Fund slipped 8.81% for the 12 months ended December 31, 2018, compared with a 9.42% decrease for 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.

Global stocks, as measured by the MSCI ACWI, ended the year in negative territory hurt by slowing economic growth, increased volatility and higher interest rates in the U.S. While ongoing turmoil over the U.K.’s departure from the European Union weighed on European stocks, a combination of a stronger U.S. dollar and heightened U.S.-China trade frictions impacted emerging markets equities. Cyclical stocks posted the biggest losses, underscored by double-digit declines in the financials, industrials and materials sectors.

An eclectic mix of financials and consumer discretionary investments boosted the fund’s relative returns. Amazon reported strong third-quarter earnings that beat analyst estimates thanks to its cloud and advertising segments, and was the top contributor to the fund’s relative returns. Investments in information technology were the biggest drag on relative results led by AAC Technologies Holdings, Tencent and Facebook, losing ground as a broad selloff continued in the formerly high-flying sector.

On a geographic basis, stocks of companies domiciled in the U.S., Germany and India were additive to relative results, while stocks of companies based in the U.K., China and Brazil lagged.

Despite market volatility, 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.

Country diversification Percent of net assets

The Americas
United States	43.6	%
Other	1.2
	44.8
Europe
United Kingdom	6.8
Netherlands	5.0
France	4.4
Switzerland	3.8
Germany	1.8
Russian Federation	1.3
Sweden	1.1
Other	2.8
	27.0

Asia/Pacific Basin
China	4.7	%
Japan	4.4
Taiwan	4.3
Hong Kong	3.2
India	1.9
Other	2.4
	20.9
Other regions
South Africa	1.7	%
Short-term securities & other assets less liabilities	5.6
Total	100.0	%

Largest equity securities Percent of net assets

Amazon	6.24	%
TSMC	3.82
Alphabet	3.54
ASML	3.32
Microsoft	2.92

Visa	2.74	%
Alibaba Group	2.32
AIA Group	2.26
Broadcom	2.25
Airbus Group	1.91

4      American Funds Insurance Series

Global Growth Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since April 30, 1997)			Expense ratio
Class 1		-8.81	%		5.92	%		11.96	%		9.16	%		.55	%
Class 1A		-9.02			5.66			11.69			8.89			.80
Class 2		-9.04			5.65			11.69			8.89			.80
Class 4		-9.24			5.39			11.45			8.64			1.05

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      5

Global Small Capitalization Fund

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

Global Small Capitalization Fund declined 10.31% for the 12 months ended December 31, 2018. Its benchmark, the MSCI All Country World Small Cap Index,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results of smaller capitalization companies in both developed and emerging markets, fell 14.39%.

Global stocks, as measured by the MSCI ACWI, ended the year in negative territory hurt by slowing economic growth, increased volatility and higher interest rates in the U.S. While ongoing turmoil over the U.K.’s departure from the European Union weighed on European stocks, a combination of a stronger U.S. dollar and heightened U.S.-China trade frictions impacted emerging markets equities. Cyclical stocks posted the biggest losses, underscored by double-digit declines in the financials, industrials and materials sectors.

Fund holdings in the health care sector, which includes investments across multiple sub-segments from biotechnology and pharmaceuticals to life sciences tools and services, aided returns. Evolent Health contributed to the fund’s results as the benefits of value-based care gained support. However, the fund’s investments in consumer discretionary stocks, such as Tele Columbus and Melco International Development, hurt results amid market volatility and weak economic data from the Eurozone and China.

While investments in U.S. companies were additive to relative returns, investments in companies domiciled in Hong Kong detracted.

The fund’s portfolio managers continue to seek investment opportunities in undervalued companies that have the potential to revolutionize industries and benefit shareholders. Innovation at smaller health care companies, for example, helps facilitate breakthroughs and the biotechnology industry is an area of interest due to continuous improvements in drug research methods and approval processes. The fund also currently invests in nearly 300 companies diversified across geographies. Political uncertainty in both the U.S. and U.K. leads to some concerns about business confidence in the short term. As always, we maintain our commitment to investing for the long term and believe our rigorous bottom-up research into each potential equity investment can help achieve this goal.

Country diversification Percent of net assets

The Americas
United States	42.4	%
Brazil	1.5
Canada	1.2
Other	.7
	45.8
Asia/Pacific Basin
India	5.8
Japan	5.5
China	4.7
Hong Kong	2.6
Philippines	1.8
South Korea	1.2
Thailand	1.0
Taiwan	1.0
Other	1.1
	24.7

Europe
United Kingdom	7.3
Germany	2.2
Sweden	2.0
Switzerland	1.1	%
Italy	1.1
Other	4.9
	18.6
Short-term securities & other assets less liabilities	10.9
Total	100.0	%

Largest equity securities Percent of net assets

GW Pharmaceuticals	2.19	%
Insulet	1.87
Kotak Mahindra Bank	1.54
Paycom	1.44
Allakos	1.27

Molina Healthcare	1.21	%
Five Below	1.18
International Container Terminal Services	1.17
iRhythm	1.17
Integra LifeSciences Holdings	1.14

6      American Funds Insurance Series

Global Small Capitalization Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since April 30, 1998)			Expense ratio
Class 1		-10.31	%		3.57	%		11.32	%		8.73	%		.74	%
Class 1A		-10.56			3.32			11.04			8.46			.99
Class 2		-10.55			3.32			11.04			8.46			.99
Class 4		-10.80			3.06			10.77			8.19			1.24

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      7

Growth Fund

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

Growth Fund marginally lost 0.01% for the 12 months ended December 31, 2018, compared with a 4.38% decline in its benchmark index, Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equities declined for the first calendar year since 2008. Concerns over trade conflicts, slowing global growth and high valuations contributed to persistent volatility. Energy and materials companies were further pressured by falling commodity prices. While growth-oriented stocks performed relatively better than defensive stocks, many companies experienced wild swings throughout the year.

Investments in the information technology and consumer discretionary sectors boosted the fund’s returns. Among the fund’s top contributors to returns (posting double-digit gains) was consumer discretionary company Amazon and information technology company ServiceNow. While Amazon reported strong third-quarter earnings that beat analyst estimates thanks to its cloud and advertising segments, ServiceNow benefited from increased demand for cloud services. Exposure to the energy sector detracted from fund results as oil prices plummeted on concerns of excess supply.

Although U.S. economic growth remained strong with GDP growing at an annualized pace of 3.4% in the third quarter, the fund’s portfolio managers are keeping a close watch on the impact of interest rate hikes on economic activity and the outlook for corporate profit growth in the U.S. Portfolio managers continue to favor well-positioned, growth-oriented companies that are capable of generating free cash flow in myriad economic environments and remain optimistic that our global research will help us identify attractive long-term investment opportunities.

Largest equity securities Percent of net assets

Microsoft	4.53	%
Facebook	4.20
Broadcom	3.70
UnitedHealth Group	3.59
Amazon	3.40

Alphabet	3.05	%
Netflix	2.74
Tesla	2.57
Regeneron Pharmaceuticals	2.14
Intuitive Surgical	1.92

8      American Funds Insurance Series

Growth Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		–0.01	%		10.47	%		15.00	%		12.44	%		.34	%
Class 1A		–0.26			10.20			14.72			12.16			.59
Class 2		–0.25			10.19			14.72			12.16			.59
Class 3		–0.18			10.26			14.80			12.24			.52
Class 4		–0.50			9.92			14.45			11.89			.84

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      9

International Fund

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

International Fund declined 12.94% for the 12 months ended December 31, 2018. That compares to the 14.20% decline of its benchmark, the MSCI ACWI (All Country World Index) ex USA,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 excluding the U.S.).

Global stocks, as measured by the MSCI ACWI, ended the year in negative territory hurt by slowing economic growth, increased volatility and higher interest rates in the U.S. While ongoing turmoil over the U.K.’s departure from the European Union weighed on European stocks, a combination of a stronger U.S. dollar and heightened U.S.-China trade frictions impacted emerging markets equities. Cyclical stocks posted the biggest losses, underscored by double-digit declines in the financials, industrials and materials sectors.

In the fund, stocks in the financials sector generated the highest relative returns. Within the sector, HDFC Bank reported profit growth in the second quarter and AIA Group reported strong earnings for the first half of the year. On the flip side, investments in consumer staples companies were a drag on results. Within the sector, British American Tobacco hindered results amid pressure from competition and regulation.

The fund’s portfolio managers continue to monitor key indicators in advanced countries — from wage growth and inflation dynamics to the impact of technology and demographics on productivity — as they seek the flexibility to pivot to areas of opportunity. Our focus on a company’s fundamental growth drivers and intrinsic worth is critical to helping us identify companies that we believe represent the best value over the long term.

Country diversification Percent of net assets

Asia/Pacific Basin
Japan	13.1	%
China	9.6
Hong Kong	7.3
India	7.0
South Korea	3.7
Philippines	1.1
Australia	1.0
Other	1.1
	43.9
Europe
United Kingdom	11.5	%
France	10.2
Switzerland	5.1
Germany	2.8
Spain	2.4
Netherlands	1.4
Ireland	1.1
Other	1.8
	36.3

The Americas
Canada	2.9
Brazil	2.0
United States	1.7
Mexico	.4
	7.0
Other regions
Israel	1.2	%
Other	.6
	1.8
Short-term securities & other assets less liabilities	11.0
Total	100.0	%

Largest equity securities Percent of net assets

AIA Group	3.78	%
HDFC Bank	3.21
Airbus	3.12
Novartis	3.11
Tencent	2.22

Shire	2.17	%
Samsung Electronics	1.90
Pernod Ricard	1.69
Alibaba Group	1.68
Royal Dutch Shell	1.53

10      American Funds Insurance Series

International Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since May 1, 1990)			Expense ratio
Class 1		-12.94	%		2.26	%		7.93	%		7.72	%		.53	%
Class 1A		-13.11			2.02			7.67			7.45			.78
Class 2		-13.13			2.01			7.65			7.45			.78
Class 3		-13.10			2.07			7.73			7.53			.71
Class 4		-13.41			1.75			7.41			7.19			1.03

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      11

New World Fund^®

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

New World Fund was down 13.83% for the 12 months ended December 31, 2018. Its benchmark index, 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), declined 9.42%. The MSCI Emerging Markets Index,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global emerging markets (consisting of more than 20 emerging market country indexes), decreased by 14.58%.

Global stocks, as measured by the MSCI ACWI, ended the year in negative territory hurt by slowing economic growth, increased volatility and higher interest rates in the U.S. While ongoing turmoil over the U.K.’s departure from the European Union weighed on European stocks, a combination of a stronger U.S. dollar and heightened U.S.-China trade frictions impacted emerging markets equities. In emerging markets, Russia was impacted by U.S. sanctions, while Argentina suffered from a currency crisis as the peso collapsed more than 45% against the greenback.

Investments in the energy sector were beneficial to the fund. Reliance Industries rose led by strong earnings growth from its petrochemical business. The company also benefited from continued expansion and success of its telecommunications network Jio. Among detractors, investments in the financials sector hurt results with Grupo Financiero Galicia hindering returns, despite reporting a rise in second-quarter profits from the same period in 2017. Investments in tobacco companies such as British American Tobacco were also a drag on results due to concerns about nicotine regulation in the U.S., as well as competition from vaping and heat-not-burn products.

At this point in the market cycle and amid increased volatility, selectivity and close attention to individual holdings are particularly important. The fund’s portfolio managers continue to pursue a bottom-up approach to investing and continue to search for undervalued companies with solid foundations around the world.

Country diversification Percent of net assets

Asia/Pacific Basin
India	13.0	%
China	10.3
Japan	4.8
Taiwan	3.1
Hong Kong	2.9
Other	3.3
	37.4
The Americas
United States	15.5
Brazil	9.1
Canada	1.3	%
Other	2.6
	28.5

Europe
United Kingdom	4.9
France	2.3
Russian Federation	2.1
Switzerland	2.1
Germany	1.3
Other	2.3
	15.0
Other regions
Other	2.0	%
Short-term securities & other assets less liabilities	17.1
Total	100.0	%

Largest equity securities Percent of net assets

Reliance Industries	6.16	%
TSMC	2.89
HDFC Bank	2.71
Alphabet	2.21
AIA Group	1.79

Alibaba Group	1.76	%
PagSeguro Digital	1.75
Vale	1.74
British American Tobacco	1.62
B3	1.48

12      American Funds Insurance Series

New World Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since June 17, 1999)			Expense ratio
Class 1		-13.83	%		1.14	%		7.87	%		7.51	%		.76	%
Class 1A		-14.02			0.89			7.61			7.24			1.01
Class 2		-14.04			0.89			7.61			7.24			1.01
Class 4		-14.25			0.63			7.35			6.98			1.26

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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.

¹Source: MSCI. Results for MSCI indexes reflect dividends net of withholding taxes and reinvestment of distributions.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      13

Blue Chip Income and Growth Fund

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

Blue Chip Income and Growth Fund lost 8.45% for the 12 months ended December 31, 2018, trailing its benchmark index, Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, which declined 4.38%.

U.S. equities declined for the first calendar year since 2008. Concerns over trade conflicts, slowing global growth and high valuations contributed to persistent volatility. Energy and materials companies were further pressured by falling commodity prices. While growth-oriented stocks performed relatively better than defensive stocks, many companies experienced wild swings throughout the year.

Over the fiscal year, stock selection in the materials sector helped marginally boost relative returns, while positions in health care and industrials lagged, as did holdings among the less-cyclical consumer staples sector. In particular, tobacco companies were hurt by concerns about nicotine regulation in the U.S., as well as competition from vaping and heat-not-burn products. The fund was also disadvantaged by its lower holding of select, U.S. growth stocks.

The fund’s portfolio managers are keeping a close watch on the U.S. economy. Portfolio managers continue to favor more stable, high-dividend-paying companies that are likely to hold up better in weak markets, while providing consistent income and remain optimistic that our global research will help us identify attractive long-term investment opportunities.

Largest equity securities Percent of net assets

AbbVie	7.70	%
Abbott Laboratories	5.19
Lowe’s	3.58
Amgen	3.43
Microsoft	3.30

Intel	3.22	%
EOG Resources	2.95
Gilead Sciences	2.93
Philip Morris International	2.78
QUALCOMM	2.72

14      American Funds Insurance Series

Blue Chip Income and Growth Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since July 5, 2001)			Expense ratio
Class 1		-8.45	%		7.55	%		12.12	%		5.91	%		.41	%
Class 1A		-8.67			7.30			11.85			5.65			.66
Class 2		-8.66			7.28			11.86			5.64			.66
Class 4		-8.92			7.01			11.63			5.41			.91

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008, and from February 1, 2014, through

January 31, 2015. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      15

Global Growth and Income Fund

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

Global Growth and Income Fund declined 9.36% for the 12 months ended December 31, 2018, compared with a 9.42% decrease in its benchmark index, 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.

Global stocks, as measured by the MSCI ACWI, ended the year in negative territory hurt by slowing economic growth, increased volatility and higher interest rates in the U.S. While ongoing turmoil over the U.K.’s departure from the European Union weighed on European stocks, a combination of a stronger U.S. dollar and heightened U.S.-China trade frictions impacted emerging markets equities. Cyclical stocks posted the biggest losses, underscored by double-digit declines in the financials, industrials and materials sectors.

Several sectors including health care contributed to the fund’s returns. Health care companies UnitedHealth Group and Centene rallied on solid earnings reports and were among the top contributors to results. On the downside, investments in information technology – representing the fund’s largest sector holding – were a drag on relative results led by PagSeguro and AAC Technologies Holdings, losing ground as a broad selloff continued in the formerly high-flying sector.

With quantitative easing programs ending or set to end and slower economic growth in the U.S. and Europe, the fund’s portfolio managers remain cautiously optimistic about prospects for the global economy. Portfolio managers continue to invest based on a bottom-up approach to long-term investing and believe they can uncover promising companies with sustainable dividends and income.

Country diversification Percent of net assets

The Americas
United States	37.5	%
Brazil	6.0
Canada	1.5
Other	.2
	45.2
Europe
France	6.5
United Kingdom	5.8
Switzerland	3.7
Germany	2.6
Denmark	2.1
Netherlands	2.1
Spain	1.2
Italy	1.0	%
Other	1.6
	26.6

Asia/Pacific Basin
Japan	6.8
Taiwan	3.8
India	3.6
China	2.3
Hong Kong	1.6
Australia	1.3
Other	2.2
	21.6
Other regions
Israel	.5	%
Short-term securities & other assets less liabilities	6.1
Total	100.0	%

Largest equity securities Percent of net assets

Nintendo	4.24	%
TSMC	3.85
UnitedHealth Group	3.74
Airbus Group	3.12
Reliance Industries	2.83

Vale	2.49	%
Microsoft	2.33
Nestlé	2.18
Alphabet	2.04
Broadcom	2.04

16      American Funds Insurance Series

Global Growth and Income Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since May 1, 2006)			Expense ratio
Class 1		-9.36	%		5.26	%		10.84	%		5.87	%		.63	%
Class 1A		-9.62			5.03			10.59			5.62			.88
Class 2		-9.63			4.97			10.56			5.60			.88
Class 4		-9.89			4.71			10.31			5.36			1.13

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from May 1, 2006, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      17

Growth-Income Fund

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

Growth-Income Fund lost 1.55% for the 12 months ended December 31, 2018. Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, declined 4.38%.

U.S. equities declined for the first calendar year since 2008. Concerns over trade conflicts, slowing global growth and high valuations contributed to persistent volatility. Energy and materials companies were further pressured by falling commodity prices. While growth-oriented stocks performed relatively better than defensive stocks, many companies experienced wild swings throughout the year.

Regarding the fund, investments in the consumer discretionary sector contributed the most to the fund’s relative returns. Among consumer discretionary companies, Amazon reported strong third-quarter earnings that beat analyst estimates thanks to its cloud and advertising segments. On the downside, investments in the energy sector, such as EOG Resources and Schlumberger, detracted from the fund’s results as oil prices plummeted on concerns of a glut.

Largest equity holdings Percent of net assets

Microsoft	3.30	%
Alphabet	2.32
AbbVie	2.25
Facebook	2.18
UnitedHealth Group	1.91

Amazon	1.76	%
Broadcom	1.69
JPMorgan Chase	1.63
Intel	1.56
Gilead Sciences	1.49

18      American Funds Insurance Series

Growth-Income Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		-1.55	%		8.79	%		13.26	%		11.06	%		.28	%
Class 1A		-1.78			8.53			12.98			10.78			.53
Class 2		-1.79			8.51			12.98			10.78			.53
Class 3		-1.72			8.59			13.05			10.86			.46
Class 4		-2.05			8.24			12.71			10.51			.78

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      19

International Growth and Income Fund

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

International Growth and Income Fund declined 11.00% for the 12 months ended December 31, 2018, compared to the 14.20% decline in its benchmark index, the MSCI ACWI (All Country World Index) ex USA,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 excluding the U.S.).

Global stocks, as measured by the MSCI ACWI, ended the year in negative territory hurt by slowing economic growth, increased volatility and higher interest rates in the U.S. While ongoing turmoil over the U.K.’s departure from the European Union weighed on European stocks, a combination of a stronger U.S. dollar and heightened U.S.-China trade frictions impacted emerging markets equities. Cyclical stocks posted the biggest losses, underscored by double-digit declines in the financials, industrials and materials sectors.

An eclectic mix of stocks contributed to the fund’s relative returns led by companies in the industrials and utilities sectors. Danish energy group Ørsted recorded double-digit returns and was among the top contributors to the fund’s returns as the company reported strong third-quarter profits from operational wind farms. On the downside, investments in the consumer staples sector was a weak spot. British American Tobacco detracted from relative results amid pressure from competition and regulation.

The fund’s portfolio managers continue to monitor global geopolitics that may derail economic growth, and are optimistic that global research combined with the fund’s flexible mandate will help us identify attractive investment opportunities.

Country diversification Percent of net assets

Europe
United Kingdom		20.4	%
France		9.5
Switzerland		5.3
Germany		4.1
Spain		3.1
Denmark		2.2
Sweden		1.9
Netherlands		1.5
Russian Federation		1.3
Norway		1.0
Other		.7
	51.0
Asia/Pacific Basin
China		7.4	%
Japan		7.4
Hong Kong		6.5
India		4.0
South Korea		3.0
Philippines		1.1
Thailand		1.0
Other		1.5
		31.9

The Americas
Brazil		3.1
Other		1.7
		4.8
Other regions
Turkey		1.8	%
Other		.8
	2.6
Short-term securities & other assets less liabilities		9.7
Total		100.0	%

Largest equity securities Percent of net assets

Royal Dutch Shell	4.56	%
Shire	4.04
Rio Tinto	3.11
HDFC Bank	2.79
Novartis	2.72

British American Tobacco	2.56	%
Sun Hung Kai Properties	2.37
Ørsted	2.20
CK Asset Holdings	2.15
Zurich	2.06

20      American Funds Insurance Series

International Growth and Income Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since November 18, 2008)			Expense ratio
Class 1		-11.00	%		0.83	%		7.19	%		8.05	%		.66	%
Class 1A		-11.24			0.60			6.93			7.79			.91
Class 2		-11.23			0.58			6.92			7.77			.91
Class 4		-11.46			0.33			6.69			7.54			1.16

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from November 18, 2008, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019

(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.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      21

Capital Income Builder^®

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

Capital Income Builder, a mix of stocks and bonds, lost 6.77% for the 12 months ended December 31, 2018. 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), declined 9.42%. The Bloomberg Barclays U.S. Aggregate Index,² which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, was virtually unchanged and returned 0.01%. The index blend of 70%/30% MSCI

ACWI/Bloomberg Barclays U.S. Aggregate Index³ lost 6.48%. The Lipper Global Equity Income Funds Average⁴, a measure of similar funds, fell 9.41%.

U.S. equities declined for the first calendar year since 2008. Concerns over trade conflicts, slowing global growth and high valuations contributed to persistent volatility. Energy and materials companies were further pressured by falling commodity prices. While growth-oriented stocks performed relatively better than defensive stocks, many companies experienced wild swings throughout the year. In a turbulent year, a fourth quarter rally helped bonds outperform other asset classes.

In the equity portfolio, the best contributors to the fund in relative terms were the financials and real estate sectors. A mix of stocks such as CME Group and American Tower contributed to results on the back of strong third quarter earnings that beat analyst estimates. The fund’s fixed income portfolio was also additive to results and benefited from duration positioning.

On the downside, the consumer staples sector, which comprised the second-largest share of the fund’s equity holdings, detracted from returns. Tobacco firms Philip Morris International and British American Tobacco fell due to competition from next-generation smoking products, such as JUUL.

The current market environment is rife with uncertainty. Given that the U.S. is late in the economic cycle, the fund’s portfolio managers are paying close attention to companies’ leverage and are more sharply focused on monitoring balance sheets. They seek to avoid companies that take on debt to pay dividends, and are focused on identifying companies with strong business models and a commitment to paying and growing dividends over time. Higher interest rates should also allow portfolio managers to reinvest bond coupon payments into higher yielding securities, thereby generating more income from the bond portfolio.

Country diversification Percent of net assets

The Americas
United States	56.1	%
Canada	2.6
	58.7
Europe
United Kingdom	12.4
France	3.4
Switzerland	2.9
Sweden	2.0
Italy	1.5
Netherlands	1.0
Other	2.7
	25.9

Asia/Pacific Basin
Hong Kong	3.1	%
Taiwan	2.3
Japan	1.3
Singapore	1.2
New Zealand	1.0
Other	.4
	9.3
Short-term securities & other assets less liabilities	6.1
Total	100.0	%

22      American Funds Insurance Series

Capital Income Builder

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			Lifetime (since May 1, 2014)			Expense ratio
Class 1		-6.77	%		1.82	%		.54	%
Class 1A		-7.01			1.57			.79
Class 2		-7.08			1.68			.79
Class 4		-7.25			1.31			1.04

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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  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: Thomson Reuters Lipper.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      23

Asset Allocation Fund

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

Asset Allocation Fund, which is a mix of stocks and bonds, fell 4.35% for the 12 months ended December 31, 2018. Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, declined 4.38% over the same period, while the Bloomberg Barclays U.S. Aggregate Index,² which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, returned 0.01%. A blend of the two indexes, the 60%/40% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index,³ slipped 2.35%.

U.S. equities declined for the first time since 2008. Concerns over trade conflicts, slowing global growth and high valuations contributed to persistent volatility. Energy and materials companies were further pressured by falling commodity prices. While growth-oriented stocks performed relatively better than defensive stocks, many companies experienced wild swings throughout the year. In a turbulent year, a fourth quarter rally helped bonds outperform other asset classes.

Investments in the health care sector – one of the fund’s largest sector holdings – contributed to the fund’s returns. Molina Healthcare, UnitedHealth Group and Express Scripts boosted results, as all three companies had double-digit returns, which were on the back of strong third-quarter earnings for UnitedHealth Group and Express Scripts. On the downside, energy stocks detracted from returns as oil prices slipped due to fears of growing U.S. output and weaker global demand. The fund’s fixed income holdings were also a drag on returns due to curve positioning.

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.

Largest equity securities Percent of net assets

Microsoft	2.88	%
TSMC	2.26
Broadcom	2.21
UnitedHealth Group	2.19
Johnson & Johnson	1.95

DowDuPont	1.81	%
Boeing	1.60
Philip Morris International	1.58
Nestlé	1.47
Cigna	1.40

24      American Funds Insurance Series

Asset Allocation Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since August 1,1989)			Expense ratio
Class 1		-4.35	%		5.60	%		10.44	%		8.22	%		.29	%
Class 1A		-4.58			5.35			10.17			7.95			.54
Class 2		-4.60			5.33			10.16			7.95			.54
Class 3		-4.49			5.41			10.24			8.03			.47
Class 4		-4.83			5.07			9.93			7.70			.79

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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: Bloomberg Index Services Ltd.

³  Data sources: S&P Dow Jones Indices LLC and Bloomberg Index Services Ltd. The 60%/40% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index blends the S&P 500 with the Bloomberg Barclays U.S. Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. This assumes the blend is rebalanced monthly.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      25

Global Balanced Fund

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

Global Balanced Fund declined 5.81% for the 12 months ended December 31, 2018. 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), lost 9.42%, while the Bloomberg Barclays Global Aggregate Index,² a measure of global investment-grade bonds (rated BBB/Baa and above), fell 1.20%. The 60%/40% MSCI ACWI/ Bloomberg Barclays Global Aggregate Index3, a blend of the two indexes, slipped 6.00%.

Global stocks, as measured by the MSCI ACWI, ended the year in negative territory hurt by slowing economic growth, increased volatility and higher interest rates in the U.S. While ongoing turmoil over the U.K.’s departure from the European Union weighed on European stocks, a combination of a stronger U.S. dollar and heightened U.S.-China trade frictions impacted emerging markets equities.

Investments in the health care sector boosted the fund’s returns led by companies such as U.S. health insurer Humana. The company’s shares hit new highs on the back of strong third-quarter earnings and amid a wider boost to the health insurance sector following U.S. congressional mid-term elections.

On the flip side, investments in consumer staples companies hindered results. In particular, tobacco companies were hurt by concerns about nicotine regulation in the U.S. and increased competition. Fixed income investments also detracted from returns led by the fund’s exposure to emerging market debt.

While there is reason for caution in the global outlook, there are broad themes that offer the fund’s portfolio managers investment opportunities. Equity investments in health care and technology can provide exposure to innovations with significant growth potential. Within fixed income, portfolio managers see pockets of opportunities in emerging markets, such as Mexico and Poland, where selling in response to higher rates belies underlying strengths.

Percent of net assets Percent of net assets

Largest sectors in common stock holdings
Information technology	11.3	%
Financials	8.1
Health care	7.5
Industrials	6.8
Energy	5.0

Largest fixed income holdings (by issuer)
U.S. Treasury	12.5	%
Japanese Government	4.3
Mexican Government	1.2
Polish Government	1.1
Fannie Mae	1.1

Currency diversification Percent of net assets

	Equity securities			Bonds & notes			Forward currency contracts			Short-term securities & other assets less liabilities			Total
U.S. dollars		29.2	%		21.3	%		.3	%		6.3	%		57.1	%
Euros		7.4			3.6			.4			—			11.4
Japanese yen		2.8			4.3			.7			—			7.8
British pounds		6.3			.7			.7			—			7.7
Hong Kong dollars		2.5			—			—			—			2.5
Swiss francs		2.1			—			—			—			2.1
Danish kroner		1.0			.6			—			—			1.6
Taiwan new dollar		1.5			—			—			—			1.5
Other currencies		3.9			6.5			(2.1	)		—			8.3
														100.0	%

Largest equity securities Percent of net assets

Nintendo	1.55	%
ASML	1.54
TSMC	1.46
Merck	1.39
Microsoft	1.34

Boeing	1.34	%
JPMorgan Chase	1.29
Humana	1.28
HSBC Holding	1.22
PagSeguro	1.13

26      American Funds Insurance Series

Global Balanced Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year		5 years			Lifetime (since May 2, 2011)			Expense ratio
Class 1		-5.81		3.66	%		4.75	%		.72	%
Class 1A		-6.03		3.43			4.51			.97
Class 2		-6.01		3.40			4.49			.97
Class 4		-6.31		3.29			4.38			1.22

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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  Source: Bloomberg Index Services Ltd.

³  Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/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.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      27

Bond Fund

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

Bond Fund slipped 0.45% for the 12 months ended December 31, 2018. In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Index,¹ which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, was flat and returned 0.01%.

Rising yields made for mixed results across bond sectors as the 10-year Treasury yield rose 29 basis points. The Federal Reserve hiked the federal funds target rate four times this year to a range of 2.25% to 2.50% on the back of a strong labor market and solid economic growth.

The fund’s exposure to higher-yielding securities contributed to results. Bond investments across a mix of issuers and sectors exposed the fund to idiosyncratic risks and an underweight position in U.S. Treasuries detracted from results.

On the whole, the U.S. economy appears to be in good shape and is expected to grow at a moderate pace. The Fed is well ahead of its peers on its path to monetary policy normalization that may help contribute to a more stable environment for interest rate hikes. The fund’s portfolio managers are optimistic about total returns against such a backdrop and for investing in a spectrum of U.S. fixed income securities.

Largest holdings (by issuer) Percent of net assets

U.S. Treasury	28.9	%
Fannie Mae	12.3
Freddie Mac	5.5
Ginnie Mae	4.8
Mexican Government	2.6

Teva Pharmaceutical	1.7	%
State of Illinois	1.3
Portuguese Government	1.3
Bank of America	1.1
Japanese Government	1.1

28      American Funds Insurance Series

Bond Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since January 2, 1996)			Expense ratio
Class 1		-0.45	%		2.52	%		4.16	%		4.51	%		.38	%
Class 1A		-0.60			2.29			3.91			4.26			.63
Class 2		-0.71			2.27			3.90			4.25			.63
Class 4		-0.89			2.03			3.66			4.00			.88

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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: Bloomberg Index Services Ltd.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      29

Global Bond Fund

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

Global Bond Fund slipped 1.14% for the 12 months ended December 31, 2018. This was in line with the fund’s benchmark, the Bloomberg Barclays Global Aggregate Index,¹ which measures global investment-grade bonds (rated BBB/Baa and above) that declined 1.20%.

U.S. Treasury bonds rose modestly, boosted by safe-haven buying as volatile financial markets sent investors fleeing for cover. The positive gains, however, masked a more tumultuous year as rising U.S. interest rates jolted markets around the world. The U.S. dollar also strengthened in response to higher rates and quantitative tightening. Investment-grade and high-yield corporate bonds finished the year in negative territory, as did emerging markets debt. Meanwhile, the Federal Reserve hiked the federal funds target rate four times this year to a range of 2.25% to 2.50%.

Country allocation contributed the most to the fund’s relative returns, driven by above-benchmark investments in Polish, Indian and Brazilian debt. On the downside, duration positioning and currency exposure hampered returns. Emerging market currencies were particularly under pressure due to a stronger dollar, and investments in the Indian rupee hindered results.

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 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.

Percent of net assets

Currency weighting (after hedging) by country Non-U.S. government bonds by country

United States2	47.5	%
Japan	16.9
Eurozone3	15.7
United Kingdom	5.0
Mexico	3.6
Poland	2.5
Denmark	1.7
Other	7.1
Total	100.0	%

Eurozone3:
Germany	2.7	%
Spain	2.0
Italy	1.4
Other	2.0
	8.1	%
Japan	11.9
Poland	3.8
Mexico	3.5
India	2.2
United Kingdom	2.0
Brazil	1.6
Romania	1.6
Thailand	1.3
Other	11.7
Total	47.7	%

Largest holdings (by issuer) Percent of net assets

U.S. Treasury	18.2	%
Japanese Government	11.9
Mexican Government	3.9
Polish Government	3.8
Nykredit Realkredit	3.1

Fannie Mae	2.6	%
German Government	2.5
Indian Government	2.0
Spanish Government	2.0
Brazilian Government	1.7

30      American Funds Insurance Series

Global Bond Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since October 4, 2006)			Expense ratio
Class 1		-1.14	%		1.31	%		3.04	%		3.75	%		.57	%
Class 1A		-1.29			1.10			2.80			3.51			.82
Class 24		-1.33			1.04			2.78			3.49			.82
Class 4		-1.61			0.80			2.57			3.27			1.07

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from October 4, 2006, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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: Bloomberg Index Services Ltd.

² Includes U.S. dollar-denominated debt of other countries, totaling 13.7%.

³  Countries using the euro as a common currency; those represented in the fund’s portfolio are France, Germany, Greece, Ireland, Italy, Portugal and Spain.

⁴ Global 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, 2018 Percent of net assets

American Funds Insurance Series      31

High-Income Bond Fund

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

High-Income Bond Fund declined 2.15% for the 12 months ended December 31, 2018. In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index,¹ which measures non-investment-grade bonds and limits the exposure of an issuer to 2%, fell 2.08%.

Rising yields made for mixed results across bond sectors as the 10-year Treasury yield rose 29 basis points. The Federal Reserve hiked the federal funds target rate four times this year to a range of 2.25% to 2.50% on the back of a strong labor market and solid economic growth.

While the fund’s returns were in line with the benchmark, an allocation to select industries contributed to relative returns - an underweight position in consumer cyclicals and an overweight position in technology boosted results.

The fund’s portfolio managers continue to believe current fundamentals support a mildly constructive outlook for the high-yield market. While we are monitoring the Federal Reserve’s tightening monetary policy, the higher yields and relatively short duration of high-yield bonds should help mitigate any impact from rising rates.

Largest holdings (by issuer) Percent of net assets

Bausch Health Companies	2.6	%
Tenet Healthcare	1.9
Cheniere Energy	1.9
Frontier Communications	1.8
First Quantum Minerals	1.8

iHeartMedia, Inc.	1.6	%
Petsmart	1.5
Cleveland-Cliffs	1.4
CCO Holdings LLC and CCO Holdings Capital	1.3
Gogo	1.2

32      American Funds Insurance Series

High-Income Bond Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		-2.15	%		3.01	%		8.79	%		8.55	%		.50	%
Class 1A		-2.35			2.78			8.53			8.28			.75
Class 2		-2.34			2.77			8.51			8.28			.75
Class 3		-2.33			2.82			8.58			8.35			.68
Class 4		-2.64			2.50			8.30			8.02			1.00

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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: Bloomberg Index Services Ltd.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      33

Mortgage Fund

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

Mortgage Fund gained 0.58% for the 12 months ended December 31, 2018, while the Bloomberg Barclays U.S. Mortgage-Backed Securities Index,¹ which covers the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac, rose 0.99%.

Rising yields made for mixed results across bond sectors as the 10-year Treasury yield rose 29 basis points. The Federal Reserve hiked the federal funds target rate four times this year to a range of 2.25% to 2.50% on the back of a strong labor market and solid economic growth.

The fund’s allocation to Treasuries, Agency debentures, and high-quality liquid asset-backed securities contributed to relative results as agency mortgage-backed securities lagged some of the other sectors during the calendar year. Duration had little impact and on the downside the fund’s yield curve position detracted from results.

The fund’s portfolio managers remain focused on meeting the core objectives of the fund - providing current income and protecting capital. The fund’s relatively low allocation to agency mortgage-backed securities, combined with an interest rate stance that anticipates that the yield curve will steepen, are positions that the portfolio managers expect will contribute to relative results in the future as markets evolve. As the Fed continues to withdraw liquidity by divesting Treasuries and mortgage securities from its balance sheet, more attractive valuations for mortgage investments are expected to emerge.

Breakdown of mortgage-backed obligations Percent of net assets

30-year pass-throughs:
Freddie Mac	6.3	%
Ginnie Mae	21.5
Fannie Mae	18.1
	45.9	%
Other	26.0
Total	71.9	%

34      American Funds Insurance Series

Mortgage Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			Lifetime (since May 2, 2011)			Expense ratio
Class 1		0.58	%		2.42	%		2.34	%		.48	%
Class 1A		0.36			2.17			2.09			.73
Class 2		0.32			2.16			2.09			.73
Class 4		0.07			1.92			1.91			.98

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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: Bloomberg Index Services Ltd.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      35

Ultra-Short Bond Fund

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

Ultra-Short Bond Fund gained 1.58% for the 12 months ended December 31, 2018, compared with a 1.99% rise in the Bloomberg Barclays Short-Term Government/Corporate Index,¹ 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.

The fund’s returns were higher than in 2017 as the Federal Reserve continued on its path to reducing the size of its balance sheet, raising rates by a quarter percentage point four times over the past 12 months, to the current range of 2.25% to 2.50%. Given an increase in interest rates to reassure investors of persistent U.S. economic strength, the fund’s portfolio managers believe the fund has the potential to provide current income.

36      American Funds Insurance Series

Ultra-Short Bond Fund

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		1.58	%		0.37	%		0.10	%		3.44	%		.35	%
Class 1A		1.58			0.23			–0.10			3.19			.60
Class 2		1.36			0.13			–0.15			3.18			.60
Class 3		1.38			0.18			–0.09			3.25			.53
Class 4		1.14			–0.06			–0.33			2.94			.85

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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: Bloomberg Index Services Ltd.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

Commercial paper	69.8	%
U.S Treasury bills	24.4
Federal agency discount notes	5.9
Other assets less liabilities	(.1	)
Total	100.0	%

American Funds Insurance Series      37

U.S. Government/AAA-Rated Securities Fund

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

U.S. Government/AAA-Rated Securities Fund rose 0.91% for the 12 months ended December 31, 2018, while the Bloomberg Barclays U.S. Government/Mortgage-Backed Securities Index,¹ which covers obligations issued by the U.S. Treasury and U.S. government agencies, increased by 0.93%.

Rising yields made for mixed results across bond sectors as the 10-year Treasury yield rose 29 basis points. The Federal Reserve hiked the federal funds target rate four times this year to a range of 2.25% to 2.50% on the back of a strong labor market and solid economic growth.

During the period, curve positioning led by higher yields contributed to relative returns. On the downside, TIPS (Treasury inflation protected securities) detracted from relative returns as inflation expectations fell in the fourth quarter of 2018.

The fund strives to meet its objective of providing a high level of current income consistent with the preservation of capital. The fund’s portfolio managers have positioned the fund with the expectation that rate hikes in the near future will be at a gradual pace and believe this can lead to a steepening yield curve and higher inflation expectations.

Breakdown of mortgage-backed obligations Percent of net assets

30-year pass-throughs:
Fannie Mae	12.3	%
Ginnie Mac	4.7
Freddie Mac	2.5
	19.5	%
15-year pass-throughs	2.3
Other	6.8
Total	28.6	%

38      American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			10 years			Lifetime (since December 2, 1985)			Expense ratio
Class 1		0.91	%		2.26	%		2.69	%		5.71	%		.36	%
Class 1A		0.70			2.04			2.45			5.45			.61
Class 2		0.73			2.01			2.44			5.45			.61
Class 3		0.71			2.07			2.50			5.52			.54
Class 4		0.50			1.75			2.22			5.20			.86

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008, and from July 1, 2010, through

December 31, 2010. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019 (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: Bloomberg Index Services Ltd.

Where the fund’s assets were invested as of December 31, 2018 Percent of net assets

American Funds Insurance Series      39

Managed Risk Growth Fund

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

The fund slipped 0.04% for the 12 months ended December 31, 2018. Standard & Poor’s 500 Managed Risk Index — Moderate Aggressive¹ fell 2.51%. Standard & Poor’s 500 Composite Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, lost 4.38%.

The fund pursues its objective by investing in shares of American Funds Insurance Series — Growth Fund^SM and American Funds Insurance Series — Bond Fund^SM while 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 Growth Fund.

The underlying Growth Fund’s investments in consumer discretionary added to returns, while investments in communication services detracted from the fund’s results.

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–0.04	%		7.94	%		.77	%		.72	%
Class P2		–0.37			7.62			1.02			.97

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.

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

40      American Funds Insurance Series

Managed Risk International Fund

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

The fund declined 10.11% for the 12 months ended December 31, 2018, compared to the S&P EPAC Ex. Korea LargeMidCap Managed Risk Index — Moderate Aggressive,¹ which fell 10.15%. The MSCI ACWI (All Country World Index) ex USA,² 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.), decreased by 14.20%.

The fund pursues its objective by investing in shares of American Funds Insurance Series — International Fund^SM and American Funds Insurance Series — Bond Fund^SM while 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 International Fund.

The underlying International Fund’s investments in the financials sector added to returns, while investments in the consumer staples sector hindered the fund’s results.

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–10.11	%		1.66	%		.96	%		.87	%
Class P2		–10.50			1.25			1.21			1.12

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.

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

American Funds Insurance Series      41

Managed Risk Blue Chip Income and Growth Fund

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

The fund lost 6.99% for the 12 months ended December 31, 2018, trailing the S&P 500 Managed Risk Index — Moderate,¹ which fell 2.13%. Standard & Poor’s 500 Composite Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, decreased by 4.38%.

The fund pursues its objective by investing in shares of American Funds Insurance Series — Blue Chip Income and Growth Fund^SM and American Funds Insurance Series — U.S. Government/AAA-Rated Securities Fund^SM while 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 Blue Chip Income and Growth Fund.

The underlying Blue Chip Income and Growth Fund’s investments in consumer staples stocks detracted the most from the fund’s results.

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–6.99	%		4.28	%		5.89	%		.82	%		.77	%
Class P2		–7.38			3.87			5.50			1.07			1.02

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.

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

42      American Funds Insurance Series

Managed Risk Growth-Income Fund

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

The fund slipped 1.66% for the 12 months ended December 31, 2018, compared to the S&P 500 Managed Risk Index — Moderate,¹ which declined 2.13%. Standard & Poor’s 500 Composite Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, decreased by 4.38%.

The fund pursues its objective by investing in shares of American Funds Insurance Series — Growth-Income Fund^SM and American Funds Insurance Series — Bond Fund^SM while 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 Growth-Income Fund.

The underlying Growth-Income Fund’s investments in the consumer discretionary sector contributed the most to the fund’s relative returns, while investments in the information technology sector detracted the most from the fund’s relative results.

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–1.66	%		5.08	%		7.27	%		.73	%		.67	%
Class P2		–1.97			4.73			6.93			.98			.92

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.

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

American Funds Insurance Series      43

Managed Risk Asset Allocation Fund

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

The fund declined 4.63% for the 12 months ended December 31, 2018, trailing the S&P 500 Managed Risk Index — Moderate Conservative,¹ which lost 1.88%. Standard & Poor’s 500 Composite Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, fell 4.38%.

The fund pursues its objective by investing in shares of American Funds Insurance Series — Asset Allocation Fund^SM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. 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 Asset Allocation Fund.

The fund’s underlying investments in the industrials sector contributed the most to relative returns, while investments in the energy sector hindered results the most.

44      American Funds Insurance Series

Managed Risk Asset Allocation Fund

How a $10,000 investment has grown

Average annual total returns based on a $1,000 investment For periods ended December 31, 2018

	1 year			5 years	Lifetime (since September 28, 2012)	Gross expense ratio	Net expense ratio
Class P1		–4.63	%	3.86%	6.45%	.69%	.64%
Class P2		–4.89		3.58	6.18	.94	.89

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.

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

American Funds Insurance Series      45

Global Growth Fund

Summary investment portfolio December 31, 2018

Common stocks 94.37%

	Shares		Value (000)
Information technology 24.34%
Taiwan Semiconductor Manufacturing Co., Ltd.1		27,188,000		$ 197,997
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		335,000		12,365
ASML Holding NV		648,442		101,904
ASML Holding NV (New York registered)		517,300		80,502
Microsoft Corp.		1,583,100		160,795
Visa Inc., Class A		1,142,800		150,781
Broadcom Inc.		487,050		123,847
Temenos AG1		637,000		76,403
Paycom Software, Inc.2		357,000		43,715
Amadeus IT Group SA, Class A, non-registered shares		486,200		33,892
Adobe Inc.2		135,000		30,542
Other securities				326,242
				1,338,985
Consumer discretionary 17.99%
Amazon.com, Inc.2		228,600		343,350
Alibaba Group Holding Ltd. (ADR)2		931,050		127,619
NIKE, Inc., Class B		562,500		41,704
Home Depot, Inc.		236,800		40,687
Just Eat PLC2		5,292,000		39,581
Booking Holdings Inc.2		22,700		39,099
Ocado Group PLC2		3,115,000		31,366
Moncler SpA1		915,000		30,352
Other securities				296,182
				989,940
Health care 12.51%
UnitedHealth Group Inc.		324,200		80,765
Merck & Co., Inc.		886,000		67,699
Boston Scientific Corp.2		1,638,200		57,894
Elanco Animal Health Inc.2		1,799,658		56,743
AstraZeneca PLC		721,300		53,995
Sartorius AG, nonvoting preferred, non-registered shares1		381,500		47,577
Mettler-Toledo International Inc.2		65,000		36,763
Cigna Corp.		177,511		33,713
Hologic, Inc.2		800,000		32,880
Fisher & Paykel Healthcare Corp. Ltd.		3,680,000		32,110
Other securities				188,418
				688,557
Communication services 10.57%
Alphabet Inc., Class A2		116,500		121,738
Alphabet Inc., Class C2		71,052		73,582
Nintendo Co., Ltd.1		345,600		92,022
Naspers Ltd., Class N		379,000		76,189
Tencent Holdings Ltd.		1,800,000		72,179
Facebook, Inc., Class A2		408,000		53,485
SoftBank Group Corp.1		776,000		51,643
Other securities				40,753
				581,591
Financials 10.39%
AIA Group Ltd.		15,004,900		124,554
JPMorgan Chase & Co.		853,600		83,328
Kotak Mahindra Bank Ltd.		3,471,000		62,470
MarketAxess Holdings Inc.		211,000		44,586
Société Générale		1,234,350		39,345
Other securities				217,484
				571,767

46      American Funds Insurance Series

Global Growth Fund

Common stocks

	Shares		Value (000)
Consumer staples 6.94%
Nestlé SA1		739,650		$60,038
Coca-Cola European Partners PLC		1,194,500		54,768
British American Tobacco PLC		1,710,800		54,514
Philip Morris International Inc.		602,200		40,203
Other securities				172,025
				381,548
Industrials 6.15%
Airbus SE, non-registered shares		1,093,500		105,192
Other securities				233,387
				338,579
Materials 2.82%
Sherwin-Williams Co.		155,500		61,183
Other securities				94,160
				155,343
Energy 2.66%
Royal Dutch Shell PLC, Class B		1,042,000		31,078
Other securities				115,155
				146,233
Total common stocks (cost: $3,929,871,000)				5,192,543

Short-term securities 5.35%

	Principal amount (000)
Federal Home Loan Bank 2.15%–2.29% due 1/2/2019–1/10/2019	$	60,100		60,080
Nestle Capital Corp. 2.68% due 3/19/20193		40,000		39,778
Toronto-Dominion Bank 2.65% due 2/20/20193		50,000		49,815
U.S. Treasury Bills 2.37% due 2/12/2019		50,000		49,868
Other securities				94,832
Total short-term securities (cost: $294,370,000)				294,373
Total investment securities 99.72% (cost: $4,224,241,000)				5,486,916
Other assets less liabilities 0.28%				15,237
Net assets 100.00%			$	5,502,153

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

^“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $1,042,869,000, which represented 18.95% of the net assets of the fund. This amount includes $1,012,346,000 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 or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $168,168,000, which represented 3.06% of the net assets of the fund.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements

American Funds Insurance Series      47

Global Small Capitalization Fund

Summary investment portfolio December 31, 2018

Common stocks 88.97%

	Shares		Value (000)
Health care 21.25%
GW Pharmaceuticals PLC (ADR)1		823,718		$80,222
Insulet Corp.1		860,355		68,243
Allakos Inc.1,2		886,580		46,341
Molina Healthcare, Inc.1		381,000		44,280
iRhythm Technologies, Inc.1		614,905		42,724
Integra LifeSciences Holdings Corp.1		926,365		41,779
Evolent Health, Inc., Class A1		1,545,000		30,823
Illumina, Inc.1		100,200		30,053
NuCana PLC (ADR)1,2,3		2,067,724		29,982
China Biologic Products Holdings, Inc.1,2		360,000		27,328
Haemonetics Corp.1		242,825		24,295
CONMED Corp.		332,500		21,346
Other securities				289,222
				776,638
Information technology 15.61%
Paycom Software, Inc.1		428,885		52,517
Mellanox Technologies, Ltd.1		389,200		35,954
Qorvo, Inc.1		510,300		30,991
Cree, Inc.1		711,507		30,435
HubSpot, Inc.1		229,100		28,805
Ceridian HCM Holding Inc.1,2		801,777		27,653
Other securities				363,983
				570,338
Industrials 14.49%
International Container Terminal Services, Inc.4		22,581,620		42,947
Nihon M&A Center Inc.4		1,667,392		33,670
frontdoor, inc.1		903,000		24,029
Bravida Holding AB4		3,229,000		22,319
Other securities				406,656
				529,621
Consumer discretionary 13.40%
Five Below, Inc.1		423,000		43,281
Melco International Development Ltd.		15,579,000		31,753
Mattel, Inc.1,2		2,583,800		25,812
Domino’s Pizza, Inc.		100,000		24,799
ServiceMaster Global Holdings, Inc.1		658,750		24,202
Cedar Fair, LP		500,000		23,650
Hilton Grand Vacations Inc.1		851,000		22,458
Other securities				293,641
				489,596
Financials 8.66%
Kotak Mahindra Bank Ltd.		3,135,263		56,427
Essent Group Ltd.1		1,018,841		34,824
Trupanion, Inc.1,2		1,140,800		29,045
Cannae Holdings, Inc.1		1,625,000		27,820
Bharat Financial Inclusion Ltd.1		1,897,444		27,523
Other securities				140,992
				316,631
Materials 3.90%
Lundin Mining Corp.		6,820,000		28,175
Allegheny Technologies Inc.1		1,200,950		26,145
Other securities				88,349
				142,669

48      American Funds Insurance Series

Global Small Capitalization Fund

Common stocks

	Shares		Value (000)
Consumer staples 3.31%
Other securities			$	120,907
Communication services 2.54%
Entertainment One Ltd.		5,114,389		23,246
Other securities				69,377
				92,623
Energy 2.13%
Other securities				77,770
Real estate 2.02%
WHA Corp. PCL4		229,577,250		30,221
MGM Growth Properties LLC REIT, Class A		892,500		23,571
Other securities				19,934
				73,726
Utilities 1.66%
ENN Energy Holdings Ltd.		4,686,900		41,569
Other securities				19,216
				60,785
Total common stocks (cost: $2,973,377,000)				3,251,304
Bonds, notes & other debt instruments 0.13%	Principal amount (000)
U.S. Treasury bonds & notes 0.13%
U.S. Treasury 0.13%
Other securities				4,989
Total bonds, notes & other debt instruments (cost: $4,991,000)				4,989
Short-term securities 12.25%
Commercial paper 8.31%
National Australia Bank Ltd. 2.34% due 1/16/20195		$40,000		39,957
Sumitomo Mitsui Banking Corp. 2.57% due 2/15/20195		50,000		49,838
Canadian Imperial Bank of Commerce 2.56% due 1/15/20195		32,000		31,968
ExxonMobil Corp. 2.36% due 1/4/2019		50,000		49,987
Mizuho Bank, Ltd. 2.50% due 2/1/20195		62,400		62,261
United Overseas Bank Ltd. 2.71% due 3/4/20195		50,000		49,764
Other securities				19,894
				303,669
	Shares
Money market investments 1.49%
Fidelity Institutional Money Market Funds—Government Portfolio6		6,646		6,646
Goldman Sachs Financial Square Government Fund6		16,023		16,023
Invesco Short-Term Investments Trust—Government & Agency Portfolio6		29,254		29,254
Morgan Stanley Institutional Liquidity Funds—Government Portfolio6		2,513		2,513
				54,436

American Funds Insurance Series      49

Global Small Capitalization Fund

Short-term securities (continued)

	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. 1.00%
KfW 2.43% due 1/11/20195	$	28,600	$	28,579
Other securities				7,888
				36,467
Federal agency discount notes 0.82%
Federal Home Loan Bank 2.29% due 1/10/2019		30,000		29,984
U.S. Treasury bonds & notes 0.63%
U.S. Treasury Bills 2.35% due 2/7/2019		23,100		23,046
Total short-term securities (cost: $447,616,000)				447,602
Total investment securities 101.35% (cost: $3,425,984,000)				3,703,895
Other assets less liabilities (1.35)%				(49,381	)
Net assets 100.00%			$	3,654,514

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. One security in “Other securities” (with a value of $16,560,000, an aggregate cost of $8,280,000, and which represented .45% of the net assets of the fund) was acquired on 5/1/2015 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject it to legal or contractual restrictions on resale.

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings in that company represent 5% or more of the outstanding voting shares. The value of the fund’s holdings in affiliated companies is included in “Other securities” under the respective industry sectors in the summary investment portfolio. Further details on these holdings and related transactions during the year ended December 31, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 12/31/2018 (000)
Common stocks 0.82%
Health care 0.82%
NuCana PLC (ADR)1,2		416,620		1,651,104		—		2,067,724	$	—	$	(13,335	)	$	—	$	29,982
Consumer discretionary 0.00%
Hostelworld Group PLC7		6,212,000		—		6,212,000		—		2,632		(6,656	)		437		—
Total 0.82%									$	2,632	$	(19,991	)	$	437	$	29,982

50      American Funds Insurance Series

Global Small Capitalization Fund

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, including those in “Other securities,” was $67,607,000, which represented 1.85% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

³  Represents an affiliated company as defined under the Investment Company Act of 1940.

⁴  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $729,211,000, which represented 19.95% of the net assets of the fund. This amount includes $697,427,000 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.

⁵  Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $309,041,000, which represented 8.46% of the net assets of the fund.

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

⁷  Unaffiliated issuer at 12/31/2018.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements

American Funds Insurance Series      51

Growth Fund

Summary investment portfolio December 31, 2018

Common stocks 91.48%

	Shares		Value (000)
Information technology 21.29%
Microsoft Corp.		10,468,400	$	1,063,275
Broadcom Inc.		3,414,000		868,112
ASML Holding NV (New York registered)		1,278,400		198,944
ASML Holding NV		985,000		154,794
Visa Inc., Class A		2,650,400		349,694
Taiwan Semiconductor Manufacturing Co., Ltd.1		31,814,000		231,687
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		2,419,592		89,307
ServiceNow, Inc.2		1,653,000		294,317
Intel Corp.		4,769,400		223,828
Workday, Inc., Class A2		1,123,000		179,321
Samsung Electronics Co., Ltd.1		3,901,400		134,758
Paycom Software, Inc.2		1,028,500		125,940
RingCentral, Inc., Class A2		1,433,100		118,145
Other securities				958,728
				4,990,850
Health care 16.77%
UnitedHealth Group Inc.		3,377,000		841,278
Regeneron Pharmaceuticals, Inc.2		1,341,000		500,864
Intuitive Surgical, Inc.2		940,500		450,424
Humana Inc.		1,056,200		302,580
Centene Corp.2		2,014,700		232,295
Vertex Pharmaceuticals Inc.2		1,400,900		232,143
Boston Scientific Corp.2		4,791,000		169,314
Cigna Corp.		739,902		140,522
Thermo Fisher Scientific Inc.		622,100		139,220
Other securities				924,343
				3,932,983
Communication services 13.53%
Facebook, Inc., Class A2		7,518,400		985,587
Alphabet Inc., Class C2		532,700		551,670
Alphabet Inc., Class A2		157,500		164,581
Netflix, Inc.2		2,401,060		642,668
Charter Communications, Inc., Class A2		997,380		284,223
Comcast Corp., Class A		7,616,400		259,339
Activision Blizzard, Inc.		3,895,800		181,427
Other securities				103,032
				3,172,527
Consumer discretionary 13.10%
Amazon.com, Inc.2		531,016		797,570
Tesla, Inc.2		1,813,000		603,366
Home Depot, Inc.		2,568,237		441,274
NIKE, Inc., Class B		2,479,800		183,852
Ulta Beauty, Inc.2		700,000		171,388
Other securities				875,296
				3,072,746
Financials 9.72%
Wells Fargo & Co.		7,294,754		336,142
Berkshire Hathaway Inc., Class A2		410		125,460
BlackRock, Inc.		494,000		194,053
JPMorgan Chase & Co.		1,683,000		164,294
PNC Financial Services Group, Inc.		1,133,600		132,529
Intercontinental Exchange, Inc.		1,699,900		128,054
Goldman Sachs Group, Inc.		752,400		125,688
Legal & General Group PLC		40,158,246		118,239
Other securities				955,543
				2,280,002

52      American Funds Insurance Series

Growth Fund

Common stocks

	Shares		Value (000)
Industrials 5.14%
TransDigm Group Inc.2		717,100	$	243,857
MTU Aero Engines AG1		751,103		136,234
Other securities				824,453
				1,204,544
Energy 5.04%
Concho Resources Inc.2		2,421,560		248,912
EOG Resources, Inc.		2,182,000		190,292
Diamondback Energy, Inc.		1,189,000		110,220
Other securities				632,511
				1,181,935
Materials 2.68%
Linde PLC		705,000		110,008
Other securities				519,044
				629,052
Consumer staples 2.22%
Costco Wholesale Corp.		627,500		127,828
Other securities				391,450
				519,278
Real estate 1.59%
Equinix, Inc. REIT		433,500		152,835
Other securities				218,914
				371,749
Utilities 0.40%
Other securities				94,291
Total common stocks (cost: $14,970,485,000)				21,449,957
Convertible stocks 0.06%
Consumer discretionary 0.06%
Other securities				13,104
Total convertible stocks (cost: $10,650,000)				13,104

Short-term securities 8.29%

	Principal amount (000)
Federal Home Loan Bank 2.22%–2.39% due 1/7/2019–2/21/2019		$728,800		727,650
U.S. Treasury Bills 2.16%–2.43% due 1/2/2019–5/2/2019		689,200		686,594
Other securities				530,171
Total short-term securities (cost: $1,944,441,000)				1,944,415
Total investment securities 99.83% (cost: $16,925,576,000)				23,407,476
Other assets less liabilities 0.17%				40,385
Net assets 100.00%			$	23,447,861

American Funds Insurance Series      53

Growth Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. Some securities in “Other securities” (with an aggregate value of $50,104,000, an aggregate cost of $47,650,000, and which represented .21% of the net assets of the fund) were acquired from 5/22/2015 to 12/21/2018 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale. “Other securities“ also includes securities (with an aggregate value of $427,632,000, which represented 1.82% of the net assets of the fund) which were acquired in transactions exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $819,772,000, which represented 3.50% of the net assets of the fund. This amount includes $719,983,000 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.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements

54      American Funds Insurance Series

International Fund

Summary investment portfolio December 31, 2018

Common stocks 88.00%

	Shares		Value (000)
Financials 15.22%
AIA Group Ltd.		40,985,700		$340,217
HDFC Bank Ltd.		7,804,100		237,169
HDFC Bank Ltd. (ADR)		498,647		51,655
Kotak Mahindra Bank Ltd.		6,186,048		111,334
Axis Bank Ltd.1		7,399,300		65,700
Axis Bank Ltd.1,2,3,4		3,222,055		26,034
Prudential PLC		3,810,265		68,089
Credit Suisse Group AG2		5,523,789		60,403
Other securities				411,019
				1,371,620
Industrials 13.93%
Airbus SE, non-registered shares		2,926,849		281,555
Yamato Holdings Co., Ltd.2		4,239,395		116,573
Rolls-Royce Holdings PLC1		10,833,188		114,606
Adani Ports & Special Economic Zone Ltd.		14,643,483		81,319
SMC Corp.2		266,100		80,325
Ryanair Holdings PLC (ADR)1		991,700		70,748
Melrose Industries PLC		33,132,733		69,196
Safran SA		549,000		66,298
Other securities				374,728
				1,255,348
Health care 12.21%
Novartis AG2		3,279,000		280,111
Shire PLC		3,360,150		195,726
Teva Pharmaceutical Industries Ltd. (ADR)		7,166,598		110,509
Grifols, SA, Class B, preferred nonvoting, non-registered shares		3,026,230		55,962
Grifols, SA, Class A, non-registered shares		881,000		23,116
Grifols, SA, Class B (ADR)		793,690		14,572
Fresenius SE & Co. KGaA2		1,819,000		88,503
Chugai Pharmaceutical Co., Ltd.2		1,434,500		83,302
Daiichi Sankyo Co., Ltd.2		2,160,000		69,011
Hikma Pharmaceuticals PLC		2,761,980		60,410
Other securities				118,954
				1,100,176
Consumer discretionary 10.25%
Alibaba Group Holding Ltd. (ADR)1		1,104,000		151,325
Galaxy Entertainment Group Ltd.		18,284,000		116,282
Kering SA		176,551		83,260
Hyundai Motor Co.2		682,393		72,333
Industria de Diseño Textil, SA		2,566,027		65,710
Ryohin Keikaku Co., Ltd.2		248,400		59,976
Other securities				374,282
				923,168
Consumer staples 6.67%
Pernod Ricard SA		929,337		152,584
Nestlé SA2		1,003,500		81,454
Kirin Holdings Co., Ltd.2		3,139,000		65,793
British American Tobacco PLC		1,862,200		59,339
Other securities				242,250
				601,420
Communication services 6.52%
Tencent Holdings Ltd.		4,992,087		200,181
SoftBank Group Corp.2		1,283,900		85,443
Nintendo Co., Ltd.2		216,239		57,577
Other securities				243,972
				587,173

American Funds Insurance Series      55

International Fund

Common stocks (continued)

	Shares		Value (000)
Information technology 5.65%
Samsung Electronics Co., Ltd.2		4,945,950	$	170,838
ASML Holding NV		507,174		79,703
Other securities				258,653
				509,194
Materials 5.65%
Asahi Kasei Corp.2		11,328,780		116,444
Vale SA, ordinary nominative (ADR)		6,875,266		90,685
Vale SA, ordinary nominative		102,481		1,348
Teck Resources Ltd., Class B		3,152,000		67,856
Other securities				232,548
				508,881
Utilities 5.31%
ENN Energy Holdings Ltd.		14,004,000		124,204
China Gas Holdings Ltd.		24,134,000		85,989
Ørsted AS2		1,235,208		82,426
Other securities				185,495
				478,114
Energy 4.58%
Royal Dutch Shell PLC, Class B		3,191,000		95,174
Royal Dutch Shell PLC, Class A		1,440,256		42,360
Other securities				274,769
				412,303
Real estate 2.01%
China Overseas Land & Investment Ltd.		19,930,217		68,466
Other securities				112,771
				181,237
Total common stocks (cost: $7,462,877,000)				7,928,634
Rights & warrants 0.14%
Financials 0.07%
Axis Bank Ltd., warrants, expire 20191,2		2,466,000		6,664
Other securities				—
				6,664
Real estate 0.07%
Other securities				6,382
Total rights & warrants (cost: $13,714,000)				13,046
	Principal amount (000)
Bonds, notes & other debt instruments 0.87%
Corporate bonds & notes 0.50%
Other 0.50%
Other securities				44,890
Total corporate bonds & notes				44,890
Bonds & notes of governments & government agencies outside the U.S. 0.37%
Other securities				33,018
Total bonds, notes & other debt instruments (cost: $70,215,000)				77,908

56      American Funds Insurance Series

International Fund

Short-term securities 10.84%

	Principal amount (000)		Value (000)
Canadian Imperial Bank of Commerce 2.31%–2.50% due 1/22/2019–1/25/20194	$	100,000	$	99,839
Federal Home Loan Bank 2.15%–2.41% due 1/2/2019–3/21/2019		314,475		313,688
Mizuho Bank, Ltd. 2.61% due 2/25/20194		75,000		74,694
Siemens Capital Co. LLC 2.50% due 2/19/20194		55,000		54,808
U.S. Treasury Bill 2.38% due 2/19/2019		125,000		124,608
Other securities				309,216
Total short-term securities (cost: $976,875,000)				976,853
Total investment securities 99.85% (cost: $8,523,681,000)				8,996,441
Other assets less liabilities 0.15%				13,669
Net assets 100.00%			$	9,010,110

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Forward currency contracts

Contract amount						Unrealized depreciation
Purchases (000)	Sales (000)		Counterparty	Settlement date		at 12/31/2018 (000)
USD  39,858		INR  2,825,000	Goldman Sachs		1/17/2019	$	(525	)

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹  Security did not produce income during the last 12 months.

²  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $2,613,221,000, which represented 29.00% of the net assets of the fund. This amount includes $2,569,796,000 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  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.

⁴  Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $462,479,000, which represented 5.13% of the net assets of the fund.

Private placement security	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Axis Bank Ltd.	11/14/2017	$	17,232	$	26,034	.29%

Key to abbreviations and symbol

ADR = American Depositary Receipts

INR = Indian rupees

USD/$ = U.S. dollars

See notes to financial statements

American Funds Insurance Series      57

New World Fund

Summary investment portfolio December 31, 2018

Common stocks 79.74%

	Shares		Value (000)
Information technology 16.77%
Taiwan Semiconductor Manufacturing Co., Ltd.1		9,901,000	$	72,104
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		400,000		14,764
PagSeguro Digital Ltd., Class A2		2,813,223		52,692
Broadcom Inc.		167,150		42,503
Temenos AG1		204,800		24,564
Microsoft Corp.		232,100		23,574
StoneCo Ltd., Class A2		1,275,126		23,513
Kingdee International Software Group Co. Ltd.		22,463,000		19,851
Keyence Corp.1		38,300		19,434
EPAM Systems, Inc.2		167,200		19,397
Visa Inc., Class A		132,000		17,416
Murata Manufacturing Co., Ltd.1		123,800		16,783
Other securities				158,420
				505,015
Financials 10.94%
HDFC Bank Ltd.		2,688,876		81,716
AIA Group Ltd.		6,477,600		53,770
B3 SA - Brasil, Bolsa, Balcao		6,435,200		44,515
IndusInd Bank Ltd.		906,300		20,761
Shriram Transport Finance Co. Ltd.		1,150,000		20,425
Sberbank of Russia PJSC (ADR)		1,551,500		17,004
Other securities				91,189
				329,380
Energy 9.73%
Reliance Industries Ltd.		11,548,513		185,473
Royal Dutch Shell PLC, Class B		1,284,000		38,296
Royal Dutch Shell PLC, Class A		68,628		2,019
LUKOIL Oil Co. PJSC (ADR)		303,000		21,658
Exxon Mobil Corp.		32,000		2,182
Other securities				43,261
				292,889
Consumer discretionary 9.40%
Alibaba Group Holding Ltd. (ADR)2		386,237		52,941
Sony Corp.1		767,000		37,102
General Motors Co.		542,000		18,130
Other securities				174,720
				282,893
Health care 8.35%
Yunnan Baiyao Group Co., Ltd., Class A1		2,730,912		29,419
BioMarin Pharmaceutical Inc.2		318,000		27,078
AstraZeneca PLC		268,500		20,099
Other securities				174,692
				251,288
Consumer staples 6.31%
British American Tobacco PLC		1,529,000		48,722
JBS SA, ordinary nominative		9,930,600		29,696
Nestlé SA1		258,196		20,958
Kweichow Moutai Co., Ltd., Class A1		225,899		19,388
Other securities				71,102
				189,866

58      American Funds Insurance Series

New World Fund

Common stocks (continued)

	Shares		Value (000)
Communication services 5.74%
Alphabet Inc., Class C2		47,300	$	48,984
Alphabet Inc., Class A2		16,900		17,660
Tencent Holdings Ltd.		591,600		23,723
Facebook, Inc., Class A2		162,200		21,263
Other securities				61,205
				172,835
Materials 5.59%
Vale SA, ordinary nominative		3,595,086		47,307
Vale SA, ordinary nominative (ADR)		395,000		5,210
First Quantum Minerals Ltd.		3,305,000		26,727
Other securities				89,219
				168,463
Industrials 4.49%
Azul SA, preference shares (ADR)2		866,446		23,992
Azul SA, preference shares2		838,500		7,788
Airbus SE, non-registered shares		280,229		26,957
Nidec Corp.1		151,400		17,171
Other securities				59,384
				135,292
Real estate 1.34%
American Tower Corp. REIT		176,800		27,968
Other securities				12,440
				40,408
Utilities 1.08%
Other securities				32,453
Total common stocks (cost: $2,216,498,000)				2,400,782
Rights & warrants 0.11%
Consumer staples 0.11%
Other securities				3,502
Total rights & warrants (cost: $3,452,000)				3,502
	Principal amount (000)
Bonds, notes & other debt instruments 3.09%
Bonds & notes of governments & government agencies outside the U.S. 2.61%
Other securities				78,507
Corporate bonds & notes 0.48%
Other 0.48%
Other securities				14,360
Total corporate bonds & notes				14,360
Total bonds, notes & other debt instruments (cost: $97,609,000)				92,867
Short-term securities 16.68%
American Honda Finance Corp. 2.35% due 1/10/2019	$	25,000		24,983
ANZ New Zealand (International) Ltd. 2.72% due 3/13/20193		20,000		19,893
Bank of Nova Scotia 2.62% due 2/19/20193		50,000		49,820
Colgate-Palmolive Co. 2.39% due 1/14/20193		20,000		19,981
Commonwealth Bank of Australia 2.50% due 1/23/20193		49,600		49,522
ExxonMobil Corp. 2.38% due 1/8/2019		40,000		39,979
Federal Home Loan Bank 2.37% due 2/22/2019		95,500		95,169
Mizuho Bank, Ltd. 2.51% due 2/1/20193		69,800		69,645

American Funds Insurance Series      59

New World Fund

Short-term securities (continued)

	Principal amount (000)		Value (000)
Swedbank AB 2.56% due 2/1/2019	$	88,900	$	88,705
Toronto-Dominion Bank 2.39% due 1/7/20193		21,100		21,090
Other securities				23,530
Total short-term securities (cost: $502,291,000)				502,317
Total investment securities 99.62% (cost: $2,819,850,000)				2,999,468
Other assets less liabilities 0.38%				11,411
Net assets 100.00%			$	3,010,879

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Forward currency contracts

Contract amount				Counterparty	Settlement date		Unrealized appreciation (depreciation)
Purchases (000)		Sales (000)					at 12/31/2018 (000)
INR	120,000	USD	1,673	HSBC Bank		1/10/2019	$	44
USD	1,689	INR	120,000	Citibank		1/10/2019		(28	)
EUR	590	USD	672	Morgan Stanley		1/14/2019		5
USD	674	EUR	590	JPMorgan Chase		1/14/2019		(2	)
INR	112,350	USD	1,565	HSBC Bank		1/15/2019		41
USD	1,586	INR	112,350	HSBC Bank		1/15/2019		(20	)
EUR	385	USD	439	Morgan Stanley		1/18/2019		3
USD	439	EUR	385	HSBC Bank		1/18/2019		(3	)
USD	406	EUR	320	Citibank		3/6/2019		37
EUR	320	USD	366	Morgan Stanley		3/6/2019		2
USD	531	EUR	415	Goldman Sachs		3/8/2019		53
USD	323	EUR	255	Goldman Sachs		3/8/2019		29
EUR	670	USD	767	Morgan Stanley		3/8/2019		5
USD	1,397	EUR	1,100	JPMorgan Chase		3/15/2019		128
EUR	1,100	USD	1,259	Morgan Stanley		3/15/2019		9
							$	303

¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $486,458,000, which represented 16.16% of the net assets of the fund. This amount includes $463,432,000 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 or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $277,296,000, which represented 9.21% of the net assets of the fund.

Key to abbreviations and symbol

ADR = American Depositary Receipts

EUR = Euros

INR = Indian rupees

USD/$ = U.S. dollars

See notes to financial statements

60      American Funds Insurance Series

Blue Chip Income and Growth Fund

Summary investment portfolio December 31, 2018

Common stocks 94.94%

	Shares		Value (000)
Health care 25.24%
AbbVie Inc.		6,711,500	$	618,733
Abbott Laboratories		5,764,000		416,910
Amgen Inc.		1,416,510		275,752
Gilead Sciences, Inc.		3,761,212		235,264
Teva Pharmaceutical Industries Ltd. (ADR)		10,833,800		167,057
Medtronic PLC		900,000		81,864
UnitedHealth Group Inc.		211,000		52,564
Thermo Fisher Scientific Inc.		209,600		46,907
Other securities				132,401
				2,027,452
Information technology 13.45%
Microsoft Corp.		2,612,000		265,301
Intel Corp.		5,515,000		258,819
QUALCOMM Inc.		3,845,300		218,836
Broadcom Inc.		385,000		97,898
Texas Instruments Inc.		780,000		73,710
Mastercard Inc., Class A		337,000		63,575
Apple Inc.		400,000		63,096
Other securities				39,281
				1,080,516
Consumer staples 12.67%
Philip Morris International Inc.		3,349,900		223,639
Coca-Cola Co.		3,558,000		168,471
Altria Group, Inc.		2,872,800		141,888
Costco Wholesale Corp.		591,255		120,444
British American Tobacco PLC (ADR)		3,723,112		118,618
Kimberly-Clark Corp.		500,000		56,970
Kellogg Co.		792,000		45,152
PepsiCo, Inc.		400,000		44,192
Other securities				98,359
				1,017,733
Energy 9.44%
EOG Resources, Inc.		2,713,800		236,671
Exxon Mobil Corp.		2,699,800		184,099
Royal Dutch Shell PLC, Class B (ADR)		1,737,000		104,116
Halliburton Co.		2,844,730		75,613
Canadian Natural Resources, Ltd.		2,673,000		64,499
Noble Energy, Inc.		2,862,000		53,691
Other securities				39,514
				758,203
Communication services 9.11%
Alphabet Inc., Class A1		184,550		192,847
Alphabet Inc., Class C1		20,500		21,230
Verizon Communications Inc.		3,306,480		185,890
Facebook, Inc., Class A1		1,089,000		142,757
CBS Corp., Class B		2,886,400		126,194
Viacom Inc., Class B		2,435,136		62,583
				731,501
Industrials 8.56%
General Dynamics Corp.		1,206,000		189,595
CSX Corp.		2,726,000		169,366
Illinois Tool Works Inc.		650,000		82,349
Union Pacific Corp.		400,000		55,292

American Funds Insurance Series      61

Blue Chip Income and Growth Fund

Common stocks (continued)

	Shares		Value (000)
Industrials (continued)
United Technologies Corp.		500,000	$	53,240
Northrop Grumman Corp.		174,300		42,686
Other securities				94,989
				687,517
Consumer discretionary 8.11%
Lowe’s Companies, Inc.		3,111,572		287,385
Marriott International, Inc., Class A		952,500		103,403
McDonald’s Corp.		500,000		88,785
General Motors Co.		1,752,800		58,631
Other securities				112,783
				650,987
Financials 4.89%
JPMorgan Chase & Co.		1,579,000		154,142
Charles Schwab Corp.		2,655,000		110,262
U.S. Bancorp		1,000,000		45,700
Other securities				82,299
				392,403
Materials 1.68%
Linde PLC		665,700		103,876
Other securities				31,028
				134,904
Other 1.79%
Other securities				143,876
Total common stocks (cost: $6,925,880,000)				7,625,092
Rights & warrants 0.05%
Financials 0.05%
Other securities				3,520
Total rights & warrants (cost: $10,088,000)				3,520
	Principal amount (000)
Short-term securities 4.85%
Coca-Cola Co. 2.40% due 1/23/20192	$	15,000		14,976
Federal Home Loan Bank 2.33%–2.36% due 1/18/2019–2/14/2019		154,500		154,194
U.S. Treasury Bills 2.24%–2.38% due 1/2/2019–2/19/2019		99,300		99,160
Other securities				121,091
Total short-term securities (cost: $389,429,000)				389,421
Total investment securities 99.84% (cost: $7,325,397,000)				8,018,033
Other assets less liabilities 0.16%				13,239
Net assets 100.00%			$	8,031,272

62      American Funds Insurance Series

Blue Chip Income and Growth Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

¹  Security did not produce income during the last 12 months.

²  Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $54,948,000, which represented .68% of the net assets of the fund.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements

American Funds Insurance Series      63

Global Growth and Income Fund

Summary investment portfolio December 31, 2018

Common stocks 91.72%

	Shares		Value (000)
Information technology 15.54%
Taiwan Semiconductor Manufacturing Co., Ltd.1		9,589,800		$69,838
Microsoft Corp.		416,000		42,253
Broadcom Inc.		145,500		36,998
Murata Manufacturing Co., Ltd.1		170,000		23,046
Apple Inc.		119,000		18,771
PagSeguro Digital Ltd., Class A2		998,752		18,707
Tableau Software, Inc., Class A2		104,000		12,480
ASML Holding NV		70,000		11,001
Halma PLC		610,000		10,605
Other securities				38,430
				282,129
Health care 11.07%
UnitedHealth Group Inc.		272,825		67,966
Merck & Co., Inc.		282,000		21,548
Hologic, Inc.2		400,000		16,440
Novartis AG1		148,000		12,643
AstraZeneca PLC		167,000		12,501
Boston Scientific Corp.2		351,000		12,404
Centene Corp.2		101,000		11,645
Other securities				45,961
				201,108
Financials 10.25%
AIA Group Ltd.		3,005,000		24,944
CME Group Inc., Class A		75,000		14,109
HDFC Bank Ltd.		444,000		13,493
DBS Group Holdings Ltd.		705,000		12,254
Blackstone Group LP		355,000		10,583
Ping An Insurance (Group) Co. of China, Ltd., Class H		1,195,000		10,553
Other securities				100,183
				186,119
Communication services 10.13%
Nintendo Co., Ltd.1		289,000		76,951
Alphabet Inc., Class A2		26,500		27,691
Alphabet Inc., Class C2		9,000		9,321
Vivendi SA		715,200		17,438
Other securities				52,538
				183,939
Industrials 9.89%
Airbus SE, non-registered shares		589,200		56,679
Boeing Co.		97,400		31,411
Safran SA		143,000		17,269
Lockheed Martin Corp.		45,000		11,783
CCR SA, ordinary nominative		4,025,000		11,631
Other securities				50,746
				179,519
Consumer discretionary 9.55%
Home Depot, Inc.		146,000		25,086
LVMH Moët Hennessy-Louis Vuitton SE		56,200		16,626
Carnival Corp., units		319,000		15,727
Alibaba Group Holding Ltd. (ADR)2		93,500		12,816
Daimler AG1		222,000		11,680
Norwegian Cruise Line Holdings Ltd.2		275,000		11,657
Other securities				79,751
				173,343

64      American Funds Insurance Series

Global Growth and Income Fund

Common stocks (continued)

	Shares		Value (000)
Materials 6.53%
Vale SA, ordinary nominative		2,925,000		$ 38,489
Vale SA, ordinary nominative (ADR)		505,000		6,661
Other securities				73,399
				118,549
Energy 6.04%
Reliance Industries Ltd.		3,195,148		51,315
Royal Dutch Shell PLC, Class B		450,000		13,422
Galp Energia, SGPS, SA, Class B		708,000		11,190
Other securities				33,752
				109,679
Consumer staples 5.58%
Nestlé SA1		488,700		39,668
British American Tobacco PLC		937,000		29,858
Other securities				31,809
				101,335
Real estate 3.69%
MGM Growth Properties LLC REIT, Class A		676,200		17,858
Gaming and Leisure Properties, Inc. REIT		425,000		13,732
Other securities				35,494
				67,084
Utilities 3.45%
Ørsted AS1		491,552		32,802
Enel SPA1		2,780,000		16,066
Other securities				13,861
				62,729
Total common stocks (cost: $1,481,838,000)				1,665,533
Bonds, notes & other debt instruments 2.17%
	Principal amount (000)
Corporate bonds & notes 2.17%
Communication services 1.87%
Sprint Corp. 7.25% 2021	$	33,000		33,858
Health care 0.30%
Other securities				5,526
Total bonds, notes & other debt instruments (cost: $38,299,000)				39,384
Short-term securities 5.89%
BASF SE 2.50% due 1/11/20193		15,000		14,989
Federal Home Loan Bank 2.15%–2.38% due 1/2/2019–2/19/2019		57,200		57,104
KfW 2.51% due 2/13/20193		25,000		24,922
Other securities				9,999
Total short-term securities (cost: $107,023,000)				107,014
Total investment securities 99.78% (cost: $1,627,160,000)				1,811,931
Other assets less liabilities 0.22%				3,943
Net assets 100.00%			$	1,815,874

American Funds Insurance Series      65

Global Growth and Income Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Forward currency contracts

Contract amount							Unrealized appreciation
Purchases (000)		Sales (000)		Counterparty	Settlement date		at 12/31/2018 (000)
	USD  7,748		AUD  10,500	Citibank		1/11/2019	$	351

¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $395,472,000, which represented 21.78% of the net assets of the fund. This amount includes $391,460,000 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 or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $49,910,000, which represented 2.75% of the net assets of the fund.

Key to abbreviations and symbol

AUD = Australian dollars

ADR = American Depositary Receipts

USD/$ = U.S. dollars

See notes to financial statements

66      American Funds Insurance Series

Growth-Income Fund

Summary investment portfolio December 31, 2018

Common stocks 90.59%

	Shares		Value (000)
Health care 15.91%
AbbVie Inc.		7,288,241	$	671,903
UnitedHealth Group Inc.		2,286,268		569,555
Gilead Sciences, Inc.		7,114,800		445,031
Amgen Inc.		2,283,200		444,470
Abbott Laboratories		4,812,269		348,071
Merck & Co., Inc.		3,714,380		283,816
Cigna Corp.		1,277,418		242,607
Eli Lilly and Co.		1,567,600		181,403
Other securities				1,566,133
				4,752,989
Information technology 13.79%
Microsoft Corp.		9,710,500		986,297
Broadcom Inc.		1,985,134		504,780
Intel Corp.		9,945,900		466,761
Texas Instruments Inc.		3,188,582		301,321
Accenture PLC, Class A		1,490,900		210,232
QUALCOMM Inc.		3,500,275		199,201
Other securities				1,449,685
				4,118,277
Financials 11.01%
JPMorgan Chase & Co.		4,986,230		486,756
Bank of New York Mellon Corp.		6,217,700		292,667
CME Group Inc., Class A		1,464,600		275,521
Wells Fargo & Co.		5,210,100		240,081
Intercontinental Exchange, Inc.		3,183,555		239,817
Aon PLC, Class A		1,214,800		176,583
Berkshire Hathaway Inc., Class B1		814,500		166,305
Other securities				1,410,515
				3,288,245
Communication services 10.28%
Alphabet Inc., Class C1		348,784		361,204
Alphabet Inc., Class A1		317,250		331,514
Facebook, Inc., Class A1		4,975,927		652,294
Netflix, Inc.1		1,266,777		339,066
Verizon Communications Inc.		4,588,600		257,971
Twenty-First Century Fox, Inc., Class A		4,796,000		230,784
Comcast Corp., Class A		5,903,800		201,024
Other securities				695,140
				3,068,997
Industrials 9.19%
General Dynamics Corp.		2,033,000		319,608
Airbus SE, non-registered shares		2,559,564		246,223
BWX Technologies, Inc.2		5,290,948		202,273
Textron Inc.		3,831,077		176,191
Other securities				1,800,478
				2,744,773
Consumer staples 8.91%
Coca-Cola Co.		8,433,100		399,307
Philip Morris International Inc.		3,686,270		246,095
British American Tobacco PLC		6,830,460		217,653
British American Tobacco PLC (ADR)		479,440		15,275
Pernod Ricard SA		1,233,233		202,480
Other securities				1,579,033
				2,659,843

American Funds Insurance Series      67

Growth-Income Fund

Common stocks (continued)

	Shares		Value (000)
Energy 6.84%
Exxon Mobil Corp.		5,277,700		$ 359,886
Chevron Corp.		2,725,900		296,551
EOG Resources, Inc.		2,406,800		209,897
Enbridge Inc. (CAD denominated)		5,120,559		159,071
Enbridge Inc. (CAD denominated)3		1,340,553		41,644
Other securities				974,704
				2,041,753
Consumer discretionary 6.35%
Amazon.com, Inc.1		350,400		526,290
Lowe’s Companies, Inc.		2,000,000		184,720
Other securities				1,184,040
				1,895,050
Materials 4.69%
Celanese Corp.		3,329,233		299,531
Vale SA, ordinary nominative (ADR)		14,557,884		192,018
Vale SA, ordinary nominative		3,570,848		46,988
DowDuPont Inc.		3,404,500		182,073
Linde PLC		1,152,000		179,758
International Flavors & Fragrances Inc.		1,267,500		170,187
Other securities				330,092
				1,400,647
Real estate 1.79%
Crown Castle International Corp. REIT		1,827,000		198,467
Other securities				337,258
				535,725
Utilities 1.68%
Sempra Energy		1,840,000		199,070
Other securities				303,746
				502,816
Mutual funds 0.15%
Other securities				45,729
Total common stocks (cost: $22,571,835,000)				27,054,844
Convertible stocks 0.13%
Real estate 0.13%
Other securities				38,828
Total convertible stocks (cost: $39,390,000)				38,828
Convertible bonds 0.09%
	Principal amount (000)
Energy 0.09%
Other securities				27,617
Total convertible bonds (cost: $43,359,000)				27,617
Short-term securities 9.11%
Chevron Corp. 2.50% due 2/11/20193	$	30,000		29,913
Coca-Cola Co. 2.27% due 1/3/20193		20,000		19,996
ExxonMobil Corp. 2.46% due 2/5/2019		100,000		99,752
Federal Home Loan Bank 2.20%–2.41% due 1/4/2019–3/26/2019		1,219,600		1,215,496
General Dynamics Corp. 2.52% due 1/10/20193		45,000		44,970

68      American Funds Insurance Series

Growth-Income Fund

Short-term securities

	Principal amount (000)		Value (000)
Merck & Co. Inc. 2.35%–2.50% due 1/29/2019–2/27/20193	$	126,900	$	126,512
U.S. Treasury Bills 2.27%–2.43% due 1/17/2019–5/2/2019		672,600		669,783
Other securities				513,291
Total short-term securities (cost: $2,719,773,000)				2,719,713
Total investment securities 99.92% (cost: $25,374,357,000)				29,841,002
Other assets less liabilities 0.08%				23,133
Net assets 100.00%			$	29,864,135

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $1,082,559,000, which represented 3.62% of the net assets of the fund. This amount includes $974,212,000 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.

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings in that company represent 5% or more of the outstanding voting shares. The value of the fund’s affiliated-company holding is shown in the summary investment portfolio. Further details on this holding and related transactions during the year ended December 31, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized depreciation (000)			Dividend income (000)		Value of affiliate at 12/31/2018 (000)
Common stocks 0.68%
Industrials 0.68%
BWX Technologies, Inc.		4,772,174		518,774		—		5,290,948	$	—	$	(116,886	)	$	3,182	$	202,273

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹  Security did not produce income during the last 12 months.

²  Represents an affiliated company as defined under the Investment Company Act of 1940.

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, including those in “Other securities,” was $706,416,000, which represented 2.37% of the net assets of the fund.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

See notes to financial statements

American Funds Insurance Series      69

International Growth and Income Fund

Summary investment portfolio December 31, 2018

Common stocks 89.17%

	Shares		Value (000)
Financials 18.67%
HDFC Bank Ltd.		1,228,800	$	37,344
Zurich Insurance Group AG1		92,200		27,498
AIA Group Ltd.		1,833,000		15,215
KB Financial Group Inc.1		356,500		14,918
Swedbank AB, Class A1		611,000		13,631
GT Capital Holdings, Inc.1		733,589		13,598
Itaú Unibanco Holding SA, preferred nominative (ADR)		1,486,950		13,591
Prudential PLC		738,000		13,188
Banco Santander, SA		2,611,538		11,888
Sumitomo Mitsui Financial Group, Inc.1		308,000		10,218
Other securities				78,569
				249,658
Health care 13.34%
Shire PLC		927,000		53,997
Novartis AG1		426,145		36,404
Fresenius SE & Co. KGaA1		551,600		26,838
Daiichi Sankyo Co., Ltd.1		561,000		17,924
Teva Pharmaceutical Industries Ltd. (ADR)		662,000		10,208
Other securities				33,003
				178,374
Industrials 8.49%
Airbus SE, non-registered shares		253,960		24,430
Shanghai International Airport Co., Ltd., Class A1		2,855,033		21,203
ASSA ABLOY AB, Class B1		681,100		12,151
Adani Ports & Special Economic Zone Ltd.		2,008,779		11,155
Airports of Thailand PCL, foreign registered1		5,250,000		10,333
Other securities				34,231
				113,503
Energy 7.09%
Royal Dutch Shell PLC, Class A		1,933,691		56,872
Royal Dutch Shell PLC, Class B		138,000		4,116
TOTAL SA		399,350		21,130
Other securities				12,695
				94,813
Materials 7.06%
Rio Tinto PLC		874,100		41,557
Vale SA, ordinary nominative (ADR)		1,386,000		18,281
Yara International ASA1		343,000		13,223
Other securities				21,347
				94,408
Real estate 7.04%
Sun Hung Kai Properties Ltd.		2,227,000		31,739
CK Asset Holdings Ltd.		3,939,348		28,826
Daito Trust Construction Co., Ltd.1		95,500		13,077
China Resources Land Ltd.		3,162,000		12,155
Other securities				8,396
				94,193
Consumer staples 7.04%
British American Tobacco PLC		1,075,402		34,268
Pernod Ricard SA		128,650		21,123
Coca-Cola Icecek AS, Class C		2,631,000		15,351
Imperial Brands PLC		316,016		9,574
Other securities				13,864
				94,180

70      American Funds Insurance Series

International Growth and Income Fund

Common stocks

	Shares		Value (000)
Communication services 6.31%
Tencent Holdings Ltd.		440,700	$	17,672
BT Group PLC		4,859,461		14,748
Yandex NV, Class A2		470,000		12,855
Other securities				39,178
				84,453
Utilities 6.08%
Ørsted AS1		441,200		29,441
ENN Energy Holdings Ltd.		1,658,000		14,705
Naturgy Energy Group, SA		400,000		10,202
Other securities				26,923
				81,271
Consumer discretionary 4.49%
LVMH Moët Hennessy-Louis Vuitton SE		48,000		14,200
EssilorLuxottica		105,000		13,288
Other securities				32,513
				60,001
Information technology 3.56%
Samsung Electronics Co., Ltd.1		417,500		14,421
Tokyo Electron Ltd.1		96,500		11,004
Taiwan Semiconductor Manufacturing Co., Ltd.1		1,464,000		10,662
Other securities				11,493
				47,580
Total common stocks (cost: $1,222,804,000)				1,192,434
Bonds, notes & other debt instruments 1.14%
	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 0.61%
Other securities				8,169
Corporate bonds & notes 0.53%
Other 0.53%
Other securities				7,102
Total corporate bonds & notes				7,102
Total bonds, notes & other debt instruments (cost: $15,574,000)				15,271
Short-term securities 9.40%
BASF SE 2.62% due 2/5/20193	$	10,000		9,975
Federal Home Loan Bank 2.22%-2.41% due 1/2/2019-3/21/2019		49,700		49,556
KfW 2.43% due 1/11/20193		23,200		23,183
L’Oréal USA, Inc. 2.50% due 1/16/20193		10,000		9,989
National Rural Utilities Cooperative Finance Corp. 2.50% due 2/6/2019		18,100		18,054
Siemens Capital Corp. 2.50% due 1/16/20193		15,000		14,984
Total short-term securities (cost: $125,744,000)				125,741
Total investment securities 99.71% (cost: $1,364,122,000)				1,333,446
Other assets less liabilities 0.29%				3,812
Net assets 100.00%			$	1,337,258

American Funds Insurance Series      71

International Growth and Income Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $410,893,000, which represented 30.73% 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, including those in “Other securities,” was $59,763,000, which represented 4.47% of the net assets of the fund.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements

72      American Funds Insurance Series

Capital Income Builder

Summary investment portfolio December 31, 2018

Common stocks 68.05%

	Shares		Value (000)
Financials 10.16%
CME Group Inc., Class A		73,016	$	13,736
Zurich Insurance Group AG1		23,867		7,118
Wells Fargo & Co.		148,000		6,820
Sampo Oyj, Class A1		130,569		5,747
Svenska Handelsbanken AB, Class A1		475,408		5,274
DBS Group Holdings Ltd.		293,600		5,103
Other securities				24,783
				68,581
Consumer staples 9.24%
Philip Morris International Inc.		145,220		9,695
Coca-Cola Co.		177,700		8,414
Diageo PLC		233,000		8,301
Altria Group, Inc.		150,370		7,427
British American Tobacco PLC		189,300		6,032
Nestlé SA1		69,277		5,623
Other securities				16,929
				62,421
Information technology 8.94%
Broadcom Inc.		47,700		12,129
Microsoft Corp.		99,520		10,108
Taiwan Semiconductor Manufacturing Co., Ltd.1		1,277,800		9,306
Intel Corp.		176,700		8,292
QUALCOMM Inc.		140,900		8,019
Other securities				12,493
				60,347
Real estate 7.81%
Crown Castle International Corp. REIT		118,400		12,862
American Tower Corp. REIT		68,369		10,815
Link Real Estate Investment Trust REIT		582,500		5,899
Other securities				23,132
				52,708
Energy 6.62%
Enbridge Inc. (CAD denominated)		335,970		10,437
Royal Dutch Shell PLC, Class B		321,740		9,596
Royal Dutch Shell PLC, Class B (ADR)		8,500		509
Royal Dutch Shell PLC, Class A		101		3
Williams Companies, Inc.		231,200		5,098
Chevron Corp.		22,600		2,459
Other securities				16,621
				44,723
Communication services 6.02%
Vodafone Group PLC		5,377,800		10,481
Verizon Communications Inc.		119,950		6,743
Koninklijke KPN NV		2,175,375		6,381
HKT Trust and HKT Ltd., units		3,699,240		5,329
Other securities				11,749
				40,683
Health care 5.69%
AstraZeneca PLC		105,100		7,867
AstraZeneca PLC (ADR)		145,100		5,511
Johnson & Johnson		60,200		7,769
Pfizer Inc.		158,900		6,936
Other securities				10,313
				38,396

American Funds Insurance Series      73

Capital Income Builder

Common stocks (continued)

	Shares		Value (000)
Utilities 5.52%
Edison International		135,100	$	7,670
Enel SPA1		1,284,246		7,422
SSE PLC		477,689		6,585
Other securities				15,588
				37,265
Consumer discretionary 3.52%
Las Vegas Sands Corp.		154,300		8,031
Other securities				15,747
				23,778
Industrials 3.12%
Airbus SE, non-registered shares		73,714		7,091
Boeing Co.		17,900		5,773
Other securities				8,208
				21,072
Materials 1.41%
Other securities				9,546
Total common stocks (cost: $480,374,000)				459,520
Rights & warrants 0.00%
Energy 0.00%
Other securities				—
Total rights & warrants (cost: $1,000)				—
Convertible stocks 0.91%
Utilities 0.61%
Other securities				4,128
Real estate 0.30%
Crown Castle International Corp. REIT, Series A, 6.875% convertible preferred 2020		1,900		1,999
Total convertible stocks (cost: $6,292,000)				6,127

Bonds, notes & other debt instruments 24.91%

	Principal amount (000)
U.S. Treasury bonds & notes 13.84%
U.S. Treasury 13.02%
U.S. Treasury 1.625% 2022		$6,050	5,872
U.S. Treasury 2.00% 2022		15,000	14,741
U.S. Treasury 2.125% 2022		8,800	8,681
U.S. Treasury 2.00% 2025		13,200	12,729
U.S. Treasury 2.00% 2026		7,500	7,160
U.S. Treasury, principal only, 0% 2047		12,400	5,188
U.S. Treasury 1.75%-3.13% 2021-20482		33,658	33,580
			87,951
U.S. Treasury inflation-protected securities 0.82%
U.S. Treasury Inflation-Protected Security 0.625% 20233		5,599	5,512
Total U.S. Treasury bonds & notes			93,463

74      American Funds Insurance Series

Capital Income Builder

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations 6.96%
Federal agency mortgage-backed obligations 6.72%
Fannie Mae 4.00% 20474	$	9,196	$	9,385
Fannie Mae 4.50% 20484,5		6,846		7,099
Fannie Mae 4.50% 20484		5,816		6,033
Fannie Mae 4.50% 20484		5,689		5,901
Fannie Mae 3.50%-4.00% 2046-20494,5		2,344		2,382
Government National Mortgage Assn. 4.30%-6.87% 2049-20634,5		7,553		7,817
Other securities				6,759
				45,376
Collateralized mortgage-backed obligations (privately originated) 0.24%
Other securities				1,582
Total mortgage-backed obligations				46,958
Corporate bonds & notes 3.97%
Financials 0.98%
CME Group Inc. 4.15% 2048		100		102
Wells Fargo & Co. 3.55%-4.60% 2021-2023		600		606
Other securities				5,886
				6,594
Utilities 0.83%
Enel Finance International SA 3.625% 20276		215		190
Southern California Edison Co. 4.65% 2043		100		101
Other securities				5,297
				5,588
Health care 0.54%
AstraZeneca PLC 3.38%-3.50% 2023-2025		470		463
Other securities				3,196
				3,659
Communication services 0.38%
Verizon Communications Inc. 4.329% 2028		312		314
Vodafone Group PLC 3.75%-5.25% 2024-2048		600		582
Other securities				1,668
				2,564
Consumer staples 0.36%
Philip Morris International Inc. 2.63%-3.60% 2022-2023		273		265
Other securities				2,203
				2,468
Energy 0.26%
Shell International Finance BV 3.50% 2023		100		101
Other securities				1,629
				1,730
Information technology 0.04%
Broadcom Ltd. 3.50%-3.88% 2027-2028		328		291
Other 0.58%
Other securities				3,923
Total corporate bonds & notes				26,817

American Funds Insurance Series      75

Capital Income Builder

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Asset-backed obligations 0.14%
Other securities			$	967
Total bonds, notes & other debt instruments (cost: $169,549,000)				168,205
Short-term securities 6.79%
Chevron Corp. 2.39% due 1/28/20196		$10,000		9,981
Federal Home Loan Bank 2.33%-2.38% due 1/18/2019-2/21/2019		22,200		22,140
National Rural Utilities Cooperative Finance Corp. 2.52% due 1/31/2019		9,600		9,579
Pfizer Inc. 2.31% due 1/15/20196		4,200		4,196
Total short-term securities (cost: $45,898,000)				45,896
Total investment securities 100.66% (cost: $702,114,000)				679,748
Other assets less liabilities (0.66)%				(4,468	)
Net assets 100.00%			$	675,280

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount7 (000)			Value at 12/31/20188 (000)			Unrealized appreciation (depreciation) at 12/31/2018 (000)
90 Day Euro Dollar Futures	Long		100	December 2019	$	25,000		$	24,338		$	151
2 Year U.S. Treasury Note Futures	Long		49	April 2019		9,800			10,403			67
5 Year U.S. Treasury Note Futures	Long		988	April 2019		98,800			113,311			1,810
10 Year Ultra U.S. Treasury Note Futures	Short		473	March 2019		(47,300	)		(61,527	)		(1,820	)
20 Year U.S. Treasury Bond Futures	Long		64	March 2019		6,400			9,344			439
30 Year Ultra U.S. Treasury Bond Futures	Short		26	March 2019		(2,600	)		(4,177	)		(218	)
											$	429

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $77,218,000, which represented 11.43% of the net assets of the fund. This amount includes $76,827,000 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  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $284,000, which represented .04% 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  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, including those in “Other securities,” was $23,524,000, which represented 3.48% of the net assets of the fund.

⁷  Notional amount is calculated based on the number of contracts and notional contract size.

⁸ Value is calculated based on the notional amount and current market price.

76      American Funds Insurance Series

Capital Income Builder

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

TBA = To-be-announced

See notes to financial statements

American Funds Insurance Series      77

Asset Allocation Fund

Summary investment portfolio December 31, 2018

Common stocks 58.94%

	Shares		Value (000)
Information technology 13.64%
Microsoft Corp.		6,500,000	$	660,205
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		14,016,000		517,331
Broadcom Inc.		1,995,000		507,289
VeriSign, Inc.1		2,000,000		296,580
ASML Holding NV (New York registered)		1,865,000		290,231
Intel Corp.		5,820,000		273,133
Intuit Inc.		1,100,000		216,535
Visa Inc., Class A		1,032,000		136,162
Other securities				230,164
				3,127,630
Health care 11.11%
UnitedHealth Group Inc.		2,016,300		502,301
Johnson & Johnson		3,472,000		448,062
Cigna Corp.		1,689,540		320,877
Humana Inc.		965,000		276,453
AbbVie Inc.		2,675,300		246,636
Merck & Co., Inc.		2,420,300		184,935
Bluebird Bio, Inc.1		1,617,100		160,416
Other securities				406,972
				2,546,652
Financials 9.49%
Chubb Ltd.		2,450,000		316,491
Arch Capital Group Ltd.1		8,595,000		229,658
First Republic Bank		2,580,000		224,202
Wells Fargo & Co.		3,500,000		161,280
JPMorgan Chase & Co.		1,600,000		156,192
Bank of America Corp.		6,000,000		147,840
CME Group Inc., Class A		738,200		138,870
Citigroup Inc.		2,500,000		130,150
Other securities				670,432
				2,175,115
Industrials 4.39%
Boeing Co.		1,140,000		367,650
Northrop Grumman Corp.		1,249,400		305,978
Lockheed Martin Corp.		847,200		221,831
Other securities				111,429
				1,006,888
Energy 4.17%
Noble Energy, Inc.		10,500,000		196,980
Cenovus Energy Inc.		27,000,000		189,862
Royal Dutch Shell PLC, Class B (ADR)		2,745,000		164,535
Other securities				404,961
				956,338
Consumer discretionary 3.94%
Home Depot, Inc.		1,125,000		193,297
Amazon.com, Inc.1		103,000		154,703
General Motors Co.		4,100,000		137,145
VF Corp.		1,600,000		114,144
Other securities				304,124
				903,413

78      American Funds Insurance Series

Asset Allocation Fund

Common stocks

	Shares		Value (000)
Communication services 3.70%
Comcast Corp., Class A		7,550,000	$	257,077
Facebook, Inc., Class A1		1,332,000		174,612
Verizon Communications Inc.		2,040,000		114,689
Other securities				301,633
				848,011
Consumer staples 3.52%
Philip Morris International Inc.		5,430,000		362,507
Nestlé SA2		3,242,230		263,173
Nestlé SA (ADR)		900,000		72,864
Other securities				109,682
				808,226
Materials 3.23%
DowDuPont Inc.		7,753,100		414,636
Other securities				324,972
				739,608
Utilities 0.94%
CMS Energy Corp.		2,284,700		113,435
Other securities				102,464
				215,899
Real estate 0.81%
Other securities				184,779
Total common stocks (cost: $10,995,856,000)				13,512,559
Rights & warrants 0.00%
Other 0.00%
Other securities				242
Total rights & warrants (cost: $70,000)				242
Convertible stocks 0.03%
Industrials 0.03%
Other securities				6,074
Total convertible stocks (cost: $4,800,000)				6,074

Convertible bonds 0.00%

	Principal amount (000)
Communication services 0.00%
Other securities			1,272
Bonds, notes & other debt instruments 28.92%
U.S. Treasury bonds & notes 12.30%
U.S. Treasury 9.54%
U.S. Treasury 1.50% 2019		$ 400,000	399,688
U.S. Treasury 1.25% 20203		298,117	293,842
U.S. Treasury 1.625% 2020		125,000	123,238
U.S. Treasury 2.25% 2027		126,075	122,452
U.S. Treasury 1.13%-4.75% 2019-20483		1,260,397	1,247,301
			2,186,521

American Funds Insurance Series      79

Asset Allocation Fund

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities 2.76%
U.S. Treasury Inflation-Protected Security 0.625% 20244	$	221,289	$	217,968
U.S. Treasury Inflation-Protected Security 1.375% 20443,4		139,180		144,107
U.S. Treasury Inflation-Protected Securities 0.13%-2.38% 2021-20474		283,125		271,873
				633,948
Total U.S. Treasury bonds & notes				2,820,469
Corporate bonds & notes 9.97%
Energy 1.60%
Other securities				367,218
Financials 1.56%
ACE INA Holdings Inc. 2.30%-4.35% 2020-2045		6,905		6,864
Other securities				349,954
				356,818
Health care 1.52%
AbbVie Inc. 4.25%-4.88% 2028-2048		11,404		10,435
Cigna Corp. 3.40%-4.90% 2021-20485		18,585		18,521
Johnson & Johnson 2.45% 2026		5,285		4,970
Other securities				315,654
				349,580
Communication services 1.07%
Comcast Corp. 2.35%-4.70% 2025-2048		24,439		24,085
NBCUniversal Enterprise, Inc. 1.974% 20195		100		100
Other securities				220,154
				244,339
Materials 0.73%
Dow Chemical Co. 4.55% 20255		8,394		8,556
DowDuPont Inc. 4.21%-4.73% 2023-2028		16,125		16,632
Other securities				142,841
				168,029
Industrials 0.63%
Lockheed Martin Corp. 2.50%-3.55% 2020-2026		10,050		9,962
Northrop Grumman Corp. 2.93%-3.25% 2025-2028		8,140		7,676
Other securities				127,441
				145,079
Consumer staples 0.59%
Nestle Holdings, Inc. 3.50% 20255		4,500		4,526
Philip Morris International Inc. 1.88%-4.25% 2020-2044		15,405		14,816
Other securities				116,177
				135,519
Information technology 0.29%
Broadcom Ltd. 3.00%-3.63% 2022-2028		6,277		5,582
Microsoft Corp. 4.10%-4.20% 2035-2037		7,000		7,268
Other securities				52,778
				65,628
Other 1.98%
Other securities				454,358
Total corporate bonds & notes				2,286,568

80      American Funds Insurance Series

Asset Allocation Fund

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations 5.75%
Federal agency mortgage-backed obligations 5.59%
Fannie Mae 0%-7.50% 2021-20496,7,8	$	576,633	$	585,310
Freddie Mac 3.00%-6.50% 2037-20496,8		309,698		312,698
Other securities				383,453
				1,281,461
Other 0.16%
Other securities				37,382
Total mortgage-backed obligations				1,318,843
Federal agency bonds & notes 0.07%
Fannie Mae 1.88%-2.00% 2022-2026		16,000		15,031
Other 0.83%
Other securities				190,115
Total bonds, notes & other debt instruments (cost: $6,771,429,000)				6,631,026
Short-term securities 13.60%
Federal Home Loan Bank 2.13%-2.41% due 1/2/2019-3/15/2019		1,506,150		1,501,682
Merck & Co. Inc. 2.37%-2.50% due 1/23/2019-2/27/20195		149,000		148,526
U.S. Treasury Bills 2.12%-2.38% due 1/15/2019-3/7/2019		660,200		658,327
United Parcel Service Inc. 2.34%-2.40% due 1/14/2019-1/22/20195		175,000		174,804
Other securities				633,289
Total short-term securities (cost: $3,116,790,000)				3,116,628
Total investment securities 101.49% (cost: $20,890,335,000)				23,267,801
Other assets less liabilities (1.49)%				(342,350	)
Net assets 100.00%			$	22,925,451

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities“ also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $43,203,000, which represented .19% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $30,904,000, an aggregate cost of $36,241,000, and which represented .13% of the net assets of the fund) were acquired from 9/26/2013 to 11/16/2018 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

American Funds Insurance Series      81

Asset Allocation Fund

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount9 (000)			Value at 12/31/201810 (000)			Unrealized appreciation (depreciation) at 12/31/2018 (000)
2 Year U.S. Treasury Note Futures	Long		2,898	April 2019	$	579,600		$	615,282		$	2,012
5 Year U.S. Treasury Note Futures	Long		1,317	April 2019		131,700			151,043			2,659
10 Year U.S. Treasury Note Futures	Long		817	March 2019		81,700			99,687			1,364
10 Year Ultra U.S. Treasury Note Futures	Short		211	March 2019		(21,100	)		(27,447	)		(874	)
											$	5,161

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2018 (000)			Upfront payments/ receipts (000)		Unrealized depreciation at 12/31/2018 (000)
1.6365%	3-month USD-LIBOR		10/16/2019	$	124,000	$	(1,066	)	$	—	$	(1,066	)
U.S. EFFR	2.4435%		12/20/2023		17,844		(137	)		—		(137	)
U.S. EFFR	2.45375%		12/20/2023		159,848		(1,304	)		—		(1,304	)
U.S. EFFR	2.4225%		12/24/2023		73,206		(490	)		—		(490	)
3-month USD-LIBOR	2.945%		10/16/2044		28,000		(560	)		—		(560	)
									$	—	$	(3,557	)

82      American Funds Insurance Series

Asset Allocation Fund

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings in that company represent 5% or more of the outstanding voting shares. The value of the fund’s holdings in affiliated companies is included in “Other securities” under the respective industry sectors in the summary investment portfolio. Further details on these holdings and related transactions during the year ended December 31, 2018, appear below.

	Beginning shares or principal amount		Additions		Reductions		Ending shares or principal amount		Net realized gain (000)		Net unrealized depreciation (000)			Dividend or interest income (000)		Value of affiliates at 12/31/2018 (000)
Common stocks 0.59%
Energy 0.14%
Weatherford International PLC1		56,000,000		4,000,000		—		60,000,000	$	—	$	(210,215	)	$	—	$	33,540
Consumer discretionary 0.45%
Dillard’s, Inc., Class A (USA)11		807,618		892,382		—		1,700,000		—		(9,607	)		562		102,527
Total common stocks																	136,067
Bonds, notes & other debt instruments 0.08%
Energy 0.08%
Weatherford International PLC 4.50% 2022	$	2,670,000	$	3,695,000		—	$	6,365,000		—		(1,890	)		340		3,755
Weatherford International PLC 8.25% 2023	$	5,500,000	$	300,000		—	$	5,800,000		—		(2,350	)		484		3,523
Weatherford International PLC 9.875% 2024		—	$	1,000,000		—	$	1,000,000		—		(391	)		86		620
Weatherford International PLC 9.875% 20255		—	$	2,550,000		—	$	2,550,000		—		(973	)		214		1,562
Weatherford International PLC 6.50% 2036	$	7,595,000		—		—	$	7,595,000		—		(2,323	)		519		3,987
Weatherford International PLC 6.75% 2040	$	7,825,000		—		—	$	7,825,000		—		(2,412	)		553		4,069
																	17,516
Total 0.67%									$	—	$	(230,161	)	$	2,758	$	153,583

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹ Security did not produce income during the last 12 months.

² Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $396,462,000, which represented 1.73% of the net assets of the fund. This amount includes $369,780,000 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 pledged as collateral. The total value of pledged collateral was $10,162,000, which represented .04% of the net assets of the fund.

⁴ Index-linked bond whose principal amount moves with a government price index.

⁵ Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $1,612,443,000, which represented 7.03% of the net assets of the fund.

⁶ Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

⁷ Coupon rate may change periodically.

⁸ Purchased on a TBA basis.

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.

¹¹  This security was an unaffiliated issuer in its initial period of acquisition at 12/31/2017; it was not publicly disclosed.

Key to abbreviations and symbol

ADR = American Depositary Receipts

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      83

Global Balanced Fund

Summary investment portfolio December 31, 2018

Common stocks 56.65%

	Shares		Value (000)
Information technology 11.31%
ASML Holding NV		35,800	$	5,626
Taiwan Semiconductor Manufacturing Co., Ltd.1		732,000		5,331
Microsoft Corp.		48,500		4,926
PagSeguro Digital Ltd., Class A2		220,528		4,130
Broadcom Inc.		15,150		3,852
Temenos AG1		25,000		2,999
Keyence Corp.1		4,400		2,233
Intel Corp.		44,000		2,065
Other securities				10,273
				41,435
Financials 8.12%
JPMorgan Chase & Co.		48,270		4,712
HSBC Holdings PLC (GBP denominated)		539,633		4,449
Berkshire Hathaway Inc., Class A2		12		3,672
B3 SA-Brasil, Bolsa, Balcao		376,000		2,601
HDFC Bank Ltd. (ADR)		21,605		2,238
Credicorp Ltd.		10,050		2,228
Wells Fargo & Co.		47,900		2,207
AIA Group Ltd.		250,000		2,075
Other securities				5,545
				29,727
Health care 7.49%
Merck & Co., Inc.		66,870		5,110
Humana Inc.		16,330		4,678
UnitedHealth Group Inc.		8,985		2,238
Other securities				15,420
				27,446
Industrials 6.81%
Boeing Co.		15,250		4,918
Edenred SA		65,000		2,391
Other securities				17,629
				24,938
Energy 4.95%
ConocoPhillips		56,006		3,492
Royal Dutch Shell PLC, Class B		114,200		3,406
LUKOIL Oil Co. PJSC (ADR)		39,800		2,845
Enbridge Inc. (CAD denominated)		62,117		1,929
Enbridge Inc. (CAD denominated)3		16,157		502
TOTAL SA		45,200		2,391
Other securities				3,564
				18,129
Consumer staples 4.85%
Nestlé SA1		45,300		3,677
Philip Morris International Inc.		50,800		3,391
British American Tobacco PLC		78,900		2,514
Coca-Cola European Partners PLC		48,000		2,201
Other securities				5,994
				17,777
Consumer discretionary 4.05%
Amazon.com, Inc.2		2,500		3,755
Ocado Group PLC2		259,500		2,613
Other securities				8,465
				14,833

84      American Funds Insurance Series

Global Balanced Fund

Common stocks (continued)

	Shares		Value (000)
Materials 3.54%
DowDuPont Inc.		40,738	$	2,179
Linde PLC1		13,706		2,176
Randgold Resources Ltd.1		25,000		2,068
Other securities				6,530
				12,953
Communication services 2.21%
Nintendo Co., Ltd.1		21,300		5,671
Other securities				2,412
				8,083
Real estate 1.91%
Link Real Estate Investment Trust REIT		211,697		2,144
Other securities				4,838
				6,982
Utilities 1.41%
Ørsted AS1		33,800		2,255
ENN Energy Holdings Ltd.		232,000		2,058
Other securities				839
				5,152
Total common stocks (cost: $181,317,000)				207,455
Bonds, notes & other debt instruments 36.97%
	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 16.15%
Canada 1.00%-2.25% 2022-2025	C$	2,000		1,484
Japan, Series 395, 0.10% 2020	¥	251,100		2,301
Japan, Series 346, 0.10% 2027		380,450		3,529
Japan 0.10%-1.70% 2020-20464		1,018,875		9,836
Poland (Republic of) 3.25%-5.75% 2020-2025	PLN	14,140		4,068
United Mexican States 5.75%-10.00% 2020-2042	MXN	63,500		2,995
United Mexican States 4.15%-4.60% 2027-2046	$	600		565
Other securities				34,368
				59,146
U.S. Treasury bonds & notes 12.50%
U.S. Treasury 10.13%
U.S. Treasury 2.875% 2021		2,250		2,276
U.S. Treasury 1.625% 2022		2,850		2,766
U.S. Treasury 2.875% 2023		2,250		2,288
U.S. Treasury 2.25% 2027		2,800		2,711
U.S. Treasury 2.875% 20285		2,170		2,205
U.S. Treasury 1.00%-3.13% 2019-20465		25,142		24,843
				37,089
U.S. Treasury inflation-protected securities 2.37%
U.S. Treasury Inflation-Protected Securities 0.13%-2.38% 2022-20444		8,962		8,681
Total U.S. Treasury bonds & notes				45,770
Corporate bonds & notes 6.43%
Financials 1.61%
Banco Nacional de Comercio Exterior SNC 3.80% 2026 (UST Yield Curve Rate T Note Constant Maturity 5 year + 3.00% on 8/11/2021)3,6		200		191
Berkshire Hathaway Inc. 3.00% 2022		75		75
HSBC Holdings PLC 3.375% 2024 (5 year EURO Mid Swap + 1.95% on 1/10/2019)6	€	100		115
HSBC Holdings PLC 3.03%–4.29% 2023–20266	$	650		633

American Funds Insurance Series      85

Global Balanced Fund

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds & notes (continued)
Financials (continued)
JPMorgan Chase & Co. 2.55%-6.75% 2021-20496	$	389	$	387
JPMorgan Chase Bank NA (3-month USD-LIBOR + 0.34%) 2.848% 20217		300		297
Other securities				4,193
				5,891
Utilities 0.98%
Sierra Pacific Power Co., General and Refunding Mortgage Notes, Series T, 3.375% 2023		72		72
Other securities				3,539
				3,611
Health care 0.92%
Humana Inc. 3.15% 2022		100		98
Other securities				3,277
				3,375
Consumer discretionary 0.56%
Amazon.com, Inc. 2.80%-3.15% 2024-2027		220		213
Other securities				1,826
				2,039
Energy 0.53%
Petróleos Mexicanos 7.47% 2026	MXN	4,000		150
Petróleos Mexicanos 6.35%-6.50% 2027-2048	$	487		408
Shell International Finance BV 3.50% 2023		330		334
Other securities				1,035
				1,927
Information technology 0.31%
Broadcom Ltd. 3.875% 2027		190		171
Microsoft Corp. 2.40%-3.30% 2026-2027		652		630
Other securities				338
				1,139
Other 1.52%
Other securities				5,550
Total corporate bonds & notes				23,532
Mortgage-backed obligations 1.89%
Federal agency mortgage-backed obligations 1.18%
Fannie Mae 4.00%-4.50% 2041-20498,9		3,775		3,871
Other securities				474
				4,345
Other 0.71%
Other securities				2,591
Total mortgage-backed obligations				6,936
Total bonds, notes & other debt instruments (cost: $138,335,000)				135,384

86      American Funds Insurance Series

Global Balanced Fund

Short-term securities 6.99%

	Principal amount (000)		Value (000)
Canada Bill 2.32% due 1/3/2019	$	6,000	$	6,000
Federal Home Loan Bank 2.15%–2.39% due 1/2/2019–1/22/2019		9,600		9,592
National Rural Utilities Cooperative Finance Corp. 2.55% due 1/14/2019		5,000		4,995
U.S. Treasury Bills 2.28% due 1/15/2019		5,000		4,996
Total short-term securities (cost: $25,583,000)				25,583
Total investment securities 100.61% (cost: $345,235,000)				368,422
Other assets less liabilities (0.61)%				(2,233	)
Net assets 100.00%			$	366,189

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount10 (000)		Value at 12/31/201811 (000)		Unrealized appreciation at 12/31/2018 (000)
2 Year U.S. Treasury Note Futures		Long		6		April 2019	$	1,200	$	1,274	$	6
5 Year U.S. Treasury Note Futures		Long		97		April 2019		9,700		11,124		116
10 Year Ultra U.S. Treasury Note Futures		Long		9		March 2019		900		1,171		38
10 Year U.S. Treasury Note Futures		Long		7		March 2019		700		854		20
											$	180

Forward currency contracts

Contract amount							Unrealized (depreciation) appreciation
Purchases (000)		Sales (000)		Counterparty	Settlement date		at 12/31/2018 (000)
US	D500	MYR	2,100	JPMorgan Chase		1/4/2019	$	(8	)
USD	482	THB	15,900	HSBC Bank		1/8/2019		(6	)
USD	1,367	EUR	1,200	Citibank		1/8/2019		(9	)
JPY	57,806	EUR	450	HSBC Bank		1/9/2019		12
JPY	42,300	USD	374	Citibank		1/9/2019		12
EUR	534	USD	606	Goldman Sachs		1/9/2019		6
USD	354	JPY	40,000	Bank of New York Mellon		1/9/2019		(11	)
USD	513	BRL	2,000	Citibank		1/10/2019		(3	)
USD	350	INR	24,900	Citibank		1/10/2019		(6	)
JPY	9,730	USD	86	JPMorgan Chase		1/11/2019		3
JPY	9,730	USD	86	Goldman Sachs		1/11/2019		3
USD	162	ILS	600	Goldman Sachs		1/11/2019		1
USD	497	PLN	1,870	JPMorgan Chase		1/11/2019		(3	)
USD	172	JPY	19,459	Goldman Sachs		1/11/2019		(6	)
USD	356	INR	25,000	Citibank		1/14/2019		(1	)
USD	378	MYR	1,580	JPMorgan Chase		1/14/2019		(4	)
USD	692	INR	49,000	HSBC Bank		1/15/2019		(9	)
JPY	116,594	USD	1,033	JPMorgan Chase		1/17/2019		32
USD	871	CAD	1,165	Citibank		1/17/2019		17
EUR	938	USD	1,068	Goldman Sachs		1/17/2019		9
KRW	900,000	USD	802	JPMorgan Chase		1/17/2019		5
USD	259	THB	8,500	Bank of America, N.A.		1/17/2019		(2	)

American Funds Insurance Series      87

Global Balanced Fund

Forward currency contracts (continued)

Contract amount							Unrealized (depreciation) appreciation
Purchases (000)		Sales (000)		Counterparty	Settlement date		at 12/31/2018 (000)
USD	796	KRW	900,000	Morgan Stanley		1/17/2019	$	(11	)
USD	740	JPY	83,520	Citibank		1/17/2019		(23	)
JPY	110,281	EUR	860	Goldman Sachs		1/18/2019		21
USD	520	AUD	725	JPMorgan Chase		1/18/2019		10
USD	113	CAD	150	Goldman Sachs		1/18/2019		4
KRW	532,100	USD	475	HSBC Bank		1/18/2019		2
GBP	190	USD	243	Citibank		1/18/2019		(1	)
USD	474	KRW	532,100	Goldman Sachs		1/18/2019		(3	)
USD	116	INR	8,300	Citibank		1/22/2019		(3	)
USD	588	BRL	2,300	JPMorgan Chase		1/22/2019		(5	)
GBP	1,476	USD	1,871	Citibank		1/24/2019		13
EUR	1,565	USD	1,787	JPMorgan Chase		1/24/2019		10
GBP	270	EUR	300	Bank of America, N.A.		1/24/2019		—	12
NOK	2,700	USD	316	Bank of New York Mellon		1/24/2019		(3	)
USD	699	AUD	970	UBS AG		1/25/2019		15
USD	462	INR	32,718	JPMorgan Chase		1/25/2019		(6	)
EUR	717	USD	812	HSBC Bank		1/28/2019		11
EUR	400	USD	459	HSBC Bank		1/28/2019		1
NOK	3,054	USD	351	UBS AG		1/29/2019		3
USD	143	MXN	2,900	HSBC Bank		1/29/2019		(3	)
JPY	85,000	USD	754	JPMorgan Chase		2/13/2019		24
USD	504	CNH	3,500	JPMorgan Chase		2/28/2019		(6	)
USD	62	BRL	250	HSBC Bank		12/20/2019		—	12
							$	82

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2018 (000)			Upfront payments/ receipts (000)		Unrealized (depreciation) appreciation at 12/31/2018 (000)
U.S. EFFR	2.521%		5/1/2019	$	153,000	$	(19	)	$	—	$	(19	)
(0.0385)%	EONIA		12/4/2021	€	4,300		12			—		12
(0.0405)%	EONIA		12/4/2021		4,400		12			—		12
									$	—	$	5

88      American Funds Insurance Series

Global Balanced Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹ Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $42,136,000, which represented 11.51% of the net assets of the fund. This amount includes $40,068,000 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, including those in “Other securities,” was $10,661,000, which represented 2.91% 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 $154,000, which represented .04% of the net assets of the fund.

⁶  Step bond; coupon rate may change at a later date.

⁷ Coupon rate may change periodically.

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

⁹  Purchased on a TBA basis.

¹⁰  Notional amount is calculated based on the number of contracts and notional contract size.

¹¹  Value is calculated based on the notional amount and current market price.

¹²  Amount less than one thousand.

Key to abbreviations and symbols

ADR = American Depositary Receipts

AUD = Australian dollars

BRL = Brazilian reais

CAD/C$ = Canadian dollars

CNH = Chinese yuan renminbi

EFFR = Effective Federal Funds Rate

EONIA = Euro Overnight Index Average

EUR/€ = Euros

GBP = British pounds

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 = Norwegian kroner

PLN = Polish zloty

TBA = To-be-announced

THB = Thai baht

USD/$ = U.S. dollars

See notes to financial statements

American Funds Insurance Series      89

Bond Fund

Summary investment portfolio December 31, 2018

Bonds, notes & other debt instruments 98.44%

	Principal amount (000)		Value (000)
Corporate bonds & notes 36.57%
Financials 10.49%
Bank of America Corp. 2.82%-4.27% 2023-20291	$	111,866	$	108,914
General Motors Financial Co. 4.20% 2021		12,600		12,602
Intesa Sanpaolo SpA 5.017% 20242		70,790		64,129
Morgan Stanley 2.50%-3.88% 2021-20291,3		103,230		100,523
Other securities				747,734
				1,033,902
Health care 6.53%
Teva Pharmaceutical Finance Co. BV 2.80% 2023		77,814		67,082
Teva Pharmaceutical Finance Co. BV 2.20%-6.75% 2021-2046		133,539		103,666
Other securities				472,682
				643,430
Energy 5.02%
Petróleos Mexicanos 7.47% 2026	MXN	295,000		11,075
Petróleos Mexicanos 4.63%-6.75% 2022-2048	$	65,035		57,055
Other securities				426,114
				494,244
Utilities 3.49%
Other securities				344,262
Consumer discretionary 3.03%
General Motors Co. 4.35%-5.95% 2025-2049		20,265		18,401
General Motors Financial Co. 3.15%-3.95% 2020-2024		71,039		67,851
Other securities				212,152
				298,404
Consumer staples 2.82%
Other securities				277,569
Communication services 2.07%
Other securities				204,443
Industrials 1.04%
Other securities				102,117
Other 2.08%
Other securities				205,279
Total corporate bonds & notes				3,603,650
U.S. Treasury bonds & notes 28.94%
U.S. Treasury 23.96%
U.S. Treasury 2.25% 2023		110,600		109,231
U.S. Treasury 2.50% 2023		57,200		57,218
U.S. Treasury 2.625% 2023		297,846		299,451
U.S. Treasury 2.75% 2023		173,600		175,425
U.S. Treasury 2.125% 20244		250,100		245,361
U.S. Treasury 2.125% 20244		72,100		70,548
U.S. Treasury 2.125% 2024		72,100		70,475
U.S. Treasury 2.25% 2024		65,000		64,175
U.S. Treasury 2.625% 2025		76,884		77,076
U.S. Treasury 2.75% 2025		132,000		133,361
U.S. Treasury 2.875% 2025		162,218		165,056
U.S. Treasury 2.875% 2025		96,200		97,906
U.S. Treasury 2.25% 2027		120,200		116,223

90      American Funds Insurance Series

Bond Fund

Bonds, notes & other debt instruments

	Principal amount (000)		Value (000)
U.S. Treasury 2.25% 2027	$	73,175	$	71,072
U.S. Treasury 3.125% 2028		125,656		130,492
U.S. Treasury 3.00% 20484		72,499		72,268
U.S. Treasury 3.125% 20484		85,768		87,519
U.S. Treasury 3.375% 20484		105,392		112,851
U.S. Treasury 2.38%-8.75% 2020-2045		195,161		206,044
			2,361,752
U.S. Treasury inflation-protected securities 4.98%
U.S. Treasury Inflation-Protected Security 0.625% 20235		50,902		50,107
U.S. Treasury Inflation-Protected Security 0.375% 20255		54,409		52,483
U.S. Treasury Inflation-Protected Security 0.375% 20275		155,061		147,380
U.S. Treasury Inflation-Protected Security 0.50% 20285		128,145		122,360
U.S. Treasury Inflation-Protected Security 0.75% 20285		71,633		70,160
U.S. Treasury Inflation-Protected Securities 0.88%-1.00% 2047-20484,5		57,402		48,055
			490,545
Total U.S. Treasury bonds & notes				2,852,297
Mortgage-backed obligations 22.67%
Federal agency mortgage-backed obligations 22.65%
Fannie Mae 3.50% 20476		94,234		94,300
Fannie Mae 3.50% 20476		65,315		65,360
Fannie Mae 3.50% 20496,7		538,377		538,494
Fannie Mae 4.00% 20496,7		225,210		229,666
Fannie Mae 4.50% 20496,7		98,000		101,542
Fannie Mae 3.00%-9.19% 2023-20493,6		170,534		172,675
Freddie Mac 3.50% 20476		111,522		111,566
Freddie Mac 3.50% 20476		61,286		61,335
Freddie Mac 4.00% 20486		63,344		64,620
Freddie Mac 4.00% 20486		58,724		59,906
Freddie Mac 4.00% 20486		50,769		51,791
Freddie Mac 3.00%-5.50% 2033-20486		186,165		186,978
Government National Mortgage Assn. 4.00% 20496,7		78,661		80,560
Government National Mortgage Assn. 4.00% 20496,7		69,539		71,158
Government National Mortgage Assn. 4.50% 20496,7		117,450		121,553
Government National Mortgage Assn. 5.00% 20496,7		168,137		174,944
Government National Mortgage Assn. 5.00% 20496,7		23,839		24,782
Other securities				21,002
				2,232,232
Other 0.02%
Other securities				1,863
Total mortgage-backed obligations				2,234,095
Bonds & notes of governments & government agencies outside the U.S. 6.22%
Italy (Republic of) 0.95% 2023	€	45,000		50,312
Italy (Republic of) 2.00% 2028		21,000		23,045
Japan, Series 20, 0.10% 20255	¥	11,430,000		107,256
Portuguese Republic 5.125% 2024	$	89,175		93,569
Portuguese Republic 4.10%-5.65% 2024-2045	€	20,375		29,237
United Mexican States, Series M, 6.50% 2021	MXN	3,132,700		152,312
United Mexican States 3.60% 2025	$	11,500		10,994
United Mexican States, Series M, 5.75% 2026	MXN	527,500		22,701
Other securities				123,316
			612,742
Asset-backed obligations 2.00%
Other securities				197,268

American Funds Insurance Series      91

Bond Fund

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Municipals 1.93%
Illinois 1.64%
G.O. Bonds, Pension Funding Series 2003, 4.95% 2023	$	27,060	$	27,489
G.O. Bonds, Pension Funding Series 2003, 5.10% 20336		86,885		82,973
G.O. Bonds, Pension Funding Series 2013, 5.877% 2019		400		402
G.O. Bonds, Series 2013-B, 3.65% 2020		1,825		1,826
G.O. Bonds, Series 2013-B, 4.11% 2022		750		748
G.O. Bonds, Series 2013-B, 4.31% 2023		2,125		2,101
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.65% 2020		250		256
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.85% 2022		2,370		2,487
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023		3,210		3,376
G.O. Bonds, Taxable Build America Bonds, Series 2010-3, 5.547% 2019		335		337
G.O. Bonds, Taxable Build America Bonds, Series 2010-3, 5.727% 2020		2,400		2,462
G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 6.20% 20216		5,838		6,050
Other securities				31,113
			161,620
Other 0.29%
Other securities				28,321
Total municipals				189,941
Federal agency bonds & notes 0.11%
Fannie Mae 2.125% 2026		11,910		11,395
Total bonds, notes & other debt instruments (cost: $9,812,916,000)				9,701,388
Common stocks 0.01%
	Shares
Other 0.01%
Other securities				422
Total common stocks (cost: $1,854,000)				422
Rights & warrants 0.00%
Energy 0.00%
Other securities				67
Total rights & warrants (cost: $18,000)				67
Short-term securities 12.62%
	Principal amount (000)
Chevron Corp. 2.49% due 2/4/20192	$	75,000		74,819
Fannie Mae 2.23% due 1/2/2019		3,200		3,199
Federal Home Loan Bank 2.23%-2.39% due 1/11/2019-3/6/2019		483,800		482,671
Italian Treasury Bill 0.53% due 8/14/2019	€	46,400		53,030
Merck & Co. Inc. 2.38% due 1/25/2019-1/29/20192	$	80,000		79,849
U.S. Treasury Bills 2.19%-2.44% due 1/17/2019-5/16/2019		366,500		364,843
Wal-Mart Stores, Inc. 2.46%-2.49% due 1/7/2019-1/14/20192		64,800		64,756
Other securities				120,466
Total short-term securities (cost: $1,244,163,000)				1,243,633
Total investment securities 111.07% (cost: $11,058,951,000)				10,945,510
Other assets less liabilities (11.07)%				(1,090,823	)
Net assets 100.00%			$	9,854,687

92      American Funds Insurance Series

Bond Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $1,591,000, which represented .02% of the net assets of the fund. “Other securities” also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,243,000, which represented .01% of the net assets of the fund.

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount8 (000)			Value at 12/31/20189 (000)			Unrealized appreciation (depreciation) at 12/31/2018 (000)
2 Year U.S. Treasury Note Futures		Long		3,076		April 2019	$	615,200		$	653,073		$	2,119
5 Year Euro-Bobl Futures		Short		2,022		March 2019	€	(202,200)			(307,010	)		(813	)
5 Year U.S. Treasury Note Futures		Long		10,571		April 2019	$	1,057,100			1,212,362			17,566
10 Year Euro-Bund Futures		Short		715		March 2019	€	(71,500)			(133,974	)		(934	)
10 Year U.S. Treasury Note Futures		Long		579		March 2019	$	57,900			70,647			1,495
10 Year Ultra U.S. Treasury Note Futures		Short		171		March 2019		(17,100	)		(22,243	)		(666	)
30 Year Euro-Buxl Futures		Long		268		March 2019	€	26,800			55,462			1,118
30 Year Ultra U.S. Treasury Bond Futures		Short		33		March 2019	$	(3,300)			(5,302	)		(277	)
													$19,608

Forward currency contracts

Contract amount				Counterparty	Settlement date		Unrealized (depreciation) appreciation
Purchases (000)		Sales (000)					at 12/31/2018 (000)
USD	25,523	EUR	22,400	Citibank		1/8/2019	$	(159)
USD	12,784	JPY	1,445,000	Bank of America, N.A.		1/11/2019		(412	)
USD	60,130	MXN	1,220,000	Citibank		1/11/2019		(1,853	)
KRW	44,456,000	USD	39,480	JPMorgan Chase		1/14/2019		380
USD	40,106	KRW	44,456,000	Morgan Stanley		1/14/2019		247
USD	53,016	EUR	46,600	HSBC Bank		1/17/2019		(456	)
USD	117,705	MXN	2,400,000	Morgan Stanley		1/17/2019		(4,095	)
JPY	13,203,300	USD	117,462	Goldman Sachs		1/18/2019		3,183
EUR	34,400	USD	39,182	Citibank		1/18/2019		294
CNH	273,100	USD	39,613	Citibank		1/18/2019		149
USD	39,868	CNH	273,100	HSBC Bank		1/18/2019		107
USD	439	EUR	385	HSBC Bank		1/18/2019		(3	)
USD	39,223	EUR	34,400	HSBC Bank		1/18/2019		(253	)
USD	39,249	JPY	4,444,800	Citibank		1/18/2019		(1,365	)
USD	78,055	JPY	8,758,500	HSBC Bank		1/18/2019		(1,976	)
USD	5,622	EUR	4,925	JPMorgan Chase		1/24/2019		(33	)
USD	12,492	MXN	252,000	Citibank		1/24/2019		(281	)
USD	124,696	EUR	109,250	HSBC Bank		1/24/2019		(743	)
USD	64,722	JPY	7,300,000	Morgan Stanley		1/24/2019		(2,013	)
USD	30,599	JPY	3,430,000	Goldman Sachs		1/29/2019		(770	)
USD	54,526	EUR	46,000	Bank of America, N.A.		8/14/2019		781
							$	(9,271	)

American Funds Insurance Series      93

Bond Fund

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2018 (000)			Upfront payments/ receipts (000)		Unrealized (depreciation) appreciation at 12/31/2018 (000)
1.6915%	3-month USD-LIBOR		6/3/2020	$	1,600	$	(23	)	$	—	$	(23	)
3-month USD-LIBOR	1.975%		4/27/2022		15,000		288			—		288
U.S. EFFR	2.4435%		12/20/2023		5,508		(42	)		—		(42	)
U.S. EFFR	2.45375%		12/20/2023		49,336		(403	)		—		(403	)
U.S. EFFR	2.4225%		12/24/2023		22,594		(151	)		—		(152	)
6-month EURIBOR	0.9852%		10/17/2024	€	25,000		(1,119	)		—		(1,119	)
3-month USD-LIBOR	2.438%		11/19/2024	$	750		6			—		6
3-month USD-LIBOR	2.0475%		3/23/2025		450		14			—		14
3-month USD-LIBOR	2.3175%		5/8/2025		1,500		25			—		25
3-month USD-LIBOR	2.339%		5/13/2025		375		6			—		6
3-month USD-LIBOR	2.351%		5/15/2025		590		9			—		9
3-month USD-LIBOR	2.287%		5/20/2025		500		9			—		9
3-month USD-LIBOR	2.227%		5/28/2025		260		6			—		6
3-month USD-LIBOR	2.2125%		5/29/2025		465		11			—		11
3-month USD-LIBOR	2.451%		6/5/2025		650		6			—		6
3-month USD-LIBOR	2.46%		6/10/2025		2,536		22			—		22
3-month USD-LIBOR	2.455%		6/24/2025		235		2			—		2
3-month USD-LIBOR	2.397%		7/13/2025		900		11			—		11
3-month USD-LIBOR	2.535%		7/15/2025		800		4			—		4
3-month USD-LIBOR	2.4615%		7/22/2025		1,300		12			—		12
3-month USD-LIBOR	2.312%		7/29/2025		1,000		18			—		18
3-month USD-LIBOR	2.331%		7/30/2025		435		7			—		7
3-month USD-LIBOR	2.228%		9/4/2025		12,000		285			—		285
6-month JPY-LIBOR	0.0875%		3/10/2026	¥	11,100,000		(92	)		—		(92	)
3-month USD-LIBOR	1.595%		5/12/2026	$	8,500		593			—		593
3-month USD-LIBOR	1.592%		5/12/2026		4,000		280			—		280
3.0865%	3-month USD-LIBOR		8/18/2034		2,250		80			—		80
2.844%	3-month USD-LIBOR		6/11/2035		3,250		11			—		11
2.773%	3-month USD-LIBOR		7/13/2035		500		(3	)		—		(3	)
2.589%	3-month USD-LIBOR		9/4/2035		3,100		(98	)		—		(98	)
2.377%	3-month USD-LIBOR		4/29/2045		1,910		(169	)		—		(169	)
6-month JPY-LIBOR	0.58295%		3/23/2046	¥	2,000,000		518			—		518
0.64355%	6-month JPY-LIBOR		4/27/2046		2,000,000		(237	)		—		(237	)
3-month USD-LIBOR	2.1155%		5/13/2046	$	2,400		342			—		342
									$	—	$	227

94      American Funds Insurance Series

Bond Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹ Step bond; coupon rate may change at a later date.

²  Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $1,180,984,000, which represented 11.98% of the net assets of the fund.

³  Coupon rate may change periodically.

⁴  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $25,155,000, which represented .26% of the net assets of the fund.

⁵ Index-linked bond whose principal amount moves with a government price index.

⁶ Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

⁷ Purchased on a TBA basis.

⁸ Notional amount is calculated based on the number of contracts and notional contract size.

⁹  Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbols

CNH = Chinese yuan renminbi

EFFR = Effective Federal Funds Rate

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

G.O. = General Obligation

JPY/¥ = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements

American Funds Insurance Series      95

Global Bond Fund

Summary investment portfolio December 31, 2018

Bonds, notes & other debt instruments 92.18%

	Principal amount (000)		Value (000)
Japanese yen 11.88%
Japan, Series 395, 0.10% 2020	¥	5,380,000	$	49,306
Japan, Series 19, 0.10% 20241		2,428,632		22,734
Japan, Series 18, 0.10% 20241		1,958,856		18,301
Japan, Series 21, 0.10% 20261		989,420		9,329
Japan, Series 346, 0.10% 2027		3,125,000		28,990
Japan, Series 116, 2.20% 2030		1,735,000		19,560
Japan, Series 145, 1.70% 2033		2,210,000		24,308
Japan 0.10%-2.30% 2020-20481		7,835,970		75,509
				248,037
Euros 11.27%
Canada 3.50% 2020	€	2,500		2,983
Germany (Federal Republic of) 0.50% 2027		12,360		14,640
Germany (Federal Republic of) 0.50% 2028		11,000		12,976
Germany (Federal Republic of) 1.25% 20482		8,750		11,016
Germany (Federal Republic of) 1.75%-6.25% 2024-2046		9,670		14,363
Ireland (Republic of) 0.90% 2028		8,090		9,275
Italy (Republic of) 1.35% 2022		12,950		14,891
Italy (Republic of) 2.05%-4.75% 2023-2027		12,730		15,089
Romania 2.88%-3.88% 2029-2038		12,150		13,170
Spain (Kingdom of) 1.45% 2027		18,230		21,194
Spain (Kingdom of) 1.50% 2027		10,350		12,131
Spain (Kingdom of) 2.70%-2.90% 2046-2048		7,145		8,415
Other securities				85,261
				235,404
Mexican pesos 3.57%
Petróleos Mexicanos 7.47% 2026	MXN	59,000		2,215
United Mexican States, Series M, 8.00% 2023		301,000		14,960
United Mexican States, Series M, 5.75% 2026		611,500		26,316
United Mexican States 6.50%-10.00% 2020-2042		618,500		30,947
				74,438
Polish zloty 3.51%
Poland (Republic of), Series 1021, 5.75% 2021	PLN	101,030		29,970
Poland (Republic of), Series 0922, 5.75% 2022		34,600		10,513
Poland (Republic of), Series 0725, 3.25% 2025		34,750		9,721
Poland (Republic of) 1.50%-5.25% 2020-2023		82,090		23,109
				73,313
Danish kroner 3.15%
Nykredit Realkredit AS, Series 01E, 1.50% 20373	DKr	107,828		16,675
Nykredit Realkredit AS, Series 01E, 1.50% 20403		284,656		43,453
Nykredit Realkredit AS 2.00%-2.50% 2037-20473		35,015		5,605
				65,733
Indian rupees 2.19%
India (Republic of) 8.83% 2023	INR	884,200		13,507
India (Republic of) 6.79%-7.88% 2021-2030		2,013,270		28,514
Other securities				3,779
				45,800
British pounds 2.08%
United Kingdom 3.25% 2044	£	6,500		10,597
United Kingdom 1.25%-4.25% 2022-2047		22,535		30,170
Other securities				2,609
				43,376

96      American Funds Insurance Series

Global Bond Fund

Bonds, notes & other debt instruments

	Principal amount (000)		Value (000)
Brazilian reais 1.58%
Brazil (Federative Republic of) 0% 2021	BRL	14,000	$	3,000
Brazil (Federative Republic of) 0% 2022		75,000		14,641
Brazil (Federative Republic of) 10.00% 2025		57,090		15,395
				33,036
Thai baht 1.30%
Thailand (Kingdom of) 2.125% 2026	THB	317,750		9,552
Thailand (Kingdom of) 1.88%-3.85% 2022-2032		363,200		11,440
Other securities				6,237
				27,229
Israeli shekels 0.88%
Israel (State of) 5.50% 2042	ILS	29,300		10,802
Other securities				7,518
				18,320
Chilean pesos 0.73%
Chile (Banco Central de) 4.00% 2023	CLP	6,765,000		9,796
Other securities				5,378
				15,174
Malaysian ringgits 0.72%
Malaysia (Federation of), Series 0310, 4.498% 2030	MYR	42,250		10,327
Other securities				4,802
				15,129
Romanian leu 0.69%
Romania 2.30%-5.95% 2020-2022	RON	59,100		14,495
Canadian dollars 0.48%
Canada 1.00%-2.25% 2022-2025	C$	10,500		7,808
Other securities				2,231
				10,039
U.S. dollars 43.81%
Banco Nacional de Comercio Exterior SNC 3.80% 2026 (UST Yield Curve Rate T Note Constant Maturity 5 year + 3.00% on 8/11/2021)4,5	$	880		843
Fannie Mae 3.50% 20493,6		15,500		15,503
Fannie Mae 4.00% 20493,6		17,329		17,672
Fannie Mae 4.50% 20493,6		13,050		13,522
Fannie Mae 2.18%-4.00% 2022-20483		8,034		8,110
Petrobras Global Finance Co. 5.30%-6.13% 2022-2025		2,307		2,256
Petróleos Mexicanos 6.35%-6.50% 2027-2048		3,602		3,264
Poland (Republic of) 3.25%-4.00% 2024-2026		5,570		5,508
Romania 5.125% 20485		6,200		5,991
U.S. Treasury 1.875% 20242		9,400		9,076
U.S. Treasury 2.75% 2025		10,140		10,244
U.S. Treasury 2.00% 20262		33,560		32,039
U.S. Treasury 2.25% 2027		27,700		26,783
U.S. Treasury 2.75% 20282		62,500		62,881
U.S. Treasury 2.875% 2028		43,500		44,217
U.S. Treasury 2.875% 2028		19,850		20,171
U.S. Treasury 2.75% 20472		17,800		16,872
U.S. Treasury 3.00% 20482		23,800		23,724
U.S. Treasury 3.00% 2048		10,600		10,559
U.S. Treasury 2.13%-2.88% 2020-2025		36,730		36,781
U.S. Treasury Inflation-Protected Security 0.625% 20241		27,337		26,927
U.S. Treasury Inflation-Protected Security 0.25% 20251		11,851		11,349
U.S. Treasury Inflation-Protected Security 0.625% 20261		10,323		10,059

American Funds Insurance Series      97

Global Bond Fund

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
U.S. Treasury Inflation-Protected Securities 0.13%-2.38% 2023-20461,2	$	39,818	$	38,799
United Mexican States 4.15% 2027		1,910		1,850
Other securities				459,714
				914,714
Other 4.34%
Other securities				90,558
Total bonds, notes & other debt instruments (cost: $1,967,091,000)				1,924,795
Convertible bonds 0.00%
U.S. dollars 0.00%
Other securities				100
Total convertible bonds (cost: $110,000)				100
Convertible stocks 0.05%
	Shares
U.S. dollars 0.05%
Other securities				1,033
Total convertible stocks (cost: $816,000)				1,033
Common stocks 0.05%
Swiss francs 0.01%
Other securities				283
U.S. dollars 0.04%
Other securities				752
Total common stocks (cost: $3,196,000)				1,035
Rights & warrants 0.00%
U.S. dollars 0.00%
Other securities				41
Total rights & warrants (cost: $11,000)				41
Short-term securities 9.42%
	Principal amount (000)
Bank of New York Mellon Corp. 2.30% due 1/2/2019	$	17,600		17,598
Canada Bill 2.32% due 1/3/2019		20,000		19,996
Federal Home Loan Bank 2.29% due 1/10/2019		10,000		9,995
Japanese Treasury Discount Bill (0.14)% due 5/20/2019	¥	11,900,000		108,639
Québec (Province of) 2.52% due 1/22/20195	$	15,000		14,978
Other securities				25,382
Total short-term securities (cost: $195,904,000)				196,588
Total investment securities 101.70% (cost: $2,167,128,000)				2,123,592
Other assets less liabilities (1.70)%				(35,575	)
Net assets 100.00%			$	2,088,017

98      American Funds Insurance Series

Global Bond Fund

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $2,483,000, which represented .12% of the net assets of the fund. This amount includes $283,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading. “Other securities“ also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $3,706,000, which represented .18% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $2,768,000, an aggregate cost of $2,711,000, and which represented .13% of the net assets of the fund) were acquired from 8/31/2015 to 11/16/2018 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount7 (000)			Value at 12/31/20188 (000)			Unrealized (depreciation) appreciation at 12/31/2018 (000)
90 Day Euro Dollar Futures		Short		224		September 2019	$	(56,000	)	$	(54,510	)	$	(171	)
5 Year U.S. Treasury Note Futures		Long		2,309		April 2019		230,900			264,813			3,348
10 Year Euro-Bund Futures		Long		149		March 2019	€	14,900			27,919			193
10 Year Ultra U.S. Treasury Note Futures		Long		232		March 2019	$	23,200			30,178			972
10 Year U.S. Treasury Note Futures		Long		175		March 2019		17,500			21,353			493
30 Year Euro-Buxl Futures		Long		54		March 2019	€	5,400			11,175			225
30 Year Ultra U.S. Treasury Bond Futures		Short		94		March 2019	$	(9,400	)		(15,102	)		(789	)
													$	4,271

Forward currency contracts

Contract amount							Unrealized (depreciation) appreciation at 12/31/2018 (000)
Purchases (000)		Sales (000)		Counterparty	Settlement date
USD	1,415	EUR	1,235	Morgan Stanley		1/4/2019	$	(1	)
GBP	5,400	USD	6,935	Citibank		1/4/2019		(51	)
USD	5,236	MYR	22,000	JPMorgan Chase		1/4/2019		(87	)
EUR	23,161	DKK	172,900	Morgan Stanley		1/7/2019		3
USD	8,200	CNH	57,000	Citibank		1/7/2019		(100	)
USD	8,990	ILS	33,250	Bank of America, N.A.		1/8/2019		92
EUR	6,815	USD	7,765	Citibank		1/8/2019		48
USD	11,166	EUR	9,800	Citibank		1/8/2019		(69	)
USD	7,414	THB	244,600	HSBC Bank		1/8/2019		(98	)
JPY	1,402,472	USD	12,401	Citibank		1/9/2019		405
JPY	898,800	USD	7,932	HSBC Bank		1/9/2019		274
JPY	616,594	EUR	4,800	HSBC Bank		1/9/2019		126
EUR	10,070	USD	11,427	Goldman Sachs		1/9/2019		120
GBP	2,900	USD	3,707	Goldman Sachs		1/9/2019		(9	)
NOK	32,228	DKK	24,600	Citibank		1/9/2019		(49	)
USD	3,560	JPY	400,000	Morgan Stanley		1/9/2019		(92	)
USD	3,479	JPY	392,473	JPMorgan Chase		1/9/2019		(105	)
USD	3,933	JPY	445,000	Bank of New York Mellon		1/9/2019		(131	)
USD	8,751	JPY	988,000	Bank of New York Mellon		1/9/2019		(270	)
USD	8,438	BRL	32,900	Citibank		1/10/2019		(44	)
USD	7,107	INR	504,900	Citibank		1/10/2019		(116	)
JPY	652,169	USD	5,766	JPMorgan Chase		1/11/2019		190
JPY	652,169	USD	5,766	Goldman Sachs		1/11/2019		190
USD	5,171	CAD	6,810	Bank of America, N.A.		1/11/2019		181
JPY	429,000	USD	3,818	HSBC Bank		1/11/2019		100
EUR	4,100	USD	4,676	Bank of America, N.A.		1/11/2019		26

American Funds Insurance Series      99

Global Bond Fund

Forward currency contracts (continued)

Contract amount							Unrealized (depreciation) appreciation at 12/31/2018 (000)
Purchases (000)		Sales (000)		Counterparty	Settlement date
USD	2,787	ILS	10,350	Goldman Sachs		1/11/2019	$	17
EUR	3,810	USD	4,362	Citibank		1/11/2019		7
USD	1,439	CNH	10,000	Bank of America, N.A.		1/11/2019		(17	)
USD	5,584	PLN	21,020	JPMorgan Chase		1/11/2019		(34	)
USD	9,031	EUR	7,910	HSBC Bank		1/11/2019		(40	)
NOK	34,715	USD	4,070	HSBC Bank		1/11/2019		(53	)
USD	2,787	JPY	314,337	JPMorgan Chase		1/11/2019		(84	)
USD	6,138	JPY	693,000	Morgan Stanley		1/11/2019		(191	)
USD	6,420	JPY	726,000	Goldman Sachs		1/11/2019		(210	)
USD	11,983	INR	852,700	HSBC Bank		1/11/2019		(215	)
USD	7,733	COP	24,598,000	Goldman Sachs		1/14/2019		164
EUR	14,620	USD	16,744	Citibank		1/14/2019		27
DKK	49,300	USD	7,562	Morgan Stanley		1/14/2019		13
COP	24,598,000	USD	7,574	Citibank		1/14/2019		(5	)
GBP	3,000	USD	3,842	Bank of America, N.A.		1/14/2019		(15	)
USD	5,446	EUR	4,765	JPMorgan Chase		1/14/2019		(20	)
USD	7,641	INR	536,000	Citibank		1/14/2019		(24	)
USD	3,515	MYR	14,700	JPMorgan Chase		1/14/2019		(42	)
USD	7,492	DKK	49,300	HSBC Bank		1/14/2019		(83	)
JPY	925,000	AUD	11,424	Morgan Stanley		1/15/2019		401
USD	7,602	CLP	5,210,800	Goldman Sachs		1/15/2019		91
USD	2,613	INR	185,000	Goldman Sachs		1/15/2019		(32	)
USD	2,612	INR	185,000	Citibank		1/15/2019		(34	)
CLP	5,210,800	USD	7,816	HSBC Bank		1/15/2019		(305	)
JPY	2,838,652	USD	25,158	Goldman Sachs		1/17/2019		778
JPY	2,613,753	USD	23,167	JPMorgan Chase		1/17/2019		715
EUR	29,522	USD	33,592	Goldman Sachs		1/17/2019		283
KRW	10,400,000	USD	9,265	JPMorgan Chase		1/17/2019		61
USD	365	JPY	41,240	Morgan Stanley		1/17/2019		(11	)
USD	2,369	THB	77,700	Bank of America, N.A.		1/17/2019		(18	)
USD	9,204	KRW	10,400,000	Morgan Stanley		1/17/2019		(122	)
USD	23,182	JPY	2,613,753	JPMorgan Chase		1/17/2019		(699	)
USD	22,776	AUD	31,600	JPMorgan Chase		1/18/2019		510
JPY	1,061,774	EUR	8,280	Goldman Sachs		1/18/2019		200
USD	3,805	AUD	5,300	JPMorgan Chase		1/18/2019		71
KRW	8,289,700	USD	7,397	HSBC Bank		1/18/2019		37
GBP	2,890	USD	3,693	Citibank		1/18/2019		(6	)
USD	7,381	KRW	8,289,700	Goldman Sachs		1/18/2019		(53	)
AUD	31,600	USD	23,270	Citibank		1/18/2019		(1,004	)
USD	7,968	ZAR	114,700	Citibank		1/22/2019		18
USD	2,044	BRL	8,000	JPMorgan Chase		1/22/2019		(18	)
USD	4,171	INR	299,650	Citibank		1/22/2019		(110	)
TRY	13,100	USD	1,928	Citibank		1/24/2019		512
GBP	19,649	USD	24,901	Citibank		1/24/2019		175
GBP	6,123	USD	7,757	HSBC Bank		1/24/2019		57
GBP	4,430	EUR	4,917	Bank of America, N.A.		1/24/2019		8
EUR	13,105	PLN	56,400	HSBC Bank		1/24/2019		(30	)
NOK	37,200	USD	4,352	Bank of New York Mellon		1/24/2019		(45	)
USD	2,192	TRY	13,100	Morgan Stanley		1/24/2019		(248	)
USD	9,370	AUD	13,010	UBS AG		1/25/2019		202
USD	2,300	INR	163,000	JPMorgan Chase		1/25/2019		(28	)
EUR	12,479	USD	14,143	HSBC Bank		1/28/2019		190
EUR	6,600	USD	7,570	HSBC Bank		1/28/2019		11
GBP	2,580	USD	3,267	HSBC Bank		1/29/2019		27
USD	6,286	CNH	44,000	JPMorgan Chase		1/31/2019		(119	)
JPY	964,000	USD	8,549	JPMorgan Chase		2/13/2019		277
USD	5,553	CNH	38,600	JPMorgan Chase		2/28/2019		(66	)

100      American Funds Insurance Series

Global Bond Fund

Contract amount							Unrealized (depreciation) appreciation at 12/31/2018 (000)
Purchases (000)		Sales (000)		Counterparty	Settlement date
USD	5,778	BRL	19,300	Citibank		3/11/2019	$	824
BRL	19,300	USD	5,077	JPMorgan Chase		3/11/2019		(123	)
USD	16,793	BRL	56,500	JPMorgan Chase		3/15/2019		2,296
BRL	28,900	USD	7,207	Citibank		3/15/2019		208
USD	1,143	EUR	900	JPMorgan Chase		3/15/2019		105
BRL	27,600	USD	7,227	JPMorgan Chase		3/15/2019		(145	)
USD	3,620	BRL	14,200	JPMorgan Chase		3/18/2019		(23	)
USD	947	EUR	745	Goldman Sachs		4/12/2019		85
USD	4,015	BRL	15,125	Morgan Stanley		4/30/2019		148
JPY	4,675,000	USD	41,886	JPMorgan Chase		5/20/2019		1,270
USD	110,652	JPY	11,900,000	Citibank		5/20/2019		801
JPY	445,496	USD	3,988	Citibank		5/20/2019		124
USD	2,780	BRL	11,000	Morgan Stanley		12/16/2019		20
USD	10,781	BRL	43,200	Citibank		12/18/2019		(58	)
USD	2,365	BRL	9,500	HSBC Bank		12/20/2019		(18	)
							$	6,918

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2018 (000)			Upfront payments/ receipts (000)		Unrealized (depreciation) appreciation at 12/31/2018 (000)
U.S. EFFR	2.521%		5/1/2019	$	2,284,000	$	(284	)	$	—	$	(284	)
(0.025)%	EONIA		12/3/2021	€	48,000		152			—		152
(0.0385)%	EONIA		12/4/2021		64,600		183			—		183
									$	—	$	51

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹  Index-linked bond whose principal amount moves with a government price index.

²  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $4,216,000, which represented .20% of the net assets of the fund.

³  Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

⁴  Step bond; coupon rate may change at a later date.

⁵  Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $188,658,000, which represented 9.04% of the net assets of the fund.

⁶  Purchased on a TBA basis.

⁷  Notional amount is calculated based on the number of contracts and notional contract size.

⁸  Value is calculated based on the notional amount and current market price.

American Funds Insurance Series      101

Global Bond Fund

Key to abbreviations and symbols

ADR = American Depositary Receipts

AUD/A$ = Australian dollars

BRL = Brazilian reais

CAD/C$ = Canadian dollars

CDI = CREST Depository Interest

CHF = Swiss francs

CLP = Chilean pesos

CNH = Chinese yuan renminbi

DKr = Danish kroner

EFFR = Effective Federal Funds Rate

EONIA = Euro Overnight Index Average

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

GBP/£ = British pounds

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

PEN = Peruvian nuevos soles

PLN = Polish zloty

TBA = To-be-announced

THB = Thai baht

USD/$ = U.S. dollars

ZAR = South African rand

See notes to financial statements

102      American Funds Insurance Series

High-Income Bond Fund

Summary investment portfolio December 31, 2018

Bonds, notes & other debt instruments 94.82%

	Principal amount (000)		Value (000)
Corporate bonds & notes 94.56%
Communication services 15.62%
Cablevision Systems Corp. 6.75% 2021	$	5,025	$	5,163
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20261		6,450		6,337
CCO Holdings LLC and CCO Holdings Capital Corp. 4.00%-5.88% 2023-20281		10,400		9,816
CenturyLink, Inc. 6.75% 2023		7,100		6,860
Clear Channel Worldwide Holdings, Inc. 7.625% 2020		18,500		18,107
Frontier Communications Corp. 10.50% 2022		9,440		6,608
Frontier Communications Corp. 11.00% 2025		16,975		10,651
Frontier Communications Corp. 7.13%-9.25% 2019-20261		5,750		4,886
Gogo Inc. 12.50% 20221		13,925		14,943
iHeartCommunications, Inc. 9.00% 20192		1,025		692
Intelsat Jackson Holding Co. 8.50% 20241		6,625		6,459
Meredith Corp. 6.875% 20261		9,015		8,835
Sprint Corp. 11.50% 2021		7,130		8,110
Sprint Corp. 6.88%-8.75% 2021-2032		6,820		6,822
Other securities				73,784
				188,073
Energy 14.89%
Blackstone CQP Holdco LP 6.00% 20211,3		1,600		1,610
Blackstone CQP Holdco LP 6.50% 20211,3		17,430		17,561
Cheniere Energy Partners, LP 5.25% 2025		950		889
Cheniere Energy, Inc. 5.88%-7.00% 2024-2025		3,175		3,262
CONSOL Energy Inc. 5.875% 2022		9,824		9,456
Teekay Corp. 8.50% 2020		10,418		9,988
Other securities				136,552
				179,318
Health care 14.79%
HCA Inc. 4.50%-7.50% 2020-2047		14,665		14,358
Kinetic Concepts, Inc. 12.50% 20211		7,628		8,200
Molina Healthcare, Inc. 5.375% 2022		11,060		10,714
Molina Healthcare, Inc. 4.875% 20251		2,919		2,675
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.34% 2023 (100% PIK)4,5,6,7,8,9		7,398		6,730
Tenet Healthcare Corp. 4.375% 2021		5,755		5,597
Tenet Healthcare Corp. 4.50%-8.13% 2020-2024		18,222		17,882
Valeant Pharmaceuticals International, Inc. 5.875% 20231		10,610		9,854
Valeant Pharmaceuticals International, Inc. 6.125% 20251		11,130		9,739
Valeant Pharmaceuticals International, Inc. 9.25% 20261		6,210		6,226
Valeant Pharmaceuticals International, Inc. 5.63%-9.00% 2021-20251		3,465		3,445
Valeant Pharmaceuticals International, Inc., Term Loan B, (3-month USD-LIBOR + 3.00%) 5.379% 20254,5,6		1,612		1,548
Other securities				81,103
				178,071
Materials 12.38%
Cleveland-Cliffs Inc. 4.875% 20241		5,500		5,129
Cleveland-Cliffs Inc. 5.75% 2025		13,250		11,958
First Quantum Minerals Ltd. 7.50% 20251		10,200		8,453
First Quantum Minerals Ltd. 6.50%-7.25% 2021-20261		15,470		13,639
Freeport-McMoRan Inc. 3.55% 2022		5,315		5,043
Platform Specialty Products Corp. 5.875% 20251		6,435		6,049
Ryerson Inc. 11.00% 20221		7,186		7,258
Other securities				91,478
				149,007

American Funds Insurance Series      103

High-Income Bond Fund

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds & notes (continued)
Industrials 9.44%
Builders FirstSource, Inc. 5.625% 20241	$	8,310	$	7,739
DAE Aviation Holdings, Inc. 10.00% 20231		7,790		8,335
Deck Chassis Acquisition Inc. 10.00% 20231		6,615		6,383
Hertz Global Holdings Inc. 7.625% 20221		5,669		5,357
Other securities				85,897
				113,711
Consumer discretionary 9.33%
Cirsa Gaming Corporation SA 7.875% 20231		5,860		5,827
Petsmart, Inc. 5.875% 20251		15,240		11,087
Petsmart, Inc. 7.13%-8.88% 2023-20251		12,275		7,200
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025		6,555		6,055
Six Flags Entertainment Corp. 4.875% 20241		5,475		5,174
Sotheby’s 4.875% 20251		5,795		5,273
Uber Technologies, Inc. 8.00% 20261		6,950		6,724
Other securities				64,953
				112,293
Information technology 7.37%
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.053% 20254,5,6		7,150		6,605
Camelot Finance SA 7.875% 20241		7,405		7,200
Genesys Telecommunications Laboratories, Inc. 10.00% 20241		4,895		5,140
Infor Software 7.125% 20211,7		6,935		6,779
Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 9.25% 20244,5,6		8,645		8,563
Unisys Corp. 10.75% 20221		6,600		7,252
Other securities				47,146
				88,685
Financials 3.48%
Compass Diversified Holdings 8.00% 20261		5,710		5,664
FS Energy and Power Fund 7.50% 20231		5,765		5,491
HUB International Ltd. 7.00% 20261		6,155		5,601
Other securities				25,142
				41,898
Utilities 3.00%
Other securities				36,139
Consumer staples 2.17%
B&G Foods, Inc. 5.25% 2025		5,758		5,377
Other securities				20,705
				26,082
Real estate 2.09%
Howard Hughes Corp. 5.375% 20251		6,520		6,161
Other securities				18,979
				25,140
Total corporate bonds & notes				1,138,417
Other bonds & notes 0.26%
Other securities				3,083
Total bonds, notes & other debt instruments (cost: $1,229,811,000)				1,141,500

104      American Funds Insurance Series

High-Income Bond Fund

Convertible bonds 0.45%

	Principal amount (000)		Value (000)
Communication services 0.23%
Gogo Inc., convertible notes, 6.00% 20221	$	2,140	$	1,958
Other securities				818
				2,776
Other 0.22%
Other securities				2,662
Total convertible bonds (cost: $6,098,000)
				5,438
Convertible stocks 0.54%
	Shares
Industrials 0.49%
Associated Materials, LLC, 14.00% convertible preferred 20208,9		4,850		5,892
Utilities 0.05%
Other securities				629
Total convertible stocks (cost: $5,288,000)				6,521
Common stocks 1.03%
Communication services 0.01%
Frontier Communications Corp.		13,333		32
Other securities				86
				118
Other 1.02%
Other securities				12,265
Total common stocks (cost: $16,871,000)				12,383
Rights & warrants 0.02%
Energy 0.02%
Other securities				256
Total rights & warrants (cost: $71,000)				256
Short-term securities 1.40%
	Principal amount (000)
ADP Tax Services, Inc. 2.38% due 1/2/20191	$	6,800		6,799
Apple Inc. 2.33% due 1/9/20191		10,000		9,994
Total short-term securities (cost: $16,795,000)				16,793
Total investment securities 98.26% (cost: $1,274,934,000)				1,182,891
Other assets less liabilities 1.74%				21,008
Net assets 100.00%			$	1,203,899

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities“ also includes securities which were pledged as collateral. The total value of pledged collateral was $1,233,000, which represented 0.10% of the net assets of the fund.

American Funds Insurance Series      105

High-Income Bond Fund

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2018 (000)			Upfront payments/ receipts (000)			Unrealized (depreciation) appreciation at 12/31/2018 (000)
3-month USD-LIBOR	2.772%		2/28/2025	$	7,200	$	(71	)	$	—		$	(71	)
3-month USD-LIBOR	2.2825%		4/13/2027		5,300		149			—			149
2.2865%	3-month USD-LIBOR		10/2/2027		10,100		(309	)		—			(309	)
3-month USD-LIBOR	2.6475%		1/25/2028		2,500		7			—			7
									$	—		$	(224	)
Credit default swaps
Centrally cleared credit default swaps on credit indices — buy protection
Receive	Pay/ Payment frequency	Expiration date		Notional (000)		Value at 12/31/2018 (000)			Upfront payments (000)			Unrealized appreciation at 12/31/2018 (000)
CDX.NA.HY.31	5.00%/Quarterly		12/20/2023	$	24,200	$	(482	)	$	(1,706	)	$	1,224
CDX.NA.IG.31	1.00%/Quarterly		12/20/2023		34,525		(192	)		(512	)		320
									$	(2,218	)	$	1,544

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  Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $681,560,000, which represented 56.61% of the net assets of the fund.

²  Scheduled interest and/or principal payment was not received.

³  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.

⁴  Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans, including those in “Other securities,” was $76,517,000, which represented 6.36% of the net assets of the fund.

⁵  Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

⁶  Coupon rate may change periodically.

⁷  Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted.

⁸  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $30,796,000, which represented 2.56% of the net assets of the fund. This amount includes $3,926,000 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.

⁹  Value determined using significant unobservable inputs.

Private placement securities	Acquisition date(s)		Cost (000)		Value (000)		Percent of net assets
Blackstone CQP Holdco LP 6.50% 2021		3/6/2017-2/5/2018	$	17,430	$	17,561		1.46	%
Blackstone CQP Holdco LP 6.00% 2021		8/9/2017		1,600		1,610		.13
Other securities		12/13/2012-11/16/2018		5,683		3,671		.31
Total private placement securities			$	24,713	$	22,842		1.90	%

Key to abbreviations and symbol

LIBOR = London Interbank Offered Rate

USD/$ = U.S. dollars

See notes to financial statements

106      American Funds Insurance Series

Mortgage Fund

Summary investment portfolio December 31, 2018

Bonds, notes & other debt instruments 95.20%

	Principal amount (000)		Value (000)
Mortgage-backed obligations 71.87%
Federal agency mortgage-backed obligations 68.28%
Fannie Mae 4.00% 20471	$	7,103	$	7,249
Fannie Mae 4.00% 20471		4,751		4,848
Fannie Mae 4.50% 20481		14,594		15,132
Fannie Mae 4.50% 20481		7,755		8,044
Fannie Mae 4.50% 20481		4,339		4,501
Fannie Mae 4.50% 20481,2		1,663		1,724
Fannie Mae 3.50% 20491,2		3,200		3,201
Fannie Mae 4.00% 20491,2		5,163		5,265
Fannie Mae 4.00%-5.00% 2036-20481		2,455		2,517
Freddie Mac 4.00% 20361		5,020		5,180
Freddie Mac 3.203% 20451,3		2,217		2,234
Freddie Mac 3.00% 20461		7,155		7,036
Freddie Mac 4.00% 20481		1,857		1,895
Freddie Mac 4.00% 20481		1,842		1,880
Freddie Mac 2.60%-5.00% 2020-20361		5,086		5,209
Freddie Mac, Series K031, Class A2, Multi Family, 3.30% 20231		4,722		4,795
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 2.50% 20561		1,671		1,642
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561		1,588		1,533
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 2.50% 20571,3		12,143		11,833
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20571		10,978		10,862
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20571		7,496		7,448
Freddie Mac Seasoned Loan Structured Transaction, Series 2018-2, Class A1, 3.50% 20281,3		7,830		7,698
Freddie Mac Seasoned Loan Structured Transaction, Series 2018-1, Class A1, 3.50% 20281		2,101		2,093
Government National Mortgage Assn. 5.50% 20401		1,797		1,900
Government National Mortgage Assn. 3.50% 20431		2,015		2,042
Government National Mortgage Assn. 4.25% 20441		1,724		1,796
Government National Mortgage Assn. 4.00% 20491,2		6,200		6,350
Government National Mortgage Assn. 4.50% 20491,2		34,750		35,964
Government National Mortgage Assn. 5.00% 20491,2		2,627		2,734
Government National Mortgage Assn. 3.50%-6.50% 2034-20661,2		17,870		18,265
Vendee Mortgage Trust, Series 2011-2, Class V, 3.75% 20281		4,166		4,131
Vendee Mortgage Trust, Series 2010-1, Class DA, 4.25% 20351		478		484
Other securities				1,324
				198,809
Collateralized mortgage-backed obligations (privately originated) 3.59%
Finance of America Structured Securities Trust, Series 2018-HB1, Class A, 3.375% 20281,3,4		2,287		2,293
Other securities				8,168
				10,461
Total mortgage-backed obligations				209,270
U.S. Treasury bonds & notes 10.99%
U.S. Treasury 6.63%
U.S. Treasury 2.00% 2022		2,400		2,359
U.S. Treasury 1.75% 2023		3,500		3,393
U.S. Treasury 2.875% 2023		4,350		4,423
U.S. Treasury 2.50% 2024		2,500		2,496
U.S. Treasury 3.00% 20485		5,000		4,981
U.S. Treasury 1.50%-2.75% 2020-2023		1,668		1,650
				19,302

American Funds Insurance Series      107

Mortgage Fund

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities 4.36%
U.S. Treasury Inflation-Protected Security 0.625% 20236	$	6,108	$	6,013
U.S. Treasury Inflation-Protected Security 2.125% 20416		127		150
U.S. Treasury Inflation-Protected Security 0.75% 20425,6		7,201		6,547
				12,710
Total U.S. Treasury bonds & notes				32,012
Federal agency bonds & notes 6.35%
Fannie Mae 2.00% 2022		5,800		5,716
Federal Home Loan Bank 1.38%-1.88% 2021		13,000		12,767
				18,483
Asset-backed obligations 5.96%
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2015-1, Class A, 2.73% 20211,4		1,823		1,808
SLM Private Credit Student Loan Trust, Series 2010-1, Class A, (1-month USD-LIBOR + 0.40%) 2.906% 20251,3		2,629		2,573
Other securities				12,959
				17,340
Corporate bonds & notes 0.03%
Financials 0.03%
Other securities				80
Total bonds, notes & other debt instruments (cost: $278,182,000)				277,185
Short-term securities 22.86%
ADP Tax Services, Inc. 2.38% due 1/2/20194		8,700		8,699
Emerson Electric Co. 2.37% due 1/4/20194		3,300		3,299
ExxonMobil Corp. 2.43% due 1/10/2019		5,000		4,997
Federal Home Loan Bank 2.23%-2.27% due 1/4/2019-1/11/2019		15,000		14,993
Kimberly-Clark Corp. 2.47% due 1/11/20194		2,100		2,098
Mizuho Bank, Ltd. 2.42% due 1/4/20194		10,000		9,997
National Rural Utilities Cooperative Finance Corp. 2.50% due 1/8/2019		11,000		10,994
Paccar Financial Corp. 2.50% due 1/29/2019		2,600		2,595
Pfizer Inc. 2.43% due 1/10/20194		5,100		5,097
Québec (Province of) 2.53% due 1/22/20194		3,800		3,794
Total short-term securities (cost: $66,566,000)				66,563
Total investment securities 118.06% (cost: $344,748,000)				343,748
Other assets less liabilities (18.06)%				(52,573	)
Net assets 100.00%			$	291,175

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $2,863,000, which represented .98% of the net assets of the fund.

108      American Funds Insurance Series

Mortgage Fund

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount7 (000)		Value at 12/31/20188 (000)		Unrealized appreciation at 12/31/2018 (000)
90 Day Euro Dollar Futures		Long		108		December 2019	$	27,000	$	26,285	$	163
2 Year U.S. Treasury Note Futures		Long		374		April 2019		74,800		79,405		188
5 Year U.S. Treasury Note Futures		Long		464		April 2019		46,400		53,215		741
10 Year Ultra U.S. Treasury Note Futures		Long		102		March 2019		10,200		13,268		427
20 Year U.S. Treasury Bond Futures		Long		56		March 2019		5,600		8,176		338
30 Year Ultra U.S. Treasury Bond Futures		Long		5		March 2019		500		803		42
											$	1,899

Swap contracts

Interest rate swaps

Receive	Pay		Expiration date		Notional (000)		Value at 12/31/2018 (000)			Upfront payments/ receipts (000)		Unrealized appreciation (depreciation) at 12/31/2018 (000)
2.5215%		U.S. EFFR		8/29/2020	$	16,490	$	47		$	—	$	47
3-month USD-LIBOR		2.806%		8/29/2020		300		(1	)		—		(1	)
2.622%		U.S. EFFR		9/14/2020		7,500		34			—		34
2.729%		U.S. EFFR		10/22/2020		22,900		152			—		152
2.4825%		U.S. EFFR		12/26/2020		41,000		104			—		104
3-month USD-LIBOR		1.217%		9/22/2021		11,500		421			—		421
3-month USD-LIBOR		1.225%		9/22/2021		11,500		418			—		418
3-month USD-LIBOR		1.2796%		10/11/2021		14,500		513			—		513
2.0135%		3-month USD-LIBOR		10/20/2021		30,000		(473	)		—		(473	)
2.012%		3-month USD-LIBOR		10/4/2022		9,000		(182	)		—		(182	)
2.00%		3-month USD-LIBOR		10/5/2022		41,500		(857	)		—		(856	)
2.1045%		3-month USD-LIBOR		10/31/2022		4,000		(68	)		—		(68	)
3-month USD-LIBOR		2.2835%		1/5/2023		36,000		398			—		398
3-month USD-LIBOR		2.24%		12/5/2026		10,500		310			—		310
3-month USD-LIBOR		2.27%		12/5/2026		8,500		232			—		232
3-month USD-LIBOR		3.206%		7/31/2044		1,000		(69	)		—		(69	)
3-month USD-LIBOR		3.238%		8/8/2044		2,000		(150	)		—		(150	)
3-month USD-LIBOR		3.2265%		9/25/2044		3,000		(219	)		—		(219	)
U.S. EFFR		2.145%		11/9/2047		2,200		167			—		167
U.S. EFFR		2.153%		11/10/2047		2,200		163			—		163
U.S. EFFR		2.155%		11/10/2047		1,280		95			—		95
U.S. EFFR		2.17%		11/13/2047		2,320		164			—		164
U.S. EFFR		2.5635%		2/12/2048		4,528		(49	)		—		(49	)
2.98%		3-month USD-LIBOR		3/15/2048		300		9			—		9
2.9625%		3-month USD-LIBOR		3/15/2048		300		8			—		8
U.S. EFFR		2.4615%		3/15/2048		300		3			—		3
U.S. EFFR		2.485%		3/15/2048		300		2			—		2
U.S. EFFR		2.425%		3/16/2048		600		11			—		11
2.917%		3-month USD-LIBOR		3/16/2048		600		10			—		10
										$	—	$	1,194

American Funds Insurance Series      109

Mortgage Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹  Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

²  Purchased on a TBA basis.

³  Coupon rate may change periodically.

⁴  Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $52,359,000, which represented 17.98% of the net assets of the fund.

⁵  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,758,000, which represented .95% of the net assets of the fund.

⁶  Index-linked bond whose principal amount moves with a government price index.

⁷  Notional amount is calculated based on the number of contracts and notional contract size.

⁸  Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements

110      American Funds Insurance Series

Ultra-Short Bond Fund

Investment portfolio December 31, 2018

Short-term securities 100.11%

	Principal amount (000)		Value (000)
Commercial paper 69.84%
3M Co. 2.40% due 1/7/20191	$	10,000	$	9,996
Alberta (Province of) 2.48% due 1/22/20191		10,000		9,985
Apple Inc. 2.45% due 2/5/20191		10,000		9,975
Bank of New York Mellon Corp. 2.34% due 1/22/2019		8,000		7,988
BASF SE 2.56% due 2/1/20191		8,750		8,730
CHARTA, LLC 2.85% due 3/26/20191		8,022		7,968
Coca-Cola Co. 2.30% due 1/4/20191		10,000		9,997
Emerson Electric Co. 2.52% due 1/17/20191		10,000		9,989
IBM Credit LLC 2.47% due 1/22/20191		10,000		9,985
Intel Corp. 2.40% due 1/10/20191		7,000		6,995
John Deere Capital Corp. 2.40% due 1/16/20191		10,000		9,989
KfW 2.46% due 1/18/20191		8,400		8,390
Merck & Co. Inc. 2.50% due 2/27/20191		10,000		9,960
Mizuho Bank, Ltd. 2.48% due 1/15/20191		10,000		9,990
National Australia Bank Ltd. 2.65% due 2/25/20191		10,000		9,959
National Rural Utilities Cooperative Finance Corp. 2.40% due 1/4/2019		6,000		5,998
Nordea Bank AB 2.77% due 3/18/20191		10,000		9,942
Paccar Financial Corp. 2.39% due 1/2/2019		8,000		7,999
Pfizer Inc. 2.28% due 1/14/20191		7,400		7,393
Procter & Gamble Co. 2.30% due 1/14/20191		10,000		9,991
Siemens Capital Corp. 2.50% due 1/16/20191		4,700		4,695
Simon Property Group, LP 2.51% due 1/14/20191		8,100		8,092
United Overseas Bank Ltd. 2.55% due 1/8/20191		5,000		4,997
United Parcel Service Inc. 2.34% due 1/22/20191		5,000		4,993
Wal-Mart Stores, Inc. 2.37% due 1/7/20191		10,000		9,995
				213,991
U.S. Treasury bonds & notes 24.41%
U.S. Treasury Bills 2.23%-2.38% due 1/8/2019-2/19/2019		74,900		74,797
Federal agency discount notes 5.86%
Fannie Mae 2.29% due 1/23/2019		3,000		2,996
Federal Home Loan Bank 2.38% due 2/8/2019		15,000		14,962
				17,958
Total short-term securities (cost: $306,754,000)				306,746
Total investment securities 100.11% (cost: $306,754,000)				306,746
Other assets less liabilities (0.11)%				(342	)
Net assets 100.00%			$	306,404

¹  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 $192,006,000, which represented 62.66% of the net assets of the fund.

See notes to financial statements

American Funds Insurance Series      111

U.S. Government/AAA-Rated Securities Fund

Summary investment portfolio December 31, 2018

Bonds, notes & other debt instruments 97.30%

	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes 47.72%
U.S. Treasury 39.27%
U.S. Treasury 2.25% 2020	$	29,900	$	29,789
U.S. Treasury 2.50% 2020		78,000		77,950
U.S. Treasury 1.125% 2021		31,950		30,853
U.S. Treasury 1.75% 20211		33,540		32,877
U.S. Treasury 2.00% 2021		46,300		45,692
U.S. Treasury 2.125% 2021		23,450		23,241
U.S. Treasury 2.25% 2021		23,580		23,459
U.S. Treasury 1.75% 2022		174,300		170,261
U.S. Treasury 1.875% 2022		63,000		61,823
U.S. Treasury 1.875% 2022		25,000		24,496
U.S. Treasury 2.00% 2022		69,500		68,300
U.S. Treasury 2.125% 20231		64,095		62,954
U.S. Treasury 2.50% 2023		49,894		49,910
U.S. Treasury 2.625% 2023		31,000		31,170
U.S. Treasury 2.875% 2023		43,000		43,721
U.S. Treasury 2.875% 2023		22,500		22,896
U.S. Treasury 2.125% 2024		55,975		54,713
U.S. Treasury 2.50% 2024		44,000		43,931
U.S. Treasury 2.75% 2025		38,000		38,392
U.S. Treasury 2.875% 2025		25,000		25,434
U.S. Treasury 1.38%-2.88% 2020-2028		167,015		165,047
				1,126,909
U.S. Treasury inflation-protected securities 8.45%
U.S. Treasury Inflation-Protected Security 0.625% 20232		36,140		35,576
U.S. Treasury Inflation-Protected Security 0.75% 20282		39,288		38,480
U.S. Treasury Inflation-Protected Security 1.375% 20441,2		46,878		48,537
U.S. Treasury Inflation-Protected Security 1.00% 20481,2		43,513		33,238
U.S. Treasury Inflation-Protected Securities 0.14%-2.13% 2022-20471,2		92,250		86,670
				242,501
Total U.S. Treasury bonds & notes				1,369,410
Mortgage-backed obligations 28.63%
Federal agency mortgage-backed obligations 28.63%
Fannie Mae 4.00% 20343,4		40,000		40,933
Fannie Mae 3.00% 20363		26,454		26,207
Fannie Mae 4.00% 20473		31,328		31,969
Fannie Mae 4.50% 20483,4		44,012		45,636
Fannie Mae 4.50% 20483		42,653		44,240
Fannie Mae 3.50% 20493,4		69,981		69,997
Fannie Mae 0%-9.19% 2022-20493,4,5		142,780		144,922
Freddie Mac 3.50% 20333		25,000		25,333
Freddie Mac 0%-5.50% 2020-20493,4,5		77,993		79,500
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20573		42,088		41,644
Freddie Mac Seasoned Loan Structured Transaction, Series 2018-2, Class A1, 3.50% 20283,5		45,026		44,268
Government National Mortgage Assn. 3.50% 20493,4		25,000		25,172
Government National Mortgage Assn. 4.00% 20493,4		40,200		41,171
Government National Mortgage Assn. 4.50% 20493,4		34,075		35,265
Government National Mortgage Assn. 3.00%-6.64% 2034-20653,4,5		46,756		48,654
Other securities				76,482
				821,393
Federal agency bonds & notes 20.95%
Fannie Mae 1.25%-7.13% 2019-2030		85,400		87,260
Federal Home Loan Bank 3.25%-5.50% 2023-2036		30,315		31,296
Freddie Mac 2.38%-3.75% 2019-2021		112,750		112,469
Private Export Funding Corp. 1.45%-3.55% 2019-2024		28,840		28,957
Tennessee Valley Authority 2.88%-5.88% 2021-2060		47,305		49,048

112      American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Bonds, notes & other debt instruments

	Principal amount (000)		Value (000)
U.S. Department of Housing and Urban Development 1.98%-3.70% 2020-2034	$	73,632	$	73,777
United States Agency for International Development, Iraq (State of), 2.149% 2022		6,670		6,566
United States Agency for International Development, Jordan (Kingdom of) 1.95%-3.00% 2019-2025		194,000		193,524
United States Agency for International Development, Morocco (Kingdom of) 7.55% 20263		3,328		3,838
United States Agency for International Development, Tunisia (Kingdom of) 1.416% 2021		3,000		2,907
United States Agency for International Development, Ukraine 1.47%-1.84% 2019-2021		5,855		5,712
Other securities				5,720
				601,074
Total bonds, notes & other debt instruments (cost: $2,805,986,000)				2,791,877
Short-term securities 11.11%
Apple Inc. 2.36% due 1/23/20196		25,000		24,960
Bank of New York Mellon Corp. 2.34% due 1/22/2019		50,000		49,924
Chevron Corp. 2.38%-2.49% due 1/9/2019-2/4/20196		51,900		51,815
National Rural Utilities Cooperative Finance Corp. 2.50% due 2/5/2019		60,000		59,850
Procter & Gamble Co. 2.50% due 2/7/20196		25,000		24,933
Tennessee Valley Authority 2.31% due 1/15/2019		38,000		37,966
Wal-Mart Stores, Inc. 2.42% due 1/15/20196		40,000		39,959
Other securities				29,420
Total short-term securities (cost: $318,855,000)				318,827
Total investment securities 108.41% (cost: $3,124,841,000)				3,110,704
Other assets less liabilities (8.41)%				(241,401	)
Net assets 100.00%			$	2,869,303

This summary investment portfolio is designed to streamline the report and help investors better focus on the fund’s principal holdings. See the inside back cover for details on how to obtain a complete schedule of portfolio holdings.

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio.

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount7 (000)			Value at 12/31/20188 (000)			Unrealized appreciation (depreciation) at 12/31/2018 (000)
90 Day Euro Dollar Futures		Long		623		December 2019	$	155,750		$	151,623		$	941
90 Day Euro Dollar Futures		Long		316		December 2021		79,000			77,029			431
2 Year U.S. Treasury Note Futures		Long		3,850		April 2019		770,000			817,403			4,332
5 Year U.S. Treasury Note Futures		Long		11,518		April 2019		1,151,800			1,320,970			20,231
10 Year U.S. Treasury Note Futures		Long		2,675		March 2019		267,500			326,392			4,968
10 Year Ultra U.S. Treasury Note Futures		Short		1,050		March 2019		(105,000	)		(136,582	)		(3,030	)
20 Year U.S. Treasury Bond Futures		Long		108		March 2019		10,800			15,768			118
30 Year Ultra U.S. Treasury Bond Futures		Short		172		March 2019		(17,200	)		(27,633	)		(541	)
													$	27,450

American Funds Insurance Series      113

U.S. Government/AAA-Rated Securities Fund

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2018 (000)			Upfront payments/ receipts (000)		Unrealized appreciation (depreciation) at 12/31/2018 (000)
2.40625%	U.S. EFFR		3/20/2019	$	3,420,000	$	9		$	—	$	9
2.426%	U.S. EFFR		5/1/2019		1,625,200		24			—		24
2.414%	U.S. EFFR		5/1/2019		2,374,800		1			—		1
2.782%	U.S. EFFR		9/18/2019		884,184		438			—		438
U.S. EFFR	2.405%		1/29/2020		1,463,000		(67	)		—		(67	)
U.S. EFFR	2.403%		1/29/2020		2,027,000		(88	)		—		(88	)
1.997%	U.S. EFFR		2/13/2020		60,900		(257	)		—		(257	)
1.989%	U.S. EFFR		2/13/2020		61,000		(263	)		—		(263	)
3-month USD-LIBOR	2.761%		4/27/2020		100,000		(63	)		—		(63	)
3-month USD-LIBOR	2.8025%		8/15/2020		101,840		(194	)		—		(194	)
2.5045%	U.S. EFFR		8/29/2020		133,910		344			—		344
2.5215%	U.S. EFFR		8/29/2020		98,090		279			—		279
3-month USD-LIBOR	2.806%		8/29/2020		34,300		(68	)		—		(68	)
2.48%	U.S. EFFR		12/20/2020		82,528		200			—		200
2.4825%	U.S. EFFR		12/26/2020		665,000		1,684			—		1,684
3-month USD-LIBOR	1.217%		9/22/2021		60,000		2,195			—		2,195
3-month USD-LIBOR	1.225%		9/22/2021		60,000		2,182			—		2,182
3-month USD-LIBOR	1.2255%		9/23/2021		5,000		182			—		182
3-month USD-LIBOR	1.9665%		2/2/2022		50,000		921			—		921
3-month USD-LIBOR	2.2175%		3/17/2022		52,000		592			—		592
3-month USD-LIBOR	1.8675%		4/19/2022		70,000		1,577			—		1,577
3-month USD-LIBOR	1.75918%		4/29/2022		58,000		1,514			—		1,514
2.5775%	U.S. EFFR		7/16/2022		181,639		671			—		671
3-month USD-LIBOR	1.948%		7/28/2022		20,000		427			—		427
2.80%	3-month USD-LIBOR		9/2/2022		280,000		1,670			—		1,670
2.75%	3-month USD-LIBOR		9/2/2022		280,000		1,408			—		1,408
2.009%	3-month USD-LIBOR		10/4/2022		50,000		(1,017	)		—		(1,017	)
2.08934%	3-month USD-LIBOR		11/17/2022		40,700		(723	)		—		(723	)
2.2025%	3-month USD-LIBOR		12/4/2022		20,000		(276	)		—		(276	)
3-month USD-LIBOR	2.2455%		12/21/2022		25,000		310			—		310
2.27403%	3-month USD-LIBOR		12/29/2022		60,000		(683	)		—		(683	)
3-month USD-LIBOR	2.6778%		2/12/2023		51,000		(213	)		—		(213	)
2.7435%	3-month USD-LIBOR		2/16/2023		41,000		278			—		278
3-month USD-LIBOR	2.8655%		4/23/2023		55,000		(668	)		—		(668	)
2.5815%	U.S. EFFR		5/25/2023		80,000		1,099			—		1,099
2.9075%	3-month USD-LIBOR		9/7/2023		50,000		734			—		734
3-month USD-LIBOR	3.09009%		10/31/2023		46,320		(1,095	)		—		(1,095	)
3-month USD-LIBOR	3.0965%		10/31/2023		46,055		(1,102	)		—		(1,102	)
U.S. EFFR	2.4435%		12/20/2023		7,589		(58	)		—		(58	)
U.S. EFFR	2.45375%		12/20/2023		67,985		(555	)		—		(555	)
U.S. EFFR	2.4325%		12/21/2023		24,000		(172	)		—		(172	)
3-month USD-LIBOR	2.0815%		2/10/2024		28,700		683			—		683
3-month USD-LIBOR	2.0955%		2/10/2024		14,300		331			—		331
3-month USD-LIBOR	2.3875%		3/17/2024		160,700		1,520			—		1,520
3-month USD-LIBOR	2.12813%		10/3/2024		65,000		1,617			—		1,617
3-month USD-LIBOR	2.4595%		1/12/2025		26,400		203			—		203
3-month USD-LIBOR	2.588%		1/26/2025		15,600		7			—		7
2.8775%	3-month USD-LIBOR		3/23/2025		29,800		473			—		473
3-month USD-LIBOR	2.24%		12/5/2026		55,100		1,625			—		1,625
3-month USD-LIBOR	2.27%		12/5/2026		44,900		1,227			—		1,227
2.579%	3-month USD-LIBOR		3/14/2027		53,000		(306	)		—		(306	)
2.333%	3-month USD-LIBOR		3/29/2027		42,000		(1,020	)		—		(1,020	)
2.91%	3-month USD-LIBOR		2/1/2028		16,000		84			—		84
2.908%	3-month USD-LIBOR		2/1/2028		16,000		83			—		83
2.925%	3-month USD-LIBOR		2/1/2028		12,800		75			—		75
2.92%	3-month USD-LIBOR		2/2/2028		12,200		69			—		69

114      American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2018 (000)			Upfront payments/ receipts (000)		Unrealized appreciation (depreciation) at 12/31/2018 (000)
U.S. EFFR	2.5065%		3/22/2028	$	8,700	$	(92	)	$	—	$	(92	)
U.S. EFFR	2.535%		3/23/2028		6,700		(87	)		—		(87	)
U.S. EFFR	2.471%		3/27/2028		8,100		(62	)		—		(62	)
U.S. EFFR	2.4575%		3/29/2028		9,638		(62	)		—		(62	)
U.S. EFFR	2.424%		3/30/2028		8,160		(30	)		—		(30	)
U.S. EFFR	2.412%		4/5/2028		3,702		(10	)		—		(10	)
3-month USD-LIBOR	2.97125%		9/2/2030		62,000		(1,081	)		—		(1,081	)
3-month USD-LIBOR	3.005%		9/2/2030		62,000		(1,259	)		—		(1,259	)
3-month USD-LIBOR	2.9625%		2/1/2038		9,800		30			—		30
3-month USD-LIBOR	2.963%		2/1/2038		9,800		30			—		30
3-month USD-LIBOR	2.986%		2/1/2038		7,800		11			—		11
3-month USD-LIBOR	2.967%		2/2/2038		7,600		21			—		21
3-month USD-LIBOR	3.34%		6/27/2044		10,000		(937	)		—		(937	)
3-month USD-LIBOR	3.206%		7/31/2044		16,000		(1,108	)		—		(1,108	)
3-month USD-LIBOR	3.238%		8/8/2044		16,000		(1,201	)		—		(1,201	)
3-month USD-LIBOR	2.7045%		1/2/2045		12,000		310			—		310
3-month USD-LIBOR	2.5055%		1/9/2045		11,000		700			—		700
3-month USD-LIBOR	2.4945%		1/9/2045		2,000		131			—		131
3-month USD-LIBOR	2.52822%		11/23/2045		4,390		266			—		266
U.S. EFFR	2.166%		10/23/2047		10,000		714			—		714
U.S. EFFR	2.145%		11/9/2047		15,400		1,169			—		1,169
U.S. EFFR	2.153%		11/10/2047		15,300		1,137			—		1,137
U.S. EFFR	2.155%		11/10/2047		8,640		638			—		638
U.S. EFFR	2.17%		11/13/2047		15,660		1,109			—		1,109
U.S. EFFR	2.5635%		2/12/2048		33,204		(358	)		—		(358	)
U.S. EFFR	2.4615%		3/15/2048		2,000		20			—		20
U.S. EFFR	2.485%		3/15/2048		2,000		11			—		11
U.S. EFFR	2.425%		3/16/2048		4,100		73			—		73
U.S. EFFR	2.505%		3/22/2048		4,300		5			—		5
U.S. EFFR	2.51375%		3/22/2048		4,700		(3	)		—		(3	)
U.S. EFFR	2.625%		5/25/2048		18,000		(435	)		—		(435	)
U.S. EFFR	2.445%		6/4/2048		6,700		90			—		90
U.S. EFFR	2.52%		8/24/2048		4,500		(9	)		—		(9	)
3.236%	3-month USD-LIBOR		10/31/2048		10,650		896			—		896
3.22859%	3-month USD-LIBOR		10/31/2048		10,645		879			—		879
									$	—	$	19,354

American Funds Insurance Series      115

U.S. Government/AAA-Rated Securities Fund

The following footnotes apply to either the individual securities noted or one or more of the securities aggregated and listed as a single line item.

¹  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $36,486,000, which represented 1.27% of the net assets of the fund.

²  Index-linked bond whose principal amount moves with a government price index.

³  Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

⁴  Purchased on a TBA basis.

⁵  Coupon rate may change periodically.

⁶  Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $151,166,000, which represented 5.27% of the net assets of the fund.

⁷  Notional amount is calculated based on the number of contracts and notional contract size.

⁸  Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements

116      American Funds Insurance Series

Managed Risk Growth Fund

Investment portfolio December 31, 2018

	Shares		Value (000)
Growth funds 80.77%
American Funds Insurance Series – Growth Fund, Class 1		3,963,500	$	277,286
Total growth funds (cost: $279,168,000)				277,286
Fixed income funds 15.59%
American Funds Insurance Series – Bond Fund, Class 1		5,110,855		53,511
Total fixed income funds (cost: $55,321,000)				53,511
Short-term securities 1.50%
Government Cash Management Fund		5,144,216		5,144
Total short-term securities (cost: $5,144,000)				5,144
Total investment securities 97.86% (cost: $339,633,000)				335,941
Other assets less liabilities 2.14%				7,332
Net assets 100.00%			$	343,273

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount1 (000)			Value at 12/31/20182 (000)			Unrealized appreciation (depreciation) at 12/31/2018 (000)
5 Year U.S. Treasury Note Futures		Long		1,474		March 2019	$	147,400		$	169,049		$	1,914
FTSE 100 Index Contracts		Short		33		March 2019	£	—	3		(2,801	)		18
Euro Stoxx 50 Index Contracts		Short		131		March 2019	€	(1	)		(4,464	)		86
Nikkei 225 Index Contracts		Short		1		March 2019	¥	(1	)		(182	)		10
S&P Mid 400 E-mini Index Contracts		Short		7		March 2019	$	(1	)		(1,164	)		49
Mini MSCI Emerging Market Index Contracts		Short		123		March 2019		(6	)		(5,946	)		37
Russell 2000 Mini Index Contracts		Short		229		March 2019		(12	)		(15,446	)		629
S&P 500 E-mini Index Contracts		Short		895		March 2019		(45	)		(112,108	)		3,193
British Pound Currency Contracts		Short		36		March 2019		(2,250	)		(2,878	)		(18	)
Euro Currency Contracts		Short		33		March 2019		(4,125	)		(4,753	)		(20	)
Japanese Yen Currency Contracts		Short		2		March 2019		(25,000	)		(229	)		(7	)
													$	5,891

American Funds Insurance Series      117

Managed Risk Growth Fund

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the year ended December 31, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 12/31/2018 (000)
Growth funds 80.77%
American Funds Insurance Series - Growth Fund, Class 1		2,960,791		1,174,907		172,198		3,963,500	$	2,267		$	(31,537	)	$	1,939	$	277,286
Fixed income funds 15.59%
American Funds Insurance Series - Bond Fund, Class 1		4,022,202		1,831,995		743,342		5,110,855		(255	)		(1,309	)		1,401		53,511
Total 96.36%									$	2,012		$	(32,846	)	$	3,340	$	330,797

¹  Notional amount is calculated based on the number of contracts and notional contract size.

²  Value is calculated based on the notional amount and current market price.

³  Amount less than one thousand.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

See notes to financial statements

118      American Funds Insurance Series

Managed Risk International Fund

Investment portfolio December 31, 2018

	Shares		Value (000)
Growth funds 79.58%
American Funds Insurance Series – International Fund, Class 1		6,802,836	$	120,138
Total growth funds (cost: $126,861,000)				120,138
Fixed income funds 15.00%
American Funds Insurance Series – Bond Fund, Class 1		2,162,908		22,646
Total fixed income funds (cost: $23,477,000)				22,646
Short-term securities 3.43%
Government Cash Management Fund		5,178,097		5,178
Total short-term securities (cost: $5,178,000)				5,178
Total investment securities 98.01% (cost: $155,516,000)				147,962
Other assets less liabilities 1.99%				2,997
Net assets 100.00%			$	150,959

Futures contracts

Contracts	Type	Number of contracts		Expiration		Notional amount1 (000)			Value at 12/31/20182 (000)			Unrealized appreciation (depreciation) at 12/31/2018 (000)
5 Year U.S. Treasury Note Futures	Long		472		March 2019	$	47,200		$	54,133		$	615
S&P 500 E-mini Index Contracts	Short		3		March 2019		—	3		(376	)		23
FTSE 100 Index Contracts	Short		55		March 2019	£	(1	)		(4,668	)		65
Russell 2000 Mini Index Contracts	Short		13		March 2019	$	(1	)		(877	)		44
Euro Stoxx 50 Index Contracts	Short		353		March 2019	€	(4	)		(12,028	)		268
Mini MSCI Emerging Market Index Contracts	Short		323		March 2019	$	(16	)		(15,614	)		186
Nikkei 225 Index Contracts	Short		37		March 2019	¥	(37	)		(6,751	)		296
British Pound Currency Contracts	Short		60		March 2019	$	(3,750	)		(4,796	)		(35	)
Euro Currency Contracts	Short		88		March 2019		(11,000	)		(12,675	)		(61	)
Japanese Yen Currency Contracts	Short		61		March 2019		(762,500	)		(6,993	)		(182	)
												$	1,219

American Funds Insurance Series      119

Managed Risk International Fund

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the year ended December 31, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 12/31/2018 (000)
Growth funds 79.58%
American Funds Insurance Series – International Fund, Class 1		5,479,657		1,623,392		300,213		6,802,836	$	360		$	(25,996	)	$	2,591	$	120,138
Fixed income funds 15.00%
American Funds Insurance Series – Bond Fund, Class 1		2,063,150		605,333		505,575		2,162,908		(190	)		(574	)		611		22,646
Total 94.58%									$	170		$	(26,570	)	$	3,202	$	142,784

¹  Notional amount is calculated based on the number of contracts and notional contract size.

²  Value is calculated based on the notional amount and current market price.

³  Amount less than one thousand.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

See notes to financial statements

120      American Funds Insurance Series

Managed Risk Blue Chip Income and Growth Fund

Investment portfolio December 31, 2018

	Shares		Value (000)
Growth-and-income funds 80.54%
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1		21,901,978	$	271,146
Total growth-and-income funds (cost: $294,629,000)				271,146
Fixed income funds 15.90%
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1		4,484,388		53,544
Total fixed income funds (cost: $54,558,000)				53,544
Short-term securities 1.37%
Government Cash Management Fund		4,613,010		4,613
Total short-term securities (cost: $4,613,000)				4,613
Total investment securities 97.81% (cost: $353,800,000)				329,303
Other assets less liabilities 2.19%				7,366
Net assets 100.00%			$	336,669

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount1 (000)			Value at 12/31/20182 (000)			Unrealized appreciation (depreciation) at 12/31/2018 (000)
5 Year U.S. Treasury Note Futures		Long		1,512		March 2019	$	151,200		$	173,408		$	1,865
FTSE 100 Index Contracts		Short		24		March 2019	£	—	3		(2,037	)		10
S&P Mid 400 E-mini Index Contracts		Short		4		March 2019	$	—	3		(665	)		18
Euro Stoxx 50 Index Contracts		Short		117		March 2019	€	(1	)		(3,987	)		74
Mini MSCI Emerging Market Index Contracts		Short		42		March 2019	$	(2	)		(2,030	)		13
Russell 2000 Mini Index Contracts		Short		34		March 2019		(2	)		(2,293	)		81
S&P 500 E-mini Index Contracts		Short		1,088		March 2019		(54	)		(136,283	)		3,750
British Pound Currency Contracts		Short		27		March 2019		(1,688	)		(2,158	)		(13	)
Euro Currency Contracts		Short		29		March 2019		(3,625	)		(4,177	)		(17	)
													$	5,781

American Funds Insurance Series      121

Managed Risk Blue Chip Income and Growth Fund

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the year ended December 31, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliates at 12/31/2018 (000)
Growth-and-income funds 80.54%
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1		19,699,331		4,153,608		1,950,961		21,901,978	$	4,481		$	(54,782	)	$	6,179	$	271,146
Fixed income funds 15.90%
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1		4,530,491		736,682		782,785		4,484,388		(273	)		(347	)		1,085		53,544
Total 96.44%									$	4,208		$	(55,129	)	$	7,264	$	324,690

¹  Notional amount is calculated based on the number of contracts and notional contract size.

²  Value is calculated based on the notional amount and current market price.

³  Amount less than one thousand.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

See notes to financial statements

122      American Funds Insurance Series

Managed Risk Growth-Income Fund

Investment portfolio December 31, 2018

	Shares		Value (000)
Growth-and-income funds 79.46%
American Funds Insurance Series – Growth-Income Fund, Class 1		33,123,343	$	1,503,469
Total growth-and-income funds (cost: $1,522,773,000)				1,503,469
Fixed income funds 14.91%
American Funds Insurance Series – Bond Fund, Class 1		26,945,898		282,124
Total fixed income funds (cost: $281,542,000)				282,124
Short-term securities 3.54%
Government Cash Management Fund		66,924,852		66,925
Total short-term securities (cost: $66,925,000)				66,925
Options purchased 0.46%
Options purchased*				8,674
Total options purchased (cost: $7,663,000)				8,674
Total investment securities 98.37% (cost: $1,878,903,000)				1,861,192
Other assets less liabilities 1.63%				30,910
Net assets 100.00%			$	1,892,102

*Options purchased

Put
Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 12/31/2018 (000)
S&P 500 Index		4,360	$	1,092,987	$	1,850.00		6/21/2019	$	6,178
S&P 500 Index		811		203,306		2,000.00		6/21/2019		2,064
S&P 500 Index		138		34,595		2,050.00		6/21/2019		432
									$	8,674

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount1 (000)			Value at 12/31/20182 (000)			Unrealized appreciation (depreciation) at 12/31/2018 (000)
5 Year U.S. Treasury Note Futures		Long		7,323		March 2019	$	732,300		$	839,857		$	6,919
FTSE 100 Index Contracts		Short		272		March 2019	£	(3	)		(23,086	)		(39	)
S&P Mid 400 E-mini Index Contracts		Short		50		March 2019	$	(5	)		(8,311	)		127
Euro Stoxx 50 Index Contracts		Short		1,107		March 2019	€	(11	)		(37,721	)		466
Russell 2000 Mini Index Contracts		Short		430		March 2019	$	(21	)		(29,003	)		435
Mini MSCI Emerging Market Index Contracts		Short		532		March 2019		(27	)		(25,717	)		(62	)
Nikkei 225 Index Contracts		Short		27		March 2019	¥	(27	)		(4,927	)		180
S&P 500 E-mini Index Contracts		Short		3,478		March 2019	$	(174	)		(435,654	)		2,778
British Pound Currency Contracts		Short		298		March 2019		(18,625	)		(23,821	)		(167	)
Euro Currency Contracts		Short		268		March 2019		(33,500	)		(38,600	)		(222	)
Japanese Yen Currency Contracts		Short		45		March 2019		(562,500	)		(5,159	)		(108	)
													$	10,307

American Funds Insurance Series      123

Managed Risk Growth-Income Fund

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the year ended December 31, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized (depreciation) appreciation (000)			Dividend income (000)		Value of affiliates at 12/31/2018 (000)
Growth-and-income funds 79.46%
American Funds Insurance Series - Growth-Income Fund, Class 1		3,331,787		30,474,528		682,972		33,123,343	$	(1,765	)	$	(33,463	)	$	3,205	$	1,503,469
Fixed income funds 14.91%
American Funds Insurance Series - Bond Fund, Class 1		2,916,097		25,446,042		1,416,241		26,945,898		(614	)		951			958		282,124
Total 94.37%									$	(2,379	)	$	(32,512	)	$	4,163	$	1,785,593

¹  Notional amount is calculated based on the number of contracts and notional contract size.

²  Value is calculated based on the notional amount and current market price.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

See notes to financial statements

124      American Funds Insurance Series

Managed Risk Asset Allocation Fund

Investment portfolio December 31, 2018

	Shares		Value (000)
Asset allocation funds 96.69%
American Funds Insurance Series – Asset Allocation Fund, Class 1		115,468,223	$	2,458,318
Total asset allocation funds (cost: $2,512,141,000)				2,458,318
Short-term securities 1.91%
Government Cash Management Fund		48,607,102		48,607
Total short-term securities (cost: $48,607,000)				48,607
Total investment securities 98.60% (cost: $2,560,748,000)				2,506,925
Other assets less liabilities 1.40%				35,572
Net assets 100.00%			$	2,542,497

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount1 (000)			Value at 12/31/20182 (000)			Unrealized appreciation (depreciation) at 12/31/2018 (000)
5 Year U.S. Treasury Note Futures		Long		7,806		March 2019	$	780,600		$	895,251		$	8,348
FTSE 100 Index Contracts		Short		120		March 2019	£	(1	)		(10,185	)		46
S&P Mid 400 E-mini Index Contracts		Short		33		March 2019	$	(3	)		(5,485	)		146
Euro Stoxx 50 Index Contracts		Short		671		March 2019	€	(7	)		(22,864	)		375
Nikkei 225 Index Contracts		Short		7		March 2019	¥	(7	)		(1,277	)		49
Russell 2000 Mini Index Contracts		Short		895		March 2019	$	(45	)		(60,368	)		1,608
Mini MSCI Emerging Market Index Contracts		Short		1,027		March 2019		(51	)		(49,645	)		184
S&P 500 E-mini Index Contracts		Short		4,514		March 2019		(226	)		(565,424	)		14,749
British Pound Currency Contracts		Short		131		March 2019		(8,188	)		(10,472	)		(63	)
Euro Currency Contracts		Short		165		March 2019		(20,625	)		(23,765	)		(88	)
Japanese Yen Currency Contracts		Short		12		March 2019		(150,000	)		(1,376	)		(31	)
													$	25,323

Investment in affiliates

This holding is an affiliate of the fund under the Investment Company Act of 1940 since it is controlled by the same board of trustees as the series. Further details on this holding and related transactions during the year ended December 31, 2018, appear below.

	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized depreciation (000)			Dividend income (000)		Value of affiliate at 12/31/2018 (000)
Asset allocation funds 96.69%
American Funds Insurance Series - Asset Allocation Fund, Class 1		178,833,494		22,204,494		85,569,765		115,468,223	$	(39,223	)	$	(392,470	)	$	80,687	$	2,458,318

¹  Notional amount is calculated based on the number of contracts and notional contract size.

²  Value is calculated based on the notional amount and current market price.

Key to symbols

£ = British pounds

€ = Euros

¥ = Japanese yen

See notes to financial statements

American Funds Insurance Series      125

Financial statements

Statements of assets and liabilities at December 31, 2018

	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	5,486,916	$	3,673,913	$	23,407,476	$	8,996,441	$	2,999,468
Affiliated issuers		—		29,982		—		—		—
Cash		178		156		1,343		131		4,433
Cash pledged for securities on loan		—		6,049		—		—		—
Cash pledged for forward currency contracts		—		—		—		330		—
Cash denominated in currencies other than U.S. dollars		1		80		—		1,626		712
Unrealized appreciation on open forward currency contracts		—		—		—		—		356
Receivables for:
Sales of investments		319		3,233		21,198		1,944		4,847
Sales of fund’s shares		28,743		5,568		49,254		16,453		1,400
Dividends and interest		8,330		3,564		13,574		16,015		5,498
Variation margin on futures contracts		—		—		—		—		—
Variation margin on swap contracts		—		—		—		—		—
Securities lending income		—		160		—		—		—
Other		378		124		2		136		7
		5,524,865		3,722,829		23,492,847		9,033,076		3,016,721
Liabilities:
Collateral for securities on loan		—		60,486		—		—		—
Unrealized depreciation on open forward currency contracts		—		—		—		525		53
Payables for:
Purchases of investments		16,115		3,150		21,907		6,618		808
Repurchases of fund’s shares		2,128		605		11,254		4,966		1,595
Investment advisory services		2,473		2,214		6,602		3,815		1,833
Insurance administrative fees		163		95		706		193		293
Services provided by related parties		810		506		3,421		970		302
Trustees’ deferred compensation		72		48		503		213		32
Variation margin on futures contracts		—		—		—		—		—
Variation margin on swap contracts		—		—		—		—		—
Non-U.S. taxes		853		931		515		5,462		793
Other		98		280		78		204		133
		22,712		68,315		44,986		22,966		5,842
Net assets at December 31, 2018	$	5,502,153	$	3,654,514	$	23,447,861	$	9,010,110	$	3,010,879
Net assets consist of:
Capital paid in on shares of beneficial interest	$	3,889,612	$	3,067,044	$	14,176,248	$	8,331,112	$	2,702,017
Total distributable earnings (accumulated loss)		1,612,541		587,470		9,271,613		678,998		308,862
Net assets at December 31, 2018	$	5,502,153	$	3,654,514	$	23,447,861	$	9,010,110	$	3,010,879
Investment securities, at cost:
Unaffiliated issuers	$	4,224,241	$	3,380,162	$	16,925,576	$	8,523,681	$	2,819,850
Affiliated issuers		—		45,822		—		—		—
Cash denominated in currencies other than U.S. dollars, at cost		1		86		—		1,620		711

See end of statements of assets and liabilities for footnote.

See notes to financial statements

126      American Funds Insurance Series

												(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			Asset Allocation Fund		Global Balanced Fund		Bond Fund			Global Bond Fund
$	8,018,033	$	1,811,931	$	29,638,729	$	1,333,446		$	679,748		$	23,114,218	$	368,422	$	10,945,510		$	2,123,592
	—		—		202,273		—			—			153,583		—		—			—
	1,442		226		5,392		131			493			3,965		111		5,730			633
	—		—		—		—			—			—		—		—			—
	—		—		—		—			—			—		—		—			—
	—		—		1		162			116			840		7		6,114			964
	—		351		—		—			—			—		214		5,141			12,488
	—		—		50,544		—			425			103,114		81		766,356			3,468
	4,453		597		41,007		127			1,890			10,186		175		2,561			30
	14,855		4,749		41,209		5,240			2,673			66,435		1,558		63,965			17,559
	—		—		—		—			286			1,056		32		3,526			755
	—		—		—		—			—			83		4		94			49
	—		—		—		—			—			—		—		—			—
	—		25		—		31			3			313		18		377			53
	8,038,783		1,817,879		29,979,155		1,339,137			685,634			23,453,793		370,622		11,799,374			2,159,591
	—		—		—		—			—			—		—		—			—
	—		—		—		—			—			—		132		14,412			5,570
	—		—		75,910		112			9,280			506,077		3,803		1,901,710			56,897
	3,583		545		27,805		301			228			11,216		134		23,576			7,155
	2,735		940		6,567		701			283			5,477		206		3,023			948
	231		61		588		46			225			2,313		44		225			25
	766		301		3,070		76			80			1,980		57		918			247
	80		23		576		9			3			258		2		116			24
	—		—		—		—			237			99		—		351			145
	—		—		—		—			—			756		1		356			7
	100		87		407		592			12			126		48		—			453
	16		48		97		42			6			40		6		—			103
	7,511		2,005		115,020		1,879			10,354			528,342		4,433		1,944,687			71,574
$	8,031,272	$	1,815,874	$	29,864,135	$	1,337,258		$	675,280		$	22,925,451	$	366,189	$	9,854,687		$	2,088,017
$	6,594,985	$	1,523,636	$	21,925,796	$	1,347,787		$	710,885		$	19,064,550	$	341,847	$	10,077,153		$	2,124,152
	1,436,287		292,238		7,938,339		(10,529	)		(35,605	)		3,860,901		24,342		(222,466	)		(36,135	)
$	8,031,272	$	1,815,874	$	29,864,135	$	1,337,258		$	675,280		$	22,925,451	$	366,189	$	9,854,687		$	2,088,017
$	7,325,397	$	1,627,160	$	25,100,577	$	1,364,122		$	702,114		$	20,304,078	$	345,235	$	11,058,951		$	2,167,128
	—		—		273,780		—			—			586,257		—		—			—
	—		—		1		159			116			840		7		6,229			961

American Funds Insurance Series      127

Statements of assets and liabilities at December 31, 2018

	High- Income Bond Fund			Mortgage Fund			Ultra-Short Bond Fund		U.S. Government/ AAA-Rated Securities Fund			Managed Risk Growth Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	1,182,891		$	343,748		$	306,746	$	3,110,704		$	5,144
Affiliated issuers		—			—			—		—			330,797
Cash		840			383			80		3,850			—
Cash pledged for futures contracts		—			—			—		—			8,181
Cash denominated in currencies other than U.S. dollars		—	*		—			—		—			—
Receivables for:
Sales of investments		2,745			460			—		45,521			—
Sales of fund’s shares		77			204			48		642			596
Dividends and interest		21,205			877			—		11,543			22
Variation margin on futures contracts		—			249			—		4,583			394
Variation margin on swap contracts		40			170			—		2,783			—
Other		168			2			—		28			—
		1,207,966			346,093			306,874		3,179,654			345,134
Liabilities:
Payables for:
Purchases of investments		1,934			54,109			—		295,152			563
Repurchases of fund’s shares		1,312			356			301		8,565			3
Investment advisory services		498			105			82		830			29
Insurance administrative fees		22			13			10		49			215
Services provided by related parties		163			19			59		328			71
Trustees’ deferred compensation		50			3			18		60			1
Variation margin on futures contracts		—			—			—		594			979
Variation margin on swap contracts		87			313			—		4,772			—
Other		1			—			—		1			—
		4,067			54,918			470		310,351			1,861
Net assets at December 31, 2018	$	1,203,899		$	291,175		$	306,404	$	2,869,303		$	343,273
Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,464,474		$	295,903		$	305,431	$	2,910,880		$	326,588
Total distributable earnings (accumulated loss)		(260,575	)		(4,728	)		973		(41,577	)		16,685
Net assets at December 31, 2018	$	1,203,899		$	291,175		$	306,404	$	2,869,303		$	343,273
Investment securities, at cost:
Unaffiliated issuers	$	1,274,934		$	344,748		$	306,754	$	3,124,841		$	5,144
Affiliated issuers		—			—			—		—			334,489
Cash denominated in currencies other than U.S. dollars, at cost		—	*		—			—		—			—

See end of statements of assets and liabilities for footnote.

See notes to financial statements

128      American Funds Insurance Series

(dollars in thousands)
Managed Risk International Fund			Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
$	5,178		$	4,613		$	75,599		$	48,607
	142,784			324,690			1,785,593			2,458,318
	—			—			—			—
	3,017			8,327			34,515			41,388
	—			—			—			—
	—			—			27,293			374
	190			386			339			336
	10			22			67			305
	182			389			1,951			2,143
	—			—			—			—
	—			—			—			—
	151,361			338,427			1,925,357			2,551,471
	174			364			—			—
	6			3			29,069			729
	13			29			84			298
	96			214			308			2,570
	31			70			48			538
	1			2			1			23
	81			1,076			3,745			4,816
	—			—			—			—
	—			—			—			—
	402			1,758			33,255			8,974
$	150,959		$	336,669		$	1,892,102		$	2,542,497
$	157,470		$	340,198		$	1,895,504		$	2,426,171
	(6,511	)		(3,529	)		(3,402	)		116,326
$	150,959		$	336,669		$	1,892,102		$	2,542,497
$	5,178		$	4,613		$	74,588		$	48,607
	150,338			349,187			1,804,315			2,512,141
	—			—			—			—

American Funds Insurance Series      129

Statements of assets and liabilities at December 31, 2018

	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	$	1,942,639	$	1,452,476	$	8,474,126	$	4,811,429	$	1,701,716
Shares outstanding		75,457		66,791		121,126		272,408		81,098
Net asset value per share	$	25.74	$	21.75	$	69.96	$	17.66	$	20.98
Class 1A:
Net assets	$	4,778	$	353	$	9,862	$	4,936	$	2,363
Shares outstanding		186		16		141		280		113
Net asset value per share	$	25.69	$	21.71	$	69.77	$	17.62	$	20.92
Class 2:
Net assets	$	3,306,059	$	2,055,787	$	13,700,966	$	3,875,242	$	843,316
Shares outstanding		129,626		97,154		197,204		220,231		40,558
Net asset value per share	$	25.50	$	21.16	$	69.48	$	17.60	$	20.79
Class 3:
Net assets					$	187,003	$	23,753
Shares outstanding		Not applicable		Not applicable		2,655		1,342		Not applicable
Net asset value per share					$	70.44	$	17.70
Class 4:
Net assets	$	248,677	$	145,898	$	1,075,904	$	294,750	$	463,484
Shares outstanding		9,795		6,855		15,676		16,935		22,375
Net asset value per share	$	25.39	$	21.28	$	68.64	$	17.40	$	20.71
	High- Income Bond Fund		Mortgage Fund		Ultra-Short Bond Fund		U.S. Government/ AAA-Rated Securities Fund		Managed Risk Growth Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:
Net assets	$	501,284	$	209,329	$	36,869	$	1,445,275
Shares outstanding		53,676		20,330		3,259		121,022		Not applicable
Net asset value per share	$	9.34	$	10.30	$	11.31	$	11.94
Class 1A:
Net assets	$	644	$	739	$	10	$	1,510
Shares outstanding		69		72		1		127		Not applicable
Net asset value per share	$	9.33	$	10.28	$	11.31	$	11.93
Class 2:
Net assets	$	661,317	$	56,871	$	247,022	$	1,322,968
Shares outstanding		71,992		5,534		22,403		111,891		Not applicable
Net asset value per share	$	9.19	$	10.28	$	11.03	$	11.82
Class 3:
Net assets	$	9,485			$	4,516	$	8,900
Shares outstanding		1,011		Not applicable		405		743		Not applicable
Net asset value per share	$	9.38			$	11.14	$	11.97
Class 4:
Net assets	$	31,169	$	24,236	$	17,987	$	90,650
Shares outstanding		3,129		2,379		1,613		7,659		Not applicable
Net asset value per share	$	9.96	$	10.19	$	11.15	$	11.84
Class P1:
Net assets									$	2,850
Shares outstanding		Not applicable		Not applicable		Not applicable		Not applicable		232
Net asset value per share									$	12.30
Class P2:
Net assets									$	340,423
Shares outstanding		Not applicable		Not applicable		Not applicable		Not applicable		27,883
Net asset value per share									$	12.21

* Amount less than one thousand.

See notes to financial statements

130      American Funds Insurance Series

										(dollars and shares in thousands, except per-share amounts)
Blue Chip		Global				International
Income and		Growth		Growth-		Growth		Capital		Asset		Global				Global
Growth		and Income		Income		and Income		Income		Allocation		Balanced		Bond		Bond
Fund		Fund		Fund		Fund		Builder		Fund		Fund		Fund		Fund
$	4,809,964	$	492,281	$	16,782,983	$	1,034,317	$	316,763	$	14,626,696	$	109,776	$	5,961,685	$	1,015,292
	388,433		37,818		369,768		67,397		33,820		686,976		9,410		569,176		88,889
$	12.38	$	13.02	$	45.39	$	15.35	$	9.37	$	21.29	$	11.67	$	10.47	$	11.42
$	3,162	$	927	$	6,733	$	1,749	$	2,686	$	6,982	$	2,007	$	3,284	$	400
	256		72		149		114		287		328		172		314		35
$	12.35	$	13.00	$	45.28	$	15.33	$	9.36	$	21.26	$	11.65	$	10.45	$	11.41
$	2,850,294	$	1,227,787	$	12,035,441	$	230,035	$	3,719	$	4,667,683	$	184,786	$	3,523,963	$	1,032,370
	232,925		94,484		268,073		15,034		397		221,412		15,865		340,694		91,060
$	12.24	$	12.99	$	44.90	$	15.30	$	9.36	$	21.08	$	11.65	$	10.34	$	11.34
				$	140,465					$	29,682
	Not applicable		Not applicable		3,089		Not applicable		Not applicable		1,392		Not applicable		Not applicable		Not applicable
				$	45.47					$	21.32
$	367,852	$	94,879	$	898,513	$	71,157	$	352,112	$	3,594,408	$	69,620	$	365,755	$	39,955
	30,177		7,405		20,203		4,675		37,666		171,230		6,029		35,411		3,554
$	12.19	$	12.81	$	44.47	$	15.22	$	9.35	$	20.99	$	11.55	$	10.33	$	11.24
		Managed		Managed		Managed
Managed		Risk Blue		Risk		Risk
Risk		Chip Income		Growth-		Asset
International		and Growth		Income		Allocation
Fund		Fund		Fund		Fund
	Not applicable		Not applicable		Not applicable		Not applicable
	Not applicable		Not applicable		Not applicable		Not applicable
	Not applicable		Not applicable		Not applicable		Not applicable
	Not applicable		Not applicable		Not applicable		Not applicable
	Not applicable		Not applicable		Not applicable		Not applicable
$	379	$	492	$	1,661,806	$	1,596
	39		44		141,701		130
$	9.82	$	11.28	$	11.73	$	12.23
$	150,580	$	336,177	$	230,296	$	2,540,901
	15,421		29,981		19,726		207,856
$	9.76	$	11.21	$	11.67	$	12.22

American Funds Insurance Series      131

Statements of operations for the year ended December 31, 2018

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends	$	89,435		$	40,551		$	266,249		$	188,307		$	47,131
Interest		6,142			7,378			28,788			23,999			16,421
Securities lending income		—			730			—			—			—
		95,577			48,659			295,037			212,306			63,552
Fees and expenses*:
Investment advisory services		32,234			29,438			83,065			48,247			23,782
Distribution services		10,330			6,459			42,560			11,764			3,589
Insurance administrative services		633			367			2,750			790			1,164
Transfer agent services		1			—	†		3			1			—	†
Administrative services		624			423			2,573			981			339
Reports to shareholders		218			136			900			342			127
Registration statement and prospectus		47			88			197			66			29
Trustees’ compensation		37			25			150			58			20
Auditing and legal		76			65			80			102			72
Custodian		964			643			502			1,867			1,253
Other		137			228			252			202			342
Total fees and expenses before waivers		45,301			37,872			133,032			64,420			30,717
Less waivers of fees and expenses:
Investment advisory services waivers		—			—			—			—			—
Total waivers of fees and expenses		—			—			—			—			—
Total fees and expenses after waivers		45,301			37,872			133,032			64,420			30,717
Net investment income		50,276			10,787			162,005			147,886			32,835
Net realized gain (loss) and unrealized (depreciation) appreciation:
Net realized gain (loss) on:
Investments
Unaffiliated issuers		344,211			244,684			2,850,252			248,667			125,246
Affiliated issuers		—			2,632			—			—			—
Futures contracts		—			—			—			—			—
Forward currency contracts		(21	)		94			—			1,317			649
Swap contracts		—			—			—			—			—
Currency transactions		(648	)		(349	)		(1,358	)		(2,744	)		308
		343,542			247,061			2,848,894			247,240			126,203
Net unrealized (depreciation) appreciation on:
Investments
Unaffiliated issuers		(919,949	)		(654,311	)		(2,970,971	)		(1,741,395	)		(647,695	)
Affiliated issuers		—			(19,991	)		—			—			—
Futures contracts		—			—			—			—			—
Forward currency contracts		(15	)		1,103			—			(170	)		626
Swap contracts		—			—			—			—			—
Currency translations		288			41			(119	)		(189	)		36
		(919,676	)		(673,158	)		(2,971,090	)		(1,741,754	)		(647,033	)
Net realized gain (loss) and unrealized (depreciation) appreciation		(576,134	)		(426,097	)		(122,196	)		(1,494,514	)		(520,830	)
Net (decrease) increase in net assets resulting from operations	$	(525,858	)	$	(415,310	)	$	39,809		$	(1,346,628	)	$	(487,995	)

See end of statements of operations for footnotes.

See notes to financial statements

132      American Funds Insurance Series

																						(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			Asset Allocation Fund			Global Balanced Fund			Bond Fund			Global Bond Fund
$	225,462		$	47,619		$	561,216		$	42,953		$	18,229		$	330,664		$	5,923		$	—		$	—
	5,328			5,256			43,954			4,649			5,121			270,199			3,763			319,829			71,425
	—			—			—			—			—			—			—			—			—
	230,790			52,875			605,170			47,602			23,350			600,863			9,686			319,829			71,425
	35,312			12,167			81,100			8,812			3,229			68,775			2,520			37,656			12,085
	9,118			3,848			36,914			840			885			22,505			680			10,220			2,901
	794			233			2,300			183			884			9,354			167			835			97
	1			—	†		4			—	†		—	†		3			—	†		1			—	†
	909			205			3,139			146			65			2,590			38			1,037			228
	239			47			1,105			23			10			837			6			320			58
	28			9			202			19			21			400			11			61			10
	53			12			182			8			3			150			2			61			13
	49			62			79			60			51			76			59			60			51
	269			349			894			391			43			362			42			277			386
	126			86			232			44			62			188			56			214			162
	46,898			17,018			126,151			10,526			5,253			105,240			3,581			50,742			15,991
	—			—			—			1			23			—			—			—			—
	—			—			—			1			23			—			—			—			—
	46,898			17,018			126,151			10,525			5,230			105,240			3,581			50,742			15,991
	183,892			35,857			479,019			37,077			18,120			495,623			6,105			269,087			55,434
	687,346			100,225			3,359,804			19,373			(12,976	)		1,252,346			4,175			(159,911	)		1,326
	—			—			—			—			—			—			—			—			—
	—			—			—			—			242			677			23			(38,790	)		(3,980	)
	—			(72	)		—			—			—			—			(541	)		14,487			(6,955	)
	—			—			—			—			—			(2,209	)		(5	)		16,367			(44	)
	38			(281	)		(2,288	)		273			(169	)		85			(76	)		(565	)		(2,076	)
	687,384			99,872			3,357,516			19,646			(12,903	)		1,250,899			3,576			(168,412	)		(11,729	)
	(1,602,181	)		(325,794	)		(4,115,868	)		(222,546	)		(54,286	)		(2,657,935	)		(34,350	)		(164,246	)		(82,168	)
	—			—			(116,886	)		—			—			(230,161	)		—			—			—
	—			—			—			—			429			5,914			180			23,764			4,630
	—			351			—			—			—			—			207			(16,813	)		6,258
	—			—			—			—			—			2,691			5			(7,301	)		1,530
	(41	)		(87	)		(237	)		(23	)		(10	)		(72	)		1			(246	)		(258	)
	(1,602,222	)		(325,530	)		(4,232,991	)		(222,569	)		(53,867	)		(2,879,563	)		(33,957	)		(164,842	)		(70,008	)
	(914,838	)		(225,658	)		(875,475	)		(202,923	)		(66,770	)		(1,628,664	)		(30,381	)		(333,254	)		(81,737	)
$	(730,946	)	$	(189,801	)	$	(396,456	)	$	(165,846	)	$	(48,650	)	$	(1,133,041	)	$	(24,276	)	$	(64,167	)	$	(26,303	)

American Funds Insurance Series      133

Statements of operations for the year ended December 31, 2018

	High- Income Bond Fund			Mortgage Fund			Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund			Managed Risk Growth Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends	$	—		$	—		$	—		$	—		$	3,341
Interest		93,699			7,928			5,763			71,451			216
		93,699			7,928			5,763			71,451			3,557
Fees and expenses*:
Investment advisory services		6,485			1,361			947			10,160			486
Distribution services		1,953			191			643			3,706			803
Insurance administrative services		86			42			37			171			809
Transfer agent services		—	†		—	†		—	†		—	†		—	†
Administrative services		137			32			30			300			—
Accounting and administrative services		—			—			—			—			43
Reports to shareholders		33			5			6			65			5
Registration statement and prospectus		9			2			3			15			7
Trustees’ compensation		8			2			2			18			2
Auditing and legal		49			44			42			46			23
Custodian		32			35			1			56			9
Other		95			66			16			129			23
Total fees and expenses before waivers		8,887			1,780			1,727			14,666			2,210
Less waivers of fees and expenses:
Investment advisory services waivers		—			—			—			—			162
Total waivers of fees and expenses		—			—			—			—			162
Total fees and expenses after waivers		8,887			1,780			1,727			14,666			2,048
Net investment income		84,812			6,148			4,036			56,785			1,509
Net realized gain (loss) and unrealized (depreciation) appreciation:
Net realized gain (loss) on:
Investments
Unaffiliated issuers		(24,151	)		(3,538	)		—			(39,630	)		—
Affiliated issuers		—			—			—			—			2,012
Futures contracts		2			(4,529	)		—			(45,333	)		(5,288	)
Swap contracts		(390	)		449			—			(1,752	)		—
Currency transactions		(5	)		—			—			—			7
Capital gain distributions received from affiliated issuers		—			—			—			—			24,732
		(24,544	)		(7,618	)		—			(86,715	)		21,463
Net unrealized (depreciation) appreciation on:
Investments
Unaffiliated issuers		(87,512	)		(1,970	)		33			(13,160	)		—
Affiliated issuers		—			—			—			—			(32,846	)
Futures contracts		—			2,531			—			34,895			5,929
Swap contracts		1,317			1,980			—			27,782			—
Currency translations		(1	)		—			—			—			—
		(86,196	)		2,541			33			49,517			(26,917	)
Net realized gain (loss) and unrealized (depreciation) appreciation		(110,740	)		(5,077	)		33			(37,198	)		(5,454	)
Net (decrease) increase in net assets resulting from operations	$	(25,928	)	$	1,071		$	4,069		$	19,587		$	(3,945	)

^*  Additional information related to non-U.S. taxes, class-specific fees and expenses and affiliated income is included in the notes to financial statements.

^†  Amount less than one thousand.

See notes to financial statements

134      American Funds Insurance Series

			(dollars in thousands)
Managed Risk International Fund			Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
$	3,202		$	7,264		$	4,163		$	80,686
	112			246			195			2,846
	3,314			7,510			4,358			83,532
	234			530			439			6,609
	389			883			564			6,862
	389			883			731			11,015
	—	†		—	†		—	†		—	†
	—			—			—			—
	40			43			42			114
	3			6			4			73
	5			7			5			70
	1			2			1			26
	23			23			33			28
	9			9			9			9
	(18	)		25			(9	)		(1,637	)
	1,075			2,411			1,819			23,169
	78			177			146			2,203
	78			177			146			2,203
	997			2,234			1,673			20,966
	2,317			5,276			2,685			62,566
	—			—			—			—
	170			4,208			(2,379	)		(39,223	)
	(301	)		(7,698	)		(3,064	)		(49,333	)
	—			—			—			—
	(4	)		7			—	†		62
	5,857			21,501			12,396			185,909
	5,722			18,018			6,953			97,415
	—			—			1,011			—
	(26,570	)		(55,129	)		(32,512	)		(392,470	)
	1,238			5,830			10,335			25,915
	—			—			—			—
	—			—			—			—
	(25,332	)		(49,299	)		(21,166	)		(366,555	)
	(19,610	)		(31,281	)		(14,213	)		(269,140	)
$	(17,293	)	$	(26,005	)	$	(11,528	)	$	(206,574	)

American Funds Insurance Series      135

Statements of changes in net assets

	Global Growth Fund						Global Small Capitalization Fund						Growth Fund
	Year ended December 31						Year ended December 31						Year ended December 31
	2018			2017			2018			2017			2018			2017
Operations:
Net investment income	$	50,276		$	44,912		$	10,787		$	15,312		$	162,005		$	136,774
Net realized gain (loss)		343,542			433,191			247,061			207,903			2,848,894			2,561,073
Net unrealized (depreciation) appreciation		(919,676	)		1,102,516			(673,158	)		731,086			(2,971,090	)		3,159,797
Net (decrease) increase in net assets resulting from operations		(525,858	)		1,580,619			(415,310	)		954,301			39,809			5,857,644
Distributions paid to shareholders*		(474,814	)					(196,135	)					(2,648,515	)
Dividends from net investment income					(42,742	)					(21,019	)					(136,164	)
Distributions from net realized gain on investments					(174,096	)					—						(2,251,429	)
Total dividends and distributions paid to shareholders					(216,838	)					(21,019	)					(2,387,593	)
Net capital share transactions		267,749			(335,425	)		(49,079	)		(495,098	)		1,071,109			(34,343	)
Total (decrease) increase in net assets		(732,923	)		1,028,356			(660,524	)		438,184			(1,537,597	)		3,435,708
Net assets:
Beginning of year		6,235,076			5,206,720			4,315,038			3,876,854			24,985,458			21,549,750
End of year	$	5,502,153		$	6,235,076		$	3,654,514		$	4,315,038		$	23,447,861		$	24,985,458

	International Growth
	and Income Fund						Capital Income Builder						Asset Allocation Fund
	Year ended December 31						Year ended December 31						Year ended December 31
	2018			2017			2018			2017			2018			2017
Operations:
Net investment income	$	37,077		$	35,259		$	18,120		$	14,607		$	495,623		$	419,292
Net realized gain (loss)		19,646			5,636			(12,903	)		8,964			1,250,899			1,243,464
Net unrealized (depreciation) appreciation		(222,569	)		242,768			(53,867	)		35,709			(2,879,563	)		1,880,231
Net (decrease) increase in net assets resulting from operations		(165,846	)		283,663			(48,650	)		59,280			(1,133,041	)		3,542,987
Distributions paid to shareholders*		(35,982	)					(20,515	)					(1,587,775	)
Dividends from net investment income					(32,772	)					(14,010	)					(405,124	)
Distributions from net realized gain on investments					—						—						(1,069,604	)
Total dividends and distributions paid to shareholders					(32,772	)					(14,010	)					(1,474,728	)
Net capital share transactions		77,119			109,624			149,988			137,152			(13,827	)		2,543,934
Total (decrease) increase in net assets		(124,709	)		360,515			80,823			182,422			(2,734,643	)		4,612,193
Net assets:
Beginning of year		1,461,967			1,101,452			594,457			412,035			25,660,094			21,047,901
End of year	$	1,337,258		$	1,461,967		$	675,280		$	594,457		$	22,925,451		$	25,660,094

See end of statements of changes in net assets for footnote.

See notes to financial statements

136      American Funds Insurance Series

																							(dollars in thousands)
International Fund					New World Fund						Blue Chip Income and Growth Fund						Global Growth and Income Fund						Growth-Income Fund
Year ended December 31					Year ended December 31						Year ended December 31						Year ended December 31						Year ended December 31
2018		2017			2018			2017			2018			2017			2018			2017			2018			2017
$	147,886	$	105,868		$	32,835		$	32,918		$	183,892		$	195,270		$	35,857		$	44,369		$	479,019		$	445,666
	247,240		438,684			126,203			236,990			687,384			686,720			99,872			151,286			3,357,516			2,102,617
	(1,741,754)		1,850,536			(647,033	)		567,588			(1,602,222	)		550,461			(325,530	)		281,638			(4,232,991	)		3,222,646
	(1,346,628)		2,395,088			(487,995	)		837,496			(730,946	)		1,432,451			(189,801	)		477,293			(396,456	)		5,770,929
	(646,470)					(126,412	)					(883,615	)					(186,991	)					(2,606,909	)
			(124,236	)					(34,131	)					(188,626	)					(42,795	)					(435,451	)
			(100,924	)					—						(328,660	)					(33,692	)					(1,807,557	)
			(225,160	)					(34,131	)					(517,286	)					(76,487	)					(2,243,008	)
	1,245,386		133,019			92,573			(164,517	)		265,984			(178,554	)		90,220			(289,969	)		2,175,138			1,071,251
	(747,712)		2,302,947			(521,834	)		638,848			(1,348,577	)		736,611			(286,572	)		110,837			(828,227	)		4,599,172
	9,757,822		7,454,875			3,532,713			2,893,865			9,379,849			8,643,238			2,102,446			1,991,609			30,692,362			26,093,190
$	9,010,110	$	9,757,822		$	3,010,879		$	3,532,713		$	8,031,272		$	9,379,849		$	1,815,874		$	2,102,446		$	29,864,135		$	30,692,362
Global Balanced Fund					Bond Fund						Global Bond Fund						High-Income Bond Fund						Mortgage Fund
Year ended December 31					Year ended December 31						Year ended December 31						Year ended December 31						Year ended December 31
2018		2017			2018			2017			2018			2017			2018			2017			2018			2017
$	6,105	$	4,343		$	269,087		$	226,928		$	55,434		$	53,646		$	84,812		$	96,458		$	6,148		$	5,003
	3,576		9,276			(168,412	)		(10,510	)		(11,729	)		(26,825	)		(24,544	)		24,442			(7,618	)		408
	(33,957)		38,239			(164,842	)		193,041			(70,008	)		132,187			(86,196	)		(3,823	)		2,541			(431	)
	(24,276)		51,858			(64,167	)		409,459			(26,303	)		159,008			(25,928	)		117,077			1,071			4,980
	(9,700)					(267,421	)					(56,130	)					(79,933	)					(6,505	)
			(3,252	)					(220,546	)					(11,164	)					(98,414	)					(5,571	)
			(10,070	)					(157,395	)					(14,449	)					—						(2,214	)
			(13,322	)					(377,941	)					(25,613	)					(98,414	)					(7,785	)
	46,266		63,483			(511,419	)		(223,341	)		(297,128	)		85,999			(144,120	)		(346,424	)		(43,561	)		2,570
	12,290		102,019			(843,007	)		(191,823	)		(379,561	)		219,394			(249,981	)		(327,761	)		(48,995	)		(235	)
	353,899		251,880			10,697,694			10,889,517			2,467,578			2,248,184			1,453,880			1,781,641			340,170			340,405
$	366,189	$	353,899		$	9,854,687		$	10,697,694		$	2,088,017		$	2,467,578		$	1,203,899		$	1,453,880		$	291,175		$	340,170

American Funds Insurance Series      137

Statements of changes in net assets

	Ultra-Short Bond Fund						U.S. Government/ AAA-Rated Securities Fund						Managed Risk Growth Fund
	Year ended December 31						Year ended December 31						Year ended December 31
	2018			2017			2018			2017			2018			2017
Operations:
Net investment income	$	4,036		$	1,388		$	56,785		$	46,503		$	1,509		$	859
Net realized gain (loss)		—			9			(86,715	)		11,669			21,463			19,268
Net unrealized (depreciation) appreciation		33			(64	)		49,517			(6,874	)		(26,917	)		35,360
Net (decrease) increase in net assets resulting from operations		4,069			1,333			19,587			51,298			(3,945	)		55,487
Distributions paid to shareholders*		(3,517	)					(55,819	)					(21,941	)
Dividends from net investment income					(906	)					(43,993	)					(734	)
Distributions from net realized gain on investments					—						—						(4,142	)
Total dividends and distributions paid to shareholders					(906	)					(43,993	)					(4,876	)
Net capital share transactions		1,047			(46,638	)		(197,780	)		58,286			81,200			36,220
Total (decrease) increase in net assets		1,599			(46,211	)		(234,012	)		65,591			55,314			86,831
Net assets:
Beginning of year		304,805			351,016			3,103,315			3,037,724			287,959			201,128
End of year	$	306,404		$	304,805		$	2,869,303		$	3,103,315		$	343,273		$	287,959

* Current year amounts reflect current presentation under new accounting standards.

See notes to financial statements

138      American Funds Insurance Series

(dollars in thousands)
Managed Risk International Fund						Managed Risk Blue Chip Income and Growth Fund						Managed Risk Growth-Income Fund						Managed Risk Asset Allocation Fund
Year ended December 31						Year ended December 31						Year ended December 31						Year ended December 31
2018			2017			2018			2017			2018			2017			2018			2017
$	2,317		$	1,283		$	5,276		$	5,049		$	2,685		$	2,028		$	62,566		$	50,782
	5,722			248			18,018			12,835			6,953			8,283			97,415			177,329
	(25,332	)		28,741			(49,299	)		30,876			(21,166	)		24,060			(366,555	)		329,033
	(17,293	)		30,272			(26,005	)		48,760			(11,528	)		34,371			(206,574	)		557,144
	(3,428	)					(23,525	)					(12,352	)					(242,968	)
				(900	)					(5,161	)					(1,867	)					(31,722	)
				(1,403	)					(5,568	)					(7,726	)					(38,742	)
				(2,303	)					(10,729	)					(9,593	)					(70,464	)
	23,257			22,849			19,295			37,657			1,707,014			23,434			(1,462,371	)		408,750
	2,536			50,818			(30,235	)		75,688			1,683,134			48,212			(1,911,913	)		895,430
	148,423			97,605			366,904			291,216			208,968			160,756			4,454,410			3,558,980
$	150,959		$	148,423		$	336,669		$	366,904		$	1,892,102		$	208,968		$	2,542,497		$	4,454,410

American Funds Insurance Series      139

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 28 different funds (the “funds”). Twenty-three funds in the series are covered in this report. The other five funds in the series, American Funds Insurance Series - Portfolio Series, are covered in a separate report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the “underlying funds”) and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily short positions on exchange-traded futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

In 2009, shareholders approved the reorganization of 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 objectives for each fund covered in this report are as follows:

Global Growth Fund — Seeks to provide long-term growth of capital.

Global Small Capitalization Fund — Seeks to provide long-term growth of capital.

Growth Fund — Seeks to provide growth of capital.

International Fund — Seeks to provide long-term growth of capital.

New World Fund — Seeks long-term capital appreciation.

Blue Chip Income and Growth Fund — Seeks to produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

Global Growth and Income Fund — Seeks to provide long-term growth of capital while providing current income.

Growth-Income Fund — Seeks to achieve long-term growth of capital and income.

International Growth and Income Fund — Seeks to provide long-term growth of capital while providing current income.

Capital Income Builder — Seeks to provide a level of current income that exceeds the average yield on U.S. stocks generally and to provide a growing stream of income over the years. Secondarily, seeks to provide growth of capital.

Asset Allocation Fund — Seeks to provide high total return consistent with preservation of capital over the long term.

Global Balanced Fund — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

Bond Fund — Seeks to provide as high a level of current income as is consistent with the preservation of capital.

Global Bond Fund — Seeks to provide, over the long term, a high level of total return consistent with prudent investment management.

High-Income Bond Fund — Seeks to provide a high level of current income and, secondarily, capital appreciation.

Mortgage Fund — Seeks to provide current income and preservation of capital.

140      American Funds Insurance Series

Ultra-Short Bond Fund — Seeks to provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

U.S. Government/AAA-Rated Securities Fund — Seeks to provide a high level of current income consistent with preservation of capital.

Managed Risk Growth Fund — Seeks to provide growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk International Fund — Seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Blue Chip Income and Growth Fund — Seeks to produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

Managed Risk Growth-Income Fund — Seeks to achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

Managed Risk Asset Allocation Fund — Seeks to provide high total return consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Fees and expenses — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables.

Class allocations — Income, fees and expenses (other than class-specific fees and expenses) and realized and unrealized gains and losses are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

American Funds Insurance Series      141

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

CRMC, the series’ investment adviser, values the funds’ investments at fair value as defined by U.S. GAAP. The net asset value of each share class of each fund is generally determined as of approximately 4:00 p.m. New York time each day the New York Stock Exchange is open.

Methods and inputs — The series’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class	Examples of standard inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds & notes; convertible securities	Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies	Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations	Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities	Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

When the series’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

142      American Funds Insurance Series

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series’ investment adviser. The Government Cash Management Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded 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 at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or more pricing vendors. Interest rate swaps and credit default swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series’ investment adviser are fair valued as determined in good faith under fair value guidelines adopted by authority of the series’ board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations and valuations of investments and futures that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The series’ board of trustees has delegated authority to the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.

The series’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

Classifications — The series’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities.

American Funds Insurance Series      143

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, 2018 (dollars in thousands):

Global Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	943,486	$	395,499	$	—	$	1,338,985
Consumer discretionary		902,718		87,222		—		989,940
Health care		582,877		105,680		—		688,557
Communication services		437,926		143,665		—		581,591
Financials		518,235		53,532		—		571,767
Consumer staples		294,556		86,992		—		381,548
Industrials		209,141		129,438		—		338,579
Materials		114,502		40,841		—		155,343
Energy		146,233		—		—		146,233
Short-term securities		—		294,373		—		294,373
Total	$	4,149,674	$	1,337,242	$	—	$	5,486,916

Global Small Capitalization Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	727,659	$	48,979	$	—	$	776,638
Information technology		452,675		117,663		—		570,338
Industrials		267,672		261,949		—		529,621
Consumer discretionary		404,803		84,793		—		489,596
Financials		277,316		39,228		87		316,631
Materials		113,426		29,243		—		142,669
Consumer staples		64,850		56,057		—		120,907
Communication services		71,742		20,881		—		92,623
Energy		45,304		15,906		16,560		77,770
Real estate		35,861		37,865		—		73,726
Utilities		60,785		—		—		60,785
Bonds, notes & other debt instruments		—		4,989		—		4,989
Short-term securities		54,436		393,166		—		447,602
Total	$	2,576,529	$	1,110,719	$	16,647	$	3,703,895

Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	4,465,985	$	524,865	$	—	$	4,990,850
Health care		3,895,983		—		37,000		3,932,983
Communication services		3,172,527		—		—		3,172,527
Consumer discretionary		3,047,437		25,309		—		3,072,746
Financials		2,280,002		—		—		2,280,002
Industrials		1,068,310		136,234		—		1,204,544
Energy		1,181,935		—		—		1,181,935
Materials		545,792		83,260		—		629,052
Consumer staples		519,278		—		—		519,278
Real estate		371,749		—		—		371,749
Utilities		94,291		—		—		94,291
Convertible stocks		—		—		13,104		13,104
Short-term securities		—		1,944,415		—		1,944,415
Total	$	20,643,289	$	2,714,083	$	50,104	$	23,407,476

144      American Funds Insurance Series

International Fund

	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Common stocks:
Financials	$	1,182,886	$	188,734		$	—	$	1,371,620
Industrials		801,285		454,063			—		1,255,348
Health care		460,295		639,881			—		1,100,176
Consumer discretionary		702,613		220,555			—		923,168
Consumer staples		375,070		226,350			—		601,420
Communication services		369,938		217,235			—		587,173
Information technology		184,960		324,234			—		509,194
Materials		343,320		165,561			—		508,881
Utilities		376,043		102,071			—		478,114
Energy		395,858		16,445			—		412,303
Real estate		136,191		45,046			—		181,237
Rights & warrants		—		13,046			—		13,046
Bonds, notes & other debt instruments		—		77,908			—		77,908
Short-term securities		—		976,853			—		976,853
Total	$	5,328,459	$	3,667,982		$	—	$	8,996,441
	Other investments*
	Level 1		Level 2			Level 3		Total
Liabilities:
Unrealized depreciation on open forward currency contracts	$	—	$	(525	)	$	—	$	(525	)

* 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	$	326,284	$	178,731		$	—	$	505,015
Financials		305,640		23,740			—		329,380
Energy		292,889		—			—		292,889
Consumer discretionary		218,235		64,658			—		282,893
Health care		175,401		75,887			—		251,288
Consumer staples		119,696		70,170			—		189,866
Communication services		167,031		5,804			—		172,835
Materials		154,547		13,916			—		168,463
Industrials		94,592		40,700			—		135,292
Real estate		31,058		9,324			26		40,408
Utilities		32,453		—			—		32,453
Rights & warrants		—		3,502			—		3,502
Bonds, notes & other debt instruments		—		92,867			—		92,867
Short-term securities		—		502,317			—		502,317
Total	$	1,917,826	$	1,081,616		$	26	$	2,999,468
	Other investments*
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	356		$	—	$	356
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(53	)		—		(53	)
Total	$	—	$	303		$	—	$	303

* Forward currency contracts are not included in the investment portfolio.

American Funds Insurance Series      145

Blue Chip Income and Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	2,027,452	$	—	$	—	$	2,027,452
Information technology		1,080,516		—		—		1,080,516
Consumer staples		1,017,733		—		—		1,017,733
Energy		758,203		—		—		758,203
Communication services		731,501		—		—		731,501
Industrials		687,517		—		—		687,517
Consumer discretionary		650,987		—		—		650,987
Financials		392,403		—		—		392,403
Materials		134,904		—		—		134,904
Other		143,876		—		—		143,876
Rights & warrants		3,520		—		—		3,520
Short-term securities		—		389,421		—		389,421
Total	$	7,628,612	$	389,421	$	—	$	8,018,033

Global Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	182,049	$	100,080	$	—	$	282,129
Health care		185,566		15,542		—		201,108
Financials		175,070		11,049		—		186,119
Communication services		83,225		100,714		—		183,939
Industrials		162,543		16,976		—		179,519
Consumer discretionary		138,158		35,185		—		173,343
Materials		104,115		14,434		—		118,549
Energy		109,679		—		—		109,679
Consumer staples		61,667		39,668		—		101,335
Real estate		54,128		12,956		—		67,084
Utilities		13,861		48,868		—		62,729
Bonds, notes & other debt instruments		—		39,384		—		39,384
Short-term securities		—		107,014		—		107,014
Total	$	1,270,061	$	541,870	$	—	$	1,811,931
	Other investments*
	Level 1		Level 2		Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	351	$	—	$	351

* Forward currency contracts are not included in the investment portfolio.

146      American Funds Insurance Series

Growth-Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	4,572,074	$	180,915	$	—	$	4,752,989
Information technology		4,016,946		101,331		—		4,118,277
Financials		3,123,284		164,961		—		3,288,245
Communication services		3,068,997		—		—		3,068,997
Industrials		2,744,773		—		—		2,744,773
Consumer staples		2,202,506		457,337		—		2,659,843
Energy		2,041,753		—		—		2,041,753
Consumer discretionary		1,778,690		116,360		—		1,895,050
Materials		1,394,285		6,362		—		1,400,647
Real estate		535,725		—		—		535,725
Utilities		447,523		55,293		—		502,816
Mutual funds		45,729		—		—		45,729
Convertible stocks		38,828		—		—		38,828
Convertible bonds		—		27,617		—		27,617
Short-term securities		—		2,719,713		—		2,719,713
Total	$	26,011,113	$	3,829,889	$	—	$	29,841,002

International Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	141,167	$	108,491	$	—	$	249,658
Health care		77,210		101,164		—		178,374
Industrials		56,914		56,589		—		113,503
Energy		94,813		—		—		94,813
Materials		81,185		13,223		—		94,408
Real estate		81,116		13,077		—		94,193
Consumer staples		87,620		6,560		—		94,180
Communication services		49,598		34,855		—		84,453
Utilities		45,795		35,476		—		81,271
Consumer discretionary		54,630		5,371		—		60,001
Information technology		11,493		36,087		—		47,580
Bonds, notes & other debt instruments		—		15,271		—		15,271
Short-term securities		—		125,741		—		125,741
Total	$	781,541	$	551,905	$	—	$	1,333,446

American Funds Insurance Series      147

Capital Income Builder

	Investment securities
	Level 1			Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	43,071		$	25,510	$	—	$	68,581
Consumer staples		52,008			10,413		—		62,421
Information technology		44,754			15,593		—		60,347
Real estate		51,257			1,451		—		52,708
Energy		44,723			—		—		44,723
Communication services		32,340			8,343		—		40,683
Health care		36,507			1,889		—		38,396
Utilities		29,843			7,422		—		37,265
Consumer discretionary		23,778			—		—		23,778
Industrials		19,005			2,067		—		21,072
Materials		5,407			4,139		—		9,546
Convertible stocks		6,127			—		—		6,127
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—			93,463		—		93,463
Mortgage-backed obligations		—			46,958		—		46,958
Corporate bonds & notes		—			26,817		—		26,817
Asset-backed obligations		—			967		—		967
Short-term securities		—			45,896		—		45,896
Total	$	388,820		$	290,928	$	—	$	679,748
	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	2,467		$	—	$	—	$	2,467
Liabilities:
Unrealized depreciation on futures contracts		(2,038	)		—		—		(2,038	)
Total	$	429		$	—	$	—	$	429

* Futures contracts are not included in the investment portfolio.

148      American Funds Insurance Series

Asset Allocation Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	3,092,137		$	35,434		$	59	$	3,127,630
Health care		2,518,947			26,969			736		2,546,652
Financials		2,175,115			—			—		2,175,115
Industrials		1,002,104			4,784			—		1,006,888
Energy		953,558			2,780			—		956,338
Consumer discretionary		861,048			42,365			—		903,413
Communication services		847,896			115			—		848,011
Consumer staples		545,053			263,173			—		808,226
Materials		739,608			—			—		739,608
Utilities		215,899			—			—		215,899
Real estate		184,779			—			—		184,779
Rights & warrants		—			—			242		242
Convertible stocks		—			—			6,074		6,074
Convertible bonds		—			1,272			—		1,272
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—			2,820,469			—		2,820,469
Corporate bonds & notes		—			2,275,813			10,755		2,286,568
Mortgage-backed obligations		—			1,318,843			—		1,318,843
Federal agency bonds & notes		—			15,031			—		15,031
Other		—			190,115			—		190,115
Short-term securities		—			3,116,628			—		3,116,628
Total	$	13,136,144		$	10,113,791		$	17,866	$	23,267,801
	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	6,035		$	—		$	—	$	6,035
Liabilities:
Unrealized depreciation on futures contracts		(874	)		—			—		(874	)
Unrealized depreciation on interest rate swaps		—			(3,557	)		—		(3,557	)
Total	$	5,161		$	(3,557	)	$	—	$	1,604

* Futures contracts and interest rate swaps are not included in the investment portfolio.

American Funds Insurance Series      149

Global Balanced Fund

	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	29,939	$	11,496		$	—	$	41,435
Financials		26,524		3,203			—		29,727
Health care		23,425		4,021			—		27,446
Industrials		19,589		5,349			—		24,938
Energy		18,129		—			—		18,129
Consumer staples		14,100		3,677			—		17,777
Consumer discretionary		13,799		1,034			—		14,833
Materials		8,709		4,244			—		12,953
Communication services		2,053		6,030			—		8,083
Real estate		6,155		827			—		6,982
Utilities		2,897		2,255			—		5,152
Bonds, notes & other debt instruments:
Bonds & notes of governments & government agencies outside the U.S.		—		59,146			—		59,146
U.S. Treasury bonds & notes		—		45,770			—		45,770
Corporate bonds & notes		—		23,532			—		23,532
Mortgage-backed obligations		—		6,936			—		6,936
Short-term securities		—		25,583			—		25,583
Total	$	165,319	$	203,103		$	—	$	368,422
	Other investments*
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	180	$	—		$	—	$	180
Unrealized appreciation on open forward currency contracts		—		214			—		214
Unrealized appreciation on interest rate swaps		—		24			—		24
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(132	)		—		(132	)
Unrealized depreciation on interest rate swaps		—		(19	)		—		(19	)
Total	$	180	$	87		$	—	$	267

* Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

Bond Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds & notes	$	—	$	3,603,650	$	—	$	3,603,650
U.S. Treasury bonds & notes		—		2,852,297		—		2,852,297
Mortgage-backed obligations		—		2,234,095		—		2,234,095
Bonds & notes of governments & government agencies outside the U.S.		—		612,742		—		612,742
Asset-backed obligations		—		197,268		—		197,268
Municipals		—		189,941		—		189,941
Federal agency bonds & notes		—		11,395		—		11,395
Common stocks		—		396		26		422
Rights & warrants		—		—		67		67
Short-term securities		—		1,243,633		—		1,243,633
Total	$	—	$	10,945,417	$	93	$	10,945,510

150      American Funds Insurance Series

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	22,298		$	—		$	—	$	22,298
Unrealized appreciation on open forward currency contracts		—			5,141			—		5,141
Unrealized appreciation on interest rate swaps		—			2,565			—		2,565
Liabilities:
Unrealized depreciation on futures contracts		(2,690	)		—			—		(2,690	)
Unrealized depreciation on open forward currency contracts		—			(14,412	)		—		(14,412	)
Unrealized depreciation on interest rate swaps		—			(2,338	)		—		(2,338	)
Total	$	19,608		$	(9,044	)	$	—	$	10,564

* Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

Global Bond Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Japanese yen	$	—		$	248,037		$	—	$	248,037
Euros		—			235,404			—		235,404
Mexican pesos		—			74,438			—		74,438
Polish zloty		—			73,313			—		73,313
Danish kroner		—			65,733			—		65,733
Indian rupees		—			45,800			—		45,800
British pounds		—			43,376			—		43,376
Brazilian reais		—			33,036			—		33,036
Thai baht		—			27,229			—		27,229
Israeli shekels		—			18,320			—		18,320
Chilean pesos		—			15,174			—		15,174
Malaysian ringgits		—			15,129			—		15,129
Romanian leu		—			14,495			—		14,495
Canadian dollars		—			10,039			—		10,039
U.S. dollars		—			914,227			487		914,714
Other		—			90,558			—		90,558
Convertible bonds		—			100			—		100
Convertible stocks		—			—			1,033		1,033
Common stocks		113			913			9		1,035
Rights & warrants		—			—			41		41
Short-term securities		—			196,588			—		196,588
Total	$	113		$	2,121,909		$	1,570	$	2,123,592
	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	5,231		$	—		$	—	$	5,231
Unrealized appreciation on open forward currency contracts		—			12,488			—		12,488
Unrealized appreciation on interest rate swaps		—			335			—		335
Liabilities:
Unrealized depreciation on futures contracts		(960	)		—			—		(960	)
Unrealized depreciation on open forward currency contracts		—			(5,570	)		—		(5,570	)
Unrealized depreciation on interest rate swaps		—			(284	)		—		(284	)
Total	$	4,271		$	6,969		$	—	$	11,240

* Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

American Funds Insurance Series      151

High-Income Bond Fund

	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds & notes	$	—	$	1,129,425		$	8,992	$	1,138,417
Other		—		3,083			—		3,083
Convertible bonds		—		5,438			—		5,438
Convertible stocks		629		—			5,892		6,521
Common stocks		1,642		8,344			2,397		12,383
Rights & warrants		—		—			256		256
Short-term securities		—		16,793			—		16,793
Total	$	2,271	$	1,163,083		$	17,537	$	1,182,891
	Other investments1
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on interest rate swaps	$	—	$	156		$	—	$	156
Unrealized appreciation on credit default swaps		—		1,544			—		1,544
Liabilities:
Unrealized depreciation on interest rate swaps		—		(380	)		—		(380	)
Total	$	—	$	1,320		$	—	$	1,320

¹  Interest rate swaps and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended December 31, 2018 (dollars in thousands):

	Beginning value at 1/1/2018		Transfers into Level 32		Purchases		Sales			Net realized gain3		Unrealized appreciation3		Transfers out of Level 32			Ending value at 12/31/2018
Investment securities	$	23,741	$	—	$	17,504	$	(34,559	)	$	6,060	$	9,202	$	(4,411	)	$	17,537
Net unrealized appreciation during the period on Level 3 investment securities held at December 31, 2018																	$	1,603

² Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred.

³  Net realized gain and unrealized appreciation are included in the related amounts on investments in the statement of operations.

152      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 12/31/2018		Valuation techniques	Unobservable inputs	Range	Weighted average	Impact to valuation from an increase in input*
Bonds, notes & other debt instruments	$	8,992	Yield analysis	Yield to maturity risk premium	0-400 bps	299 bps	Decrease
Convertible securities		5,892	Market comparables	EBITDA multiple	8.9x	8.9x	Increase
Common stocks		2,397	Recent market information	Market comparables	25%	25%	Decrease
			Enterprise value	Revenue multiple	1.3x	1.3x	Increase
			Expected proceeds	Discount to reflect timing of receipt and amount of proceeds	50%	50%	Decrease
			Black-Scholes	Implied volatility	30%	30%	Increase
Rights & warrants		256	Recent market information	Quoted price	N/A	N/A	N/A
	$	17,537

* 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 abbreviation

EBITDA = Earnings before income taxes, depreciation and amortization

Mortgage Fund

	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—	$	209,270		$	—	$	209,270
U.S. Treasury bonds & notes		—		32,012			—		32,012
Federal agency bonds & notes		—		18,483			—		18,483
Asset-backed obligations		—		17,340			—		17,340
Corporate bonds & notes		—		—			80		80
Short-term securities		—		66,563			—		66,563
Total	$	—	$	343,668		$	80	$	343,748
	Other investments*
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	1,899	$	—		$	—	$	1,899
Unrealized appreciation on interest rate swaps		—		3,261			—		3,261
Liabilities:
Unrealized depreciation on interest rate swaps		—		(2,067	)		—		(2,067	)
Total	$	1,899	$	1,194		$	—	$	3,093

* Futures contracts and interest rate swaps are not included in the investment portfolio.

Ultra-Short Bond Fund

At December 31, 2018, all of the fund’s investment securities were classified as Level 2.

American Funds Insurance Series      153

U.S. Government/AAA-Rated Securities Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes	$	—		$	1,369,410		$	—	$	1,369,410
Mortgage-backed obligations		—			821,393			—		821,393
Federal agency bonds & notes		—			601,074			—		601,074
Short-term securities		—			318,827			—		318,827
Total	$	—		$	3,110,704		$	—	$	3,110,704
	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	31,021		$	—		$	—	$	31,021
Unrealized appreciation on interest rate swaps		—			34,976			—		34,976
Liabilities:
Unrealized depreciation on futures contracts		(3,571	)		—			—		(3,571	)
Unrealized depreciation on interest rate swaps		—			(15,622	)		—		(15,622	)
Total	$	27,450		$	19,354		$	—	$	46,804

* Futures contracts and interest rate swaps are not included in the investment portfolio.

Managed Risk Growth Fund

At December 31, 2018, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund

At December 31, 2018, all of the fund’s investments were classified as Level 1.

Managed Risk Blue Chip Income and Growth Fund

At December 31, 2018, all of the fund’s investments were classified as Level 1.

Managed Risk Growth-Income Fund

At December 31, 2018, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

At December 31, 2018, 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.

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 against 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 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.

154      American Funds Insurance Series

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 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 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 the 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 changing interest rates and by changes in the effective maturities and credit ratings of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. 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.

American Funds Insurance Series      155

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 funds’ 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 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 to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund’s returns and increase a fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction.

Currency — The prices of, and the income generated by, most debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, 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 may increase the turnover rate of a fund.

Investing in inflation linked bonds — The values of inflation linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation linked bonds may also reduce a fund’s distributable income during periods of 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.

156      American Funds Insurance Series

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.

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 become difficult or impossible to sell, particularly during times of market turmoil. Illiquidity may result from the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs 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.

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.

American Funds Insurance Series      157

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 fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. 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 — A fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

5. Certain investment techniques

Securities lending — One of the funds has entered into securities lending transactions in which the fund earns 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

158      American Funds Insurance Series

portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

As of December 31, 2018, the total value of securities on loan was $67,607,000, and the total value of collateral received was $72,379,000. Collateral received included cash of $60,486,000 and non-cash U.S. Government securities of $11,893,000. Investment securities purchased from cash collateral of $54,436,000 are disclosed in the summary 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 the Government Cash Management Fund, a cash management vehicle offered by the Bank of New York Mellon (“BNY Mellon”), the funds’ custodian bank. The Government Cash Management Fund is managed by the Dreyfus Corporation.

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 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 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, or 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

American Funds Insurance Series      159

traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract. Securities deposited as initial margin, if any, are disclosed in the investment portfolio and cash deposited as initial margin, if any, is reflected as restricted cash pledged for futures contracts in the fund’s statement of assets and liabilities.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.

Forward currency contracts — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series’ investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series’ investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s statement of operations.

Interest rate swaps — Some of the funds have entered into interest rate swaps, which are agreements to exchange one stream of future interest payments for another based on a specified notional amount. Typically, interest rate swaps exchange a fixed interest rate for a payment that floats relative to a benchmark or vice versa. The series’ investment adviser uses interest rate swaps to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. Risks may arise as a result of the series’ investment adviser incorrectly anticipating changes in interest rates, increased volatility, reduced liquidity and the potential inability of counterparties to meet the terms of their agreements.

Upon entering into an interest rate swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular interest rate swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, the series’ investment adviser records daily interest accruals related to the exchange of future payments as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the interest rate swaps, including accrued interest, and records variation margin on interest rate swaps in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the interest rate swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from interest rate swaps are recorded in each fund’s statement of operations.

Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap agreements on credit indices (“CDSI”) that involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified return upon the occurrence of a credit event, such as a default or restructuring, with respect to any of the underlying issuers (reference obligations) in the referenced index. The series’ investment adviser uses credit default swaps to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks.

CDSI are portfolios of credit instruments or exposures designed to be representative of some part of the credit market, such as the high-yield or investment-grade credit market. CDSI are generally traded using standardized terms, including a fixed spread and standard maturity dates, and reference all the names in the index. If there is a credit event, it is settled based on that name’s weight in the index. The composition of the underlying issuers or obligations within a particular index may change periodically, usually every six months. A specified credit event may affect all or individual underlying reference obligations included in the index, and will be settled based upon the relative weighting of the affected obligation(s) within the index. The value of each CDSI can be used as a measure of the current payment/performance risk of the CDSI and represents the likelihood of an expected liability or profit should the notional amount of the CDSI be closed or sold as of the period end. An increasing value, as compared to the notional amount of the CDSI, represents a deterioration of the referenced indices’ credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. When a fund provides sell protection, its maximum exposure is the notional amount of the credit default swap agreement.

160      American Funds Insurance Series

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.

The following table presents the average month-end notional amounts of options purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

Forward

Interest

Credit

Options

Futures

currency

rate

default

purchased

contracts

contracts

swaps

swaps

Global Growth Fund

Not applicable

Not applicable

$

6,220

*

Not applicable

Not applicable

Global Small Capitalization Fund

Not applicable

Not applicable

93,340

*

Not applicable

Not applicable

International Fund

Not applicable

Not applicable

35,647

Not applicable

Not applicable

New World Fund

Not applicable

Not applicable

15,738

Not applicable

Not applicable

Global Growth and Income Fund

Not applicable

Not applicable

7,640

Not applicable

Not applicable

Capital Income Builder

Not applicable

$

188,467

Not applicable

Not applicable

Not applicable

Asset Allocation Fund

Not applicable

375,571

Not applicable

$

2,197,665

Not applicable

Global Balanced Fund

Not applicable

6,967

24,260

86,959

Not applicable

Bond Fund

Not applicable

2,619,856

581,133

3,448,366

$

48,409

*

Global Bond Fund

Not applicable

197,591

772,080

823,223

Not applicable

High-Income Bond Fund

Not applicable

9,800

*

Not applicable

46,142

84,946

Mortgage Fund

Not applicable

153,475

Not applicable

366,044

Not applicable

U.S. Government/AAA-Rated Securities Fund

Not applicable

2,838,731

Not applicable

8,956,391

Not applicable

Managed Risk Growth Fund

Not applicable

57,567

Not applicable

Not applicable

Not applicable

Managed Risk International Fund

Not applicable

174,691

Not applicable

Not applicable

Not applicable

Managed Risk Blue Chip Income and Growth Fund

Not applicable

47,916

Not applicable

Not applicable

Not applicable

Managed Risk Growth-Income Fund

$

777,368

138,587

Not applicable

Not applicable

Not applicable

Managed Risk Asset Allocation Fund

Not applicable

399,717

Not applicable

Not applicable

Not applicable

* No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

American Funds Insurance Series      161

The following tables present the financial statement impacts 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, 2018 (dollars in thousands):

Global Growth Fund

		Net realized loss				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Forward currency	Currency	Net realized loss on forward currency contracts	$	(21	)	Net unrealized depreciation on forward currency contracts	$	(15	)

Global Small Capitalization Fund

		Net realized gain			Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value		Location on statement of operations	Value
Forward currency	Currency	Net realized gain on forward currency contracts	$	94	Net unrealized appreciation on forward currency contracts	$	1,103

International Fund

		Assets			Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value		Location on statement of assets and liabilities	Value
Forward currency	Currency	Unrealized appreciation on open forward currency contracts	$	—	Unrealized depreciation on open forward currency contracts	$	525
		Net realized gain			Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value		Location on statement of operations	Value
Forward currency	Currency	Net realized gain on forward currency contracts	$	1,317	Net unrealized depreciation on forward currency contracts	$	(170	)

New World Fund

		Assets			Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value		Location on statement of assets and liabilities	Value
Forward currency	Currency	Unrealized appreciation on open forward currency contracts	$	356	Unrealized depreciation on open forward currency contracts	$	53
		Net realized gain			Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value		Location on statement of operations	Value
Forward currency	Currency	Net realized gain on forward currency contracts	$	649	Net unrealized appreciation on forward currency contracts	$	626

162       American Funds Insurance Series

Global Growth and Income Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Forward currency	Currency	Unrealized appreciation on open forward currency contracts	$	351		Unrealized depreciation on open forward currency contracts	$	—
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Forward currency	Currency	Net realized loss on forward currency contracts	$	(72	)	Net unrealized appreciation on forward currency contracts	$	351

Capital Income Builder

		Assets			Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value		Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	2,467	Unrealized depreciation1	$	2,038
		Net realized gain			Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value		Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	242	Net unrealized appreciation on futures contracts	$	429

Asset Allocation Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	6,035		Unrealized depreciation1	$	874
Swaps	Interest	Unrealized appreciation1		—		Unrealized depreciation1		3,557
			$	6,035			$	4,431
		Net realized gain (loss)				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	677		Net unrealized appreciation on futures contracts	$	5,914
Swaps	Interest	Net realized loss on swap contracts		(2,209	)	Net unrealized appreciation on swap contracts		2,691
			$	(1,532	)		$	8,605

See end of tables for footnotes.

American Funds Insurance Series      163

Global Balanced Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	180		Unrealized depreciation1	$	—
Forward currency	Currency	Unrealized appreciation on open		214		Unrealized depreciation on open		132
Swaps	Interest	forward currency contracts Unrealized appreciation1		24		forward currency contracts Unrealized depreciation1		19
			$	418			$	151
		Net realized gain (loss)				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	23		Net unrealized appreciation on futures contracts	$	180
Forward currency	Currency	Net realized loss on forward currency contracts		(541	)	Net unrealized appreciation on forward currency contracts		207
Swaps	Interest	Net realized loss on swap contracts		(5	)	Net unrealized appreciation on swap contracts		5
			$	(523	)		$	392

Bond Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	22,298		Unrealized depreciation1	$	2,690
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		5,141		Unrealized depreciation on open forward currency contracts		14,412
Swaps	Interest	Unrealized appreciation1		2,565		Unrealized depreciation1		2,338
			$	30,004			$	19,440
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(38,790	)	Net unrealized appreciation on futures contracts	$	23,764
Forward currency	Currency	Net realized gain on forward currency contracts		14,487		Net unrealized depreciation on forward currency contracts		(16,813	)
Swaps	Interest	Net realized gain on swap contracts		16,325		Net unrealized depreciation on swap contracts		(7,485	)
Swaps	Credit	Net realized gain on swap contracts		42		Net unrealized appreciation on swap contracts		184
			$	(7,936	)		$	(350	)

164       American Funds Insurance Series

Global Bond Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	5,231		Unrealized depreciation1	$	960
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		12,488		Unrealized depreciation on open forward currency contracts		5,570
Swaps	Interest	Unrealized appreciation1		335		Unrealized depreciation1		284
			$	18,054			$	6,814
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(3,980	)	Net unrealized appreciation on futures contracts	$	4,630
Forward currency	Currency	Net realized loss on forward currency contracts		(6,955	)	Net unrealized appreciation on forward currency contracts		6,258
Swaps	Interest	Net realized loss on swap contracts		(44	)	Net unrealized appreciation on swap contracts		1,530
			$	(10,979	)		$	12,418

High-Income Bond Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Swaps	Interest	Unrealized appreciation1	$	156		Unrealized depreciation1	$	380
Swaps	Credit	Unrealized appreciation1		1,544		Unrealized depreciation1		—
			$	1,700			$	380
		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	2		Net unrealized appreciation on futures contracts	$	—
Swaps	Interest	Net realized gain on swap contracts		743		Net unrealized depreciation on swap contracts		(646	)
Swaps	Credit	Net realized loss on swap contracts		(1,133	)	Net unrealized appreciation on swap contracts		1,963
			$	(388	)		$	1,317

Mortgage Fund

		Assets			Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value		Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	1,899	Unrealized depreciation1	$	—
Swaps	Interest	Unrealized appreciation1		3,261	Unrealized depreciation1		2,067
			$	5,160		$	2,067

See end of tables for footnotes.

American Funds Insurance Series      165

		Net realized (loss) gain				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(4,529	)	Net unrealized appreciation on futures contracts	$	2,531
Swaps	Interest	Net realized gain on swap contracts		449		Net unrealized appreciation on swap contracts		1,980
			$	(4,080	)		$	4,511

U.S. Government/AAA-Rated Securities Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	31,021		Unrealized depreciation1	$	3,571
Swaps	Interest	Unrealized appreciation1		34,976		Unrealized depreciation1		15,622
			$	65,997			$	19,193
		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(45,333	)	Net unrealized appreciation on futures contracts	$	34,895
Swaps	Interest	Net realized loss on swap contracts		(1,752	)	Net unrealized appreciation on swap contracts		27,782
			$	(47,085	)		$	62,677

Managed Risk Growth Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Currency	Unrealized appreciation1	$	—		Unrealized depreciation1	$	45
Futures	Equity	Unrealized appreciation1		4,022		Unrealized depreciation1		—
Futures	Interest	Unrealized appreciation1		1,914		Unrealized depreciation1		—
			$	5,936			$	45
		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	118		Net unrealized depreciation on futures contracts	$	(45	)
Futures	Equity	Net realized loss on futures contracts		(4,716	)	Net unrealized appreciation on futures contracts		4,022
Futures	Interest	Net realized loss on futures contracts		(690	)	Net unrealized appreciation on futures contracts		1,952
			$	(5,288	)		$	5,929

166      American Funds Insurance Series

Managed Risk International Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Currency	Unrealized appreciation1	$	—		Unrealized depreciation1	$	278
Futures	Equity	Unrealized appreciation1		882		Unrealized depreciation1		—
Futures	Interest	Unrealized appreciation1		615		Unrealized depreciation1		—
			$	1,497			$	278
		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	356		Net unrealized depreciation on futures contracts	$	(278	)
Futures	Equity	Net realized loss on futures contracts		(600	)	Net unrealized appreciation on futures contracts	$	882
Futures	Interest	Net realized loss on futures contracts		(57	)	Net unrealized appreciation on futures contracts		634
			$	(301	)		$	1,238
Managed Risk Blue Chip Income and Growth Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Currency	Unrealized appreciation1	$	—		Unrealized depreciation1	$	30
Futures	Equity	Unrealized appreciation1		3,946		Unrealized depreciation1		—
Futures	Interest	Unrealized appreciation1		1,865		Unrealized depreciation1		—
			$	5,811			$	30
		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	115		Net unrealized depreciation on futures contracts	$	(30	)
Futures	Equity	Net realized loss on futures contracts		(6,778	)	Net unrealized appreciation on futures contracts	$	3,946
Futures	Interest	Net realized loss on futures contracts		(1,035	)	Net unrealized appreciation on futures contracts		1,914
			$	(7,698	)		$	5,830

See end of tables for footnotes.

American Funds Insurance Series      167

Managed Risk Growth-Income Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers2	$	8,674		Investment securities from unaffiliated issuers2	$	—
Futures	Currency	Unrealized appreciation1		—		Unrealized depreciation1		497
Futures	Equity	Unrealized appreciation1		3,986		Unrealized depreciation1		101
Futures	Interest	Unrealized appreciation1		6,919		Unrealized depreciation1	$	—
			$	19,579			$	598
		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized gain on options contracts3	$	—		Net unrealized appreciation on options contracts4	$	1,011
Futures	Currency	Net realized gain on futures contracts	$	28		Net unrealized depreciation on futures contracts		(497	)
Futures	Equity	Net realized loss on futures contracts		(2,611	)	Net unrealized appreciation on futures contracts	$	3,885
Futures	Interest	Net realized loss on futures contracts		(481	)	Net unrealized appreciation on futures contracts		6,947
			$	(3,064	)		$	11,346
Managed Risk Asset Allocation Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Currency	Unrealized appreciation1	$	—		Unrealized depreciation1	$	182
Futures	Equity	Unrealized appreciation1		17,157		Unrealized depreciation1		—
Futures	Interest	Unrealized appreciation1		8,348		Unrealized depreciation1		—
			$	25,505			$	182
		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized gain on futures contracts	$	420		Net unrealized depreciation on futures contracts	$	(182	)
Futures	Equity	Net realized loss on futures contracts		(43,889	)	Net unrealized appreciation on futures contracts	$	8,940
Futures	Interest	Net realized loss on futures contracts		(5,864	)	Net unrealized appreciation on futures contracts		17,157
			$	(49,333	)		$	25,915

¹  Includes cumulative appreciation/depreciation on futures contracts, interest rate swaps and credit default swaps as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within the statements of assets and liabilities.

²  Includes options purchased as reported in the fund’s investment portfolio.

³  Options purchased are included in net realized gain (loss) on unaffiliated investments.

⁴  Options purchased are included in net unrealized (depreciation) appreciation on unaffiliated investments.

168      American Funds Insurance Series

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 purpose of the collateral is to cover potential losses that could occur in the event that the borrower cannot meet its contractual obligation. 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 in each fund’s statement of assets and liabilities.

Rights of offset — Funds that hold forward currency contracts have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counter-party) are settled net of each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting“). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

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, 2018, if close-out netting was exercised (dollars in thousands):

International Fund

			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset		Non-cash collateral*		Cash collateral			Net amount
Liabilities:
Goldman Sachs	$	525	$	—	$	—	$	(330	)	$	195

New World Fund

			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral			Net amount
Assets:
Citibank	$	37	$	(28	)	$	—		$	—		$	9
Goldman Sachs		82		—			—			(82	)		—
HSBC Bank		85		(23	)		—			—			62
JPMorgan Chase		128		(2	)		(126	)		—			—
Morgan Stanley		24		—			—			—			24
Total	$	356	$	(53	)	$	(126	)	$	(82	)	$	95
Liabilities:
Citibank	$	28	$	(28	)	$	—		$	—		$	—
HSBC Bank		23		(23	)		—			—			—
JPMorgan Chase		2		(2	)		—			—			—
Total	$	53	$	(53	)	$	—		$	—		$	—

See end of tables for footnote.

American Funds Insurance Series      169

Global Growth and Income Fund

			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset		Non-cash collateral*		Cash collateral			Net amount
Assets:
Citibank	$	351	$	—	$	—	$	(280	)	$	71

Global Balanced Fund

			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset			Non-cash collateral*		Cash collateral		Net amount
Assets:
Citibank	$	42	$	(42	)	$	—	$	—	$	—
Goldman Sachs		44		(9	)		—		—		35
HSBC Bank		26		(18	)		—		—		8
JPMorgan Chase		84		(32	)		—		—		52
UBS AG		18		—			—		—		18
Total	$	214	$	(101	)	$	—	$	—	$	113
Liabilities:
Bank of America, N.A.	$	2	$	—		$	—	$	—	$	2
Bank of New York Mellon		14		—			—		—		14
Citibank		46		(42	)		—		—		4
Goldman Sachs		9		(9	)		—		—		—
HSBC Bank		18		(18	)		—		—		—
JPMorgan Chase		32		(32	)		—		—		—
Morgan Stanley		11		—			—		—		11
Total	$	132	$	(101	)	$	—	$	—	$	31

Bond Fund

			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral			Net amount
Assets:
Bank of America, N.A.	$	781	$	(412	)	$	(369	)	$	—		$	—
Citibank		443		(443	)		—			—			—
Goldman Sachs		3,183		(770	)		—			(1,460	)		953
HSBC Bank		107		(107	)		—			—			—
JPMorgan Chase		380		(33	)		—			—			347
Morgan Stanley		247		(247	)		—			—			—
Total	$	5,141	$	(2,012	)	$	(369	)	$	(1,460	)	$	1,300
Liabilities:
Bank of America, N.A.	$	412	$	(412	)	$	—		$	—		$	—
Citibank		3,658		(443	)		(2,831	)		—			384
Goldman Sachs		770		(770	)		—			—			—
HSBC Bank		3,431		(107	)		(1,748	)		—			1,576
JPMorgan Chase		33		(33	)		—			—			—
Morgan Stanley		6,108		(247	)		(4,788	)		—			1,073
Total	$	14,412	$	(2,012	)	$	(9,367	)	$	—		$	3,033

170      American Funds Insurance Series

Global Bond Fund

			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral			Net amount
Assets:
Bank of America, N.A.	$	307	$	(50	)	$	(257	)	$	—		$	—
Citibank		3,149		(1,670	)		—			(1,479	)		—
Goldman Sachs		1,928		(304	)		—			(1,370	)		254
HSBC Bank		822		(822	)		—			—			—
JPMorgan Chase		5,495		(1,593	)		(3,646	)		—			256
Morgan Stanley		585		(585	)		—			—			—
UBS AG		202		—			—			—			202
Total	$	12,488	$	(5,024	)	$	(3,903	)	$	(2,849	)	$	712
Liabilities:
Bank of America, N.A.	$	50	$	(50	)	$	—		$	—		$	—
Bank of New York Mellon		446		—			(319	)		—			127
Citibank		1,670		(1,670	)		—			—			—
Goldman Sachs		304		(304	)		—			—			—
HSBC Bank		842		(822	)		(20	)		—			—
JPMorgan Chase		1,593		(1,593	)		—			—			—
Morgan Stanley		665		(585	)		—			—			80
Total	$	5,570	$	(5,024	)	$	(339	)	$	—		$	207

* Non-cash collateral is shown on a settlement basis.

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended December 31, 2018, 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; 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.

American Funds Insurance Series      171

Additional tax basis disclosures for each fund as of December 31, 2018, 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	$	8,660		$	49,672		$	198,816		$	15,101		$	6,466		$	36,690
Undistributed long-term capital gains		343,497			226,394			2,617,605			244,466			127,685			688,634
Gross unrealized appreciation on investments		1,604,496			696,725			7,325,355			1,447,585			450,625			1,466,280
Gross unrealized depreciation on investments		(343,672	)		(384,458	)		(869,582	)		(1,024,206	)		(275,197	)		(755,225	)
Net unrealized (depreciation) appreciation on investments		1,260,824			312,267			6,455,773			423,379			175,428			711,055
Cost of investments		4,226,092			3,337,191			16,951,703			8,572,537			2,824,343			7,306,978
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			—			—			(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	$	6,636		$	252,809		$	21,126		$	1,595		$	110,523		$	541
Undistributed long-term capital gains		100,790			3,204,751			—			—			1,278,077			353
Capital loss carryforward*		—			—			—			(13,776	)		—			—
Capital loss carryforward utilized		—			—			4,708			—			—			—
Gross unrealized appreciation on investments		301,662			6,581,607			116,642			32,592			4,196,275			44,069
Gross unrealized depreciation on investments		(116,841	)		(2,100,241	)		(148,050	)		(55,480	)		(1,720,590	)		(20,622	)
Net unrealized (depreciation) appreciation on investments		184,821			4,481,366			(31,408	)		(22,888	)		2,475,685			23,447
Cost of investments		1,627,461			25,359,635			1,364,854			703,065			20,793,720			345,242
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			(1	)		—			—			—			—
	Bond Fund			Global Bond Fund			High-Income Bond Fund			Mortgage Fund			Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund
Undistributed ordinary income	$	56,980		$	15,875		$	15,462		$	1,266		$	999		$	11,344
Capital loss carryforward*		(159,206	)		(3,784	)		(160,099	)		(6,175	)		—			(52,033	)
Gross unrealized appreciation on investments		101,569			34,171			—			4,698			6			51,575
Gross unrealized depreciation on investments		(219,353	)		(80,326	)		(114,581	)		(4,505	)		(14	)		(47,613	)
Net unrealized (depreciation) appreciation on investments		(117,784	)		(46,155	)		(114,581	)		193			(8	)		3,962
Cost of investments		11,073,859			2,180,987			1,301,010			346,647			306,754			3,153,546
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			(1	)		—			—			—			—

172      American Funds Insurance Series

	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	$	2,543		$	2,983		$	5,577		$	6,359		$	62,616
Undistributed long-term capital gains		26,579			4,809			17,833			16,511			115,113
Gross unrealized appreciation on investments		10			297			—			884			49
Gross unrealized depreciation on investments		(12,447	)		(14,600	)		(26,939	)		(27,155	)		(61,453	)
Net unrealized (depreciation) appreciation on investments		(12,437	)		(14,303	)		(26,939	)		(26,271	)		(61,404	)
Cost of investments		354,269			163,484			362,023			1,897,770			2,593,652

* Capital loss carryforwards will be used to offset any capital gains realized by the fund in future years. The fund 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, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	28,611	$	134,884	$	163,495	$	16,830	$	55,298	$	72,128
Class 1A*		47		273		320		15		16		31
Class 2		41,238		251,323		292,561		24,835		114,893		139,728
Class 4		2,414		16,024		18,438		1,062		3,889		4,951
Total	$	72,310	$	402,504	$	474,814	$	42,742	$	174,096	$	216,838

Global Small Capitalization Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	21,329	$	55,968	$	77,297	$	10,151	$	—	$	10,151
Class 1A*		4		12		16		1		—		1
Class 2		26,294		86,037		112,331		10,597		—		10,597
Class 4		1,456		5,035		6,491		270		—		270
Total	$	49,083	$	147,052	$	196,135	$	21,019	$	—	$	21,019

Growth Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	88,940	$	792,865	$	881,805	$	75,247	$	713,987	$	789,234
Class 1A*		76		634		710		15		63		78
Class 2		117,331		1,515,757		1,633,088		110,909		1,409,266		1,520,175
Class 3		1,723		20,248		21,971		1,601		18,484		20,085
Class 4		6,414		104,527		110,941		4,893		53,128		58,021
Total	$	214,484	$	2,434,031	$	2,648,515	$	192,665	$	2,194,928	$	2,387,593

See end of tables for footnotes.

American Funds Insurance Series      173

International Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	174,418	$	165,915	$	340,333	$	70,384	$	49,783	$	120,167
Class 1A*		156		140		296		17		3		20
Class 2		136,977		146,986		283,963		53,513		46,642		100,155
Class 3		887		970		1,857		396		331		727
Class 4		9,465		10,556		20,021		3,025		1,066		4,091
Total	$	321,903	$	324,567	$	646,470	$	127,335	$	97,825	$	225,160

New World Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	21,450	$	54,023	$	75,473	$	21,960	$	—	$	21,960
Class 1A*		24		50		74		6		—		6
Class 2		8,194		26,593		34,787		9,149		—		9,149
Class 4		3,419		12,659		16,078		3,016		—		3,016
Total	$	33,087	$	93,325	$	126,412	$	34,131	$	—	$	34,131

Blue Chip Income and Growth Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	232,769	$	299,947	$	532,716	$	140,306	$	170,748	$	311,054
Class 1A*		120		135		255		12		5		17
Class 2		134,358		186,318		320,676		82,680		113,013		195,693
Class 4		13,348		16,620		29,968		4,917		5,605		10,522
Total	$	380,595	$	503,020	$	883,615	$	227,915	$	289,371	$	517,286

Global Growth and Income Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	16,289	$	31,541	$	47,830	$	10,516	$	7,109	$	17,625
Class 1A*		28		53		81		2		—		2
Class 2		40,436		90,173		130,609		30,799		26,178		56,977
Class 4		2,682		5,789		8,471		1,478		405		1,883
Total	$	59,435	$	127,556	$	186,991	$	42,795	$	33,692	$	76,487

174      American Funds Insurance Series

Growth-Income Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	341,172	$	1,049,641	$	1,390,813	$	250,221	$	884,958	$	1,135,179
Class 1A*		124		344		468		24		16		40
Class 2		241,470		886,942		1,128,412		195,450		853,292		1,048,742
Class 3		2,907		10,337		13,244		2,421		10,140		12,561
Class 4		15,471		58,501		73,972		9,973		36,513		46,486
Total	$	601,144	$	2,005,765	$	2,606,909	$	458,089	$	1,784,919	$	2,243,008

International Growth and Income Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	28,476	$	—	$	28,476	$	25,860	$	—	$	25,860
Class 1A*		44		—		44		14		—		14
Class 2		5,865		—		5,865		5,714		—		5,714
Class 4		1,597		—		1,597		1,184		—		1,184
Total	$	35,982	$	—	$	35,982	$	32,772	$	—	$	32,772

Capital Income Builder

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	9,421	$	617	$	10,038	$	6,303	$	—	$	6,303
Class 1A*		66		3		69		8		—		8
Class 2		90		6		96		23		—		23
Class 4		9,550		762		10,312		7,676		—		7,676
Total	$	19,127	$	1,388	$	20,515	$	14,010	$	—	$	14,010

Asset Allocation Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	386,982	$	666,856	$	1,053,838	$	287,347	$	666,425	$	953,772
Class 1A*		147		263		410		50		70		120
Class 2		103,332		210,133		313,465		84,847		241,077		325,924
Class 3		686		1,413		2,099		601		1,646		2,247
Class 4		69,096		148,867		217,963		47,458		145,207		192,665
Total	$	560,243	$	1,027,532	$	1,587,775	$	420,303	$	1,054,425	$	1,474,728

See end of tables for footnotes.

American Funds Insurance Series      175

Global Balanced Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	1,808	$	1,346	$	3,154	$	1,298	$	2,309	$	3,607
Class 1A*		30		25		55		3		5		8
Class 2		2,555		2,290		4,845		2,516		5,414		7,930
Class 4		804		842		1,646		582		1,195		1,777
Total	$	5,197	$	4,503	$	9,700	$	4,399	$	8,923	$	13,322

Bond Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	156,337	$	8,915	$	165,252	$	211,473	$	25,594	$	237,067
Class 1A*		76		4		80		19		1		20
Class 2		88,266		5,217		93,483		119,175		15,280		134,455
Class 4		8,153		453		8,606		5,958		441		6,399
Total	$	252,832	$	14,589	$	267,421	$	336,625	$	41,316	$	377,941

Global Bond Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains			Total distributions paid
Class 1	$	25,210	$	3,256	$	28,466	$	14,181		$	103		$	14,284
Class 1A*		9		1		10		—	†		—	†		—	†
Class 2		23,308		3,412		26,720		11,033			99			11,132
Class 4		816		118		934		196			1			197
Total	$	49,343	$	6,787	$	56,130	$	25,410		$	203		$	25,613

High-Income Bond Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	34,114	$	—	$	34,114	$	43,976	$	—	$	43,976
Class 1A*		40		—		40		12		—		12
Class 2		43,382		—		43,382		51,640		—		51,640
Class 3		664		—		664		805		—		805
Class 4		1,733		—		1,733		1,981		—		1,981
Total	$	79,933	$	—	$	79,933	$	98,414	$	—	$	98,414

Mortgage Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains			Total distributions paid
Class 1	$	4,938	$	—	$	4,938	$	5,106	$	1,186		$	6,292
Class 1A*		15		—		15		2		—	†		2
Class 2		1,128		—		1,128		1,025		262			1,287
Class 4		424		—		424		165		39			204
Total	$	6,505	$	—	$	6,505	$	6,298	$	1,487		$	7,785

176      American Funds Insurance Series

Ultra-Short Bond Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	561	$	—	$	561	$	184	$	—	$	184
Class 1A*		—		—		—		—		—		—
Class 2		2,762		—		2,762		697		—		697
Class 3		41		—		41		15		—		15
Class 4		153		—		153		10		—		10
Total	$	3,517	$	—	$	3,517	$	906	$	—	$	906

U.S. Government/AAA-Rated Securities Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	29,881	$	—	$	29,881	$	23,690	$	—	$	23,690
Class 1A*		29		—		29		1		—		1
Class 2		24,431		—		24,431		19,498		—		19,498
Class 3		165		—		165		141		—		141
Class 4		1,313		—		1,313		663		—		663
Total	$	55,819	$	—	$	55,819	$	43,993	$	—	$	43,993

Managed Risk Growth Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	14	$	135	$	149	$	7	$	22	$	29
Class P2		1,397		20,395		21,792		727		4,120		4,847
Total	$	1,411	$	20,530	$	21,941	$	734	$	4,142	$	4,876

Managed Risk International Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	8	$	1	$	9	$	1	$	1	$	2
Class P2		2,681		738		3,419		899		1,402		2,301
Total	$	2,689	$	739	$	3,428	$	900	$	1,403	$	2,303

Managed Risk Blue Chip Income and Growth Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	15	$	7	$	22	$	4	$	3	$	7
Class P2		11,391		12,112		23,503		5,157		5,565		10,722
Total	$	11,406	$	12,119	$	23,525	$	5,161	$	5,568	$	10,729

See end of tables for footnotes.

American Funds Insurance Series      177

Managed Risk Growth-Income Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	42	$	122	$	164	$	19	$	73	$	92
Class P2		2,374		9,814		12,188		1,848		7,653		9,501
Total	$	2,416	$	9,936	$	12,352	$	1,867	$	7,726	$	9,593

Managed Risk Asset Allocation Fund

	Year ended December 31, 2018						Year ended December 31, 2017
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	31,787	$	66,960	$	98,747	$	11,453	$	13,811	$	25,264
Class P2		36,816		107,405		144,221		20,269		24,931		45,200
Total	$	68,603	$	174,365	$	242,968	$	31,722	$	38,742	$	70,464

* Class 1A shares began investment operations on January 6, 2017.

† Amount less than one thousand.

178      American Funds Insurance Series

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 — On December 4, 2017, the series board of trustees approved amended agreements effective February 1, 2018, decreasing the annual rate to 0.580% on daily net assets in excess of $4 billion for New World Fund, decreasing the annual rate to 0.350% on daily net assets in excess of $10.5 billion for Blue Chip Income and Growth Fund, and decreasing the annual rate to 0.320% on daily net assets in excess of $13 billion for Bond Fund. During the year ended December 31, 2018, CRMC voluntarily reduced the investment advisory services fees to a proposed rate of 0.500% on daily net assets in excess of $1.5 billion for International Growth and Income Fund and a proposed rate of 0.450% and 0.410% on daily net assets in excess of $600 million and $1 billion, respectively, for Capital Income Builder. CRMC is also waiving a portion of its investment advisory services fees for each of the managed risk funds. Investment advisory services fees are presented in each fund’s statement of operations gross of the waivers from CRMC. For the year ended December 31, 2018, total investment advisory services fees waived by CRMC were $2,789,000.

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers (if applicable), are as follows:

	Rates						Net asset level (in billions)				For the year ended December 31, 2018,			For the year ended December 31, 2018,
Fund	Beginning with			Ending with			Up to		In excess of		before waiver			after waiver
Global Growth Fund		.690	%		.460	%	$	.6	$	5.0		.516	%		.516	%
Global Small Capitalization Fund		.800			.635			.6		5.0		.696			.696
Growth Fund		.500			.280			.6		34.0		.323			.323
International Fund		.690			.430			.5		21.0		.492			.492
New World Fund		.850			.580			.5		4.0		.701			.701
Blue Chip Income and Growth Fund		.500			.350			.6		10.5		.389			.389
Global Growth and Income Fund		.690			.480			.6		3.0		.593			.593
Growth-Income Fund		.500			.219			.6		34.0		.258			.258
International Growth and Income Fund		.690			.530			.5		1.0		.606			.606
Capital Income Builder		.500						all				.500			.496
Asset Allocation Fund		.500			.240			.6		21.0		.266			.266
Global Balanced Fund		.660			.510			.5		1.0		.660			.660
Bond Fund		.480			.320			.6		13.0		.363			.363
Global Bond Fund		.570			.450			1.0		3.0		.531			.531
High-Income Bond Fund		.500			.420			.6		2.0		.472			.472
Mortgage Fund		.420			.290			.6		3.0		.420			.420
Ultra-Short Bond Fund		.320			.270			1.0		2.0		.320			.320
U.S. Government/AAA-Rated Securities Fund		.420			.290			.6		3.0		.339			.339
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

American Funds Insurance Series      179

Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

Share class	Currently approved limits			Plan limits
Class 1A		0.00	%		0.25	%
Class 2		0.25			0.25
Class 3		0.18			0.18
Class 4		0.25			0.25
Class P1		0.00			0.25
Class P2		0.25			0.50

Insurance administrative services — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company’s respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The series has an administrative services agreement with CRMC 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 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 investors. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement between the series and CRMC provides each fund, other than the managed risk funds, the ability to charge an administrative services fee of 0.05% of average daily net assets for all share classes. Currently all share classes pay an annual fee of 0.01% of average daily net assets (which could be increased as noted above). For the managed risk funds, CRMC receives administrative services fees of 0.01% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

Accounting and administrative services — The managed risk funds have a subadministration agreement with BNY Mellon under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds’ share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	211
Class 1A	$	—	$	10		—	*
Class 2		9,707		Not applicable		388
Class 4		623		623		25
Total class-specific expenses	$	10,330	$	633	$	624

Global Small Capitalization Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	164
Class 1A	$	—	$	1		—	*
Class 2		6,093		Not applicable		244
Class 4		366		366		15
Total class-specific expenses	$	6,459	$	367	$	423

180      American Funds Insurance Series

Growth Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	864
Class 1A	$	—	$	17		1
Class 2		39,441		Not applicable		1,578
Class 3		386		Not applicable		21
Class 4		2,733		2,733		109
Total class-specific expenses	$	42,560	$	2,750	$	2,573

New World Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	196
Class 1A	$	—	$	4		—	*
Class 2		2,430		Not applicable		97
Class 4		1,159		1,160		46
Total class-specific expenses	$	3,589	$	1,164	$	339

Global Growth and Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	51
Class 1A	$	—	$	2		—	*
Class 2		3,617		Not applicable		145
Class 4		231		231		9
Total class-specific expenses	$	3,848	$	233	$	205

International Growth and Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	112
Class 1A	$	—	$	5		—	*
Class 2		662		Not applicable		27
Class 4		178		178		7
Total class-specific expenses	$	840	$	183	$	146

International Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	510
Class 1A	$	—	$	10		—	*
Class 2		10,932		Not applicable		437
Class 3		52		Not applicable		3
Class 4		780		780		31
Total class-specific expenses	$	11,764	$	790	$	981

Blue Chip Income and Growth Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	544
Class 1A	$	—	$	6		—	*
Class 2		8,330		Not applicable		333
Class 4		788		788		32
Total class-specific expenses	$	9,118	$	794	$	909

Growth-Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	1,657
Class 1A	$	—	$	13		1
Class 2		34,335		Not applicable		1,373
Class 3		292		Not applicable		16
Class 4		2,287		2,287		92
Total class-specific expenses	$	36,914	$	2,300	$	3,139

Capital Income Builder

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	29
Class 1A	$	—	$	6		—	*
Class 2		7		Not applicable		1
Class 4		878		878		35
Total class-specific expenses	$	885	$	884	$	65

See end of tables for footnotes.

American Funds Insurance Series      181

Asset Allocation Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	1,688
Class 1A	$	—	$	15		1
Class 2		13,103		Not applicable		524
Class 3		63		Not applicable		3
Class 4		9,339		9,339		374
Total class-specific expenses	$	22,505	$	9,354	$	2,590

Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	628
Class 1A	$	—	$	6		—	*
Class 2		9,391		Not applicable		376
Class 4		829		829		33
Total class-specific expenses	$	10,220	$	835	$	1,037

High-Income Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	59
Class 1A	$	—	$	1		—	*
Class 2		1,847		Not applicable		74
Class 3		21		Not applicable		1
Class 4		85		85		3
Total class-specific expenses	$	1,953	$	86	$	137

Ultra-Short Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	4
Class 1A	$	—	$	—		—	*
Class 2		599		Not applicable		24
Class 3		7		Not applicable		—	*
Class 4		37		37		2
Total class-specific expenses	$	643	$	37	$	30

Global Balanced Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	11
Class 1A	$	—	$	3		—	*
Class 2		516		Not applicable		21
Class 4		164		164		6
Total class-specific expenses	$	680	$	167	$	38

Global Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	112
Class 1A	$	—	$	1		—	*
Class 2		2,805		Not applicable		112
Class 4		96		96		4
Total class-specific expenses	$	2,901	$	97	$	228

Mortgage Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	25
Class 1A	$	—	$	1		—	*
Class 2		151		Not applicable		6
Class 4		40		41		1
Total class-specific expenses	$	191	$	42	$	32

U.S. Government/AAA-Rated Securities Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	151
Class 1A	$	—	$	2		—	*
Class 2		3,520		Not applicable		141
Class 3		17		Not applicable		1
Class 4		169		169		7
Total class-specific expenses	$	3,706	$	171	$	300

182      American Funds Insurance Series

Managed Risk Growth Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	6
Class P2	$	803		803
Total class-specific expenses	$	803	$	809

Managed Risk Blue Chip Income and Growth Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	—	*
Class P2	$	883		883
Total class-specific expenses	$	883	$	883

Managed Risk Asset Allocation Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	4,153
Class P2	$	6,862		6,862
Total class-specific expenses	$	6,862	$	11,015

Managed Risk International Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	—	*
Class P2	$	389		389
Total class-specific expenses	$	389	$	389

Managed Risk Growth-Income Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	167
Class P2	$	564		564
Total class-specific expenses	$	564	$	731

^*  Amount less than one thousand.

American Funds Insurance Series      183

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):

Fund	Current fees		Increase in value of deferred amounts			Total trustees’ compensation
Global Growth Fund	$	36	$	1		$	37
Global Small Capitalization Fund		24		1			25
Growth Fund		145		5			150
International Fund		56		2			58
New World Fund		19		1			20
Blue Chip Income and Growth Fund		51		2			53
Global Growth and Income Fund		12		—	*		12
Growth-Income Fund		176		6			182
International Growth and Income Fund		8		—	*		8
Capital Income Builder		3		—	*		3
Asset Allocation Fund		146		4			150
Global Balanced Fund		2		—	*		2
Bond Fund		59		2			61
Global Bond Fund		13		—	*		13
High-Income Bond Fund		8		—	*		8
Mortgage Fund		2		—	*		2
Ultra-Short Bond Fund		2		—	*		2
U.S. Government/AAA-Rated Securities Fund		17		1			18
Managed Risk Growth Fund		2		—	*		2
Managed Risk International Fund		1		—	*		1
Managed Risk Blue Chip Income and Growth Fund		2		—	*		2
Managed Risk Growth-Income Fund		1		—	*		1
Managed Risk Asset Allocation Fund		25		1			26

* 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.

Other expenses — The amounts of $(18,000), $(9,000) and $(1,637,000) for other expenses for Managed Risk International Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund, respectively, are due to over accruals of prior year expenses.

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.

184      American Funds Insurance Series

The following table presents purchase and sale transactions between each fund and related funds as of December 31, 2018 (dollars in thousands):

Fund	Purchases		Sales
Global Growth Fund	$	34,488	$	66,699
Global Small Capitalization Fund		27,363		116,375
Growth Fund		477,334		479,509
International Fund		147,908		108,039
New World Fund		33,742		113,253
Blue Chip Income and Growth Fund		110,841		190,265
Global Growth and Income Fund		19,946		54,312
Growth-Income Fund		391,036		317,478
International Growth and Income Fund		32,881		5,821
Capital Income Builder		8,337		2,999
Asset Allocation Fund		168,410		394,146
Global Balanced Fund		3,988		1,162
Bond Fund		45,398		583,734
Global Bond Fund		4,043		9,876
High-Income Bond Fund		22,019		22,312
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		—		—
Managed Risk Asset Allocation Fund		—		—

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, 2018.

9. Capital share transactions

Capital share transactions in the funds were as follows (dollars and shares in thousands):

Global Growth Fund

	Sales1				Reinvestments of distributions				Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	318,393		10,738	$	163,496		5,459	$	(199,573	)		(6,616	)	$	282,316			9,581
Class 1A		4,760		162		320		11		(1,942	)		(64	)		3,138			109
Class 2		71,745		2,511		292,561		9,830		(465,838	)		(15,407	)		(101,532	)		(3,066	)
Class 4		94,068		3,163		18,437		622		(28,678	)		(983	)		83,827			2,802
Total net increase (decrease)	$	488,966		16,574	$	474,814		15,922	$	(696,031	)		(23,070	)	$	267,749			9,426
Year ended December 31, 2017
Class 1	$	202,598		7,210	$	72,128		2,554	$	(331,323	)		(11,655	)	$	(56,597	)		(1,891	)
Class 1A2		2,333		80		31		1		(125	)		(4	)		2,239			77
Class 2		55,435		2,042		139,728		5,015		(563,057	)		(20,391	)		(367,894	)		(13,334	)
Class 4		92,931		3,271		4,951		178		(11,055	)		(400	)		86,827			3,049
Total net increase (decrease)	$	353,297		12,603	$	216,838		7,748	$	(905,560	)		(32,450	)	$	(335,425	)		(12,099	)

See end of tables for footnotes.

American Funds Insurance Series      185

Global Small Capitalization Fund

	Sales1				Reinvestments of distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	138,128		5,551	$	76,990		2,920		$	(160,148	)		(6,253	)	$	54,970			2,218
Class 1A		318		12		16		1			(110	)		(5	)		224			8
Class 2		47,093		2,015		112,331		4,349			(309,646	)		(12,397	)		(150,222	)		(6,033	)
Class 4		56,525		2,282		6,491		249			(17,067	)		(693	)		45,949			1,838
Total net increase (decrease)	$	242,064		9,860	$	195,828		7,519		$	(486,971	)		(19,348	)	$	(49,079	)		(1,969	)
Year ended December 31, 2017
Class 1	$	128,448		5,651	$	10,108		429		$	(396,272	)		(17,174	)	$	(257,716	)		(11,094	)
Class 1A2		169		8		1		—	3		—	3		—	3		170			8
Class 2		27,876		1,267		10,597		472			(343,593	)		(15,314	)		(305,120	)		(13,575	)
Class 4		73,197		3,126		270		12			(5,899	)		(258	)		67,568			2,880
Total net increase (decrease)	$	229,690		10,052	$	20,976		913		$	(745,764	)		(32,746	)	$	(495,098	)		(21,781	)
Growth Fund
	Sales1				Reinvestments of distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	1,574,676		19,928	$	879,237		11,221		$	(1,126,624	)		(14,082	)	$	1,327,289			17,067
Class 1A		8,204		103		710		9			(563	)		(7	)		8,351			105
Class 2		292,909		3,756		1,633,088		20,970			(2,436,432	)		(30,703	)		(510,435	)		(5,977	)
Class 3		1,809		22		21,971		279			(27,844	)		(348	)		(4,064	)		(47	)
Class 4		274,892		3,534		110,941		1,441			(135,865	)		(1,758	)		249,968			3,217
Total net increase (decrease)	$	2,152,490		27,343	$	2,645,947		33,920		$	(3,727,328	)		(46,898	)	$	1,071,109			14,365
Year ended December 31, 2017
Class 1	$	505,734		6,906	$	786,807		11,094		$	(1,258,545	)		(16,930	)	$	33,996			1,070
Class 1A2		2,708		36		78		1			(94	)		(1	)		2,692			36
Class 2		206,092		2,819		1,520,175		21,621			(2,205,078	)		(30,135	)		(478,811	)		(5,695	)
Class 3		468		6		20,085		282			(21,851	)		(295	)		(1,298	)		(7	)
Class 4		407,312		5,509		58,020		832			(56,254	)		(776	)		409,078			5,565
Total net increase (decrease)	$	1,122,314		15,276	$	2,385,165		33,830		$	(3,541,822	)		(48,137	)	$	(34,343)			969

186      American Funds Insurance Series

International Fund

	Sales1				Reinvestments of distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	987,191		47,885	$	339,738		16,682		$	(479,241)			(23,102	)	$	847,688			41,465
Class 1A		4,302		204		296		14			(269	)		(14	)		4,329			204
Class 2		481,518		22,952		283,963		13,909			(441,465	)		(21,109	)		324,016			15,752
Class 3		506		23		1,857		91			(4,389	)		(209	)		(2,026	)		(95	)
Class 4		96,985		4,701		20,021		990			(45,627	)		(2,234	)		71,379			3,457
Total net increase (decrease)	$	1,570,502		75,765	$	645,875		31,686		$	(970,991)			(46,668	)	$	1,245,386			60,783
Year ended December 31, 2017
Class 1	$	760,186		38,348	$	119,937		5,881		$	(613,463)			(30,471	)	$	266,660			13,758
Class 1A2		1,638		80		20		1			(119	)		(5	)		1,539			76
Class 2		174,876		8,941		100,155		4,954			(605,647	)		(30,845	)		(330,616	)		(16,950	)
Class 3		274		13		726		36			(3,886	)		(197	)		(2,886	)		(148	)
Class 4		209,217		10,089		4,092		200			(14,987	)		(752	)		198,322			9,537
Total net increase (decrease)	$	1,146,191		57,471	$	224,930		11,072		$	(1,238,102	)		(62,270	)	$	133,019			6,273
New World Fund
	Sales1				Reinvestments of distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	169,684		6,947	$	75,282		3,139		$	(240,756	)		(10,008	)	$	4,210			78
Class 1A		2,616		108		73		3			(572	)		(24	)		2,117			87
Class 2		70,536		2,954		34,787		1,456			(144,167	)		(5,934	)		(38,844	)		(1,524	)
Class 4		140,212		5,922		16,079		674			(31,201	)		(1,315	)		125,090			5,281
Total net increase (decrease)	$	383,048		15,931	$	126,221		5,272		$	(416,696	)		(17,281	)	$	92,573			3,922
Year ended December 31, 2017
Class 1	$	280,518		12,105	$	21,909		893		$	(475,480	)		(20,394	)	$	(173,053	)		(7,396	)
Class 1A2		629		27		6		—	3		(13	)		(1	)		622			26
Class 2		143,361		6,559		9,149		376			(254,737	)		(11,445	)		(102,227	)		(4,510	)
Class 4		127,556		5,560		3,016		124			(20,431	)		(895	)		110,141			4,789
Total net increase (decrease)	$	552,064		24,251	$	34,080		1,393		$	(750,661	)		(32,735	)	$	(164,517	)		(7,091	)

See end of tables for footnotes.

American Funds Insurance Series      187

Blue Chip Income and Growth Fund

	Sales1				Reinvestments of distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	189,059		13,527	$	528,528		38,135		$	(524,399	)		(36,270	)	$	193,188			15,392
Class 1A		2,957		203		254		19			(106	)		(8	)		3,105			214
Class 2		34,615		2,528		320,676		23,381			(472,476	)		(32,985	)		(117,185	)		(7,076	)
Class 4		190,787		13,641		29,968		2,200			(33,879	)		(2,399	)		186,876			13,442
Total net increase (decrease)	$	417,418		29,899	$	879,426		63,735		$	(1,030,860	)		(71,662	)	$	265,984			21,972
Year ended December 31, 2017
Class 1	$	458,480		32,688	$	309,238		21,989		$	(834,928	)		(58,499	)	$	(67,210	)		(3,822	)
Class 1A2		593		42		17		1			(15	)		(1	)		595			42
Class 2		34,639		2,502		195,693		14,095			(439,009	)		(31,376	)		(208,677	)		(14,779	)
Class 4		129,429		9,259		10,522		756			(43,213	)		(3,132	)		96,738			6,883
Total net increase (decrease)	$	623,141		44,491	$	515,470		36,841		$	(1,317,165	)		(93,008	)	$	(178,554	)		(11,676	)
Global Growth and Income Fund
	Sales1				Reinvestments of distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	105,981		7,092	$	45,562		3,107		$	(46,619	)		(3,060	)	$	104,924			7,139
Class 1A		951		60		81		6			(40	)		(2	)		992			64
Class 2		27,421		1,842		130,608		8,898			(208,022	)		(13,672	)		(49,993	)		(2,932	)
Class 4		42,459		2,827		8,471		586			(16,633	)		(1,102	)		34,297			2,311
Total net increase (decrease)	$	176,812		11,821	$	184,722		12,597		$	(271,314	)		(17,836	)	$	90,220			6,582
Year ended December 31, 2017
Class 1	$	133,943		8,899	$	16,607		1,095		$	(345,498	)		(23,190	)	$	(194,948	)		(13,196	)
Class 1A2		125		8		3		—	3		(3	)		—	3		125			8
Class 2		25,134		1,709		56,976		3,780			(236,596	)		(16,119	)		(154,486	)		(10,630	)
Class 4		63,660		4,175		1,883		123			(6,203	)		(417	)		59,340			3,881
Total net increase (decrease)	$	222,862		14,791	$	75,469		4,998		$	(588,300	)		(39,726	)	$	(289,969	)		(19,937	)
Growth-Income Fund
	Sales1				Reinvestments of distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	2,594,038		53,950	$	1,388,000		27,742		$	(1,325,537	)		(25,872	)	$	2,656,501			55,820
Class 1A		5,817		114		467		10			(933	)		(18	)		5,351			106
Class 2		128,833		2,587		1,128,412		22,770			(1,901,203	)		(37,514	)		(643,958	)		(12,157	)
Class 3		1,014		20		13,244		264			(26,871	)		(525	)		(12,613	)		(241	)
Class 4		193,427		3,881		73,971		1,507			(97,541	)		(1,958	)		169,857			3,430
Total net increase (decrease)	$	2,923,129		60,552	$	2,604,094		52,293		$	(3,352,085	)		(65,887	)	$	2,175,138			46,958
Year ended December 31, 2017
Class 1	$	1,521,886		32,100	$	1,132,034		24,392		$	(1,241,004	)		(26,012	)	$	1,412,916			30,480
Class 1A2		2,070		43		40		1			(24	)		(1	)		2,086			43
Class 2		120,223		2,558		1,048,742		22,899			(1,761,342	)		(37,375	)		(592,377	)		(11,918	)
Class 3		473		10		12,561		271			(21,746	)		(457	)		(8,712	)		(176	)
Class 4		267,835		5,641		46,486		1,020			(56,983	)		(1,217	)		257,338			5,444
Total net increase (decrease)	$	1,912,487		40,352	$	2,239,863		48,583		$	(3,081,099	)		(65,062	)	$	1,071,251			23,873

188      American Funds Insurance Series

International Growth and Income Fund

	Sales1				Reinvestments of distributions				Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	102,396		5,829	$	28,476		1,796	$	(62,238	)		(3,472	)	$	68,634			4,153
Class 1A		276		16		44		3		(453	)		(27	)		(133	)		(8	)
Class 2		13,046		753		5,865		371		(28,666	)		(1,702	)		(9,755	)		(578	)
Class 4		29,607		1,717		1,597		101		(12,831	)		(752	)		18,373			1,066
Total net increase (decrease)	$	145,325		8,315	$	35,982		2,271	$	(104,188	)		(5,953	)	$	77,119			4,633
Year ended December 31, 2017
Class 1	$	186,307		11,140	$	25,860		1,487	$	(101,536	)		(6,072	)	$	110,631			6,555
Class 1A2		2,100		121		14		1		(1	)		—	3		2,113			122
Class 2		8,391		510		5,714		329		(34,542	)		(2,118	)		(20,437	)		(1,279	)
Class 4		19,465		1,164		1,184		69		(3,332	)		(202	)		17,317			1,031
Total net increase (decrease)	$	216,263		12,935	$	32,772		1,886	$	(139,411	)		(8,392	)	$	109,624			6,429
Capital Income Builder
	Sales1				Reinvestments of distributions				Repurchases1						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	96,466		9,624	$	10,037		1,010	$	(12,240	)		(1,241	)	$	94,263			9,393
Class 1A		2,709		270		70		7		(761	)		(77	)		2,018			200
Class 2		2,658		264		96		10		(180	)		(18	)		2,574			256
Class 4		66,457		6,627		10,312		1,037		(25,636	)		(2,556	)		51,133			5,108
Total net increase (decrease)	$	168,290		16,785	$	20,515		2,064	$	(38,817	)		(3,892	)	$	149,988			14,957
Year ended December 31, 2017
Class 1	$	84,130		8,355	$	6,303		622	$	(9,923	)		(984	)	$	80,510			7,993
Class 1A2		1,245		122		8		1		(365	)		(36	)		888			87
Class 2		1,371		136		23		2		(122	)		(12	)		1,272			126
Class 4		66,028		6,590		7,676		760		(19,222	)		(1,922	)		54,482			5,428
Total net increase (decrease)	$	152,774		15,203	$	14,010		1,385	$	(29,632	)		(2,954	)	$	137,152			13,634

See end of tables for footnotes.

American Funds Insurance Series      189

Asset Allocation Fund

	Sales1				Reinvestments of distributions				Repurchases1						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	1,402,434		60,588	$	1,053,838		46,034	$	(2,607,246	)		(117,896	)	$	(150,974	)		(11,274	)
Class 1A		3,797		162		411		18		(678	)		(30	)		3,530			150
Class 2		89,621		3,865		313,464		13,808		(682,422	)		(29,567	)		(279,337	)		(11,894	)
Class 3		897		38		2,098		91		(7,614	)		(325	)		(4,619	)		(196	)
Class 4		380,567		16,509		217,964		9,642		(180,958	)		(7,998	)		417,573			18,153
Total net increase (decrease)	$	1,877,316		81,162	$	1,587,775		69,593	$	(3,478,918	)		(155,816	)	$	(13,827	)		(5,061	)
Year ended December 31, 2017
Class 1	$	1,929,702		84,102	$	953,771		41,982	$	(641,572	)		(27,828	)	$	2,241,901			98,256
Class 1A2		4,261		184		121		5		(253	)		(11	)		4,129			178
Class 2		109,962		4,876		325,924		14,513		(579,020	)		(25,433	)		(143,134	)		(6,044	)
Class 3		1,400		61		2,246		99		(4,469	)		(195	)		(823	)		(35	)
Class 4		408,549		18,017		192,666		8,617		(159,354	)		(7,104	)		441,861			19,530
Total net increase (decrease)	$	2,453,874		107,240	$	1,474,728		65,216	$	(1,384,668	)		(60,571	)	$	2,543,934			111,885
Global Balanced Fund
	Sales1				Reinvestments of distributions				Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	24,581		1,901	$	3,154		265	$	(847	)		(66	)	$	26,888			2,100
Class 1A		2,209		171		56		5		(292	)		(24	)		1,973			152
Class 2		11,812		914		4,844		408		(24,153	)		(1,905	)		(7,497	)		(583	)
Class 4		35,652		2,821		1,646		140		(12,396	)		(987	)		24,902			1,974
Total net increase (decrease)	$	74,254		5,807	$	9,700		818	$	(37,688	)		(2,982	)	$	46,266			3,643
Year ended December 31, 2017
Class 1	$	22,241		1,783	$	3,607		285	$	(6,039	)		(501	)	$	19,809			1,567
Class 1A2		244		19		9		1		—	3		—	3		253			20
Class 2		16,382		1,346		7,928		628		(20,169	)		(1,671	)		4,141			303
Class 4		39,763		3,218		1,778		142		(2,261	)		(182	)		39,280			3,178
Total net increase (decrease)	$	78,630		6,366	$	13,322		1,056	$	(28,469	)		(2,354	)	$	63,483			5,068
Bond Fund
	Sales1				Reinvestments of distributions				Repurchases1						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	856,250		80,879	$	164,110		15,776	$	(1,296,873	)		(122,086	)	$	(276,513	)		(25,431	)
Class 1A		2,864		271		80		8		(674	)		(64	)		2,270			215
Class 2		107,831		10,281		93,483		9,101		(518,189	)		(49,721	)		(316,875	)		(30,339	)
Class 4		118,851		11,386		8,606		839		(47,758	)		(4,587	)		79,699			7,638
Total net increase (decrease)	$	1,085,796		102,817	$	266,279		25,724	$	(1,863,494	)		(176,458	)	$	(511,419	)		(47,917	)
Year ended December 31, 2017
Class 1	$	967,669		88,718	$	235,240		21,678	$	(1,624,503	)		(147,887	)	$	(421,594	)		(37,491	)
Class 1A2		1,338		122		21		2		(272	)		(25	)		1,087			99
Class 2		138,965		12,898		134,455		12,545		(273,010	)		(25,301	)		410			142
Class 4		212,848		19,725		6,398		597		(22,490	)		(2,080	)		196,756			18,242
Total net increase (decrease)	$	1,320,820		121,463	$	376,114		34,822	$	(1,920,275	)		(175,293	)	$	(223,341	)		(19,008	)

190      American Funds Insurance Series

Global Bond Fund

	Sales1				Reinvestments of distributions						Repurchases1						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	126,990		10,666	$	28,466			2,515		$	(375,280	)		(31,456	)	$	(219,824	)		(18,275	)
Class 1A		575		49		10			1			(241	)		(21	)		344			29
Class 2		41,190		3,507		26,720			2,377			(156,625	)		(13,571	)		(88,715	)		(7,687	)
Class 4		28,055		2,394		934			84			(17,922	)		(1,548	)		11,067			930
Total net increase (decrease)	$	196,810		16,616	$	56,130			4,977		$	(550,068	)		(46,596	)	$	(297,128	)		(25,003	)
Year ended December 31, 2017
Class 1	$	177,200		15,155	$	14,284			1,210		$	(100,697	)		(8,588	)	$	90,787			7,777
Class 1A2		74		6		—	3		—	3		—	3		—	3		74			6
Class 2		45,841		3,978		11,132			952			(79,734	)		(6,868	)		(22,761	)		(1,938	)
Class 4		20,651		1,777		197			17			(2,949	)		(255	)		17,899			1,539
Total net increase (decrease)	$	243,766		20,916	$	25,613			2,179		$	(183,380	)		(15,711	)	$	85,999			7,384
High-Income Bond Fund
	Sales1				Reinvestments of distributions						Repurchases1						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	15,126		1,484	$	34,114			3,526		$	(136,193	)		(13,306	)	$	(86,953)			(8,296	)
Class 1A		621		61		40			5			(365	)		(36	)		296			30
Class 2		12,354		1,231		43,383			4,563			(111,276	)		(11,157	)		(55,539	)		(5,363	)
Class 3		1,837		179		664			68			(4,223	)		(418	)		(1,722	)		(171	)
Class 4		51,449		4,747		1,733			168			(53,384	)		(4,942	)		(202	)		(27	)
Total net increase (decrease)	$	81,387		7,702	$	79,934			8,330		$	(305,441	)		(29,859	)	$	(144,120	)		(13,827	)
Year ended December 31, 2017
Class 1	$	43,584		4,162	$	43,816			4,273		$	(422,269	)		(39,685	)	$	(334,869	)		(31,250	)
Class 1A2		400		39		12			1			(7	)		(1	)		405			39
Class 2		15,931		1,540		51,640			5,121			(92,969	)		(8,946	)		(25,398	)		(2,285	)
Class 3		397		38		805			78			(1,921	)		(181	)		(719	)		(65	)
Class 4		84,996		7,657		1,981			182			(72,820	)		(6,577	)		14,157			1,262
Total net increase (decrease)	$	145,308		13,436	$	98,254			9,655		$	(589,986	)		(55,390	)	$	(346,424	)		(32,299	)

See end of tables for footnotes.

American Funds Insurance Series      191

Mortgage Fund

	Sales1				Reinvestments of distributions						Repurchases1						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	17,819		1,730	$	4,658			457		$	(74,088	)		(7,185	)	$	(51,611	)		(4,998	)
Class 1A		732		71		15			2			(111	)		(11	)		636			62
Class 2		4,682		456		1,128			111			(10,509	)		(1,023	)		(4,699	)		(456	)
Class 4		14,315		1,403		424			41			(2,626	)		(257	)		12,113			1,187
Total net increase (decrease)	$	37,548		3,660	$	6,225			611		$	(87,334	)		(8,476	)	$	(43,561	)		(4,205	)
Year ended December 31, 2017
Class 1	$	52,151		4,904	$	5,982			566		$	(59,926	)		(5,621	)	$	(1,793	)		(151	)
Class 1A2		109		10		2			—	3		(6	)		—	3		105			10
Class 2		7,132		672		1,287			122			(8,011	)		(755	)		408			39
Class 4		8,522		808		204			20			(4,876	)		(462	)		3,850			366
Total net increase (decrease)	$	67,914		6,394	$	7,475			708		$	(72,819	)		(6,838	)	$	2,570			264
Ultra-Short Bond Fund
	Sales1				Reinvestments of distributions						Repurchases1						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	25,371		2,233	$	561			50		$	(26,198	)		(2,310	)	$	(266	)		(27	)
Class 1A		—		—		—	3		—	3		—			—			—	3		—	3
Class 2		103,165		9,332		2,762			250			(107,692	)		(9,741	)		(1,765	)		(159	)
Class 3		4,222		378		42			4			(3,944	)		(353	)		320			29
Class 4		16,908		1,513		153			14			(14,303	)		(1,281	)		2,758			246
Total net increase (decrease)	$	149,666		13,456	$	3,518			318		$	(152,137	)		(13,685	)	$	1,047			89
Year ended December 31, 2017
Class 1	$	14,832		1,312	$	184			16		$	(15,478	)		(1,371	)	$	(462	)		(43	)
Class 1A2		10		1		—	3		—	3		—			—			10			1
Class 2		62,145		5,646		697			63			(111,628	)		(10,146	)		(48,786	)		(4,437	)
Class 3		1,448		130		15			2			(1,233	)		(111	)		230			21
Class 4		16,767		1,507		10			1			(14,407	)		(1,294	)		2,370			214
Total net increase (decrease)	$	95,202		8,596	$	906			82		$	(142,746	)		(12,922	)	$	(46,638	)		(4,244	)

192      American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

	Sales1				Reinvestments of distributions					Repurchases1						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class 1	$	67,360		5,655	$	29,446		2,499		$	(191,451	)		(16,111	)	$	(94,645	)		(7,957	)
Class 1A		1,389		118		28		2			(214	)		(18	)		1,203			102
Class 2		43,398		3,680		24,431		2,094			(200,280	)		(17,045	)		(132,451	)		(11,271	)
Class 3		628		53		165		14			(1,997	)		(168	)		(1,204	)		(101	)
Class 4		45,391		3,857		1,313		113			(17,387	)		(1,474	)		29,317			2,496
Total net increase (decrease)	$	158,166		13,363	$	55,383		4,722		$	(411,329	)		(34,816	)	$	(197,780	)		(16,731	)
Year ended December 31, 2017
Class 1	$	291,253		23,702	$	23,401		1,927		$	(226,514	)		(18,425	)	$	88,140			7,204
Class 1A2		1,016		83		2		—	3		(714	)		(58	)		304			25
Class 2		49,410		4,091		19,498		1,621			(103,407	)		(8,550	)		(34,499	)		(2,838	)
Class 3		1,050		86		141		12			(1,501	)		(123	)		(310	)		(25	)
Class 4		27,872		2,299		663		55			(23,884	)		(1,976	)		4,651			378
Total net increase (decrease)	$	370,601		30,261	$	43,705		3,615		$	(356,020	)		(29,132	)	$	58,286			4,744
Managed Risk Growth Fund
	Sales1				Reinvestment of distributions					Repurchases1						Net increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class P1	$	1,861		140	$	150		11		$	(596	)		(45	)	$	1,415			106
Class P2		79,190		6,025		21,792		1,658			(21,197	)		(1,594	)		79,785			6,089
Total net increase (decrease)	$	81,051		6,165	$	21,942		1,669		$	(21,793	)		(1,639	)	$	81,200			6,195
Year ended December 31, 2017
Class P1	$	836		70	$	29		2		$	(230	)		(19	)	$	635			53
Class P2		46,748		3,893		4,847		408			(16,010	)		(1,330	)		35,585			2,971
Total net increase (decrease)	$	47,584		3,963	$	4,876		410		$	(16,240	)		(1,349	)	$	36,220			3,024
Managed Risk International Fund
	Sales1				Reinvestments of distributions					Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class P1	$	321		30	$	9		1		$	(44	)		(4	)	$	286			27
Class P2		33,085		3,040		3,419		323			(13,533	)		(1,240	)		22,971			2,123
Total net increase (decrease)	$	33,406		3,070	$	3,428		324		$	(13,577	)		(1,244	)	$	23,257			2,150
Year ended December 31, 2017
Class P1	$	130		14	$	2		—	3	$	(166	)		(17	)	$	(34	)		(3	)
Class P2		30,462		3,002		2,301		230			(9,880	)		(967	)		22,883			2,265
Total net increase (decrease)	$	30,592		3,016	$	2,303		230		$	(10,046	)		(984	)	$	22,849			2,262

See end of tables for footnotes.

American Funds Insurance Series      193

Managed Risk Blue Chip Income and Growth Fund

	Sales1				Reinvestments of distributions				Repurchases1						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class P1	$	358		29	$	22		2	$	(43	)		(4	)	$	337			27
Class P2		31,213		2,567		23,504		1,964		(35,759	)		(2,843	)		18,958			1,688
Total net increase (decrease)	$	31,571		2,596	$	23,526		1,966	$	(35,802	)		(2,847	)	$	19,295			1,715
Year ended December 31, 2017
Class P1	$	59		5	$	7		1	$	(136	)		(11	)	$	(70	)		(5	)
Class P2		83,072		6,949		10,722		898		(56,067	)		(4,624	)		37,727			3,223
Total net increase (decrease)	$	83,131		6,954	$	10,729		899	$	(56,203	)		(4,635	)	$	37,657			3,218
Managed Risk Growth-Income Fund
	Sales1				Reinvestments of distributions				Repurchases1						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class P1	$	1,696,532		144,131	$	164		13	$	(30,979	)		(2,639	)	$	1,665,717			141,505
Class P2		45,914		3,658		12,188		977		(16,805	)		(1,320	)		41,297			3,315
Total net increase (decrease)	$	1,742,446		147,789	$	12,352		990	$	(47,784	)		(3,959	)	$	1,707,014			144,820
Year ended December 31, 2017
Class P1	$	1,093		92	$	92		8	$	(154	)		(13	)	$	1,031			87
Class P2		27,997		2,382		9,501		835		(15,095	)		(1,278	)		22,403			1,939
Total net increase (decrease)	$	29,090		2,474	$	9,593		843	$	(15,249	)		(1,291	)	$	23,434			2,026
Managed Risk Asset Allocation Fund
	Sales1				Reinvestments of distributions				Repurchases1						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2018
Class P1	$	158,125		11,883	$	98,747		7,599	$	(1,735,518	)		(141,232	)	$	(1,478,646	)		(121,750	)
Class P2		122,897		9,265		144,221		11,089		(250,843	)		(19,040	)		16,275			1,314
Total net increase (decrease)	$	281,022		21,148	$	242,968		18,688	$	(1,986,361	)		(160,272	)	$	(1,462,371	)		(120,436	)
Year ended December 31, 2017
Class P1	$	264,545		20,631	$	25,264		1,986	$	(25,397	)		(1,973	)	$	264,412			20,644
Class P2		253,137		19,936		45,200		3,559		(153,999	)		(11,957	)		144,338			11,538
Total net increase (decrease)	$	517,682		40,567	$	70,464		5,545	$	(179,396	)		(13,930	)	$	408,750			32,182

¹  Includes exchanges between share classes of the fund.

²  Class 1A shares began investment operations on January 6, 2017.

³  Amount less than one thousand.

194      American Funds Insurance Series

10. Investment transactions and other disclosures

The following tables present additional information for each of the funds for the year ended December 31, 2018 (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*	$	1,467,874		$	1,662,024	$	8,417,701		$	3,211,601		$	1,739,953	$	4,319,816
Sales of investment securities*		1,724,252			2,030,293		9,996,481			2,598,799			2,109,957		4,791,714
Non-U.S. taxes (refunded) paid on interest income		—			—		—			—			43		—
Non-U.S. taxes (refunded) paid on realized gains		—			12		—			(45	)		112		—
Non-U.S. taxes provided on unrealized gains		746			931		—			3,872			684		—
Dividend income from affiliated issuers		—			437		—			—			—		—
	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*	$	956,577		$	11,487,304	$	556,700		$	605,766		$	18,403,385	$	204,201
Sales of investment securities*		1,040,568			12,435,378		512,739			476,357			19,811,470		172,949
Non-U.S. taxes (refunded) paid on interest income		—			—		(8	)		—			—		17
Non-U.S. taxes (refunded) paid on realized gains		3			—		6			—			—		23
Non-U.S. taxes provided on unrealized gains		—			—		271			—			126		27
Dividend income from affiliated issuers		—			3,182		—			—			562		—
Interest income from affiliated issuers		—			—		—			—			2,196		—
	Bond Fund			Global Bond Fund		High- Income Bond Fund			Mortgage Fund			Ultra-Short Bond Fund		U.S. Government/ AAA-Rated Securities Fund
Purchases of investment securities*	$	44,757,939		$	2,355,671	$	880,471		$	2,407,428		$	—	$	11,220,878
Sales of investment securities*		45,098,034			2,481,042		976,663			2,426,692			—		11,103,888
Non-U.S. taxes (refunded) paid on interest income		7			396		(2	)		—			—		—
Non-U.S. taxes (refunded) paid on realized gains		(196	)		578		—			—			—		—
Non-U.S. taxes provided on unrealized gains		—			368		—			—			—		—

	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*	$	109,572	$	39,805	$	64,381	$	1,669,137	$	504,021
Sales of investment securities*		21,960		11,908		38,201		47,528		1,854,151
Dividend income from affiliated issuers		3,340		3,202		7,264		4,163		80,687

* Excludes short-term securities and U.S. government obligations, if any.

11. Ownership concentration

At December 31, 2018, American Funds Insurance Series — Portfolio Series Managed Risk Growth and Income Portfolio held 36% and 11% of the outstanding shares of Capital Income Builder and Global Growth and Income Fund, respectively. In addition, American Funds Insurance Series — Portfolio Series Managed Risk Global Allocation Portfolio and Managed Risk Asset Allocation Fund held 22% and 11% of the outstanding shares of Global Balanced Fund and Asset Allocation Fund, respectively.

American Funds Insurance Series      195

Financial highlights

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Global Growth Fund
Class 1:
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
12/31/2015		27.48		.25			1.80			2.05			(.35	)		(2.79	)		(3.14	)		26.39		7.24			1,626			.55			.90
12/31/2014		30.11		.31	2		.40			.71			(.40	)		(2.94	)		(3.34	)		27.48		2.52			1,558			.55			1.08	2
Class 1A:
12/31/2018		30.46		.23			(2.66	)		(2.43	)		(.21	)		(2.13	)		(2.34	)		25.69		(9.02	)		5			.80			.77
12/31/20173,4		24.50		.11			6.94			7.05			(.25	)		(.84	)		(1.09	)		30.46		29.13	5		2			.80	6		.39	6
Class 2:
12/31/2018		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
12/31/2015		27.30		.18			1.78			1.96			(.28	)		(2.79	)		(3.07	)		26.19		6.94			3,817			.80			.66
12/31/2014		29.92		.24	2		.41			.65			(.33	)		(2.94	)		(3.27	)		27.30		2.31			3,992			.80			.85	2
Class 4:
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
12/31/2015		27.34		.09			1.81			1.90			(.29	)		(2.79	)		(3.08	)		26.16		6.69			91			1.05			.34
12/31/2014		30.07		.07	2		.50			.57			(.36	)		(2.94	)		(3.30	)		27.34		2.01			19			1.05			.26	2
Global Small Capitalization Fund
Class 1:
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
12/31/2015		26.09		.04			.36			.40			—			(2.08	)		(2.08	)		24.41		.50			1,706			.73			.15
12/31/2014		25.69		.09			.52			.61			(.09	)		(.12	)		(.21	)		26.09		2.36			1,411			.74			.34
Class 1A:
12/31/2018		25.36		.05			(2.52	)		(2.47	)		(.04	)		(1.14	)		(1.18	)		21.71		(10.56	)		—	7		.98			.21
12/31/20173,4		20.70		.08			4.71			4.79			(.13	)		—			(.13	)		25.36		23.19	5		—	7		.96	6		.35	6
Class 2:
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
12/31/2015		25.64		(.03	)		.37			.34			—			(2.08	)		(2.08	)		23.90		.27			2,492			.98			(.10	)
12/31/2014		25.25		.03			.51			.54			(.03	)		(.12	)		(.15	)		25.64		2.12			2,738			.99			.10
Class 4:
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
12/31/2015		25.92		(.10	)		.37			.27			—			(2.08	)		(2.08	)		24.11		(.02	)		34			1.23			(.37	)
12/31/2014		25.57		(.05	)		.54			.49			(.02	)		(.12	)		(.14	)		25.92		1.88			12			1.24			(.17	)

196      American Funds Insurance Series

			(Loss) income from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Growth Fund
Class 1:
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
12/31/2015		80.15		.64			5.08		5.72		(.61	)		(17.24	)		(17.85	)		68.02		7.12			6,796		.35			.87
12/31/2014		78.54		.88	2		5.79		6.67		(1.16	)		(3.90	)		(5.06	)		80.15		8.78			7,118		.35			1.12	2
Class 1A:
12/31/2018		77.74		.47			.24		.71		(.44	)		(8.24	)		(8.68	)		69.77		(.26	)		10		.59			.60
12/31/20173,4		68.84		.35			16.38		16.73		(.50	)		(7.33	)		(7.83	)		77.74		25.47	5		3		.59	6		.47	6
Class 2:
12/31/2018		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
12/31/2015		79.84		.46			5.06		5.52		(.43	)		(17.24	)		(17.67	)		67.69		6.86			14,414		.60			.62
12/31/2014		77.94		.68	2		5.75		6.43		(.63	)		(3.90	)		(4.53	)		79.84		8.51			15,413		.60			.87	2
Class 3:
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
12/31/2015		80.47		.51			5.11		5.62		(.48	)		(17.24	)		(17.72	)		68.37		6.92			194		.53			.69
12/31/2014		78.62		.74	2		5.79		6.53		(.78	)		(3.90	)		(4.68	)		80.47		8.58			208		.53			.94	2
Class 4:
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
12/31/2015		79.74		.29			5.02		5.31		(.55	)		(17.24	)		(17.79	)		67.26		6.59			394		.85			.42
12/31/2014		78.32		.37	2		5.87		6.24		(.92	)		(3.90	)		(4.82	)		79.74		8.25			24		.85			.47	2

See end of tables for footnotes.

American Funds Insurance Series      197

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
International Fund
Class 1:
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
12/31/2015		20.35		.29			(1.03	)		(.74	)		(.35	)		(1.18	)		(1.53	)		18.08		(4.25	)		3,427		.54			1.41
12/31/2014		21.22		.30			(.81	)		(.51	)		(.36	)		—			(.36	)		20.35		(2.41	)		3,282		.54			1.43
Class 1A:
12/31/2018		21.67		.27			(2.93	)		(2.66	)		(.37	)		(1.02	)		(1.39	)		17.62		(13.11	)		5		.78			1.32
12/31/20173,4		17.17		.09			4.93			5.02			(.29	)		(.23	)		(.52	)		21.67		29.46	5		2		.77	6		.43	6
Class 2:
12/31/2018		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
12/31/2015		20.29		.24			(1.03	)		(.79	)		(.30	)		(1.18	)		(1.48	)		18.02		(4.53	)		3,978		.79			1.17
12/31/2014		21.15		.25			(.81	)		(.56	)		(.30	)		—			(.30	)		20.29		(2.65	)		4,374		.79			1.19
Class 3:
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
12/31/2015		20.38		.25			(1.03	)		(.78	)		(.31	)		(1.18	)		(1.49	)		18.11		(4.44	)		32		.72			1.24
12/31/2014		21.24		.27			(.82	)		(.55	)		(.31	)		—			(.31	)		20.38		(2.56	)		38		.72			1.28
Class 4:
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
12/31/2015		20.23		.17			(1.00	)		(.83	)		(.29	)		(1.18	)		(1.47	)		17.93		(4.75	)		46		1.04			.88
12/31/2014		21.16		.07			(.68	)		(.61	)		(.32	)		—			(.32	)		20.23		(2.88	)		18		1.04			.31
New World Fund
Class 1:
12/31/2018	$	25.30	$	.27		$	(3.65	)	$	(3.38	)	$	(.27	)	$	(.67	)	$	(.94	)	$	20.98		(13.83	)%	$	1,702		.77	%		1.11	%
12/31/2017		19.72		.26			5.59			5.85			(.27	)		—			(.27	)		25.30		29.73			2,050		.77			1.14
12/31/2016		18.87		.24			.81			1.05			(.20	)		—			(.20	)		19.72		5.59			1,743		.78			1.25
12/31/2015		20.72		.19			(.71	)		(.52	)		(.17	)		(1.16	)		(1.33	)		18.87		(2.96	)		1,562		.79			.92
12/31/2014		25.08		.29	2		(1.92	)		(1.63	)		(.29	)		(2.44	)		(2.73	)		20.72		(7.63	)		1,433		.78			1.23	2
Class 1A:
12/31/2018		25.25		.21			(3.64	)		(3.43	)		(.23	)		(.67	)		(.90	)		20.92		(14.02	)		2		1.02			.91
12/31/20173,4		20.14		.13			5.24			5.37			(.26	)		—			(.26	)		25.25		26.72	5		1		1.00	6		.53	6
Class 2:
12/31/2018		25.07		.20			(3.61	)		(3.41	)		(.20	)		(.67	)		(.87	)		20.79		(14.04	)		843		1.02			.85
12/31/2017		19.54		.20			5.55			5.75			(.22	)		—			(.22	)		25.07		29.44			1,055		1.02			.89
12/31/2016		18.71		.19			.79			.98			(.15	)		—			(.15	)		19.54		5.26			911		1.03			1.00
12/31/2015		20.54		.14			(.69	)		(.55	)		(.12	)		(1.16	)		(1.28	)		18.71		(3.14	)		961		1.04			.68
12/31/2014		24.88		.24	2		(1.91	)		(1.67	)		(.23	)		(2.44	)		(2.67	)		20.54		(7.87	)		1,084		1.03			1.01	2
Class 4:
12/31/2018		24.99		.14			(3.59	)		(3.45	)		(.16	)		(.67	)		(.83	)		20.71		(14.25	)		464		1.27			.61
12/31/2017		19.51		.14			5.52			5.66			(.18	)		—			(.18	)		24.99		29.06			427		1.27			.61
12/31/2016		18.69		.14			.80			.94			(.12	)		—			(.12	)		19.51		5.04			240		1.28			.75
12/31/2015		20.56		.08			(.68	)		(.60	)		(.11	)		(1.16	)		(1.27	)		18.69		(3.37	)		171		1.29			.39
12/31/2014		24.99		.09	2		(1.83	)		(1.74	)		(.25	)		(2.44	)		(2.69	)		20.56		(8.13	)		64		1.28			.40	2

198      American Funds Insurance Series

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Blue Chip Income and Growth Fund
Class 1:
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
12/31/2015		14.69		.31			(.64	)		(.33	)		(.29	)		(1.45	)		(1.74	)		12.62		(2.72	)		3,638			.41			2.23
12/31/2014		13.12		.46	2		1.59			2.05			(.48	)		—			(.48	)		14.69		15.69			3,542			.42			3.31	2
Class 1A:
12/31/2018		14.94		.26			(1.42	)		(1.16	)		(.29	)		(1.14	)		(1.43	)		12.35		(8.67	)		3			.66			1.84
12/31/20173,4		13.75		.28			1.75			2.03			(.31	)		(.53	)		(.84	)		14.94		15.21	5		1			.65	6		2.01	6
Class 2:
12/31/2018		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
12/31/2015		14.57		.27			(.62	)		(.35	)		(.26	)		(1.45	)		(1.71	)		12.51		(2.93	)		3,228			.66			1.97
12/31/2014		13.02		.44	2		1.55			1.99			(.44	)		—			(.44	)		14.57		15.36			3,722			.67			3.14	2
Class 4:
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
12/31/2015		14.63		.24			(.63	)		(.39	)		(.26	)		(1.45	)		(1.71	)		12.53		(3.21	)		32			.91			1.75
12/31/2014		13.12		.34	2		1.63			1.97			(.46	)		—			(.46	)		14.63		15.13			9			.92			2.33	2
Global Growth and Income Fund
Class 1:
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
12/31/2015		12.78		.36			(.50	)		(.14	)		(.29	)		—			(.29	)		12.35		(1.14	)		293			.64			2.79
12/31/2014		12.53		.43	2		.31			.74			(.49	)		—			(.49	)		12.78		6.00			200			.63			3.34	2
Class 1A:
12/31/2018		15.81		.26			(1.63	)		(1.37	)		(.26	)		(1.18	)		(1.44	)		13.00		(9.62	)		1			.88			1.74
12/31/20173,4		13.21		.18			3.03			3.21			(.35	)		(.26	)		(.61	)		15.81		24.54	5		—	7		.84	6		1.20	6
Class 2:
12/31/2018		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
12/31/2015		12.75		.22			(.39	)		(.17	)		(.25	)		—			(.25	)		12.33		(1.34	)		1,479			.89			1.73
12/31/2014		12.51		.41	2		.29			.70			(.46	)		—			(.46	)		12.75		5.64			1,685			.88			3.22	2
Class 4:
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
12/31/2015		12.71		.17			(.37	)		(.20	)		(.25	)		—			(.25	)		12.26		(1.60	)		5			1.14			1.32
12/31/2014		12.50		.30	2		.37			.67			(.46	)		—			(.46	)		12.71		5.41			1			1.13			2.30	2

See end of tables for footnotes.

American Funds Insurance Series      199

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Growth-Income Fund
Class 1:
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
12/31/2015		52.76		.79			.37			1.16			(.75	)		(7.77	)		(8.52	)		45.40		1.72			10,747		.29			1.59
12/31/2014		50.72		.81			4.57			5.38			(.80	)		(2.54	)		(3.34	)		52.76		10.91			10,812		.29			1.56
Class 1A:
12/31/2018		50.15		.72			(1.25	)		(.53	)		(.76	)		(3.58	)		(4.34	)		45.28		(1.78	)		7		.53			1.43
12/31/20173,4		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:
12/31/2018		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
12/31/2015		52.41		.66			.37			1.03			(.63	)		(7.77	)		(8.40	)		45.04		1.45			12,895		.54			1.34
12/31/2014		50.40		.67			4.55			5.22			(.67	)		(2.54	)		(3.21	)		52.41		10.63			14,337		.54			1.31
Class 3:
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
12/31/2015		52.82		.70			.37			1.07			(.66	)		(7.77	)		(8.43	)		45.46		1.53			161		.47			1.41
12/31/2014		50.77		.71			4.59			5.30			(.71	)		(2.54	)		(3.25	)		52.82		10.71			185		.47			1.38
Class 4:
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
12/31/2015		52.39		.58			.33			.91			(.71	)		(7.77	)		(8.48	)		44.82		1.21			410		.79			1.25
12/31/2014		50.56		.58			4.51			5.09			(.72	)		(2.54	)		(3.26	)		52.39		10.34			30		.79			1.11
International Growth and Income Fund
Class 1:
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
12/31/2015		16.27		.42			(1.25	)		(.83	)		(.38	)		(.34	)		(.72	)		14.72		(5.34	)		707		.68			2.60
12/31/2014		17.48		.58	2		(1.09	)		(.51	)		(.53	)		(.17	)		(.70	)		16.27		(2.93	)		740		.68			3.32	2
Class 1A:
12/31/2018		17.70		.41			(2.39	)		(1.98	)		(.39	)		—			(.39	)		15.33		(11.24	)		2		.90			2.35
12/31/20173,4		14.69		.34			3.08			3.42			(.41	)		—			(.41	)		17.70		23.36	5		2		.91	6		1.99	6
Class 2:
12/31/2018		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
12/31/2015		16.22		.38			(1.24	)		(.86	)		(.34	)		(.34	)		(.68	)		14.68		(5.60	)		254		.93			2.32
12/31/2014		17.43		.56	2		(1.10	)		(.54	)		(.50	)		(.17	)		(.67	)		16.22		(3.15	)		248		.93			3.21	2
Class 4:
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
12/31/2015		16.19		.33			(1.23	)		(.90	)		(.32	)		(.34	)		(.66	)		14.63		(5.82	)		32		1.18			2.02
12/31/2014		17.45		.26	2		(.85	)		(.59	)		(.50	)		(.17	)		(.67	)		16.19		(3.39	)		20		1.18			1.52	2

200  American Funds Insurance Series

			(Loss) income from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Capital Income Builder
Class 1:
12/31/2018	$	10.40	$	.31	$	(1.00	)	$	(.69	)	$	(.32	)	$	(.02	)	$	(.34	)	$	9.37		(6.77	)%	$	317			.54	%		3.08	%
12/31/2017		9.46		.32		.93			1.25			(.31	)		—			(.31	)		10.40		13.29			254			.54			3.21
12/31/2016		9.40		.32		.07			.39			(.33	)		—			(.33	)		9.46		4.17			156			.54			3.39
12/31/2015		9.81		.28		(.40	)		(.12	)		(.29	)		—			(.29	)		9.40		(1.23	)		80			.56			2.88
12/31/20143,10		10.00		.19		(.18	)		.01			(.19	)		(.01	)		(.20	)		9.81		.12	5		20			.56	6		2.87	6
Class 1A:
12/31/2018		10.39		.28		(.99	)		(.71	)		(.30	)		(.02	)		(.32	)		9.36		(7.01	)		2			.79			2.82
12/31/20173,4		9.57		.27		.84			1.11			(.29	)		—			(.29	)		10.39		11.72	5		1			.79	6		2.63	6
Class 2:
12/31/2018		10.40		.28		(1.00	)		(.72	)		(.30	)		(.02	)		(.32	)		9.36		(7.08	)		4			.79			2.83
12/31/2017		9.46		.29		.93			1.22			(.28	)		—			(.28	)		10.40		13.04			1			.79			2.82
12/31/2016		9.40		.27		.11			.38			(.32	)		—			(.32	)		9.46		4.08			—	7		.80			2.82
12/31/2015		9.81		.31		(.43	)		(.12	)		(.29	)		—			(.29	)		9.40		(1.23	)11		—	7		.46	11		3.12	11
12/31/20143,10		10.00		.20		(.19	)		.01			(.19	)		(.01	)		(.20	)		9.81		.12	5,11		—	7		.47	6,11		2.94	6,11
Class 4:
12/31/2018		10.38		.26		(1.00	)		(.74	)		(.27	)		(.02	)		(.29	)		9.35		(7.25	)		352			1.04			2.58
12/31/2017		9.45		.27		.92			1.19			(.26	)		—			(.26	)		10.38		12.65			338			1.04			2.72
12/31/2016		9.38		.27		.08			.35			(.28	)		—			(.28	)		9.45		3.78			256			1.04			2.88
12/31/2015		9.80		.25		(.42	)		(.17	)		(.25	)		—			(.25	)		9.38		(1.79	)		157			1.05			2.55
12/31/20143,10		10.00		.14		(.16	)		(.02	)		(.17	)		(.01	)		(.18	)		9.80		(.21	)5		55			1.06	6		2.08	6
Asset Allocation Fund
Class 1:
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
12/31/2015		22.23		.40		(.02	)		.38			(.40	)		(1.59	)		(1.99	)		20.62		1.64			10,913			.29			1.85
12/31/2014		22.49		.44		.81			1.25			(.39	)		(1.12	)		(1.51	)		22.23		5.66			11,997			.30			1.95
Class 1A:
12/31/2018		23.69		.42		(1.42	)		(1.00	)		(.40	)		(1.03	)		(1.43	)		21.26		(4.58	)		7			.53			1.82
12/31/20173,4		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:
12/31/2018		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
12/31/2015		22.06		.34		(.01	)		.33			(.35	)		(1.59	)		(1.94	)		20.45		1.40			5,008			.54			1.60
12/31/2014		22.33		.37		.81			1.18			(.33	)		(1.12	)		(1.45	)		22.06		5.40			5,494			.55			1.69
Class 3:
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
12/31/2015		22.25		.36		(.02	)		.34			(.36	)		(1.59	)		(1.95	)		20.64		1.46			36			.47			1.67
12/31/2014		22.51		.39		.81			1.20			(.34	)		(1.12	)		(1.46	)		22.25		5.47			40			.48			1.76
Class 4:
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
12/31/2015		22.11		.30		(.02	)		.28			(.40	)		(1.59	)		(1.99	)		20.40		1.14			2,414			.79			1.45
12/31/2014		22.46		.34		.79			1.13			(.36	)		(1.12	)		(1.48	)		22.11		5.16			32			.80			1.55

See end of tables for footnotes.

American Funds Insurance Series      201

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Global Balanced Fund
Class 1:
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
12/31/2015		11.11		.20			(.28	)		(.08	)		(.14	)		(.15	)		(.29	)		10.74		(.69	)		47			.72			1.80
12/31/2014		11.37		.25	2		(.03	)		.22			(.18	)		(.30	)		(.48	)		11.11		1.87			37			.71			2.14	2
Class 1A:
12/31/2018		12.74		.18			(.94	)		(.76	)		(.18	)		(.15	)		(.33	)		11.65		(6.03	)		2			.98			1.44
12/31/20173,4		11.18		.16			1.92			2.08			(.14	)		(.38	)		(.52	)		12.74		18.71	5		—	7		.94	6		1.27	6
Class 2:
12/31/2018		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
12/31/2015		11.09		.18			(.28	)		(.10	)		(.12	)		(.15	)		(.27	)		10.72		(.95	)		171			.97			1.60
12/31/2014		11.35		.22	2		(.03	)		.19			(.15	)		(.30	)		(.45	)		11.09		1.63			179			.96			1.88	2
Class 4:
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
12/31/2015		11.09		.06			(.17	)		(.11	)		(.14	)		(.15	)		(.29	)		10.69		(1.00	)		1			1.34			.58
12/31/2014		11.35		.24	2		(.02	)		.22			(.18	)		(.30	)		(.48	)		11.09		1.88	11		—	7		.67	11		2.07	2,11
Bond Fund
Class 1:
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
12/31/2015		11.08		.22			(.17	)		.05			(.21	)		(.22	)		(.43	)		10.70		.45			5,731			.38			1.95
12/31/2014		10.73		.23			.37			.60			(.25	)		—	8		(.25	)		11.08		5.59			4,977			.39			2.03
Class 1A:
12/31/2018		10.80		.26			(.33	)		(.07	)		(.27	)		(.01	)		(.28	)		10.45		(.60	)		3			.63			2.50
12/31/20173,4		10.82		.22			.15			.37			(.23	)		(.16	)		(.39	)		10.80		3.46	5		1			.62	6		2.01	6
Class 2:
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
12/31/2015		10.95		.18			(.15	)		.03			(.18	)		(.22	)		(.40	)		10.58		.28			4,135			.63			1.69
12/31/2014		10.61		.20			.36			.56			(.22	)		—	8		(.22	)		10.95		5.28			4,565			.64			1.79
Class 4:
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
12/31/2015		11.01		.16			(.16	)		—			(.18	)		(.22	)		(.40	)		10.61		(.08	)		59			.88			1.47
12/31/2014		10.69		.16			.39			.55			(.23	)		—	8		(.23	)		11.01		5.15			29			.89			1.43

202  American Funds Insurance Series

			(Loss) income from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Global Bond Fund
Class 1:
12/31/2018	$	11.88	$	.30	$	(.44	)	$	(.14	)	$	(.28	)	$	(.04	)	$	(.32	)	$	11.42		(1.14	)%	$	1,015			.57	%		2.56	%
12/31/2017		11.22		.28		.52			.80			(.07	)		(.07	)		(.14	)		11.88		7.11			1,273			.56			2.37
12/31/2016		11.01		.26		.06			.32			(.09	)		(.02	)		(.11	)		11.22		2.92			1,115			.57			2.26
12/31/2015		11.77		.27		(.71	)		(.44	)		(.01	)		(.31	)		(.32	)		11.01		(3.75	)		1,032			.57			2.34
12/31/2014		11.88		.29		(.08	)		.21			(.21	)		(.11	)		(.32	)		11.77		1.71			1,194			.57			2.35
Class 1A:
12/31/2018		11.87		.27		(.43	)		(.16	)		(.26	)		(.04	)		(.30	)		11.41		(1.29	)		1			.82			2.36
12/31/20173,4		11.22		.26		.52			.78			(.06	)		(.07	)		(.13	)		11.87		7.00	5		—	7		.72	6		2.27	6
Class 2:
12/31/2018		11.79		.27		(.43	)		(.16	)		(.25	)		(.04	)		(.29	)		11.34		(1.33	)		1,032			.82			2.32
12/31/2017		11.14		.25		.51			.76			(.04	)		(.07	)		(.11	)		11.79		6.86			1,164			.81			2.12
12/31/2016		10.93		.23		.07			.30			(.07	)		(.02	)		(.09	)		11.14		2.71			1,121			.82			2.01
12/31/2015		11.72		.24		(.71	)		(.47	)		(.01	)		(.31	)		(.32	)		10.93		(4.07	)		1,208			.82			2.09
12/31/2014		11.81		.26		(.09	)		.17			(.15	)		(.11	)		(.26	)		11.72		1.39			1,386			.82			2.11
Class 4:
12/31/2018		11.70		.24		(.43	)		(.19	)		(.23	)		(.04	)		(.27	)		11.24		(1.61	)		40			1.07			2.09
12/31/2017		11.08		.22		.51			.73			(.04	)		(.07	)		(.11	)		11.70		6.63			31			1.06			1.89
12/31/2016		10.89		.20		.06			.26			(.05	)		(.02	)		(.07	)		11.08		2.42			12			1.07			1.76
12/31/2015		11.70		.21		(.71	)		(.50	)		—	8		(.31	)		(.31	)		10.89		(4.27	)		6			1.07			1.86
12/31/2014		11.87		.20		(.05	)		.15			(.21	)		(.11	)		(.32	)		11.70		1.16			4			1.09			1.66
High-Income Bond Fund
Class 1:
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
12/31/2015		10.54		.64		(1.36	)		(.72	)		(.63	)		—			(.63	)		9.19		(6.94	)		1,017			.48			6.12
12/31/2014		11.13		.67		(.59	)		.08			(.67	)		—			(.67	)		10.54		.80			1,017			.48			5.90
Class 1A:
12/31/2018		10.18		.62		(.84	)		(.22	)		(.63	)		—			(.63	)		9.33		(2.35	)		1			.75			6.11
12/31/20173,4		10.28		.60		.02			.62			(.72	)		—			(.72	)		10.18		6.02	5		—	7		.72	6		5.74	6
Class 2:
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
12/31/2015		10.41		.60		(1.35	)		(.75	)		(.60	)		—			(.60	)		9.06		(7.30	)		765			.73			5.85
12/31/2014		10.99		.63		(.57	)		.06			(.64	)		—			(.64	)		10.41		.63			929			.73			5.67
Class 3:
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
12/31/2015		10.57		.62		(1.37	)		(.75	)		(.60	)		—			(.60	)		9.22		(7.13	)		12			.66			5.91
12/31/2014		11.16		.65		(.59	)		.06			(.65	)		—			(.65	)		10.57		.59			16			.66			5.74
Class 4:
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
12/31/2015		11.05		.62		(1.43	)		(.81	)		(.51	)		—			(.51	)		9.73		(7.42	)		1			.98			5.51
12/31/2014		11.12		.63		(.59	)		.04			(.11	)		—			(.11	)		11.05		.35			—	7		.98			5.49

See end of tables for footnotes.

American Funds Insurance Series      203

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net (losses) gains 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
Mortgage Fund
Class 1:
12/31/2018	$	10.47	$	.20		$	(.14	)	$	.06		$	(.23	)	$	—		$	(.23	)	$	10.30		.58	%	$	209			.48	%		1.97	%
12/31/2017		10.56		.16			—	8		.16			(.18	)		(.07	)		(.25	)		10.47		1.47			265			.47			1.52
12/31/2016		10.61		.15			.11			.26			(.20	)		(.11	)		(.31	)		10.56		2.50			269			.46			1.39
12/31/2015		10.70		.10			.13			.23			(.18	)		(.14	)		(.32	)		10.61		2.09			272			.45			.89
12/31/2014		10.23		.12			.45			.57			(.10	)		—			(.10	)		10.70		5.54			292			.45			1.12
Class 1A:
12/31/2018		10.46		.18			(.14	)		.04			(.22	)		—			(.22	)		10.28		.36			1			.73			1.77
12/31/20173,4		10.55		.14			—	8		.14			(.16	)		(.07	)		(.23	)		10.46		1.31	5		—	7		.70	6		1.38	6
Class 2:
12/31/2018		10.45		.18			(.15	)		.03			(.20	)		—			(.20	)		10.28		.32			57			.73			1.72
12/31/2017		10.54		.14			(.01	)		.13			(.15	)		(.07	)		(.22	)		10.45		1.22			63			.72			1.27
12/31/2016		10.59		.12			.12			.24			(.18	)		(.11	)		(.29	)		10.54		2.25			63			.71			1.14
12/31/2015		10.68		.07			.13			.20			(.15	)		(.14	)		(.29	)		10.59		1.86			59			.70			.65
12/31/2014		10.22		.10			.44			.54			(.08	)		—			(.08	)		10.68		5.23			52			.70			.91
Class 4:
12/31/2018		10.38		.15			(.15	)		—	8		(.19	)		—			(.19	)		10.19		.07			24			.98			1.49
12/31/2017		10.48		.11			—	8		.11			(.14	)		(.07	)		(.21	)		10.38		.97			12			.97			1.03
12/31/2016		10.52		.09			.12			.21			(.14	)		(.11	)		(.25	)		10.48		2.01			8			.96			.86
12/31/2015		10.65		.04			.14			.18			(.17	)		(.14	)		(.31	)		10.52		1.62			11			.97			.37
12/31/2014		10.23		.05			.46			.51			(.09	)		—			(.09	)		10.65		4.98			1			.94			.47
Ultra-Short Bond Fund
Class 1:
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
12/31/201612		11.26		.01			—	8		.01			—			—			—			11.27		.09			37			.35			.11
12/31/2015		11.28		(.03	)		.01			(.02	)		—			—			—			11.26		(.18	)		39			.34			(.24	)
12/31/2014		11.31		(.03	)		—			(.03	)		—			—			—			11.28		(.27	)		49			.34			(.26	)
Class 1A:
12/31/2018		11.29		.18			—	8		.18			(.16	)		—			(.16	)		11.31		1.58	11		—	7		.35	11		1.60	11
12/31/20173,4		11.27		.08			—	8		.08			(.06	)		—			(.06	)		11.29		.67	5,11		—	7		.34	6,11		.69	6,11
Class 2:
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
12/31/201612		11.01		(.02	)		—	8		(.02	)		—			—			—			10.99		(.18	)		297			.60			(.14	)
12/31/2015		11.06		(.05	)		—	8		(.05	)		—			—			—			11.01		(.45	)		302			.59			(.49	)
12/31/2014		11.12		(.06	)		—			(.06	)		—			—			—			11.06		(.54	)		331			.59			(.51	)
Class 3:
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
12/31/201612		11.11		(.01	)		—	8		(.01	)		—			—			—			11.10		(.09	)		4			.53			(.08	)
12/31/2015		11.16		(.05	)		—	8		(.05	)		—			—			—			11.11		(.45	)		6			.52			(.42	)
12/31/2014		11.21		(.05	)		—			(.05	)		—			—			—			11.16		(.45	)		8			.52			(.44	)
Class 4:
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
12/31/201612		11.17		(.04	)		(.01	)		(.05	)		—			—			—			11.12		(.45	)		13			.85			(.40	)
12/31/2015		11.25		(.08	)		—	8		(.08	)		—			—			—			11.17		(.71	)		16			.85			(.74	)
12/31/2014		11.30		(.09	)		.04			(.05	)		—			—			—			11.25		(.44	)		7			.84			(.77	)

204      American Funds Insurance Series

			(Loss) income from investment operations1							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net (losses) gains 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:
12/31/2018	$	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
12/31/2015		12.40		.13		.09			.22		(.21	)		(.10	)		(.31	)		12.31		1.93			1,426			.35			1.02
12/31/2014		11.94		.15		.48			.63		(.17	)		—			(.17	)		12.40		5.24			1,723			.35			1.24
Class 1A:
12/31/2018		12.08		.22		(.14	)		.08		(.23	)		—			(.23	)		11.93		.70			1			.61			1.82
12/31/20173,4		12.05		.18		.03			.21		(.18	)		—			(.18	)		12.08		1.73	5		—	7		.58	6		1.53	6
Class 2:
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
12/31/2015		12.29		.10		.09			.19		(.18	)		(.10	)		(.28	)		12.20		1.59			1,579			.60			.79
12/31/2014		11.83		.12		.47			.59		(.13	)		—			(.13	)		12.29		5.01			1,717			.60			1.00
Class 3:
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
12/31/2015		12.43		.11		.09			.20		(.19	)		(.10	)		(.29	)		12.34		1.64			11			.53			.85
12/31/2014		11.96		.13		.48			.61		(.14	)		—			(.14	)		12.43		5.11			13			.53			1.08
Class 4:
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
12/31/2015		12.34		.07		.08			.15		(.17	)		(.10	)		(.27	)		12.22		1.29			46			.85			.56
12/31/2014		11.93		.06		.51			.57		(.16	)		—			(.16	)		12.34		4.76			21			.85			.50

See end of tables for footnotes.

American Funds Insurance Series      205

Financial highlights (continued)

			Income from investment operations1									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return13			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments			Ratio of expenses to average net assets after waivers/ reimburse- ments13			Net effective expense ratio13,14			Ratio of net income to average net assets13
Managed Risk Growth Fund
Class P1:
12/31/2018	$	13.22	$	.11		$	(.04	)	$	.07		$	(.10	)	$	(.89	)	$	(.99	)	$	12.30		(.04	)%11	$	3			.42	%11		.37	%11		.71	%11		.82	%11
12/31/2017		10.71		.08			2.70			2.78			(.07	)		(.20	)		(.27	)		13.22		26.23	11		2			.42	11		.36	11		.70	11		.69	11
12/31/2016		11.49		.08			.20			.28			(.05	)		(1.01	)		(1.06	)		10.71		2.89	11		1			.50	11		.34	11		.68	11		.79	11
12/31/2015		11.37		.09			.03			.12			—			—			—			11.49		1.06	11		—	7		.53	11		.29	11		.63	11		.80	11
12/31/2014		11.43		.31			(.06	)		.25			(.12	)		(.19	)		(.31	)		11.37		2.18	11		—	7		.50	11		.32	11		.65	11		2.71	11
Class P2:
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
12/31/2015		11.35		.04			.04			.08			—			—			—			11.43		.71			146			.89			.66			1.00			.31
12/31/2014		11.43		.12			.08			.20			(.09	)		(.19	)		(.28	)		11.35		1.77			79			.87			.69			1.02			1.01
Managed Risk International Fund
Class P1:
12/31/2018	$	11.25	$	.32		$	(1.44	)	$	(1.12	)	$	(.26	)	$	(.05	)	$	(.31	)	$	9.82		(10.11	)%11	$	—	7		.33	%11		.28	%11		.77	%11		3.02	%11
12/31/2017		8.89		.11			2.47			2.58			(.10	)		(.12	)		(.22	)		11.25		29.28	11		—	7		.28	11		.20	11		.69	11		1.13	11
12/31/2016		9.48		.10			(.35	)		(.25	)		(.12	)		(.22	)		(.34	)		8.89		(2.59	)11		—	7		.39	11		.23	11		.74	11		1.15	11
12/31/2015		10.10		.18			(.80	)		(.62	)		—	8		—			—	8		9.48		(6.12	)11		—	7		.45	11		.21	11		.72	11		1.75	11
12/31/2014		10.82		.14			(.71	)		(.57	)		(.15	)		—			(.15	)		10.10		(5.31	)11		—	7		.50	11		.25	11		.76	11		1.33	11
Class P2:
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
12/31/2015		10.09		.13			(.79	)		(.66	)		—	8		—			—	8		9.43		(6.52	)		83			.90			.66			1.17			1.30
12/31/2014		10.82		.16			(.77	)		(.61	)		(.12	)		—			(.12	)		10.09		(5.68	)		46			.91			.67			1.18			1.51
Managed Risk Blue Chip Income and Growth Fund
Class P1:
12/31/2018	$	13.04	$	.40		$	(1.27	)	$	(.87	)	$	(.45	)	$	(.44	)	$	(.89	)	$	11.28		(6.99	)%11	$	—	7		.33	%11		.28	%11		.67	%11		3.21	%11
12/31/2017		11.67		.19			1.59			1.78			(.22	)		(.19	)		(.41	)		13.04		15.48	11		—	7		.30	11		.25	11		.64	11		1.59	11
12/31/2016		10.80		.20			1.25			1.45			(.21	)		(.37	)		(.58	)		11.67		13.77	11		—	7		.43	11		.27	11		.67	11		1.83	11
12/31/2015		11.70		.19			(1.02	)		(.83	)		(.07	)		—			(.07	)		10.80		(7.07	)11		—	7		.50	11		.27	11		.66	11		1.64	11
12/31/2014		11.05		.40			.55			.95			(.30	)		—			(.30	)		11.70		8.58	11		—	7		.50	11		.31	11		.70	11		3.43	11
Class P2:
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
12/31/2015		11.67		.18			(1.05	)		(.87	)		(.04	)		—			(.04	)		10.76		(7.43	)		137			.89			.66			1.05			1.57
12/31/2014		11.05		.50			.40			.90			(.28	)		—			(.28	)		11.67		8.10			98			.88			.69			1.08			4.27
Managed Risk Growth-Income Fund
Class P1:
12/31/2018	$	12.66	$	(.02	)	$	(.15	)	$	(.17	)	$	(.19	)	$	(.57	)	$	(.76	)	$	11.73		(1.66	)%11	$	1,662			.40	%11		.35	%11		.64	%11		(.20	)%11
12/31/2017		11.07		.19			2.03			2.22			(.13	)		(.50	)		(.63	)		12.66		20.64	11		2			.44	11		.37	11		.66	11		1.61	11
12/31/2016		11.25		.16			.52			.68			(.16	)		(.70	)		(.86	)		11.07		6.49	11		1			.52	11		.36	11		.64	11		1.46	11
12/31/2015		11.67		.25			(.63	)		(.38	)		(.04	)		—			(.04	)		11.25		(3.27	)11		1			.56	11		.31	11		.59	11		2.17	11
12/31/2014		11.50		.35			.21			.56			(.14	)		(.25	)		(.39	)		11.67		4.85	11		—	7		.45	11		.25	11		.52	11		2.94	11
Class P2:
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
12/31/2015		11.65		.12			(.54	)		(.42	)		(.01	)		—			(.01	)		11.22		(3.64	)		122			.89			.66			.94			1.04
12/31/2014		11.50		.16			.35			.51			(.11	)		(.25	)		(.36	)		11.65		4.42			76			.87			.69			.96			1.38

206      American Funds Insurance Series

			Income from investment operations1								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return13			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers/ reimburse- ments			Ratio of expenses to average net assets after waivers/ reimburse- ments13			Net effective expense ratio13,14			Ratio of net income to average net assets13
Managed Risk Asset Allocation Fund
Class P1:
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
12/31/2015		12.29		.25		(.34	)		(.09	)		(.22	)		(.26	)		(.48	)		11.72		(.83	)		712		.54			.40			.68			2.06
12/31/2014		11.93		.13		.26			.39			(.03	)		—			(.03	)		12.29		3.24			277		.53			.48			.76			1.04
Class P2:
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
12/31/2015		12.27		.14		(.26	)		(.12	)		(.18	)		(.26	)		(.44	)		11.71		(1.07	)		1,953		.79			.66			.94			1.16
12/31/2014		11.93		.16		.19			.35			(.01	)		—			(.01	)		12.27		2.91			1,780		.79			.73			1.01			1.33

See end of tables for footnotes.

American Funds Insurance Series      207

Portfolio turnover rate for all share classes excluding mortgage dollar roll transactions15	Year ended December 31
	2018			2017			2016			2015			2014
Capital Income Builder		42	%		59	%		41	%		38	%		24	%
Asset Allocation Fund		34			39			43			28			42
Global Balanced Fund		30			28			43			36			40
Bond Fund		98			153			108			141			121
Global Bond Fund		78			74			70			88			134
Mortgage Fund		60			98			113			138			108
U.S. Government/AAA-Rated Securities Fund		76			120			273			352			88
Portfolio turnover rate for all share classes including mortgage dollar roll transactions, if applicable15	Year ended December 31
	2018			2017			2016			2015			2014
Global Growth Fund		25	%		31	%		27	%		29	%		22	%
Global Small Capitalization Fund		43			33			40			36			28
Growth Fund		35			24			26			20			29
International Fund		29			29			31			37			18
New World Fund		58			56			32			39			36
Blue Chip Income and Growth Fund		49			34			30			26			37
Global Growth and Income Fund		49			41			57			37			28
Growth-Income Fund		39			27			27			25			25
International Growth and Income Fund		38			51			32			35			34
Capital Income Builder Fund		98			88			53			128			35	5,10
Asset Allocation Fund		86			85			83			76			88
Global Balanced Fund		51			41			65			76			73
Bond Fund		514			502			375			434			365
Global Bond Fund		125			105			154			159			200
High-Income Bond Fund		67			78			89			66			54
Mortgage Fund		811			680			713			1103			790
U.S. Government/AAA-Rated Securities Fund		446			551			539			901			387
Ultra-Short Bond Fund		—	16		—	16		—	12,16		N/A			N/A
Managed Risk Growth Fund		7			25			15			16			22
Managed Risk International Fund		8			25			26			15			22
Managed Risk Blue Chip Income and Growth Fund		11			32			9			20			22
Managed Risk Growth-Income Fund		14			26			14			11			28
Managed Risk Asset Allocation Fund		12			1			3			3			3

¹  Based on average shares outstanding.

²  For the year ended December 31, 2014, reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the net investment income per share and ratio of net income to average net assets would have been lower for all share classes.

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  For the period May 1, 2014, commencement of operations, through December 31, 2014.

¹¹  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.

¹²  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.

¹³  This column reflects the impact of certain waivers/reimbursements by CRMC. CRMC waived a portion of investment advisory services and reimbursed a portion of miscellaneous fees and expenses for the managed risk funds.

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 periods presented. See expense example for further information regarding fees and expenses.

¹⁵  Refer to Note 5 for further information on mortgage dollar rolls.

¹⁶  Amount is either less than 1% or there is no turnover.

See notes to financial statements

208      American Funds Insurance Series

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, Global Bond Fund, High-Income Bond Fund, 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 summary 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, Global Bond Fund, High-Income Bond Fund, Mortgage Fund and U.S. Government/AAA-Rated Securities Fund and investment portfolios of Ultra-Short Bond Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund, (twenty-three of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the “Funds”) as of December 31, 2018, the related statements of operations for the year ended December 31, 2018, the statements of changes in net assets for each of the two years in the period ended December 31, 2018, including the related notes, and the financial highlights for each of the 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, 2018, 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, 2018 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, 2018 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, 2019

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

American Funds Insurance Series      209

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, 2018, through December 31, 2018).

Actual expenses:

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

Hypothetical example for comparison purposes:

The second line of each share class in the table on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the table on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

210      American Funds Insurance Series

	Beginning account value 7/1/2018		Ending account value 12/31/2018		Expenses paid during period1		Annualized expense ratio
Global Growth Fund
Class 1 — actual return	$	1,000.00	$	883.81	$	2.66		.56	%
Class 1 — assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 1A — actual return		1,000.00		882.71		3.84		.81
Class 1A — assumed 5% return		1,000.00		1,021.12		4.13		.81
Class 2 — actual return		1,000.00		882.86		3.84		.81
Class 2 — assumed 5% return		1,000.00		1,021.12		4.13		.81
Class 4 — actual return		1,000.00		881.92		5.03		1.06
Class 4 — assumed 5% return		1,000.00		1,019.86		5.40		1.06
Global Small Capitalization Fund
Class 1 — actual return	$	1,000.00	$	857.65	$	3.46		.74	%
Class 1 — assumed 5% return		1,000.00		1,021.48		3.77		.74
Class 1A — actual return		1,000.00		856.00		4.58		.98
Class 1A — assumed 5% return		1,000.00		1,020.27		4.99		.98
Class 2 — actual return		1,000.00		856.32		4.63		.99
Class 2 — assumed 5% return		1,000.00		1,020.21		5.04		.99
Class 4 — actual return		1,000.00		854.97		5.80		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	$	909.41	$	1.64		.34	%
Class 1 — assumed 5% return		1,000.00		1,023.49		1.73		.34
Class 1A — actual return		1,000.00		908.27		2.84		.59
Class 1A — assumed 5% return		1,000.00		1,022.23		3.01		.59
Class 2 — actual return		1,000.00		908.31		2.84		.59
Class 2 — assumed 5% return		1,000.00		1,022.23		3.01		.59
Class 3 — actual return		1,000.00		908.54		2.50		.52
Class 3 — assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 4 — actual return		1,000.00		907.21		4.04		.84
Class 4 — assumed 5% return		1,000.00		1,020.97		4.28		.84
International Fund
Class 1 — actual return	$	1,000.00	$	870.74	$	2.50		.53	%
Class 1 — assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 1A — actual return		1,000.00		870.06		3.68		.78
Class 1A — assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 2 — actual return		1,000.00		870.02		3.68		.78
Class 2 — assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 3 — actual return		1,000.00		869.83		3.35		.71
Class 3 — assumed 5% return		1,000.00		1,021.63		3.62		.71
Class 4 — actual return		1,000.00		868.31		4.85		1.03
Class 4 — assumed 5% return		1,000.00		1,020.01		5.24		1.03
New World Fund
Class 1 — actual return	$	1,000.00	$	896.60	$	3.73		.78	%
Class 1 — assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 1A — actual return		1,000.00		895.48		4.92		1.03
Class 1A — assumed 5% return		1,000.00		1,020.01		5.24		1.03
Class 2 — actual return		1,000.00		895.53		4.92		1.03
Class 2 — assumed 5% return		1,000.00		1,020.01		5.24		1.03
Class 4 — actual return		1,000.00		894.44		6.11		1.28
Class 4 — assumed 5% return		1,000.00		1,018.75		6.51		1.28

See end of tables for footnotes.

American Funds Insurance Series      211

	Beginning account value 7/1/2018		Ending account value 12/31/2018		Expenses paid during period1		Annualized expense ratio
Blue Chip Income and Growth Fund
Class 1 — actual return	$	1,000.00	$	911.16	$	1.98		.41	%
Class 1 — assumed 5% return		1,000.00		1,023.14		2.09		.41
Class 1A — actual return		1,000.00		910.38		3.18		.66
Class 1A — assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 2 — actual return		1,000.00		910.78		3.18		.66
Class 2 — assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 4 — actual return		1,000.00		909.57		4.38		.91
Class 4 — assumed 5% return		1,000.00		1,020.62		4.63		.91
Global Growth and Income Fund
Class 1 — actual return	$	1,000.00	$	913.67	$	3.09		.64	%
Class 1 — assumed 5% return		1,000.00		1,021.98		3.26		.64
Class 1A — actual return		1,000.00		912.85		4.29		.89
Class 1A — assumed 5% return		1,000.00		1,020.72		4.53		.89
Class 2 — actual return		1,000.00		911.89		4.29		.89
Class 2 — assumed 5% return		1,000.00		1,020.72		4.53		.89
Class 4 — actual return		1,000.00		911.37		5.49		1.14
Class 4 — assumed 5% return		1,000.00		1,019.46		5.80		1.14
Growth-Income Fund
Class 1 — actual return	$	1,000.00	$	923.69	$	1.36		.28	%
Class 1 — assumed 5% return		1,000.00		1,023.79		1.43		.28
Class 1A — actual return		1,000.00		922.58		2.57		.53
Class 1A — assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 2 — actual return		1,000.00		922.65		2.57		.53
Class 2 — assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 3 — actual return		1,000.00		922.81		2.23		.46
Class 3 — assumed 5% return		1,000.00		1,022.89		2.35		.46
Class 4 — actual return		1,000.00		921.20		3.78		.78
Class 4 — assumed 5% return		1,000.00		1,021.27		3.97		.78
International Growth and Income Fund
Class 1 — actual return	$	1,000.00	$	906.95	$	3.17		.66	%
Class 1 — assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 1A — actual return		1,000.00		905.76		4.37		.91
Class 1A — assumed 5% return		1,000.00		1,020.62		4.63		.91
Class 2 — actual return		1,000.00		905.61		4.37		.91
Class 2 — assumed 5% return		1,000.00		1,020.62		4.63		.91
Class 4 — actual return		1,000.00		904.62		5.57		1.16
Class 4 — assumed 5% return		1,000.00		1,019.36		5.90		1.16
Capital Income Builder
Class 1 — actual return	$	1,000.00	$	952.39	$	2.71		.55	%
Class 1 — assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 1A — actual return		1,000.00		951.11		3.89		.79
Class 1A — assumed 5% return		1,000.00		1,021.22		4.02		.79
Class 2 — actual return		1,000.00		951.20		3.93		.80
Class 2 — assumed 5% return		1,000.00		1,021.17		4.08		.80
Class 4 — actual return		1,000.00		949.90		5.11		1.04
Class 4 — assumed 5% return		1,000.00		1,019.96		5.30		1.04

212      American Funds Insurance Series

	Beginning account value 7/1/2018		Ending account value 12/31/2018		Expenses paid during period1		Annualized expense ratio
Asset Allocation Fund
Class 1 — actual return	$	1,000.00	$	945.68	$	1.37		.28	%
Class 1 — assumed 5% return		1,000.00		1,023.79		1.43		.28
Class 1A — actual return		1,000.00		944.75		2.60		.53
Class 1A — assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 2 — actual return		1,000.00		944.68		2.60		.53
Class 2 — assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 3 — actual return		1,000.00		944.92		2.26		.46
Class 3 — assumed 5% return		1,000.00		1,022.89		2.35		.46
Class 4 — actual return		1,000.00		943.52		3.82		.78
Class 4 — assumed 5% return		1,000.00		1,021.27		3.97		.78
Global Balanced Fund
Class 1 — actual return	$	1,000.00	$	946.36	$	3.58		.73	%
Class 1 — assumed 5% return		1,000.00		1,021.53		3.72		.73
Class 1A — actual return		1,000.00		944.87		4.80		.98
Class 1A — assumed 5% return		1,000.00		1,020.27		4.99		.98
Class 2 — actual return		1,000.00		945.15		4.80		.98
Class 2 — assumed 5% return		1,000.00		1,020.27		4.99		.98
Class 4 — actual return		1,000.00		943.60		6.03		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	$	1,013.36	$	1.98		.39	%
Class 1 — assumed 5% return		1,000.00		1,023.24		1.99		.39
Class 1A — actual return		1,000.00		1,012.94		3.20		.63
Class 1A — assumed 5% return		1,000.00		1,022.03		3.21		.63
Class 2 — actual return		1,000.00		1,012.27		3.25		.64
Class 2 — assumed 5% return		1,000.00		1,021.98		3.26		.64
Class 4 — actual return		1,000.00		1,010.76		4.51		.89
Class 4 — assumed 5% return		1,000.00		1,020.72		4.53		.89
Global Bond Fund
Class 1 — actual return	$	1,000.00	$	1,004.05	$	2.93		.58	%
Class 1 — assumed 5% return		1,000.00		1,022.28		2.96		.58
Class 1A — actual return		1,000.00		1,002.59		4.14		.82
Class 1A — assumed 5% return		1,000.00		1,021.07		4.18		.82
Class 2 — actual return		1,000.00		1,002.66		4.19		.83
Class 2 — assumed 5% return		1,000.00		1,021.02		4.23		.83
Class 4 — actual return		1,000.00		1,001.01		5.45		1.08
Class 4 — assumed 5% return		1,000.00		1,019.76		5.50		1.08

See end of tables for footnotes.

American Funds Insurance Series      213

	Beginning account value 7/1/2018		Ending account value 12/31/2018		Expenses paid during period1		Annualized expense ratio
High-Income Bond Fund
Class 1 — actual return	$	1,000.00	$	973.84	$	2.54		.51	%
Class 1 — assumed 5% return		1,000.00		1,022.63		2.60		.51
Class 1A — actual return		1,000.00		972.85		3.73		.75
Class 1A — assumed 5% return		1,000.00		1,021.42		3.82		.75
Class 2 — actual return		1,000.00		973.23		3.78		.76
Class 2 — assumed 5% return		1,000.00		1,021.37		3.87		.76
Class 3 — actual return		1,000.00		973.26		3.43		.69
Class 3 — assumed 5% return		1,000.00		1,021.73		3.52		.69
Class 4 — actual return		1,000.00		970.96		5.02		1.01
Class 4 — assumed 5% return		1,000.00		1,020.11		5.14		1.01
Mortgage Fund
Class 1 — actual return	$	1,000.00	$	1,018.13	$	2.54		.50	%
Class 1 — assumed 5% return		1,000.00		1,022.68		2.55		.50
Class 1A — actual return		1,000.00		1,016.98		3.81		.75
Class 1A — assumed 5% return		1,000.00		1,021.42		3.82		.75
Class 2 — actual return		1,000.00		1,015.95		3.81		.75
Class 2 — assumed 5% return		1,000.00		1,021.42		3.82		.75
Class 4 — actual return		1,000.00		1,014.64		5.13		1.01
Class 4 — assumed 5% return		1,000.00		1,020.11		5.14		1.01
Ultra-Short Bond Fund
Class 1 — actual return	$	1,000.00	$	1,009.21	$	1.92		.38	%
Class 1 — assumed 5% return		1,000.00		1,023.29		1.94		.38
Class 1A — actual return		1,000.00		1,009.23		1.87		.37
Class 1A — assumed 5% return		1,000.00		1,023.34		1.89		.37
Class 2 — actual return		1,000.00		1,008.25		3.14		.62
Class 2 — assumed 5% return		1,000.00		1,022.08		3.16		.62
Class 3 — actual return		1,000.00		1,007.42		2.78		.55
Class 3 — assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 4 — actual return		1,000.00		1,006.62		4.40		.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	$	1,020.09	$	1.83		.36	%
Class 1 — assumed 5% return		1,000.00		1,023.39		1.84		.36
Class 1A — actual return		1,000.00		1,019.74		3.11		.61
Class 1A — assumed 5% return		1,000.00		1,022.13		3.11		.61
Class 2 — actual return		1,000.00		1,019.76		3.11		.61
Class 2 — assumed 5% return		1,000.00		1,022.13		3.11		.61
Class 3 — actual return		1,000.00		1,019.28		2.75		.54
Class 3 — assumed 5% return		1,000.00		1,022.48		2.75		.54
Class 4 — actual return		1,000.00		1,018.62		4.38		.86
Class 4 — assumed 5% return		1,000.00		1,020.87		4.38		.86

214      American Funds Insurance Series

	Beginning account value 7/1/2018		Ending account value 12/31/2018		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Managed Risk Growth Fund
Class P1 — actual return	$	1,000.00	$	948.34	$	1.92		.39	%	$	3.49		.71	%
Class P1 — assumed 5% return		1,000.00		1,023.24		1.99		.39			3.62		.71
Class P2 — actual return		1,000.00		946.51		3.19		.65			4.76		.97
Class P2 — assumed 5% return		1,000.00		1,021.93		3.31		.65			4.94		.97
Managed Risk International Fund
Class P1 — actual return	$	1,000.00	$	903.38	$	1.54		.32	%	$	3.69		.77	%
Class P1 — assumed 5% return		1,000.00		1,023.59		1.63		.32			3.92		.77
Class P2 — actual return		1,000.00		901.89		3.16		.66			5.42		1.13
Class P2 — assumed 5% return		1,000.00		1,021.88		3.36		.66			5.75		1.13
Managed Risk Blue Chip Income and Growth Fund
Class P1 — actual return	$	1,000.00	$	947.22	$	1.52		.31	%	$	3.29		.67	%
Class P1 — assumed 5% return		1,000.00		1,023.64		1.58		.31			3.41		.67
Class P2 — actual return		1,000.00		945.53		3.14		.64			5.00		1.02
Class P2 — assumed 5% return		1,000.00		1,021.98		3.26		.64			5.19		1.02
Managed Risk Growth-Income Fund
Class P1 — actual return	$	1,000.00	$	950.38	$	1.72		.35	%	$	3.15		.64	%
Class P1 — assumed 5% return		1,000.00		1,023.44		1.79		.35			3.26		.64
Class P2 — actual return		1,000.00		948.19		3.19		.65			4.57		.93
Class P2 — assumed 5% return		1,000.00		1,021.93		3.31		.65			4.74		.93
Managed Risk Asset Allocation Fund
Class P1 — actual return	$	1,000.00	$	955.05	$	1.38		.28	%	$	2.91		.59	%
Class P1 — assumed 5% return		1,000.00		1,023.79		1.43		.28			3.01		.59
Class P2 — actual return		1,000.00		953.49		2.66		.54			4.14		.84
Class P2 — assumed 5% return		1,000.00		1,022.48		2.75		.54			4.28		.84

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.

American Funds Insurance Series      215

This page intentionally left blank.

216      American Funds Insurance Series

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	CEO and President, Richard Nixon Foundation; Chairman of the Board and CEO, Oakwood Enterprises (private investment and consulting)	81	General Finance Corporation
James G. Ellis, 1947	2010	Dean and Professor of Marketing, Marshall School of Business, University of Southern California	91	Mercury General Corporation
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	78	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)	78	None
R. Clark Hooper, 1946	2010	Private investor	81	None
Merit E. Janow, 1958	2007	Dean and Professor, Columbia University, School of International and Public Affairs	80	Mastercard Incorporated; Trimble Inc.
Laurel B. Mitchell, PhD, 1955	2010	Chair, California Jump$tart Coalition for Personal Financial Literacy; Part-time faculty, Pomona College; former Distinguished Professor of Accounting, University of Redlands; former Director, Accounting Program, University of Redlands	78	None
Margaret Spellings, 1957 Chairman of the Board (Independent and Non-Executive)	2010	President, The University of North Carolina; former President, George W. Bush Foundation	82	None
Alexandra Trower, 1964	2018	Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	77	None

Leonard R. Fuller and Frank M. Sanchez retired from the board on December 31, 2018. The trustees thank Mr. Fuller and Mr. Sanchez for their dedication and service to the fund.

Interested trustee^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; Director, Capital Research and Management Company	31	None
Michael C. Gitlin, 1970	2019	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	77	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 American Funds website at americanfunds.com. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071, Attention: Secretary.

American Funds Insurance Series      217

Board of trustees and other officers (continued)

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; Director, Capital Research and Management Company
Maria Manotok Pathria, 1974 Executive Vice President	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Director, Capital Guardian Trust Company6
John H. Smet, 1956 Senior Vice President	1994	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Director, Capital Research and Management Company
Martin Jacobs, 1962 Vice President	2016	Partner — Capital World Investors, Capital Research and Management Company
Carl M. Kawaja, 1964 Vice President	2008	Partner — Capital World Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.6
Sung Lee, 1966 Vice President	2008	Partner — Capital Research Global Investors, Capital International, Inc.6
S. 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
Dylan Yolles, 1969 Vice President	2012	Partner — Capital International Investors, Capital Research and Management Company
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
Brian C. Janssen, 1972 Assistant Treasurer	2015	Vice President — Investment Operations, Capital Research and Management Company
Dori Laskin, 1951 Assistant Treasurer	2010	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, S. Keiko McKibben and Renaud H. Samyn, 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.

218      American Funds Insurance Series

Results of special meeting of shareholders

Held November 28, 2018

Shares outstanding (all classes) on August 31, 2018 (record date)

6,347,216,058

Total shares voting on November 28, 2018

4,343,768,464 (68.4% of shares outstanding)

The proposal: to elect board members:

	Votes for		Percent of shares voting for			Votes withheld		Percent of shares withheld
William H. Baribault		4,208,852,644		96.9	%		134,915,821		3.1	%
James G. Ellis		4,216,149,993		97.1			127,618,471		2.9
Nariman Farvardin		4,218,959,298		97.1			124,809,166		2.9
Michael C. Gitlin		4,222,232,502		97.2			121,535,962		2.8
Mary Davis Holt		4,224,279,601		97.2			119,488,863		2.8
R. Clark Hooper		4,216,559,229		97.1			127,209,235		2.9
Merit E. Janow		4,220,194,031		97.2			123,574,433		2.8
Laurel B. Mitchell		4,224,436,631		97.3			119,331,833		2.7
Donald D. O’Neal		4,220,647,956		97.2			123,120,508		2.8
Margaret Spellings		4,219,675,934		97.1			124,092,530		2.9
Alexandra Trower		4,225,223,365		97.3			118,545,099		2.7

American Funds Insurance Series      219

Offices of the series and of the investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

6455 Irvine Center Drive

Irvine, CA 92618-4518

Investment subadviser

Milliman Financial Risk Management LLC

(Managed Risk Funds only)

71 South Wacker Drive, 31st Floor

Chicago, IL 60606

Custodians of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Bank of New York Mellon

(Managed Risk Funds only)

One Wall Street

New York, NY 10286

Counsel

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

Independent registered public accounting firm

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

220      American Funds Insurance Series

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com. Fund shares offered through American Funds Distributors, Inc.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the American Funds website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.

Complete December 31, 2018, portfolios of American Funds Insurance Series’ investments are available free of charge by calling AFS or visiting the SEC website (where they are part of Form N-CSR).

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. This filing is available free of charge on the SEC website. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2019, 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 ^© 2019 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.

Printed on paper containing 10% post-consumer waste

^© 2019 Capital Group. All rights reserved.

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 a superior long-term track record for American Funds Insurance Series^®.

Aligned with investor success	The Capital System	Superior long-term track record
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 26 years of investment experience, including 21 years at our company, reflecting a career commitment to our long-term approach.1	The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.	American Funds Insurance Series equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 100% of 20-year periods. Fixed income funds have beaten their Lipper indexes in 65% of 10-year periods and 81% of 20-year periods.2 Fund management fees have been among the lowest in the industry.3

¹  Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2018, as supplemented January 1, 2019.

²  Based on Class 1 share results for rolling periods through December 31, 2018. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Blue Chip Income and Growth Fund, Growth-Income Fund), Balanced Portfolio Funds Index (Asset Allocation Fund), Core Bond Funds Index (Bond Fund), High Yield Funds Index (High-Income Bond Fund) and General U.S. Government Funds Index (U.S. Government/AAA-Rated Securities Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund.

³  Based on management fees for the 20-year period ended December 31, 2018, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks referenced are registered trademarks owned by The Capital Group Companies, Inc. or an affiliated company. All other company and product names mentioned are the trademarks or registered trademarks of their respective companies.

Lit. No. INGEARX-998-0219P    Litho in USA RCG/RRD/8074-S66544

Item 2.     Code of Ethics.

SunAmerica Series Trust (“the registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the “Code”). During the fiscal year ended December 31, 2018, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).

Item 3.     Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Allan Sher, Garrett Bouton and Jane Jelenko each qualify as audit committee financial experts, as defined in Item 3(b) of Form N-CSR. Mr. Sher, Mr. Bouton and Ms. Jelenko are considered “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4.     Principal Accountant Fees and Services.

(a)-(d) Aggregate fees billed to the registrant for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2017		2018
(a) Audit Fees	$	101,963	$	105,019
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	34,365	$	60,895
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings. Tax Fees principally include tax compliance, tax advice, tax planning and preparation of tax returns.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4 (e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2017		2018
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	390,644	$	328,928

       (e) (1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliates relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant’s audit committee minutes.

(2) No services included in (b)-(d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

       (f) Not applicable.

       (g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2017 and 2018 were $461,694 and $452,746, respectively.

       (h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates 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 were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

Item 5.     Audit Committee of Listed Registrants.

Not applicable.

Item 6.     Investments.

Included in Item 1 to the Form.

Item 7.     Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.     Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.     Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.     Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11.     Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.     Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.     Exhibits.

       (a) (1) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406.Code of Ethics.

(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

       (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

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.

SunAmerica Series Trust
By:	/s/    John T. Genoy
	John T. Genoy
	President

Date: March 8, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    John T. Genoy
	John T. Genoy
	President

Date: March 8, 2019

By:	/s/    Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: March 8, 2019

EX-99.406.CODE

Exhibit 99.406.Code of Ethics

SUNAMERICA SERIES TRUST

SEASONS SERIES TRUST

(collectively, the “Funds”)

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE

AND PRINCIPAL ACCOUNTING OFFICERS

I. Introduction

The Boards of Directors/Trustees of the Funds (the “Boards”) have adopted this Code of Ethics (this “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act applicable to the Funds’ Principal Executive Officer and Principal Accounting Officer (the “Covered Officers” each of whom is set forth in Exhibit A) for the purpose of deterring wrongdoing and promoting:

• Honest and ethical conduct, including the ethical handling of conflicts of interest between personal and professional relationships;

• Full, fair, accurate, timely and understandable disclosure;

• Compliance with applicable laws and governmental rules and regulations;

• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• Accountability for adherence to the Code.

Each Covered Officer must comply with applicable law. Each Covered Officer also has a responsibility to conduct himself or herself in an honest and ethical manner and to adhere to a high standard of business ethics. Each Covered Officer has leadership responsibilities that include promoting a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns. Each Covered Officer should also be sensitive to situations that may give rise to conflicts of interest.

II. Honest and Ethical Conduct

a. Honesty, Diligence and Professional Responsibility

Covered Officers are expected to observe both the form and the spirit of the ethical principles contained in this Code. In particular, Covered Officers must perform their duties and responsibilities for the Funds:

• with honesty, diligence, and a commitment to professional and ethical responsibility;

• carefully, thoroughly and in a timely manner; and

• in conformity with applicable professional and technical standards.

b. Ethical Handling of Actual and Apparent Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s private interest improperly interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her immediate family, receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “Investment Company Act”) and the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The compliance programs and procedures of the Funds and the Funds’ investment adviser, SunAmerica Asset Management, LLC. (“SAAMCo”), are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between, the Funds and SAAMCo, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for SAAMCo, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and SAAMCo. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and SAAMCo and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Boards that the Covered Officers may also be officers or employees of other investment companies advised by SAAMCo.

In particular, each Covered Officer must:

• Not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

• Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds; and

2

• Report at least annually to the Funds’ Ethics Committee any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest.

There are certain potential conflict of interest situations that should be discussed with the Ethics Committee if material. Examples of these include:

• Service as a director on the board of any company;

• The receipt of any non-nominal gifts;

• The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• Any ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than SAAMCo, the Funds’ principal underwriter or any affiliated person thereof;

• A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

c. Conduct in the Preparation of Financial Statements

Covered Officers must not knowingly make any misrepresentations regarding the Funds’ financial statements or any facts used in the preparation of the Funds’ financial statements. This section is intended to prohibit:

• making, or permitting or directing another to make, materially false or misleading entries in the Funds’ financial statements or records;

• failing to correct the Funds’ financial statements or records that are materially false or misleading; and

• signing, or permitting or directing another to sign, a document containing materially false or misleading financial information.

d. Obligations to the Independent Auditor of the Funds

In dealing with the Funds’ independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Funds’ independent auditor.

3

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Funds’ independent auditor in the performance of an audit of the Funds’ financial statements for the purpose of rendering such financial statements materially misleading.

III. Disclosure and Compliance

• Each Covered Officer will familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

• Each Covered Officer will not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Boards and auditors, or to governmental regulators and self-regulatory organizations;

• Each Covered Officer will, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and SAAMCo with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

• Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Boards that he or she has received, read and understands the Code;

• Annually thereafter affirm to the Boards that he or she has complied with the requirements of the Code;

• Not retaliate against any other Covered Officer or affiliated person of the Funds for reports of potential violations of this Code that are made in good faith; and

• Notify the Ethics Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Ethics Committee is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. The Ethics Committee will also consider waivers sought by the Covered Officers.

4

The Funds will act according to the following procedures in investigating and enforcing this Code:

• The Ethics Committee will take all appropriate action to investigate any potential violations reported to it;

• If, after such investigation, the Ethics Committee believes that no violation has occurred, the Ethics Committee is not required to take any further action;

• If the Ethics Committee determines that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of SAAMCo or its board; or a recommendation to dismiss the Covered Officer;

• The Ethics Committee will be responsible for granting waivers, as appropriate;

• The Ethics Committee will inform the Boards of violations or waivers of this Code; and

• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to investment companies thereunder. Insofar as other policies or procedures of the Funds, SAAMCo, the Funds’ principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Code of Ethics of the Funds, SAAMCo and the Funds’ principal underwriter, under Rule 17j-1 of the Investment Company Act, and SAAMCo’s more detailed policies and procedures set forth in the SAAMCo Compliance Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Boards.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone

5

other than the Funds, the Ethics Committee, SAAMCo and the Boards and their independent counsel.

VIII. Internal Use

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance or legal conclusion.

Date: January 1, 2017

Procedure 401

6

Exhibit A

John Genoy, as President of the Funds

Gregory R. Kingston, as Treasurer of the Funds

7

EX-99.CERT

Exhibit 99.Cert

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT

I, John T. Genoy, certify that:

1. I have reviewed this report on Form N-CSR of SunAmerica Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 7, 2019

/s/    John T. Genoy        

John T. Genoy

President

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT

I, Gregory R. Kingston, certify that:

1. I have reviewed this report on Form N-CSR of SunAmerica Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 7, 2019

/s/    Gregory R. Kingston

Gregory R. Kingston

Treasurer

EX-99.906CERT

EXHIBIT 99.906.CERT.

CERTIFICATIONS PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT

John T. Genoy, President, and Gregory R. Kingston, Treasurer of SunAmerica Series Trust (the “registrant”), each certify to the best of his knowledge that:

1. The attached Form N-CSR report of the registrant fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such N-CSR report fairly represents, in all material respects, the financial conditions and results of operations of the registrant as of, and for, the periods presented in the report.

Dated: March 7, 2019

/s/    John T. Genoy        

John T. Genoy

President

/s/    Gregory R. Kingston

Gregory R. Kingston

Treasurer