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, Woodlands Hills, CA 91367

(Address of principal executive offices) (Zip code)

John T. Genoy

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, 2022

Item 1.    Reports to Stockholders

This filing is on behalf of five of the sixty-one 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, 2022

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	38
Shareholders Tax Information	40
Comparisons: Portfolios vs. Index	41
Summary Prospectus Supplement	47
Results of Special Shareholders Meeting	48

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, 2022.

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, are not a deposit or obligation of any bank, and are 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 or Credit Union Guarantee

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

1

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE

December 31, 2022

(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. The 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, 2022 and held until December 31, 2022. 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, 2022”, to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended December 31, 2022” 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, 2022” 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, 2022” 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, 2022” 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, 2022

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at July 1, 2022		Ending Account Value Using Actual Return at December 31, 2022		Expenses Paid During the Six Months Ended December 31, 2022*		Beginning Account Value at July 1, 2022		Ending Account Value Using a Hypothetical 5% Assumed Return at December 31, 2022		Expenses Paid During the Six Months Ended December 31, 2022		Annualized Expense Ratio*
SA American Funds Asset Allocation
Class 1 #@	$	1,000.00	$	1,029.15	$	1.33	$	1,000.00	$	1,023.89	$	1.33		0.26	%
Class 3 #@	$	1,000.00	$	1,028.35	$	2.61	$	1,000.00	$	1,022.63	$	2.60		0.51	%
SA American Funds Global Growth
Class 1 #@	$	1,000.00	$	1,044.60	$	1.44	$	1,000.00	$	1,023.79	$	1.43		0.28	%
Class 3 #@	$	1,000.00	$	1,042.67	$	2.73	$	1,000.00	$	1,022.53	$	2.70		0.53	%
SA American Funds Growth
Class 1 #@	$	1,000.00	$	1,000.00	$	1.36	$	1,000.00	$	1,023.84	$	1.38		0.27	%
Class 3 #@	$	1,000.00	$	998.62	$	2.62	$	1,000.00	$	1,022.58	$	2.65		0.52	%
SA American Funds Growth-Income
Class 1 #@	$	1,000.00	$	1,041.28	$	1.49	$	1,000.00	$	1,023.74	$	1.48		0.29	%
Class 3 #@	$	1,000.00	$	1,039.41	$	2.78	$	1,000.00	$	1,022.48	$	2.75		0.54	%
SA American Funds VCP Managed Allocation
Class 1 #@	$	1,000.00	$	988.33	$	1.35	$	1,000.00	$	1,023.84	$	1.38		0.27	%
Class 3 #@	$	1,000.00	$	987.19	$	2.60	$	1,000.00	$	1,022.58	$	2.65		0.52	%

* 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. 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, 2022” and “Annualized Expense Ratios” would have been higher.

@ 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, 2022 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, 2022— (unaudited)

Industry Allocation*
Asset Allocation Investment Companies	100.1%

* Calculated as a percentage of net assets

4

SunAmerica Series Trust SA American Funds Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2022

Security Description	Shares or Principal Amount	Value
INVESTMENT COMPANIES — 100.1%
Asset Allocation Investment Companies — 100.1%
American Funds Insurance Series® — Asset Allocation Fund, Class 1	74,912,448	$1,663,056,352
TOTAL INVESTMENTS (cost $1,798,132,513)(1)	100.1%	1,663,056,352
Other assets less liabilities	(0.1)	(844,094)
NET ASSETS	100.0%	$1,662,212,258

(1) 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, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted Prices	Level 2 - Other Observable Inputs	Level 3 - Significant Unobservable Inputs	Total
ASSETS:
Investments at Value:*
Investment Companies	$1,663,056,352	$—	$—	$1,663,056,352

* 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, 2022— (unaudited)

Industry Allocation*
International Equity Investment Companies	100.1%

* Calculated as a percentage of net assets

6

SunAmerica Series Trust SA American Funds Global Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2022

Security Description	Shares or Principal Amount	Value
INVESTMENT COMPANIES — 100.1%
International Equity Investment Companies — 100.1%
American Funds Insurance Series® — Global Growth Fund, Class 1	11,671,442	$352,244,133
TOTAL INVESTMENTS (cost $345,267,545)(1)	100.1%	352,244,133
Other assets less liabilities	(0.1)	(219,938)
NET ASSETS	100.0%	$352,024,195

(1) 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, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted Prices	Level 2 - Other Observable Inputs	Level 3 - Significant Unobservable Inputs	Total
ASSETS:
Investments at Value:*
Investment Companies	$352,244,133	$—	$—	$352,244,133

* 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, 2022— (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	100.1%

* Calculated as a percentage of net assets

8

SunAmerica Series Trust SA American Funds Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2022

Security Description	Shares or Principal Amount	Value
INVESTMENT COMPANIES — 100.1%
Domestic Equity Investment Companies — 100.1%
American Funds Insurance Series® — Growth Fund, Class 1	9,040,123	$689,670,983
TOTAL INVESTMENTS (cost $815,141,311)(1)	100.1%	689,670,983
Other assets less liabilities	(0.1)	(361,895)
NET ASSETS	100.0%	$689,309,088

(1) 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, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted Prices	Level 2 - Other Observable Inputs	Level 3 - Significant Unobservable Inputs	Total
ASSETS:
Investments at Value:*
Investment Companies	$689,670,983	$—	$—	$689,670,983

* 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, 2022— (unaudited)

Industry Allocation*
Domestic Equity Investment Companies	100.1%

* Calculated as a percentage of net assets

10

SunAmerica Series Trust SA American Funds Growth-Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2022

Security Description	Shares or Principal Amount	Value
INVESTMENT COMPANIES — 100.1%
Domestic Equity Investment Companies — 100.1%
American Funds Insurance Series® — Growth-Income Fund, Class 1	7,230,623	$363,049,602
TOTAL INVESTMENTS (cost $361,512,699)(1)	100.1%	363,049,602
Other assets less liabilities	(0.1)	(212,555)
NET ASSETS	100.0%	$362,837,047

(1) 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, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted Prices	Level 2 - Other Observable Inputs	Level 3 - Significant Unobservable Inputs	Total
ASSETS:
Investments at Value:*
Investment Companies	$363,049,602	$—	$—	$363,049,602

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

See Notes to Financial Statements

11

SunAmerica Series Trust American Funds VCP Managed Allocation Portfolio

PORTFOLIO PROFILE — December 31, 2022— (unaudited)

Industry Allocation*
Asset Allocation Investment Companies	100.1%

* Calculated as a percentage of net assets

12

SunAmerica Series Trust American Funds VCP Managed Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2022

Security Description	Shares or Principal Amount	Value
INVESTMENT COMPANIES — 100.1%
Asset Allocation Investment Companies — 100.1%
American Funds Insurance Series® — Managed Risk Growth-Income Fund, Class P1	146,054,579	$1,827,142,788
TOTAL INVESTMENTS (cost $1,791,192,880)(1)	100.1%	1,827,142,788
Other assets less liabilities	(0.1)	(915,781)
NET ASSETS	100.0%	$1,826,227,007

(1) 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, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted Prices	Level 2 - Other Observable Inputs	Level 3 - Significant Unobservable Inputs	Total
ASSETS:
Investments at Value:*
Investment Companies	$1,827,142,788	$—	$—	$1,827,142,788

* 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, 2022

	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)*	$	1,663,056,352	$	352,244,133	$	689,670,983		$	363,049,602	$	1,827,142,788
Receivable for:
Fund shares sold		—		—		17,283,443			—		11,603,822
Investments sold		8,661,360		10,503,242		—			7,524,950		—
Prepaid expenses and other assets		6,009		5,760		5,802			5,741		5,917
Due from investment adviser for expense reimbursements/fee waivers		862,556		220,456		351,146			191,118		1,088,296
Total assets		1,672,586,277		362,973,591		707,311,374			370,771,411		1,839,840,823
LIABILITIES:
Payable for:
Fund shares redeemed		8,660,920		10,503,084		—			7,524,793		2
Investments purchased		—		—		17,283,215			—		11,603,326
Investment advisory and management fees		1,221,956		299,190		497,456			270,750		1,476,973
Service fees		357,790		78,501		145,961			79,281		388,472
Transfer agent fees		63		84		94			94		77
Trustees’ fees and expenses		9,059		1,886		2,973			1,887		10,731
Other accrued expenses		124,231		66,651		72,587			57,559		134,235
Total liabilities		10,374,019		10,949,396		18,002,286			7,934,364		13,613,816
NET ASSETS	$	1,662,212,258	$	352,024,195	$	689,309,088		$	362,837,047	$	1,826,227,007
NET ASSETS REPRESENTED BY:
Paid-in capital		1,581,918,268		294,221,005		711,364,523			320,019,566		1,695,013,033
Total accumulated earnings (loss)		80,293,990		57,803,190		(22,055,435	)		42,817,481		131,213,974
NET ASSETS	$	1,662,212,258	$	352,024,195	$	689,309,088		$	362,837,047	$	1,826,227,007
Class 1 (unlimited shares authorized):
Net assets	$	7,470,402	$	1,022,160	$	1,667,535		$	1,539,816	$	961,633
Shares of beneficial interest issued and outstanding		492,957		96,601		148,931			138,268		70,186
Net asset value, offering and redemption price per share	$	15.15	$	10.58	$	11.20		$	11.14	$	13.70
Class 3 (unlimited shares authorized):
Net assets	$	1,654,741,856	$	351,002,035	$	687,641,553		$	361,297,231	$	1,825,265,374
Shares of beneficial interest issued and outstanding		109,688,714		33,254,866		61,638,804			32,595,669		133,718,470
Net asset value, offering and redemption price per share	$	15.09	$	10.55	$	11.16		$	11.08	$	13.65
*Cost
Investment securities (unaffiliated)	$	1,798,132,513	$	345,267,545	$	815,141,311		$	361,512,699	$	1,791,192,880

See Notes To Financial Statements

14

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2022

	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)	$	37,167,313		$	3,561,533		$	4,363,908		$	5,917,255		$	43,090,993
Total investment income		37,167,313			3,561,533			4,363,908			5,917,255			43,090,993
EXPENSES:
Investment advisory and management fees		14,654,363			3,610,572			6,027,966			3,210,920			18,738,527
Service fees		4,291,238			946,978			1,768,244			939,971			4,928,806
Transfer agent fees		629			934			944			944			786
Custodian and accounting fees		9,758			9,716			9,725			9,711			9,781
Reports to shareholders		21,506			15,674			16,279			25,935			42,851
Audit and tax fees		28,973			30,092			28,536			28,536			28,965
Legal fees		19,617			8,298			11,272			8,347			21,319
Trustees’ fees and expenses		47,886			10,604			19,269			10,476			56,781
Other expenses		65,333			35,774			39,432			31,558			94,049
Total expenses before fee waivers and expense reimbursements		19,139,303			4,668,642			7,921,667			4,266,398			23,921,865
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4)		(10,344,256	)		(2,660,422	)		(4,255,035	)		(2,266,532	)		(13,807,336	)
Net expenses		8,795,047			2,008,220			3,666,632			1,999,866			10,114,529
Net investment income (loss)		28,372,266			1,553,313			697,276			3,917,389			32,976,464
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments (unaffiliated)		9,886,522			7,255,041			4,856,904			1,108,132			18,010,796
Net realized gain from capital gain distributions received from underlying funds (unaffliated)		177,193,803			42,290,829			98,397,789			36,518,352			44,340,787
Net realized gain (loss) on investments		187,080,325			49,545,870			103,254,693			37,626,484			62,351,583
Net change in unrealized appreciation (depreciation) on investments (unaffiliated)		(480,433,080	)		(170,212,629	)		(364,360,619	)		(113,257,348	)		(490,854,145	)
Net realized and unrealized gain (loss) on investments		(293,352,755	)		(120,666,759	)		(261,105,926	)		(75,630,864	)		(428,502,562	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$(264,980,489	)		$(119,113,446	)		$(260,408,650	)		$(71,713,475	)		$(395,526,098	)

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, 2022			For the year ended December 31, 2021			For the year ended December 31, 2022			For the year ended December 31, 2021			For the year ended December 31, 2022			For the year ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	28,372,266		$	23,408,377		$	1,553,313		$	268,848		$	697,276		$	(120,683	)
Net realized gain (loss) on investments		187,080,325			67,450,460			49,545,870			36,274,245			103,254,693			103,043,305
Net unrealized gain (loss) on investments		(480,433,080	)		142,027,418			(170,212,629	)		31,248,652			(364,360,619	)		31,333,048
Net increase (decrease) in net assets resulting from operations		(264,980,489	)		232,886,255			(119,113,446	)		67,791,745			(260,408,650	)		134,255,670
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		(416,599	)		(141,237	)		(7,838	)		(199,491	)		(268,888	)		(83,121	)
Distributable earnings — Class 3		(89,851,051	)		(34,086,030	)		(2,320,402	)		(37,244,762	)		(102,651,696	)		(29,364,523	)
Total distributions to shareholders		(90,267,650	)		(34,227,267	)		(2,328,240	)		(37,444,253	)		(102,920,584	)		(29,447,644	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		89,193,134			249,223,548			(257,651	)		21,283,169			222,054,344			180,165,289
TOTAL INCREASE (DECREASE) IN NET ASSETS		(266,055,005	)		447,882,536			(121,699,337	)		51,630,661			(141,274,890	)		284,973,315
NET ASSETS:
Beginning of period		1,928,267,263			1,480,384,727			473,723,532			422,092,871			830,583,978			545,610,663
End of period	$	1,662,212,258		$	1,928,267,263		$	352,024,195		$	473,723,532		$	689,309,088		$	830,583,978

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, 2022			For the year ended December 31, 2021			For the year ended December 31, 2022			For the year ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	3,917,389		$	3,366,473		$	32,976,464		$	19,119,684
Net realized gain (loss) on investments		37,626,484			12,872,269			62,351,583			67,377,314
Net unrealized gain (loss) on investments		(113,257,348	)		64,003,183			(490,854,145	)		220,281,054
Net increase (decrease) in net assets resulting from operations		(71,713,475	)		80,241,925			(395,526,098	)		306,778,052
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		(73,286	)		(81,163	)		(48,018	)		(60,478	)
Distributable earnings — Class 3		(14,810,470	)		(16,958,634	)		(86,448,980	)		(145,042,998	)
Total distributions to shareholders		(14,883,756	)		(17,039,797	)		(86,496,998	)		(145,103,476	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		21,676,038			38,585,400			(11,787,507	)		44,129,343
TOTAL INCREASE (DECREASE) IN NET ASSETS		(64,921,193	)		101,787,528			(493,810,603	)		205,803,919
NET ASSETS:
Beginning of period		427,758,240			325,970,712			2,320,037,610			2,114,233,691
End of period	$	362,837,047		$	427,758,240		$	1,826,227,007		$	2,320,037,610

See Notes to Financial Statements

17

SUNAMERICA SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

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 sixty-one 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 subsidiaries of Corebridge Financial, Inc. (“Corebridge”), which is an indirect, majority-owned subsidiary of American International Group, Inc., a Delaware corporation (“AIG”). SAAMCo 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”) and variable annuity contracts issued by Nassau Life Insurance Company (“Nassau”). AGL, USL and VALIC are indirect, majority owned subsidiaries of AIG. Each of the life companies are collectively referred to as the “Life Companies.”

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.

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.

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.

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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 capital growth and income while seeking to manage volatility and provide downside protection. It invests 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 (“the Master Managed Risk Fund”), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Managed Risk 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 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 adopted 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 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, 2022, is reported on a schedule at the end of each Portfolio’s Portfolio of Investments.

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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:

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 per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Methods and inputs — The 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, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

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

Fixed-income class	Examples of standard inputs
All	Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds & notes; 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

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 Capital Group Central Corporate Bond Fund (“CCBF”), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (collectively the “Central Funds”), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund’s portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds’ statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from third-party pricing vendors. Swaps are generally valued using evaluated prices obtained by third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the AFIS investment adviser are fair valued as determined in good faith under fair value guidelines adopted by AFIS investment advisor and approved by 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

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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; dealer or broker quotes; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The AFIS board of trustees has designated 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 team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the AFIS 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 facilitated by the AFIS investment adviser’s global risk management 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.

Each Portfolio recognizes 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. 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. The Portfolios federal tax returns for the prior three fiscal years remain subject to examinations by the Internal Revenue Service.

LIBOR Risk:    A Portfolio’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate, SOFR and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. On March 5, 2021, the FCA and LIBOR’s administrator announced that most LIBOR settings will no longer be published after June 30, 2023. Such announcements indicate that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed. These announcements and any additional regulatory or market changes may have an adverse impact on a Portfolio or its investments.

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Regulators and market participants are working together to identify or develop successor Reference Rates (e.g. SOFR, which is intended to replace the U.S. dollar LIBOR). It is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to a Portfolio. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates, and these changes could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a Portfolio or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a Portfolio’s performance and/or net asset value.

Recent Accounting and Regulatory Developments:    In March 2020, FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848); Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides, optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and LIBOR based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As a result of an extension in the planned discontinuation date of USD LIBOR, the FASB issued ASU No. 2022-06, “Reference Rate Reform” in December 2022, which extends the temporary relief provided by ASU 2020-04 to December 31, 2024. Management is evaluating the potential impact of ASU 2020-04 to the financial statements.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule became effective on March 8, 2021 and has a compliance date of September 8, 2022. Adoption of the Rule had no material impact on the Portfolios.

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, 2022
	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	$	42,884,404	$	173,155,158	$	(135,745,572	)	$	31,381,661	$	58,885,989
SA American Funds Global Growth		2,554,828		48,546,576		6,701,788			—		2,328,240
SA American Funds Growth		11,256,991		92,694,977		(126,007,404	)		3,759,345		99,161,239
SA American Funds Growth-Income		8,935,518		33,149,852		732,112			3,366,472		11,517,284
SA American Funds VCP Managed Asset Allocation		32,976,464		62,351,583		35,885,927			19,119,684		67,377,314
								For the year ended December 31, 2021
								Tax Distributions
Portfolio								Ordinary Income		Long-Term Capital Gains
SA American Funds Asset Allocation								$	18,636,107	$	15,591,160
SA American Funds Global Growth									268,848		37,175,405
SA American Funds Growth									176,769		29,270,875
SA American Funds Growth-Income									3,822,092		13,217,705
SA American Funds VCP Managed Asset Allocation									27,294,057		117,809,419

For the year ended December 31, 2022, there were no reclassifications between total accumulated earnings(loss) and paid-in capital resulting from book/tax differences.

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	$	—	$	(135,745,572	)	$	(135,745,572	)	$	1,798,801,924
SA American Funds Global Growth		6,701,788		—			6,701,788			345,542,345
SA American Funds Growth		—		(126,007,404	)		(126,007,404	)		815,678,387
SA American Funds Growth-Income		732,112		—			732,112			362,317,490
SA American Funds VCP Managed Asset Allocation		35,885,927		—			35,885,927			1,791,256,861

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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 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, 2022, SAAMCo has agreed to waive advisory fees as follows:

Portfolio	Amount
SA American Funds Asset Allocation	$	10,344,256
SA American Funds Global Growth		2,660,422
SA American Funds Growth		4,255,035
SA American Funds Growth-Income		2,266,532
SA American Funds VCP Managed Allocation		13,807,336

SAAMCo has contractually agreed to waive fees and/or reimburse expenses of the following Portfolio until April 30, 2024; 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, 2024 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, 2022, 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, 2022, no amounts were repaid to the Adviser, and there are no remaining balances subject to recoupment.

The Trust has entered into a master Transfer Agency and Service Agreement with VALIC Retirement Services Company (VRSCO), a majority-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, 2022, 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

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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, 2022, service fees were paid (see Statement of Operations) based on the aforementioned rate.

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, 2022 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	$	74,121,446	$	84,084,868	$	—	$	—
SA American Funds Global Growth		40,950,519		45,605,062		—		—
SA American Funds Growth		139,134,143		23,750,716		—		—
SA American Funds Growth-Income		31,110,068		26,359,734		—		—
SA American Funds VCP Managed Asset Allocation		48,231,951		156,854,296		—		—

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, 2022						For the year ended December 31, 2021						For the year ended December 31, 2022						For the year ended December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		45,224		$	729,835			153,726		$	2,784,515			4,538,587		$	75,440,624			13,472,268		$	238,595,403
Reinvested dividends		29,694			416,599			7,903			141,237			6,427,114			89,851,051			1,914,945			34,086,030
Shares redeemed		(32,465	)		(527,165	)		(147,296	)		(2,483,423	)		(4,804,423	)		(76,717,810	)		(1,342,407	)		(23,900,214	)
Net increase (decrease)		42,453		$	619,269			14,333		$	442,329			6,161,278		$	88,573,865			14,044,806		$	248,781,219
	SA American Funds Global Growth Portfolio
	Class 1												Class 3
	For the year ended December 31, 2022						For the year ended December 31, 2021						For the year ended December 31, 2022						For the year ended December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		21,300		$	229,743			134,726		$	1,906,276			3,659,831		$	41,126,925			1,300,232		$	18,504,210
Reinvested dividends		831			7,838			14,244			199,491			246,589			2,320,402			2,660,406			37,244,762
Shares redeemed		(99,594	)		(1,272,835	)		(16,991	)		(250,341	)		(3,932,165	)		(42,669,724	)		(2,491,159	)		(36,321,229	)
Net increase (decrease)		(77,463	)	$	(1,035,254	)		131,979		$	1,855,426			(25,745	)	$	777,603			1,469,479		$	19,427,743
	SA American Funds Growth Portfolio
	Class 1												Class 3
	For the year ended December 31, 2022						For the year ended December 31, 2021						For the year ended December 31, 2022						For the year ended December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		34,805		$	465,022			78,701		$	1,364,912			10,071,544		$	140,051,304			10,459,734		$	188,111,818
Reinvested dividends		25,013			268,888			4,617			83,121			9,575,718			102,651,696			1,636,818			29,364,523
Shares redeemed		(31,527	)		(400,134	)		(5,820	)		(109,337	)		(1,511,185	)		(20,982,432	)		(2,076,893	)		(38,649,748	)
Net increase (decrease)		28,291		$	333,776			77,498		$	1,338,696			18,136,077		$	221,720,568			10,019,659		$	178,826,593
	SA American Funds Growth-Income Portfolio
	Class 1												Class 3
	For the year ended December 31, 2022						For the year ended December 31, 2021						For the year ended December 31, 2022						For the year ended December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		23,293		$	271,118			96,142		$	1,194,282			2,669,532		$	31,652,144			3,787,092		$	49,760,493
Reinvested dividends		7,213			73,286			6,186			81,163			1,463,485			14,810,470			1,297,524			16,958,634
Shares redeemed		(33,883	)		(386,870	)		(8,770	)		(119,893	)		(2,120,039	)		(24,744,110	)		(2,206,662	)		(29,289,279	)
Net increase (decrease)		(3,377	)	$	(42,466	)		93,558		$	1,155,552			2,012,978		$	21,718,504			2,877,954		$	37,429,848

24

	SA American Funds VCP Managed Allocation Portfolio
	Class 1												Class 3
	For the year ended December 31, 2022						For the year ended December 31, 2021						For the year ended December 31, 2022						For the year ended December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		14,298		$	219,254			36,922		$	624,236			3,238,375		$	48,219,638			3,920,151		$	67,327,180
Reinvested dividends		3,608			48,018			3,641			60,478			6,514,618			86,448,980			8,763,927			145,042,998
Shares redeemed		(2,179	)		(31,899	)		(1,869	)		(32,548	)		(9,963,061	)		(146,691,498	)		(9,833,573	)		(168,893,001	)
Net increase (decrease)		15,727		$	235,373			38,694		$	652,166			(210,068	)	$	(12,022,880	)		2,850,505		$	43,477,177

Note 7.  Line of Credit

The Trust, along with certain other funds managed by the Adviser, has access to a $75 million committed unsecured line of credit and 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 on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the federal funds effective rate on such date and (b) the overnight bank funding rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the federal funds effective ate or the overnight bank funding rate shall be less than zero, then the federal funds effective rate or the overnight bank funding rate, shall be deemed to be zero for the purposes of determining the rate. The Trust, on behalf of each of the Portfolios, has paid State Street, such Portfolio’s ratable portion of an upfront fee in an amount equal to $40,000 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 30 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, 2022, the Portfolios did not utilize the line of credit.

Note 8.  Transactions with Affiliates

At December 31, 2022, the following affiliates owned outstanding shares of the following Portfolios:

	Holder
Portfolio	USL			AGL			VALIC
SA American Funds Asset Allocation		7.20	%		88.85	%		3.95	%
SA American Funds Global Growth		5.20	%		93.93	%		0.87	%
SA American Funds Growth		5.66	%		92.75	%		1.59	%
SA American Funds Global-Income		6.03	%		92.29	%		1.68	%
SA American Funds VCP Managed Allocation		9.92	%		85.96	%		4.12	%

Note 9.  Other Matters

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Portfolio’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Portfolio invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

In late February 2022, Russia launched a large-scale invasion of Ukraine (the “Invasion”). The extent and duration of Russia’s military actions and the consequences of such actions are impossible to predict, but has resulted in, and may continue to result in, significant market disruptions, including in the commodities markets, and has negatively affected, and may continue to negatively affect global supply chains, global growth and inflation. In response to Russia’s recent military invasion of Ukraine, the United States, the European Union and other countries have imposed broad-ranging economic sanctions on certain Russian individuals and Russian entities. To the extent covered by the sanctions, the Portfolios are currently restricted from trading in Russian securities. It is unknown when, or if, sanctions may be lifted or a Portfolio’s ability to trade in Russian securities will resume. Even if a Portfolio does not have direct exposure to securities of Russian issuers, the potential for wider conflict in the region or globally may increase volatility and uncertainty in the financial markets. These and any related events could adversely affect a Portfolio’s performance and the value and liquidity of an investment in the Portfolio.

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
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	%
12/31/19		12.94		0.43		2.31			2.74			(0.27	)		(0.70	)		(0.97	)		14.71		21.22			4,320		0.27			3.05			2
12/31/20		14.71		0.28		1.54			1.82			—			(0.01	)		(0.01	)		16.52		12.40			7,207		0.27			1.92			3
12/31/21		16.52		0.33		2.16			2.49			(0.22	)		(0.16	)		(0.38	)		18.63		15.12			8,393		0.26			1.83			2
12/31/22		18.63		0.32		(2.90	)		(2.58	)		(0.34	)		(0.56	)		(0.90	)		15.15		(13.44	)		7,470		0.26			1.94			4
SA American Funds Asset Allocation Portfolio Class 3
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
12/31/19		12.93		0.26		2.44			2.70			(0.24	)		(0.70	)		(0.94	)		14.69		20.91			1,171,382		0.52			1.82			2
12/31/20		14.69		0.22		1.56			1.78			—			(0.01	)		(0.01	)		16.46		12.14			1,473,177		0.52			1.49			3
12/31/21		16.46		0.24		2.19			2.43			(0.19	)		(0.16	)		(0.35	)		18.54		14.80			1,919,874		0.51			1.35			2
12/31/22		18.54		0.27		(2.86	)		(2.59	)		(0.30	)		(0.56	)		(0.86	)		15.09		(13.58	)		1,654,742		0.51			1.64			4
SA American Funds Global Growth Portfolio Class 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
12/31/19		9.15		0.14		3.07			3.21			(0.12	)		(1.30	)		(1.42	)		10.94		35.27			246		0.29			1.34			1
12/31/20		10.94		0.05		3.25			3.30			(0.04	)		(0.95	)		(0.99	)		13.25		30.48			558		0.29			0.41			1
12/31/21		13.25		0.06		2.08			2.14			(0.04	)		(1.19	)		(1.23	)		14.16		16.38			2,464		0.28			0.43			4
12/31/22		14.16		0.06		(3.57	)		(3.51	)		—			(0.07	)		(0.07	)		10.58		(24.75	)		1,022		0.28			0.55			11
SA American Funds Global Growth Portfolio Class 3
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
12/31/19		9.16		0.09		3.09			3.18			(0.09	)		(1.30	)		(1.39	)		10.95		34.93			390,653		0.54			0.79			1
12/31/20		10.95		0.01		3.25			3.26			(0.01	)		(0.95	)		(0.96	)		13.25		30.09			421,535		0.54			0.05			1
12/31/21		13.25		0.01		2.10			2.11			(0.01	)		(1.19	)		(1.20	)		14.16		16.11			471,259		0.53			0.06			4
12/31/22		14.16		0.05		(3.59	)		(3.54	)		—			(0.07	)		(0.07	)		10.55		(24.97	)		351,002		0.53			0.41			11

  * Calculated based on average shares outstanding.

** Total return 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).

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average assets):

Portfolio	12/18			12/19			12/20			12/21			12/22
SA American Funds Asset Allocation Class 1		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
SA American Funds Asset Allocation Class 3		0.60			0.60			0.60			0.60			0.60
SA American Funds Global Growth Class 1		0.70			0.70			0.70			0.70			0.70
SA American Funds Global Growth Class 3		0.70			0.70			0.70			0.70			0.70

(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
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	%
12/31/19		9.23		0.13			2.70			2.83			—			(0.05	)		(0.05	)		12.01		30.75			160		0.29			1.22			7
12/31/20		12.01		0.05			5.92			5.97			(0.14	)		(1.53	)		(1.67	)		16.31		52.09			704		0.28			0.34			13
12/31/21		16.31		0.05			3.48			3.53			(0.03	)		(0.71	)		(0.74	)		19.10		21.93			2,305		0.27			0.28			5
12/31/22		19.10		0.04			(5.84	)		(5.80	)		(0.11	)		(1.99	)		(2.10	)		11.20		(29.90	)		1,668		0.27			0.30			3
SA American Funds Growth Portfolio Class 3
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
12/31/19		9.24		0.05			2.75			2.80			—			(0.05	)		(0.05	)		11.99		30.39			377,823		0.54			0.47			7
12/31/20		11.99		0.01			5.91			5.92			(0.11	)		(1.53	)		(1.64	)		16.27		51.72			544,907		0.53			0.04			13
12/31/21		16.27		(0.00	)		3.48			3.48			(0.00	)		(0.71	)		(0.71	)		19.04		21.69			828,279		0.52			(0.02	)		5
12/31/22		19.04		0.01			(5.82	)		(5.81	)		(0.08	)		(1.99	)		(2.07	)		11.16		(30.09	)		687,642		0.52			0.10			3
SA American Funds Growth-Income Portfolio Class 1
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
12/31/19		9.54		0.21			2.28			2.49			—			(0.05	)		(0.05	)		11.98		26.17			159		0.31			2.06			4
12/31/20		11.98		0.18			1.27			1.45			(0.23	)		(1.41	)		(1.64	)		11.79		13.47			567		0.29			1.60			9
12/31/21		11.79		0.17			2.63			2.80			(0.15	)		(0.45	)		(0.60	)		13.99		24.08			1,982		0.29			1.30			7
12/31/22		13.99		0.14			(2.49	)		(2.35	)		(0.14	)		(0.36	)		(0.50	)		11.14		(16.49	)		1,540		0.28			1.21			7
SA American Funds Growth-Income Portfolio Class 3
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
12/31/19		9.54		0.15			2.30			2.45			—			(0.05	)		(0.05	)		11.94		25.75			285,659		0.55			1.37			4
12/31/20		11.94		0.12			1.30			1.42			(0.20	)		(1.41	)		(1.61	)		11.75		13.25			325,404		0.54			1.09			9
12/31/21		11.75		0.11			2.64			2.75			(0.13	)		(0.45	)		(0.58	)		13.92		23.68			425,777		0.53			0.88			7
12/31/22		13.92		0.12			(2.49	)		(2.37	)		(0.11	)		(0.36	)		(0.47	)		11.08		(16.74	)		361,297		0.53			1.04			7

  * Calculated based on average shares outstanding.

** Total return 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).

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average assets):

Portfolio	12/18			12/19			12/20			12/21			12/22
SA American Funds Growth Class 1		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
SA American Funds Growth Class 3		0.60			0.60			0.60			0.60			0.60
SA American Funds Growth-Income Class 1		0.60			0.60			0.60			0.60			0.60
SA American Funds Growth-Income Class 3		0.60			0.60			0.60			0.60			0.60

(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
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	%
12/31/19		12.68		0.06		2.32			2.38			(0.07	)		(0.18	)		(0.25	)		14.81		18.81			130		0.28			0.42			4
12/31/20		14.81		0.21		1.21			1.42			—			(0.04	)		(0.04	)		16.19		9.57			255		0.27			1.38			5
12/31/21		16.19		0.23		2.14			2.37			(0.25	)		(0.92	)		(1.17	)		17.39		14.99			947		0.26			1.37			3
12/31/22		17.39		0.31		(3.28	)		(2.97	)		(0.19	)		(0.53	)		(0.72	)		13.70		(16.97	)		962		0.26			2.10			2
SA American Funds VCP Managed Allocation Portfolio Class 3
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
12/31/19		12.67		0.01		2.33			2.34			(0.04	)		(0.18	)		(0.22	)		14.79		18.48			1,982,324		0.53			0.11			4
12/31/20		14.79		0.21		1.17			1.38			—			(0.04	)		(0.04	)		16.13		9.32			2,113,978		0.52			1.39			5
12/31/21		16.13		0.15		2.17			2.32			(0.21	)		(0.92	)		(1.13	)		17.32		14.73			2,319,091		0.51			0.85			3
12/31/22		17.32		0.25		(3.24	)		(2.99	)		(0.15	)		(0.53	)		(0.68	)		13.65		(17.18	)		1,825,265		0.51			1.67			2

  * Calculated based on average shares outstanding.

** Total return 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).

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	12/18			12/19			12/20			12/21			12/22
SA American Funds VCP Managed Allocation Class 1		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
SA American Funds VCP Managed Allocation Class 3		0.70			0.70			0.70			0.70			0.70

(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 Portfolio, SA American Funds Growth-Income Portfolio and SA American Funds VCP Managed 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 Portfolio, SA American Funds Growth-Income Portfolio and SA American Funds VCP Managed Allocation Portfolio (five of the portfolios constituting SunAmerica Series Trust, hereafter collectively referred to as the “Portfolios”) as of December 31, 2022, the related statements of operations for the year ended December 31, 2022 and the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the 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, 2022 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, 2023

We have served as the auditor of one or more investment companies in the SunAmerica annuity family of funds (consisting of SunAmerica Series Trust and Seasons 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, 2022 (unaudited)

REVIEW AND APPROVAL OF CONTINUATION OF INVESTMENT ADVISORY AGREEMENT

At a meeting held on October 13, 2022, the Board of Trustees (the “Board”) of SunAmerica Series Trust (the “Trust”), including the Trustees who are not interested persons of 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 (“SunAmerica” 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 SunAmerica, 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 of SunAmerica Series Trust (the “Trust”) 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 SunAmerica; (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 SunAmerica 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 SunAmerica. In making its evaluation, the Board considered that SunAmerica 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 SunAmerica’s advisory fees compensate SunAmerica for services such as monitoring Portfolio performance and other administrative, compliance and legal services.

The Board noted that SunAmerica is responsible for overseeing the performance of services by the Trust’s custodian, transfer agent and dividend disbursing agent. The Board also noted that SunAmerica 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 SunAmerica 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 SunAmerica who 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 SunAmerica’s investment professionals.

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

30

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2022 (unaudited) (continued)

The Board considered SunAmerica’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 SunAmerica’s experience in providing management and investment advisory and administrative services to advisory clients. The Board also considered SunAmerica’s code of ethics and its risk management process, and that SunAmerica 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 SunAmerica’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 SunAmerica’s risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on SunAmerica’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 SunAmerica 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 May 31, 2022 from Broadridge and performance information as of May 31, 2022 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 SunAmerica and determined that the amounts paid to SunAmerica by such Portfolios were reasonable in light of the services performed by SunAmerica.

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

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

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

31

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2022 (unaudited) (continued)

The Board considered that the Portfolio performed below its benchmark index for the one-year period but above that index for the three-, five- and ten-year periods. The Board also noted 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/SunAmerica). The Board noted that both actual management fees and actual total expenses were below the medians of its Expense Group. The Board considered that SunAmerica has contractually agreed to waive 0.60% of its investment advisory fee.

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

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

The Board considered that the Portfolio performed below its benchmark index for the one-year period but above that index for the three-, five- and ten-year periods. 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^® VCP Managed Asset Allocation Portfolio (master-feeder fund advised by Capital Research/SunAmerica). The Board noted that actual management fees were below and total expenses were above the medians of its Expense Group. The Board further noted that SunAmerica 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 took account of management’s discussion of the Portfolio’s expenses.

The Board considered that the Portfolio performed above its benchmark index for the one- and three-year periods and the period since inception and slightly below that 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 and the period since inception. The Board took into account management’s discussion of the Master Fund’s performance.

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 SunAmerica 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 SunAmerica 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 SunAmerica and certain affiliated life insurance companies (the “Life Companies”). The Board considered that the Trust also pays VALIC Retirement Services Company, an affiliate of SunAmerica, 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 SunAmerica 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 SunAmerica) 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 SunAmerica. 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.

32

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2022 (unaudited) (continued)

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

Profitability and Economies of Scale.

The Board received information related to SunAmerica’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 SunAmerica and the affiliated Life Companies. The Board considered that, pursuant to administrative services agreements between SunAmerica and each of the Life Companies, SunAmerica pays a fee to each Life Company at an annual rate of 25 basis points of the average daily net assets of the Portfolios that are held by the corresponding separate accounts of each Life Company, in exchange for certain administrative services provided to the Portfolios. The Board determined that the profitability to SunAmerica 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 SunAmerica’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 SunAmerica 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 SunAmerica, 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 SunAmerica 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 SunAmerica as discussed above. The Board considered that SunAmerica 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 SunAmerica.

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 SunAmerica 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.

REVIEW AND APPROVAL OF NEW INVESTMENT ADVISORY AGREEMENTS FOR THE TRUST IN CONNECTION WITH THE SEPARATION PLAN

The Board, including the Independent Trustees, met on September 22, 2022 and October 13, 2022 (together, the “Board Meeting”) to evaluate, among other matters, AIG’s intention to sell its entire interest in Corebridge over time following an initial public offering of Corebridge’s common stock (the “Separation Plan”), and to determine whether to approve new Investment Advisory and Management Agreements (the “New Agreements”) for the Trust, on behalf of the respective Portfolios, and to recommend approval of the New Agreements to the shareholders of the Portfolios. At the Board Meeting and throughout the process of considering the Separation Plan, the Independent Trustees were assisted in their review, and were advised, by independent legal counsel and met with counsel in executive sessions separate from representatives of SunAmerica.

The Board was aware that the implementation of the Separation Plan may not result immediately in a change of control of SunAmerica (a “Change of Control Event”) but also recognized that the Separation Plan contemplates a series of transactions that may be deemed to constitute one or more Change of Control Events in the future. The Board concluded that approval by shareholders at this time of the

33

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2022 (unaudited) (continued)

New Agreements and any new advisory agreements that may become effective upon certain Change of Control Events in the future (the “Future Agreements”) will allow the Portfolios to benefit from the continuation of services by SunAmerica and its affiliates throughout the implementation of the Separation Plan without the need for multiple shareholder meetings. The Board further considered that the expenses associated with obtaining shareholder approval of the New Agreements would be split equally between SunAmerica and the Trust, in consideration of the fact that the proxy solicitation process will include multiple proposals, including proposals unrelated to the Separation Plan.

A substantial portion of the Board’s review was conducted in connection with its annual consideration of the renewal (the “Annual Renewals”) of the current Investment Advisory and Management Agreements (the “Current Agreements”) of the Trust, which also occurred during the Board Meeting. During the review process that led to its renewal of the Current Agreements, the Board considered that it was also being asked to consider approval of the New Agreements in connection with the Separation Plan.

Prior to the Board Meeting, the Independent Trustees requested certain detailed information from SunAmerica regarding the Separation Plan, the Trust and the New Agreements, as well as the Annual Renewals, and reviewed the responses thereto. The Board communicated with senior representatives of SunAmerica regarding their personnel, operations and financial condition. The Board also reviewed the terms of the Separation Plan and considered its possible effects on the Portfolios and their shareholders. In this regard, the Trustees spoke with representatives of SunAmerica during the Board Meeting and, with respect to the Independent Trustees, in private sessions with their independent counsel to discuss the anticipated effects of the Separation Plan.

In connection with the Annual Renewals, the Board received materials related to certain factors used in its consideration whether to renew the Current Agreements. The Board also relied on this information in relation to its consideration whether to approve the New Agreements. 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 SunAmerica, 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 SunAmerica and, in connection therewith, a review of the costs of services provided and the profits realized by SunAmerica 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 SunAmerica realizes economies of scale and shares them with the Trust; and

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

In addition, the Board considered (a) the historical relationship between the Trust and SunAmerica; (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.

In addition to the information the Board received and considered in approving the Current Agreements, SunAmerica also provided information relating to the New Agreements, including, but not limited to, the Separation Plan, the expected benefits and costs to shareholders of the Trust, and the expected management and operation of SunAmerica after a Change of Control Event. The Board focused its review on, and requested and evaluated other information relating to, the potential impact of implementing the Separation Plan on the operations, personnel, organizational structure, capitalization, and financial and other resources of SunAmerica and its affiliates that render administrative, distribution, compliance, and other services to the Trust. The Independent Trustees were also provided with legal memoranda discussing their fiduciary duties related to the approval of the Current Agreements, the New Agreements as well as considerations relevant to the Separation Plan.

The Independent Trustees were separately represented by counsel that is independent of SunAmerica in connection with their consideration of approval of the New Agreements. 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 and the Independent Trustees did not identify any single matter or particular data point that, in isolation, would be controlling in their decision to approve the New Agreements. Rather, the Board and the Independent Trustees considered the total mix of information provided. The following summary describes the key factors considered by the Board and the Independent Trustees and the conclusions that formed the basis for approving the New Agreements, in light of the legal advice furnished to them by independent legal counsel and their own business judgment. The following list of factors is not inclusive of all factors that were considered.

34

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2022 (unaudited) (continued)

Nature, Quality and Extent of Services.

The Board, including the Independent Trustees, considered the nature, quality and extent of services provided by SunAmerica. In making its evaluation, the Board considered that SunAmerica acts as adviser for each Portfolio, manages the investment of portions of certain Portfolios’ assets, manages the daily business affairs of the Trust and obtains and evaluates economic, statistical and financial information to formulate and implement investment policies. It was also noted that SunAmerica’s advisory fees compensate SunAmerica for services such as monitoring Portfolio performance, as well as other administrative, compliance and legal services.

The Board noted that SunAmerica is responsible for overseeing the performance of services by the Trust’s custodian, transfer agent and dividend disbursing agent. The Board also noted that SunAmerica 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 SunAmerica monitors and reviews the activities of third-party service providers that may provide additional administrative services. The Board also considered that no material changes in SunAmerica’s management or operations are expected as a result of the Separation Plan and that the Separation Plan is not expected to have an effect on SunAmerica’s performance or delivery of services under the New Agreements relative to SunAmerica’s performance or delivery of services under the Current Agreements.

In addition, the Board considered the key personnel of SunAmerica who are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios in addition to current and projected staffing levels and compensation practices. The Board also considered the compensation program for SunAmerica’s investment professionals. The Board considered that no material changes to any Portfolio’s investment management team or SunAmerica’s compensation practices are expected to occur as a result of the Separation Plan.

The Board considered SunAmerica’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 SunAmerica’s experience in providing management and investment advisory and administrative services to advisory clients. The Board also considered SunAmerica’s code of ethics and its risk management process, and that SunAmerica 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 further considered that no material changes to SunAmerica’s risk management processes and compliance policies and procedures were expected to result from the anticipated change of control of SunAmerica.

In connection with the Annual Renewals, the Board also reviewed and considered the Adviser’s compliance and regulatory history, including information about whether any were involved in any litigation, regulatory actions or investigations that could impair their ability to serve as an adviser or subadviser to the Portfolios. The Board considered SunAmerica’s risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on SunAmerica’s ability to provide services to the Trust.

The Board considered that the nature, extent and quality of the services provided to the Portfolios by the Adviser were expected to remain unchanged after the change of control of the Adviser that would result from the implementation of the Separation Plan.

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, subadvisory 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. It was noted that with respect to subadvisory fees, SunAmerica negotiates such fees at arm’s length. The Board also considered that the subadvisory fees are paid by SunAmerica out of its advisory fee and not by the Portfolios. The Board further considered the amount of subadvisory fees paid by SunAmerica and the amount of the management fees that it retained and determined that these amounts were reasonable in light of the services performed by SunAmerica.

To assist in analyzing the reasonableness of the advisory fees, 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 SunAmerica with respect to other mutual funds and accounts with similar investment strategies to the Portfolios each advises. Based on the information from Broadridge, the Board reviewed detailed information about peer groups of comparable

35

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2022 (unaudited) (continued)

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/Universes that represent those peer groups of funds used to compare expenses and performance, respectively. The Board also received performance data and expense information prepared by management.

The Trustees noted that the expense information as a whole was useful in assessing whether SunAmerica was providing services at a cost that was competitive with other similar funds. The performance information included annualized returns for the period since inception and the one-, three-, five- and ten-year periods, as applicable, ended May 31, 2022 from Broadridge and performance information as of May 31, 2022 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 in connection with the Annual Renewals, the Board noted that it considered expense and performance information for each Portfolio provided by Broadridge and management in making its determination to renew the Current Agreements. For Portfolios with periods of relative underperformance, the Board considered management’s explanations of and plans to address that underperformance. The Board also reviewed Portfolios with higher expenses relative to their respective Expense Groups/Universes and considered management’s discussions in that regard. The Board also considered that the Separation Plan is not expected to result in any changes to the contractual investment advisory fees charged to the Portfolios, nor a reduction in any fee waiver or expense limitation agreed to by SunAmerica with respect to the Portfolios.

Ultimately, the Board and the Independent Trustees concluded that SunAmerica has a strong long-term record of effectively managing each of the Portfolios. The Board and the Independent Trustees further concluded that SunAmerica was applying appropriate discipline and oversight to ensure that each Portfolio adhered to its stated investment objective and strategies and that SunAmerica’s record in managing each Portfolio supported the conclusion that its continued management should benefit each Portfolio and its shareholders.

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 SunAmerica 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. In its considerations with respect to the Annual Renewals, the Board considered that SunAmerica 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 SunAmerica and certain affiliated life insurance companies (the “Life Companies”). The Board considered that the Trust also pays VALIC Retirement Services Company, an affiliate of SunAmerica, a fee for the provision of recordkeeping and shareholder services to contract owners and participants.

Also in connection with the Annual Renewals, 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 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 SunAmerica for distribution-related activities, including administrative, marketing and other servicing activities, including payments to help offset costs for marketing activities and training 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 SunAmerica. 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 considered that the benefits derived by SunAmerica and its affiliates were not expected to change materially as a result of the anticipated change of control of SunAmerica. The Board concluded that any benefits that SunAmerica and its affiliates could be expected to receive with regard to providing investment advisory and other services to the Portfolios would continue to be reasonable.

36

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2022 (unaudited) (continued)

Profitability and Economies of Scale.

The Board considered that SunAmerica is unable to estimate the profitability of the New Agreements to itself or its affiliates, because the Separation Plan has not yet commenced and the New Agreements are not yet in effect. The Board noted, however, that in connection with the Annual Renewals, it received information related to SunAmerica’s profitability as well as the profitability of certain affiliates with respect to the services they provide to the Trust’s Portfolios in connection with the Current Agreements. The profitability analysis reflected the relationship between SunAmerica and the affiliated Life Companies. The Board considered that, pursuant to administrative services agreements between SunAmerica and each of the Life Companies, SunAmerica pays a fee to each Life Company at an annual rate of 25 basis points of the average daily net assets of the Portfolios that are held by the corresponding separate accounts of each Life Company, in exchange for certain administrative services provided to the Portfolios. The Board determined that the profitability to SunAmerica in connection with its relationship to the Trust under the Current Agreements was reasonable. In addition, the Board considered the Investment Management Profitability Analysis prepared by an independent information service, Broadridge, and noted that SunAmerica’s profitability under the Current Agreements 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 SunAmerica has voluntarily agreed to waive fees in certain instances, which was noted earlier in the discussion of fees. The Board considered that the multiple fee waivers and expense limitations agreed to by SunAmerica were expected to continue unchanged after the change of control of SunAmerica that would result from the Separation Plan.

It was noted that as a result of being part of a complex of mutual funds advised or administered by SunAmerica, 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 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 SunAmerica in an appropriate manner and would continue to be shared after implementation of the Separation Plan.

Considerations Specific to the Separation Plan.

The Board considered the expected impact of the Separation Plan on SunAmerica and its ability to serve the Portfolios. The Board also considered the expected advantages and disadvantages to shareholders as a result of the Separation Plan. The Board and the Independent Trustees noted in particular that the terms of the New Agreements are substantially identical to those of the Current Agreements; that the advisory and subadvisory fee rates under the New Agreements are identical to those under the Current Agreements; that the fee waivers and expense limitations agreed to by SunAmerica with respect to any Portfolio will not change; that the nature, extent and quality of the services to be provided by SunAmerica pursuant to the New Agreements are expected to be provided with the same level of commitment; that the continued retention of SunAmerica would minimize the disruption of the Portfolios’ operations and would not cause the Trust to incur additional costs and expenses that would be necessary if a new investment adviser were to be hired; and that the key personnel serving the Trust are expected to continue to be retained after the change of control of SunAmerica. The Board and the Independent Trustees also considered potential disadvantages of the Separation Plan to Portfolio shareholders, such as the potential eventual loss of affiliation with the AIG name brand. Based on the information provided by SunAmerica, the Board and the Independent Trustees concluded that the Separation Plan is not likely to result in any diminution of SunAmerica’s financial resources or its ability to continue to serve the Trust, or to otherwise destabilize SunAmerica or its management or personnel.

On the basis of these and other factors, the Board, and the Independent Trustees separately, concluded that the continued engagement of SunAmerica to provide investment advisory and management services to the Trust would be in the best interests of the Trust and its Portfolios. The Board, and the Independent Trustees separately, then voted unanimously (i) to approve the New Agreements, including the advisory and subadvisory fee rates proposed in the New Agreements, in respect of each Portfolio for a period not to exceed two years commencing immediately following shareholder approval of the New Agreements, and (ii) to recommend to shareholders of each Portfolio that they approve the New Agreements.

37

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 and                            Age†	Position Held With Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(2)		Other Directorships Held by Trustee(3)
Disinterested Trustees
Garrett F. Bouton Age: 78	Trustee	2007 – Present	Retired (2003-Present); Managing Director and CEO, Barclays Global Investors (1996-2003).		80	Chairman/Director, The LECG Group (consulting services) (2006-2010).
Tracey C. Doi Age: 61	Trustee	2021 – Present	Chief Financial Officer, Group Vice President of Toyota Motor North America (2000-2022); Board Member, City National Bank (2016-2022).		80	Director of Quest Diagnostics (2021-Present)
Jane Jelenko Age: 74	Trustee	2006 – Present	Retired Partner KPMG, LLP and Managing Director, Bearingpoint, Inc. (formerly KPMG Consulting). (2003-Present).		80	Director, Countrywide Bank (banking) (2003-2008) and Director, Cathay General Bancorp and Cathay Bank (banking) (2012-Present).
Gilbert T. Ray Age: 78	Trustee	2001 – Present	Retired Partner, O’Melveny & Myers LLP (law firm) (2000-Present).		80	Director, Advanced Auto Parts, Inc. (retail - auto and home supply stores) (2002-2018); Director, Watson, Wyatt Worldwide (services — management consulting services) (2000-2018); Director Dine Equity (services — restaurant) 2004-Present); Director, Diamond Rock Hospitality (financial — real estate) (2005-Present); Director, Towers Watson & Co. (services — management consulting services) 2010-2018).
Charles H. Self III Age: 65	Trustee	2021 - Present	Chief Operating Officer, Chief Compliance Officer and Chief Investment Officer of iSectors (2014-2021); Chief Investment Officer of Sumnicht & Associates (2014-2021).		80	Director of Governmental Insurance Management (1989-Present); Director of Ohio Muual Insurance Company (2022-Present)
Bruce G. Willison Age: 74	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); Chairman of Tyfone, Inc. — Portland, OR (2018-Present); Chairman of Catholic Schools Collaborative (2011- Present).		80	Director of NiQ — Portland, OR (2016-2020); Director of Specialty Family Foundation (2013-Present); Director, GrandPoint Bank banking), (2011-Present); Director, Indy Mac Bancorp (banking) 2003-2008); Director, Move, Inc. internet real estate site) (2003-Present); Director, Health Net, Inc. (health insurance plan) (2000-2016).
Interested Trustee
John T. Genoy (4) Age: 54	President and Trustee	2021 – Present	President of VALIC Company I, Seasons Series Trust, and SAAMCo (2021-Present); Director of SAAMCo (2014-Present: Chief Operating Officer, SAAMCo (2006-Present); Chief Financial Officer, SAAMCo (2002-2021); Senior Vice President, SAAMCo (2021).		80	None.

38

SUNAMERICA SERIES TRUST

TRUSTEES AND OFFICERS INFORMATION (unaudited) — (continued)

Name and                                Age†	Position Held With Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(2)	Other Directorships Held by Trustee(3)
Officers
Kathleen D. Fuentes Age: 53	Chief Legal Officer, Vice President, and Secretary	2015 – Present	Vice President and Deputy General Counsel, SAAMCo (2006-Present).	N/A	N/A
Christopher C. Joe Age: 53	Chief Compliance Officer and Vice President	2017-Present	Chief Compliance Officer, Seasons Series Trust, SunAmerica Series Trust and VALIC Company I (2017-Present); Chief Compliance Officer, VALIC Retirement Services Company (2017-2019); Chief Compliance Officer, Invesco PowerShares (2011-2017); 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: 56	Vice President and Assistant Secretary	2005 – Present	Senior Vice President and General Counsel, SAAMCo (2005-Present).	N/A	N/A
Gregory R. Kingston Age: 56	Treasurer and Principal Financial Officer/Principal Accounting Officer	2014 – Present	Vice President, SAAMCo (1999-Present); Head of Mutual Fund Administration, SAAMCo (2014-Present).	N/A	N/A
Shawn Parry Age: 50	Vice President and Assistant Treasurer	2014 – Present	Vice President, SAAMCo (2014-Present); Assistant Vice President, SAAMCo (2010-2014)	N/A	N/A
Donna McManus Age: 61	Vice President and Assistant Treasurer	2014 – Present	Vice President, SAAMCo (2014-Present); Managing Director, BNY Mellon (2000-2014).	N/A	N/A
Matthew J. Hackethal Age: 51	Anti-Money Laundering Compliance Officer	2006 – Present	Vice President, SAAMCo (2011-Present); Acting Chief Compliance Officer, SAAMCo (2016-2017); Chief Compliance Officer, SAAMCo (2006-Present).	N/A	N/A
Salimah Shamji Age: 51	Vice President	2020 – Present	Vice President, SAAMCo (2008-Present).	N/A	N/A
Christopher J. Tafone Age: 47	Vice President and Assistant Secretary	2021 – Present (Vice President; (2016 – Present) (Assistant Secretary)	Vice President, SAAMCo (2016-Present); Associate General Counsel, AIG Life & Retirement (2016-Present).	N/A	N/A

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

(1) 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.

(2) 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 (61 portfolios), Seasons Series Trust (19 portfolios) and VALIC Company I (36 portfolios).

(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) Interested Trustee, as defined within the Investment Company Act of 1940, because he serves as President and COO of SunAmerica.

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.

39

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, 2022.

During the year ended December 31, 2022 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 Dividends Received Deduction
SA American Funds Asset Allocation Portfolio Class 1	$	0.90	$	0.34	$	—	$	0.56		71.43	%
SA American Funds Asset Allocation Portfolio Class 3		0.86		0.30		—		0.56		71.43
SA American Funds Global Growth Portfolio Class 1		0.07		—		—		0.07		—
SA American Funds Global Growth Portfolio Class 3		0.07		—		—		0.07		—
SA American Funds Growth Portfolio Class 1		2.10		0.11		—		1.99		100.00
SA American Funds Growth Portfolio Class 3		2.07		0.08		—		1.99		100.00
SA American Funds Growth-Income Portfolio Class 1		0.50		0.14		—		0.36		100.00
SA American Funds Growth-Income Portfolio Class 3		0.47		0.11		—		0.36		100.00
SA American Funds VCP Managed Allocation Portfolio Class 1		0.72		0.19		—		0.53		100.00
SA American Funds VCP Managed Allocation Portfolio Class 3		0.68		0.15		—		0.53		100.00

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

40

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, 2022.

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.corebridgefinancial.com/annuities for performance data current to the most recent month-end.

41

American Funds

SA American Funds Asset Allocation Portfolio — Class 3

SA American Funds Asset Allocation Portfolio
Average Annual Total Returns as of 12/31/22
	Class 1*		Class 3*
1-year		-13.44%		-13.58%
5-year		5.31%		5.06%
10-year		N/A		7.80%
Since Inception		7.06%		6.26%

* 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 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 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 corebridgefinancial.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 -13.58% for the twelve months ended December 31, 2022. The S&P 500^® Index returned -18.11% over the same period, while the Bloomberg U.S. Aggregate Bond Index returned -13.01%. The Blended Index (60% S&P 500^® Index and 40% Bloomberg U.S. Aggregate Bond Index) returned -15.79%. The American Funds Insurance Series^® Asset Allocation Fund — Class 1 (Master Fund), which is a mix of stocks and bonds, returned -13.19% for the annual period.

U.S. equities had their worst year since 2008, as persistently high inflation and aggressive rate hikes stoked recession fears. The S&P 500^® Index entered its first bear market since 2020. Energy was the top S&P 500^® Index sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia’s invasion of Ukraine upended global oil flows. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist. U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, and ended the year inverted as shorter dated bonds sold off sharply.

In the equity portion, investment selection within the consumer discretionary sector was the top contributor to relative returns on a sector basis. Results were buoyed by an off-benchmark holding in food services company Aramark and a higher-than-index position in Philip Morris, which saw returns that significantly outpaced the S&P 500® Index. On the downside, stock selections within the energy and financials sectors weighed on relative returns. Within energy, Exxon Mobil — which the fund did not hold — weighed on relative results as its stock outpaced the S&P 500^® Index. A higher-than-benchmark holding in Charter Communications was among the top individual detractors, as returns lagged the S&P 500^® Index. The fixed income investments were additive to relative returns overall. Duration positioning within Treasuries and mortgage-backed securities (MBS) contributed positively to results. Sector and security selections detracted. An out-of-benchmark position within U.S. Treasury Inflation-Protected Securities (TIPS) also weighed on returns.

Past performance is no guarantee of future results.

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

42

American Funds

SA American Funds Global Growth Portfolio — Class 3

SA American Funds Global Growth Portfolio
Average Annual Total Returns as of 12/31/22
	Class 1*		Class 3*
1-year		-24.75%		-24.97%
5-year		7.03%		6.77%
10-year		N/A		9.85%
Since Inception		9.54%		7.85%

* 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 24 emerging markets countries. 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 corebridgefinancial.com/annuities for performance data current to the most recent month-end.

The SA American Funds Global Growth Portfolio — Class 3 (Feeder Fund) returned -24.97% for the twelve months ended December 31, 2022, compared with a -18.36% return for the MSCI ACWI (net) Index. The American Funds Insurance Series^® Global Growth Fund — Class 1 (Master Fund) returned -24.54% for the annual period.

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

Stock selection in the consumer discretionary sector was the top contributor to relative returns. A larger-than-index position in health care firm Cigna was among the top individual contributors to the Master Fund, with returns that outpaced the MSCI ACWI (net) Index. On the downside, stock selections within the information technology sector weighed on results. Netherlands-based payments firm Adyen was among the top individual detractors, with returns that lagged the MSCI ACWI (net) Index in a weak sector overall. On a geographic basis, stocks of companies domiciled in Hong Kong and France were among the top contributors to results, while stocks of companies based in the United States and the Netherlands were among the top detractors.

Past performance is no guarantee of future results.

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

43

American Funds

SA American Funds Growth Portfolio — Class 3

SA American Funds Growth Portfolio
Average Annual Total Returns as of 12/31/22
	Class 1*		Class 3*
1-year		-29.90%		-30.09%
5-year		11.10%		10.85%
10-year		N/A		13.34%
Since Inception		13.66%		9.33%

* 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 corebridgefinancial.com/annuities for performance data current to the most recent month-end.

The SA American Funds Growth Portfolio — Class 3 (Feeder Fund) returned -30.09% for the twelve months ended December 31, 2022, compared with a -18.11% return for the S&P 500^® Index. The American Funds Insurance Series^® Growth Fund — Class 1 (Master Fund) returned -29.75% for the annual period.

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

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

Past performance is no guarantee of future results.

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

44

American Funds

SA American Funds Growth-Income Portfolio — Class 3

SA American Funds Growth-Income Portfolio
Average Annual Total Returns as of 12/31/22
	Class 1*		Class 3*
1-year		-16.49%		-16.74%
5-year		7.80%		7.51%
10-year		N/A		11.22%
Since Inception		10.27%		7.72%

* 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 corebridgefinancial.com/annuities for performance data current to the most recent month-end.

The SA American Funds Growth-Income Portfolio — Class 3 (Feeder Fund) returned -16.74% for the 12 months ended December 31, 2022, while the S&P 500^® Index returned -18.11% over the same period. The American Funds Insurance Series^® Growth-Income Fund — Class 1 (Master Fund) returned -16.28% for the annual period.

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

The Master Fund’s investments within the information technology and industrials sectors were top contributors to relative returns. An out-of-benchmark position in energy company Canadian Natural Resources was a top individual contributor, as the stock outpaced the S&P 500^® Index. On the downside, security selections within the communications and financials sectors dragged on Portfolio returns. Netflix was the fund’s top individual detractor owing to a larger-than-benchmark position and returns that lagged the S&P 500^® Index.

Past performance is no guarantee of future results.

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

45

American Funds

SA American Funds VCP Managed Allocation Portfolio — Class 3

SA American Funds VCP Managed Allocation Portfolio
Average Annual Total Returns as of 12/31/22
	Class 1*		Class 3*
1-year		-16.97%		-17.18%
5-year		3.41%		3.15%
10-year		N/A		5.70%
Since Inception		5.27%		5.67%

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

1 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.

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 corebridgefinancial.com/annuities for performance data current to the most recent month-end.

The SA American Funds VCP Managed Allocation Portfolio — Class 3 (Feeder Fund) returned -17.18% for the twelve months ended December 31, 2022. The S&P 500^® Managed Risk Index — Moderate Index returned -13.13% over the same period. The American Funds Insurance Series^® Managed Risk Growth-Income Fund — Class P1 (Master Fund) returned -16.74% 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^® The Bond Fund of America while seeking to manage Portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the 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 Master 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 investment within the information technology sector was the top contributor to relative returns. A higher-than-benchmark investment within the industrials sector was also additive to results. On the downside, security selections within the financials and communication services sectors weighed on relative results. The managed risk strategy detracted overall. Within the strategy, the equity future overlay was positive while the Treasury future and option overlays detracted.

46

SUNAMERICA SERIES TRUST

SUMMARY PROSPECTUS SUPPLEMENT

December 31, 2022 (unaudited)

Filed under Rules 497(e) and 497(k)

Registration Nos. 333-08653

033-52742

Seasons Series Trust

SunAmerica Series Trust

(each, a “Trust,” and each series thereof, a “Portfolio”)

Supplement dated October 17, 2022, to each Portfolio’s current Summary Prospectus,

Prospectus and Statement of Additional Information, as amended or supplemented to date

SunAmerica Asset Management, LLC (“SunAmerica”), the Portfolios’ investment adviser, is indirectly, wholly owned by Corebridge Financial, Inc. (“Corebridge”). American International Group, Inc. (“AIG”), the parent of Corebridge, has announced its intention to sell all of its interest in Corebridge over time (such divestment, the “Separation Plan”). On September 19, 2022, AIG sold a portion of its interest in Corebridge in an initial public offering (“IPO”) of Corebridge common stock, following which AIG’s interest in Corebridge is approximately 78%. While the IPO did not result in an “assignment” (as defined in the Investment Company Act of 1940) of the current investment advisory and management agreement between SunAmerica and each Trust with respect to the Portfolios, it is anticipated that one or more of the transactions contemplated by the Separation Plan will ultimately be deemed to result as such. Each agreement provides that it will automatically terminate in the event of its “assignment.”

Accordingly, at a meeting held on October 13, 2022 (the “Board Meeting”), the Board of Trustees (the “Board,” whose members are referred to as the “Trustees”) of each Trust considered and approved proposals to approve a new investment advisory and management agreement between SunAmerica and its respective Trust with respect to the Portfolios to take effect upon the automatic termination of an existing agreement in the event of an assignment resulting from a transaction contemplated by the Separation Plan, thus allowing SunAmerica to continue to provide advisory services to the Portfolios without interruption. At the Board Meeting, each Board also approved several other proposals, as described below, and also approved submitting such proposals to shareholders of each Portfolio at a joint special meeting (the “Special Meeting”) to be held on or about January 19, 2023. Specifically, at the Special Meeting, shareholders will be asked:

1. To elect Trustees to the Board of each Trust;

2. To approve a new investment advisory and management agreement between SunAmerica and each Trust, on behalf of each of its respective Portfolios, and to approve any future investment advisory and management agreements between SunAmerica and each Trust, each to take effect upon a transaction contemplated by the Separation Plan that results in an assignment of the then-existing investment advisory and management agreement;

3. To approve a modified “manager-of-managers” structure; and

4. To approve an amendment to the fundamental investment restriction regarding concentration for each of the SA Franklin Systematic U.S. Large Cap Value Portfolio, the SA Fidelity Institutional AM^® Real Estate Portfolio, the SA Large Cap Index Portfolio and the SA DFA Ultra Short Bond Portfolio.

More detailed information about each proposal to be voted on at the Special Meeting will be provided in a forthcoming proxy statement. When you receive the proxy statement, please review it carefully and cast your vote or provide voting instructions to avoid the additional expense to the Portfolios of any future solicitation. This Supplement is not a proxy and is not soliciting any proxy, which can only be done by means of a proxy statement. The Special Meeting is limited to shareholders of each Portfolio. Shareholders of a Portfolio as of October 26, 2022, are entitled to vote at the Special Meeting.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

47

SUNAMERICA SERIES TRUST

RESULTS OF SHAREHOLDERS MEETING

December 31, 2022 (unaudited)

On January 19, 2023, a joint special meeting of shareholders (the “Special Meeting”) of each of the portfolios of the Trust to consider certain proposals, including the proposals listed below. Each of the applicable proposals were approved and the results of the Special Meeting with respect to the proposals applicable to the Portfolios were as follows:

1. To elect six Trustees to the Board of Trustees of the Trust (the “Board”) (voted on by all shareholders of all of the portfolios of the Trust, voting together).

NAME OF TRUSTEE	FOR		WITHHOLD
(01) Tracey C. Doi		3,690,515,635.221		118,434,656.196
(02) John T. Genoy		3,688,993,816.513		119,956,474.904
(03) Jane Jelenko		3,681,946,483.602		127,003,807.815
(04) Charles H. Self III		3,683,752,067.920		125,198,223.497
(05) Martha B. Willis		3,688,729,273.033		120,221,018.384
(06) Bruce G. Willison		3,679,287,280.376		129,663,011.041

2. To consider and vote upon a proposal to approve a new investment advisory and management agreement between SunAmerica and the Trust, on behalf of each of the respective Portfolios, and to approve any future investment advisory and management agreements between SunAmerica and the Trust, each to take effect upon a Change of Control Event resulting from the Separation Plan. The material terms of the proposed investment advisory and management agreements are substantially similar to the material terms of the current investment advisory and management agreements (with respect to each Portfolio, voted on by shareholders of the Portfolio, voting separately):

	FOR		AGAINST		ABSTAIN
SA American Funds Asset Allocation Portfolio		103,427,915.180		1,848,339.926		5,867,801.370
SA American Funds Global Growth Portfolio		33,136,786.779		629,612.772		1,199,241.316
SA American Funds Growth Portfolio		56,162,483.015		1,004,319.445		2,414,761.173
SA American Funds Growth- Income Portfolio		31,305,021.406		659,977.414		1,471,106.670
SA American Funds VCP Managed Allocation Portfolio		123,391,375.873		3,588,908.247		7,391,306.120

3. To approve a modified “manager-of-managers” structure for each Portfolio (with respect to each Portfolio, voted on by shareholders of the Portfolio, voting separately):

	FOR		AGAINST		ABSTAIN
SA American Funds Asset Allocation Portfolio		100,885,757.960		3,510,162.084		6,748,136.432
SA American Funds Global Growth Portfolio		32,807,579.542		828,749.198		1,329,312.127
SA American Funds Growth Portfolio		55,298,510.034		1,371,061.652		2,911,991.947
SA American Funds Growth- Income Portfolio		30,949,574.924		850,584.174		1,635,946.392
SA American Funds VCP Managed Allocation Portfolio		121,516,819.476		5,386,948.958		7,467,821.806

48

Past performance is no guarantee of future results.

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

49

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 the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Forms N-PORT are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

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.

50

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.15 (2/22)

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

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

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

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

Contents
1	Letter to investors
4	Fund reviews
Investment portfolios
46	Global Growth Fund
51	Global Small Capitalization Fund
58	Growth Fund
65	International Fund
70	New World Fund®
84	Washington Mutual Investors Fund
89	Capital World Growth and Income Fund®
97	Growth-Income Fund
103	International Growth and Income Fund
109	Capital Income Builder®
127	Asset Allocation Fund
160	American Funds® Global Balanced Fund
176	The Bond Fund of America®
206	Capital World Bond Fund®
226	American High-Income Trust®
245	American Funds Mortgage Fund®
252	Ultra-Short Bond Fund
254	U.S. Government Securities Fund®
263	Managed Risk Growth Fund
265	Managed Risk International Fund
267	Managed Risk Washington Mutual Investors Fund
269	Managed Risk Growth-Income Fund
271	Managed Risk Asset Allocation Fund
273	Financial statements

Fellow investors:

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

Regarding the investment environment, global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. Several key benchmark indexes fell into bear market

territory at times and all but one sector declined in the MSCI All Country World Index¹. Communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

U.S. equities had their worst year since 2008 as the S&P 500 Index² fell 18.11%. Growth stocks had the sharpest declines, including several tech giants that had been market leaders over the last decade. On the upside, energy was the top S&P 500 sector for the second straight year, climbing 66%. Crude oil prices spiked in March after Russia’s invasion of Ukraine upended global oil flows. Despite consecutive quarters of negative gross domestic product growth in the first half, a strong labor market helped inflation to persist.

European stocks declined as record-high inflation, rising interest rates and the Ukraine invasion combined to hammer the eurozone economy. Gross domestic product growth in the 19-member eurozone decelerated throughout the year, falling to 0.3% in the third quarter from 0.6% in the first quarter. Political turmoil also weighed on markets amid contentious leadership changes in Italy and the United Kingdom. Despite a strong fourth-quarter rally in European stocks, the MSCI Europe Index³ finished the full year down by 15.06%.

Emerging markets stocks tumbled, undercut by China’s economic slowdown, interest rate hikes and the growing strength of the U.S. dollar. Rising inflation in developing countries that spurred monetary tightening, as well as rolling lockdowns in China to suppress COVID-19, also weighed on equity prices. Overall, the MSCI Emerging Markets Index⁴ slid 20.09%.

Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index⁵ lost 12.46% in one of the worst bond market

Past results are not predictive of results in future periods.

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

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

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

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

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

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

American Funds Insurance Series      1

declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield rose 237 basis points to 3.88%. In this environment, investment-grade (BBB/ Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index⁶ was down 15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index⁷ fell by 11.18%, while the Bloomberg Municipal Bond Index⁸ declined 8.53%.

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

14.6% against the euro and the yen, respectively.

Looking ahead

Big questions remain about how the U.S. economy will do in 2023. It is possible

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

Thus, as 2023 progresses we may see, out of many fears, a reason for optimism. The ongoing war in Ukraine remains a wild card, and we hope it does not spill over into a larger conflict. That may be the biggest risk to a mildly positive outlook for stocks. There can still be bumps in the road, but with our world-class research, we will continue to focus on finding those companies with the best fundamentals

and the best risk-versus-return tradeoffs. We believe that we will find plenty of attractive securities for the long term in this environment. In the event of periods of volatility, we remain committed to our process, and will look for opportunities at that time as well.

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

Sincerely,

Donald D. O’Neal

Co-President

Alan N. Berro

Co-President

February 13, 2023

Past results are not predictive of results in future periods.

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

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

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

2      American Funds Insurance Series

About the series

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

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

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

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

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

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

American Funds Insurance Series      3

Global Growth Fund

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

Global Growth Fund declined 24.54% for the 12 months ended December 31, 2022, compared with a decrease of 18.36% in its benchmark index, MSCI ACWI (All Country World Index),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 fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI ACWI. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

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

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

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

4      American Funds Insurance Series

Global Growth Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022²

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

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

Past results are not predictive of results in future periods.

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

¹  Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

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

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

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

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

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

6      American Funds Insurance Series

Global Small Capitalization Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022²

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

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

Past results are not predictive of results in future periods.

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

¹  Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

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

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

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

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

8      American Funds Insurance Series

Growth Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022²

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

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

Past results are not predictive of results in future periods.

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

¹  Source: S&P Dow Jones Indices LLC.

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

International Fund declined 20.57% for the 12 months ended December 31, 2022. Its benchmark index, MSCI ACWI (All Country World Index) ex USA,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.), fell 16.00%.

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

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

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

10      American Funds Insurance Series

International Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022²

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

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

Past results are not predictive of results in future periods.

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

¹  Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

New World Fund was down 21.86% for the 12 months ended December 31, 2022. Its benchmark index, MSCI ACWI (All Country World Index),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 18.36%. The MSCI Emerging Markets (EM) 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), fell by 20.09%.

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

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

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

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

12      American Funds Insurance Series

New World Fund^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022²

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

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

Past results are not predictive of results in future periods.

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

¹  Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series      13

Washington Mutual Investors Fund

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

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

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

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

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

14      American Funds Insurance Series

Washington Mutual Investors Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022²

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

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

Past results are not predictive of results in future periods.

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

¹  Source: S&P Dow Jones Indices LLC.

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series      15

Capital World Growth and Income Fund^®

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

Capital World Growth and Income Fund declined 17.13% for the 12 months ended December 31, 2022, compared with a decline of 18.36% in its benchmark index, MSCI ACWI (All Country World Index),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 fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

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

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

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

16      American Funds Insurance Series

Capital World Growth and Income Fund^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022²

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

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

Past results are not predictive of results in future periods.

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

¹  Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions.

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

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

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

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

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

18      American Funds Insurance Series

Growth-Income Fund (continued)

How a hypothetical $ $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022²

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

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

Past results are not predictive of results in future periods.

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

¹  Source: S&P Dow Jones Indices LLC.

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

International Growth and Income Fund fell 15.00% for the 12 months ended December 31, 2022, compared with a decline of 16.00% in its benchmark index, MSCI ACWI (All Country World Index) ex USA,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 fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI All Country World Index. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses.

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

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

20      American Funds Insurance Series

International Growth and Income Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022²

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

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

Past results are not predictive of results in future periods.

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

¹  Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions.

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Capital Income Builder, which invests in a mix of stocks and bonds, declined 6.90% for the 12 months ended December 31, 2022. During the same period, the index blend of 70%/30% MSCI ACWI (All Country World Index)/Bloomberg U.S. Aggregate Index¹ fell 16.59%. MSCI ACWI,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), fell 18.36%. The Bloomberg U.S. Aggregate Index,³ which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, fell 13.01%.

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

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

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

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

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

22      American Funds Insurance Series

Capital Income Builder^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022⁴

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

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

Past results are not predictive of results in future periods.

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

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

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

³  Source: Bloomberg Index Services Ltd.

⁴  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Asset Allocation Fund, which is a mix of stocks and bonds, fell 13.19% for the 12 months ended December 31, 2022. During the same period, the index blend of 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index¹ declined 15.79%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%, while the Bloomberg U.S. Aggregate Index,³ which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, fell by 13.01%.

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

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

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

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

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

24      American Funds Insurance Series

Asset Allocation Fund (continued)    

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022⁴

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

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

Past results are not predictive of results in future periods.

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

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

²  Source: S&P Dow Jones Indices LLC.

³  Source: Bloomberg Index Services Ltd.

⁴  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series      25

American Funds^® Global Balanced Fund

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

American Funds Global Balanced Fund declined 14.33% for the 12 months ended December 31, 2022. Over the same period, the fund’s index blend of 60%/40% MSCI ACWI (All Country World Index)/Bloomberg Global Aggregate Index¹ fell 17.33%. MSCI ACWI,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), was down 18.36%, while the Bloomberg Global Aggregate Index,³ a measure of global investment-grade bonds (rated BBB/Baa and above), declined 16.25%.

Global stocks fell sharply, pressured by rising interest rates, slowing economic growth and inflationary pressures not seen since the 1980s. The war in Ukraine also weighed on investors throughout the year. Several key benchmark indexes fell into bear market territory at times and all but one sector declined in the MSCI ACWI. Within that index, communication services, consumer discretionary and information technology stocks suffered the biggest losses. Meanwhile, energy stocks surged amid higher oil and gas prices. Late in the year, signs that inflation may have peaked in the U.S., Europe and elsewhere sparked a rally that erased some of the losses. Bonds fell in the face of rising inflation, and the Federal Reserve hiked its policy rate 425 basis points over seven policy meetings in an attempt to tame it. The Bloomberg U.S. Treasury Index⁴ lost 12.46% in one of the worst bond market declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring inflation back to a target of roughly 2%, down from 7% to 10% in many economies.

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

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

26      American Funds Insurance Series

American Funds^® Global Balanced Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022⁵

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

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

Past results are not predictive of results in future periods.

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

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

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

³  Source: Bloomberg Index Services Ltd.

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

⁵  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series      27

The Bond Fund of America^®

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

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

U.S. fixed income markets fell across the board. The U.S. Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. The Bloomberg U.S. Corporate Investment Grade Index² returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index³ returned –11.18%, while the Bloomberg Municipal Bond Index⁴ returned –8.53%.

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

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

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

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

28      American Funds Insurance Series

The Bond Fund of America^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022⁵

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

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

Past results are not predictive of results in future periods.

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

¹  Source: Bloomberg Index Services Ltd.

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

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

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

⁵  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022   Percent of net assets

American Funds Insurance Series      29

Capital World Bond Fund^®

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

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

Bonds plummeted in the face of soaring inflation, which rose in part due to energy price shocks resulting from Russia’s invasion of Ukraine. The Bloomberg U.S. Treasury Index² lost 12.46% in one of the worst bond market declines in history. The Federal Reserve and European Central Bank, among others, aggressively raised interest rates in an attempt to bring consumer price increases back to a target of roughly 2%, down from 7% to 10% in many economies.

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

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

30      American Funds Insurance Series

Capital World Bond Fund^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022³

1 year

5 years

10 years

Lifetime (since October 4, 2006)

Expense ratio

Class 1

–17.43

%

–1.53

%

–0.25

%

2.40

%

0.47

%

Class 1A

–17.69

–1.76

–0.48

2.16

0.72

Class 24

–17.70

–1.77

–0.50

2.14

0.72

Class 4

–17.84

–2.01

–0.70

1.92

0.97

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

Past results are not predictive of results in future periods.

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

¹  Source: Bloomberg Index Services Ltd.

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

³  Periods greater than one year are annualized.

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

Where the fund’s assets were invested as of December 31, 2022   Percent of net assets

American Funds Insurance Series      31

American High-Income Trust^®

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

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

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, and ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. Investment-grade (BBB/Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index² returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg Municipal Bond Index³ returned –8.53%.

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

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

32      American Funds Insurance Series

American High-Income Trust^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022⁴

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

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

Past results are not predictive of results in future periods.

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

¹  Source: Bloomberg Index Services Ltd.

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

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

⁴  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

American Funds Insurance Series      33

American Funds 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

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

U.S. fixed income markets fell across the board. The Federal Reserve raised the federal funds rate by 425 basis points from near zero to counter the highest inflation since the 1980s. U.S. Treasury yields rose across the curve, which ended the year inverted as shorter dated bonds sold off sharply. The 10-year Treasury yield soared 237 basis points to 3.88%. Investment-grade (BBB/Baa and above) corporate bonds saw the worst returns. The Bloomberg U.S. Corporate Investment Grade Index² returned –15.76%, and spreads widened by 38 basis points. Elsewhere, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index³ returned –11.18%, while the Bloomberg Municipal Bond Index⁴ returned –8.53%.

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

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

34      American Funds Insurance Series

American Funds Mortgage Fund^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022⁵

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

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

Past results are not predictive of results in future periods.

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

¹  Source: Bloomberg Index Services Ltd.

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

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

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

⁵  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022   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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Ultra-Short Bond Fund rose 1.42% for the 12 months ended December 31, 2022, compared with a 0.69% rise in the Bloomberg Short-Term Government/Corporate Index,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.

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

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

36      American Funds Insurance Series

Ultra-Short Bond Fund (continued)

Total returns based on a $1,000 investment For periods ended December 31, 2022²

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

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

Past results are not predictive of results in future periods.

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

¹  Source: Bloomberg Index Services Ltd.

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 Percent of net assets

Commercial paper	76.5	%
Federal agency bills & notes	21.5
Other assets less liabilities	2.0
Total	100.0	%

American Funds Insurance Series      37

U.S. Government Securities Fund^®

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

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

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

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

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

38      American Funds Insurance Series

U.S. Government Securities Fund^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022²

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

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

Past results are not predictive of results in future periods.

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

¹  Source: Bloomberg Index Services Ltd.

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2022 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

The fund declined 24.62% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index – Moderate Aggressive¹ was down 13.52%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, fell 18.11%.

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

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

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022⁴

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

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

Past results are not predictive of results in future periods.

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

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. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.

⁴  Periods greater than one year are annualized.

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

40      American Funds Insurance Series

Managed Risk International Fund

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

The fund declined 15.27% for the 12 months ended December 31, 2022, compared to S&P EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive,¹ which was down 12.42%. 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.), fell 16.00%.

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

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

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022³

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

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

Past results are not predictive of results in future periods.

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

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

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

³  Periods greater than one year are annualized.

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

American Funds Insurance Series      41

Managed Risk Washington Mutual Investors Fund

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

The fund declined 8.92% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index – Moderate¹ fell 13.13%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was down 18.11%.

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

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

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022³

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

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

Past results are not predictive of results in future periods.

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

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

²  Source: S&P Dow Jones Indices LLC.

³  Periods greater than one year are annualized.

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

42      American Funds Insurance Series

Managed Risk Growth-Income Fund

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

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

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

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

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022³

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

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

Past results are not predictive of results in future periods.

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

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

²  Source: S&P Dow Jones Indices LLC.

³  Periods greater than one year are annualized.

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

American Funds Insurance Series      43

Managed Risk Asset Allocation Fund

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

The fund was down 13.75% for the 12 months ended December 31, 2022. S&P 500 Managed Risk Index — Moderate Conservative¹ fell 12.94%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, declined 18.11%.

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

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

44      American Funds Insurance Series

Managed Risk Asset Allocation Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2022⁴

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

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

Past results are not predictive of results in future periods.

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

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. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market.

⁴  Periods greater than one year are annualized.

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

American Funds Insurance Series      45

Global Growth Fund

Investment portfolio December 31, 2022

Common stocks 94.49%

	Shares		Value (000)
Information technology 22.59%
Microsoft Corp.		1,807,800	$	433,547
ASML Holding NV		458,318		248,089
ASML Holding NV (New York registered) (ADR)		227,600		124,361
Taiwan Semiconductor Manufacturing Company, Ltd.		15,615,000		227,583
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		140,000		10,429
Applied Materials, Inc.		875,000		85,208
Broadcom, Inc.		125,300		70,059
Fiserv, Inc.1		497,600		50,292
Adyen NV1		34,330		47,506
Samsung Electronics Co., Ltd.		785,100		34,621
Apple, Inc.		242,400		31,495
Hexagon AB, Class B		2,920,500		30,700
MongoDB, Inc., Class A1		139,000		27,361
Keyence Corp.		69,400		27,170
NVIDIA Corp.		167,500		24,478
Mastercard, Inc., Class A		53,300		18,534
EPAM Systems, Inc.1		50,700		16,616
Visa, Inc., Class A		70,197		14,584
Capgemini SE		85,000		14,256
Network International Holdings PLC1		3,731,800		13,366
DocuSign, Inc.1		180,000		9,976
Shopify, Inc., Class A, subordinate voting shares1		195,000		6,768
				1,566,999
Health care 21.87%
Novo Nordisk A/S, Class B		1,706,930		231,118
UnitedHealth Group, Inc.		335,800		178,034
DexCom, Inc.1		1,012,000		114,599
ResMed, Inc.		509,000		105,938
AstraZeneca PLC		748,300		101,556
Pfizer, Inc.		1,884,219		96,547
Cigna Corp.		259,119		85,857
Merck & Co., Inc.		620,000		68,789
Regeneron Pharmaceuticals, Inc.1		95,036		68,568
Eli Lilly and Company		158,300		57,912
EssilorLuxottica		266,943		48,609
Gilead Sciences, Inc.		457,317		39,261
Mettler-Toledo International, Inc.1		25,400		36,714
NovoCure, Ltd.1		340,000		24,939
Alnylam Pharmaceuticals, Inc.1		104,200		24,763
CVS Health Corp.		243,600		22,701
Danaher Corp.		82,100		21,791
Bayer AG		363,860		18,787
Seagen, Inc.1		127,200		16,346
Novartis AG		165,600		15,000
Zoetis, Inc., Class A		98,300		14,406
Eurofins Scientific SE, non-registered shares		182,400		13,135
Sanofi		135,000		13,063
Vertex Pharmaceuticals, Inc.1		43,700		12,620
Olympus Corp.		665,800		11,769
Centene Corp.1		143,500		11,768
Genus PLC		270,000		9,731
Thermo Fisher Scientific, Inc.		17,472		9,622
Siemens Healthineers AG		178,000		8,905
Bachem Holding AG		101,500		8,853
Virbac SA		36,000		8,825
Catalent, Inc.1		166,200		7,481
Rede D’Or Sao Luiz SA		1,073,663		6,015

46      American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care (continued)
Organon & Co.		62,000	$	1,732
Viatris, Inc.		110,678		1,232
EUROAPI1		5,869		87
				1,517,073
Consumer discretionary 13.94%
Chipotle Mexican Grill, Inc.1		141,600		196,468
LVMH Moët Hennessy-Louis Vuitton SE		236,818		172,035
Floor & Decor Holdings, Inc., Class A1		914,698		63,690
MGM China Holdings, Ltd.1		54,589,200		60,155
Renault SA1		1,688,781		56,267
Prosus NV, Class N		760,993		52,246
Amazon.com, Inc.1		524,248		44,037
NIKE, Inc., Class B		352,600		41,258
Cie. Financière Richemont SA, Class A		291,500		37,722
Wynn Macau, Ltd.1		21,430,000		23,884
Coupang, Inc., Class A1		1,445,604		21,265
YUM! Brands, Inc.		166,000		21,261
Booking Holdings, Inc.1		9,900		19,951
Domino’s Pizza Enterprises, Ltd.		430,000		19,367
MercadoLibre, Inc.1		22,250		18,829
Home Depot, Inc.		59,500		18,794
Melco Resorts & Entertainment, Ltd. (ADR)1		1,559,600		17,935
IDP Education, Ltd.		871,300		16,102
Evolution AB		140,000		13,673
Dollar Tree Stores, Inc.1		95,000		13,437
Moncler SpA		217,370		11,571
Entain PLC		665,250		10,666
Target Corp.		60,500		9,017
Tesla, Inc.1		60,000		7,391
				967,021
Financials 8.92%
AIA Group, Ltd.		10,109,600		111,378
Tradeweb Markets, Inc., Class A		1,634,960		106,158
AXA SA		1,692,893		47,182
Kotak Mahindra Bank, Ltd.		1,696,000		37,316
Aon PLC, Class A		101,000		30,314
Prudential PLC		2,203,282		29,816
HDFC Bank, Ltd.		1,464,450		28,828
Citigroup, Inc.		569,715		25,768
Ping An Insurance (Group) Company of China, Ltd., Class H		3,855,500		25,447
Société Générale		1,011,450		25,378
Blackstone, Inc., nonvoting shares		312,000		23,147
China Merchants Bank Co., Ltd., Class H		3,867,000		21,436
Zurich Insurance Group AG		42,200		20,166
Banco Santander, SA		5,334,500		15,976
Wells Fargo & Company		377,200		15,575
London Stock Exchange Group PLC		165,000		14,237
AU Small Finance Bank, Ltd.		1,416,725		11,157
Bank of America Corp.		320,200		10,605
HDFC Life Insurance Company, Ltd.		1,406,500		9,600
Tokio Marine Holdings, Inc.		368,300		7,884
Jackson Financial, Inc., Class A		44,327		1,542
Moscow Exchange MICEX-RTS PJSC1,2		12,640,000		—	3
				618,910
Consumer staples 8.57%
British American Tobacco PLC		3,329,455		132,095
Philip Morris International, Inc.		1,086,204		109,935
Altria Group, Inc.		1,523,500		69,639
Kweichow Moutai Co., Ltd., Class A		278,166		68,834

American Funds Insurance Series      47

Global Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer staples (continued)
Keurig Dr Pepper, Inc.		1,624,000	$	57,912
Nestlé SA		460,353		53,164
Monster Beverage Corp.1		336,502		34,165
Costco Wholesale Corp.		39,170		17,881
Carrefour SA, non-registered shares		1,055,594		17,662
Pernod Ricard SA		73,000		14,349
Simply Good Foods Co.1		263,800		10,032
Bunge, Ltd.		85,000		8,481
				594,149
Industrials 7.54%
Carrier Global Corp.		1,366,400		56,364
Caterpillar, Inc.		231,600		55,482
Boeing Company1		239,000		45,527
MTU Aero Engines AG		167,000		36,146
Alliance Global Group, Inc.		156,400,700		33,466
Airbus SE, non-registered shares		245,400		29,179
DSV A/S		171,230		27,158
NIBE Industrier AB, Class B		2,328,700		21,776
Techtronic Industries Co., Ltd.		1,883,000		20,967
CSX Corp.		635,000		19,672
Safran SA		156,300		19,532
GT Capital Holdings, Inc.		2,454,611		19,234
Rentokil Initial PLC		2,380,000		14,628
Kone OYJ, Class B		273,500		14,166
Canadian Pacific Railway, Ltd. (CAD denominated)		183,000		13,644
ASSA ABLOY AB, Class B		611,000		13,146
L3Harris Technologies, Inc.		62,600		13,034
Recruit Holdings Co., Ltd.		374,200		11,901
Daikin Industries, Ltd.		74,600		11,476
Rheinmetall AG		52,200		10,397
BayCurrent Consulting, Inc.		321,000		10,037
SMC Corp.		22,500		9,523
Suzhou Maxwell Technologies Co., Ltd., Class A		156,970		9,302
Nidec Corp.		143,000		7,447
				523,204
Energy 4.84%
TotalEnergies SE		1,210,900		75,578
Canadian Natural Resources, Ltd. (CAD denominated)		1,281,064		71,140
Cenovus Energy, Inc. (CAD denominated)		3,151,200		61,139
Reliance Industries, Ltd.		1,601,273		49,121
Tourmaline Oil Corp.		430,700		21,732
Equinor ASA		592,000		21,234
Aker BP ASA		599,979		18,702
Halliburton Company		235,128		9,252
Gaztransport & Technigaz SA		75,000		8,013
Gazprom PJSC2		8,346,000		—	3
LUKOIL Oil Co. PJSC2		246,300		—	3
				335,911
Materials 3.25%
Sherwin-Williams Company		385,500		91,491
Linde PLC		169,940		55,431
Vale SA, ordinary nominative shares		1,577,389		26,554
First Quantum Minerals, Ltd.		706,200		14,755
Shin-Etsu Chemical Co., Ltd.		113,500		13,828
Corteva, Inc.		201,300		11,832
Koninklijke DSM NV		93,100		11,414
				225,305

48      American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Communication services 2.68%
Alphabet, Inc., Class A1		1,236,600	$	109,105
Meta Platforms, Inc., Class A1		190,923		22,976
Publicis Groupe SA		273,000		17,336
Sea, Ltd., Class A (ADR)1		273,336		14,222
Tencent Holdings, Ltd.		297,100		12,627
Bharti Airtel, Ltd.		945,000		9,186
				185,452
Real estate 0.18%
Goodman Logistics (HK), Ltd. REIT		1,027,500		12,072
Utilities 0.11%
Brookfield Infrastructure Partners, LP		247,500		7,666
Total common stocks (cost: $4,798,092,000)				6,553,762
Preferred securities 1.66%
Health care 1.36%
Sartorius AG, nonvoting non-registered preferred shares		239,000		94,514
Information technology 0.30%
Samsung Electronics Co., Ltd., nonvoting preferred shares		512,300		20,614
Total preferred securities (cost: $27,546,000)				115,128
Short-term securities 4.03%
Money market investments 2.37%
Capital Group Central Cash Fund 4.31%4,5		1,645,519		164,535

	Weighted average yield at acquisition			Principal amount (000)
Commercial paper 1.66%
KfW 1/27/20236		3.890	%	USD	65,000		64,782
Toronto-Dominion Bank 1/27/20236		4.130			50,000		49,833
							114,615
Total short-term securities (cost: $279,166,000)							279,150
Total investment securities 100.18% (cost: $5,104,804,000)							6,948,040
Other assets less liabilities (0.18)%							(12,386	)
Net assets 100.00%						$	6,935,654

American Funds Insurance Series      49

Global Growth Fund (continued)

Investments in affiliates⁵

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 2.37% Money market investments 2.37% Capital Group Central Cash Fund 4.31%4	$	376,714	$	1,480,091	$	1,692,180		$	(71	)	$	(19	)	$	164,535	$	9,353
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 4.31%4		1,808				1,808	7								—		—	8
Total 2.37%								$	(71	)	$	(19	)	$	164,535	$	9,353

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

²  Value determined using significant unobservable inputs.

³  Amount less than one thousand.

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

⁵  Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.

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

⁷  Represents net activity. Refer to Note 5 for more information on securities lending.

⁸  Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

50      American Funds Insurance Series

Global Small Capitalization Fund

Investment portfolio December 31, 2022

Common stocks 96.00%

	Shares		Value (000)
Industrials 20.67%
International Container Terminal Services, Inc.		11,690,490	$	42,075
Visional, Inc.1		504,850		33,522
Stericycle, Inc.1		571,050		28,490
Japan Airport Terminal Co., Ltd.1		559,900		27,843
IMCD NV		177,337		25,330
Fasadgruppen Group AB		2,370,503		23,995
Trelleborg AB, Class B		982,292		22,727
Boyd Group Services, Inc.		146,809		22,678
Cleanaway Waste Management, Ltd.		12,501,414		22,274
Interpump Group SpA		454,700		20,598
Saia, Inc.1		80,994		16,983
CG Power and Industrial Solutions, Ltd.1		4,880,108		15,908
Instalco AB		4,098,065		15,622
Montrose Environmental Group, Inc.1		348,186		15,456
Alfen NV1		162,431		14,668
Dürr AG		426,625		14,396
ALS, Ltd.		1,639,100		13,632
Cargotec OYJ, Class B, non-registered shares		300,450		13,341
Wizz Air Holdings PLC1		522,941		11,979
Daiseki Co., Ltd.		313,600		10,798
AirTAC International Group		355,062		10,747
Woodward, Inc.		105,000		10,144
Rumo SA		2,802,100		9,877
Japan Elevator Service Holdings Co., Ltd.		787,656		9,866
The AZEK Co., Inc., Class A1		482,390		9,802
Comfort Systems USA, Inc.		84,100		9,678
Centre Testing International Group Co., Ltd.		2,684,839		8,615
Melrose Industries PLC		5,266,169		8,561
DL E&C Co., Ltd.		287,442		7,732
Guangzhou Baiyun International Airport Co., Ltd., Class A1		3,524,879		7,613
Engcon AB, Class B1,2		1,070,647		6,833
Carel Industries SpA		252,900		6,357
Burckhardt Compression Holding AG		9,963		5,929
Kajaria Ceramics, Ltd.		422,763		5,916
Hensoldt AG		248,197		5,873
Diploma PLC		161,300		5,420
SIS, Ltd.1		1,128,949		5,353
GVS SpA1,2		1,192,262		5,159
Reliance Worldwide Corp., Ltd.		2,548,379		5,127
Addtech AB, Class B		353,050		5,054
KEI Industries, Ltd.		267,444		4,724
First Advantage Corp.1		361,017		4,693
Vicor Corp.1		85,683		4,605
Harsha Engineers International, Ltd.1		970,777		4,488
ICF International, Inc.		43,592		4,318
Sulzer AG		54,789		4,278
Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR),ordinary participation certificates1		460,200		3,847
LIXIL Corp.		196,500		2,995
Trex Co., Inc.1		59,516		2,519
Aalberts NV, non-registered shares		64,502		2,508
Dätwyler Holding, Inc., non-registered shares		12,348		2,466
Antares Vision SpA1		281,100		2,418
Chart Industries, Inc.1		16,174		1,864
Matson, Inc.		8,674		542
				608,236
Information technology 18.70%
Wolfspeed, Inc.1		790,681		54,589
eMemory Technology, Inc.		910,430		39,481
Net One Systems Co., Ltd.		1,201,156		31,223
Nordic Semiconductor ASA1		1,677,583		28,098

American Funds Insurance Series      51

Global Small Capitalization Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Information technology (continued)
Confluent, Inc., Class A1		1,096,085	$	24,377
PAR Technology Corp.1,2		837,615		21,837
SUMCO Corp.		1,466,300		19,620
ALTEN SA, non-registered shares		142,299		17,869
Kingdee International Software Group Co., Ltd.1		7,337,224		15,619
Extreme Networks, Inc.1		828,378		15,168
BE Semiconductor Industries NV		235,536		14,308
Smartsheet, Inc., Class A1		346,627		13,643
Euronet Worldwide, Inc.1		144,187		13,608
Ceridian HCM Holding, Inc.1		211,500		13,568
Silicon Laboratories, Inc.1		95,000		12,889
Tanla Platforms, Ltd.		1,477,291		12,708
MACOM Technology Solutions Holdings, Inc.1		190,000		11,966
Keywords Studios PLC		344,606		11,355
Alphawave IP Group PLC1,2		8,897,291		10,900
SHIFT, Inc.1		59,200		10,521
SINBON Electronics Co., Ltd.		1,142,550		10,218
OVH Groupe SAS1,2		591,394		10,169
Qorvo, Inc.1		110,518		10,017
Pegasystems, Inc.		288,141		9,866
GitLab, Inc., Class A1,2		213,816		9,716
SimCorp AS		139,192		9,512
CCC Intelligent Solutions Holdings, Inc.1		1,033,074		8,988
Aspen Technology, Inc.1		36,561		7,510
Credo Technology Group Holding, Ltd.1		555,400		7,392
INFICON Holding AG		7,397		6,462
Cognex Corp.		116,600		5,493
Bentley Systems, Inc., Class B		142,373		5,262
Unity Software, Inc.1,2		183,231		5,239
Kingboard Laminates Holdings, Ltd.		4,498,000		4,945
AvidXchange Holdings, Inc.1		489,768		4,868
Topicus.com, Inc., subordinate voting shares1		87,540		4,596
MongoDB, Inc., Class A1		23,300		4,586
Truecaller AB, Class B1,2		1,289,744		4,044
Linklogis, Inc., Class B1,2		6,753,115		3,482
Softcat PLC		222,430		3,192
Globant SA1		17,730		2,981
Rapid7, Inc.1		71,250		2,421
Kingboard Holdings, Ltd.		710,000		2,261
TELUS International (Cda), Inc., subordinate voting shares1,2		102,669		2,032
GlobalWafers Co., Ltd.		145,000		2,014
LEM Holding SA		990		1,922
Cvent Holding Corp.1		344,800		1,862
HashiCorp, Inc., Class A1		54,600		1,493
Bechtle AG, non-registered shares		40,616		1,437
Marqeta, Inc., Class A1		212,881		1,301
Semtech Corp.1		32,200		924
Yotpo, Ltd.1,3,4		678,736		842
				550,394
Consumer discretionary 17.91%
Melco Resorts & Entertainment, Ltd. (ADR)1		3,600,384		41,404
Skechers USA, Inc., Class A1		700,000		29,365
Five Below, Inc.1		165,181		29,216
Thor Industries, Inc.		370,472		27,967
Mattel, Inc.1		1,400,000		24,976
Wyndham Hotels & Resorts, Inc.		332,330		23,698
Entain PLC		1,424,930		22,847
YETI Holdings, Inc.1		547,131		22,602
NEXTAGE Co., Ltd.		1,036,500		19,999
Domino’s Pizza Enterprises, Ltd.2		443,338		19,968
Light & Wonder, Inc.1		299,658		17,560

52      American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer discretionary (continued)
Asbury Automotive Group, Inc.1		97,426	$	17,464
Inchcape PLC		1,719,150		16,969
Evolution AB		172,264		16,824
DraftKings, Inc., Class A1,2		1,400,364		15,950
Lands’ End, Inc.1,5		2,100,000		15,939
Helen of Troy, Ltd.1		141,542		15,698
TopBuild Corp.1		82,261		12,873
WH Smith PLC		701,756		12,524
Kindred Group PLC (SDR)		1,164,011		12,150
Shoei Co., Ltd.		281,700		11,006
Tongcheng Travel Holdings, Ltd.1		4,538,400		10,922
Golden Entertainment, Inc.1		256,800		9,604
Chervon Holdings, Ltd.2		1,635,700		9,023
Musti Group OYJ		495,800		8,297
MRF, Ltd.		7,160		7,650
Tube Investments of India, Ltd.		204,200		6,852
Melco International Development, Ltd.1		6,130,000		6,655
Compagnie Plastic Omnium SA		337,633		4,898
Zhongsheng Group Holdings, Ltd.		938,500		4,784
Everi Holdings, Inc.1		330,000		4,736
Leslie’s, Inc.1		353,358		4,315
On Holding AG, Class A1		238,410		4,091
Elior Group SA1,2		1,153,174		4,066
Persimmon PLC		255,136		3,766
Haichang Ocean Park Holdings, Ltd.1		17,691,000		3,617
IDP Education, Ltd.		150,966		2,790
Arco Platform, Ltd., Class A1,2		158,600		2,141
DESCENTE, Ltd.		81,425		2,003
				527,209
Health care 17.06%
Insulet Corp.1		322,368		94,901
Haemonetics Corp.1		960,147		75,516
Globus Medical, Inc., Class A1		464,688		34,512
Oak Street Health, Inc.1		1,542,490		33,179
Integra LifeSciences Holdings Corp.1		527,958		29,603
Max Healthcare Institute, Ltd.1		4,669,887		24,816
CONMED Corp.		200,920		17,810
CanSino Biologics, Inc., Class H		1,864,200		15,948
Vaxcyte, Inc.1		274,959		13,184
Ocumension Therapeutics1		9,650,966		12,105
Hapvida Participações e Investimentos SA1		12,352,106		11,885
Bachem Holding AG		135,555		11,823
Angelalign Technology, Inc.		640,800		10,100
ICON PLC1		46,061		8,947
Shandong Pharmaceutical Glass Co., Ltd., Class A		2,180,508		8,890
CompuGroup Medical SE & Co. KGaA		228,815		8,808
Ambu AS, Class B, non-registered shares1		683,462		8,672
Penumbra, Inc.1		36,200		8,053
Netcare, Ltd.		8,818,088		7,527
iRhythm Technologies, Inc.1		79,700		7,466
Denali Therapeutics, Inc.1		257,903		7,172
Encompass Health Corp.		117,866		7,050
New Horizon Health, Ltd.1		3,007,844		6,730
Medmix AG		324,953		6,200
Health Catalyst, Inc.1		568,785		6,046
Hypera SA, ordinary nominative shares		582,885		4,990
Amplifon SpA		141,536		4,228
The Ensign Group, Inc.		39,450		3,732
Masimo Corp.1		23,687		3,505
Amvis Holdings, Inc.		122,400		3,113
Nordhealth AS, Class A1,2		1,279,999		2,916

American Funds Insurance Series      53

Global Small Capitalization Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care (continued)
Gland Pharma, Ltd.1		90,000	$	1,715
Beam Therapeutics, Inc.1		22,757		890
DiaSorin Italia SpA		292		41
				502,073
Financials 8.75%
Star Health & Allied Insurance Co., Ltd.1		6,037,336		41,333
Cholamandalam Investment and Finance Co., Ltd.		3,684,053		32,078
Eurobank Ergasias Services and Holdings SA1		17,966,239		20,281
Independent Bank Group, Inc.		280,449		16,849
Stifel Financial Corp.		271,050		15,821
Glacier Bancorp, Inc.		286,088		14,139
Fukuoka Financial Group, Inc.		572,200		13,049
IIFL Finance, Ltd.		2,116,842		12,316
IIFL Wealth Management, Ltd.		513,500		11,028
Janus Henderson Group PLC		440,000		10,349
Bridgepoint Group PLC		3,459,845		8,017
Remgro, Ltd.		965,035		7,551
Five-Star Business Finance, Ltd.1		993,023		7,268
Patria Investments, Ltd., Class A		508,200		7,079
Aptus Value Housing Finance India, Ltd.		1,816,424		6,657
SiriusPoint, Ltd.1		1,100,000		6,490
Aavas Financiers, Ltd.1		272,734		6,072
Eastern Bankshares, Inc.		278,164		4,798
AU Small Finance Bank, Ltd.		483,716		3,809
SouthState Corp.		46,350		3,539
Allfunds Group PLC		470,000		3,284
East West Bancorp, Inc.		49,700		3,275
Capitec Bank Holdings, Ltd.		15,161		1,658
PT Bank Raya Indonesia Tbk1		23,860,996		619
				257,359
Materials 3.56%
JSR Corp.		1,140,088		22,469
LANXESS AG		441,240		17,807
OZ Minerals, Ltd.		648,901		12,142
Navin Fluorine International, Ltd.		175,000		8,586
PI Industries, Ltd.		188,382		7,772
Zeon Corp.		768,700		7,730
Vidrala, SA, non-registered shares		64,918		5,581
MMG, Ltd.1		14,608,000		3,728
Materion Corp.		41,809		3,659
Toyo Gosei Co., Ltd.2		63,400		3,485
Recticel SA/NV		175,000		2,921
Mayr-Melnhof Karton AG, non-registered shares		17,479		2,824
Livent Corp.1		130,000		2,583
Perimeter Solutions SA1,2		221,167		2,021
Huhtamäki OYJ		42,500		1,455
Covestro AG, non-registered shares		2,600		102
				104,865
Real estate 2.53%
Altus Group, Ltd.		551,189		21,999
Embassy Office Parks REIT		4,939,400		20,043
Macrotech Developers, Ltd.1		582,697		7,685
JHSF Participações SA		5,823,950		5,537
Mindspace Business Parks REIT		1,250,000		5,054
ESR-Logos REIT		15,133,928		4,166

54      American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Real estate (continued)
Fibra Uno Administración, SA de CV REIT		3,400,000	$	4,006
Corp. Inmobiliaria Vesta, SAB de CV		1,606,000		3,833
Ayala Land, Inc.		3,718,100		2,069
				74,392
Energy 1.89%
Venture Global LNG, Inc., Series C1,3,4		2,760		25,418
Subsea 7 SA		1,050,980		12,088
DT Midstream, Inc.		166,383		9,194
Weatherford International1		82,600		4,206
Worley, Ltd.		350,000		3,577
Aegis Logistics, Ltd.		199,283		838
Helmerich & Payne, Inc.		7,700		382
				55,703
Communication services 1.77%
JCDecaux SE1		976,059		18,563
Lions Gate Entertainment Corp., Class B1		3,059,785		16,614
Rightmove PLC		816,439		5,055
Bandwidth, Inc., Class A1		206,800		4,746
VTEX, Class A1		993,126		3,724
Trustpilot Group PLC1		2,966,832		3,473
				52,175
Utilities 1.62%
ACEN Corp.		143,954,250		19,747
ENN Energy Holdings, Ltd.		1,205,597		16,819
Brookfield Infrastructure Corp., Class A, subordinate voting shares		157,667		6,133
Neoenergia SA		1,442,015		4,220
SembCorp Industries, Ltd.		282,600		712
				47,631
Consumer staples 1.54%
Grocery Outlet Holding Corp.1		621,782		18,150
Shop Apotheke Europe NV, non-registered shares1		169,500		8,003
Monde Nissin Corp.		39,914,950		7,960
Scandinavian Tobacco Group A/S		305,111		5,352
AAK AB		223,527		3,819
Hilton Food Group PLC		250,077		1,688
Zur Rose Group AG1,2		9,250		257
				45,229
Total common stocks (cost: $2,451,546,000)				2,825,266
Preferred securities 0.87%
Information technology 0.62%
SmartHR, Inc., Series D, preferred shares1,3,4		3,006		10,752
Yotpo, Ltd., Series F, preferred shares1,3,4		2,158,609		2,677
Yotpo, Ltd., Series B, preferred shares1,3,4		287,894		357
Yotpo, Ltd., Series C, preferred shares1,3,4		274,070		340
Yotpo, Ltd., Series A-1, preferred shares1,3,4		183,819		228
Yotpo, Ltd., Series A, preferred shares1,3,4		89,605		111
Yotpo, Ltd., Series C-1, preferred shares1,3,4		75,980		94
Yotpo, Ltd., Series D, preferred shares1,3,4		42,368		52
Yotpo, Ltd., Series B-1, preferred shares1,3,4		33,838		42
Outreach Corp., Series G, preferred shares1,3,4		154,354		3,603
				18,256

American Funds Insurance Series      55

Global Small Capitalization Fund (continued)

Preferred securities (continued)

	Shares		Value (000)
Industrials 0.24%
Azul SA (ADR), preferred nominative shares1,2		1,128,836	$	6,897
Azul SA, preferred nominative shares1		109,500		229
				7,126
Health care 0.01%
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares1,3,4		2,931,405		196
Total preferred securities (cost: $45,236,000)				25,578
Rights & warrants 0.34%
Information technology 0.34%
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 2/3/20231,6		526,700		10,007
Total rights & warrants (cost: $18,773,000)				10,007
Short-term securities 5.05%
Money market investments 3.25%
Capital Group Central Cash Fund 4.31%5,7		958,183		95,809
Money market investments purchased with collateral from securities on loan 1.80%
Capital Group Central Cash Fund 4.31%5,7,8		232,377		23,235
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%7,8		18,552,259		18,553
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%7,8		10,793,666		10,794
State Street Institutional U.S. Government Money Market Fund, Institutional Class 4.09%7,8		271,134		271
				52,853
Total short-term securities (cost: $148,644,000)				148,662
Total investment securities 102.26% (cost: $2,664,199,000)				3,009,513
Other assets less liabilities (2.26)%				(66,610	)
Net assets 100.00%			$	2,942,903

Investments in affiliates⁵

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Common stocks 0.54%
Consumer discretionary 0.54%
Lands’ End, Inc.1	$	41,223	$	—	$	—		$	—		$	(25,284	)	$	15,939	$	—
Short-term securities 4.04%
Money market investments 3.25%
Capital Group Central Cash Fund 4.31%7		203,087		779,439		886,686			(30	)		(1	)		95,809		3,871
Money market investments purchased with collateral from securities on loan 0.79%
Capital Group Central Cash Fund 4.31%7,8		32,260				9,025	9								23,235		—	10
Total short-term securities															119,044
Total 4.58%								$	(30	)	$	(25,285	)	$	134,983	$	3,871

56      American Funds Insurance Series

Global Small Capitalization Fund (continued)

Restricted securities⁴

	Acquisition date		Cost (000)		Value (000)		Percent of net assets
Venture Global LNG, Inc., Series C1,3		5/1/2015	$	8,280	$	25,418		.86	%
SmartHR, Inc., Series D, preferred shares1,3		5/28/2021		14,344		10,752		.37
Yotpo, Ltd., Series F, preferred shares1,3		2/25/2021		4,748		2,677		.09
Yotpo, Ltd.1,3		3/16/2021		1,418		842		.03
Yotpo, Ltd., Series B, preferred shares1,3		3/16/2021		602		357		.01
Yotpo, Ltd., Series C, preferred shares1,3		3/16/2021		573		340		.01
Yotpo, Ltd., Series A-1, preferred shares1,3		3/16/2021		384		228		.01
Yotpo, Ltd., Series A, preferred shares1,3		3/16/2021		187		111		.01
Yotpo, Ltd., Series C-1, preferred shares1,3		3/16/2021		159		94		.00
Yotpo, Ltd., Series D, preferred shares1,3		3/16/2021		89		52		.00
Yotpo, Ltd., Series B-1, preferred shares1,3		3/16/2021		71		42		.00
Outreach Corp., Series G, preferred shares1,3		5/27/2021		4,517		3,603		.12
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares1,3		2/7/2020		6,000		196		.01
Total			$	41,372	$	44,712		1.52	%

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

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

³  Value determined using significant unobservable inputs.

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

⁵  Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.

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

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

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

⁹  Represents net activity. Refer to Note 5 for more information on securities lending.

¹⁰  Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

Refer to the notes to financial statements.

American Funds Insurance Series      57

Growth Fund

Investment portfolio December 31, 2022

Common stocks 96.12%

	Shares		Value (000)
Information technology 20.03%
Microsoft Corp.		6,282,998	$	1,506,789
Broadcom, Inc.		1,265,075		707,341
ASML Holding NV		736,108		398,458
ASML Holding NV (New York registered) (ADR)		189,937		103,781
Visa, Inc., Class A		1,198,388		248,977
Apple, Inc.		1,694,416		220,156
Mastercard, Inc., Class A		566,983		197,157
Fiserv, Inc.1		1,615,000		163,228
Synopsys, Inc.1		467,600		149,300
Motorola Solutions, Inc.		510,100		131,458
Shopify, Inc., Class A, subordinate voting shares1		3,665,992		127,247
Applied Materials, Inc.		1,199,328		116,791
Wolfspeed, Inc.1		1,655,641		114,305
RingCentral, Inc., Class A1		3,132,381		110,886
ServiceNow, Inc.1		269,875		104,784
Salesforce, Inc.1		787,000		104,348
Micron Technology, Inc.		2,048,078		102,363
NVIDIA Corp.		665,500		97,256
Taiwan Semiconductor Manufacturing Company, Ltd.		5,456,000		79,519
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		209,700		15,621
Cloudflare, Inc., Class A1		1,858,800		84,036
Amadeus IT Group SA, Class A, non-registered shares1		1,612,361		83,150
Genpact, Ltd.		1,524,231		70,602
Keyence Corp.		165,500		64,794
Fidelity National Information Services, Inc.		884,718		60,028
Toast, Inc., Class A1		3,143,518		56,678
CDW Corp.		311,859		55,692
MongoDB, Inc., Class A1		279,700		55,056
SAP SE		477,361		49,263
Constellation Software, Inc.		31,255		48,798
GoDaddy, Inc., Class A1		645,081		48,265
Samsung Electronics Co., Ltd.		1,085,000		47,846
Unity Software, Inc.1,2		1,660,000		47,459
Ceridian HCM Holding, Inc.1		712,011		45,676
Trimble, Inc.1		840,920		42,517
Concentrix Corp.		305,551		40,687
Block, Inc., Class A1		635,970		39,964
DocuSign, Inc.1		718,524		39,821
Bill.com Holdings, Inc.1		358,729		39,087
MicroStrategy, Inc., Class A1		236,458		33,475
NetApp, Inc.		527,540		31,684
Silicon Laboratories, Inc.1		231,815		31,450
MKS Instruments, Inc.		360,705		30,563
Intel Corp.		1,136,000		30,025
Smartsheet, Inc., Class A1		729,700		28,721
Adobe, Inc.1		69,034		23,232
VeriSign, Inc.1		110,053		22,609
Ciena Corp.1		416,000		21,208
Nuvei Corp., subordinate voting shares1		806,616		20,499
Intuit, Inc.		52,500		20,434
TE Connectivity, Ltd.		156,600		17,978
Alteryx, Inc., Class A1		286,092		14,496
Enphase Energy, Inc.1		45,303		12,004
TELUS International (Cda), Inc., subordinate voting shares1		533,800		10,564
Globant SA1		57,138		9,608
Kulicke and Soffa Industries, Inc.		151,860		6,721
Stripe, Inc., Class B1,3,4		168,598		4,704
				6,189,159

58      American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care 17.31%
Regeneron Pharmaceuticals, Inc.1		1,123,014	$	810,243
UnitedHealth Group, Inc.		1,508,620		799,840
Intuitive Surgical, Inc.1		2,058,000		546,090
Alnylam Pharmaceuticals, Inc.1		2,075,046		493,135
Centene Corp.1		3,895,936		319,506
Thermo Fisher Scientific, Inc.		532,200		293,077
Vertex Pharmaceuticals, Inc.1		879,601		254,011
Seagen, Inc.1		1,746,784		224,479
Moderna, Inc.1		1,200,000		215,544
NovoCure, Ltd.1		2,388,098		175,167
Eli Lilly and Company		463,663		169,627
Pfizer, Inc.		1,675,000		85,827
CVS Health Corp.		909,400		84,747
Horizon Therapeutics PLC1		689,825		78,502
AstraZeneca PLC		550,784		74,750
Edwards Lifesciences Corp.1		906,411		67,627
Danaher Corp.		216,235		57,393
Molina Healthcare, Inc.1		145,723		48,121
Abbott Laboratories		426,712		46,849
Verily Life Sciences, LLC1,3,4		300,178		45,222
Zimmer Biomet Holdings, Inc.		353,900		45,122
Ascendis Pharma A/S (ADR)1		364,721		44,543
Zoetis, Inc., Class A		297,320		43,572
Mettler-Toledo International, Inc.1		26,000		37,582
Humana, Inc.		65,982		33,795
Align Technology, Inc.1		160,000		33,744
Karuna Therapeutics, Inc.1		170,239		33,452
Guardant Health, Inc.1		1,166,810		31,737
Novo Nordisk A/S, Class B		225,077		30,475
Catalent, Inc.1		409,100		18,414
Oak Street Health, Inc.1		806,352		17,345
Exact Sciences Corp.1		341,000		16,883
DexCom, Inc.1		148,800		16,850
Pacific Biosciences of California, Inc.1		1,613,190		13,196
CRISPR Therapeutics AG1		262,678		10,678
Galapagos NV1		231,294		10,259
R1 RCM, Inc.1		912,865		9,996
Ultragenyx Pharmaceutical, Inc.1		161,278		7,472
Fate Therapeutics, Inc.1		233,700		2,358
Biohaven, Ltd.1		65,550		910
Sana Biotechnology, Inc.1,2		179,600		710
				5,348,850
Consumer discretionary 16.94%
Tesla, Inc.1		10,830,000		1,334,039
D.R. Horton, Inc.		5,494,844		489,810
Amazon.com, Inc.1		4,125,222		346,519
Home Depot, Inc.		1,031,000		325,652
Dollar Tree Stores, Inc.1		1,965,915		278,059
Las Vegas Sands Corp.1		5,500,000		264,385
LVMH Moët Hennessy-Louis Vuitton SE		313,000		227,377
Chipotle Mexican Grill, Inc.1		120,100		166,637
Dollar General Corp.		657,120		161,816
Target Corp.		1,030,200		153,541
Hermès International		94,901		146,446
Burlington Stores, Inc.1		664,250		134,683
Royal Caribbean Cruises, Ltd.1		2,282,305		112,814
Aramark		2,454,864		101,484
DoorDash, Inc., Class A1		2,000,000		97,640
Etsy, Inc.1		770,678		92,312
Airbnb, Inc., Class A1		1,044,500		89,305
NVR, Inc.1		18,380		84,779

American Funds Insurance Series      59

Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer discretionary (continued)
NIKE, Inc., Class B		543,416	$	63,585
Norwegian Cruise Line Holdings, Ltd.1,2		5,159,551		63,153
Darden Restaurants, Inc.		387,870		53,654
O’Reilly Automotive, Inc.1		63,500		53,596
Booking Holdings, Inc.1		25,450		51,289
Salvatore Ferragamo SpA		2,174,477		38,488
Toll Brothers, Inc.		744,683		37,175
YUM! Brands, Inc.		275,700		35,312
Floor & Decor Holdings, Inc., Class A1		420,000		29,245
Polaris, Inc.		280,000		28,280
adidas AG		200,959		27,433
Caesars Entertainment, Inc.1		653,214		27,174
Adient PLC1		722,000		25,046
VF Corp.		872,859		24,100
General Motors Company		660,000		22,202
LGI Homes, Inc.1		181,100		16,770
YETI Holdings, Inc.1		405,000		16,730
Hilton Worldwide Holdings, Inc.		100,828		12,741
				5,233,271
Communication services 12.87%
Meta Platforms, Inc., Class A1		9,903,206		1,191,752
Netflix, Inc.1		3,896,520		1,149,006
Alphabet, Inc., Class C1		5,949,690		527,916
Alphabet, Inc., Class A1		2,232,320		196,958
Charter Communications, Inc., Class A1		469,410		159,177
Verizon Communications, Inc.		3,720,000		146,568
Take-Two Interactive Software, Inc.1		1,177,716		122,635
Snap, Inc., Class A, nonvoting shares1		11,280,711		100,962
Frontier Communications Parent, Inc.1		3,168,010		80,721
T-Mobile US, Inc.1		543,849		76,139
Comcast Corp., Class A		1,822,263		63,724
Pinterest, Inc., Class A1		1,752,664		42,555
Electronic Arts, Inc.		304,581		37,214
Iridium Communications, Inc.1		604,439		31,068
Tencent Holdings, Ltd.		605,000		25,714
ZoomInfo Technologies, Inc.1		785,400		23,648
				3,975,757
Industrials 10.90%
Uber Technologies, Inc.1		14,666,767		362,709
TransDigm Group, Inc.		562,400		354,115
Carrier Global Corp.		7,599,761		313,490
Jacobs Solutions, Inc.		2,554,200		306,683
Delta Air Lines, Inc.1		7,215,000		237,085
United Rentals, Inc.1		462,000		164,204
Caterpillar, Inc.		676,300		162,014
Waste Connections, Inc.		1,101,159		145,970
MTU Aero Engines AG		541,769		117,261
General Electric Co.		1,368,072		114,631
Airbus SE, non-registered shares		955,893		113,658
Ryanair Holdings PLC (ADR)1		1,500,325		112,164
Ryanair Holdings PLC1		96,554		1,264
Robert Half International, Inc.		1,323,800		97,736
Old Dominion Freight Line, Inc.		329,800		93,591
Boeing Company1		395,000		75,243
United Airlines Holdings, Inc.1		1,695,914		63,936
Middleby Corp.1		449,500		60,188
Axon Enterprise, Inc.1		347,957		57,736
Equifax, Inc.		290,691		56,499
Northrop Grumman Corp.		98,700		53,852
Dun & Bradstreet Holdings, Inc.		3,869,573		47,441

60      American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Industrials (continued)
Canadian Pacific Railway, Ltd.		496,000	$	36,997
AMETEK, Inc.		253,600		35,433
Rockwell Automation		129,246		33,290
HEICO Corp.		195,000		29,960
Advanced Drainage Systems, Inc.		350,426		28,724
ITT, Inc.		343,000		27,817
Armstrong World Industries, Inc.		374,203		25,666
Safran SA		185,870		23,227
Saia, Inc.1		75,433		15,817
				3,368,401
Energy 5.92%
Halliburton Company		12,143,661		477,853
Canadian Natural Resources, Ltd. (CAD denominated)		6,655,000		369,564
Schlumberger, Ltd.		2,340,000		125,096
Cenovus Energy, Inc. (CAD denominated)		6,081,800		117,998
Permian Resources Corp., Class A		11,260,000		105,844
Tourmaline Oil Corp.		1,838,700		92,777
TotalEnergies SE		1,469,000		91,688
EQT Corp.		2,268,000		76,726
Pioneer Natural Resources Company		328,000		74,912
EOG Resources, Inc.		466,699		60,447
ConocoPhillips		472,041		55,701
MEG Energy Corp.1		3,810,000		53,042
Hess Corp.		354,000		50,204
Coterra Energy, Inc.		1,275,197		31,332
Range Resources Corp.		907,000		22,693
Suncor Energy, Inc.		540,794		17,154
Equitrans Midstream Corp.		936,942		6,278
				1,829,309
Financials 5.82%
Bank of America Corp.		14,780,700		489,537
Capital One Financial Corp.		1,399,000		130,051
First Republic Bank		943,211		114,968
KKR & Co., Inc.		2,409,043		111,828
Apollo Asset Management, Inc.		1,557,942		99,381
T. Rowe Price Group, Inc.		642,000		70,017
MSCI, Inc.		146,390		68,096
Marsh & McLennan Companies, Inc.		403,461		66,765
Western Alliance Bancorporation		1,071,775		63,835
Wells Fargo & Company		1,511,200		62,397
Blackstone, Inc., nonvoting shares		738,000		54,752
Signature Bank		446,233		51,415
S&P Global, Inc.		141,000		47,227
Aon PLC, Class A		155,700		46,732
JPMorgan Chase & Co.		313,702		42,067
Morgan Stanley		426,474		36,259
Progressive Corp.		265,951		34,496
Blue Owl Capital, Inc., Class A		2,891,712		30,652
Arch Capital Group, Ltd.1		458,700		28,797
Goldman Sachs Group, Inc.		74,300		25,513
Tradeweb Markets, Inc., Class A		390,000		25,323
Ares Management Corp., Class A		310,500		21,251
SVB Financial Group1		87,300		20,091
Ryan Specialty Holdings, Inc., Class A1		455,200		18,895
Brookfield Corp., Class A		585,103		18,407
Trupanion, Inc.1,2		287,655		13,672
Brookfield Asset Management, Ltd., Class A		146,275		4,194
				1,796,618

American Funds Insurance Series      61

Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Materials 3.15%
Silgan Holdings, Inc.		2,858,000	$	148,159
Wheaton Precious Metals Corp.		3,674,000		143,580
Linde PLC		373,860		121,946
Grupo México, SAB de CV, Series B		25,356,800		89,018
Barrick Gold Corp.		4,058,000		69,716
CF Industries Holdings, Inc.		743,000		63,304
ATI, Inc.1		2,070,860		61,836
Royal Gold, Inc.		517,000		58,276
Franco-Nevada Corp.		390,000		53,163
Nutrien, Ltd. (CAD denominated)		665,949		48,618
Steel Dynamics, Inc.		394,900		38,582
Albemarle Corp.		144,809		31,403
Mosaic Co.		678,459		29,764
Summit Materials, Inc., Class A		570,855		16,206
				973,571
Consumer staples 2.28%
Costco Wholesale Corp.		253,000		115,494
British American Tobacco PLC		2,768,763		109,850
Performance Food Group Co.1		1,743,000		101,774
Constellation Brands, Inc., Class A		334,017		77,408
Archer Daniels Midland Company		784,800		72,869
Altria Group, Inc.		1,440,000		65,822
Monster Beverage Corp.1		577,600		58,644
Estée Lauder Companies, Inc., Class A		211,111		52,379
Molson Coors Beverage Company, Class B, restricted voting shares		608,423		31,346
Philip Morris International, Inc.		201,113		20,355
				705,941
Utilities 0.79%
PG&E Corp.1		9,227,065		150,032
AES Corp.		1,085,884		31,230
CenterPoint Energy, Inc.		953,746		28,603
Constellation Energy Corp.		242,227		20,882
Edison International		199,191		12,673
				243,420
Real estate 0.11%
Equinix, Inc. REIT		51,784		33,920
Total common stocks (cost: $20,777,099,000)				29,698,217
Preferred securities 0.19%
Information technology 0.16%
PsiQuantum Corp., Series D, preferred shares1,3,4		906,761		24,501
Samsung Electronics Co., Ltd., nonvoting preferred shares		531,000		21,366
Tipalti Solutions, Ltd., Series F, preferred shares1,3,4		406,310		2,385
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,3,4		52,656		1,469
				49,721
Industrials 0.03%
ABL Space Systems Co., Series B2, preferred shares1,3,4		153,713		5,775
Einride AB, Series C, preferred shares1,3,4		77,647		2,640
				8,415
Total preferred securities (cost: $68,091,000)				58,136

62      American Funds Insurance Series

Growth Fund (continued)

Convertible stocks 0.03%

	Shares		Value (000)
Financials 0.03%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023		125,800	$	7,202
Total convertible stocks (cost: $7,758,000)				7,202
	Principal amount (000)
Convertible bonds & notes 0.02%
Consumer staples 0.01%
JUUL Labs, Inc., convertible notes, 7.00% PIK 2/3/20253,4,5		USD46,459		4,646
Industrials 0.01%
Einride AB, convertible notes, 7.00% 2/1/20233,4		2,500		2,500
Total convertible bonds & notes (cost: $46,042,000)				7,146
Bonds, notes & other debt instruments 0.05%
Corporate bonds, notes & loans 0.05%
Consumer discretionary 0.05%
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20286		19,060		15,245
Total bonds, notes & other debt instruments (cost: $14,159,000)				15,245
	Shares
Short-term securities 3.86%
Money market investments 3.70%
Capital Group Central Cash Fund 4.31%7,8		11,426,693		1,142,555
Money market investments purchased with collateral from securities on loan 0.16%
Capital Group Central Cash Fund 4.31%7,8,9		244,125		24,410
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%7,9		13,667,057		13,667
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%7,9		12,203,079		12,203
				50,280
Total short-term securities (cost: $1,192,617,000)				1,192,835
Total investment securities 100.27% (cost: $22,105,766,000)				30,978,781
Other assets less liabilities (0.27)%				(82,433	)
Net assets 100.00%			$	30,896,348

Investments in affiliates⁸

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 3.78%
Money market investments 3.70%
Capital Group Central Cash Fund 4.31%7	$	1,610,187	$	4,675,615		$	5,142,944	$	(325	)	$	22	$	1,142,555	$	22,361
Money market investments purchased with collateralfrom securities on loan 0.08%
Capital Group Central Cash Fund 4.31%7,9		20,304		4,106	10									24,410		—	11
Total 3.78%								$	(325	)	$	22	$	1,166,965	$	22,361

American Funds Insurance Series      63

Growth Fund (continued)

Restricted securities⁴

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Verily Life Sciences, LLC1,3	12/21/2018	$	37,000	$	45,222		.14	%
PsiQuantum Corp., Series D, preferred shares1,3	5/28/2021		23,781		24,501		.08
Stripe, Inc., Class B1,3	5/6/2021		6,766		4,704		.02
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,3	3/15/2021		2,113		1,469		.00
ABL Space Systems Co., Series B2, preferred shares1,3	10/22/2021		10,452		5,775		.02
Einride AB, Series C, preferred shares1,3	11/23/2022		2,640		2,640		.01
Einride AB, convertible notes, 7.00% 2/1/20233	1/7/2022		2,500		2,500		.01
JUUL Labs, Inc., convertible notes, 7.00% PIK 2/3/20253,5	2/3/2020-11/3/2022		43,542		4,646		.01
Tipalti Solutions, Ltd., Series F, preferred shares1,3	12/1/2021		6,956		2,385		.01
Total		$	135,750	$	93,842		.30	%

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

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

³  Value determined using significant unobservable inputs.

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

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

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

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

⁸  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

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

¹⁰  Represents net activity. Refer to Note 5 for more information on securities lending.

¹¹  Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

PIK = Payment In Kind

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

64      American Funds Insurance Series

International Fund

Investment portfolio December 31, 2022

Common stocks 94.99%

	Shares		Value (000)
Industrials 16.64%
Recruit Holdings Co., Ltd.		7,310,189	$	232,492
Airbus SE, non-registered shares		1,657,958		197,135
Safran SA		718,500		89,786
Melrose Industries PLC		36,613,980		59,524
Siemens AG		418,132		58,034
MTU Aero Engines AG		229,720		49,721
Ashtead Group PLC		645,000		36,847
DSV A/S		230,223		36,515
NIBE Industrier AB, Class B		3,878,804		36,271
Thales SA		271,438		34,700
Techtronic Industries Co., Ltd.		2,724,000		30,332
Legrand SA		358,100		28,833
International Container Terminal Services, Inc.		7,953,240		28,625
Shenzhen Inovance Technology Co., Ltd., Class A		2,350,967		23,513
ZTO Express (Cayman), Inc., Class A (ADR)		685,354		18,415
Diploma PLC		540,545		18,165
Rumo SA		5,039,366		17,763
Grab Holdings, Ltd., Class A1		5,356,295		17,247
Brenntag SE		259,299		16,578
CCR SA, ordinary nominative shares		5,580,000		11,435
SMC Corp.		26,900		11,385
Airports of Thailand PCL, foreign registered shares1		5,078,900		11,000
Kingspan Group PLC		153,796		8,281
Larsen & Toubro, Ltd.		327,351		8,232
Bureau Veritas SA		292,900		7,709
AB Volvo, Class B		396,824		7,185
LIXIL Corp.		441,700		6,731
Fluidra, SA, non-registered shares		432,985		6,715
BAE Systems PLC		617,024		6,377
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		846,334		2,578
				1,118,124
Information technology 13.74%
SK hynix, Inc.		3,255,725		195,968
Shopify, Inc., Class A, subordinate voting shares1		4,215,370		146,315
ASML Holding NV		210,218		113,792
Taiwan Semiconductor Manufacturing Company, Ltd.		6,501,000		94,750
Nice, Ltd. (ADR)1		432,150		83,102
Fujitsu, Ltd.		437,900		57,990
Lasertec Corp.		320,511		53,238
Samsung Electronics Co., Ltd.		631,500		27,848
NXP Semiconductors NV		173,200		27,371
Disco Corp.		65,800		18,915
Atlassian Corp., Class A1		107,001		13,769
OBIC Co., Ltd.		83,700		12,374
Constellation Software, Inc.		7,730		12,069
TELUS International (Cda), Inc., subordinate voting shares1		526,752		10,424
Suse SA1,2		576,586		10,410
Kingdee International Software Group Co., Ltd.1		4,786,000		10,188
Dassault Systemes SE		277,000		9,991
ASM International NV		25,152		6,368
Infosys, Ltd.		329,392		5,967
Tata Consultancy Services, Ltd.		113,863		4,483
Canva, Inc.1,3,4		4,819		4,282
PagSeguro Digital, Ltd., Class A1		426,548		3,728
				923,342
Health care 12.52%
Daiichi Sankyo Company, Ltd.		9,749,808		312,457
Novo Nordisk A/S, Class B		1,255,260		169,962
Olympus Corp.		5,808,100		102,662
Bayer AG		841,261		43,436

American Funds Insurance Series      65

International Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care (continued)
Siemens Healthineers AG		833,668	$	41,705
Grifols, SA, Class A, non-registered shares1		2,789,283		32,345
Grifols, SA, Class B (ADR)1		793,690		6,747
WuXi Biologics (Cayman), Inc.1		2,504,066		19,224
HOYA Corp.		198,300		19,187
M3, Inc.		644,835		17,566
EssilorLuxottica		80,200		14,604
Insulet Corp.1		46,653		13,734
Takeda Pharmaceutical Company, Ltd.		361,300		11,285
Hapvida Participações e Investimentos SA1		8,863,653		8,528
Ambu AS, Class B, non-registered shares1		662,880		8,411
Eurofins Scientific SE, non-registered shares		98,473		7,091
WuXi AppTec Co., Ltd., Class A		288,960		3,345
WuXi AppTec Co., Ltd., Class H		312,000		3,297
bioMérieux SA		58,300		6,131
				841,717
Materials 10.64%
First Quantum Minerals, Ltd.		10,951,800		228,823
Fortescue Metals Group, Ltd.		12,796,750		178,403
Vale SA (ADR), ordinary nominative shares		6,886,607		116,865
Vale SA, ordinary nominative shares		770,681		12,974
Shin-Etsu Chemical Co., Ltd.		563,500		68,654
JSR Corp.		1,681,700		33,144
Ivanhoe Mines, Ltd., Class A1		3,403,051		26,893
Wacker Chemie AG		147,773		18,887
Linde PLC		35,287		11,510
Koninklijke DSM NV		93,550		11,469
BASF SE		136,760		6,789
Yunnan Energy New Material Co., Ltd., Class A		19,136		362
				714,773
Energy 10.48%
Reliance Industries, Ltd.		9,393,560		288,158
Canadian Natural Resources, Ltd. (CAD denominated)		1,562,283		86,756
Neste OYJ		1,756,952		81,150
Woodside Energy Group, Ltd.		3,071,566		74,317
Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares		6,724,576		71,617
TotalEnergies SE		1,147,298		71,609
Shell PLC (GBP denominated)		573,839		16,307
Cenovus Energy, Inc. (CAD denominated)		725,880		14,084
				703,998
Consumer discretionary 9.06%
MercadoLibre, Inc.1		128,451		108,700
Evolution AB		960,556		93,812
Sony Group Corp.		920,500		70,194
Galaxy Entertainment Group, Ltd.		9,204,000		60,944
LVMH Moët Hennessy-Louis Vuitton SE		72,682		52,799
Flutter Entertainment PLC1		313,163		42,911
Ferrari NV (EUR denominated)		177,292		37,933
Kering SA		70,951		36,312
Maruti Suzuki India, Ltd.		303,300		30,675
Entain PLC		1,832,094		29,375
Coupang, Inc., Class A1		1,304,214		19,185
Mercedes-Benz Group AG		136,786		8,976
InterContinental Hotels Group PLC		155,468		8,949
Aptiv PLC1		84,000		7,823
				608,588

66      American Funds Insurance Series

International Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Financials 9.05%
Kotak Mahindra Bank, Ltd.		7,207,964	$	158,591
AIA Group, Ltd.		12,210,576		134,524
Aegon NV		12,263,736		62,212
HDFC Bank, Ltd.		2,216,455		43,632
HDFC Bank, Ltd. (ADR)		207,750		14,212
Nu Holdings, Ltd., Class A1		8,115,368		33,030
Bajaj Finance, Ltd.		396,342		31,369
ING Groep NV		2,331,678		28,447
Axis Bank, Ltd.		1,917,190		21,549
FinecoBank SpA		1,211,135		20,184
Futu Holdings, Ltd. (ADR)1		375,890		15,280
China Merchants Bank Co., Ltd., Class A		2,726,800		14,621
B3 SA-Brasil, Bolsa, Balcao		4,413,000		11,041
Allfunds Group PLC		1,266,915		8,853
Bajaj Finserv, Ltd.		325,950		6,074
XP, Inc., Class A1		292,000		4,479
				608,098
Communication services 6.20%
Sea, Ltd., Class A (ADR)1		3,557,478		185,096
Bharti Airtel, Ltd.		12,732,125		123,766
Bharti Airtel, Ltd., interim shares		836,308		4,373
Universal Music Group NV		1,717,633		41,462
Informa PLC		3,630,108		27,216
Ubisoft Entertainment SA1		518,403		14,715
Singapore Telecommunications, Ltd.		5,800,500		11,136
Vivendi SE		907,392		8,683
Yandex NV, Class A1,3		313,000		—	5
				416,447
Consumer staples 4.31%
Kweichow Moutai Co., Ltd., Class A		224,223		55,485
Danone SA		878,392		46,277
Seven & i Holdings Co., Ltd.		984,200		42,102
Treasury Wine Estates, Ltd.		4,139,490		38,250
British American Tobacco PLC		911,000		36,144
Kobe Bussan Co., Ltd.		754,900		21,791
CP ALL PCL, foreign registered shares		9,053,300		17,849
Nestlé SA		78,463		9,061
Dabur India, Ltd.		933,875		6,324
Shiseido Company, Ltd.		122,000		6,012
Essity Aktiebolag, Class B		211,237		5,544
Pernod Ricard SA		22,974		4,516
Diageo PLC		13,194		583
				289,938
Utilities 1.77%
ENN Energy Holdings, Ltd.		8,532,700		119,038
Real estate 0.58%
ESR Group, Ltd.		14,852,600		31,175
Ayala Land, Inc.		14,181,500		7,891
				39,066
Total common stocks (cost: $5,702,657,000)				6,383,129

American Funds Insurance Series      67

International Fund (continued)

Preferred securities 0.79%

	Shares		Value (000)
Health care 0.29%
Grifols, SA, Class B, nonvoting non-registered preferred shares1		2,274,930	$	19,221
Energy 0.20%
Petróleo Brasileiro SA (Petrobras), preferred nominative shares		2,980,131		13,829
Financials 0.16%
Itaú Unibanco Holding SA, preferred nominative shares		2,246,000		10,635
Consumer discretionary 0.13%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares1		88,248		8,953
Information technology 0.01%
Canva, Inc., Series A, noncumulative preferred shares1,3,4		422		375
Canva, Inc., Series A-3, noncumulative preferred shares1,3,4		18		16
Canva, Inc., Series A-4, noncumulative preferred shares1,3,4		1		1
				392
Total preferred securities (cost: $78,028,000)				53,030
Rights & warrants 0.13%
Health care 0.13%
WuXi AppTec Co., Ltd., Class A, warrants, expire 11/21/20231,6		729,706		8,446
Total rights & warrants (cost: $8,772,000)				8,446
Short-term securities 4.57%
Money market investments 4.55%
Capital Group Central Cash Fund 4.31%7,8		3,060,530		306,023
Money market investments purchased with collateral from securities on loan 0.02%
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%7,9		603,851		604
Capital Group Central Cash Fund 4.31%7,8,9		4,223		422
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%7,9		420,189		420
				1,446
Total short-term securities (cost: $307,420,000)				307,469
Total investment securities 100.48% (cost: $6,096,877,000)				6,752,074
Other assets less liabilities (0.48)%				(32,493	)
Net assets 100.00%			$	6,719,581

68      American Funds Insurance Series

International Fund (continued)

Investments in affiliates⁸

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 4.56%
Money market investments 4.55%
Capital Group Central Cash Fund 4.31%7	$	977,398	$	1,494,158	$	2,165,364		$	(112	)	$	(57	)	$	306,023	$	9,392
Money market investments purchased with collateral from securities on loan 0.01%
Capital Group Central Cash Fund 4.31%7,9		34,059				33,637	10								422		—	11
Total 4.56%								$	(112	)	$	(57	)	$	306,445	$	9,392

Restricted securities⁴

	Acquisition date(s)		Cost (000)		Value (000)		Percent of net assets
Canva, Inc.1,3		8/26/2021-11/4/2021	$	8,215	$	4,282		.06	%
Canva, Inc., Series A, noncumulative preferred shares1,3		11/4/2021		719		375		.01
Canva, Inc., Series A-3, noncumulative preferred shares1,3		11/4/2021		31		16		.00
Canva, Inc., Series A-4, noncumulative preferred shares1,3		11/4/2021		2		1		.00
Total			$	8,967	$	4,674		.07	%

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

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

³  Value determined using significant unobservable inputs.

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

⁵ Amount less than one thousand.

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

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

⁸ Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

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

¹⁰ Represents net activity. Refer to Note 5 for more information on securities lending.

¹¹  Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

EUR = Euros

GBP = British pounds

Refer to the notes to financial statements.

American Funds Insurance Series      69

New World Fund

Investment portfolio December 31, 2022

Common stocks 90.37%

	Shares		Value (000)
Information technology 14.17%
Microsoft Corp.		343,380	$	82,348
Taiwan Semiconductor Manufacturing Company, Ltd.		3,763,000		54,844
Broadcom, Inc.		50,719		28,359
ASML Holding NV		52,210		28,261
Micron Technology, Inc.		505,143		25,247
Wolfspeed, Inc.1		312,105		21,548
Mastercard, Inc., Class A		47,073		16,369
Apple, Inc.		114,398		14,864
Tata Consultancy Services, Ltd.		274,095		10,793
Visa, Inc., Class A		50,545		10,501
Keyence Corp.		23,700		9,279
Infosys, Ltd. (ADR)		342,942		6,176
Infosys, Ltd.		131,247		2,378
SAP SE		70,089		7,233
Silergy Corp.		459,376		6,514
Synopsys, Inc.1		20,004		6,387
TELUS International (Cda), Inc., subordinate voting shares1		321,870		6,370
Samsung Electronics Co., Ltd.		143,145		6,312
NVIDIA Corp.		42,638		6,231
EPAM Systems, Inc.1		18,611		6,100
PagSeguro Digital, Ltd., Class A1		674,012		5,891
Edenred SA		100,382		5,462
Accenture PLC, Class A		20,142		5,375
Network International Holdings PLC1		1,472,831		5,275
Nokia Corp.		1,113,649		5,174
Tokyo Electron, Ltd.		15,700		4,664
Nice, Ltd. (ADR)1		23,806		4,578
Kingdee International Software Group Co., Ltd.1		2,128,000		4,530
Lasertec Corp.		27,100		4,501
Amadeus IT Group SA, Class A, non-registered shares1		70,704		3,646
Applied Materials, Inc.		36,011		3,507
MediaTek, Inc.		142,000		2,884
ASM International NV		10,858		2,749
SK hynix, Inc.		41,006		2,468
Trimble, Inc.1		41,404		2,093
Logitech International SA		31,053		1,927
Euronet Worldwide, Inc.1		19,369		1,828
KLA Corp.		4,743		1,788
Coforge, Ltd.		33,028		1,544
Cognizant Technology Solutions Corp., Class A		25,905		1,482
Globant SA1		8,094		1,361
Hamamatsu Photonics KK		25,400		1,222
Hundsun Technologies, Inc., Class A		198,090		1,153
Atlassian Corp., Class A1		8,731		1,124
VeriSign, Inc.1		4,446		913
MKS Instruments, Inc.		8,486		719
StoneCo, Ltd., Class A1		67,249		635
Autodesk, Inc.1		3,359		628
Disco Corp.		2,100		604
Advanced Micro Devices, Inc.1		8,455		548
Canva, Inc.1,2,3		385		342
Intel Corp.		3,575		95
				436,824
Financials 13.94%
Kotak Mahindra Bank, Ltd.		2,819,943		62,045
AIA Group, Ltd.		4,251,600		46,840
Ping An Insurance (Group) Company of China, Ltd., Class H		4,499,844		29,700
HDFC Bank, Ltd.		1,423,436		28,021
B3 SA-Brasil, Bolsa, Balcao		10,338,358		25,867
Capitec Bank Holdings, Ltd.		206,384		22,575
Bajaj Finance, Ltd.		215,621		17,066

70      American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Financials (continued)
ICICI Bank, Ltd.		967,310	$	10,368
ICICI Bank, Ltd. (ADR)		290,583		6,361
AU Small Finance Bank, Ltd.		1,923,084		15,145
Bank Central Asia Tbk PT		20,947,600		11,484
UniCredit SpA		750,471		10,672
Industrial and Commercial Bank of China, Ltd., Class H		20,423,000		10,519
Nu Holdings, Ltd., Class A1		2,383,890		9,702
Bank Mandiri (Persero) Tbk PT		15,218,600		9,671
XP, Inc., Class A1		602,058		9,236
China Merchants Bank Co., Ltd., Class H		1,461,000		8,099
Discovery, Ltd.1		1,031,032		7,486
Banco Bilbao Vizcaya Argentaria, SA		1,202,030		7,259
Bank Rakyat Indonesia (Persero) Tbk PT		19,736,600		6,257
Eurobank Ergasias Services and Holdings SA1		5,321,431		6,007
Bank of Baroda		2,476,327		5,528
Moody’s Corp.		17,666		4,922
United Overseas Bank, Ltd.		191,900		4,401
Canara Bank		1,094,165		4,386
Erste Group Bank AG		135,838		4,332
East Money Information Co., Ltd., Class A		1,416,356		3,955
Alpha Services and Holdings SA1		3,535,444		3,772
Hong Kong Exchanges and Clearing, Ltd.		76,500		3,306
Bajaj Finserv, Ltd.		176,756		3,294
Standard Bank Group, Ltd.		330,214		3,261
Aon PLC, Class A		10,455		3,138
DBS Group Holdings, Ltd.		122,873		3,111
Grupo Financiero Banorte, SAB de CV, Series O		393,905		2,828
China Pacific Insurance (Group) Co., Ltd., Class H		1,158,294		2,558
Postal Savings Bank of China Co., Ltd., Class H		3,919,000		2,421
Bank of Ningbo Co., Ltd., Class A		498,700		2,329
S&P Global, Inc.		6,883		2,305
National Bank of Greece SA1		482,747		1,931
Piramal Enterprises, Ltd.		169,260		1,690
Banco Santander México, SA, Institución de Banca Múltiple, Grupo Financiero Santander México, Class B		1,294,654		1,515
Lufax Holding, Ltd. (ADR)		751,404		1,458
China Construction Bank Corp., Class H		2,110,000		1,322
TISCO Financial Group PCL, foreign registered shares		343,800		983
Fairfax Financial Holdings, Ltd., subordinate voting shares		1,008		597
HDFC Life Insurance Company, Ltd.		23,813		162
Moscow Exchange MICEX-RTS PJSC1,2		438,203		—	4
Sberbank of Russia PJSC1,2		2,662,164		—	4
				429,885
Health care 13.14%
Novo Nordisk A/S, Class B		469,272		63,539
Thermo Fisher Scientific, Inc.		72,737		40,056
Eli Lilly and Company		98,730		36,119
AstraZeneca PLC		199,832		27,120
Max Healthcare Institute, Ltd.1		4,642,420		24,670
PerkinElmer, Inc.		129,804		18,201
Abbott Laboratories		165,381		18,157
BeiGene, Ltd. (ADR)1		65,681		14,446
BeiGene, Ltd.1		44,100		753
Jiangsu Hengrui Medicine Co., Ltd., Class A		2,545,088		14,110
EssilorLuxottica		72,078		13,125
Danaher Corp.		48,758		12,941
Rede D’Or Sao Luiz SA		1,633,717		9,153
Hypera SA, ordinary nominative shares		1,024,373		8,770
Pfizer, Inc.		167,880		8,602
Laurus Labs, Ltd.		1,901,101		8,597
WuXi Biologics (Cayman), Inc.1		1,102,600		8,465

American Funds Insurance Series      71

New World Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care (continued)
CSL, Ltd.		41,156	$	8,025
Olympus Corp.		386,100		6,825
Carl Zeiss Meditec AG, non-registered shares		52,892		6,676
CanSino Biologics, Inc., Class H		673,696		5,763
WuXi AppTec Co., Ltd., Class H		268,500		2,837
WuXi AppTec Co., Ltd., Class A		203,359		2,354
Siemens Healthineers AG		100,533		5,029
Hapvida Participações e Investimentos SA1		4,948,421		4,761
Zoetis, Inc., Class A		31,997		4,689
Innovent Biologics, Inc.1		1,062,373		4,561
Straumann Holding AG		28,092		3,181
Legend Biotech Corp. (ADR)1		63,359		3,163
Hutchmed China, Ltd.1,5		786,002		2,418
Shionogi & Co., Ltd.		46,400		2,308
Teva Pharmaceutical Industries, Ltd. (ADR)1		238,996		2,180
Mettler-Toledo International, Inc.1		1,435		2,074
OdontoPrev SA, ordinary nominative shares		1,000,547		1,711
Align Technology, Inc.1		7,299		1,539
Asahi Intecc Co., Ltd.		91,600		1,510
Genus PLC		40,970		1,477
Angelalign Technology, Inc.		85,000		1,340
Medtronic PLC		16,413		1,276
Merck KGaA		5,502		1,066
Bayer AG		16,010		827
Zai Lab, Ltd. (ADR)1		16,060		493
Shandong Pharmaceutical Glass Co., Ltd., Class A		66,700		272
				405,179
Industrials 10.83%
Airbus SE, non-registered shares		370,290		44,028
General Electric Co.		229,310		19,214
Larsen & Toubro, Ltd.		722,885		18,180
Safran SA		141,435		17,674
IMCD NV		113,074		16,151
DSV A/S		97,381		15,445
Shenzhen Inovance Technology Co., Ltd., Class A		1,435,674		14,359
Copa Holdings, SA, Class A1		172,274		14,328
Carrier Global Corp.		342,044		14,109
International Container Terminal Services, Inc.		3,660,200		13,173
Grab Holdings, Ltd., Class A1		3,941,298		12,691
Rumo SA		3,544,401		12,493
Caterpillar, Inc.		38,431		9,207
ZTO Express (Cayman), Inc., Class A (ADR)		294,858		7,923
Daikin Industries, Ltd.		45,200		6,953
Mitsui & Co., Ltd.		239,100		6,952
InPost SA1		768,099		6,492
TransDigm Group, Inc.		9,831		6,190
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		2,015,524		6,140
Suzhou Maxwell Technologies Co., Ltd., Class A		89,800		5,321
Thales SA		39,462		5,045
Interpump Group SpA		109,354		4,954
Boeing Company1		25,403		4,839
Raytheon Technologies Corp.		39,064		3,942
Contemporary Amperex Technology Co., Ltd., Class A		67,547		3,825
Wizz Air Holdings PLC1		153,309		3,512
Siemens AG		24,155		3,353
Centre Testing International Group Co., Ltd.		953,496		3,059
SMC Corp.		7,000		2,963
BAE Systems PLC		273,358		2,825
Spirax-Sarco Engineering PLC		21,156		2,718
Epiroc AB, Class B		153,337		2,472
Bharat Electronics, Ltd.		1,997,357		2,412

72      American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Industrials (continued)
Legrand SA		28,999	$	2,335
Bureau Veritas SA		85,112		2,240
ABB, Ltd.		71,165		2,168
AirTAC International Group		70,000		2,119
Techtronic Industries Co., Ltd.		180,500		2,010
Grupo Aeroportuario del Pacífico, SAB de CV, Class B		138,094		1,978
Hitachi, Ltd.		32,800		1,651
Atlas Copco AB, Class B		128,644		1,374
Nidec Corp.		25,100		1,307
Haitian International Holdings, Ltd.		485,000		1,297
Experian PLC		27,683		942
CCR SA, ordinary nominative shares		343,384		704
Vicor Corp.1		8,616		463
Hefei Meyer Optoelectronic Technology, Inc., Class A		126,100		434
				333,964
Consumer discretionary 10.70%
LVMH Moët Hennessy-Louis Vuitton SE		58,437		42,451
MercadoLibre, Inc.1		33,916		28,701
Midea Group Co., Ltd., Class A		3,015,168		22,397
Hermès International		13,597		20,982
Evolution AB		195,296		19,073
Li Ning Co., Ltd.		2,222,001		19,068
Galaxy Entertainment Group, Ltd.		2,661,000		17,620
General Motors Company		464,326		15,620
H World Group, Ltd. (ADR)		205,118		8,701
H World Group, Ltd.		611,320		2,631
YUM! Brands, Inc.		70,324		9,007
Trip.com Group, Ltd. (ADR)1		243,784		8,386
Zhongsheng Group Holdings, Ltd.		1,519,000		7,743
Kering SA		13,551		6,935
NIKE, Inc., Class B		56,533		6,615
Jumbo SA		367,791		6,278
Astra International Tbk PT		16,312,800		5,943
IDP Education, Ltd.		294,204		5,437
Industria de Diseño Textil, SA		198,585		5,288
Marriott International, Inc., Class A		35,444		5,277
JD.com, Inc., Class A		181,431		5,100
Titan Co., Ltd.		153,168		4,794
Tesla, Inc.1		36,323		4,474
adidas AG		32,573		4,447
Prosus NV, Class N		63,003		4,325
Alibaba Group Holding, Ltd.1		377,472		4,168
Americanas SA, ordinary nominative shares		1,839,202		3,362
Lear Corp.		22,412		2,779
Airbnb, Inc., Class A1		32,220		2,755
Melco Resorts & Entertainment, Ltd. (ADR)1		237,753		2,734
Maruti Suzuki India, Ltd.		24,671		2,495
Aptiv PLC1		23,648		2,202
Booking Holdings, Inc.1		1,083		2,183
InterContinental Hotels Group PLC		37,749		2,173
JD Health International, Inc.1		233,200		2,133
Naspers, Ltd., Class N		10,720		1,767
Stellantis NV		121,859		1,726
Inchcape PLC		158,322		1,563
Shangri-La Asia, Ltd.1		1,882,000		1,542
Magazine Luiza SA1		2,856,097		1,482
Levi Strauss & Co., Class A		89,390		1,387
Sands China, Ltd.1		367,200		1,216
Renault SA1		31,040		1,034
FSN E-Commerce Ventures, Ltd.		499,594		932
Flutter Entertainment PLC1		6,201		850

American Funds Insurance Series      73

New World Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer discretionary (continued)
Cie. Financière Richemont SA, Class A		6,488	$	840
Gree Electric Appliances, Inc. of Zhuhai, Class A		132,946		617
Jiumaojiu International Holdings, Ltd.		196,000		517
Cyrela Brazil Realty SA, ordinary nominative shares		115,141		285
Ozon Holdings PLC (ADR)1,2		209,599		—	4
				330,035
Materials 7.96%
Vale SA (ADR), ordinary nominative shares		1,657,863		28,134
Vale SA, ordinary nominative shares		1,563,228		26,316
First Quantum Minerals, Ltd.		1,427,502		29,826
Freeport-McMoRan, Inc.		632,561		24,037
Asian Paints, Ltd.		524,675		19,588
Albemarle Corp.		72,979		15,826
Linde PLC		43,780		14,280
Sika AG		54,150		13,066
Pidilite Industries, Ltd.		359,013		11,037
Barrick Gold Corp.		348,685		5,990
Shin-Etsu Chemical Co., Ltd.		46,300		5,641
LANXESS AG		133,996		5,408
Sociedad Química y Minera de Chile SA, Class B (ADR)		59,883		4,781
Wacker Chemie AG		33,237		4,248
Gerdau SA (ADR)		743,704		4,120
Givaudan SA		1,316		4,012
Loma Negra Compania Industrial Argentina SA (ADR)		505,941		3,466
Fresnillo PLC		299,094		3,247
Jindal Steel & Power, Ltd.		427,648		2,989
Shandong Sinocera Functional Material Co., Ltd., Class A		551,700		2,189
Wheaton Precious Metals Corp.		52,459		2,050
OCI NV		50,734		1,810
Amcor PLC (CDI)		142,086		1,703
Arkema SA		18,241		1,645
CCL Industries, Inc., Class B, nonvoting shares		34,789		1,486
Umicore SA		37,150		1,371
Koninklijke DSM NV		11,145		1,366
Grupo México, SAB de CV, Series B		372,626		1,308
Corteva, Inc.		19,893		1,169
Glencore PLC		166,729		1,115
Yunnan Energy New Material Co., Ltd., Class A		53,564		1,012
BASF SE		13,092		650
Navin Fluorine International, Ltd.		7,411		364
Polymetal International PLC1		76,572		228
Alrosa PJSC1,2		1,123,215		—	4
				245,478
Consumer staples 6.23%
Kweichow Moutai Co., Ltd., Class A		119,607		29,597
ITC, Ltd.		4,065,758		16,297
Bunge, Ltd.		149,915		14,957
Anheuser-Busch InBev SA/NV		179,767		10,807
Nestlé SA		92,198		10,648
Constellation Brands, Inc., Class A		41,910		9,713
Philip Morris International, Inc.		89,011		9,009
Varun Beverages, Ltd.		520,713		8,291
Ajinomoto Co., Inc.		270,999		8,263
Monster Beverage Corp.1		79,331		8,054
Carlsberg A/S, Class B		47,845		6,334
Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates		3,616,697		6,138
Pernod Ricard SA		31,035		6,100
Raia Drogasil SA, ordinary nominative shares		1,191,066		5,351
Avenue Supermarts, Ltd.1		96,957		4,752
Japan Tobacco, Inc.		232,900		4,709

74      American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer staples (continued)
Arca Continental, SAB de CV		559,188	$	4,541
Dabur India, Ltd.		536,320		3,632
Uni-Charm Corp.		86,000		3,298
Mondelez International, Inc.		48,376		3,224
British American Tobacco PLC		57,762		2,292
L’Oréal SA, non-registered shares		6,141		2,203
Foshan Haitian Flavouring and Food Co., Ltd., Class A		189,896		2,174
Proya Cosmetics Co., Ltd., Class A		83,620		2,015
Danone SA		34,906		1,839
United Spirits, Ltd.1		150,135		1,593
Essity Aktiebolag, Class B		59,261		1,555
Monde Nissin Corp.		7,788,000		1,553
Wuliangye Yibin Co., Ltd., Class A		51,771		1,340
Reckitt Benckiser Group PLC		18,928		1,317
Diageo PLC		9,646		426
X5 Retail Group NV (GDR)1,2		88,147		—	4
				192,022
Communication services 5.12%
Sea, Ltd., Class A (ADR)1		440,837		22,937
Alphabet, Inc., Class C1		170,931		15,167
Alphabet, Inc., Class A1		70,628		6,231
Bharti Airtel, Ltd.		1,936,137		18,821
Bharti Airtel, Ltd., interim shares		80,154		419
Tencent Holdings, Ltd.		398,700		16,946
MTN Group, Ltd.		1,937,113		14,510
América Móvil, SAB de CV, Series L (ADR)		579,878		10,554
Netflix, Inc.1		32,399		9,554
Meta Platforms, Inc., Class A1		66,844		8,044
Telefónica, SA, non-registered shares		2,013,890		7,294
NetEase, Inc.		215,200		3,137
NetEase, Inc. (ADR)		26,801		1,946
Vodafone Group PLC		4,478,968		4,540
Indus Towers, Ltd.		1,704,995		3,916
Activision Blizzard, Inc.		51,137		3,914
Singapore Telecommunications, Ltd.		1,920,800		3,688
JCDecaux SE1		88,804		1,689
Telefônica Brasil SA, ordinary nominative shares		222,879		1,619
TIM SA		649,389		1,525
Informa PLC		166,372		1,247
Sitios Latinoamerica, SAB de CV, Class B11		531,908		255
Yandex NV, Class A1,2		378,730		—	4
				157,953
Energy 4.96%
Reliance Industries, Ltd.		1,922,257		58,967
TotalEnergies SE		429,775		26,824
Baker Hughes Co., Class A		400,704		11,833
New Fortress Energy, Inc., Class A		199,711		8,472
BP PLC		1,438,591		8,366
Exxon Mobil Corp.		66,625		7,349
Hess Corp.		42,526		6,031
Cheniere Energy, Inc.		33,338		4,999
Aker BP ASA		160,241		4,995
Chevron Corp.		24,508		4,399
Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares		240,586		2,562
Shell PLC (GBP denominated)		88,634		2,519
INPEX Corp.		229,000		2,444
TechnipFMC PLC1		171,689		2,093

American Funds Insurance Series      75

New World Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Energy (continued)
Galp Energia, SGPS, SA, Class B		76,673	$	1,037
Gazprom PJSC2		945,858		—	4
Rosneft Oil Co. PJSC2		588,661		—	4
				152,890
Utilities 1.73%
ENN Energy Holdings, Ltd.		1,596,100		22,267
AES Corp.		494,900		14,233
Engie SA		433,528		6,210
Enel SpA		717,325		3,858
Power Grid Corporation of India, Ltd.		1,407,075		3,622
China Resources Gas Group, Ltd.		848,600		3,161
China Gas Holdings, Ltd.		67,400		97
				53,448
Real estate 1.59%
Macrotech Developers, Ltd.1		1,294,321		17,070
American Tower Corp. REIT		36,333		7,698
ESR Group, Ltd.		2,725,200		5,720
CK Asset Holdings, Ltd.		920,500		5,667
BR Malls Participações SA, ordinary nominative shares		3,350,637		5,267
China Resources Mixc Lifestyle Services, Ltd.		550,000		2,794
CTP NV		192,994		2,273
Embassy Office Parks REIT		367,228		1,490
China Overseas Land & Investment, Ltd.		222,115		586
Country Garden Services Holdings Co., Ltd.		180,000		446
Ayala Land, Inc.		198,600		110
				49,121
Total common stocks (cost: $2,233,829,000)				2,786,799
Preferred securities 1.05%
Consumer discretionary 0.38%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares1		43,971		4,461
Getir BV, Series D, preferred shares1,2,3		7,768		3,736
Porsche Automobil Holding SE, nonvoting preferred shares		60,985		3,346
				11,543
Materials 0.28%
Gerdau SA, preferred nominative shares		1,533,179		8,529
Real estate 0.17%
QuintoAndar, Ltd., Series E, preferred shares1,2,3		32,657		4,267
QuintoAndar, Ltd., Series E-1, preferred shares1,2,3		8,400		1,098
				5,365
Financials 0.13%
Itaú Unibanco Holding SA, preferred nominative shares		339,548		1,608
Itaú Unibanco Holding SA (ADR), preferred nominative shares		151,962		716
Banco Bradesco SA, preferred nominative shares		619,768		1,778
				4,102
Energy 0.06%
Petróleo Brasileiro SA (Petrobras) (ADR), preferred nominative shares		129,613		1,204
Petróleo Brasileiro SA (Petrobras), preferred nominative shares		156,248		725
				1,929
Health care 0.02%
Grifols, SA, Class B, nonvoting non-registered preferred shares1		71,554		605

76      American Funds Insurance Series

New World Fund (continued)

Preferred securities (continued)

	Shares		Value (000)
Industrials 0.01%
GOL Linhas Aéreas Inteligentes SA, preferred nominative shares1		169,406	$	235
Information technology 0.00%
Canva, Inc., Series A, noncumulative preferred shares1,2,3		34		30
Canva, Inc., Series A-3, noncumulative preferred shares1,2,3		1		1
				31
Total preferred securities (cost: $30,813,000)				32,339
Rights & warrants 0.00%
Materials 0.00%
Shandong Sinocera Functional Material Co., Ltd., Class A, warrants, expire 10/30/20231,6		43,474		172
Consumer discretionary 0.00%
Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/20231		37,386		31
Total rights & warrants (cost: $183,000)				203
	Principal amount (000)
Bonds, notes & other debt instruments 3.26%
Bonds & notes of governments & government agencies outside the U.S. 2.66%
Abu Dhabi (Emirate of) 2.50% 9/30/20296		USD1,000		899
Abu Dhabi (Emirate of) 1.70% 3/2/20316		885		732
Angola (Republic of) 8.25% 5/9/2028		500		457
Angola (Republic of) 8.00% 11/26/20296		1,100		968
Angola (Republic of) 8.75% 4/14/20326		280		243
Argentine Republic 1.00% 7/9/2029		32		9
Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)7		5,341		1,454
Argentine Republic 1.50% 7/9/2035 (3.625% on 7/9/2023)7		2,217		568
Argentine Republic 3.875% 1/9/2038 (4.25% on 7/9/2023)7		1,318		420
Argentine Republic 3.50% 7/9/2041 (4.875% on 7/9/2029)7		5,279		1,502
Armenia (Republic of) 7.15% 3/26/2025		290		294
Bahrain (Kingdom of) 6.75% 9/20/20296		200		200
Brazil (Federative Republic of) 10.00% 1/1/2027		BRL19,869		3,461
Brazil (Federative Republic of) 6.00% 5/15/20278		16,377		3,109
Chile (Republic of) 3.10% 5/7/2041		USD375		271
Chile (Republic of) 4.34% 3/7/2042		645		547
China (People’s Republic of), Series INBK, 2.89% 11/18/2031		CNY36,200		5,205
China (People’s Republic of), Series INBK, 3.72% 4/12/2051		34,650		5,410
Colombia (Republic of) 4.50% 1/28/2026		USD280		264
Colombia (Republic of) 3.25% 4/22/2032		700		511
Colombia (Republic of) 8.00% 4/20/2033		200		201
Colombia (Republic of) 7.375% 9/18/2037		1,090		1,025
Colombia (Republic of) 5.625% 2/26/2044		520		384
Colombia (Republic of) 5.20% 5/15/2049		755		517
Colombia (Republic of) 4.125% 5/15/2051		350		211
Cote d’Ivoire (Republic of) 4.875% 1/30/2032		EUR150		127
Dominican Republic 6.875% 1/29/2026		USD370		374
Dominican Republic 8.625% 4/20/20276		575		600
Dominican Republic 5.50% 2/22/20296		275		254
Dominican Republic 11.375% 7/6/2029		DOP12,800		221
Dominican Republic 6.00% 2/22/20336		USD150		136
Dominican Republic 7.45% 4/30/20446		1,125		1,053
Dominican Republic 7.45% 4/30/2044		1,000		936
Dominican Republic 5.875% 1/30/20606		280		206
Egypt (Arab Republic of) 5.875% 2/16/20316		365		255

American Funds Insurance Series      77

New World Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Egypt (Arab Republic of) 6.375% 4/11/2031		EUR550	$	411
Egypt (Arab Republic of) 7.625% 5/29/20326		USD900		669
Egypt (Arab Republic of) 7.625% 5/29/2032		275		204
Egypt (Arab Republic of) 8.50% 1/31/2047		800		536
Egypt (Arab Republic of) 8.875% 5/29/2050		850		578
Egypt (Arab Republic of) 8.75% 9/30/2051		755		510
Egypt (Arab Republic of) 8.15% 11/20/20596		500		329
Ethiopia (Federal Democratic Republic of) 6.625% 12/11/2024		880		553
Export-Import Bank of India 3.25% 1/15/2030		1,180		1,025
Gabonese Republic 6.95% 6/16/2025		540		513
Gabonese Republic 7.00% 11/24/2031		300		247
Ghana (Republic of) 6.375% 2/11/2027		485		188
Ghana (Republic of) 7.875% 3/26/2027		200		79
Ghana (Republic of) 7.75% 4/7/20296		1,125		423
Ghana (Republic of) 7.625% 5/16/2029		460		174
Ghana (Republic of) 8.125% 3/26/2032		2,130		782
Honduras (Republic of) 6.25% 1/19/2027		1,365		1,208
Honduras (Republic of) 5.625% 6/24/2030		678		547
Honduras (Republic of) 5.625% 6/24/20306		281		227
Indonesia (Republic of) 6.625% 2/17/2037		500		568
Indonesia (Republic of) 5.25% 1/17/2042		840		828
Iraq (Republic of) 6.752% 3/9/2023		960		950
Jordan (Hashemite Kingdom of) 5.75% 1/31/20276		800		773
Kazakhstan (Republic of) 6.50% 7/21/20456		800		836
Kenya (Republic of) 6.875% 6/24/2024		200		185
Kenya (Republic of) 8.25% 2/28/20486		1,800		1,402
Mongolia (State of) 8.75% 3/9/2024		370		359
Mongolia (State of) 4.45% 7/7/2031		300		234
Mozambique (Republic of) 5.00% 9/15/2031 (9.00% on 9/15/2023)7		880		678
Oman (Sultanate of) 4.875% 2/1/20256		565		556
Oman (Sultanate of) 5.375% 3/8/2027		750		736
Oman (Sultanate of) 6.25% 1/25/20316		600		606
Pakistan (Islamic Republic of) 8.25% 9/30/20256		410		199
Pakistan (Islamic Republic of) 6.00% 4/8/20266		380		153
Pakistan (Islamic Republic of) 6.875% 12/5/20276		1,050		416
Pakistan (Islamic Republic of) 7.875% 3/31/2036		200		72
Pakistan (Islamic Republic of) 8.875% 4/8/2051		850		300
Panama (Republic of) 3.75% 4/17/20266		678		639
Panama (Republic of) 4.50% 5/15/2047		1,155		892
Panama (Republic of) 4.50% 4/16/2050		200		152
Panama (Republic of) 4.30% 4/29/2053		400		290
Panama (Republic of) 4.50% 1/19/2063		200		142
Paraguay (Republic of) 4.70% 3/27/20276		400		395
Paraguay (Republic of) 4.95% 4/28/2031		320		310
Peru (Republic of) 3.00% 1/15/2034		425		336
Peru (Republic of) 6.55% 3/14/2037		1,070		1,131
Peru (Republic of) 3.55% 3/10/2051		370		265
Peru (Republic of) 2.78% 12/1/2060		365		214
PETRONAS Capital, Ltd. 4.55% 4/21/20506		400		359
Philippines (Republic of) 1.648% 6/10/2031		580		465
Philippines (Republic of) 6.375% 10/23/2034		820		911
Philippines (Republic of) 3.95% 1/20/2040		700		595
Philippines (Republic of) 3.70% 3/1/2041		505		414
Philippines (Republic of) 2.95% 5/5/2045		790		572
PT Indonesia Asahan Aluminium Tbk 6.757% 11/15/2048		200		188
Qatar (State of) 4.50% 4/23/20286		2,000		2,016
Qatar (State of) 4.50% 4/23/2028		600		605
Romania 2.00% 1/28/2032		EUR1,375		987
Romania 2.00% 4/14/2033		300		207
Romania 5.125% 6/15/20486		USD500		399
Russian Federation 4.25% 6/23/20279		1,000		430

78      American Funds Insurance Series

New World Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Russian Federation 4.375% 3/21/20296,9		USD800	$	328
Russian Federation 5.10% 3/28/20359		1,600		656
Russian Federation 5.25% 6/23/20479		1,200		492
Senegal (Republic of) 4.75% 3/13/2028		EUR950		880
South Africa (Republic of) 5.875% 6/22/2030		USD1,200		1,120
South Africa (Republic of) 5.875% 4/20/2032		400		362
Sri Lanka (Democratic Socialist Republic of) 6.125% 6/3/20259		450		147
Sri Lanka (Democratic Socialist Republic of) 6.85% 11/3/20259		1,904		614
Sri Lanka (Democratic Socialist Republic of) 6.825% 7/18/20269		1,270		407
Sri Lanka (Democratic Socialist Republic of) 7.55% 3/28/20309		471		150
Tunisia (Republic of) 6.75% 10/31/2023		EUR465		420
Tunisia (Republic of) 6.75% 10/31/2023		310		280
Tunisia (Republic of) 5.625% 2/17/2024		500		422
Tunisia (Republic of) 5.75% 1/30/2025		USD625		435
Turkey (Republic of) 11.875% 1/15/2030		800		954
Turkey (Republic of) 5.875% 6/26/2031		1,170		963
Turkey (Republic of) 4.875% 4/16/2043		400		261
Turkey (Republic of) 5.75% 5/11/2047		2,005		1,373
Ukraine 8.994% 2/1/20269		600		134
Ukraine 7.75% 9/1/20299		2,328		503
Ukraine 9.75% 11/1/20309		900		187
Ukraine 7.375% 9/25/20349		2,180		416
United Mexican States 4.50% 4/22/2029		300		287
United Mexican States 4.75% 4/27/2032		870		817
United Mexican States 4.75% 3/8/2044		1,090		884
United Mexican States 3.75% 4/19/2071		200		125
United Mexican States, Series M, 7.50% 6/3/2027		MXN20,360		986
United Mexican States, Series M, 7.75% 5/29/2031		43,000		2,044
Venezuela (Bolivarian Republic of) 9.00% 5/7/20239		USD1,383		121
Venezuela (Bolivarian Republic of) 8.25% 10/13/20249		299		26
Venezuela (Bolivarian Republic of) 7.65% 4/21/20259		129		11
Venezuela (Bolivarian Republic of) 11.75% 10/21/20269		64		6
Venezuela (Bolivarian Republic of) 9.25% 9/15/20279		170		16
Venezuela (Bolivarian Republic of) 9.25% 5/7/20289		319		29
Venezuela (Bolivarian Republic of) 7.00% 12/1/20189		64		5
Venezuela (Bolivarian Republic of) 7.75% 10/13/20199		1,149		92
Venezuela (Bolivarian Republic of) 6.00% 12/9/20209		950		67
Venezuela (Bolivarian Republic of) 11.95% 8/5/20319		106		10
Venezuela (Bolivarian Republic of) 12.75% 8/23/20229		85		7
Venezuela (Bolivarian Republic of) 7.00% 3/31/20389		107		10
				82,039
Corporate bonds, notes & loans 0.51%
Energy 0.17%
Oleoducto Central SA 4.00% 7/14/20276		255		225
Oleoducto Central SA 4.00% 7/14/2027		200		177
Petrobras Global Finance Co. 6.85% 6/5/2115		314		266
Petróleos Mexicanos 6.875% 8/4/2026		800		757
Petróleos Mexicanos 6.49% 1/23/2027		1,670		1,525
Petróleos Mexicanos 8.75% 6/2/2029		1,105		1,038
Petróleos Mexicanos 6.70% 2/16/2032		622		490
Petrorio Luxembourg SARL 6.125% 6/9/2026		200		191
PTT Exploration and Production PCL 2.993% 1/15/2030		200		174
Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/20516		630		420
				5,263

American Funds Insurance Series      79

New World Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials 0.09%
Bangkok Bank PCL 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)7		USD800	$	670
CMB International Leasing Management, Ltd. 2.75% 8/12/2030		895		687
HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds (5-Year UST Yield Curve Rate T Note Constant Maturity + 2.925% on 2/25/2027)6,7		600		516
Power Financial Corp., Ltd. 6.15% 12/6/2028		432		439
Power Financial Corp., Ltd. 4.50% 6/18/2029		273		253
Power Financial Corp., Ltd. 3.35% 5/16/2031		310		258
				2,823
Consumer discretionary 0.07%
Alibaba Group Holding, Ltd. 4.20% 12/6/2047		600		461
Alibaba Group Holding, Ltd. 3.15% 2/9/2051		410		256
Arcos Dorados BV 6.125% 5/27/2029		450		437
Meituan Dianping 3.05% 10/28/20306		800		618
MercadoLibre, Inc. 3.125% 1/14/2031		400		310
Sands China, Ltd. 4.875% 6/18/2030		220		193
				2,275
Materials 0.05%
Braskem Idesa SAPI 7.45% 11/15/2029		775		613
Braskem Idesa SAPI 7.45% 11/15/20296		300		237
GC Treasury Center Co., Ltd. 4.40% 3/30/20326		230		204
Sasol Financing USA, LLC 5.875% 3/27/2024		500		491
				1,545
Utilities 0.04%
AES Panama Generation Holdings SRL 4.375% 5/31/20306		280		244
Empresas Publicas de Medellin ESP 4.25% 7/18/20296		412		328
Enfragen Energia Sur SA 5.375% 12/30/2030		969		679
				1,251
Communication services 0.04%
Axiata SPV5 Labuan, Ltd. 3.064% 8/19/2050		357		238
PLDT, Inc. 2.50% 1/23/2031		210		165
Tencent Holdings, Ltd. 3.975% 4/11/2029		400		369
Tencent Holdings, Ltd. 3.24% 6/3/20506		580		368
				1,140
Consumer staples 0.02%
Marfrig Global Foods SA 3.95% 1/29/2031		320		246
NBM US Holdings, Inc. 6.625% 8/6/20293		420		407
				653
Industrials 0.02%
Mexico City Airport Trust 4.25% 10/31/2026		475		454
Health care 0.01%
Rede D’Or Finance SARL 4.50% 1/22/2030		480		414
Total corporate bonds, notes & loans				15,818
U.S. Treasury bonds & notes 0.09%
U.S. Treasury 0.09%
U.S. Treasury (3-month U.S. Treasury Bill Yield - 0.015%) 4.383% 1/31/202410,11		2,730		2,729
Total bonds, notes & other debt instruments (cost: $123,585,000)				100,586

80      American Funds Insurance Series

New World Fund (continued)

	Shares		Value (000)
Short-term securities 5.44%
Money market investments 5.43%
Capital Group Central Cash Fund 4.31%12,13		1,673,444	$	167,328
Money market investments purchased with collateral from securities on loan 0.01%
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%12,14		149,334		150
Capital Group Central Cash Fund 4.31%12,13,14		862		86
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%12,14		58,955		59
				295
Total short-term securities (cost: $167,602,000)				167,623
Total investment securities 100.12% (cost: $2,556,012,000)				3,087,550
Other assets less liabilities (0.12)%				(3,766	)
Net assets 100.00%			$	3,083,784

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
2 Year Euro-Schatz Futures		Long		40		March 2023		USD4,514		$	(18	)
5 Year U.S. Treasury Note Futures		Short		14		March 2023		(1,511	)		3
10 Year Euro-Bund Futures		Short		18		March 2023		(2,561	)		126
10 Year Ultra U.S. Treasury Note Futures		Short		43		March 2023		(5,086	)		30
30 Year Ultra U.S. Treasury Bond Futures		Long		53		March 2023		7,118			(48	)
										$	93

Forward currency contracts

Contract amount		Counterparty	Settlement date		Unrealized (depreciation) (depreciation) appreciation at 12/31/2022 (000)
Currency purchased (000)	Currency sold (000)
USD                  77	EUR             73	Goldman Sachs		1/11/2023	$	(1	)
USD             1,484	EUR        1,409	Goldman Sachs		1/12/2023		(25	)
EUR                    8	USD               9	Barclays Bank PLC		1/13/2023		—	4
USD             1,683	EUR        1,593	JPMorgan Chase		1/13/2023		(24	)
					$	(50	)

American Funds Insurance Series      81

New World Fund (continued)

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices – buy protection

Reference index	Financing rate paid			Payment frequency		Expiration date		Notional amount (000)		Value at 12/31/2022 (000)		Upfront premium paid (000)		Unrealized appreciation at 12/31/2022 (000)
CDX.EM.38		1.00	%		Quarterly		12/20/2027		USD2,230	$	131	$	129	$	2

Investments in affiliates¹³

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 5.43%
Money market investments 5.43%
Capital Group Central Cash Fund 4.31%12	$	216,764	$	756,276	$	805,673		$	(44	)	$	5	$	167,328	$	4,331
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 4.31%12,14		4,255				4,169	15							86		—	16
Total 5.43%								$	(44	)	$	5	$	167,414	$	4,331

Restricted securities³

	Acquisition date(s)		Cost (000)		Value (000)		Percent of net assets
QuintoAndar, Ltd., Series E, preferred shares1,2		5/26/2021	$	5,258	$	4,267		.14	%
QuintoAndar, Ltd., Series E-1, preferred shares1,2		12/20/2021		1,716		1,098		.04
Getir BV, Series D, preferred shares1,2		5/27/2021		3,500		3,736		.12
NBM US Holdings, Inc. 6.625% 8/6/2029		7/8/2022		404		407		.01
Canva, Inc.1,2		8/26/2021-11/4/2021		656		342		.01
Canva, Inc., Series A, noncumulative preferred shares1,2		11/4/2021		58		30		.00
Canva, Inc., Series A-3, noncumulative preferred shares1,2		11/4/2021		2		1		.00
Total			$	11,594	$	9,881		.32	%

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

82      American Funds Insurance Series

New World Fund (continued)

²  Value determined using significant unobservable inputs.

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

⁴  Amount less than one thousand.

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

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

⁷  Step bond; coupon rate may change at a later date.

⁸  Index-linked bond whose principal amount moves with a government price index.

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

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

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

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

¹³  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

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

¹⁵  Represents net activity. Refer to Note 5 for more information on securities lending.

¹⁶  Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

BRL = Brazilian reais

CDI = CREST Depository Interest

CNY = Chinese yuan

DOP = Dominican pesos

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

MXN = Mexican pesos

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series      83

Washington Mutual Investors Fund

Investment portfolio December 31, 2022

Common stocks 95.35%

	Shares		Value (000)
Health care 21.99%
UnitedHealth Group, Inc.		706,573	$	374,611
Pfizer, Inc.		5,089,889		260,806
CVS Health Corp.		2,030,283		189,202
Eli Lilly and Company		436,276		159,607
Johnson & Johnson		897,185		158,488
AbbVie, Inc.		926,694		149,763
AstraZeneca PLC (ADR)		1,747,998		118,514
Humana, Inc.		211,641		108,400
Gilead Sciences, Inc.		1,234,157		105,952
Abbott Laboratories		676,709		74,296
Cigna Corp.		197,196		65,339
Elevance Health, Inc.		118,687		60,883
Danaher Corp.		228,637		60,685
Bristol-Myers Squibb Company		577,839		41,576
Novo Nordisk A/S, Class B (ADR)		214,095		28,976
Zimmer Biomet Holdings, Inc.		179,120		22,838
Thermo Fisher Scientific, Inc.		38,181		21,026
Regeneron Pharmaceuticals, Inc.1		25,933		18,710
Zoetis, Inc., Class A		100,063		14,664
Roche Holding AG (ADR)		322,207		12,614
Molina Healthcare, Inc.1		37,656		12,435
Edwards Lifesciences Corp.1		85,300		6,364
Baxter International, Inc.		114,187		5,820
ResMed, Inc.		24,754		5,152
				2,076,721
Information technology 17.56%
Broadcom, Inc.		919,032		513,857
Microsoft Corp.		1,830,263		438,934
Apple, Inc.		765,754		99,494
ASML Holding NV (New York registered) (ADR)		157,302		85,950
Intel Corp.		2,778,330		73,431
Visa, Inc., Class A		290,482		60,351
Fidelity National Information Services, Inc.		587,989		39,895
Motorola Solutions, Inc.		149,004		38,400
Mastercard, Inc., Class A		110,216		38,325
SAP SE (ADR)		370,066		38,187
KLA Corp.		90,564		34,145
Applied Materials, Inc.		344,981		33,594
Paychex, Inc.		238,707		27,585
TE Connectivity, Ltd.		233,588		26,816
Automatic Data Processing, Inc.		91,188		21,781
Texas Instruments, Inc.		119,302		19,711
NetApp, Inc.		285,109		17,124
Synopsys, Inc.1		47,178		15,064
Oracle Corp.		116,989		9,563
QUALCOMM, Inc.		85,889		9,443
EPAM Systems, Inc.1		21,637		7,091
Analog Devices, Inc.		28,186		4,623
Micron Technology, Inc.		74,256		3,711
Ciena Corp.1		17,550		895
				1,657,970
Financials 13.67%
Marsh & McLennan Companies, Inc.		1,329,999		220,088
JPMorgan Chase & Co.		1,231,233		165,108
BlackRock, Inc.		152,050		107,747
Chubb, Ltd.		450,474		99,375
CME Group, Inc., Class A		530,969		89,288
Wells Fargo & Company		1,821,863		75,225
Bank of America Corp.		1,370,945		45,406
Citizens Financial Group, Inc.		1,109,159		43,668

84      American Funds Insurance Series

Washington Mutual Investors Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Financials (continued)
Discover Financial Services		414,920	$	40,592
Intercontinental Exchange, Inc.		394,483		40,470
Morgan Stanley		458,540		38,985
S&P Global, Inc.		111,373		37,303
Capital One Financial Corp.		348,076		32,357
Blackstone, Inc., nonvoting shares		403,946		29,969
Apollo Asset Management, Inc.		443,289		28,277
Nasdaq, Inc.		458,289		28,116
KKR & Co., Inc.		601,229		27,909
Goldman Sachs Group, Inc.		78,842		27,073
Aon PLC, Class A		75,142		22,553
PNC Financial Services Group, Inc.		130,342		20,586
Toronto-Dominion Bank2		236,859		15,339
KeyCorp		770,460		13,422
Canadian Imperial Bank of Commerce		314,940		12,739
Arthur J. Gallagher & Co.		56,249		10,605
Moody’s Corp.		26,105		7,273
Fifth Third Bancorp		192,883		6,329
Charles Schwab Corp.		38,738		3,225
Progressive Corp.		14,654		1,901
				1,290,928
Industrials 11.24%
Northrop Grumman Corp.		340,603		185,836
Lockheed Martin Corp.		220,356		107,201
Raytheon Technologies Corp.		991,865		100,099
Caterpillar, Inc.		415,519		99,542
Norfolk Southern Corp.		312,913		77,108
CSX Corp.		2,421,254		75,011
L3Harris Technologies, Inc.		323,116		67,276
Honeywell International, Inc.		292,363		62,653
Boeing Company1		256,666		48,892
Waste Connections, Inc.		206,205		27,335
Equifax, Inc.		124,702		24,237
ABB, Ltd. (ADR)		753,846		22,962
United Parcel Service, Inc., Class B		123,077		21,396
Robert Half International, Inc.		278,467		20,559
Union Pacific Corp.		99,249		20,552
Rockwell Automation		59,498		15,325
Carrier Global Corp.		317,975		13,117
Huntington Ingalls Industries, Inc.		47,307		10,913
PACCAR, Inc.		108,835		10,771
Republic Services, Inc.		78,273		10,096
Johnson Controls International PLC		152,323		9,749
BAE Systems PLC (ADR)2		212,361		8,950
HEICO Corp.		56,216		8,637
Air Lease Corp., Class A		157,245		6,041
RELX PLC (ADR)		186,041		5,157
Waste Management, Inc.		11,150		1,749
				1,061,164
Consumer discretionary 8.11%
Home Depot, Inc.		574,803		181,557
YUM! Brands, Inc.		682,736		87,445
Target Corp.		566,187		84,385
General Motors Company		1,894,289		63,724
Darden Restaurants, Inc.		417,284		57,723
Lennar Corp., Class A		515,314		46,636
Wynn Resorts, Ltd.1		470,851		38,831
NIKE, Inc., Class B		321,417		37,609
TJX Companies, Inc.		469,822		37,398
Dollar General Corp.		115,057		28,333

American Funds Insurance Series      85

Washington Mutual Investors Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer discretionary (continued)
D.R. Horton, Inc.		283,590	$	25,279
Starbucks Corp.		247,055		24,508
Chipotle Mexican Grill, Inc.1		9,251		12,836
VF Corp.		440,631		12,166
Aptiv PLC1		104,868		9,766
McDonald’s Corp.		21,948		5,784
Royal Caribbean Cruises, Ltd.1		110,264		5,450
Polaris, Inc.		52,835		5,336
Amazon.com, Inc.1		17,265		1,450
				766,216
Consumer staples 6.76%
Archer Daniels Midland Company		1,568,943		145,676
Philip Morris International, Inc.		1,242,650		125,769
Keurig Dr Pepper, Inc.		1,386,913		49,457
Kraft Heinz Company		1,133,294		46,136
Procter & Gamble Company		266,724		40,425
Reckitt Benckiser Group PLC (ADR)2		2,494,590		35,149
Nestlé SA (ADR)		289,515		33,393
General Mills, Inc.		345,460		28,967
Hormel Foods Corp.		592,388		26,983
Mondelez International, Inc.		372,276		24,812
Costco Wholesale Corp.		50,498		23,052
Church & Dwight Co., Inc.		148,770		11,992
Walgreens Boots Alliance, Inc.		316,943		11,841
Unilever PLC (ADR)		182,723		9,200
British American Tobacco PLC (ADR)		222,076		8,879
Kimberly-Clark Corp.		55,351		7,514
Danone (ADR)		694,054		7,298
Conagra Brands, Inc.		57,435		2,223
				638,766
Energy 5.90%
Pioneer Natural Resources Company		558,497		127,555
Chevron Corp.		509,098		91,378
ConocoPhillips		757,878		89,430
Baker Hughes Co., Class A		2,518,351		74,367
Exxon Mobil Corp.		576,453		63,583
EOG Resources, Inc.		297,609		38,546
Canadian Natural Resources, Ltd.		665,647		36,963
TC Energy Corp.		678,590		27,049
Enbridge, Inc.		208,235		8,142
				557,013
Communication services 3.97%
Comcast Corp., Class A		6,323,705		221,140
Alphabet, Inc., Class C1		732,176		64,966
Alphabet, Inc., Class A1		442,820		39,070
Meta Platforms, Inc., Class A1		262,927		31,641
Activision Blizzard, Inc.		138,758		10,622
Electronic Arts, Inc.		36,898		4,508
Deutsche Telekom AG (ADR)		142,813		2,853
				374,800
Utilities 2.63%
Constellation Energy Corp.		810,638		69,885
Sempra Energy		407,271		62,940
Entergy Corp.		349,992		39,374
CMS Energy Corp.		446,368		28,268
Public Service Enterprise Group, Inc.		235,300		14,417
NextEra Energy, Inc.		142,120		11,881

86      American Funds Insurance Series

Washington Mutual Investors Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Utilities (continued)
Xcel Energy, Inc.		110,238	$	7,729
Dominion Energy, Inc.		123,750		7,588
Evergy, Inc.		95,960		6,039
				248,121
Materials 2.24%
Linde PLC		198,540		64,760
Rio Tinto PLC (ADR)		501,584		35,713
Corteva, Inc.		497,904		29,267
Air Products and Chemicals, Inc.		64,476		19,875
LyondellBasell Industries NV		219,873		18,256
Nucor Corp.		125,314		16,518
Huntsman Corp.		442,172		12,151
Albemarle Corp.		55,023		11,932
H.B. Fuller Co.		49,263		3,528
				212,000
Real estate 1.28%
Extra Space Storage, Inc. REIT		363,771		53,540
American Tower Corp. REIT		109,250		23,146
Equinix, Inc. REIT		27,909		18,281
Digital Realty Trust, Inc. REIT		174,296		17,477
Regency Centers Corp. REIT		115,400		7,212
Welltower, Inc. REIT		15,517		1,017
				120,673
Total common stocks (cost: $7,295,957,000)				9,004,372
Convertible stocks 0.35%
Health care 0.20%
Becton, Dickinson and Company, Series B, convertible preferred shares, 6.00% 6/1/2023		197,800		9,906
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/20232		6,821		9,253
				19,159
Utilities 0.08%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025		90,700		4,552
American Electric Power Company, Inc., convertible preferred units, 6.125% 8/15/2023		56,400		2,909
				7,461
Financials 0.07%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023		113,300		6,487
Total convertible stocks (cost: $33,103,000)				33,107

American Funds Insurance Series      87

Washington Mutual Investors Fund (continued)

Short-term securities 4.19%

	Shares		Value (000)
Money market investments 4.07%
Capital Group Central Cash Fund 4.31%3,4		3,847,079	$	384,669
Money market investments purchased with collateral from securities on loan 0.12%
Capital Group Central Cash Fund 4.31%3,4,5		63,391		6,338
State Street Institutional U.S. Government Money Market Fund, Institutional Class 4.09%3,5		2,494,000		2,494
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%3,5		1,460,582		1,461
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%3,5		1,324,956		1,325
				11,618
Total short-term securities (cost: $396,237,000)				396,287
Total investment securities 99.89% (cost: $7,725,297,000)				9,433,766
Other assets less liabilities 0.11%				9,934
Net assets 100.00%			$	9,443,700

Investments in affiliates⁴

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 4.14%
Money market investments 4.07%
Capital Group Central Cash Fund 4.31%3	$	321,870	$	1,392,905	$	1,330,045		$	(71	)	$	10	$	384,669	$	6,762
Money market investments purchased with collateral from securities on loan 0.07%
Capital Group Central Cash Fund 4.31%3,5		9,273				2,935	6							6,338		—	7
Total 4.14%								$	(71	)	$	10	$	391,007	$	6,762

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

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

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

⁴  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

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

⁶  Represents net activity. Refer to Note 5 for more information on securities lending.

⁷  Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

88      American Funds Insurance Series

Capital World Growth and Income Fund

Investment portfolio December 31, 2022

Common stocks 95.23%

	Shares		Value (000)
Information technology 15.74%
Broadcom, Inc.		91,368	$	51,087
Microsoft Corp.		200,685		48,128
Taiwan Semiconductor Manufacturing Company, Ltd.		2,403,800		35,035
ASML Holding NV		48,522		26,265
Apple, Inc.		111,767		14,522
EPAM Systems, Inc.1		37,912		12,425
Tokyo Electron, Ltd.		35,800		10,635
Capgemini SE		47,477		7,963
Micron Technology, Inc.		141,746		7,085
Accenture PLC, Class A		24,538		6,548
Mastercard, Inc., Class A		15,969		5,553
Logitech International SA		65,146		4,043
NVIDIA Corp.		25,359		3,706
Delta Electronics, Inc.		337,000		3,139
Keyence Corp.		7,600		2,975
Hexagon AB, Class B		260,158		2,735
Ceridian HCM Holding, Inc.1		38,252		2,454
Shopify, Inc., Class A, subordinate voting shares1		69,098		2,398
OBIC Co., Ltd.		16,200		2,395
Applied Materials, Inc.		23,343		2,273
Synopsys, Inc.1		6,800		2,171
MediaTek, Inc.		93,000		1,889
Worldline SA, non-registered shares1		44,297		1,729
TE Connectivity, Ltd.		13,147		1,509
Lasertec Corp.		8,872		1,474
Fujitsu, Ltd.		11,000		1,457
SK hynix, Inc.		22,772		1,371
ServiceNow, Inc.1		3,191		1,239
Oracle Corp.		15,041		1,229
Disco Corp.		3,900		1,121
GlobalWafers Co., Ltd.		71,000		986
Snowflake, Inc., Class A1		5,882		844
Zscaler, Inc.1		7,066		791
Infosys, Ltd.		41,700		755
Nomura Research Institute, Ltd.		28,600		680
SS&C Technologies Holdings, Inc.		10,174		530
PagSeguro Digital, Ltd., Class A1		22,705		198
Wolfspeed, Inc.1		1,813		125
Fidelity National Information Services, Inc.		1,708		116
				271,578
Health care 15.17%
UnitedHealth Group, Inc.		74,724		39,617
Abbott Laboratories		241,728		26,539
Eli Lilly and Company		58,184		21,286
Gilead Sciences, Inc.		178,860		15,355
AstraZeneca PLC		104,122		14,131
Pfizer, Inc.		261,843		13,417
Novo Nordisk A/S, Class B		84,097		11,387
Thermo Fisher Scientific, Inc.		20,658		11,376
Daiichi Sankyo Company, Ltd.		344,500		11,040
Centene Corp.1		118,976		9,757
Novartis AG		96,113		8,706
Siemens Healthineers AG		144,724		7,240
Stryker Corp.		28,725		7,023
AbbVie, Inc.		34,990		5,655
Amgen, Inc.		18,534		4,868
Takeda Pharmaceutical Company, Ltd.		146,400		4,573
CVS Health Corp.		47,511		4,428
Olympus Corp.		213,300		3,770
Medtronic PLC		42,451		3,299
Vertex Pharmaceuticals, Inc.1		10,220		2,951

American Funds Insurance Series      89

Capital World Growth and Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care (continued)
ResMed, Inc.		13,349	$	2,778
Shionogi & Co., Ltd.		52,400		2,607
Insulet Corp.1		8,552		2,518
PerkinElmer, Inc.		17,633		2,472
Carl Zeiss Meditec AG, non-registered shares		19,475		2,458
Bayer AG		46,783		2,416
EssilorLuxottica		12,616		2,297
DexCom, Inc.1		19,845		2,247
Cigna Corp.		6,618		2,193
Intuitive Surgical, Inc.1		7,213		1,914
Zoetis, Inc., Class A		11,180		1,638
CSL, Ltd.		8,133		1,586
Alcon, Inc.		21,412		1,471
Rede D’Or Sao Luiz SA		255,608		1,432
BioNTech SE (ADR)		8,468		1,272
Guardant Health, Inc.1		32,188		876
Eurofins Scientific SE, non-registered shares		12,151		875
Penumbra, Inc.1		3,640		810
Catalent, Inc.1		13,075		588
Molina Healthcare, Inc.1		1,089		360
Agilon Health, Inc.1		19,961		322
HOYA Corp.		1,300		126
EUROAPI1		2,830		42
				261,716
Financials 12.95%
Zurich Insurance Group AG		40,892		19,541
AIA Group, Ltd.		1,331,999		14,675
Kotak Mahindra Bank, Ltd.		641,387		14,112
Toronto-Dominion Bank (CAD denominated)		196,293		12,710
JPMorgan Chase & Co.		73,488		9,855
HDFC Bank, Ltd.		379,442		7,470
HDFC Bank, Ltd. (ADR)		14,868		1,017
B3 SA-Brasil, Bolsa, Balcao		3,320,838		8,309
DNB Bank ASA		401,356		7,946
Ping An Insurance (Group) Company of China, Ltd., Class H		1,071,500		7,072
Ping An Insurance (Group) Company of China, Ltd., Class A		23,000		156
Nasdaq, Inc.		110,650		6,788
PNC Financial Services Group, Inc.		39,710		6,272
Wells Fargo & Company		142,901		5,900
Morgan Stanley		64,543		5,487
Chubb, Ltd.		23,142		5,105
ING Groep NV		395,598		4,827
American International Group, Inc.		75,453		4,772
Aon PLC, Class A		15,659		4,700
HDFC Life Insurance Company, Ltd.		681,398		4,651
CME Group, Inc., Class A		27,577		4,637
Discover Financial Services		44,649		4,368
DBS Group Holdings, Ltd.		167,200		4,233
Blackstone, Inc., nonvoting shares		54,273		4,027
Intercontinental Exchange, Inc.		35,038		3,595
KBC Groep NV		54,921		3,526
S&P Global, Inc.		8,773		2,938
Citigroup, Inc.		60,832		2,751
FinecoBank SpA		153,752		2,562
Israel Discount Bank Ltd., Class A		471,720		2,479
Fairfax Financial Holdings, Ltd., subordinate voting shares		4,135		2,449
AXA SA		80,016		2,230
BNP Paribas SA		35,889		2,042
ICICI Bank, Ltd.		188,346		2,019
Apollo Asset Management, Inc.		31,437		2,005
Banco Santander, SA		631,521		1,891

90      American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Financials (continued)
National Bank of Canada		26,966	$	1,817
Arthur J. Gallagher & Co.		9,509		1,793
Fifth Third Bancorp		48,163		1,580
Goldman Sachs Group, Inc.		4,548		1,562
Power Corporation of Canada, subordinate voting shares2		63,342		1,490
Blue Owl Capital, Inc., Class A		136,448		1,446
Macquarie Group, Ltd.		12,033		1,366
XP, Inc., Class A1		86,047		1,320
Postal Savings Bank of China Co., Ltd., Class H		2,121,000		1,310
United Overseas Bank, Ltd.		54,800		1,257
Marsh & McLennan Companies, Inc.		7,341		1,215
Bajaj Finance, Ltd.		15,022		1,189
China Merchants Bank Co., Ltd., Class H		130,403		723
China Merchants Bank Co., Ltd., Class A		86,187		462
Axis Bank, Ltd.		100,962		1,135
Hong Kong Exchanges and Clearing, Ltd.		25,200		1,089
Tryg A/S		45,292		1,074
East Money Information Co., Ltd., Class A		379,800		1,061
Aegon NV		196,376		996
Lufax Holding, Ltd. (ADR)		180,760		351
Sberbank of Russia PJSC1,3		3,196,952		—	4
				223,353
Industrials 12.59%
Airbus SE, non-registered shares		165,602		19,690
General Electric Co.		226,107		18,945
BAE Systems PLC		1,376,080		14,222
Raytheon Technologies Corp.		121,846		12,297
Carrier Global Corp.		262,272		10,819
Recruit Holdings Co., Ltd.		317,150		10,087
Safran SA		80,040		10,002
Lockheed Martin Corp.		20,070		9,764
Deere & Company		21,851		9,369
Siemens AG		59,301		8,230
Caterpillar, Inc.		31,794		7,617
Boeing Company1		39,550		7,534
CSX Corp.		174,517		5,406
L3Harris Technologies, Inc.		25,925		5,398
Mitsui & Co., Ltd.		152,400		4,431
LIXIL Corp.		288,000		4,389
Melrose Industries PLC		2,436,274		3,961
RELX PLC		119,741		3,318
RELX PLC (ADR)		15,132		419
TransDigm Group, Inc.		5,844		3,680
Bureau Veritas SA		137,541		3,620
Johnson Controls International PLC		55,085		3,525
Daikin Industries, Ltd.		19,600		3,015
Brenntag SE		39,862		2,549
Compagnie de Saint-Gobain SA, non-registered shares		51,704		2,538
Canadian Pacific Railway, Ltd.		31,797		2,372
Legrand SA		28,600		2,303
Bunzl PLC		68,998		2,303
ASSA ABLOY AB, Class B		104,956		2,258
Northrop Grumman Corp.		3,877		2,115
Schneider Electric SE		13,179		1,853
Thales SA		14,244		1,821
Waste Connections, Inc.		13,211		1,751
BayCurrent Consulting, Inc.		54,200		1,695
Rockwell Automation		6,529		1,682
VINCI SA		15,814		1,579
Rentokil Initial PLC		256,104		1,574
Nidec Corp.		22,100		1,151

American Funds Insurance Series      91

Capital World Growth and Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Industrials (continued)
SMC Corp.		2,700	$	1,143
AB Volvo, Class B		62,128		1,125
MTU Aero Engines AG		5,108		1,106
Atlas Copco AB, Class B		89,617		957
Adecco Group AG		28,154		926
ManpowerGroup, Inc.		11,115		925
Larsen & Toubro, Ltd.		35,295		888
International Consolidated Airlines Group SA (CDI)1,2		287,033		427
Honeywell International, Inc.		1,401		300
Deutsche Post AG		3,901		147
				217,226
Consumer discretionary 9.00%
LVMH Moët Hennessy-Louis Vuitton SE		40,590		29,488
Home Depot, Inc.		63,297		19,993
General Motors Company		304,882		10,256
Amazon.com, Inc.1		98,471		8,272
Booking Holdings, Inc.1		3,555		7,164
Flutter Entertainment PLC1		45,621		6,251
Restaurant Brands International, Inc.		44,121		2,853
Restaurant Brands International, Inc. (CAD denominated)		43,454		2,811
Cie. Financière Richemont SA, Class A		40,890		5,291
Sony Group Corp.		66,800		5,094
Dollar Tree Stores, Inc.1		33,180		4,693
Marriott International, Inc., Class A		29,974		4,463
Lennar Corp., Class A		39,345		3,561
Target Corp.		22,747		3,390
Industria de Diseño Textil, SA		117,969		3,141
Sands China, Ltd.1		935,200		3,098
Shimano, Inc.		19,200		3,059
Chipotle Mexican Grill, Inc.1		2,122		2,944
Evolution AB		25,292		2,470
Rivian Automotive, Inc., Class A1		126,108		2,324
NIKE, Inc., Class B		19,311		2,260
Pan Pacific International Holdings Corp.		119,900		2,226
YUM! Brands, Inc.		16,678		2,136
Astra International Tbk PT		5,716,600		2,083
InterContinental Hotels Group PLC		34,581		1,991
Darden Restaurants, Inc.		14,208		1,965
Stellantis NV		128,257		1,818
JD.com, Inc., Class A		52,947		1,488
Tesla, Inc.1		12,036		1,483
Midea Group Co., Ltd., Class A		194,700		1,446
Li Ning Co., Ltd.		163,000		1,399
Kindred Group PLC (SDR)		127,475		1,331
Wynn Macau, Ltd.1		826,400		921
Royal Caribbean Cruises, Ltd.1		17,446		862
Aristocrat Leisure, Ltd.		39,792		822
Entain PLC		17,337		278
Hermès International		105		162
				155,287
Consumer staples 7.57%
Philip Morris International, Inc.		309,980		31,373
Nestlé SA		110,820		12,798
Keurig Dr Pepper, Inc.		316,125		11,273
British American Tobacco PLC		243,321		9,654
Kroger Co.		171,853		7,661
Kweichow Moutai Co., Ltd., Class A		28,600		7,077
Ocado Group PLC1		898,794		6,764
Imperial Brands PLC		257,311		6,429
Seven & i Holdings Co., Ltd.		137,500		5,882

92      American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer staples (continued)
Bunge, Ltd.		52,225	$	5,210
Ajinomoto Co., Inc.		131,100		3,997
Danone SA		68,733		3,621
Arca Continental, SAB de CV		432,054		3,509
Treasury Wine Estates, Ltd.		365,056		3,373
Varun Beverages, Ltd.		177,457		2,825
Altria Group, Inc.		56,773		2,595
ITC, Ltd.		565,239		2,266
Constellation Brands, Inc., Class A		9,208		2,134
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		307,600		1,368
Essity Aktiebolag, Class B		31,422		825
				130,634
Materials 7.02%
Vale SA, ordinary nominative shares		1,606,974		27,052
Vale SA (ADR), ordinary nominative shares		880,043		14,934
Fortescue Metals Group, Ltd.		1,251,957		17,454
Rio Tinto PLC		167,527		11,755
Freeport-McMoRan, Inc.		262,321		9,968
Linde PLC		21,113		6,887
Shin-Etsu Chemical Co., Ltd.		39,100		4,764
BHP Group, Ltd. (CDI)		116,082		3,579
Air Products and Chemicals, Inc.		8,996		2,773
Albemarle Corp.		11,198		2,428
CRH PLC		60,032		2,377
Air Liquide SA, bonus shares1		8,561		1,218
Air Liquide SA, non-registered shares		7,503		1,067
Barrick Gold Corp. (CAD denominated)		121,716		2,086
Dow, Inc.		40,669		2,049
Akzo Nobel NV		29,669		1,980
Glencore PLC		279,444		1,869
Amcor PLC (CDI)		147,168		1,764
Evonik Industries AG		82,596		1,586
First Quantum Minerals, Ltd.		70,833		1,480
HeidelbergCement AG		25,414		1,449
Lynas Rare Earths, Ltd.1		121,178		643
				121,162
Energy 6.30%
Canadian Natural Resources, Ltd. (CAD denominated)2		429,516		23,852
Baker Hughes Co., Class A		428,998		12,668
TotalEnergies SE		178,299		11,129
EOG Resources, Inc.		74,135		9,602
Tourmaline Oil Corp.		123,757		6,244
BP PLC		932,803		5,424
Reliance Industries, Ltd.		147,765		4,533
Cameco Corp. (CAD denominated)		147,245		3,337
Cameco Corp.		46,300		1,050
Shell PLC (GBP denominated)		149,201		4,240
Cenovus Energy, Inc. (CAD denominated)		206,756		4,011
Woodside Energy Group, Ltd.		119,566		2,893
Woodside Energy Group, Ltd. (CDI)		37,610		908
ConocoPhillips		29,431		3,473
Aker BP ASA		101,330		3,159
TC Energy Corp. (CAD denominated)		76,353		3,044
Suncor Energy, Inc.		84,173		2,670
Var Energi ASA		735,288		2,537
Exxon Mobil Corp.		18,586		2,050
Halliburton Company		44,744		1,761
Gazprom PJSC3		2,248,304		—	4
				108,585

American Funds Insurance Series      93

Capital World Growth and Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Communication services 4.97%
Alphabet, Inc., Class C1		185,056	$	16,420
Alphabet, Inc., Class A1		90,146		7,954
Netflix, Inc.1		30,480		8,988
Comcast Corp., Class A		225,329		7,880
SoftBank Corp.		536,785		6,069
NetEase, Inc.		348,000		5,073
Publicis Groupe SA		78,301		4,972
Meta Platforms, Inc., Class A1		38,469		4,629
Sea, Ltd., Class A (ADR)1		85,765		4,462
Universal Music Group NV		148,872		3,594
Bharti Airtel, Ltd.		357,140		3,472
Bharti Airtel, Ltd., interim shares		13,994		73
Deutsche Telekom AG1		161,959		3,230
Singapore Telecommunications, Ltd.		1,510,800		2,901
Omnicom Group, Inc.		21,678		1,768
Nippon Telegraph and Telephone Corp.		53,400		1,524
Tencent Holdings, Ltd.		34,300		1,458
Take-Two Interactive Software, Inc.1		12,130		1,263
Yandex NV, Class A1,3		151,598		—	4
				85,730
Utilities 2.91%
DTE Energy Company		51,844		6,093
Iberdrola, SA, non-registered shares		502,226		5,875
PG&E Corp.1		322,958		5,251
NextEra Energy, Inc.		55,877		4,671
E.ON SE		439,329		4,385
China Resources Gas Group, Ltd.		1,106,532		4,121
Engie SA		236,678		3,390
Engie SA, bonus shares		41,586		596
Edison International		52,162		3,318
Enel SpA		583,497		3,138
Exelon Corp.		59,727		2,582
Power Grid Corporation of India, Ltd.		862,367		2,220
AES Corp.		47,865		1,377
Endesa, SA		67,522		1,274
Constellation Energy Corp.		12,539		1,081
Public Service Enterprise Group, Inc.		14,569		893
				50,265
Real estate 1.01%
Crown Castle, Inc. REIT		39,469		5,353
Longfor Group Holdings, Ltd.		866,238		2,655
American Tower Corp. REIT		12,107		2,565
China Resources Mixc Lifestyle Services, Ltd.		358,800		1,823
W. P. Carey, Inc. REIT		22,705		1,774
Americold Realty Trust, Inc. REIT		62,231		1,762
Sun Hung Kai Properties, Ltd.		70,500		965
Iron Mountain, Inc. REIT		11,618		579
				17,476
Total common stocks (cost: $1,368,680,000)				1,643,012

94      American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Preferred securities 0.16%

				Shares		Value (000)
Consumer discretionary 0.12%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares1					19,788	$	2,007
Health care 0.03%
Grifols, SA, Class B, nonvoting non-registered preferred shares1					59,790		505
Financials 0.01%
Fannie Mae, Series S, 8.25% noncumulative preferred shares1					58,870		138
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1					61,516		125
							263
Total preferred securities (cost: $3,231,000)							2,775
Convertible bonds & notes 0.05%
				Principal amount (000)
Communication services 0.05%
Sea, Ltd., convertible notes, 2.375% 12/1/2025					USD952		940
Total convertible bonds & notes (cost: $2,437,000)							940
Bonds, notes & other debt instruments 0.35%
Corporate bonds, notes & loans 0.29%
Health care 0.15%
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024					1,600		1,572
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026					1,100		964
							2,536
Consumer discretionary 0.07%
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20255					647		695
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20285					390		312
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20295					151		152
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20295					125		129
							1,288
Energy 0.04%
TransCanada PipeLines, Ltd. 5.10% 3/15/2049					800		729
Financials 0.03%
Lloyds Banking Group PLC 3.369% 12/14/20466					709		462
Total corporate bonds, notes & loans							5,015
Bonds & notes of governments & government agencies outside the U.S. 0.06%
United Mexican States, Series M, 8.00% 12/7/2023					MXN20,000		1,001
Total bonds, notes & other debt instruments (cost: $6,581,000)							6,016
Short-term securities 4.42%
	Weighted average yield at acquisition
Commercial paper 4.04%
DBS Bank, Ltd. 1/5/20235		3.640	%		USD37,100		37,073
DNB Bank ASA 3/2/20235		4.273			33,000		32,755
							69,828

American Funds Insurance Series      95

Capital World Growth and Income Fund (continued)

Short-term securities (continued)

	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.34%
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%7,8		2,893,689	$	2,894
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%7,8		2,827,563		2,827
Capital Group Central Cash Fund 4.31%7,8,9		1,112		111
				5,832
Money market investments 0.04%
Capital Group Central Cash Fund 4.31%7,9		6,929		693
Total short-term securities (cost: $76,365,000)				76,353
Total investment securities 100.21% (cost: $1,457,294,000)				1,729,096
Other assets less liabilities (0.21)%				(3,698	)
Net assets 100.00%			$	1,725,398

Investments in affiliates⁹

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 0.05%
Money market investments purchased with collateral from securities on loan 0.01%
Capital Group Central Cash Fund 4.31%7,8	$	293	$		$	182	10	$		$			$	111	$	—	11
Money market investments 0.04%
Capital Group Central Cash Fund 4.31%7		12,989		493,820		506,123			8		(1	)		693		1,469
Total 0.05%								$	8	$	(1	)	$	804	$	1,469

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

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

³  Value determined using significant unobservable inputs.

⁴  Amount less than one thousand.

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

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

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

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

⁹  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

¹⁰  Represents net activity. Refer to Note 5 for more information on securities lending.

¹¹  Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

GBP = British pounds

MXN = Mexican pesos

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

USD = U.S. dollars

Refer to the notes to financial statements.

96      American Funds Insurance Series

Growth-Income Fund

Investment portfolio December 31, 2022

Common stocks 91.48%

	Shares		Value (000)
Information technology 20.19%
Microsoft Corp.		7,759,381	$	1,860,855
Broadcom, Inc.		2,430,747		1,359,104
Mastercard, Inc., Class A		1,487,948		517,404
Apple, Inc.		2,169,231		281,848
Visa, Inc., Class A		1,346,541		279,757
ASML Holding NV		215,068		116,417
ASML Holding NV (New York registered) (ADR)		137,293		75,017
Taiwan Semiconductor Manufacturing Company, Ltd.		12,123,000		176,689
Automatic Data Processing, Inc.		718,796		171,692
Fidelity National Information Services, Inc.		2,472,310		167,746
Accenture PLC, Class A		625,335		166,864
Applied Materials, Inc.		1,686,100		164,192
Concentrix Corp.		904,367		120,426
Micron Technology, Inc.		2,363,454		118,125
ServiceNow, Inc.1		294,412		114,311
GoDaddy, Inc., Class A1		1,402,444		104,931
Global Payments, Inc.		973,628		96,701
FleetCor Technologies, Inc.1		420,507		77,239
Analog Devices, Inc.		398,402		65,350
QUALCOMM, Inc.		564,911		62,106
Fiserv, Inc.1		536,700		54,244
Texas Instruments, Inc.		309,811		51,187
Adobe, Inc.1		143,116		48,163
TELUS International (Cda), Inc., subordinate voting shares1		2,302,991		45,576
KLA Corp.		116,000		43,736
MKS Instruments, Inc.		481,000		40,755
Cognizant Technology Solutions Corp., Class A		682,850		39,052
NVIDIA Corp.		239,765		35,039
Snowflake, Inc., Class A1		225,042		32,303
Datadog, Inc., Class A1		365,800		26,886
Intel Corp.		1,000,000		26,430
Ceridian HCM Holding, Inc.1		350,352		22,475
Trimble, Inc.1		443,800		22,439
Lam Research Corp.		50,039		21,031
Dye & Durham, Ltd.2		1,322,100		16,023
Paychex, Inc.		127,131		14,691
VeriSign, Inc.1		61,000		12,532
Atlassian Corp., Class A1		52,744		6,787
Euronet Worldwide, Inc.1		27,800		2,624
				6,658,747
Industrials 14.17%
Raytheon Technologies Corp.		7,634,279		770,451
General Electric Co.		6,238,229		522,701
Northrop Grumman Corp.		633,267		345,517
TFI International, Inc.		2,669,105		267,551
Carrier Global Corp.		5,549,584		228,920
TransDigm Group, Inc.		340,571		214,441
Woodward, Inc.		2,204,500		212,977
General Dynamics Corp.		848,975		210,639
Airbus SE, non-registered shares		1,617,590		192,335
Waste Connections, Inc.		1,425,463		188,959
L3Harris Technologies, Inc.		840,290		174,957
Old Dominion Freight Line, Inc.		525,000		148,985
BWX Technologies, Inc.		2,159,505		125,424
Norfolk Southern Corp.		482,759		118,962
United Rentals, Inc.1		296,000		105,204
ITT, Inc.		1,244,379		100,919
Waste Management, Inc.		625,300		98,097
Equifax, Inc.		490,008		95,238
Air Lease Corp., Class A		2,097,300		80,578
Honeywell International, Inc.		364,682		78,151

American Funds Insurance Series      97

Growth-Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Industrials (continued)
Fortive Corp.		1,085,000	$	69,711
United Airlines Holdings, Inc.1		1,810,598		68,260
Safran SA		539,713		67,444
Lockheed Martin Corp.		110,000		53,514
GFL Environmental, Inc., subordinate voting shares		1,600,000		46,768
CSX Corp.		1,171,873		36,305
Otis Worldwide Corp.		268,100		20,995
Fastenal Co.		379,747		17,970
Boeing Company1		62,500		11,906
				4,673,879
Health care 13.30%
UnitedHealth Group, Inc.		2,035,435		1,079,147
Abbott Laboratories		6,014,324		660,313
AbbVie, Inc.		3,742,689		604,856
Novo Nordisk A/S, Class B		2,431,449		329,218
Humana, Inc.		487,426		249,655
AstraZeneca PLC		1,209,323		164,124
AstraZeneca PLC (ADR)		721,200		48,897
Elevance Health, Inc.		366,614		188,062
Thermo Fisher Scientific, Inc.		265,602		146,264
Bristol-Myers Squibb Company		1,994,278		143,488
Eli Lilly and Company		360,974		132,059
Pfizer, Inc.		2,180,169		111,712
PerkinElmer, Inc.		769,600		107,913
Seagen, Inc.1		654,515		84,112
Horizon Therapeutics PLC1		421,815		48,002
Zoetis, Inc., Class A		305,121		44,715
Tandem Diabetes Care, Inc.1		910,186		40,913
Stryker Corp.		148,897		36,404
Medtronic PLC		413,597		32,145
Roche Holding AG, nonvoting non-registered shares		85,502		26,870
Penumbra, Inc.1		117,381		26,113
Edwards Lifesciences Corp.1		317,059		23,656
Zimmer Biomet Holdings, Inc.		171,174		21,825
Takeda Pharmaceutical Company, Ltd.		464,600		14,511
NovoCure, Ltd.1		193,600		14,200
Vir Biotechnology, Inc.1		258,400		6,540
				4,385,714
Financials 8.78%
JPMorgan Chase & Co.		3,394,830		455,247
Chubb, Ltd.		1,451,726		320,251
Marsh & McLennan Companies, Inc.		1,709,201		282,839
Arthur J. Gallagher & Co.		1,189,650		224,297
Nasdaq, Inc.		2,761,260		169,403
BlackRock, Inc.		202,957		143,821
Morgan Stanley		1,592,297		135,377
Aon PLC, Class A		442,013		132,666
B3 SA-Brasil, Bolsa, Balcao		39,829,500		99,654
Berkshire Hathaway, Inc., Class B1		285,000		88,037
State Street Corp.		1,077,260		83,563
Webster Financial Corp.		1,701,139		80,532
American International Group, Inc.		1,272,230		80,456
Signature Bank		669,947		77,191
S&P Global, Inc.		228,138		76,413
Moody’s Corp.		216,306		60,267
Power Corporation of Canada, subordinate voting shares2		2,293,100		53,940
Wells Fargo & Company		1,298,041		53,596
Blue Owl Capital, Inc., Class A		4,749,165		50,341
MSCI, Inc.		98,300		45,726
TPG, Inc., Class A		1,347,552		37,502

98      American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Financials (continued)
LPL Financial Holdings, Inc.		169,900	$	36,727
Western Alliance Bancorporation		486,936		29,002
Citizens Financial Group, Inc.		728,750		28,691
Bank of America Corp.		791,332		26,209
PNC Financial Services Group, Inc.		152,679		24,114
CME Group, Inc., Class A		5,500		925
				2,896,787
Consumer discretionary 7.82%
Amazon.com, Inc.1		5,804,151		487,549
General Motors Company		8,736,000		293,879
Dollar Tree Stores, Inc.1		1,279,006		180,903
Home Depot, Inc.		551,165		174,091
Hilton Worldwide Holdings, Inc.		1,177,320		148,766
Royal Caribbean Cruises, Ltd.1		2,958,586		146,243
Wyndham Hotels & Resorts, Inc.		1,842,940		131,420
D.R. Horton, Inc.		1,325,599		118,164
Chipotle Mexican Grill, Inc.1		70,670		98,054
Burlington Stores, Inc.1		399,428		80,988
InterContinental Hotels Group PLC		1,396,700		80,392
Starbucks Corp.		767,500		76,136
NIKE, Inc., Class B		629,740		73,686
Dollar General Corp.		291,102		71,684
Lear Corp.		569,068		70,576
Kering SA		101,695		52,046
Aptiv PLC1		447,289		41,656
Darden Restaurants, Inc.		296,000		40,946
CarMax, Inc.1		650,000		39,578
Churchill Downs, Inc.		185,426		39,205
Airbnb, Inc., Class A1		350,000		29,925
Norwegian Cruise Line Holdings, Ltd.1		2,177,187		26,649
YUM! Brands, Inc.		196,630		25,184
NVR, Inc.1		5,298		24,437
Rivian Automotive, Inc., Class A1		1,071,576		19,749
McDonald’s Corp.		25,000		6,588
				2,578,494
Communication services 7.52%
Alphabet, Inc., Class C1		5,068,984		449,771
Alphabet, Inc., Class A1		4,841,135		427,133
Netflix, Inc.1		1,812,523		534,477
Comcast Corp., Class A		11,970,266		418,600
Meta Platforms, Inc., Class A1		3,113,843		374,720
Charter Communications, Inc., Class A1		378,097		128,213
Electronic Arts, Inc.		843,700		103,083
T-Mobile US, Inc.1		181,772		25,448
Take-Two Interactive Software, Inc.1		178,984		18,638
				2,480,083
Consumer staples 5.80%
Philip Morris International, Inc.		6,790,089		687,225
British American Tobacco PLC		9,433,859		374,286
Keurig Dr Pepper, Inc.		6,469,367		230,698
General Mills, Inc.		1,378,800		115,612
Mondelez International, Inc.		1,506,161		100,386
Molson Coors Beverage Company, Class B, restricted voting shares		1,620,313		83,478
Anheuser-Busch InBev SA/NV		1,339,531		80,530
Archer Daniels Midland Company		670,100		62,219
Constellation Brands, Inc., Class A		237,807		55,112
Bunge, Ltd.		538,852		53,761

American Funds Insurance Series      99

Growth-Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer staples (continued)
Procter & Gamble Company		180,677	$	27,383
Kraft Heinz Company		567,200		23,091
Monster Beverage Corp.1		178,560		18,129
				1,911,910
Energy 4.78%
Chevron Corp.		2,053,300		368,547
ConocoPhillips		2,749,013		324,383
Canadian Natural Resources, Ltd. (CAD denominated)		4,947,114		274,722
Baker Hughes Co., Class A		7,353,936		217,162
EOG Resources, Inc.		620,310		80,343
TC Energy Corp. (CAD denominated)2		1,849,358		73,728
Exxon Mobil Corp.		660,220		72,822
Equitrans Midstream Corp.		10,215,807		68,446
Suncor Energy, Inc.		1,451,133		46,031
Cheniere Energy, Inc.		238,735		35,801
Diamondback Energy, Inc.		117,500		16,072
				1,578,057
Utilities 4.04%
PG&E Corp.1		25,776,996		419,134
Edison International		2,689,330		171,095
Entergy Corp.		1,304,500		146,756
Constellation Energy Corp.		1,414,838		121,973
Sempra Energy		690,000		106,633
CenterPoint Energy, Inc.		2,840,104		85,175
AES Corp.		2,803,707		80,635
Enel SpA		12,931,498		69,549
NextEra Energy, Inc.		585,000		48,906
DTE Energy Company		401,000		47,129
CMS Energy Corp.		551,001		34,895
				1,331,880
Materials 3.24%
Linde PLC		1,122,332		366,082
Vale SA (ADR), ordinary nominative shares		5,459,475		92,647
Vale SA, ordinary nominative shares		3,404,848		57,318
LyondellBasell Industries NV		1,735,980		144,138
Albemarle Corp.		540,457		117,204
Freeport-McMoRan, Inc.		2,382,960		90,553
Corteva, Inc.		1,405,942		82,641
ATI, Inc.1		1,769,447		52,836
Barrick Gold Corp.		2,373,000		40,768
Sherwin-Williams Company		101,038		23,979
				1,068,166
Real estate 1.84%
VICI Properties, Inc. REIT		9,124,903		295,647
Equinix, Inc. REIT		298,158		195,302
Crown Castle, Inc. REIT		864,782		117,299
				608,248
Total common stocks (cost: $19,921,309,000)				30,171,965

100      American Funds Insurance Series

Growth-Income Fund (continued)

Convertible stocks 0.83%

	Shares		Value (000)
Health care 0.51%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/20232		123,957	$	168,154
Consumer discretionary 0.14%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 6/15/2023		420,075		45,082
Utilities 0.09%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025		617,200		30,977
Financials 0.09%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 9/15/2023		527,700		30,211
Total convertible stocks (cost: $288,316,000)				274,424

Bonds, notes & other debt instruments 0.02%

	Principal amount (000)
Corporate bonds, notes & loans 0.02%
Industrials 0.02%
Boeing Company 4.875% 5/1/2025		USD4,706	4,674
Consumer discretionary 0.00%
General Motors Financial Co. 4.30% 7/13/2025		160	155
General Motors Financial Co. 5.25% 3/1/2026		827	815
			970
Energy 0.00%
Weatherford International, Ltd. 11.00% 12/1/20243		265	272
Total corporate bonds, notes & loans			5,916
Total bonds, notes & other debt instruments (cost: $5,868,000)			5,916

Short-term securities 8.45%

	Shares
Money market investments 7.77%
Capital Group Central Cash Fund 4.31%4,5		25,654,468		2,565,190
Money market investments purchased with collateral from securities on loan 0.68%
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%4,6		92,462,113		92,462
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%4,6		91,131,298		91,131
Capital Group Central Cash Fund 4.31%4,5,6		402,344		40,231
				223,824
Total short-term securities (cost: $2,788,688,000)				2,789,014
Total investment securities 100.78% (cost: $23,004,181,000)				33,241,319
Other assets less liabilities (0.78)%				(258,352	)
Net assets 100.00%			$	32,982,967

American Funds Insurance Series      101

Growth-Income Fund (continued)

Investments in affiliates⁵

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Short-term securities 7.89%
Money market investments 7.77%
Capital Group Central Cash Fund 4.31%4	$	1,220,761	$	5,840,874		$	4,496,259	$	(316	)	$	130	$	2,565,190	$	40,278
Money market investments purchased with collateral from securities on loan 0.12%
Capital Group Central Cash Fund 4.31%4,6		39,148		1,083	7									40,231		—	8
Total 7.89%								$	(316	)	$	130	$	2,605,421	$	40,278

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

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

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

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

⁵ Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

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

⁷ Represents net activity. Refer to Note 5 for more information on securities lending.

⁸ Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

102      American Funds Insurance Series

International Growth and Income Fund

Investment portfolio December 31, 2022

Common stocks 96.75%

	Shares		Value (000)
Financials 16.53%
AIA Group, Ltd.		408,000	$	4,495
Ping An Insurance (Group) Company of China, Ltd., Class H		643,000		4,244
AXA SA		114,432		3,189
Zurich Insurance Group AG		5,399		2,580
HDFC Bank, Ltd.		118,266		2,328
Tokio Marine Holdings, Inc.		105,200		2,252
UniCredit SpA		132,526		1,885
Toronto-Dominion Bank (CAD denominated)		28,953		1,875
Société Générale		70,627		1,772
DNB Bank ASA		78,454		1,553
Euronext NV		20,312		1,506
Banco Bilbao Vizcaya Argentaria, SA		216,058		1,305
Aon PLC, Class A		4,301		1,291
Hana Financial Group, Inc.		37,354		1,250
London Stock Exchange Group PLC		12,717		1,097
Hang Seng Bank, Ltd.		66,200		1,096
B3 SA-Brasil, Bolsa, Balcao		407,901		1,021
UBS Group AG		54,178		1,010
Industrial and Commercial Bank of China, Ltd., Class H		1,959,040		1,009
Banco Santander, SA		307,795		922
Resona Holdings, Inc.		167,200		918
XP, Inc., Class A1		53,223		816
Prudential PLC		55,866		756
Erste Group Bank AG		22,556		719
DBS Group Holdings, Ltd.		26,695		676
Bank Leumi Le-Israel BM		77,681		648
Discovery, Ltd.1		88,847		645
Tryg A/S		25,561		606
ABN AMRO Bank NV		42,512		587
HDFC Life Insurance Company, Ltd.		82,955		566
China Merchants Bank Co., Ltd., Class H		98,500		546
Kotak Mahindra Bank, Ltd.		23,335		513
Israel Discount Bank Ltd., Class A		87,914		462
Banca Generali SpA		13,051		449
ICICI Bank, Ltd. (ADR)		18,198		398
Islandsbanki hf.		466,167		394
Skandinaviska Enskilda Banken AB, Class A		32,490		374
Brookfield Corp., Class A (CAD denominated)		10,905		343
Grupo Financiero Banorte, SAB de CV, Series O		41,185		296
ICICI Securities, Ltd.		45,682		275
Postal Savings Bank of China Co., Ltd., Class H		437,000		270
ING Groep NV		21,878		267
EQT AB		11,659		248
United Overseas Bank, Ltd.		5,400		124
AU Small Finance Bank, Ltd.		12,289		97
Brookfield Asset Management, Ltd., Class A (CAD denominated)1		2,726		78
Moscow Exchange MICEX-RTS PJSC1,2		346,177		—	3
Sberbank of Russia PJSC1,2		476,388		—	3
				49,751
Industrials 11.96%
Airbus SE, non-registered shares		51,245		6,093
BAE Systems PLC		413,069		4,269
Alliance Global Group, Inc.		7,895,900		1,689
ABB, Ltd.		50,534		1,539
Rheinmetall AG		7,314		1,457
SMC Corp.		3,100		1,312
Daikin Industries, Ltd.		8,400		1,292
RELX PLC		46,516		1,289
Brenntag SE		19,924		1,274
Bunzl PLC		34,974		1,167
CCR SA, ordinary nominative shares		565,458		1,159

American Funds Insurance Series      103

International Growth and Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Industrials (continued)
Ryanair Holdings PLC (ADR)1		13,626	$	1,019
Safran SA		7,664		958
InPost SA1		109,547		926
Cathay Pacific Airways, Ltd.1,4		787,000		856
LIXIL Corp.		50,900		776
Mitsui & Co., Ltd.		25,200		733
Waste Connections, Inc. (CAD denominated)		5,192		688
Experian PLC		17,789		606
TFI International, Inc. (CAD denominated)		5,936		594
Techtronic Industries Co., Ltd.		50,500		562
Caterpillar, Inc.		2,260		541
BELIMO Holding AG		1,112		531
Epiroc AB, Class A		19,779		362
Epiroc AB, Class B		10,197		164
Canadian Pacific Railway, Ltd. (CAD denominated)		6,837		510
Interpump Group SpA		9,158		415
Deutsche Post AG		9,640		363
Siemens AG		2,589		359
Nidec Corp.		6,900		359
DSV A/S		2,161		343
Japan Airlines Co., Ltd.1		16,500		338
Adecco Group AG		10,191		335
Kone OYJ, Class B		5,245		272
ASSA ABLOY AB, Class B		11,710		252
Wizz Air Holdings PLC1		9,714		222
SITC International Holdings Co., Ltd.		79,659		176
Hitachi, Ltd.		2,400		121
Polycab India, Ltd.		2,077		64
Husqvarna AB, Class B		1,503		11
				35,996
Consumer discretionary 11.78%
Evolution AB		44,081		4,305
LVMH Moët Hennessy-Louis Vuitton SE		5,830		4,235
MGM China Holdings, Ltd.1		2,330,000		2,568
Renault SA1		75,272		2,508
Sands China, Ltd.1		568,372		1,883
Restaurant Brands International, Inc. (CAD denominated)		26,120		1,689
InterContinental Hotels Group PLC		25,528		1,469
Wynn Macau, Ltd.1		1,317,200		1,468
Prosus NV, Class N		19,085		1,310
Midea Group Co., Ltd., Class A		170,800		1,269
Galaxy Entertainment Group, Ltd.		184,000		1,218
Sodexo SA		11,689		1,118
adidas AG		8,004		1,093
Li Ning Co., Ltd.		122,500		1,051
B&M European Value Retail SA		203,086		1,012
Nitori Holdings Co., Ltd.		6,200		804
Industria de Diseño Textil, SA		29,903		796
Paltac Corp.		21,900		767
Valeo SA, non-registered shares		40,170		716
Stellantis NV		43,832		621
OPAP SA		41,296		585
Entain PLC		33,218		533
Coupang, Inc., Class A1		32,030		471
D’Ieteren Group		2,035		392
Americanas SA, ordinary nominative shares		149,913		274
Games Workshop Group PLC		2,532		262
IDP Education, Ltd.		13,164		243
JD.com, Inc., Class A		7,174		202
Pan Pacific International Holdings Corp.		9,000		167
Kering SA		287		147

104      American Funds Insurance Series

International Growth and Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer discretionary (continued)
Balkrishna Industries, Ltd.		4,894	$	126
Dixon Technologies (India), Ltd.		1,902		90
MercadoLibre, Inc.1		88		75
				35,467
Consumer staples 11.46%
British American Tobacco PLC		196,339		7,790
Philip Morris International, Inc.		65,119		6,591
Nestlé SA		26,069		3,011
Anheuser-Busch InBev SA/NV		40,759		2,450
Carlsberg A/S, Class B		18,056		2,390
Kweichow Moutai Co., Ltd., Class A		9,490		2,348
Pernod Ricard SA		6,241		1,227
Japan Tobacco, Inc.		58,100		1,175
Asahi Group Holdings, Ltd.		33,300		1,037
Foshan Haitian Flavouring and Food Co., Ltd., Class A		77,954		892
Arca Continental, SAB de CV		108,287		879
Carrefour SA, non-registered shares		47,224		790
KT&G Corp.		9,986		722
Varun Beverages, Ltd.		43,375		691
Ocado Group PLC1		80,608		607
Imperial Brands PLC		20,722		518
L’Oréal SA, non-registered shares		1,190		427
Reckitt Benckiser Group PLC		5,140		357
Haleon PLC1		60,392		241
Danone SA		4,351		229
Avenue Supermarts, Ltd.1		2,324		114
				34,486
Information technology 10.82%
Taiwan Semiconductor Manufacturing Company, Ltd.		517,000		7,535
ASML Holding NV		10,887		5,893
Edenred SA		50,178		2,730
Tokyo Electron, Ltd.		8,300		2,466
Samsung Electronics Co., Ltd.		41,896		1,848
MediaTek, Inc.		87,000		1,767
Broadcom, Inc.		2,678		1,497
SAP SE		13,056		1,347
Keyence Corp.		2,700		1,057
Kingdee International Software Group Co., Ltd.1		444,000		945
Logitech International SA		14,465		898
Nokia Corp.		184,789		859
TDK Corp.		25,500		828
Capgemini SE		4,791		804
ASM International NV		2,074		525
Vanguard International Semiconductor Corp.		186,000		468
Halma PLC		12,131		290
Amadeus IT Group SA, Class A, non-registered shares1		4,613		238
Nice, Ltd. (ADR)1		888		171
Fujitsu, Ltd.		1,000		132
eMemory Technology, Inc.		3,000		130
Nomura Research Institute, Ltd.		5,300		126
				32,554
Health care 10.34%
AstraZeneca PLC		77,983		10,584
Novo Nordisk A/S, Class B		49,782		6,740
Sanofi		28,623		2,770
EssilorLuxottica		10,095		1,838
Siemens Healthineers AG		34,852		1,744
Bayer AG		32,378		1,672
GSK PLC		49,438		860

American Funds Insurance Series      105

International Growth and Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care (continued)
Genus PLC		21,154	$	762
Grifols, SA, Class B (ADR)1		88,384		751
EUROAPI1		39,510		586
Shionogi & Co., Ltd.		9,600		478
Lonza Group AG		927		456
Roche Holding AG, nonvoting non-registered shares		1,328		417
Novartis AG		4,476		405
BeiGene, Ltd. (ADR)1		1,387		305
Hypera SA, ordinary nominative shares		30,419		260
Innovent Biologics, Inc.1		48,500		208
CanSino Biologics, Inc., Class H4		22,800		195
HOYA Corp.		1,000		97
				31,128
Energy 7.77%
TotalEnergies SE		89,101		5,561
BP PLC		643,014		3,739
TechnipFMC PLC1		186,903		2,279
Equinor ASA		57,576		2,065
TC Energy Corp. (CAD denominated)		42,686		1,702
Schlumberger, Ltd.		30,187		1,614
Canadian Natural Resources, Ltd. (CAD denominated)4		25,703		1,427
Aker BP ASA		43,949		1,370
Cameco Corp. (CAD denominated)		52,625		1,193
Reliance Industries, Ltd.		18,972		582
Gaztransport & Technigaz SA		4,690		501
Tourmaline Oil Corp.		9,772		493
Woodside Energy Group, Ltd.		18,414		446
INPEX Corp.		31,500		336
Var Energi ASA		20,924		72
Sovcomflot PAO1,2		356,717		—	3
Gazprom PJSC2		671,150		—	3
LUKOIL Oil Co. PJSC2		9,706		—	3
				23,380
Materials 5.76%
Vale SA, ordinary nominative shares		198,640		3,344
Vale SA (ADR), ordinary nominative shares		80,910		1,373
Linde PLC		7,570		2,469
Glencore PLC		306,363		2,049
Barrick Gold Corp.		94,562		1,625
Barrick Gold Corp. (CAD denominated)		13,543		232
UPM-Kymmene OYJ		23,659		887
Rio Tinto PLC		10,464		734
Asahi Kasei Corp.		99,900		710
Air Liquide SA, non-registered shares		4,908		698
Fresnillo PLC		58,201		632
Koninklijke DSM NV		5,120		628
Sociedad Química y Minera de Chile SA, Class B (ADR)		7,688		614
Fortescue Metals Group, Ltd.		42,173		588
Sika AG		1,500		362
Shin-Etsu Chemical Co., Ltd.		1,900		231
Givaudan SA		52		158
Alrosa PJSC1,2		53,607		—	3
				17,334
Communication services 5.66%
Koninklijke KPN NV		752,688		2,329
Nippon Telegraph and Telephone Corp.		81,600		2,329
Tencent Holdings, Ltd.		50,600		2,151
Telefónica, SA, non-registered shares		402,982		1,459
Publicis Groupe SA		22,225		1,411

106      American Funds Insurance Series

International Growth and Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Communication services (continued)
Sea, Ltd., Class A (ADR)1		21,542	$	1,121
BT Group PLC		635,302		863
SoftBank Corp.		76,200		862
Vodafone Group PLC		839,939		851
América Móvil, SAB de CV, Series L (ADR)		41,487		755
Singapore Telecommunications, Ltd.		319,600		614
Deutsche Telekom AG1		29,435		587
Indus Towers, Ltd.		246,737		567
Viaplay Group AB, Class B1		20,606		393
MTN Group, Ltd.		44,802		336
Universal Music Group NV		9,460		228
NetEase, Inc.		10,800		157
Sitios Latinoamerica, SAB de CV, Class B11		40,380		19
Yandex NV, Class A1,2		5,000		—	3
				17,032
Utilities 3.07%
Engie SA		190,787		2,733
Enel SpA		397,417		2,137
ENN Energy Holdings, Ltd.		118,100		1,648
Brookfield Infrastructure Partners, LP		36,875		1,142
National Grid PLC		43,151		518
Iberdrola, SA, non-registered shares		37,788		442
China Resources Gas Group, Ltd.		106,200		396
Veolia Environnement		9,023		232
				9,248
Real estate 1.60%
CK Asset Holdings, Ltd.		327,000		2,014
Longfor Group Holdings, Ltd.		351,500		1,077
Link REIT		108,007		793
Unibail-Rodamco-Westfield REIT, non-registered shares1		10,561		551
Embassy Office Parks REIT		94,895		385
				4,820
Total common stocks (cost: $287,727,000)				291,196
Preferred securities 0.63%
Materials 0.40%
Gerdau SA, preferred nominative shares		216,930		1,207
Consumer discretionary 0.14%
Volkswagen AG, nonvoting preferred shares		3,468		432
Information technology 0.09%
Samsung Electronics Co., Ltd., nonvoting preferred shares		6,483		261
Total preferred securities (cost: $2,271,000)				1,900

American Funds Insurance Series      107

International Growth and Income Fund (continued)

Short-term securities 2.11%

	Shares		Value (000)
Money market investments 1.82%
Capital Group Central Cash Fund 4.31%5,6		54,926	$	5,492
Money market investments purchased with collateral from securities on loan 0.29%
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%5,7		851,683		852
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%5,7		14,166		14
				866
Total short-term securities (cost: $6,355,000)				6,358
Total investment securities 99.49% (cost: $296,353,000)				299,454
Other assets less liabilities 0.51%				1,543
Net assets 100.00%			$	300,997

Forward currency contracts

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

Investments in affiliates⁶

	Value of affiliate at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliate at 12/31/2022 (000)		Dividend income (000)
Short-term securities 1.82%
Money market investments 1.82%
Capital Group Central Cash Fund 4.31%5	$	21,699	$	75,477	$	91,678	$	(4	)	$	(2	)	$	5,492	$	302

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

²  Value determined using significant unobservable inputs.

³  Amount less than one thousand.

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

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

⁶  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

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

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

GBP = British pounds

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

108      American Funds Insurance Series

Capital Income Builder

Investment portfolio December 31, 2022

Common stocks 74.46%

	Shares		Value (000)
Financials 13.77%
Zurich Insurance Group AG		39,942	$	19,087
Toronto-Dominion Bank (CAD denominated)		162,719		10,536
JPMorgan Chase & Co.		68,717		9,215
PNC Financial Services Group, Inc.		49,137		7,761
Münchener Rückversicherungs-Gesellschaft AG		23,791		7,736
CME Group, Inc., Class A		45,573		7,664
DBS Group Holdings, Ltd.		300,006		7,595
Morgan Stanley		88,772		7,547
DNB Bank ASA		301,733		5,974
Power Corporation of Canada, subordinate voting shares		201,698		4,745
BlackRock, Inc.		6,520		4,620
B3 SA-Brasil, Bolsa, Balcao		1,360,408		3,404
Tryg A/S		138,292		3,280
Ping An Insurance (Group) Company of China, Ltd., Class H		447,500		2,954
Ping An Insurance (Group) Company of China, Ltd., Class A		34,457		233
Webster Financial Corp.		61,978		2,934
AIA Group, Ltd.		253,600		2,794
American International Group, Inc.		43,993		2,782
Principal Financial Group, Inc.		31,762		2,665
Blackstone, Inc., nonvoting shares		33,399		2,478
KBC Groep NV		33,615		2,158
United Overseas Bank, Ltd.		89,200		2,046
State Street Corp.		26,015		2,018
Kaspi.kz JSC1		21,756		1,555
Kaspi.kz JSC (GDR)		5,969		426
East West Bancorp, Inc.		29,501		1,944
ING Groep NV		157,320		1,919
Wells Fargo & Company		45,898		1,895
China Pacific Insurance (Group) Co., Ltd., Class H		794,150		1,754
National Bank of Canada		24,069		1,622
Travelers Companies, Inc.		8,641		1,620
Swedbank AB, Class A		88,691		1,507
Citizens Financial Group, Inc.		36,461		1,436
KeyCorp		75,308		1,312
China Merchants Bank Co., Ltd., Class A		131,100		703
China Merchants Bank Co., Ltd., Class H		94,500		524
IIFL Wealth Management, Ltd.		55,104		1,183
Franklin Resources, Inc.		42,738		1,127
OneMain Holdings, Inc.		33,517		1,116
EFG International AG		113,913		1,086
BNP Paribas SA		17,927		1,020
Great-West Lifeco, Inc.		43,284		1,001
Truist Financial Corp.		23,131		995
Corebridge Financial, Inc.		44,617		895
Hang Seng Bank, Ltd.		52,200		864
Euronext NV		11,304		838
Hong Kong Exchanges and Clearing, Ltd.		18,300		791
Bank Central Asia Tbk PT		1,423,700		781
TPG, Inc., Class A		26,918		749
Citigroup, Inc.		16,200		733
Patria Investments, Ltd., Class A		47,813		666
Banco Santander, SA		201,758		604
Vontobel Holding AG		7,885		524
Macquarie Group, Ltd.		4,045		459
Hana Financial Group, Inc.		10,680		357
Cullen/Frost Bankers, Inc.		1,968		263
UniCredit SpA		12,643		180
SouthState Corp.		2,204		168
Moscow Exchange MICEX-RTS PJSC2,3		875,002		—	4
Sberbank of Russia PJSC2,3		204,176		—	4
				156,843

American Funds Insurance Series      109

Capital Income Builder (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer staples 10.07%
Philip Morris International, Inc.		259,908	$	26,305
British American Tobacco PLC		471,482		18,706
General Mills, Inc.		102,770		8,617
Altria Group, Inc.		188,250		8,605
PepsiCo, Inc.		47,154		8,519
Nestlé SA		70,531		8,145
Kimberly-Clark Corp.		39,311		5,337
Imperial Brands PLC		207,379		5,181
ITC, Ltd.		1,060,348		4,250
Unilever PLC (GBP denominated)		57,668		2,909
Carlsberg A/S, Class B		19,656		2,602
Keurig Dr Pepper, Inc.		72,760		2,595
Danone SA		48,454		2,553
Anheuser-Busch InBev SA/NV		37,592		2,260
Kraft Heinz Company		32,392		1,319
Seven & i Holdings Co., Ltd.		29,600		1,266
Procter & Gamble Company		7,687		1,165
Mondelez International, Inc.		14,725		981
Vector Group, Ltd.		69,487		824
Essity Aktiebolag, Class B		23,218		610
Viscofan, SA, non-registered shares		9,124		589
Reckitt Benckiser Group PLC		7,982		555
Scandinavian Tobacco Group A/S		21,667		380
Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates		136,106		231
Coca-Cola HBC AG (CDI)		7,021		168
				114,672
Health care 9.47%
AbbVie, Inc.		173,251		27,999
Amgen, Inc.		53,879		14,151
Gilead Sciences, Inc.		153,232		13,155
AstraZeneca PLC		60,447		8,204
Abbott Laboratories		66,565		7,308
Medtronic PLC		82,068		6,378
Novartis AG		65,737		5,955
Bristol-Myers Squibb Company		74,164		5,336
Pfizer, Inc.		89,394		4,581
UnitedHealth Group, Inc.		6,954		3,687
Roche Holding AG, nonvoting non-registered shares		10,419		3,274
Takeda Pharmaceutical Company, Ltd.		87,100		2,720
Royalty Pharma PLC, Class A		42,309		1,672
Merck & Co., Inc.		7,825		868
EBOS Group, Ltd.		30,676		850
CVS Health Corp.		7,431		692
Bayer AG		12,641		653
GSK PLC		17,925		312
Koninklijke Philips NV (EUR denominated)		4,898		74
Organon & Co.		662		18
				107,887
Industrials 7.34%
Raytheon Technologies Corp.		239,595		24,180
Lockheed Martin Corp.		11,445		5,568
BAE Systems PLC		526,461		5,441
Honeywell International, Inc.		24,790		5,312
Siemens AG		36,680		5,091
RELX PLC		131,761		3,650
RELX PLC (ADR)		8,177		227
Kone OYJ, Class B		71,780		3,718
L3Harris Technologies, Inc.		16,708		3,479
Deutsche Post AG		64,678		2,435
VINCI SA		24,215		2,418

110      American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)

	Shares		Value (000)
Industrials (continued)
Singapore Technologies Engineering, Ltd.		898,600	$	2,249
Trinity Industries, Inc.		72,684		2,149
BOC Aviation, Ltd.		194,500		1,617
Illinois Tool Works, Inc.		7,243		1,596
ITOCHU Corp.		44,400		1,388
SGS SA		589		1,364
Compañia de Distribución Integral Logista Holdings, SA, non-registered shares		45,292		1,144
Trelleborg AB, Class B		47,577		1,101
Grupo Aeroportuario del Pacífico, SAB de CV, Class B		74,506		1,067
AB Volvo, Class B		58,146		1,053
Norfolk Southern Corp.		3,965		977
LIXIL Corp.		54,600		832
Ventia Services Group Pty, Ltd.		490,862		796
United Parcel Service, Inc., Class B		4,455		774
Union Pacific Corp.		3,606		747
Marubeni Corp.		56,900		650
General Dynamics Corp.		2,526		627
Waste Management, Inc.		3,955		620
Carrier Global Corp.		13,015		537
Airbus SE, non-registered shares		3,671		436
Sulzer AG		4,695		367
				83,610
Information technology 6.92%
Broadcom, Inc.		65,566		36,661
Microsoft Corp.		63,062		15,124
Taiwan Semiconductor Manufacturing Company, Ltd.		583,800		8,509
Paychex, Inc.		17,290		1,998
Texas Instruments, Inc.		11,533		1,905
KLA Corp.		4,878		1,839
Vanguard International Semiconductor Corp.		618,700		1,558
Automatic Data Processing, Inc.		6,477		1,547
QUALCOMM, Inc.		11,372		1,250
Western Union Company		83,565		1,151
Tokyo Electron, Ltd.		3,500		1,040
SAP SE		10,071		1,039
Analog Devices, Inc.		5,930		973
NetApp, Inc.		14,882		894
GlobalWafers Co., Ltd.		46,938		652
Fidelity National Information Services, Inc.		9,497		644
Intel Corp.		18,944		501
MediaTek, Inc.		24,000		487
Tripod Technology Corp.		152,000		465
SINBON Electronics Co., Ltd.		42,446		380
BE Semiconductor Industries NV		3,388		206
				78,823
Utilities 6.24%
Dominion Energy, Inc.		102,936		6,312
Iberdrola, SA, non-registered shares		496,459		5,807
DTE Energy Company		49,064		5,766
National Grid PLC		476,775		5,727
Engie SA		335,814		4,810
Engie SA, bonus shares		36,900		529
Power Grid Corporation of India, Ltd.		2,007,912		5,169
E.ON SE		486,449		4,855
The Southern Co.		62,100		4,434
Edison International		60,608		3,856
Duke Energy Corp.		32,752		3,373
AES Corp.		108,568		3,122
Entergy Corp.		26,522		2,984
Exelon Corp.		49,566		2,143

American Funds Insurance Series      111

Capital Income Builder (continued)

Common stocks (continued)

	Shares		Value (000)
Utilities (continued)
Public Service Enterprise Group, Inc.		28,665	$	1,756
SSE PLC		77,332		1,595
CenterPoint Energy, Inc.		51,179		1,535
Sempra Energy		9,762		1,509
ENN Energy Holdings, Ltd.		93,600		1,306
Enel SpA		240,213		1,292
NextEra Energy, Inc.		13,466		1,126
Evergy, Inc.		15,369		967
Power Assets Holdings, Ltd.		106,500		583
CMS Energy Corp.		3,992		253
American Electric Power Company, Inc.		1,512		144
SembCorp Industries, Ltd.		44,800		113
				71,066
Energy 6.00%
Canadian Natural Resources, Ltd. (CAD denominated)5		195,057		10,832
Chevron Corp.		47,686		8,559
TC Energy Corp. (CAD denominated)		181,889		7,252
TC Energy Corp.		16,085		641
Exxon Mobil Corp.		69,719		7,690
TotalEnergies SE		90,216		5,631
BP PLC		806,006		4,687
EOG Resources, Inc.		34,736		4,499
Shell PLC (GBP denominated)		115,306		3,277
Shell PLC (ADR)		8,467		482
Woodside Energy Group, Ltd.		86,228		2,086
Woodside Energy Group, Ltd. (CDI)		23,081		557
ConocoPhillips		20,510		2,420
Pioneer Natural Resources Company		10,296		2,352
Schlumberger, Ltd.		36,843		1,970
Enbridge, Inc. (CAD denominated)		40,329		1,576
Baker Hughes Co., Class A		52,596		1,553
Equitrans Midstream Corp.		213,059		1,427
DT Midstream, Inc.		13,716		758
Galp Energia, SGPS, SA, Class B		11,022		149
Gazprom PJSC2		880,428		—	4
				68,398
Real estate 5.99%
VICI Properties, Inc. REIT		586,804		19,012
Crown Castle, Inc. REIT		113,151		15,348
Equinix, Inc. REIT		10,699		7,008
Gaming and Leisure Properties, Inc. REIT		93,929		4,893
Federal Realty Investment Trust REIT		28,164		2,846
Link REIT		372,507		2,735
American Tower Corp. REIT		9,879		2,093
CK Asset Holdings, Ltd.		318,000		1,958
Boston Properties, Inc. REIT		22,486		1,520
Charter Hall Group REIT		146,326		1,192
Longfor Group Holdings, Ltd.		353,000		1,082
POWERGRID Infrastructure Investment Trust		681,036		1,047
Embassy Office Parks REIT		245,585		996
Mindspace Business Parks REIT		214,689		868
Extra Space Storage, Inc. REIT		5,810		855
Americold Realty Trust, Inc. REIT		30,182		854
Sun Hung Kai Properties, Ltd.		61,255		838
CTP NV		68,103		802
Digital Realty Trust, Inc. REIT		6,950		697

112      American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)

	Shares		Value (000)
Real estate (continued)
Kimco Realty Corp. REIT		31,388	$	665
Prologis, Inc. REIT		4,763		537
CubeSmart REIT		8,847		356
				68,202
Materials 2.91%
Vale SA (ADR), ordinary nominative shares		349,433		5,930
Vale SA, ordinary nominative shares		225,247		3,792
Rio Tinto PLC		79,626		5,587
Air Products and Chemicals, Inc.		9,631		2,969
Linde PLC		8,936		2,915
BHP Group, Ltd. (CDI)		82,385		2,540
International Flavors & Fragrances, Inc.		21,588		2,263
LyondellBasell Industries NV		18,557		1,541
Evonik Industries AG		54,480		1,046
Sociedad Química y Minera de Chile SA, Class B (ADR)		12,475		996
BASF SE		16,131		801
UPM-Kymmene OYJ		19,684		738
Asahi Kasei Corp.		96,900		688
Fortescue Metals Group, Ltd.		28,457		397
Nexa Resources SA5		51,286		309
WestRock Co.		7,448		262
Shin-Etsu Chemical Co., Ltd.		1,900		231
Smurfit Kappa Group PLC		4,754		176
				33,181
Consumer discretionary 2.90%
Starbucks Corp.		41,213		4,088
Home Depot, Inc.		12,852		4,059
Industria de Diseño Textil, SA		149,994		3,994
Midea Group Co., Ltd., Class A		513,775		3,816
McDonald’s Corp.		11,404		3,005
Kering SA		5,640		2,887
Restaurant Brands International, Inc.		38,245		2,473
LVMH Moët Hennessy-Louis Vuitton SE		2,860		2,078
YUM! Brands, Inc.		10,281		1,317
Galaxy Entertainment Group, Ltd.		196,000		1,298
Cie. Financière Richemont SA, Class A		7,967		1,031
Darden Restaurants, Inc.		7,101		982
Mercedes-Benz Group AG		8,466		556
OPAP SA		27,844		395
Pearson PLC		26,653		302
Inchcape PLC		26,460		261
Kindred Group PLC (SDR)		24,452		255
VF Corp.		4,833		134
Thule Group AB		4,224		88
				33,019
Communication services 2.85%
Comcast Corp., Class A		222,680		7,787
Verizon Communications, Inc.		113,150		4,458
SoftBank Corp.		380,300		4,300
Singapore Telecommunications, Ltd.		1,528,600		2,935
Koninklijke KPN NV		918,661		2,842
BCE, Inc.		54,651		2,401
Nippon Telegraph and Telephone Corp.		75,100		2,143
HKT Trust and HKT, Ltd., units		1,127,240		1,378
Warner Music Group Corp., Class A		33,470		1,172
Omnicom Group, Inc.		10,871		887
WPP PLC		81,366		808

American Funds Insurance Series      113

Capital Income Builder (continued)

Common stocks (continued)

	Shares		Value (000)
Communication services (continued)
Indus Towers, Ltd.		211,665	$	486
América Móvil, SAB de CV, Series L (ADR)		24,725		450
ProSiebenSat.1 Media SE		40,927		366
				32,413
Total common stocks (cost: $704,847,000)				848,114
Preferred securities 0.05%
Information technology 0.05%
Samsung Electronics Co., Ltd., nonvoting preferred shares		13,546		545
Total preferred securities (cost: $456,000)				545
Rights & warrants 0.00%
Consumer discretionary 0.00%
Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/20233		7,130		6
Total rights & warrants (cost: $0)				6
Convertible stocks 0.44%
Utilities 0.28%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025		35,900		1,802
AES Corp., convertible preferred units, 6.875% 2/15/2024		8,659		883
American Electric Power Company, Inc., convertible preferred units, 6.125% 8/15/2023		9,704		501
				3,186
Health care 0.10%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/20235		841		1,141
Consumer discretionary 0.06%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 6/15/2023		6,448		692
Total convertible stocks (cost: $4,623,000)				5,019
Investment funds 2.46%
Capital Group Central Corporate Bond Fund6		3,442,868		28,059
Total investment funds (cost: $33,742,000)				28,059
Bonds, notes & other debt instruments 18.22%
	Principal amount
	(000)
U.S. Treasury bonds & notes 9.44%
U.S. Treasury 7.06%
U.S. Treasury 0.125% 1/31/2023		USD2,200		2,193
U.S. Treasury 0.375% 10/31/2023		875		844
U.S. Treasury 0.125% 12/15/2023		8,410		8,057
U.S. Treasury 2.50% 4/30/2024		2,224		2,161
U.S. Treasury 3.25% 8/31/2024		554		542
U.S. Treasury 0.625% 10/15/2024		11,050		10,322
U.S. Treasury 0.75% 11/15/2024		3,525		3,291
U.S. Treasury 4.50% 11/30/2024		3,677		3,678
U.S. Treasury 4.00% 12/15/2025		4,257		4,230
U.S. Treasury 0.75% 3/31/2026		1		1
U.S. Treasury 0.75% 4/30/2026		1,093		977
U.S. Treasury 0.75% 5/31/2026		3,850		3,435

114      American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 1.875% 6/30/2026		USD6,300		$	5,845
U.S. Treasury 1.125% 10/31/2026		995			890
U.S. Treasury 2.00% 11/15/20267		2,800			2,589
U.S. Treasury 0.50% 4/30/2027		2,900			2,498
U.S. Treasury 6.125% 11/15/2027		950			1,037
U.S. Treasury 3.875% 11/30/2027		15,438			15,354
U.S. Treasury 1.25% 3/31/2028		1,350			1,174
U.S. Treasury 3.875% 11/30/2029		1,360			1,351
U.S. Treasury 6.25% 5/15/2030		890			1,016
U.S. Treasury 4.125% 11/15/2032		1,610			1,642
U.S. Treasury 1.125% 5/15/20407		2,400			1,506
U.S. Treasury 2.00% 11/15/2041		300			215
U.S. Treasury 4.00% 11/15/2042		806			790
U.S. Treasury 2.375% 5/15/2051		197			142
U.S. Treasury 3.00% 8/15/20527		5,411			4,486
U.S. Treasury 4.00% 11/15/2052		115			116
					80,382
U.S. Treasury inflation-protected securities 2.38%
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20238		2,610			2,605
U.S. Treasury Inflation-Protected Security 0.625% 4/15/20238		3,400			3,367
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20238		1,818			1,797
U.S. Treasury Inflation-Protected Security 0.625% 1/15/20248		1,220			1,195
U.S. Treasury Inflation-Protected Security 0.50% 4/15/20248		1,581			1,539
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20248		1,887			1,828
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20248		2,752			2,652
U.S. Treasury Inflation-Protected Security 0.25% 1/15/20258		539			518
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20258		1,269			1,210
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20258		377			362
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20258		230			218
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20268		2,388			2,245
U.S. Treasury Inflation-Protected Security 1.625% 10/15/20278		2,253			2,250
U.S. Treasury Inflation-Protected Security 0.50% 1/15/20288		242			227
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20308		2,143			1,925
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20318		1,831			1,625
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20318		139			123
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20498		201			169
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20517,8		2,031			1,311
					27,166
Total U.S. Treasury bonds & notes					107,548
Mortgage-backed obligations 6.13%
Federal agency mortgage-backed obligations 5.40%
Fannie Mae Pool #695412 5.00% 6/1/20339		—	4		—	4
Fannie Mae Pool #AD3566 5.00% 10/1/20359		2			2
Fannie Mae Pool #931768 5.00% 8/1/20399		1			1
Fannie Mae Pool #AC0794 5.00% 10/1/20399		5			5
Fannie Mae Pool #932606 5.00% 2/1/20409		2			2
Fannie Mae Pool #AE0311 3.50% 8/1/20409		9			8
Fannie Mae Pool #AE1248 5.00% 6/1/20419		8			8
Fannie Mae Pool #AJ1873 4.00% 10/1/20419		7			6
Fannie Mae Pool #AE1274 5.00% 10/1/20419		7			7
Fannie Mae Pool #AE1277 5.00% 11/1/20419		5			5
Fannie Mae Pool #AE1283 5.00% 12/1/20419		2			2
Fannie Mae Pool #AE1290 5.00% 2/1/20429		4			4
Fannie Mae Pool #AT0300 3.50% 3/1/20439		1			1
Fannie Mae Pool #AT3954 3.50% 4/1/20439		2			2
Fannie Mae Pool #AY1829 3.50% 12/1/20449		2			2
Fannie Mae Pool #FM9416 3.50% 7/1/20459		150			138
Fannie Mae Pool #BH3122 4.00% 6/1/20479		1			1

American Funds Insurance Series      115

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BJ5015 4.00% 12/1/20479		USD39	$	37
Fannie Mae Pool #BK5232 4.00% 5/1/20489		20		19
Fannie Mae Pool #BK6840 4.00% 6/1/20489		27		25
Fannie Mae Pool #BK9743 4.00% 8/1/20489		8		8
Fannie Mae Pool #BK9761 4.50% 8/1/20489		5		5
Fannie Mae Pool #FM3280 3.50% 5/1/20499		38		35
Fannie Mae Pool #CA5540 3.00% 4/1/20509		3,219		2,861
Fannie Mae Pool #CA6309 3.00% 7/1/20509		376		337
Fannie Mae Pool #CB2787 3.50% 12/1/20519		23		21
Fannie Mae Pool #BV0790 3.50% 1/1/20529		97		88
Fannie Mae Pool #FS0647 3.00% 2/1/20529		1,017		907
Fannie Mae Pool #CB3236 3.00% 3/1/20529		424		373
Fannie Mae Pool #FS3275 3.00% 4/1/20529		787		691
Fannie Mae Pool #MA4600 3.50% 5/1/20529		1,452		1,321
Fannie Mae Pool #BT8370 3.50% 6/1/20529		291		265
Fannie Mae Pool #MA4732 4.00% 9/1/20529		353		332
Fannie Mae Pool #MA4782 3.50% 10/1/20529		880		800
Fannie Mae Pool #MA4877 6.50% 12/1/20529		103		106
Fannie Mae Pool #MA4902 3.50% 1/1/20539		53		48
Fannie Mae Pool #MA4866 4.00% 1/1/20539		828		777
Fannie Mae Pool #MA4868 5.00% 1/1/20539		30		30
Fannie Mae Pool #MA4895 6.50% 1/1/20539		118		121
Fannie Mae Pool #BF0142 5.50% 8/1/20569		391		404
Fannie Mae Pool #BF0342 5.50% 1/1/20599		266		272
Fannie Mae Pool #BM6737 4.50% 11/1/20599		704		691
Fannie Mae Pool #BF0497 3.00% 7/1/20609		458		401
Freddie Mac Pool #Q15874 4.00% 2/1/20439		1		1
Freddie Mac Pool #G67711 4.00% 3/1/20489		234		225
Freddie Mac Pool #Q55971 4.00% 5/1/20489		20		19
Freddie Mac Pool #Q56175 4.00% 5/1/20489		19		18
Freddie Mac Pool #Q55970 4.00% 5/1/20489		10		9
Freddie Mac Pool #Q56599 4.00% 6/1/20489		28		27
Freddie Mac Pool #Q57242 4.50% 7/1/20489		13		13
Freddie Mac Pool #Q58411 4.50% 9/1/20489		51		51
Freddie Mac Pool #Q58436 4.50% 9/1/20489		28		27
Freddie Mac Pool #Q58378 4.50% 9/1/20489		20		20
Freddie Mac Pool #ZT1704 4.50% 1/1/20499		1,234		1,218
Freddie Mac Pool #QD2877 3.00% 12/1/20519		130		114
Freddie Mac Pool #SD1374 3.00% 3/1/20529		430		378
Freddie Mac Pool #SD1937 3.00% 3/1/20529		243		214
Freddie Mac Pool #QE4383 4.00% 6/1/20529		340		319
Freddie Mac Pool #RA7556 4.50% 6/1/20529		936		903
Freddie Mac Pool #SD8242 3.00% 9/1/20529		605		531
Freddie Mac Pool #SD1584 4.50% 9/1/20529		206		202
Freddie Mac Pool #QF1730 4.00% 10/1/20529		838		787
Freddie Mac Pool #SD8256 4.00% 10/1/20529		100		94
Freddie Mac Pool #SD8264 3.50% 11/1/20529		200		182
Freddie Mac Pool #SD8275 4.50% 12/1/20529		1,959		1,887
Freddie Mac Pool #SD8281 6.50% 12/1/20529		406		416
Freddie Mac Pool #SD8285 3.50% 1/1/20539		14		13
Freddie Mac Pool #SD8286 4.00% 1/1/20539		200		188
Freddie Mac Pool #SD8288 5.00% 1/1/20539		35		35
Freddie Mac Pool #SD8282 6.50% 1/1/20539		457		468
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20569,10		115		108
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20569		235		219
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20569,10		233		218
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20579,10		97		88

116      American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount			Value
	(000)			(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/20579		USD80		$	73
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20579		20			19
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/20589		1,001			905
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/20589		408			386
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20589		629			594
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/20589		18			17
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/20589		10			9
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20289		922			881
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/20299		1,293			1,191
Government National Mortgage Assn. 4.00% 1/1/20539,11		3,400			3,218
Government National Mortgage Assn. 4.50% 1/1/20539,11		60			58
Government National Mortgage Assn. 5.00% 2/1/20539,11		8,731			8,652
Government National Mortgage Assn. 5.50% 2/1/20539,11		1,017			1,022
Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/20499		454			441
Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/20529		2,927			2,773
Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/20529		1,054			1,024
Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/20529		54			52
Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/20529		300			291
Government National Mortgage Assn. Pool #694836 5.682% 9/20/20599		—	4		—	4
Government National Mortgage Assn. Pool #765152 4.14% 7/20/20619		—	4		—	4
Government National Mortgage Assn. Pool #766525 4.70% 11/20/20629		—	4		—	4
Government National Mortgage Assn. Pool #AA7554 6.64% 7/20/20649		1			1
Government National Mortgage Assn. Pool #725893 5.20% 9/20/20649		—	4		—	4
Uniform Mortgage-Backed Security 2.50% 1/1/20389,11		1,708			1,563
Uniform Mortgage-Backed Security 2.00% 1/1/20539,11		60			49
Uniform Mortgage-Backed Security 2.50% 1/1/20539,11		140			119
Uniform Mortgage-Backed Security 4.00% 1/1/20539,11		340			319
Uniform Mortgage-Backed Security 4.50% 1/1/20539,11		340			327
Uniform Mortgage-Backed Security 5.00% 1/1/20539,11		1,250			1,232
Uniform Mortgage-Backed Security 5.50% 1/1/20539,11		13,500			13,538
Uniform Mortgage-Backed Security 6.50% 1/1/20539,11		1,836			1,880
Uniform Mortgage-Backed Security 4.00% 2/1/20539,11		172			161
Uniform Mortgage-Backed Security 5.50% 2/1/20539,11		80			80
Uniform Mortgage-Backed Security 6.00% 2/1/20539,11		470			477
					61,513
Collateralized mortgage-backed obligations (privately originated) 0.42%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20481,9,10		141			112
BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/20611,9,10		84			75
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/20611,9		90			78
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/20301,9,10		71			69
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20311,9,10		136			129
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20361,9,10		104			99
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20611,9,10		185			175
Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/20601,9,10		10			10
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 4.678% 10/25/20411,9,10		4			4
Finance of America Structured Securities Trust, Series 2019-JR3, Class A, 2.00% 9/25/20691,9		59			61
Finance of America Structured Securities Trust, Series 2019-JR4, Class A, 2.00% 11/25/20691,9		67			66

American Funds Insurance Series      117

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/20511,9,10		USD117	$	95
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (1-month USD-LIBOR + 4.70%) 9.089% 4/25/20289,10		252		261
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 5.928% 4/25/20421,9,10		109		109
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 6.128% 5/25/20421,9,10		19		19
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/20421,9,10		34		34
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 7.628% 9/25/20421,9,10		64		65
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, (1-month USD-LIBOR + 1.70%) 6.089% 1/25/20501,9,10		188		187
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 6.239% 2/25/20501,9,10		408		407
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (1-month USD-LIBOR + 5.10%) 9.489% 6/27/20501,9,10		108		112
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 10.389% 8/25/20501,9,10		540		575
Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/20391,9		196		184
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)1,9,12		200		185
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/20611,9,10		78		71
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)1,9,12		132		119
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/20551,9,10		202		195
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 5.139% 5/25/20551,9,10		281		277
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/20391,9		100		91
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20311,9,10		66		62
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/20561,9,10		20		19
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 7/25/20571,9,10		20		19
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/20571,9,10		40		39
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/20581,9,10		49		47
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/20581,9,10		24		23
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20601,9		472		420
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/20331,2		100		89
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/20381,9		196		170
				4,752
Commercial mortgage-backed securities 0.31%
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/20391,9,10		110		108
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 6.234% 4/15/20371,9,10		329		322
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/20271,9,10		332		330
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/20361,9,10		548		529
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/20361,9,10		266		253
BX Trust, Series 2021-ARIA Class C, (1-month USD-LIBOR + 1.646%) 5.964% 10/15/20361,9,10		100		93
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.827% 4/15/20371,9,10		155		152
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/20381,9,10		173		167

118      American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 5.718% 6/15/20381,9,10		USD99	$	94
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 5.818% 11/15/20381,9,10		100		95
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 6.787% 8/15/20391,9,10		99		99
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/20381,9,10		98		95
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD-LIBOR + 1.034%) 5.352% 12/15/20361,9,10		24		23
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 5.238% 7/15/20251,9,10		229		223
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 5.468% 5/17/20381,9,10		300		292
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/20391,9,10		100		78
La Quinta Mortgage Trust, Series 2022-LAQ, Class A, (1-month USD CME Term SOFR + 1.724%) 6.059% 3/15/20391,9,10		50		49
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/20381,9,10		62		59
Multifamily Connecticut Avenue Securities, Series 2019-1, Class M10, (1-month USD-LIBOR + 3.25%) 7.639% 10/15/20491,9,10		141		133
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/20381,9,10		361		348
				3,542
Total mortgage-backed obligations				69,807
Corporate bonds, notes & loans 1.72%
Health care 0.28%
AbbVie, Inc. 3.20% 11/21/2029		25		23
AbbVie, Inc. 4.25% 11/21/2049		39		33
Amgen, Inc. 4.05% 8/18/2029		145		136
Amgen, Inc. 4.20% 3/1/2033		133		123
Amgen, Inc. 4.20% 2/22/2052		19		15
Amgen, Inc. 4.875% 3/1/2053		45		40
AstraZeneca PLC 3.375% 11/16/2025		200		193
AstraZeneca PLC 3.00% 5/28/2051		11		8
Centene Corp. 4.625% 12/15/2029		530		486
Centene Corp. 3.375% 2/15/2030		179		152
Centene Corp. 2.625% 8/1/2031		40		31
Gilead Sciences, Inc. 1.65% 10/1/2030		8		6
HCA, Inc. 2.375% 7/15/2031		18		14
Humana, Inc. 3.70% 3/23/2029		12		11
Merck & Co., Inc. 1.70% 6/10/2027		118		105
Merck & Co., Inc. 3.40% 3/7/2029		110		103
Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030		8		6
Regeneron Pharmaceuticals, Inc. 2.80% 9/15/2050		2		1
Shire PLC 3.20% 9/23/2026		270		254
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024		700		687
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026		650		570
Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046		300		184
Zoetis, Inc. 5.60% 11/16/2032		25		26
				3,207
Energy 0.27%
Apache Corp. 4.25% 1/15/2030		385		341
Baker Hughes Holdings, LLC 2.061% 12/15/2026		8		7
BP Capital Markets America, Inc. 3.633% 4/6/2030		360		331
Cenovus Energy, Inc. 5.40% 6/15/2047		73		66
EQT Corp. 5.00% 1/15/2029		35		33
EQT Corp. 3.625% 5/15/20311		20		17

American Funds Insurance Series      119

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Equinor ASA 2.375% 5/22/2030		USD365	$	311
Exxon Mobil Corp. 2.995% 8/16/2039		200		154
Exxon Mobil Corp. 3.452% 4/15/2051		25		19
Kinder Morgan, Inc. 5.45% 8/1/2052		11		10
MPLX, LP 4.95% 9/1/2032		20		19
MPLX, LP 4.95% 3/14/2052		20		16
New Fortress Energy, Inc. 6.50% 9/30/20261		80		75
NGL Energy Operating, LLC 7.50% 2/1/20261		80		71
ONEOK, Inc. 3.10% 3/15/2030		42		35
ONEOK, Inc. 7.15% 1/15/2051		97		99
Pemex Project Funding Master Trust, Series 13, 6.625% 6/15/2035		150		109
Petróleos Mexicanos 6.50% 1/23/2029		20		17
Petróleos Mexicanos 8.75% 6/2/2029		177		166
Sabine Pass Liquefaction, LLC 4.50% 5/15/2030		142		132
Shell International Finance BV 2.00% 11/7/2024		420		400
TransCanada Corp. 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)12		540		515
TransCanada PipeLines, Ltd. 5.10% 3/15/2049		150		137
Williams Companies, Inc. 5.30% 8/15/2052		40		36
				3,116
Communication services 0.24%
América Móvil, SAB de CV, 8.46% 12/18/2036		MXN1,300		58
AT&T, Inc. 3.50% 6/1/2041		USD75		56
CCO Holdings, LLC 4.25% 2/1/20311		360		290
CCO Holdings, LLC 4.75% 2/1/20321		25		20
CCO Holdings, LLC 4.25% 1/15/20341		175		130
Charter Communications Operating, LLC 3.70% 4/1/2051		25		15
Meta Platforms, Inc. 3.85% 8/15/2032		160		141
Meta Platforms, Inc. 4.45% 8/15/2052		95		76
Netflix, Inc. 4.875% 4/15/2028		150		145
SBA Tower Trust 1.631% 11/15/20261		253		215
Sprint Corp. 6.875% 11/15/2028		325		338
Sprint Corp. 8.75% 3/15/2032		90		107
T-Mobile US, Inc. 3.875% 4/15/2030		625		568
T-Mobile US, Inc. 2.55% 2/15/2031		253		207
Verizon Communications, Inc. 1.75% 1/20/2031		142		111
Walt Disney Company 4.625% 3/23/2040		120		113
WarnerMedia Holdings, Inc. 4.279% 3/15/20321		56		46
WarnerMedia Holdings, Inc. 5.05% 3/15/20421		47		36
WarnerMedia Holdings, Inc. 5.141% 3/15/20521		88		64
				2,736
Utilities 0.23%
AEP Transmission Co., LLC 3.80% 6/15/2049		45		35
Duke Energy Florida, LLC 5.95% 11/15/2052		25		27
Edison International 4.125% 3/15/2028		132		123
Edison International 6.95% 11/15/2029		25		26
FirstEnergy Corp. 2.65% 3/1/2030		493		403
FirstEnergy Corp. 2.25% 9/1/2030		107		85
ITC Holdings Corp. 3.35% 11/15/2027		25		23
Pacific Gas and Electric Co. 3.25% 2/16/2024		1,025		1,001
Pacific Gas and Electric Co. 2.95% 3/1/2026		97		89
Pacific Gas and Electric Co. 3.75% 7/1/2028		105		93
Pacific Gas and Electric Co. 4.65% 8/1/2028		284		262
Pacific Gas and Electric Co. 2.50% 2/1/2031		375		292
Southern California Edison Co., Series C, 3.60% 2/1/2045		206		149
Union Electric Co. 3.90% 4/1/2052		25		20
WEC Energy Group, Inc. 5.15% 10/1/2027		25		25
				2,653

120      American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials 0.20%
AerCap Ireland Capital DAC 3.30% 1/30/2032		USD150	$	118
American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)12		82		78
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)12		40		39
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)12		231		177
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)12		84		80
Charles Schwab Corp. 2.45% 3/3/2027		25		23
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)12		35		28
CME Group, Inc. 2.65% 3/15/2032		50		42
Corebridge Financial, Inc. 3.85% 4/5/20291		180		164
Corebridge Financial, Inc. 3.90% 4/5/20321		32		28
Corebridge Financial, Inc. 4.35% 4/5/20421		7		6
Corebridge Financial, Inc. 4.40% 4/5/20521		49		39
Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)1,12		250		257
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)1,12		200		184
Discover Financial Services 6.70% 11/29/2032		25		25
Goldman Sachs Group, Inc. 2.65% 10/21/2032 (USD-SOFR + 1.264% on 10/21/2031)12		75		59
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)12		40		33
Intercontinental Exchange, Inc. 4.60% 3/15/2033		18		17
Intercontinental Exchange, Inc. 4.95% 6/15/2052		16		15
JPMorgan Chase & Co. 5.546% 12/15/2025 (USD-SOFR + 1.07% on 12/15/2024)12		100		100
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)12		40		39
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)12		227		174
JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)12		17		14
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)12		25		24
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)12		20		19
Navient Corp. 5.00% 3/15/2027		150		132
New York Life Global Funding 3.00% 1/10/20281		150		138
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)12		38		24
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)12		45		44
Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)12		105		89
Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)12		35		33
				2,242
Consumer discretionary 0.19%
Bayerische Motoren Werke AG 3.45% 4/1/20271		25		23
Bayerische Motoren Werke AG 4.15% 4/9/20301		290		276
Bayerische Motoren Werke AG 3.70% 4/1/20321		25		22
Daimler Trucks Finance North America, LLC 1.125% 12/14/20231		495		476
Daimler Trucks Finance North America, LLC 1.625% 12/13/20241		175		162
Daimler Trucks Finance North America, LLC 2.375% 12/14/20281		150		126
Daimler Trucks Finance North America, LLC 2.50% 12/14/20311		150		117
Ford Motor Co. 2.30% 2/10/2025		200		183
Ford Motor Credit Company, LLC 5.125% 6/16/2025		200		193
Grand Canyon University 4.125% 10/1/2024		200		188
McDonald’s Corp. 4.60% 9/9/2032		15		15
McDonald’s Corp. 5.15% 9/9/2052		10		10
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20251		160		172
Toyota Motor Credit Corp. 5.40% 11/10/2025		228		232
				2,195
Industrials 0.10%
Ashtead Capital, Inc. 5.50% 8/11/20321		200		192
Boeing Company 4.508% 5/1/2023		270		270
Boeing Company 2.75% 2/1/2026		91		84
Boeing Company 3.625% 2/1/2031		280		246
Boeing Company 5.805% 5/1/2050		95		89

American Funds Insurance Series      121

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Canadian Pacific Railway, Ltd. 2.45% 12/2/2031		USD78	$	65
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051		102		69
CSX Corp. 4.75% 11/15/2048		50		45
CSX Corp. 4.50% 11/15/2052		35		31
Lockheed Martin Corp. 5.10% 11/15/2027		19		19
Masco Corp. 3.125% 2/15/2051		10		6
Union Pacific Corp. 2.80% 2/14/2032		17		15
Union Pacific Corp. 3.50% 2/14/2053		20		15
				1,146
Consumer staples 0.09%
7-Eleven, Inc. 0.80% 2/10/20241		50		48
7-Eleven, Inc. 1.30% 2/10/20281		30		25
7-Eleven, Inc. 1.80% 2/10/20311		207		159
Altria Group, Inc. 3.875% 9/16/2046		22		15
Altria Group, Inc. 3.70% 2/4/2051		28		18
Anheuser-Busch InBev NV 4.50% 6/1/2050		20		18
British American Tobacco PLC 4.70% 4/2/2027		105		101
British American Tobacco PLC 4.448% 3/16/2028		150		139
British American Tobacco PLC 4.54% 8/15/2047		82		58
British American Tobacco PLC 4.758% 9/6/2049		121		88
Kraft Heinz Company 3.00% 6/1/2026		93		87
Kraft Heinz Company 4.875% 10/1/2049		170		148
Kraft Heinz Company 5.50% 6/1/2050		75		72
Philip Morris International, Inc. 5.125% 11/17/2027		43		43
Philip Morris International, Inc. 5.625% 11/17/2029		23		23
Philip Morris International, Inc. 5.75% 11/17/2032		16		16
				1,058
Information technology 0.07%
Apple, Inc. 3.35% 8/8/2032		20		18
Apple, Inc. 3.95% 8/8/2052		20		17
Broadcom, Inc. 4.00% 4/15/20291		3		3
Broadcom, Inc. 4.15% 4/15/20321		11		10
Broadcom, Inc. 3.137% 11/15/20351		2		1
Broadcom, Inc. 3.75% 2/15/20511		91		63
Lenovo Group, Ltd. 5.875% 4/24/2025		400		390
Oracle Corp. 2.875% 3/25/2031		64		53
Oracle Corp. 3.60% 4/1/2050		150		102
ServiceNow, Inc. 1.40% 9/1/2030		130		100
				757
Materials 0.03%
Celanese US Holdings, LLC 6.379% 7/15/2032		10		9
Dow Chemical Co. 3.60% 11/15/2050		75		54
International Flavors & Fragrances, Inc. 1.832% 10/15/20271		100		84
International Flavors & Fragrances, Inc. 3.468% 12/1/20501		10		7
LYB International Finance III, LLC 3.625% 4/1/2051		102		69
Nutrien, Ltd. 5.90% 11/7/2024		84		85
South32 Treasury, Ltd. 4.35% 4/14/20321		10		9
				317
Real estate 0.02%
American Tower Corp. 4.05% 3/15/2032		11		10
Equinix, Inc. 1.55% 3/15/2028		25		21
Equinix, Inc. 3.20% 11/18/2029		144		125
Equinix, Inc. 2.50% 5/15/2031		47		38
				194
Total corporate bonds, notes & loans				19,621

122      American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Asset-backed obligations 0.84%
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/20271,9		USD96	$	93
American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75% 8/16/20279		100		98
American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/20361,9		86		83
American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/20521,9		87		83
American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/20521,9		100		95
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 4.958% 12/18/20259,10		132		132
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20271,9		197		179
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/20271,9		100		90
Bankers Healthcare Group Securitization Trust, Series 2022-A, Class A, 1.71% 2/20/20351,9		69		64
CarMax Auto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 4.577% 9/15/20259,10		103		103
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,9		354		317
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20601,9		89		73
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/20601,9		91		79
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/20601,9		91		72
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20611,9		319		276
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/20621,9		493		483
Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 8/15/20249		36		36
Exeter Automobile Receivables Trust, Series 2022-4A, Class A2, 3.99% 8/15/20249		44		44
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/20391,9		131		123
Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.407% 2/15/20259,10		70		70
Freedom Financial, Series 2022-1FP, Class A, 0.94% 3/19/20291,9		7		7
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20451,9		506		447
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/20461,9		85		72
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/20391,9		133		125
GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.71%) 4.536% 10/21/20249,10		76		76
GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.408% 9/16/20259,10		78		78
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/20351,9		184		188
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20251,9		247		228
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20251,9		100		92
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20271,9		268		234
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20271,9		100		86
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20271,9		100		83
Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 4.387% 5/15/20259,10		100		100
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/20691,9		46		40
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20691,9		143		122
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20621,9		211		187
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20621,9		423		376
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.093% 4/20/20621,9,10		218		212
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20611,9		935		792
Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 8/15/20249		199		194
Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.68%) 4.487% 8/15/20249,10		236		236
OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 5/17/20271,9		100		92
Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/20311,9		100		87
PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/20271,9		100		98
Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 7/15/20259		158		158
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/20269		577		578
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/20531,9		73		62

American Funds Insurance Series      123

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20331,9		USD211	$	188
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/20341,9,10		335		297
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (1-month USD-SOFR + 0.57%) 4.377% 8/15/20259,10		27		27
Verizon Master Trust, Series 2022-3, Class A, 3.01% 5/20/2027 (3.76% on 11/20/2023)9,12		160		157
Verizon Master Trust, Series 2022-7, Class A1A, 5.23% 11/22/2027 (5.98% on 11/20/2024)9,12		451		454
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/20249		102		100
Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/20251,9		492		487
Westlake Automobile Receivables Trust, Series 2022-3, Class C, 5.49% 7/15/20261,9		80		79
Westlake Automobile Receivables Trust, Series 2022-3, Class B, 5.99% 12/15/20271,9		100		100
				9,532
Bonds & notes of governments & government agencies outside the U.S. 0.07%
Peru (Republic of) 2.783% 1/23/2031		190		158
Portuguese Republic 5.125% 10/15/2024		18		18
Qatar (State of) 4.50% 4/23/2028		200		201
Saudi Arabia (Kingdom of) 3.625% 3/4/2028		200		191
United Mexican States 3.25% 4/16/2030		200		175
				743
Municipals 0.02%
California 0.00%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		15		12
Illinois 0.02%
G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033		225		216
Total municipals				228
Total bonds, notes & other debt instruments (cost: $218,921,000)				207,479
Short-term securities 7.36%
	Shares
Money market investments 6.84%
Capital Group Central Cash Fund 4.31%6,13		779,601		77,952
Money market investments purchased with collateral from securities on loan 0.52%
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%13,14		2,241,328		2,241
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%13,14		1,944,356		1,945
Capital Group Central Cash Fund 4.31%6,13,14		17,119		1,712
				5,898
Total short-term securities (cost: $83,839,000)				83,850
Total investment securities 102.99% (cost: $1,046,428,000)				1,173,072
Other assets less liabilities (2.99)%				(34,006	)
Net assets 100.00%			$	1,139,066

124      American Funds Insurance Series

Capital Income Builder (continued)

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount (000)		Value and unrealized appreciation (depreciation) at 12/31/2022 (000)
2 Year U.S. Treasury Note Futures		Long		203		March 2023		USD41,631	$	49
5 Year U.S. Treasury Note Futures		Long		357		March 2023		38,531		(52	)
10 Year Ultra U.S. Treasury Note Futures		Long		7		March 2023		828		(12	)
10 Year U.S. Treasury Note Futures		Short		14		March 2023		(1,572)		11
20 Year U.S. Treasury Bond Futures		Long		9		March 2023		1,128		(13	)
30 Year Ultra U.S. Treasury Bond Futures		Long		61		March 2023		8,193		(62	)
									$	(79	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive			Pay					Expiration date		Notional amount (000)		Value at 12/31/2022 (000)			Upfront premium paid (000)		Unrealized (depreciation) appreciation at 12/31/2022 (000)
Rate	Payment frequency		Rate			Payment frequency
3.52647%		Annual		U.S. EFFR			Annual		6/16/2024		USD5,215	$	(90	)	$	—	$	(90	)
3.5291%		Annual		U.S. EFFR			Annual		6/16/2024		5,635		(98	)		—		(98	)
3.497%		Annual		U.S. EFFR			Annual		6/16/2024		5,600		(99	)		—		(99	)
3.4585%		Annual		U.S. EFFR			Annual		6/17/2024		898		(17	)		—		(17	)
3.4325%		Annual		U.S. EFFR			Annual		6/17/2024		4,100		(76	)		—		(76	)
3-month USD-LIBOR		Quarterly		0.5935	%		Semi-annual		5/18/2030		7,200		1,512			—		1,512
3-month USD-LIBOR		Quarterly		0.807	%		Semi-annual		5/18/2050		805		388			—		388
												$	1,520		$	—	$	1,520

Credit default swaps

Centrally cleared credit default swaps on credit indices – sell protection

Financing rate received	Payment frequency	Reference index		Expiration date		Notional amount15 (000)		Value at 12/31/202216 (000)		Upfront premium paid (000)		Unrealized depreciation at 12/31/2022 (000)
5.00%	Quarterly		CDX.NA.HY.38		6/20/2027		USD6,138	$	127	$	174	$	(47	)

American Funds Insurance Series      125

Capital Income Builder (continued)

Investments in affiliates⁶

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized loss (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Investment funds 2.46%
Capital Group Central Corporate Bond Fund	$	30,304	$	6,708	$	3,076		$	(677	)	$	(5,200	)	$	28,059	$	900
Short-term securities 6.99%
Money market investments 6.84%
Capital Group Central Cash Fund 4.31%13		42,892		254,586		219,519			(14	)		7			77,952		1,714
Money market investments purchased with collateral from securities on loan 0.15%
Capital Group Central Cash Fund 4.31%13,14		1,954				242	17								1,712		—	18
Total short-term securities															79,664
Total 9.45%								$	(691	)	$	(5,193	)	$	107,723	$	2,614

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

²  Value determined using significant unobservable inputs.

³  Security did not produce income during the last 12 months.

⁴  Amount less than one thousand.

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

⁶  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

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

⁸  Index-linked bond whose principal amount moves with a government price index.

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

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

¹¹  Purchased on a TBA basis.

¹²  Step bond; coupon rate may change at a later date.

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

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

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

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

¹⁷  Represents net activity. Refer to Note 5 for more information on securities lending.

¹⁸  Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

Assn. = Association

CAD = Canadian dollars

CDI = CREST Depository Interest

CME = CME Group

DAC = Designated Activity Company

EFFR = Effective Federal Funds Rate

EUR = Euros

G.O. = General Obligation

GBP = British pounds

GDR = Global Depositary Receipts

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

126      American Funds Insurance Series

Asset Allocation Fund

Investment portfolio December 31, 2022

Common stocks 67.78%

	Shares		Value (000)
Health care 13.40%
UnitedHealth Group, Inc.		929,300	$	492,696
Johnson & Johnson		2,030,000		358,600
Pfizer, Inc.		5,493,542		281,489
Humana, Inc.		500,000		256,095
Gilead Sciences, Inc.		2,665,000		228,790
Cigna Corp.		650,000		215,371
AbbVie, Inc.		1,221,978		197,484
Abbott Laboratories		1,600,000		175,664
Eli Lilly and Company		400,469		146,508
Vertex Pharmaceuticals, Inc.1		505,500		145,978
CVS Health Corp.		1,453,100		135,414
Regeneron Pharmaceuticals, Inc.1		187,220		135,077
Centene Corp.1		1,235,513		101,324
Bristol-Myers Squibb Company		1,374,818		98,918
AstraZeneca PLC		461,000		62,565
AstraZeneca PLC (ADR)		249,881		16,942
Thermo Fisher Scientific, Inc.		116,000		63,880
Alnylam Pharmaceuticals, Inc.1		261,834		62,225
Novo Nordisk A/S, Class B		246,400		33,363
AbCellera Biologics, Inc.1,2		2,871,293		29,086
Seagen, Inc.1		170,500		21,911
Rotech Healthcare, Inc.1,3,4		184,138		19,703
Elevance Health, Inc.		37,542		19,258
Zoetis, Inc., Class A		95,618		14,013
Karuna Therapeutics, Inc.1		57,100		11,220
				3,323,574
Consumer discretionary 9.59%
Aramark		11,375,152		470,249
Home Depot, Inc.		1,206,200		380,990
General Motors Company		6,575,000		221,183
Booking Holdings, Inc.1		87,604		176,546
Lennar Corp., Class A		1,357,800		122,881
Dollar General Corp.		493,075		121,420
LVMH Moët Hennessy-Louis Vuitton SE		165,700		120,372
Amazon.com, Inc.1		1,340,400		112,594
Target Corp.		750,000		111,780
Etsy, Inc.1		840,578		100,684
Entain PLC		6,000,000		96,202
Burlington Stores, Inc.1		431,484		87,488
D.R. Horton, Inc.		870,000		77,552
Royal Caribbean Cruises, Ltd.1		1,014,324		50,138
YUM! Brands, Inc.		277,000		35,478
Dollar Tree Stores, Inc.1		185,000		26,166
YETI Holdings, Inc.1		495,471		20,468
Darden Restaurants, Inc.		142,000		19,643
Chipotle Mexican Grill, Inc.1		9,709		13,471
Li Auto, Inc., Class A (ADR)1,2		350,694		7,154
Xpeng, Inc., Class A (ADR)1,2		703,800		6,996
				2,379,455
Financials 9.21%
Aon PLC, Class A		807,600		242,393
Chubb, Ltd.		800,000		176,480
Apollo Asset Management, Inc.		2,630,627		167,808
Synchrony Financial		4,100,000		134,726
JPMorgan Chase & Co.		973,100		130,493
First Republic Bank		1,000,000		121,890
Bank of America Corp.		3,000,000		99,360
Arthur J. Gallagher & Co.		476,724		89,881
Capital One Financial Corp.		850,000		79,016
Blue Owl Capital, Inc., Class A2		7,085,161		75,103

American Funds Insurance Series       127

Asset Allocation Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Financials (continued)
Goldman Sachs Group, Inc.		213,000	$	73,140
Ares Management Corp., Class A		1,015,403		69,494
KKR & Co., Inc.		1,497,000		69,491
Nasdaq, Inc.		1,098,300		67,381
Charles Schwab Corp.		801,126		66,702
CME Group, Inc., Class A		380,200		63,934
Discover Financial Services		600,000		58,698
Toronto-Dominion Bank (CAD denominated)2		885,700		57,348
SLM Corp.		3,345,000		55,527
Intercontinental Exchange, Inc.		538,487		55,243
Blackstone, Inc., nonvoting shares		737,500		54,715
S&P Global, Inc.		118,700		39,757
Brookfield Corp., Class A		1,260,000		39,640
The Bank of N.T. Butterfield & Son, Ltd.		1,120,585		33,405
Morgan Stanley		339,372		28,853
Antin Infrastructure Partners SA		1,243,300		27,033
EQT AB		1,250,263		26,646
Wells Fargo & Company		570,000		23,535
Progressive Corp.		105,000		13,620
Bridgepoint Group PLC		5,809,554		13,461
OneMain Holdings, Inc.		300,000		9,993
Brookfield Asset Management, Ltd., Class A		315,000		9,031
Islandsbanki hf.		9,555,235		8,073
Jonah Energy Parent, LLC3		32,117		1,899
Sberbank of Russia PJSC1,3		8,880,000		—	5
				2,283,769
Information technology 8.88%
Microsoft Corp.		3,355,454		804,705
Broadcom, Inc.		1,249,134		698,428
ASML Holding NV (New York registered) (ADR)		316,764		173,080
MKS Instruments, Inc.		1,600,000		135,568
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		1,275,000		94,975
Mastercard, Inc., Class A		195,977		68,147
NVIDIA Corp.		332,696		48,620
MediaTek, Inc.		1,463,000		29,717
Oracle Corp.		321,820		26,306
Paychex, Inc.		205,595		23,759
GoDaddy, Inc., Class A1		281,000		21,024
Apple, Inc.		150,000		19,490
KLA Corp.		49,000		18,474
MicroStrategy, Inc., Class A1		96,100		13,605
Applied Materials, Inc.		135,000		13,146
Snowflake, Inc., Class A1		85,810		12,317
				2,201,361
Consumer staples 6.59%
Philip Morris International, Inc.		9,438,592		955,280
Nestlé SA		1,954,200		225,682
Archer Daniels Midland Company		1,880,000		174,558
British American Tobacco PLC (ADR)		2,634,146		105,313
British American Tobacco PLC		1,080,000		42,849
Altria Group, Inc.		1,570,000		71,764
Avenue Supermarts, Ltd.1		970,539		47,566
Costco Wholesale Corp.		26,000		11,869
				1,634,881
Industrials 6.22%
Northrop Grumman Corp.		933,553		509,356
Lockheed Martin Corp.		474,900		231,034
L3Harris Technologies, Inc.		1,094,000		227,782
Boeing Company1		1,039,506		198,015

128      American Funds Insurance Series

Asset Allocation Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Industrials (continued)
Caterpillar, Inc.		618,000	$	148,048
CSX Corp.		2,628,369		81,427
Raytheon Technologies Corp.		395,000		39,863
General Electric Co.		288,000		24,132
Huntington Ingalls Industries, Inc.		100,000		23,068
AMETEK, Inc.		140,000		19,561
Chart Industries, Inc.1		130,200		15,003
Copart, Inc.1		232,000		14,126
Storskogen Group AB, Class B		16,853,587		12,088
				1,543,503
Communication services 4.72%
Alphabet, Inc., Class C1		2,992,500		265,525
Alphabet, Inc., Class A1		1,269,460		112,004
Charter Communications, Inc., Class A1		821,000		278,401
Meta Platforms, Inc., Class A1		1,777,348		213,886
Netflix, Inc.1		384,527		113,390
Comcast Corp., Class A		2,874,400		100,518
ZoomInfo Technologies, Inc.1		1,747,900		52,629
Activision Blizzard, Inc.		400,000		30,620
Electronic Arts, Inc.		35,000		4,276
				1,171,249
Energy 4.12%
Canadian Natural Resources, Ltd. (CAD denominated)2		7,515,800		417,366
Pioneer Natural Resources Company		752,000		171,749
ConocoPhillips		1,252,000		147,736
Cenovus Energy, Inc. (CAD denominated)		7,500,000		145,513
Hess Corp.		400,000		56,728
Chevron Corp.		270,000		48,462
TC Energy Corp.		631,700		25,180
Equitrans Midstream Corp.		718,490		4,814
Diamond Offshore Drilling, Inc.1		266,381		2,770
Altera Infrastructure, LP1,3		6,273		497
Constellation Oil Services Holding SA, Class B-11,3		480,336		53
McDermott International, Ltd.1		30,762		10
Bighorn Permian Resources, LLC3		4,392		—	5
				1,020,878
Materials 3.45%
Corteva, Inc.		4,365,508		256,605
Mosaic Co.		1,940,000		85,108
Linde PLC		256,541		83,678
Royal Gold, Inc.		700,000		78,904
Wheaton Precious Metals Corp.		1,785,000		69,758
Nucor Corp.		500,000		65,905
Franco-Nevada Corp.		347,089		47,313
First Quantum Minerals, Ltd.		2,100,000		43,877
ATI, Inc.1		1,350,000		40,311
Vale SA, ordinary nominative shares		1,750,000		29,460
Nutrien, Ltd. (CAD denominated)		400,272		29,222
Lundin Mining Corp.2		4,320,000		26,513
				856,654
Real estate 0.96%
VICI Properties, Inc. REIT		2,769,449		89,730
Gaming and Leisure Properties, Inc. REIT		1,593,566		83,009
Equinix, Inc. REIT		63,445		41,559
Crown Castle, Inc. REIT		166,000		22,516
				236,814

American Funds Insurance Series      129

Asset Allocation Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Utilities 0.64%
CenterPoint Energy, Inc.		1,717,846	$	51,518
Exelon Corp.		779,231		33,686
AES Corp.		983,067		28,273
Sempra Energy		132,039		20,405
FirstEnergy Corp.		307,000		12,876
Constellation Energy Corp.		138,666		11,955
				158,713
Total common stocks (cost: $11,870,390,000)				16,810,851
Preferred securities 0.00%
Industrials 0.00%
ACR III LSC Holdings, LLC, Series B, preferred shares1,3,6		450		189
Total preferred securities (cost: $466,000)				189
Rights & warrants 0.00%
Energy 0.00%
Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/20711,3		4		—	5
Total rights & warrants (cost: $0)				—	5
Convertible stocks 0.26%
Health care 0.26%
Carbon Health Technologies, Inc., convertible preferred shares, 1.00% 7/9/20243,4		50,000		63,388
Total convertible stocks (cost: $50,000,000)				63,388
Investment funds 5.51%
Capital Group Central Corporate Bond Fund7		167,745,028		1,367,122
Total investment funds (cost: $1,676,023,000)				1,367,122
	Principal amount (000)
Bonds, notes & other debt instruments 21.72%
Mortgage-backed obligations 7.58%
Federal agency mortgage-backed obligations 7.02%
Fannie Mae Pool #AD7072 4.00% 6/1/20258	USD	2		2
Fannie Mae Pool #AE2321 4.00% 8/1/20258		1		1
Fannie Mae Pool #AE3069 4.00% 9/1/20258		1		1
Fannie Mae Pool #AH0829 4.00% 1/1/20268		1		1
Fannie Mae Pool #AH6431 4.00% 2/1/20268		168		165
Fannie Mae Pool #AH5618 4.00% 2/1/20268		2		1
Fannie Mae Pool #890329 4.00% 4/1/20268		27		26
Fannie Mae Pool #MA1109 4.00% 5/1/20278		2		2
Fannie Mae Pool #MA3653 3.00% 3/1/20298		13		12
Fannie Mae Pool #AL8347 4.00% 3/1/20298		185		181
Fannie Mae Pool #254767 5.50% 6/1/20338		208		214
Fannie Mae Pool #555956 5.50% 12/1/20338		131		135
Fannie Mae Pool #BN1085 4.00% 1/1/20348		411		403
Fannie Mae Pool #BN3172 4.00% 1/1/20348		162		158
Fannie Mae Pool #929185 5.50% 1/1/20368		383		396
Fannie Mae Pool #893641 6.00% 9/1/20368		776		811
Fannie Mae Pool #893688 6.00% 10/1/20368		164		171
Fannie Mae Pool #AS8554 3.00% 12/1/20368		5,967		5,542
Fannie Mae Pool #907239 6.00% 12/1/20368		54		56
Fannie Mae Pool #928031 6.00% 1/1/20378		63		65
Fannie Mae Pool #888292 6.00% 3/1/20378		547		571
Fannie Mae Pool #AD0249 5.50% 4/1/20378		111		114

130      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #190379 5.50% 5/1/20378		USD55		$	57
Fannie Mae Pool #924952 6.00% 8/1/20378		865			903
Fannie Mae Pool #888637 6.00% 9/1/20378		10			10
Fannie Mae Pool #995674 6.00% 5/1/20388		310			324
Fannie Mae Pool #AD0119 6.00% 7/1/20388		938			984
Fannie Mae Pool #995224 6.00% 9/1/20388		8			8
Fannie Mae Pool #AE0021 6.00% 10/1/20388		286			298
Fannie Mae Pool #AL7164 6.00% 10/1/20388		196			201
Fannie Mae Pool #889983 6.00% 10/1/20388		18			19
Fannie Mae Pool #AD0095 6.00% 11/1/20388		689			717
Fannie Mae Pool #AB0538 6.00% 11/1/20388		110			114
Fannie Mae Pool #995391 6.00% 11/1/20388		14			15
Fannie Mae Pool #AD0833 6.00% 1/1/20398		—	5		—	5
Fannie Mae Pool #AL0309 6.00% 1/1/20408		62			65
Fannie Mae Pool #AL0013 6.00% 4/1/20408		182			190
Fannie Mae Pool #AL7228 6.00% 4/1/20418		242			248
Fannie Mae Pool #AB4536 6.00% 6/1/20418		413			428
Fannie Mae Pool #MA4387 2.00% 7/1/20418		7,655			6,462
Fannie Mae Pool #MA4501 2.00% 12/1/20418		8,791			7,421
Fannie Mae Pool #FS0305 1.50% 1/1/20428		22,809			18,688
Fannie Mae Pool #MA4520 2.00% 1/1/20428		14,931			12,603
Fannie Mae Pool #AP2131 3.50% 8/1/20428		3,155			2,956
Fannie Mae Pool #AU8813 4.00% 11/1/20438		2,218			2,169
Fannie Mae Pool #AU9348 4.00% 11/1/20438		1,262			1,234
Fannie Mae Pool #AU9350 4.00% 11/1/20438		1,052			1,015
Fannie Mae Pool #AL8773 3.50% 2/1/20458		5,278			4,945
Fannie Mae Pool #FM9416 3.50% 7/1/20458		8,847			8,192
Fannie Mae Pool #AL8354 3.50% 10/1/20458		1,320			1,231
Fannie Mae Pool #AL8522 3.50% 5/1/20468		2,806			2,610
Fannie Mae Pool #BC7611 4.00% 5/1/20468		113			109
Fannie Mae Pool #AS8310 3.00% 11/1/20468		373			335
Fannie Mae Pool #BD9307 4.00% 11/1/20468		1,322			1,263
Fannie Mae Pool #BD9699 3.50% 12/1/20468		1,482			1,375
Fannie Mae Pool #BE1290 3.50% 2/1/20478		2,160			2,005
Fannie Mae Pool #BM1179 3.00% 4/1/20478		470			421
Fannie Mae Pool #256975 7.00% 10/1/20478		2			2
Fannie Mae Pool #CA0770 3.50% 11/1/20478		1,522			1,415
Fannie Mae Pool #257036 7.00% 11/1/20478		6			7
Fannie Mae Pool #MA3211 4.00% 12/1/20478		2,648			2,535
Fannie Mae Pool #MA3277 4.00% 2/1/20488		11			10
Fannie Mae Pool #BK5255 4.00% 5/1/20488		11			11
Fannie Mae Pool #FM3278 3.50% 11/1/20488		16,898			15,676
Fannie Mae Pool #FM3280 3.50% 5/1/20498		2,314			2,144
Fannie Mae Pool #CA4756 3.00% 12/1/20498		1,745			1,556
Fannie Mae Pool #CA5659 2.50% 5/1/20508		2,353			1,999
Fannie Mae Pool #CA5968 2.50% 6/1/20508		5,666			4,869
Fannie Mae Pool #CA6593 2.50% 8/1/20508		12,778			11,002
Fannie Mae Pool #CA7599 2.50% 11/1/20508		1,607			1,386
Fannie Mae Pool #FM4897 3.00% 11/1/20508		14,598			13,142
Fannie Mae Pool #CA8828 2.50% 2/1/20518		4,022			3,458
Fannie Mae Pool #CA9291 2.50% 2/1/20518		52			44
Fannie Mae Pool #CA9390 2.50% 3/1/20518		666			565
Fannie Mae Pool #CB0290 2.00% 4/1/20518		4,822			3,945
Fannie Mae Pool #FM7741 2.50% 5/1/20518		816			693
Fannie Mae Pool #FM8453 3.00% 8/1/20518		4,876			4,347
Fannie Mae Pool #FM8436 2.50% 9/1/20518		45			39
Fannie Mae Pool #CB1810 3.00% 10/1/20518		165			145
Fannie Mae Pool #BU0616 2.50% 11/1/20518		49			42
Fannie Mae Pool #CB2078 3.00% 11/1/20518		9,882			8,696
Fannie Mae Pool #CB2286 2.50% 12/1/20518		17,352			14,835
Fannie Mae Pool #CB2402 2.50% 12/1/20518		10,959			9,290

American Funds Insurance Series      131

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CB2375 2.50% 12/1/20518		USD7,995	$	6,825
Fannie Mae Pool #BU8372 2.50% 12/1/20518		955		812
Fannie Mae Pool #CB2323 2.50% 12/1/20518		947		805
Fannie Mae Pool #CB2312 2.50% 12/1/20518		366		311
Fannie Mae Pool #CB2319 2.50% 12/1/20518		196		168
Fannie Mae Pool #BT9510 2.50% 12/1/20518		94		81
Fannie Mae Pool #BT9483 2.50% 12/1/20518		95		81
Fannie Mae Pool #CB2372 2.50% 12/1/20518		93		80
Fannie Mae Pool #FS0235 2.50% 1/1/20528		12,638		10,713
Fannie Mae Pool #FS0182 3.00% 1/1/20528		13,050		11,488
Fannie Mae Pool #FS0303 3.00% 1/1/20528		978		859
Fannie Mae Pool #CB3666 2.50% 2/1/20528		24,794		21,026
Fannie Mae Pool #FS0546 2.50% 2/1/20528		11,820		10,020
Fannie Mae Pool #BV4367 2.50% 2/1/20528		818		695
Fannie Mae Pool #FS0613 2.50% 2/1/20528		736		625
Fannie Mae Pool #BV9531 2.50% 2/1/20528		721		612
Fannie Mae Pool #BU8226 2.50% 2/1/20528		612		520
Fannie Mae Pool #BV4259 2.50% 2/1/20528		596		507
Fannie Mae Pool #BV3216 2.50% 2/1/20528		487		413
Fannie Mae Pool #BU7298 2.50% 2/1/20528		361		306
Fannie Mae Pool #BV0307 2.50% 2/1/20528		75		63
Fannie Mae Pool #BV3495 2.50% 2/1/20528		64		55
Fannie Mae Pool #FS0647 3.00% 2/1/20528		67,926		60,633
Fannie Mae Pool #CB2896 3.00% 2/1/20528		7,625		6,703
Fannie Mae Pool #CB5013 2.50% 3/1/20528		3,992		3,392
Fannie Mae Pool #BV6631 2.50% 3/1/20528		921		782
Fannie Mae Pool #BV8086 2.50% 3/1/20528		596		508
Fannie Mae Pool #BT8111 2.50% 3/1/20528		593		503
Fannie Mae Pool #BV4173 2.50% 3/1/20528		525		446
Fannie Mae Pool #BU8885 2.50% 3/1/20528		507		431
Fannie Mae Pool #FS0831 3.00% 3/1/20528		16,034		14,095
Fannie Mae Pool #CB3170 3.00% 3/1/20528		7,000		6,156
Fannie Mae Pool #CB3410 3.00% 3/1/20528		158		139
Fannie Mae Pool #MA4578 2.50% 4/1/20528		31,872		27,036
Fannie Mae Pool #BV5332 2.50% 4/1/20528		966		820
Fannie Mae Pool #BV4656 2.50% 4/1/20528		873		741
Fannie Mae Pool #BV2996 2.50% 4/1/20528		814		691
Fannie Mae Pool #CB3351 2.50% 4/1/20528		739		628
Fannie Mae Pool #BV4182 2.50% 4/1/20528		730		620
Fannie Mae Pool #FS1922 2.50% 4/1/20528		716		608
Fannie Mae Pool #BV8569 2.50% 4/1/20528		683		580
Fannie Mae Pool #BV7698 2.50% 4/1/20528		620		526
Fannie Mae Pool #BV7717 2.50% 4/1/20528		593		504
Fannie Mae Pool #BU8933 3.00% 4/1/20528		1,825		1,604
Fannie Mae Pool #CB3364 3.00% 4/1/20528		457		402
Fannie Mae Pool #BU8825 2.50% 5/1/20528		1,018		864
Fannie Mae Pool #BW2204 2.50% 5/1/20528		885		752
Fannie Mae Pool #BV9818 2.50% 5/1/20528		790		672
Fannie Mae Pool #BW0160 2.50% 5/1/20528		665		565
Fannie Mae Pool #MA4598 2.50% 5/1/20528		162		137
Fannie Mae Pool #BV9644 2.50% 5/1/20528		89		76
Fannie Mae Pool #FS1877 3.00% 5/1/20528		5,704		5,012
Fannie Mae Pool #BV7238 3.00% 5/1/20528		1,886		1,658
Fannie Mae Pool #CB3495 3.00% 5/1/20528		1,867		1,640
Fannie Mae Pool #BT7819 3.00% 5/1/20528		138		121
Fannie Mae Pool #BW1436 4.50% 5/1/20528		3,137		3,023
Fannie Mae Pool #MA4624 3.00% 6/1/20528		1,431		1,257
Fannie Mae Pool #BW2935 3.00% 6/1/20528		747		657
Fannie Mae Pool #BW1449 3.00% 6/1/20528		400		352
Fannie Mae Pool #BV9701 3.00% 6/1/20528		114		100
Fannie Mae Pool #BW5663 4.50% 6/1/20528		2,906		2,800

132      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CB4534 4.50% 6/1/20528		USD2,080	$	2,004
Fannie Mae Pool #FS2239 2.50% 7/1/20528		10,586		8,987
Fannie Mae Pool #MA4652 2.50% 7/1/20528		7,000		5,940
Fannie Mae Pool #BV7868 2.50% 7/1/20528		996		845
Fannie Mae Pool #BV2584 2.50% 7/1/20528		602		510
Fannie Mae Pool #BW5528 2.50% 7/1/20528		525		445
Fannie Mae Pool #BW6043 2.50% 7/1/20528		62		53
Fannie Mae Pool #BW5579 3.50% 7/1/20528		2,000		1,819
Fannie Mae Pool #CB4159 4.00% 7/1/20528		1,519		1,427
Fannie Mae Pool #FS2555 4.50% 7/1/20528		125		120
Fannie Mae Pool #MA4743 2.50% 8/1/20528		6,986		5,925
Fannie Mae Pool #BW7293 3.50% 8/1/20528		3,000		2,729
Fannie Mae Pool #CB4363 3.50% 8/1/20528		960		874
Fannie Mae Pool #BV7903 3.50% 8/1/20528		200		182
Fannie Mae Pool #BV8024 4.00% 8/1/20528		1,924		1,807
Fannie Mae Pool #BW7302 4.00% 8/1/20528		289		272
Fannie Mae Pool #BW4199 4.50% 8/1/20528		2,996		2,887
Fannie Mae Pool #BW3035 4.50% 8/1/20528		2,532		2,440
Fannie Mae Pool #BW5789 4.50% 8/1/20528		999		963
Fannie Mae Pool #BW6395 4.50% 8/1/20528		999		962
Fannie Mae Pool #BW7349 3.00% 9/1/20528		1,886		1,658
Fannie Mae Pool #BW7780 3.00% 9/1/20528		219		192
Fannie Mae Pool #MA4732 4.00% 9/1/20528		56,336		52,898
Fannie Mae Pool #BW7326 4.00% 9/1/20528		1,648		1,547
Fannie Mae Pool #BW9348 4.00% 9/1/20528		1,429		1,342
Fannie Mae Pool #BW8103 4.00% 9/1/20528		1,353		1,271
Fannie Mae Pool #MA4733 4.50% 9/1/20528		12,197		11,752
Fannie Mae Pool #BV0957 4.50% 9/1/20528		3,075		2,962
Fannie Mae Pool #BW1192 4.50% 9/1/20528		2,185		2,105
Fannie Mae Pool #BW1201 5.00% 9/1/20528		2,361		2,331
Fannie Mae Pool #MA4824 2.50% 10/1/20528		94		80
Fannie Mae Pool #MA4782 3.50% 10/1/20528		3,000		2,729
Fannie Mae Pool #BW8980 4.00% 10/1/20528		5,340		5,014
Fannie Mae Pool #BW1210 4.00% 10/1/20528		4,034		3,788
Fannie Mae Pool #BW7356 4.00% 10/1/20528		3,356		3,151
Fannie Mae Pool #BX0509 4.00% 10/1/20528		1,444		1,356
Fannie Mae Pool #MA4784 4.50% 10/1/20528		14,120		13,605
Fannie Mae Pool #CB4959 4.50% 10/1/20528		9,275		8,936
Fannie Mae Pool #BV0961 4.50% 10/1/20528		3,995		3,849
Fannie Mae Pool #BW8981 4.50% 10/1/20528		2,309		2,224
Fannie Mae Pool #BX0097 4.50% 10/1/20528		998		962
Fannie Mae Pool #MA4785 5.00% 10/1/20528		3,500		3,455
Fannie Mae Pool #MA4887 2.50% 11/1/20528		1,448		1,228
Fannie Mae Pool #MA4854 2.50% 11/1/20528		902		765
Fannie Mae Pool #BW1309 2.50% 11/1/20528		813		690
Fannie Mae Pool #MA4885 3.00% 11/1/20528		801		704
Fannie Mae Pool #FS3279 3.50% 11/1/20528		9,999		9,099
Fannie Mae Pool #MA4803 3.50% 11/1/20528		1,000		910
Fannie Mae Pool #MA4804 4.00% 11/1/20528		6,621		6,217
Fannie Mae Pool #BW1310 4.00% 11/1/20528		1,509		1,417
Fannie Mae Pool #BX3075 4.50% 11/1/20528		2,973		2,865
Fannie Mae Pool #MA4911 3.00% 12/1/20528		650		571
Fannie Mae Pool #MA4838 3.50% 12/1/20528		4,500		4,093
Fannie Mae Pool #MA4839 4.00% 12/1/20528		4,000		3,756
Fannie Mae Pool #MA4841 5.00% 12/1/20528		6,256		6,175
Fannie Mae Pool #MA4877 6.50% 12/1/20528		1,000		1,026
Fannie Mae Pool #MA4868 5.00% 1/1/20538		7,999		7,896
Fannie Mae Pool #BX4609 5.00% 1/1/20538		1,277		1,261
Fannie Mae Pool #MA4869 5.50% 1/1/20538		100		100
Fannie Mae Pool #MA4895 6.50% 1/1/20538		7,427		7,618
Fannie Mae Pool #BM6736 4.50% 11/1/20598		11,696		11,413

American Funds Insurance Series      133

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BF0497 3.00% 7/1/20608		USD4,130	$	3,619
Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/20418		24		26
Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/20418		84		86
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.298% 7/25/20238,9		1,660		1,644
Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 12/25/20238,9		1,909		1,877
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/20248,9		1,338		1,314
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 7/25/20248,9		3,273		3,169
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.471% 12/25/20268,9		7,323		6,758
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2/25/20278,9		2,602		2,446
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/20368		39		32
Freddie Mac Pool #C91912 3.00% 2/1/20378		11,022		10,254
Freddie Mac Pool #G03978 5.00% 3/1/20388		420		429
Freddie Mac Pool #G04553 6.50% 9/1/20388		48		51
Freddie Mac Pool #G08347 4.50% 6/1/20398		67		67
Freddie Mac Pool #C03518 5.00% 9/1/20408		572		580
Freddie Mac Pool #Q05807 4.00% 1/1/20428		1,648		1,586
Freddie Mac Pool #Q23185 4.00% 11/1/20438		1,303		1,275
Freddie Mac Pool #Q23190 4.00% 11/1/20438		758		732
Freddie Mac Pool #760014 2.74% 8/1/20458,9		179		173
Freddie Mac Pool #Q37988 4.00% 12/1/20458		5,730		5,510
Freddie Mac Pool #G60344 4.00% 12/1/20458		4,930		4,740
Freddie Mac Pool #Z40130 3.00% 1/1/20468		4,452		4,029
Freddie Mac Pool #Q41090 4.50% 6/1/20468		204		200
Freddie Mac Pool #Q41909 4.50% 7/1/20468		242		238
Freddie Mac Pool #760015 2.561% 1/1/20478,9		444		420
Freddie Mac Pool #Q46021 3.50% 2/1/20478		1,150		1,068
Freddie Mac Pool #SI2002 4.00% 3/1/20488		2,336		2,234
Freddie Mac Pool #SD8106 2.00% 11/1/20508		33,078		27,081
Freddie Mac Pool #SD7528 2.00% 11/1/20508		17,984		14,872
Freddie Mac Pool #QC2344 2.50% 4/1/20518		966		821
Freddie Mac Pool #RA5288 2.00% 5/1/20518		30,665		25,100
Freddie Mac Pool #SD8151 2.50% 6/1/20518		330		281
Freddie Mac Pool #RA5782 2.50% 9/1/20518		10,333		8,855
Freddie Mac Pool #SD7545 2.50% 9/1/20518		7,074		6,091
Freddie Mac Pool #RA5759 2.50% 9/1/20518		2,039		1,728
Freddie Mac Pool #QC7910 2.50% 9/1/20518		931		795
Freddie Mac Pool #QC6921 2.50% 9/1/20518		911		774
Freddie Mac Pool #RA5971 3.00% 9/1/20518		6,901		6,123
Freddie Mac Pool #QC6456 3.00% 9/1/20518		701		616
Freddie Mac Pool #RA6107 2.50% 10/1/20518		5,385		4,568
Freddie Mac Pool #QC8778 2.50% 10/1/20518		462		392
Freddie Mac Pool #QC9156 2.50% 10/1/20518		327		278
Freddie Mac Pool #QC7814 2.50% 10/1/20518		27		23
Freddie Mac Pool #RA6231 2.50% 11/1/20518		1,993		1,690
Freddie Mac Pool #QC9944 2.50% 11/1/20518		1,474		1,251
Freddie Mac Pool #QD1746 2.50% 11/1/20518		933		792
Freddie Mac Pool #QC9788 2.50% 11/1/20518		930		790
Freddie Mac Pool #QD1523 2.50% 11/1/20518		218		185
Freddie Mac Pool #RA6483 2.50% 12/1/20518		6,952		5,934
Freddie Mac Pool #RA7081 2.50% 12/1/20518		2,698		2,288
Freddie Mac Pool #QD3362 2.50% 12/1/20518		854		725
Freddie Mac Pool #RA6433 2.50% 12/1/20518		43		37
Freddie Mac Pool #RA6485 3.00% 12/1/20518		1,935		1,701
Freddie Mac Pool #RA6428 3.00% 12/1/20518		420		369
Freddie Mac Pool #SD0853 2.50% 1/1/20528		5,650		4,790
Freddie Mac Pool #SD7552 2.50% 1/1/20528		2,429		2,077
Freddie Mac Pool #SD0854 2.50% 1/1/20528		1,987		1,688
Freddie Mac Pool #RA6615 2.50% 1/1/20528		600		510
Freddie Mac Pool #QD5254 2.50% 1/1/20528		597		507
Freddie Mac Pool #SD8194 2.50% 2/1/20528		642		545
Freddie Mac Pool #QD9066 2.50% 2/1/20528		501		426

134      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #QD6379 2.50% 2/1/20528		USD97	$	83
Freddie Mac Pool #QD6971 2.50% 2/1/20528		63		54
Freddie Mac Pool #QD7312 2.50% 2/1/20528		32		27
Freddie Mac Pool #RA6806 3.00% 2/1/20528		2,000		1,758
Freddie Mac Pool #QD6948 3.00% 2/1/20528		1,906		1,676
Freddie Mac Pool #RA6608 3.00% 2/1/20528		954		838
Freddie Mac Pool #QD7089 3.50% 2/1/20528		1,195		1,089
Freddie Mac Pool #QD8976 2.50% 3/1/20528		952		809
Freddie Mac Pool #QE0957 2.50% 3/1/20528		875		743
Freddie Mac Pool #RA6959 2.50% 3/1/20528		766		651
Freddie Mac Pool #QE0615 2.50% 3/1/20528		606		515
Freddie Mac Pool #SD8200 2.50% 3/1/20528		437		371
Freddie Mac Pool #QD8152 2.50% 3/1/20528		367		312
Freddie Mac Pool #QD8673 3.00% 3/1/20528		1,542		1,356
Freddie Mac Pool #RA6992 3.00% 3/1/20528		1,097		964
Freddie Mac Pool #SD8205 2.50% 4/1/20528		6,581		5,582
Freddie Mac Pool #QD9911 2.50% 4/1/20528		2,676		2,269
Freddie Mac Pool #QE0800 2.50% 4/1/20528		2,628		2,231
Freddie Mac Pool #QE0170 2.50% 4/1/20528		1,711		1,451
Freddie Mac Pool #QE3079 2.50% 4/1/20528		932		792
Freddie Mac Pool #QD9907 2.50% 4/1/20528		850		722
Freddie Mac Pool #QE0407 2.50% 4/1/20528		769		653
Freddie Mac Pool #QE5290 2.50% 4/1/20528		740		628
Freddie Mac Pool #QE0025 2.50% 4/1/20528		549		466
Freddie Mac Pool #QE0799 2.50% 4/1/20528		123		105
Freddie Mac Pool #SD7554 2.50% 4/1/20528		94		80
Freddie Mac Pool #QE2101 2.50% 4/1/20528		45		38
Freddie Mac Pool #SD8206 3.00% 4/1/20528		800		703
Freddie Mac Pool #RA7063 3.50% 4/1/20528		22,000		20,028
Freddie Mac Pool #QE2352 2.50% 5/1/20528		40		34
Freddie Mac Pool #QE1793 3.00% 5/1/20528		1,910		1,679
Freddie Mac Pool #QE3080 3.00% 5/1/20528		400		351
Freddie Mac Pool #RA7386 3.50% 5/1/20528		7,332		6,669
Freddie Mac Pool #SD8220 3.00% 6/1/20528		4,451		3,913
Freddie Mac Pool #QE4383 4.00% 6/1/20528		2,336		2,193
Freddie Mac Pool #QE6097 2.50% 7/1/20528		83		71
Freddie Mac Pool #QE5714 3.50% 7/1/20528		4,000		3,639
Freddie Mac Pool #QE6274 3.50% 7/1/20528		4,000		3,638
Freddie Mac Pool #SD8226 3.50% 7/1/20528		2,667		2,426
Freddie Mac Pool #QE5983 3.50% 7/1/20528		2,000		1,819
Freddie Mac Pool #QE7680 4.50% 7/1/20528		2,533		2,441
Freddie Mac Pool #RA7747 2.50% 8/1/20528		2,681		2,273
Freddie Mac Pool #QE8026 2.50% 8/1/20528		1,675		1,421
Freddie Mac Pool #SD8234 2.50% 8/1/20528		32		27
Freddie Mac Pool #RA7749 3.50% 8/1/20528		13,390		12,181
Freddie Mac Pool #QE9057 4.00% 8/1/20528		1,231		1,156
Freddie Mac Pool #QE7157 4.00% 8/1/20528		224		210
Freddie Mac Pool #SD1576 5.00% 8/1/20528		3,206		3,165
Freddie Mac Pool #SD8262 2.50% 9/1/20528		9,650		8,185
Freddie Mac Pool #QF0923 2.50% 9/1/20528		597		506
Freddie Mac Pool #SD8242 3.00% 9/1/20528		17,971		15,797
Freddie Mac Pool #SD8243 3.50% 9/1/20528		4,039		3,675
Freddie Mac Pool #SD8244 4.00% 9/1/20528		4,000		3,756
Freddie Mac Pool #QE9625 4.00% 9/1/20528		1,586		1,489
Freddie Mac Pool #QF0152 4.50% 9/1/20528		1,531		1,475
Freddie Mac Pool #SD8246 5.00% 9/1/20528		79,771		78,743
Freddie Mac Pool #RA7938 5.00% 9/1/20528		1,321		1,304
Freddie Mac Pool #QF1751 2.50% 10/1/20528		946		803
Freddie Mac Pool #SD8271 2.50% 10/1/20528		579		491
Freddie Mac Pool #QF1464 4.00% 10/1/20528		1,521		1,429
Freddie Mac Pool #QF1489 4.00% 10/1/20528		1,281		1,203

American Funds Insurance Series      135

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD8256 4.00% 10/1/20528		USD1,000	$	939
Freddie Mac Pool #QF1925 4.00% 10/1/20528		1,000		939
Freddie Mac Pool #SD8257 4.50% 10/1/20528		53,823		51,858
Freddie Mac Pool #QF3304 5.00% 10/1/20528		3,694		3,646
Freddie Mac Pool #SD8291 2.50% 11/1/20528		855		725
Freddie Mac Pool #SD8283 2.50% 11/1/20528		634		538
Freddie Mac Pool #SD8273 3.50% 11/1/20528		4,000		3,639
Freddie Mac Pool #SD8264 3.50% 11/1/20528		4,000		3,639
Freddie Mac Pool #QF3364 4.00% 11/1/20528		2,477		2,326
Freddie Mac Pool #SD8265 4.00% 11/1/20528		251		235
Freddie Mac Pool #SD8266 4.50% 11/1/20528		4		3
Freddie Mac Pool #SD8275 4.50% 12/1/20528		1,295		1,248
Freddie Mac Pool #SD8276 5.00% 12/1/20528		6,999		6,909
Freddie Mac Pool #SD8281 6.50% 12/1/20528		14,617		14,994
Freddie Mac Pool #SD8284 3.00% 1/1/20538		11,360		9,985
Freddie Mac Pool #SD8285 3.50% 1/1/20538		5,499		5,003
Freddie Mac Pool #SD8286 4.00% 1/1/20538		336		315
Freddie Mac Pool #SD8288 5.00% 1/1/20538		3,778		3,729
Freddie Mac Pool #SD8282 6.50% 1/1/20538		706		724
Freddie Mac, Series T041, Class 3A, 4.402% 7/25/20328,9		187		179
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 8/25/20258,9		9,778		9,538
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 2/25/20268		7,370		7,077
Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 4/25/20288		3,237		3,158
Freddie Mac, Series K143, Class A2, Multi Family, 2.35% 6/25/20328		19,961		16,758
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20568,9		2,646		2,476
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/20568,9		1,149		1,082
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20568		5,121		4,758
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20568,9		5,074		4,744
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20578,9		911		831
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/20578		755		684
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20578		1,823		1,730
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/20578		1,942		1,757
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20588		9,501		8,965
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/20598		5,448		5,052
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20288		2,154		2,056
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/20298		4,272		4,072
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/20298		2,455		2,255
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/20298		2,682		2,465
Government National Mortgage Assn. 2.00% 1/1/20538,10		68,784		57,662
Government National Mortgage Assn. 2.50% 1/1/20538,10		5,866		5,085
Government National Mortgage Assn. 3.00% 1/1/20538,10		83,663		74,514
Government National Mortgage Assn. 3.50% 1/1/20538,10		16,502		15,165
Government National Mortgage Assn. 4.00% 1/1/20538,10		3,200		3,029
Government National Mortgage Assn. 4.50% 1/1/20538,10		33,456		32,460
Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/20488		437		417
Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/20488		342		332
Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/20508		204		200

136    American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/20518		USD1,762	$	1,734
Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/20518		490		482
Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/20528		1,260		1,193
Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/20528		10,566		10,009
Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/20528		1,000		947
Uniform Mortgage-Backed Security 1.50% 1/1/20388,10		25,420		22,012
Uniform Mortgage-Backed Security 2.50% 1/1/20388,10		638		584
Uniform Mortgage-Backed Security 2.00% 1/1/20538,10		108,193		88,062
Uniform Mortgage-Backed Security 4.00% 1/1/20538,10		7,100		6,660
Uniform Mortgage-Backed Security 4.50% 1/1/20538,10		9,560		9,203
Uniform Mortgage-Backed Security 5.00% 1/1/20538,10		4,884		4,813
Uniform Mortgage-Backed Security 5.50% 1/1/20538,10		60,890		61,059
Uniform Mortgage-Backed Security 6.00% 1/1/20538,10		12,770		12,962
Uniform Mortgage-Backed Security 4.00% 2/1/20538,10		15,948		14,963
Uniform Mortgage-Backed Security 5.00% 2/1/20538,10		35,408		34,891
Uniform Mortgage-Backed Security 5.50% 2/1/20538,10		16,800		16,838
Uniform Mortgage-Backed Security 6.00% 2/1/20538,10		36,230		36,745
			1,739,465
Commercial mortgage-backed securities 0.44%
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/20638		2,909		2,435
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class A4, 3.394% 3/15/20648,9		2,550		2,246
Barclays Commercial Mortgage Securities, LLC, Series 2017-DELC, Class A, 5.293% 8/15/20366,8,9		2,000		1,966
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/20518		1,000		927
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/20538		2,960		2,466
BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 4.907% 9/15/20346,8,9		5,954		5,711
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/20366,8,9		4,505		4,346
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/20366,8,9		7,968		7,593
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 5.615% 10/15/20366,8,9		5,968		5,613
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/20386,8,9		7,481		7,216
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 5.188% 6/15/20386,8,9		1,351		1,290
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 5.418% 6/15/20386,8,9		1,220		1,156
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 5.168% 11/15/20386,8,9		5,254		5,063
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 4/10/20488		470		459
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/20508		4,735		4,540
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 11/15/20488		780		758
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/20386,8,9		1,537		1,495
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 5.698% 7/15/20386,8,9		1,403		1,351
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.018% 7/15/20386,8,9		1,465		1,410
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/20406,8		3,795		2,918
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/20538		2,489		2,059
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/20396,8		1,964		1,682
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/20396,8		868		708
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 1/5/20396,8,9		523		407

American Funds Insurance Series      137

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 3/5/20426,8		USD1,431	$	1,171
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/20386,8,9		1,236		1,184
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 5.718% 10/15/20386,8,9		1,904		1,803
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/20396,8		13,772		11,780
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 5.119% 4/15/20266,8,9		3,950		3,837
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 12/15/20478		556		541
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 4/15/20488		467		454
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/20416,8		2,194		1,756
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/20386,8,9		4,808		4,631
StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 5.336% 1/15/20396,8,9		10,709		10,352
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 7.125% 11/15/20276,8,9		6,379		6,373
				109,697
Collateralized mortgage-backed obligations (privately originated) 0.12%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20486,8,9		1,101		870
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 5.989% 7/25/20296,8,9		496		496
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/20686,8,9		1,181		1,140
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 4.678% 10/25/20416,8,9		192		190
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/20376,8		4,096		3,664
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/20606,8,9		2,081		1,788
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/20348		148		141
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/20696,8		2,051		2,196
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/20696,8		6,250		6,425
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (1-month USD-LIBOR + 3.30%) 7.689% 10/25/20278,9		235		237
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/20426,8,9		996		998
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/20266,8		4,304		3,724
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 6.25% 11/25/20596,8,9		1,042		1,042
MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/20348		314		300
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/20556,8,9		4,040		3,909
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/20526,8,9		2,784		2,248
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 10/25/20636,8,9		355		328
				29,696
Total mortgage-backed obligations				1,878,858
U.S. Treasury bonds & notes 6.52%
U.S. Treasury 4.53%
U.S. Treasury 0.125% 2/28/2023		44,825		44,537
U.S. Treasury 2.50% 5/15/2024		700		679
U.S. Treasury 2.50% 5/31/2024		100,000		97,016
U.S. Treasury 3.25% 8/31/2024		22,613		22,143
U.S. Treasury 1.50% 9/30/2024		907		862
U.S. Treasury 4.50% 11/30/2024		760		760

138      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 1.00% 12/15/2024		USD10,725	$	10,038
U.S. Treasury 3.00% 7/15/2025		3,165		3,066
U.S. Treasury 4.00% 12/15/2025		32,029		31,829
U.S. Treasury 0.375% 1/31/2026		45,000		40,052
U.S. Treasury 0.50% 2/28/2026		42,515		37,903
U.S. Treasury 1.625% 5/15/2026		1,500		1,381
U.S. Treasury 1.50% 8/15/2026		500		456
U.S. Treasury 0.75% 8/31/2026		52		46
U.S. Treasury 0.875% 9/30/2026		565		502
U.S. Treasury 1.125% 10/31/2026		471		421
U.S. Treasury 1.125% 2/28/2027		762		678
U.S. Treasury 2.375% 5/15/2027		880		820
U.S. Treasury 2.625% 5/31/2027		96,250		90,738
U.S. Treasury 0.50% 6/30/2027		36,300		31,057
U.S. Treasury 4.125% 9/30/2027		90,000		90,345
U.S. Treasury 3.875% 11/30/2027		39,923		39,707
U.S. Treasury 0.625% 12/31/2027		7,109		6,025
U.S. Treasury 2.875% 5/15/2028		5,217		4,926
U.S. Treasury 1.25% 9/30/2028		3,142		2,699
U.S. Treasury 1.50% 11/30/2028		50,000		43,417
U.S. Treasury 1.375% 12/31/2028		10,900		9,398
U.S. Treasury 2.875% 4/30/2029		50,000		46,843
U.S. Treasury 3.875% 11/30/2029		1,662		1,651
U.S. Treasury 1.50% 2/15/2030		36,651		31,236
U.S. Treasury 0.625% 5/15/2030		20,225		16,012
U.S. Treasury 2.875% 5/15/2032		50,000		46,102
U.S. Treasury 4.125% 11/15/2032		96,356		98,276
U.S. Treasury 1.125% 5/15/2040		62,775		39,393
U.S. Treasury 1.375% 11/15/2040		52,695		34,328
U.S. Treasury 1.75% 8/15/2041		47,854		32,834
U.S. Treasury 2.00% 11/15/2041		1,181		846
U.S. Treasury 4.00% 11/15/2042		21,751		21,312
U.S. Treasury 2.50% 2/15/2046		3,755		2,822
U.S. Treasury 3.00% 5/15/2047		9,355		7,690
U.S. Treasury 3.00% 2/15/2048		336		277
U.S. Treasury 2.00% 2/15/2050		13,825		9,184
U.S. Treasury 1.375% 8/15/2050		12,500		6,993
U.S. Treasury 2.375% 5/15/2051		4,757		3,430
U.S. Treasury 2.00% 8/15/2051		1,356		893
U.S. Treasury 2.25% 2/15/205211		72,025		50,351
U.S. Treasury 3.00% 8/15/205211		73,627		61,049
				1,123,023
U.S. Treasury inflation-protected securities 1.99%
U.S. Treasury Inflation-Protected Security 0.50% 4/15/202412		22,067		21,475
U.S. Treasury Inflation-Protected Security 0.125% 7/15/202412		76,769		74,363
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202412		98,718		95,142
U.S. Treasury Inflation-Protected Security 0.25% 1/15/202512		25,161		24,151
U.S. Treasury Inflation-Protected Security 0.375% 7/15/202512		4,649		4,467
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202512		3,905		3,711
U.S. Treasury Inflation-Protected Security 0.125% 4/15/202612		43,574		40,962
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202612		15,266		14,319
U.S. Treasury Inflation-Protected Security 1.625% 10/15/202712		50,295		50,231
U.S. Treasury Inflation-Protected Security 0.75% 7/15/202812		20,774		19,790
U.S. Treasury Inflation-Protected Security 0.875% 1/15/202912		23,419		22,309

American Funds Insurance Series      139

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities (continued)
U.S. Treasury Inflation-Protected Security 0.125% 1/15/203112		USD27,071	$	24,019
U.S. Treasury Inflation-Protected Security 0.125% 1/15/203212		60,545		52,974
U.S. Treasury Inflation-Protected Security 1.00% 2/15/204912		55,158		46,174
				494,087
Total U.S. Treasury bonds & notes				1,617,110
Corporate bonds, notes & loans 5.63%
Financials 1.27%
ACE INA Holdings, Inc. 3.35% 5/3/2026		880		843
ACE INA Holdings, Inc. 4.35% 11/3/2045		400		348
Advisor Group Holdings, LLC 6.25% 3/1/20286		4,470		4,115
AerCap Ireland Capital DAC 2.45% 10/29/2026		5,457		4,779
AerCap Ireland Capital DAC 3.00% 10/29/2028		4,501		3,779
AerCap Ireland Capital DAC 3.30% 1/30/2032		2,838		2,226
AerCap Ireland Capital DAC 3.85% 10/29/2041		1,970		1,400
AG Merger Sub II, Inc. 10.75% 8/1/20276		2,420		2,453
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20276		1,072		1,083
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)6,13		7,750		7,899
Alliant Holdings Intermediate, LLC 4.25% 10/15/20276		2,100		1,884
Alliant Holdings Intermediate, LLC 5.875% 11/1/20296		2,295		1,890
Ally Financial, Inc. 8.00% 11/1/2031		3,000		3,127
American International Group, Inc. 2.50% 6/30/2025		10,533		9,926
AmWINS Group, Inc. 4.875% 6/30/20296		1,348		1,145
Aretec Escrow Issuer, Inc. 7.50% 4/1/20296		1,250		1,034
Banco Santander, SA 5.147% 8/18/2025		2,400		2,376
Bangkok Bank PCL 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)13		2,428		2,034
Bank of America Corp. 3.55% 3/5/2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)13		6,000		5,978
Bank of America Corp. 1.197% 10/24/2026 (USD-SOFR + 1.01% on 10/24/2025)13		2,500		2,225
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)13		1,565		1,373
Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)13		2,345		2,127
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)13		1,000		766
Bank of Nova Scotia 1.625% 5/1/2023		5,000		4,948
Berkshire Hathaway, Inc. 2.75% 3/15/2023		1,615		1,608
Berkshire Hathaway, Inc. 3.125% 3/15/2026		500		480
Blackstone Private Credit Fund 7.05% 9/29/20256		2,510		2,493
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)6,13		2,400		1,961
Castlelake Aviation Finance DAC 5.00% 4/15/20276		3,370		2,937
Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025)13		8,000		8,043
Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)13		3,254		2,743
CME Group, Inc. 3.75% 6/15/2028		3,425		3,297
Coinbase Global, Inc. 3.375% 10/1/20286		2,625		1,391
Coinbase Global, Inc. 3.625% 10/1/20316		2,875		1,388
Compass Diversified Holdings 5.25% 4/15/20296		820		703
Compass Diversified Holdings 5.00% 1/15/20326		715		569
Corebridge Financial, Inc. 3.50% 4/4/20256		642		616
Corebridge Financial, Inc. 3.65% 4/5/20276		914		853
Corebridge Financial, Inc. 3.85% 4/5/20296		621		567
Corebridge Financial, Inc. 3.90% 4/5/20326		351		307
Corebridge Financial, Inc. 4.35% 4/5/20426		203		167
Corebridge Financial, Inc. 4.40% 4/5/20526		489		390
Crédit Agricole SA 4.375% 3/17/20256		850		822
Credit Suisse Group AG 3.80% 6/9/2023		1,875		1,826
Credit Suisse Group AG 4.207% 6/12/2024 (3-month USD-LIBOR + 1.24% on 6/12/2023)6,13		4,500		4,388
Credit Suisse Group AG 3.625% 9/9/2024		1,500		1,400
Credit Suisse Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)6,13		1,568		1,387
Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)6,13		1,250		1,069

140      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Credit Suisse Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)6,13	USD	800	$	642
Danske Bank AS 3.773% 3/28/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)6,13		6,000		5,817
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)13		2,212		1,954
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)13		2,788		2,367
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)13		5,000		4,257
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/20263,9,14		709		616
Digital Currency Group, Inc., Term Loan, 8.75% 11/30/20263,14		945		758
DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025)6,13		7,750		7,758
FS Energy and Power Fund 7.50% 8/15/20236		1,995		2,001
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)13		2,198		1,925
Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)13		4,000		3,567
Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)13		390		357
Goldman Sachs Group, Inc. 2.615% 4/22/2032 (USD-SOFR + 1.281% on 4/22/2031)13		2,323		1,858
Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041)13		2,000		1,448
Groupe BPCE SA 2.75% 1/11/20236		600		600
Groupe BPCE SA 5.70% 10/22/20236		2,250		2,234
Groupe BPCE SA 5.15% 7/21/20246		3,710		3,634
Groupe BPCE SA 1.00% 1/20/20266		3,000		2,633
Hightower Holding, LLC 6.75% 4/15/20296		870		731
HSBC Holdings PLC 4.25% 3/14/2024		3,000		2,948
HSBC Holdings PLC 2.633% 11/7/2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)13		625		587
HSBC Holdings PLC 2.099% 6/4/2026 (USD-SOFR + 1.929% on 6/4/2025)13		3,000		2,733
HSBC Holdings PLC 3.973% 5/22/2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)13		1,500		1,316
Intercontinental Exchange, Inc. 2.65% 9/15/2040		7,425		5,166
Intesa Sanpaolo SpA 3.375% 1/12/20236		750		750
Intesa Sanpaolo SpA 5.017% 6/26/20246		1,730		1,664
Intesa Sanpaolo SpA 3.25% 9/23/20246		750		712
Intesa Sanpaolo SpA 3.875% 7/14/20276		300		268
Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)6,13		4,600		4,680
JPMorgan Chase & Co. 3.559% 4/23/2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)13		4,725		4,694
JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)13		6,000		5,831
JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)13		4,000		3,826
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)13		3,740		3,652
JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)13		299		278
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)13		3,982		3,803
Kasikornbank PCL HK 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)13		1,222		1,077
Lloyds Banking Group PLC 4.05% 8/16/2023		2,000		1,987
Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)13		800		693
LPL Holdings, Inc. 4.625% 11/15/20276		2,700		2,527
LPL Holdings, Inc. 4.375% 5/15/20316		1,805		1,537
Marsh & McLennan Companies, Inc. 3.875% 3/15/2024		820		809
Marsh & McLennan Companies, Inc. 4.375% 3/15/2029		1,705		1,651
Marsh & McLennan Companies, Inc. 4.90% 3/15/2049		719		665
Marsh & McLennan Companies, Inc. 2.90% 12/15/2051		920		594
MGIC Investment Corp. 5.25% 8/15/2028		1,175		1,085
Morgan Stanley 3.737% 4/24/2024 (3-month USD-LIBOR + 0.847% on 4/24/2023)13		300		298
Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)13		2,450		2,410

American Funds Insurance Series      141

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Morgan Stanley 3.125% 7/27/2026	USD	325	$	304
MSCI, Inc. 3.625% 11/1/20316		2,225		1,843
National Australia Bank, Ltd. 1.887% 1/12/20276		5,000		4,450
Navient Corp. 5.50% 1/25/2023		1,594		1,594
Navient Corp. 6.125% 3/25/2024		8,030		7,879
Navient Corp. 5.875% 10/25/2024		1,005		974
Navient Corp. 6.75% 6/15/2026		300		285
Navient Corp. 5.50% 3/15/2029		5,980		4,888
New York Life Global Funding 2.35% 7/14/20266		590		544
Northwestern Mutual Global Funding 1.75% 1/11/20276		2,500		2,211
OneMain Finance Corp. 3.875% 9/15/2028		756		602
Owl Rock Capital Corp. 4.00% 3/30/2025		102		96
Owl Rock Capital Corp. 3.75% 7/22/2025		2,874		2,658
Owl Rock Capital Corp. 3.40% 7/15/2026		1,290		1,128
Owl Rock Capital Corp. II 4.625% 11/26/20246		2,305		2,194
Owl Rock Capital Corp. III 3.125% 4/13/2027		2,520		2,078
Owl Rock Core Income Corp. 4.70% 2/8/2027		2,500		2,258
Oxford Finance, LLC 6.375% 2/1/20276		1,125		1,049
PNC Financial Services Group, Inc. 3.90% 4/29/2024		2,000		1,977
Power Financial Corp., Ltd. 5.25% 8/10/2028		383		373
Power Financial Corp., Ltd. 6.15% 12/6/2028		350		356
Power Financial Corp., Ltd. 4.50% 6/18/2029		554		513
Power Financial Corp., Ltd. 3.95% 4/23/2030		1,213		1,067
Prudential Financial, Inc. 4.35% 2/25/2050		2,205		1,879
Prudential Financial, Inc. 3.70% 3/13/2051		755		580
Quicken Loans, LLC 3.625% 3/1/20296		1,505		1,195
Rabobank Nederland 4.375% 8/4/2025		4,500		4,397
Rocket Mortgage, LLC 2.875% 10/15/20266		2,110		1,812
Royal Bank of Canada 1.15% 6/10/2025		4,711		4,316
Ryan Specialty Group, LLC 4.375% 2/1/20306		270		234
Springleaf Finance Corp. 6.125% 3/15/2024		2,550		2,472
Starwood Property Trust, Inc. 5.50% 11/1/20236		1,160		1,152
Starwood Property Trust, Inc. 4.375% 1/15/20276		1,540		1,350
Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)6,13		2,800		2,591
Toronto-Dominion Bank 2.65% 6/12/2024		625		605
Toronto-Dominion Bank 0.75% 9/11/2025		5,375		4,803
Toronto-Dominion Bank 1.25% 9/10/2026		2,425		2,124
Toronto-Dominion Bank 1.95% 1/12/2027		2,500		2,231
Toronto-Dominion Bank 2.45% 1/12/2032		1,500		1,219
Travelers Companies, Inc. 4.00% 5/30/2047		860		699
U.S. Bancorp 2.375% 7/22/2026		4,000		3,696
UBS Group AG 4.125% 9/24/20256		2,750		2,677
UniCredit SpA 4.625% 4/12/20276		625		586
Wells Fargo & Company 2.164% 2/11/2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)13		8,000		7,464
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)13		4,337		4,024
Westpac Banking Corp. 2.75% 1/11/2023		1,750		1,749
Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)13		3,000		2,753
Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)13		3,325		2,478
Westpac Banking Corp. 2.963% 11/16/2040		1,500		996
				315,964
Energy 0.62%
Altera Infrastructure, LP 8.50% 7/15/20233,6,15		3,550		663
Antero Midstream Partners, LP 5.375% 6/15/20296		2,170		1,987
Antero Resources Corp. 7.625% 2/1/20296		955		962
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20266		2,000		1,943

142      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20296	USD	1,270	$	1,134
Bonanza Creek Energy, Inc. 5.00% 10/15/20266		480		439
BP Capital Markets America, Inc. 2.772% 11/10/2050		681		438
Canadian Natural Resources, Ltd. 2.05% 7/15/2025		961		895
Canadian Natural Resources, Ltd. 4.95% 6/1/2047		1,559		1,360
Cheniere Energy, Inc. 4.625% 10/15/2028		4,645		4,207
Chesapeake Energy Corp. 4.875% 4/15/202215		7,225		163
Chesapeake Energy Corp. 5.50% 2/1/20266		685		662
Chesapeake Energy Corp. 5.875% 2/1/20296		2,240		2,126
CNX Midstream Partners, LP 4.75% 4/15/20306		1,055		867
CNX Resources Corp. 7.25% 3/14/20276		1,725		1,715
CNX Resources Corp. 6.00% 1/15/20296		2,675		2,465
CNX Resources Corp. 7.375% 1/15/20316		553		531
Comstock Resources, Inc. 5.875% 1/15/20306		450		387
Constellation Oil Services Holding SA 13.50% 6/30/20253,6		1,120		1,120
Constellation Oil Services Holding SA 4.00% PIK 12/31/202616		434		257
Crestwood Midstream Partners, LP 8.00% 4/1/20296		4,265		4,250
Diamond Foreign Asset Co. 9.00% Cash 4/22/20276,9,16		204		194
Diamond Foreign Asset Co. 9.00% Cash 4/22/202716		185		176
DT Midstream, Inc. 4.375% 6/15/20316		1,680		1,412
Enbridge Energy Partners, LP, Series B, 7.50% 4/15/2038		300		331
Enbridge, Inc. 4.00% 10/1/2023		278		276
Enbridge, Inc. 2.50% 1/15/2025		300		284
Enbridge, Inc. 3.70% 7/15/2027		62		58
Energy Transfer Operating, LP 5.00% 5/15/2050		1,869		1,502
Energy Transfer Partners, LP 4.50% 4/15/2024		1,210		1,193
Energy Transfer Partners, LP 4.75% 1/15/2026		2,494		2,432
Enterprise Products Operating, LLC 4.90% 5/15/2046		500		437
EQM Midstream Partners, LP 4.125% 12/1/2026		686		612
EQM Midstream Partners, LP 6.50% 7/1/20276		1,690		1,618
EQM Midstream Partners, LP 5.50% 7/15/2028		3,088		2,767
EQM Midstream Partners, LP 7.50% 6/1/20306		642		619
EQM Midstream Partners, LP 4.75% 1/15/20316		1,635		1,340
EQT Corp. 5.00% 1/15/2029		340		320
EQT Corp. 7.25% 2/1/203013		1,110		1,153
EQT Corp. 3.625% 5/15/20316		400		340
Equinor ASA 3.00% 4/6/2027		4,000		3,739
Equinor ASA 3.625% 9/10/2028		3,685		3,494
Exxon Mobil Corp. 2.019% 8/16/2024		643		615
Exxon Mobil Corp. 2.44% 8/16/2029		1,963		1,719
Exxon Mobil Corp. 3.452% 4/15/2051		1,000		758
Genesis Energy, LP 6.50% 10/1/2025		4,280		4,097
Genesis Energy, LP 6.25% 5/15/2026		1,805		1,654
Genesis Energy, LP 8.00% 1/15/2027		4,612		4,362
Genesis Energy, LP 7.75% 2/1/2028		470		433
Halliburton Company 3.80% 11/15/2025		6		6
Harvest Midstream I, LP 7.50% 9/1/20286		850		813
Hess Midstream Operations, LP 4.25% 2/15/20306		960		822
Hess Midstream Operations, LP 5.50% 10/15/20306		400		366
Hess Midstream Partners, LP 5.125% 6/15/20286		2,155		1,997
Hilcorp Energy I, LP 6.00% 4/15/20306		350		312
Hilcorp Energy I, LP 6.00% 2/1/20316		460		398
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 4/15/20276		545		536
Kinder Morgan, Inc. 5.45% 8/1/2052		1,238		1,118
Marathon Oil Corp. 4.40% 7/15/2027		1,005		961
MPLX, LP 4.125% 3/1/2027		500		473
MPLX, LP 2.65% 8/15/2030		4,273		3,472
MPLX, LP 4.50% 4/15/2038		750		635
MPLX, LP 4.70% 4/15/2048		1,101		874
New Fortress Energy, Inc. 6.75% 9/15/20256		1,065		1,010
New Fortress Energy, Inc. 6.50% 9/30/20266		2,435		2,266

American Funds Insurance Series      143

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
NGL Energy Operating, LLC 7.50% 2/1/20266	USD	14,165	$	12,637
NGL Energy Partners, LP 6.125% 3/1/2025		3,422		2,794
Oasis Petroleum, Inc. 6.375% 6/1/20266		1,945		1,897
ONEOK, Inc. 5.85% 1/15/2026		347		352
Parkland Corp. 4.625% 5/1/20306		1,035		858
Petróleos Mexicanos 6.875% 10/16/2025		3,755		3,682
Petróleos Mexicanos 5.35% 2/12/2028		1,870		1,578
Petróleos Mexicanos 6.75% 9/21/2047		1,996		1,278
Pioneer Natural Resources Company 2.15% 1/15/2031		1,669		1,323
Plains All American Pipeline, LP 3.80% 9/15/2030		113		98
Range Resources Corp. 8.25% 1/15/2029		1,040		1,073
Range Resources Corp. 4.75% 2/15/20306		1,670		1,474
Rockies Express Pipeline, LLC 4.95% 7/15/20296		2,689		2,421
Southwestern Energy Co. 7.75% 10/1/2027		2,450		2,501
Southwestern Energy Co. 8.375% 9/15/2028		395		408
Southwestern Energy Co. 5.375% 2/1/2029		1,355		1,258
Southwestern Energy Co. 5.375% 3/15/2030		1,945		1,778
Southwestern Energy Co. 4.75% 2/1/2032		960		822
Statoil ASA 3.25% 11/10/2024		2,850		2,780
Statoil ASA 4.25% 11/23/2041		2,000		1,769
Sunoco, LP 4.50% 5/15/2029		1,050		920
Sunoco, LP 4.50% 4/30/2030		1,255		1,091
Targa Resources Partners, LP 5.50% 3/1/2030		2,260		2,130
Total SE 2.986% 6/29/2041		88		66
TransCanada PipeLines, Ltd. 4.25% 5/15/2028		1,090		1,034
TransCanada PipeLines, Ltd. 4.10% 4/15/2030		598		549
TransCanada PipeLines, Ltd. 4.75% 5/15/2038		2,000		1,790
TransCanada PipeLines, Ltd. 4.875% 5/15/2048		700		615
Valero Energy Corp. 4.00% 4/1/2029		4,000		3,773
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20316		840		717
Weatherford International, Ltd. 11.00% 12/1/20246		497		509
Weatherford International, Ltd. 6.50% 9/15/20286		2,380		2,337
Weatherford International, Ltd. 8.625% 4/30/20306		7,690		7,398
Western Gas Partners, LP 4.50% 3/1/2028		3,018		2,785
Western Midstream Operating, LP 4.30% 2/1/203013		1,125		985
Williams Companies, Inc. 3.50% 11/15/2030		1,094		959
				153,004
Health care 0.60%
AbbVie, Inc. 3.80% 3/15/2025		206		201
AbbVie, Inc. 2.95% 11/21/2026		1,445		1,346
AdaptHealth, LLC 5.125% 3/1/20306		830		708
AmerisourceBergen Corp. 0.737% 3/15/2023		1,291		1,280
Amgen, Inc. 4.40% 2/22/2062		1,697		1,352
Anthem, Inc. 2.375% 1/15/2025		818		777
AstraZeneca Finance, LLC 1.20% 5/28/2026		3,786		3,375
AstraZeneca Finance, LLC 1.75% 5/28/2028		1,871		1,609
AstraZeneca Finance, LLC 2.25% 5/28/2031		742		619
AstraZeneca PLC 3.375% 11/16/2025		1,140		1,101
Bausch Health Companies, Inc. 5.00% 1/30/20286		1,735		836
Bausch Health Companies, Inc. 4.875% 6/1/20286		7,450		4,753
Bausch Health Companies, Inc. 5.00% 2/15/20296		1,000		481
Baxter International, Inc. 1.322% 11/29/2024		7,109		6,623
Baxter International, Inc. 1.915% 2/1/2027		4,739		4,208
Baxter International, Inc. 2.272% 12/1/2028		3,180		2,718
Bayer US Finance II, LLC 3.875% 12/15/20236		1,685		1,661
Becton, Dickinson and Company 3.363% 6/6/2024		198		194
Boston Scientific Corp. 3.45% 3/1/2024		313		307
Centene Corp. 4.25% 12/15/2027		565		531
Centene Corp. 2.45% 7/15/2028		1,325		1,121

144      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Centene Corp. 4.625% 12/15/2029	USD	1,265	$	1,159
Cigna Corp. 3.75% 7/15/2023		245		243
Community Health Systems, Inc. 5.625% 3/15/20276		1,960		1,684
Community Health Systems, Inc. 5.25% 5/15/20306		3,675		2,778
Eli Lilly and Company 3.375% 3/15/2029		1,353		1,269
GlaxoSmithKline PLC 3.625% 5/15/2025		2,825		2,761
HCA, Inc. 3.375% 3/15/20296		804		708
HCA, Inc. 3.50% 9/1/2030		4,050		3,503
HCA, Inc. 3.625% 3/15/20326		1,000		849
HCA, Inc. 4.375% 3/15/20426		1,500		1,201
HCA, Inc. 4.625% 3/15/20526		1,450		1,135
Jazz Securities DAC 4.375% 1/15/20296		1,975		1,764
Merck & Co., Inc. 1.90% 12/10/2028		600		516
Merck & Co., Inc. 2.75% 12/10/2051		1,103		742
Molina Healthcare, Inc. 4.375% 6/15/20286		440		402
Molina Healthcare, Inc. 3.875% 11/15/20306		2,899		2,461
Molina Healthcare, Inc. 3.875% 5/15/20326		3,855		3,207
Novant Health, Inc. 3.168% 11/1/2051		3,750		2,608
Novartis Capital Corp. 1.75% 2/14/2025		1,250		1,179
Novartis Capital Corp. 2.00% 2/14/2027		2,386		2,174
Owens & Minor, Inc. 4.375% 12/15/2024		5,615		5,436
Owens & Minor, Inc. 4.50% 3/31/20296		4,175		3,334
Par Pharmaceutical, Inc. 7.50% 4/1/20276		7,303		5,566
Pfizer, Inc. 2.95% 3/15/2024		219		214
Shire PLC 2.875% 9/23/2023		1,365		1,342
Summa Health 3.511% 11/15/2051		1,655		1,123
Tenet Healthcare Corp. 4.875% 1/1/20266		11,225		10,638
Tenet Healthcare Corp. 4.25% 6/1/20296		2,060		1,788
Tenet Healthcare Corp. 4.375% 1/15/20306		1,925		1,670
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024		7,016		6,891
Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025		935		931
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026		17,790		15,594
Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029		7,495		6,684
Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046		3,550		2,178
UnitedHealth Group, Inc. 1.15% 5/15/2026		2,610		2,334
UnitedHealth Group, Inc. 5.30% 2/15/2030		2,500		2,582
UnitedHealth Group, Inc. 2.00% 5/15/2030		974		806
UnitedHealth Group, Inc. 4.20% 5/15/2032		767		730
UnitedHealth Group, Inc. 3.05% 5/15/2041		3,875		2,928
UnitedHealth Group, Inc. 3.25% 5/15/2051		2,504		1,804
UnitedHealth Group, Inc. 4.75% 5/15/2052		1,250		1,161
Valeant Pharmaceuticals International, Inc. 5.50% 11/1/20256		6,275		5,344
				149,222
Consumer discretionary 0.59%
Allied Universal Holdco, LLC 4.625% 6/1/20286		1,660		1,374
Amazon.com, Inc. 2.70% 6/3/2060		2,765		1,679
American Honda Finance Corp. 3.50% 2/15/2028		750		702
Asbury Automotive Group, Inc. 4.625% 11/15/20296		2,115		1,785
Atlas LuxCo 4 SARL 4.625% 6/1/20286		1,065		865
Bayerische Motoren Werke AG 2.25% 9/15/20236		300		294
Caesars Entertainment, Inc. 6.25% 7/1/20256		2,815		2,741
Carnival Corp. 4.00% 8/1/20286		3,875		3,167
Daimler Trucks Finance North America, LLC 3.50% 4/7/20256		2,000		1,920
Daimler Trucks Finance North America, LLC 2.00% 12/14/20266		2,400		2,118
Daimler Trucks Finance North America, LLC 3.65% 4/7/20276		450		421
Daimler Trucks Finance North America, LLC 2.375% 12/14/20286		1,350		1,137
Fertitta Entertainment, Inc. 4.625% 1/15/20296		3,580		3,034
Fertitta Entertainment, Inc. 6.75% 1/15/20306		1,790		1,447
First Student Bidco, Inc. 4.00% 7/31/20296		1,300		1,077

American Funds Insurance Series      145

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Ford Motor Credit Company, LLC 5.125% 6/16/2025	USD	3,855	$	3,714
Ford Motor Credit Company, LLC 4.542% 8/1/2026		2,455		2,266
Ford Motor Credit Company, LLC 2.70% 8/10/2026		2,110		1,835
General Motors Financial Co. 2.35% 2/26/2027		783		685
Hanesbrands, Inc. 4.875% 5/15/20266		2,700		2,417
Hilton Grand Vacations Borrower 5.00% 6/1/20296		3,580		3,083
Hilton Worldwide Holdings, Inc. 4.00% 5/1/20316		1,885		1,581
Home Depot, Inc. 1.50% 9/15/2028		3,000		2,556
Home Depot, Inc. 3.90% 12/6/2028		825		796
Home Depot, Inc. 2.95% 6/15/2029		4,000		3,627
Home Depot, Inc. 1.875% 9/15/2031		3,000		2,405
Home Depot, Inc. 4.25% 4/1/2046		2,000		1,742
Home Depot, Inc. 4.50% 12/6/2048		428		391
Hyundai Capital America 1.00% 9/17/20246		3,025		2,797
Hyundai Capital America 1.50% 6/15/20266		850		737
Hyundai Capital America 1.65% 9/17/20266		3,075		2,707
Hyundai Capital America 2.375% 10/15/20276		2,579		2,210
Hyundai Capital America 2.10% 9/15/20286		3,075		2,529
International Game Technology PLC 6.50% 2/15/20256		1,880		1,895
International Game Technology PLC 5.25% 1/15/20296		6,490		6,059
KB Home 7.25% 7/15/2030		1,295		1,260
Kontoor Brands, Inc. 4.125% 11/15/20296		910		745
Lindblad Expeditions, LLC 6.75% 2/15/20276		775		704
Lithia Motors, Inc. 3.875% 6/1/20296		2,900		2,388
Lithia Motors, Inc. 4.375% 1/15/20316		1,025		836
Marriott International, Inc. 2.75% 10/15/2033		2,500		1,914
McDonald’s Corp. 4.60% 9/9/2032		1,275		1,251
Melco International Development, Ltd. 5.75% 7/21/20286		1,710		1,433
Mercedes-Benz Finance North America, LLC 5.375% 11/26/20256		1,500		1,510
Mercedes-Benz Finance North America, LLC 5.25% 11/29/20276		2,875		2,895
NCL Corp., Ltd. 5.875% 2/15/20276		2,450		2,125
NCL Corp., Ltd. 7.75% 2/15/20296		1,375		1,037
Neiman Marcus Group, LLC 7.125% 4/1/20266		1,345		1,263
Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 8.061% 7/15/20256,9		780		213
Party City Holdings, Inc. 8.75% 2/15/20266		3,440		998
Penske Automotive Group, Inc. 3.75% 6/15/2029		1,375		1,118
Premier Entertainment Sub, LLC 5.625% 9/1/20296		1,690		1,248
Premier Entertainment Sub, LLC 5.875% 9/1/20316		1,690		1,198
Real Hero Merger Sub 2, Inc. 6.25% 2/1/20296		715		491
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20256		2,423		2,604
Royal Caribbean Cruises, Ltd. 4.25% 7/1/20266		3,120		2,526
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20276		3,520		2,855
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20296		1,408		1,417
Sally Holdings, LLC 5.625% 12/1/2025		2,705		2,610
Sands China, Ltd. 5.625% 8/8/2025		1,302		1,247
Sands China, Ltd. 2.80% 3/8/202713		2,075		1,780
Scientific Games Corp. 7.00% 5/15/20286		750		717
Scientific Games Corp. 7.25% 11/15/20296		2,240		2,154
Sonic Automotive, Inc. 4.625% 11/15/20296		3,035		2,434
Sonic Automotive, Inc. 4.875% 11/15/20316		1,325		1,043
Stellantis Finance US, Inc. 1.711% 1/29/20276		2,200		1,891
Stellantis Finance US, Inc. 5.625% 1/12/20286		2,500		2,480
Stellantis Finance US, Inc. 2.691% 9/15/20316		2,150		1,646
Stellantis Finance US, Inc. 6.375% 9/12/20326		2,000		1,980
Tempur Sealy International, Inc. 4.00% 4/15/20296		850		715
The Gap, Inc. 3.625% 10/1/20296		486		343
The Gap, Inc. 3.875% 10/1/20316		323		226
Toyota Motor Credit Corp. 0.80% 1/9/2026		429		383
Toyota Motor Credit Corp. 1.90% 1/13/2027		2,500		2,234
Travel + Leisure Co. 4.50% 12/1/20296		2,100		1,714
Volkswagen Group of America Finance, LLC 4.25% 11/13/20236		3,770		3,734

146      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Volkswagen Group of America Finance, LLC 4.625% 11/13/20256		USD3,845	$	3,786
Volkswagen Group of America Finance, LLC 3.20% 9/26/20266		3,201		2,972
Wheel Pros, Inc. 6.50% 5/15/20296		1,750		621
Wyndham Destinations, Inc. 4.625% 3/1/20306		1,300		1,080
Wyndham Worldwide Corp. 4.375% 8/15/20286		2,255		2,027
Wynn Las Vegas, LLC 4.25% 5/30/20236		2,193		2,165
				145,804
Communication services 0.53%
Alphabet, Inc. 1.998% 8/15/2026		3,000		2,762
Alphabet, Inc. 1.90% 8/15/2040		1,375		918
Alphabet, Inc. 2.25% 8/15/2060		1,265		719
AT&T, Inc. 3.50% 9/15/2053		5,140		3,492
CCO Holdings, LLC 4.75% 3/1/20306		2,500		2,162
CCO Holdings, LLC 4.50% 8/15/20306		3,500		2,899
CCO Holdings, LLC 4.25% 2/1/20316		3,875		3,117
CCO Holdings, LLC 4.75% 2/1/20326		2,150		1,747
CCO Holdings, LLC 4.50% 5/1/2032		2,710		2,162
Charter Communications Operating, LLC 4.908% 7/23/2025		500		491
Charter Communications Operating, LLC 3.70% 4/1/2051		2,000		1,223
Charter Communications Operating, LLC 3.90% 6/1/2052		3,000		1,895
Comcast Corp. 2.35% 1/15/2027		4,000		3,640
Comcast Corp. 3.20% 7/15/2036		375		305
Comcast Corp. 2.80% 1/15/2051		791		503
Comcast Corp. 2.887% 11/1/2051		2,571		1,663
CSC Holdings, LLC 3.375% 2/15/20316		1,875		1,226
DIRECTV Financing, LLC 5.875% 8/15/20276		3,655		3,277
DISH Network Corp. 11.75% 11/15/20276		3,700		3,815
Embarq Corp. 7.995% 6/1/2036		6,465		3,020
Fox Corp. 4.03% 1/25/2024		1,120		1,107
Frontier Communications Corp. 5.875% 10/15/20276		2,225		2,071
Frontier Communications Corp. 5.00% 5/1/20286		5,550		4,851
Frontier Communications Corp. 6.75% 5/1/20296		4,400		3,646
Frontier Communications Holdings, LLC 5.875% 11/1/2029		1,850		1,434
Frontier Communications Holdings, LLC 6.00% 1/15/20306		1,900		1,495
Frontier Communications Holdings, LLC 8.75% 5/15/20306		1,100		1,121
Gray Escrow II, Inc. 5.375% 11/15/20316		900		650
iHeartCommunications, Inc. 5.25% 8/15/20276		3,093		2,625
Intelsat Jackson Holding Co. 6.50% 3/15/20306		2,891		2,592
Ligado Networks, LLC 15.50% PIK 11/1/20236,16		4,712		1,537
Live Nation Entertainment, Inc. 3.75% 1/15/20286		1,350		1,154
Midas OpCo Holdings, LLC 5.625% 8/15/20296		3,205		2,649
Netflix, Inc. 4.875% 4/15/2028		1,250		1,210
Netflix, Inc. 5.875% 11/15/2028		2,175		2,210
Netflix, Inc. 6.375% 5/15/2029		50		52
Netflix, Inc. 5.375% 11/15/20296		25		24
News Corp. 3.875% 5/15/20296		875		760
News Corp. 5.125% 2/15/20326		550		501
Nexstar Broadcasting, Inc. 4.75% 11/1/20286		3,175		2,751
SBA Tower Trust 1.631% 11/15/20266		8,707		7,408
Scripps Escrow II, Inc. 3.875% 1/15/20296		2,325		1,869
Sinclair Television Group, Inc. 4.125% 12/1/20306		1,175		882
Sirius XM Radio, Inc. 4.00% 7/15/20286		3,575		3,118
Sirius XM Radio, Inc. 4.125% 7/1/20306		950		786
Sirius XM Radio, Inc. 3.875% 9/1/20316		1,975		1,545
Sprint Corp. 6.875% 11/15/2028		2,525		2,627
Take-Two Interactive Software, Inc. 3.30% 3/28/2024		3,175		3,102
Take-Two Interactive Software, Inc. 4.00% 4/14/2032		2,438		2,165
T-Mobile US, Inc. 1.50% 2/15/2026		500		448
T-Mobile US, Inc. 2.05% 2/15/2028		325		280

American Funds Insurance Series      147

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Univision Communications, Inc. 6.625% 6/1/20276		USD5,800	$	5,608
Univision Communications, Inc. 4.50% 5/1/20296		3,475		2,913
Univision Communications, Inc. 7.375% 6/30/20306		225		215
Verizon Communications, Inc. 2.875% 11/20/2050		2,453		1,548
Virgin Media O2 4.25% 1/31/20316		4,525		3,673
Virgin Media Secured Finance PLC 4.50% 8/15/20306		2,115		1,771
VMED O2 UK Financing I PLC 4.75% 7/15/20316		225		183
Vodafone Group PLC 5.25% 5/30/2048		500		443
Vodafone Group PLC 4.25% 9/17/2050		4,350		3,337
WarnerMedia Holdings, Inc. 3.638% 3/15/20256		3,807		3,623
WarnerMedia Holdings, Inc. 3.755% 3/15/20276		1,018		918
WarnerMedia Holdings, Inc. 4.054% 3/15/20296		1,435		1,244
WarnerMedia Holdings, Inc. 4.279% 3/15/20326		2,903		2,399
WarnerMedia Holdings, Inc. 5.05% 3/15/20426		2,500		1,922
WarnerMedia Holdings, Inc. 5.141% 3/15/20526		1,500		1,096
Ziggo Bond Co. BV 5.125% 2/28/20306		1,775		1,436
Ziggo Bond Finance BV 4.875% 1/15/20306		725		608
				132,643
Industrials 0.53%
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20266		1,005		968
Allison Transmission Holdings, Inc. 3.75% 1/30/20316		3,445		2,838
Avis Budget Car Rental, LLC 5.75% 7/15/20276		1,025		929
Avis Budget Group, Inc. 5.375% 3/1/20296		2,450		2,099
Avolon Holdings Funding, Ltd. 3.95% 7/1/20246		1,587		1,520
Avolon Holdings Funding, Ltd. 4.25% 4/15/20266		1,126		1,022
Avolon Holdings Funding, Ltd. 4.375% 5/1/20266		1,975		1,802
Boeing Company 4.875% 5/1/2025		1,555		1,545
Boeing Company 3.10% 5/1/2026		251		236
Boeing Company 3.25% 2/1/2028		4,000		3,639
Boeing Company 5.15% 5/1/2030		1,100		1,076
Boeing Company 3.60% 5/1/2034		6,250		5,016
Boeing Company 5.805% 5/1/2050		4,000		3,729
Bombardier, Inc. 7.125% 6/15/20266		4,100		3,985
Bombardier, Inc. 7.875% 4/15/20276		8,070		7,844
Bombardier, Inc. 6.00% 2/15/20286		1,010		935
BWX Technologies, Inc. 4.125% 4/15/20296		1,025		899
Canadian Pacific Railway, Ltd. 1.75% 12/2/2026		1,385		1,236
Canadian Pacific Railway, Ltd. 2.45% 12/2/2031		1,738		1,444
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051		829		561
Chart Industries, Inc. 7.50% 1/1/20306		1,347		1,356
Clarivate Science Holdings Corp. 3.875% 7/1/20286		590		512
Clarivate Science Holdings Corp. 4.875% 7/1/20296		520		443
CoreLogic, Inc. 4.50% 5/1/20286		6,075		4,669
Covanta Holding Corp. 4.875% 12/1/20296		1,035		849
CSX Corp. 4.25% 3/15/2029		1,062		1,024
CSX Corp. 2.50% 5/15/2051		1,125		688
Honeywell International, Inc. 2.30% 8/15/2024		2,640		2,536
Honeywell International, Inc. 1.35% 6/1/2025		5,947		5,503
Honeywell International, Inc. 2.70% 8/15/2029		1,470		1,310
Icahn Enterprises Finance Corp. 4.75% 9/15/2024		2,090		2,009
Icahn Enterprises, LP 5.25% 5/15/2027		1,185		1,088
Icahn Enterprises, LP 4.375% 2/1/2029		1,525		1,292
L3Harris Technologies, Inc. 1.80% 1/15/2031		2,625		2,021
Lockheed Martin Corp. 5.10% 11/15/2027		951		974
Lockheed Martin Corp. 5.25% 1/15/2033		1,742		1,802
Lockheed Martin Corp. 5.70% 11/15/2054		1,849		1,949
LSC Communications, Inc. 8.75% 10/15/20233,6,15		4,063		12
Masco Corp. 1.50% 2/15/2028		774		642
Masco Corp. 2.00% 2/15/2031		497		384

148      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Masco Corp. 3.125% 2/15/2051	USD	230	$	144
MasTec, Inc. 4.50% 8/15/20286		1,425		1,279
Mileage Plus Holdings, LLC 6.50% 6/20/20276		1,980		1,973
Norfolk Southern Corp. 3.05% 5/15/2050		2,746		1,852
Northrop Grumman Corp. 2.93% 1/15/2025		1,820		1,747
Northrop Grumman Corp. 3.25% 1/15/2028		3,495		3,229
Otis Worldwide Corp. 2.293% 4/5/2027		2,135		1,914
Roller Bearing Company of America, Inc. 4.375% 10/15/20296		195		169
Rolls-Royce PLC 5.75% 10/15/20276		1,940		1,851
Siemens AG 1.20% 3/11/20266		3,887		3,468
Siemens AG 1.70% 3/11/20286		3,700		3,167
SkyMiles IP, Ltd. 4.75% 10/20/20286		2,950		2,777
Spirit AeroSystems, Inc. 9.375% 11/30/20296		507		534
The Brink’s Co. 4.625% 10/15/20276		2,385		2,186
TransDigm, Inc. 6.25% 3/15/20266		3,476		3,436
TransDigm, Inc. 5.50% 11/15/2027		2,200		2,070
Triumph Group, Inc. 8.875% 6/1/20246		2,295		2,339
Triumph Group, Inc. 6.25% 9/15/20246		4,775		4,534
Triumph Group, Inc. 7.75% 8/15/2025		3,950		3,366
Union Pacific Corp. 2.40% 2/5/2030		2,414		2,071
Union Pacific Corp. 2.95% 3/10/2052		1,000		681
Union Pacific Corp. 3.839% 3/20/2060		546		425
Union Pacific Corp. 3.799% 4/6/2071		545		405
United Airlines, Inc. 4.375% 4/15/20266		975		905
United Airlines, Inc. 4.625% 4/15/20296		2,225		1,941
United Rentals, Inc. 3.875% 2/15/2031		2,050		1,723
United Technologies Corp. 3.65% 8/16/2023		52		52
United Technologies Corp. 3.95% 8/16/2025		3,155		3,085
United Technologies Corp. 4.125% 11/16/2028		1,075		1,031
Vertical U.S. Newco, Inc. 5.25% 7/15/20276		2,000		1,779
				130,519
Materials 0.40%
Alcoa Nederland Holding BV 4.125% 3/31/20296		1,175		1,044
Allegheny Technologies, Inc. 4.875% 10/1/2029		710		628
Allegheny Technologies, Inc. 5.125% 10/1/2031		1,110		983
Anglo American Capital PLC 2.25% 3/17/20286		484		408
Anglo American Capital PLC 2.625% 9/10/20306		2,500		2,037
Anglo American Capital PLC 3.95% 9/10/20506		1,281		942
Arconic Rolled Products Corp. 6.125% 2/15/20286		750		705
Avient Corp. 7.125% 8/1/20306		855		837
Ball Corp. 6.875% 3/15/2028		1,415		1,455
Ball Corp. 3.125% 9/15/2031		3,520		2,832
CAN-PACK SA 3.875% 11/15/20296		935		738
Celanese US Holdings, LLC 6.165% 7/15/2027		3,500		3,458
Chevron Phillips Chemical Co., LLC 3.30% 5/1/20236		595		591
Cleveland-Cliffs, Inc. 5.875% 6/1/2027		9,000		8,613
Cleveland-Cliffs, Inc. 4.625% 3/1/20296		1,825		1,622
Cleveland-Cliffs, Inc. 4.875% 3/1/20316		1,351		1,195
CVR Partners, LP 6.125% 6/15/20286		745		669
Dow Chemical Co. 3.60% 11/15/2050		1,328		955
First Quantum Minerals, Ltd. 6.50% 3/1/20246		2,204		2,159
First Quantum Minerals, Ltd. 7.50% 4/1/20256		11,350		11,071
First Quantum Minerals, Ltd. 6.875% 3/1/20266		3,625		3,438
First Quantum Minerals, Ltd. 6.875% 10/15/20276		4,240		3,987
FXI Holdings, Inc. 7.875% 11/1/20246		2,321		1,933
FXI Holdings, Inc. 12.25% 11/15/20266		4,492		3,726
Glencore Funding, LLC 4.125% 3/12/20246		945		930
International Flavors & Fragrances, Inc. 1.832% 10/15/20276		5,400		4,541
Kaiser Aluminum Corp. 4.625% 3/1/20286		2,495		2,181

American Funds Insurance Series      149

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
LSB Industries, Inc. 6.25% 10/15/20286		USD860	$	788
LYB International Finance III, LLC 2.25% 10/1/2030		1,198		953
LYB International Finance III, LLC 3.625% 4/1/2051		2,537		1,708
LYB International Finance III, LLC 3.80% 10/1/2060		1,186		774
Methanex Corp. 5.125% 10/15/2027		6,300		5,854
Mineral Resources, Ltd. 8.50% 5/1/20306		1,525		1,548
Mosaic Co. 4.05% 11/15/2027		1,050		991
Nova Chemicals Corp. 4.25% 5/15/20296		1,875		1,536
Novelis Corp. 3.875% 8/15/20316		1,115		912
Praxair, Inc. 1.10% 8/10/2030		2,938		2,258
SCIH Salt Holdings, Inc. 4.875% 5/1/20286		3,485		2,997
SCIH Salt Holdings, Inc. 6.625% 5/1/20296		1,230		992
Sherwin-Williams Company 3.125% 6/1/2024		275		267
Sherwin-Williams Company 3.80% 8/15/2049		5,208		3,891
South32 Treasury, Ltd. 4.35% 4/14/20326		1,527		1,311
SPCM SA 3.375% 3/15/20306		600		484
Venator Finance SARL 9.50% 7/1/20256		1,825		1,323
Venator Finance SARL 5.75% 7/15/20256		5,845		2,005
Warrior Met Coal, Inc. 7.875% 12/1/20286		3,400		3,356
Westlake Chemical Corp. 4.375% 11/15/2047		500		378
				98,004
Utilities 0.31%
Ameren Corp. 2.50% 9/15/2024		969		927
Calpine Corp. 3.75% 3/1/20316		1,975		1,593
Commonwealth Edison Co. 4.35% 11/15/2045		1,085		931
Commonwealth Edison Co. 3.85% 3/15/2052		2,600		2,083
Dominion Resources, Inc., junior subordinated, 3.071% 8/15/202413		920		887
Duke Energy Carolinas, LLC 3.95% 11/15/2028		1,250		1,202
Duke Energy Corp. 4.50% 8/15/2032		2,000		1,879
Duke Energy Corp. 3.50% 6/15/2051		2,000		1,398
Duke Energy Florida, LLC 3.20% 1/15/2027		1,445		1,366
Duke Energy Indiana, Inc. 3.25% 10/1/2049		1,225		856
Duke Energy Progress, LLC 3.70% 10/15/2046		457		348
Duke Energy Progress, LLC 2.50% 8/15/2050		202		122
Duke Energy Progress, LLC 2.90% 8/15/2051		91		60
Edison International 3.55% 11/15/2024		2,200		2,125
EDP Finance BV 3.625% 7/15/20246		4,100		3,959
Electricité de France SA 4.75% 10/13/20356		1,250		1,057
Electricité de France SA 4.875% 9/21/20386		2,750		2,246
Electricité de France SA 5.60% 1/27/2040		525		481
Emera US Finance, LP 3.55% 6/15/2026		320		300
Enersis Américas SA 4.00% 10/25/2026		245		233
Entergy Corp. 2.80% 6/15/2030		3,325		2,816
Eversource Energy 3.80% 12/1/2023		2,730		2,700
FirstEnergy Corp. 3.40% 3/1/2050		2,250		1,489
FirstEnergy Transmission, LLC 2.866% 9/15/20286		675		590
NRG Energy, Inc. 3.625% 2/15/20316		1,875		1,429
Pacific Gas and Electric Co. 2.10% 8/1/2027		125		107
Pacific Gas and Electric Co. 2.50% 2/1/2031		2,941		2,289
Pacific Gas and Electric Co. 3.30% 8/1/2040		100		68
Pacific Gas and Electric Co. 3.50% 8/1/2050		1,250		781
PacifiCorp, First Mortgage Bonds, 4.125% 1/15/2049		4,000		3,293
PG&E Corp. 5.00% 7/1/2028		3,750		3,429
PG&E Corp. 5.25% 7/1/2030		3,400		3,099
Public Service Electric and Gas Co. 3.60% 12/1/2047		548		419
Public Service Electric and Gas Co. 3.15% 1/1/2050		2,451		1,727
Southern California Edison Co. 2.85% 8/1/2029		4,450		3,877
Southern California Edison Co. 6.00% 1/15/2034		2,500		2,620
Southern California Edison Co. 5.75% 4/1/2035		675		675

150      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Southern California Edison Co. 5.35% 7/15/2035	USD	3,000	$	2,915
Southern California Edison Co. 4.00% 4/1/2047		264		208
Talen Energy Corp. 7.25% 5/15/20276		8,334		8,664
Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 7.821% 7/8/20269,14		2,815		2,861
Talen Energy Supply, LLC 7.625% 6/1/20286		1,180		1,232
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20296		1,030		903
Virginia Electric and Power Co. 2.40% 3/30/2032		2,575		2,088
Xcel Energy, Inc. 2.60% 12/1/2029		1,950		1,669
				76,001
Real estate 0.28%
Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026		315		305
Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028		1,220		1,148
Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029		1,940		1,654
Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031		1,320		1,155
Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033		4,095		3,056
Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049		410		349
American Tower Corp. 1.45% 9/15/2026		2,369		2,070
American Tower Corp. 3.55% 7/15/2027		1,425		1,322
American Tower Corp. 3.60% 1/15/2028		1,000		921
American Tower Corp. 1.50% 1/31/2028		2,500		2,073
American Tower Corp. 2.30% 9/15/2031		1,500		1,170
American Tower Corp. 2.95% 1/15/2051		2,000		1,247
Anywhere Real Estate Group, LLC 5.75% 1/15/20296		2,260		1,712
Essex Portfolio, LP 3.875% 5/1/2024		1,000		980
Essex Portfolio, LP 3.50% 4/1/2025		6,825		6,587
Extra Space Storage, Inc. 2.35% 3/15/2032		1,385		1,051
GLP Capital, LP 3.35% 9/1/2024		1,263		1,212
Hospitality Properties Trust 4.35% 10/1/2024		560		510
Host Hotels & Resorts, LP 4.50% 2/1/2026		355		341
Howard Hughes Corp. 5.375% 8/1/20286		1,450		1,309
Howard Hughes Corp. 4.125% 2/1/20296		1,860		1,560
Howard Hughes Corp. 4.375% 2/1/20316		2,690		2,180
Invitation Homes Operating Partnership, LP 2.00% 8/15/2031		2,401		1,780
Iron Mountain, Inc. 5.25% 7/15/20306		3,785		3,298
Iron Mountain, Inc. 4.50% 2/15/20316		2,650		2,184
Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029		2,645		2,100
Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030		1,940		1,482
Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031		2,260		1,704
Ladder Capital Finance Holdings LLLP 4.25% 2/1/20276		3,757		3,163
Park Intermediate Holdings, LLC 4.875% 5/15/20296		2,280		1,933
Public Storage 1.85% 5/1/2028		2,490		2,140
Public Storage 1.95% 11/9/2028		2,027		1,733
Public Storage 2.30% 5/1/2031		719		585
RHP Hotel Properties, LP 4.50% 2/15/20296		1,300		1,123
RLJ Lodging Trust, LP 4.00% 9/15/20296		1,240		1,007
Scentre Group 3.50% 2/12/20256		3,075		2,945
Scentre Group 3.25% 10/28/20256		1,000		939
Scentre Group 3.75% 3/23/20276		2,430		2,241
Sun Communities Operating, LP 2.30% 11/1/2028		1,845		1,540
Sun Communities Operating, LP 2.70% 7/15/2031		876		694
UDR, Inc. 2.95% 9/1/2026		760		699
VICI Properties, LP 3.875% 2/15/20296		1,367		1,200
VICI Properties, LP 4.625% 12/1/20296		532		485
VICI Properties, LP 4.125% 8/15/20306		971		851
				69,738

American Funds Insurance Series      151

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology 0.27%
Adobe, Inc. 1.90% 2/1/2025	USD	366	$	346
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 6.871% 6/13/20249,14		225		200
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/20259,14		4,150		3,121
Analog Devices, Inc. 1.70% 10/1/2028		1,286		1,092
Analog Devices, Inc. 2.10% 10/1/2031		1,212		982
Analog Devices, Inc. 2.80% 10/1/2041		2,961		2,179
Analog Devices, Inc. 2.95% 10/1/2051		1,955		1,327
Apple, Inc. 3.00% 2/9/2024		625		613
Apple, Inc. 3.35% 2/9/2027		40		38
Apple, Inc. 1.20% 2/8/2028		5,000		4,245
Apple, Inc. 3.95% 8/8/2052		3,500		2,994
Block, Inc. 3.50% 6/1/2031		2,325		1,858
Booz Allen Hamilton, Inc. 4.00% 7/1/20296		1,000		882
Broadcom, Inc. 1.95% 2/15/20286		1,407		1,191
Broadcom, Inc. 2.60% 2/15/20336		2,524		1,901
Broadcom, Inc. 3.469% 4/15/20346		1,771		1,418
CommScope Finance, LLC 6.00% 3/1/20266		1,600		1,480
Diebold Nixdorf, Inc. 9.375% 7/15/20256		10,434		7,462
Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/20263,6,16		6,909		4,162
Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/20253,9,14		4,731		3,186
Fidelity National Information Services, Inc. 3.10% 3/1/2041		302		209
Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 4.00% 6/13/20249,14	EUR	1,343		1,243
Fiserv, Inc. 3.50% 7/1/2029	USD	471		425
Fiserv, Inc. 2.65% 6/1/2030		3,605		3,039
Gartner, Inc. 4.50% 7/1/20286		650		607
Intuit, Inc. 0.95% 7/15/2025		1,530		1,394
Intuit, Inc. 1.35% 7/15/2027		1,395		1,209
Intuit, Inc. 1.65% 7/15/2030		1,845		1,484
Mastercard, Inc. 2.00% 11/18/2031		3,874		3,120
Microsoft Corp. 2.921% 3/17/2052		4,814		3,431
NCR Corp. 5.125% 4/15/20296		1,650		1,383
PayPal Holdings, Inc. 2.65% 10/1/2026		662		612
PayPal Holdings, Inc. 2.30% 6/1/2030		616		507
Sabre GLBL, Inc. 7.375% 9/1/20256		946		911
Sabre GLBL, Inc. 11.25% 12/15/20276		1,157		1,192
Sabre Holdings Corp. 9.25% 4/15/20256		3,122		3,115
Synaptics, Inc. 4.00% 6/15/20296		875		738
Unisys Corp. 6.875% 11/1/20276		725		558
VeriSign, Inc. 2.70% 6/15/2031		625		511
Veritas US, Inc. 7.50% 9/1/20256		835		577
Viavi Solutions, Inc. 3.75% 10/1/20296		725		611
				67,553
Consumer staples 0.23%
7-Eleven, Inc. 0.80% 2/10/20246		1,700		1,618
7-Eleven, Inc. 0.95% 2/10/20266		825		723
7-Eleven, Inc. 1.30% 2/10/20286		2,500		2,076
Albertsons Companies, Inc. 3.50% 3/15/20296		1,230		1,035
Altria Group, Inc. 3.40% 2/4/2041		1,500		1,000
Altria Group, Inc. 3.70% 2/4/2051		1,395		879
Anheuser-Busch InBev NV 4.00% 4/13/2028		845		806
Anheuser-Busch InBev NV 4.35% 6/1/2040		2,500		2,208
Anheuser-Busch InBev NV 4.60% 4/15/2048		1,500		1,311
British American Tobacco PLC 3.222% 8/15/2024		2,826		2,723
British American Tobacco PLC 3.215% 9/6/2026		3,323		3,070
British American Tobacco PLC 4.54% 8/15/2047		940		668
Central Garden & Pet Co. 4.125% 4/30/20316		1,395		1,157
Coca-Cola Company 1.00% 3/15/2028		940		787
Conagra Brands, Inc. 1.375% 11/1/2027		4,615		3,852
Constellation Brands, Inc. 3.60% 2/15/2028		625		580

152      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
Constellation Brands, Inc. 2.25% 8/1/2031	USD	1,487	$	1,185
Coty, Inc. 4.75% 1/15/20296		1,680		1,523
Imperial Tobacco Finance PLC 6.125% 7/27/20276		845		842
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20266		2,990		2,590
Lamb Weston Holdings, Inc. 4.125% 1/31/20306		2,210		1,955
PepsiCo, Inc. 2.625% 10/21/2041		5,000		3,721
PepsiCo, Inc. 3.625% 3/19/2050		777		639
PepsiCo, Inc. 2.75% 10/21/2051		1,723		1,200
Philip Morris International, Inc. 2.875% 5/1/2024		788		765
Philip Morris International, Inc. 3.25% 11/10/2024		2,000		1,936
Philip Morris International, Inc. 0.875% 5/1/2026		2,990		2,630
Philip Morris International, Inc. 5.125% 11/17/2027		3,073		3,101
Philip Morris International, Inc. 3.375% 8/15/2029		788		711
Philip Morris International, Inc. 5.625% 11/17/2029		1,482		1,507
Philip Morris International, Inc. 1.75% 11/1/2030		2,956		2,322
Philip Morris International, Inc. 5.75% 11/17/2032		938		959
Post Holdings, Inc. 4.625% 4/15/20306		2,886		2,496
Prestige Brands International, Inc. 3.75% 4/1/20316		1,115		921
Reynolds American, Inc. 5.85% 8/15/2045		2,030		1,737
Simmons Foods, Inc. 4.625% 3/1/20296		560		457
				57,690
Total corporate bonds, notes & loans				1,396,142
Asset-backed obligations 1.68%
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/20266,8		1,050		1,005
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 5.029% 1/15/20306,8,9		2,205		2,182
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 5.029% 10/16/20306,8,9		1,639		1,612
American Express Credit Account Master Trust, Series 2018-9, Class A, (1-month USD-LIBOR + 0.38%) 4.698% 4/15/20268,9		9,000		8,995
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 5.245% 1/22/20286,8,9		2,566		2,538
Avis Budget Rental Car Funding (AESOP), LLC, Series 2017-2A, Class A, 2.97% 3/20/20246,8		960		957
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-1A, Class A, 3.70% 9/20/20246,8		1,114		1,103
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/20256,8		3,100		3,049
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20276,8		539		489
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/20276,8		138		124
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/20276,8		11,617		10,133
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/20288		6,633		6,706
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/20306,8,9		3,660		3,614
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/20336,8		531		494
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20376,8		4,807		4,092
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/20416,8		665		582
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 5.328% 7/27/20306,8,9		5,164		5,089
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20606,8		5,191		4,639
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20606,8		1,746		1,444
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20616,8		6,093		5,277
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, (1-month USD-LIBOR + 0.62%) 4.981% 4/22/20268,9		4,960		4,963

American Funds Insurance Series      153

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/20456,8	USD	1,446	$	1,245
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/20456,8		5,382		4,669
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/20456,8		1,170		1,017
CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/20466,8		1,607		1,373
Discover Card Execution Note Trust, Series 2018-A6, Class A6, (1-month USD-LIBOR + 0.39%) 4.708% 3/15/20268,9		11,400		11,397
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 3/16/20268		256		256
DriveTime Auto Owner Trust, Series 2022-3, Class A, 6.05% 10/15/20266,8		6,318		6,335
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 5.059% 4/15/20286,8,9		5,181		5,131
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/20456,8		351		297
Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 1/20/20286,8		6,513		6,341
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/20296,8		3,263		3,192
Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/20296,8		5,092		5,109
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/20258		1,100		1,101
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/20376,8		5,999		5,320
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/20266,8		3,272		3,292
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/20306,8		4,825		4,760
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/20306,8		6,000		5,885
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/20316,8		9,605		9,181
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/20316,8		8,861		8,318
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20456,8		685		604
GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/20456,8		275		245
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/20396,8		2,443		2,294
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/20406,8		10,273		9,116
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20406,8		12,830		11,408
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/20416,8		4,021		3,468
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/20416,8		5,992		5,201
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/20416,8		474		402
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/20233,6,8		5,930		5,689
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20256,8		8,452		7,816
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20256,8		634		581
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/20256,8		405		365
Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/20266,8		8,390		8,026
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20276,8		5,565		4,853
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20276,8		685		588
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20276,8		429		355
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/20286,8		4,900		4,305
Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/20286,8		8,750		8,096
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 5.079% 4/15/20296,8,9		1,090		1,087
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 5.278% 7/21/20306,8,9		5,497		5,411
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 5.229% 4/15/20296,8,9		2,311		2,288
Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 3/20/20266,8		4,700		4,486
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 9/15/20266,8		1,900		1,840
Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 9/15/20276,8		2,531		2,473
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20696,8		5,085		4,327
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/20706,8		5,969		5,062
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/20466,8		6,343		5,341
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/20626,8		10,468		9,303
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20626,8		5,889		5,217
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20626,8		10,010		8,901
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20616,8		23,051		19,520
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 5.328% 7/25/20306,8,9		1,752		1,733
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 5.757% 11/25/20286,8,9		1,415		1,405

154      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 5.143% 4/20/20296,8,9	USD	437	$	433
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD-LIBOR + 0.80%) 4.879% 10/15/20296,8,9		8,431		8,324
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD-LIBOR + 1.40%) 5.479% 10/15/20296,8,9		5,378		5,207
Palmer Square Loan Funding, CLO, Series 2022-5, Class A1, (3-month USD CME Term SOFR + 1.56%) 4.084% 1/15/20316,8,9		5,871		5,838
PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/20368		2,725		2,534
PPM CLO, Ltd., Series 2022-6, Class A, (3-month USD CME Term SOFR + 2.45%) 2.45% 1/20/20316,8,9		9,947		9,947
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 5.019% 10/15/20306,8,9		4,634		4,571
Santander Drive Auto Receivables Trust, Series 2022-5, Class A2, 3.98% 1/15/20258		4,359		4,337
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 12/15/20258		646		643
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/20268		1,987		1,991
Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 8/17/20268		4,101		4,027
SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD-LIBOR + 0.73%) 5.048% 1/15/20536,8,9		6,531		6,256
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/20466,8		3,451		2,775
SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/20466,8		4,820		4,182
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/20416,8		4,782		4,039
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20336,8		2,480		2,209
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/20336,8		2,048		1,770
Stratus Static CLO, Ltd., Series 2022-3, Class A, (3-month USD CME Term SOFR + 2.15%) 6.678% 10/20/20316,8,9		7,500		7,500
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/20756,8		3,286		2,989
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20456,8		1,820		1,599
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/20456,8		801		699
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/20466,8		924		778
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/20466,8		2,661		2,267
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/20316,8		3,250		3,134
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 5/25/20336,8		889		814
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/20346,8,9		7,257		6,439
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20456,8		10,345		8,870
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/20466,8		1,823		1,523
Westlake Automobile Receivables Trust, Series 2022-3, Class A2, 5.24% 7/15/20256,8		6,521		6,506
				417,313
Bonds & notes of governments & government agencies outside the U.S. 0.17%
CPPIB Capital, Inc. 2.75% 11/2/20276		6,600		6,096
European Investment Bank 0.75% 10/26/2026		6,194		5,433
OMERS Finance Trust 3.50% 4/19/20326		4,315		3,905
OMERS Finance Trust 4.00% 4/19/20526		4,315		3,459
Panama (Republic of) 3.298% 1/19/2033		4,365		3,545
Panama (Republic of) 4.50% 1/19/2063		1,035		733
Peru (Republic of) 1.862% 12/1/2032		2,525		1,848
Peru (Republic of) 2.78% 12/1/2060		3,775		2,214
Qatar (State of) 3.375% 3/14/20246		2,315		2,271
Qatar (State of) 4.00% 3/14/20296		745		733
Qatar (State of) 4.817% 3/14/20496		750		731
Swedish Export Credit Corp. 3.625% 9/3/2024		5,089		4,993
United Mexican States 2.659% 5/24/2031		2,703		2,187
United Mexican States 4.875% 5/19/2033		1,790		1,647
United Mexican States 3.771% 5/24/2061		1,528		971
				40,766

American Funds Insurance Series      155

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Municipals 0.14%
California 0.02%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.158% 6/1/2026	USD	1,200	$	1,079
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.332% 6/1/2027		1,660		1,454
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		495		398
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.293% 6/1/2042		1,170		869
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.00% 6/1/2046		2,470		2,288
				6,088
Connecticut 0.00%
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 11/15/2044		5		5
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 11/15/2044		10		10
				15
Florida 0.04%
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027		5,335		4,649
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030		5,365		4,399
				9,048
Guam 0.00%
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 10/1/2036		240		196
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 10/1/2043		315		246
				442
Illinois 0.01%
G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 6/1/2033		4,125		3,952
Maryland 0.00%
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-E, 2.857% 9/1/2040		10		10
Minnesota 0.00%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 7/1/2038		30		30
New York 0.03%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 3/15/2026 (escrowed to maturity)		2,865		2,556
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 3/15/2028		4,745		4,036
				6,592
Ohio 0.02%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031		5,110		4,314
South Carolina 0.00%
Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 7/1/2041		10		10

156      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Municipals (continued)
South Dakota 0.00%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 5/1/2034	USD	5	$	5
Tennessee 0.00%
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 7/1/2043		5		5
Wisconsin 0.02%
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034		5,865		5,213
Total municipals				35,724
Total bonds, notes & other debt instruments (cost: $5,829,150,000)				5,385,913
	Shares
Short-term securities 6.82%
Money market investments 6.61%
Capital Group Central Cash Fund 4.31%7,17		16,398,802		1,639,716
Money market investments purchased with collateral from securities on loan 0.21%
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%17,18		20,644,758		20,645
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%17,18		17,940,546		17,940
Capital Group Central Cash Fund 4.31%7,17,18		126,229		12,622
				51,207
Total short-term securities (cost: $1,690,721,000)				1,690,923
Total investment securities 102.09% (cost: $21,116,750,000)				25,318,386
Other assets less liabilities (2.09)%				(517,812	)
Net assets 100.00%			$	24,800,574

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2022 (000)
2 Year U.S. Treasury Note Futures		Long		543		March 2023		USD111,357		$	139
5 Year U.S. Treasury Note Futures		Long		2,120		March 2023		228,811			(257	)
10 Year U.S. Treasury Note Futures		Long		1,324		March 2023		148,681			(1,571	)
10 Year Ultra U.S. Treasury Note Futures		Short		3,101		March 2023		(366,790	)		2,180
20 Year U.S. Treasury Bond Futures		Long		960		March 2023		120,330			(1,534	)
30 Year Ultra U.S. Treasury Bond Futures		Long		53		March 2023		7,119			(123	)
										$	(1,166	)

American Funds Insurance Series      157

Asset Allocation Fund (continued)

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index	Financing rate paid	Payment frequency		Expiration date		Notional amount (000)		Value at 12/31/2022 (000)			Upfront premium received (000)			Unrealized depreciation at 12/31/2022 (000)
CDX.NA.IG.39	1.00%		Quarterly		12/20/2027		USD238,057	$	(1,903	)	$	(280	)	$	(1,623	)

Investments in affiliates⁷

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Common stocks 0.00%
Health care 0.00%
NuCana PLC (ADR)19	$	7,086	$	—		$	2,674	$	(14,288	)	$	9,876		$	—	$	—
Investment funds 5.51%
Capital Group Central Corporate Bond Fund		1,617,261		83,203			40,000		(10,186	)		(283,156	)		1,367,122		43,890
Short-term securities 6.66%
Money market investments 6.61%
Capital Group Central Cash Fund 4.31%17		1,417,334		4,300,144			4,077,429		(250	)		(83	)		1,639,716		36,585
Money market investments purchased with collateral from securities on loan 0.05%
Capital Group Central Cash Fund 4.31%17,18		8,492		4,130	20										12,622		—	21
Total short-term securities															1,652,338
Total 12.17%								$	(24,724	)	$	(273,363	)	$	3,019,460	$	80,475

Restricted securities4	Acquisition date		Cost (000)		Value (000)		Percent of net assets
Carbon Health Technologies, Inc., convertible preferred shares,
1.00% 7/9/2024 3		7/9/2021	$	50,000	$	63,388		.26	%
Rotech Healthcare, Inc.1,3		8/22/2014		6,949		19,703		.08
Total			$	56,949	$	83,091		.34	%

158      American Funds Insurance Series

Asset Allocation Fund (continued)

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

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

³  Value determined using significant unobservable inputs.

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

⁵  Amount less than one thousand.

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

⁷  Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.

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

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

¹⁰  Purchased on a TBA basis.

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

¹²  Index-linked bond whose principal amount moves with a government price index.

¹³  Step bond; coupon rate may change at a later date.

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

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

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

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

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

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

²⁰  Represents net activity. Refer to Note 5 for more information on securities lending.

²¹  Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

Agcy. = Agency

AMT = Alternative Minimum Tax

Assn. = Association

Auth. = Authority

CAD = Canadian dollars

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

DAC = Designated Activity Company

Dept. = Department

Dev. = Development

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series      159

American Funds Global Balanced Fund (formerly Global Balanced Fund)

Investment portfolio December 31, 2022

Common stocks 58.58%

	Shares		Value (000)
Financials 10.64%
Zurich Insurance Group AG		10,777	$	5,150
B3 SA-Brasil, Bolsa, Balcao		2,047,634		5,123
HDFC Bank, Ltd. (ADR)		25,988		1,778
HDFC Bank, Ltd.		79,465		1,564
DNB Bank ASA		156,181		3,092
AIA Group, Ltd.		195,894		2,158
Toronto-Dominion Bank (CAD denominated)		32,954		2,134
PNC Financial Services Group, Inc.		11,839		1,870
Kotak Mahindra Bank, Ltd.		78,279		1,722
DBS Group Holdings, Ltd.		55,100		1,395
Citigroup, Inc.		30,627		1,385
BlackRock, Inc.		1,886		1,337
ING Groep NV		98,239		1,199
United Overseas Bank, Ltd.		47,600		1,092
BNP Paribas SA		12,920		735
Nasdaq, Inc.		11,966		734
JPMorgan Chase & Co.		5,371		720
KBC Groep NV		11,130		715
Münchener Rückversicherungs-Gesellschaft AG		1,931		628
Aegon NV		122,629		622
Bank Central Asia Tbk PT		1,108,100		608
Tryg A/S		24,243		575
Banco Santander, SA		176,586		529
Ping An Insurance (Group) Company of China, Ltd., Class H		66,500		439
Ping An Insurance (Group) Company of China, Ltd., Class A		11,400		77
FinecoBank SpA		26,543		442
Great-West Lifeco, Inc.		17,334		401
CME Group, Inc., Class A		2,292		385
Fairfax Financial Holdings, Ltd., subordinate voting shares		506		300
Allfunds Group PLC		18,078		126
Lufax Holding, Ltd. (ADR)		47,602		92
				39,127
Industrials 8.37%
Raytheon Technologies Corp.		71,227		7,188
General Electric Co.		39,535		3,313
BAE Systems PLC		264,063		2,729
Thales SA		20,022		2,560
General Dynamics Corp.		8,468		2,101
Carrier Global Corp.		49,012		2,022
L3Harris Technologies, Inc.		9,073		1,889
Siemens AG		13,373		1,856
Honeywell International, Inc.		6,585		1,411
RELX PLC		46,732		1,295
CSX Corp.		38,467		1,192
LIXIL Corp.		54,500		831
Deutsche Post AG		17,657		665
Safran SA		4,525		565
Trelleborg AB, Class B		11,334		262
Brenntag SE		3,756		240
Melrose Industries PLC		141,781		230
Airbus SE, non-registered shares		1,805		215
NIBE Industrier AB, Class B		21,550		201
				30,765
Health care 7.78%
Abbott Laboratories		57,298		6,291
Gilead Sciences, Inc.		30,992		2,661
Novartis AG		28,897		2,617
Siemens Healthineers AG		51,525		2,578
UnitedHealth Group, Inc.		4,540		2,407

160      American Funds Insurance Series

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Common stocks (continued)

	Shares		Value (000)
Health care (continued)
Thermo Fisher Scientific, Inc.		3,354	$	1,847
AstraZeneca PLC		12,615		1,712
Merck KGaA		8,165		1,581
AbbVie, Inc.		8,136		1,315
Stryker Corp.		3,999		978
Amgen, Inc.		3,365		884
Medtronic PLC		11,261		875
Eurofins Scientific SE, non-registered shares		11,316		815
BioMarin Pharmaceutical, Inc.1		6,615		685
Humana, Inc.		1,166		597
Bayer AG		10,117		522
Takeda Pharmaceutical Company, Ltd.		8,400		262
				28,627
Information technology 6.47%
Broadcom, Inc.		16,303		9,115
Microsoft Corp.		31,123		7,464
Micron Technology, Inc.		44,625		2,230
Taiwan Semiconductor Manufacturing Company, Ltd.		97,000		1,414
GlobalWafers Co., Ltd.		86,000		1,195
ServiceNow, Inc.1		2,184		848
Accenture PLC, Class A		3,024		807
Apple, Inc.		3,194		415
Applied Materials, Inc.		2,383		232
Texas Instruments, Inc.		380		63
				23,783
Consumer staples 5.34%
Nestlé SA		35,802		4,135
Philip Morris International, Inc.		36,010		3,645
ITC, Ltd.		833,272		3,340
Imperial Brands PLC		95,936		2,397
Seven & i Holdings Co., Ltd.		39,200		1,677
Pernod Ricard SA		5,580		1,097
British American Tobacco PLC		27,475		1,090
Heineken NV		7,506		705
Altria Group, Inc.		14,317		654
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		104,700		465
Treasury Wine Estates, Ltd.		27,708		256
Kweichow Moutai Co., Ltd., Class A		721		178
				19,639
Utilities 4.80%
DTE Energy Company		29,637		3,483
Power Grid Corporation of India, Ltd.		1,007,658		2,594
NextEra Energy, Inc.		28,214		2,359
Duke Energy Corp.		16,849		1,735
E.ON SE		157,688		1,574
Entergy Corp.		10,025		1,128
Iberdrola, SA, non-registered shares		77,458		906
ENN Energy Holdings, Ltd.		64,000		893
Dominion Energy, Inc.		14,276		875
National Grid PLC		65,238		784
Enel SpA		122,240		657
SembCorp Industries, Ltd.		187,100		471
Public Service Enterprise Group, Inc.		3,391		208
				17,667

American Funds Insurance Series      161

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Common stocks (continued)

	Shares		Value (000)
Materials 4.33%
Freeport-McMoRan, Inc.		87,143	$	3,311
Linde PLC		6,504		2,122
BHP Group, Ltd. (CDI)		62,248		1,919
Evonik Industries AG		96,394		1,851
Fortescue Metals Group, Ltd.		126,401		1,762
Rio Tinto PLC		20,187		1,417
Shin-Etsu Chemical Co., Ltd.		11,000		1,340
Vale SA (ADR), ordinary nominative shares		64,102		1,088
UPM-Kymmene OYJ		15,079		565
International Flavors & Fragrances, Inc.		2,739		287
Air Liquide SA, non-registered shares		1,874		267
				15,929
Energy 4.02%
Canadian Natural Resources, Ltd. (CAD denominated)		125,963		6,995
Neste OYJ		40,724		1,881
Shell PLC (GBP denominated)		54,477		1,548
Chevron Corp.		8,045		1,444
BP PLC		184,567		1,073
DT Midstream, Inc.		10,284		568
Baker Hughes Co., Class A		17,643		521
TC Energy Corp. (CAD denominated)		12,080		482
Woodside Energy Group, Ltd. (CDI)		10,942		264
				14,776
Communication services 3.14%
Alphabet, Inc., Class A1		19,243		1,698
Alphabet, Inc., Class C1		7,907		701
Netflix, Inc.1		8,029		2,368
Singapore Telecommunications, Ltd.		782,600		1,502
Comcast Corp., Class A		30,643		1,072
BCE, Inc.		22,635		995
Omnicom Group, Inc.		10,624		867
Universal Music Group NV		31,035		749
SoftBank Corp.		54,400		615
Meta Platforms, Inc., Class A1		4,089		492
Electronic Arts, Inc.		4,021		491
				11,550
Consumer discretionary 2.27%
LVMH Moët Hennessy-Louis Vuitton SE		2,423		1,760
Cie. Financière Richemont SA, Class A		8,551		1,107
Ferrari NV		3,990		855
Ferrari NV (EUR denominated)		1,039		222
General Motors Company		27,725		933
Tesla, Inc.1		7,350		905
InterContinental Hotels Group PLC		12,297		708
Starbucks Corp.		4,596		456
Royal Caribbean Cruises, Ltd.1		8,302		410
Astra International Tbk PT		1,050,300		383
Aptiv PLC1		2,518		234
D.R. Horton, Inc.		2,232		199
Airbnb, Inc., Class A1		1,851		158
JD.com, Inc., Class A		1,200		34
				8,364

162      American Funds Insurance Series

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Common stocks (continued)

	Shares		Value (000)
Real estate 1.42%
Embassy Office Parks REIT		342,621	$	1,390
Equinix, Inc. REIT		2,059		1,349
CTP NV		104,148		1,226
Digital Realty Trust, Inc. REIT		4,683		470
Crown Castle, Inc. REIT		3,025		410
Americold Realty Trust, Inc. REIT		12,798		362
				5,207
Total common stocks (cost: $194,190,000)				215,434
Preferred securities 0.40%
Financials 0.25%
Fannie Mae, Series S, 8.25% noncumulative preferred shares1		223,000		522
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1		192,000		389
				911
Consumer discretionary 0.15%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares1		5,497		558
Total preferred securities (cost: $1,986,000)				1,469
Convertible stocks 0.34%
Utilities 0.23%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/2025		16,500		828
Health care 0.11%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 4/15/2023		300		407
Total convertible stocks (cost: $1,214,000)				1,235
Investment funds 1.50%
Capital Group Central Corporate Bond Fund2		678,772		5,532
Total investment funds (cost: $5,481,000)				5,532
	Principal amount (000)
Bonds, notes & other debt instruments 34.19%
Bonds & notes of governments & government agencies outside the U.S. 13.26%
Abu Dhabi (Emirate of) 0.75% 9/2/20233	USD	275		267
Agricultural Development Bank of China 3.75% 1/25/2029	CNY	550		83
Asian Development Bank 1.125% 6/10/2025	GBP	100		112
Australia (Commonwealth of), Series 152, 2.75% 11/21/2028	AUD	310		200
Australia (Commonwealth of), Series 157, 1.50% 6/21/2031		1,055		591
Australia (Commonwealth of), Series 163, 1.00% 11/21/2031		150		79
Australia (Commonwealth of), Series 166, 3.00% 11/21/2033		2,250		1,388
Austria (Republic of) 0% 2/20/2031	EUR	660		553
Brazil (Federative Republic of) 10.00% 1/1/2023	BRL	600		108
Brazil (Federative Republic of) 0% 1/1/2024		1,700		284
Brazil (Federative Republic of) 10.00% 1/1/2025		900		163
Canada 0.75% 10/1/2024	CAD	1,125		785
Canada 2.25% 6/1/2025		1,400		998
Canada 0.25% 3/1/2026		570		378
Canada 3.50% 3/1/2028		1,009		749
Chile (Republic of) 4.70% 9/1/2030	CLP	245,000		279

American Funds Insurance Series      163

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
China (People’s Republic of), Series 1910, 3.86% 7/22/2049	CNY	2,110	$	336
China (People’s Republic of), Series INBK, 3.39% 3/16/2050		1,600		235
China (People’s Republic of), Series INBK, 3.81% 9/14/2050		10,290		1,626
China Development Bank Corp., Series 2008, 2.89% 6/22/2025		3,240		470
China Development Bank Corp., Series 2004, 3.43% 1/14/2027		1,060		156
China Development Bank Corp., Series 2009, 3.39% 7/10/2027		8,580		1,258
China Development Bank Corp., Series 1805, 4.88% 2/9/2028		2,040		322
Colombia (Republic of), Series B, 5.75% 11/3/2027	COP	2,331,300		365
Colombia (Republic of), Series B, 7.00% 3/26/2031		5,308,700		776
European Investment Bank 0.375% 9/15/2027	EUR	110		105
European Investment Bank 0.25% 1/20/2032		860		717
European Union 0% 7/6/2026		100		97
European Union 0.25% 10/22/2026		50		48
French Republic O.A.T. 0.75% 2/25/2028		640		618
French Republic O.A.T. 0% 11/25/2030		1,320		1,128
French Republic O.A.T. 0% 5/25/2032		650		527
French Republic O.A.T. 2.00% 11/25/2032		610		596
French Republic O.A.T. 3.25% 5/25/2045		160		171
Germany (Federal Republic of) 0% 4/16/2027		950		915
Germany (Federal Republic of) 0% 8/15/2031		2,600		2,258
Germany (Federal Republic of) 0% 2/15/2032		540		463
Germany (Federal Republic of) 1.70% 8/15/2032		1,129		1,127
Germany (Federal Republic of) 1.00% 5/15/2038		640		548
Germany (Federal Republic of) 0% 8/15/2050		200		112
Germany (Federal Republic of) 0% 8/15/2052		260		139
Greece (Hellenic Republic of) 3.45% 4/2/2024		110		118
Greece (Hellenic Republic of) 3.375% 2/15/2025		300		321
Greece (Hellenic Republic of) 1.75% 6/18/2032		790		668
India (Republic of) 5.15% 11/9/2025	INR	8,000		92
Indonesia (Republic of), Series 78, 8.25% 5/15/2029	IDR	1,833,000		127
Indonesia (Republic of), Series 87, 6.50% 2/15/2031		1,253,000		78
Israel (State of) 2.875% 1/29/2024	EUR	200		213
Israel (State of) 1.50% 1/18/2027		100		100
Italy (Republic of) 1.35% 4/1/2030		660		581
Italy (Republic of) 2.50% 12/1/2032		650		583
Japan, Series 17, 0.10% 9/10/20234	JPY	10,900		84
Japan, Series 18, 0.10% 3/10/20244		21,660		169
Japan, Series 19, 0.10% 9/10/20244		31,620		247
Japan, Series 150, 0.005% 12/20/2026		84,950		644
Japan, Series 22, 0.10% 3/10/20274		26,454		211
Japan, Series 346, 0.10% 3/20/2027		134,150		1,018
Japan, Series 363, 0.10% 6/20/2031		56,000		412
Japan, Series 365, 0.10% 12/20/2031		317,600		2,340
Japan, Series 152, 1.20% 3/20/2035		264,400		2,109
Japan, Series 179, 0.50% 12/20/2041		71,600		476
Japan, Series 42, 1.70% 3/20/2044		50,150		408
Japan, Series 37, 0.60% 6/20/2050		26,950		162
Japan, Series 74, 1.00% 3/20/2052		178,400		1,178
Japan, Series 76, 1.40% 9/20/2052		80,350		586
KfW 1.125% 7/4/2025	GBP	95		106
Malaysia (Federation of), Series 0119, 3.906% 7/15/2026	MYR	1,380		315
Malaysia (Federation of), Series 0219, 3.885% 8/15/2029		620		140
Malaysia (Federation of), Series 0519, 3.757% 5/22/2040		270		57
Morocco (Kingdom of) 3.50% 6/19/2024	EUR	100		107
Morocco (Kingdom of) 1.50% 11/27/2031		100		79
Netherlands (Kingdom of the) 5.50% 1/15/2028		100		121
Nova Scotia (Province of) 3.15% 12/1/2051	CAD	170		101
Peru (Republic of) 2.392% 1/23/2026	USD	90		83
Philippines (Republic of) 0.001% 4/12/2024	JPY	100,000		753

164      American Funds Insurance Series

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Philippines (Republic of) 0.25% 4/28/2025	EUR	100	$	99
Philippines (Republic of) 1.648% 6/10/2031	USD	200		160
Poland (Republic of), Series 1029, 2.75% 10/25/2029	PLN	410		74
Portuguese Republic 0.475% 10/18/2030	EUR	230		199
Romania 2.125% 3/7/2028		130		117
Romania 3.624% 5/26/2030		392		344
Romania 2.00% 1/28/2032		100		72
Romania 2.00% 4/14/2033		200		138
Romania 3.375% 2/8/2038		80		58
Romania 4.625% 4/3/2049		39		30
Romania 3.375% 1/28/2050		73		45
Russian Federation 7.00% 8/16/20235,6	RUB	16,600		77
Russian Federation 2.875% 12/4/20255	EUR	200		90
Russian Federation 4.25% 6/23/20275	USD	200		86
Russian Federation 4.375% 3/21/20295		200		82
Russian Federation 6.90% 5/23/20295	RUB	28,250		123
Russian Federation 7.65% 4/10/20305		38,320		166
Russian Federation 5.90% 3/12/20315		5,620		24
Russian Federation 6.90% 7/23/20315		18,200		79
Russian Federation 8.50% 9/17/20315		5,530		24
Russian Federation 7.70% 3/23/20335		23,030		100
Russian Federation 7.25% 5/10/20345		8,140		35
Serbia (Republic of) 3.125% 5/15/2027	EUR	385		356
Serbia (Republic of) 2.05% 9/23/2036		185		112
South Africa (Republic of), Series R-2030, 8.00% 1/31/2030	ZAR	3,000		157
Spain (Kingdom of) 0% 1/31/2027	EUR	335		317
Spain (Kingdom of) 0.80% 7/30/2027		490		474
Spain (Kingdom of) 0.50% 10/31/2031		395		329
Spain (Kingdom of) 0.70% 4/30/2032		830		693
Tunisia (Republic of) 6.75% 10/31/2023		260		235
Tunisia (Republic of) 6.75% 10/31/2023		150		135
Ukraine 6.876% 5/21/20313,5	USD	250		48
Ukraine 6.876% 5/21/20315		200		38
United Kingdom 2.75% 9/7/2024	GBP	50		60
United Kingdom 1.25% 7/22/2027		410		447
United Kingdom 0.375% 10/22/2030		490		463
United Kingdom 0.25% 7/31/2031		160		145
United Kingdom 1.00% 1/31/2032		1,490		1,427
United Kingdom 4.25% 6/7/2032		1,165		1,474
United Kingdom 3.25% 1/22/2044		174		187
United Kingdom 1.25% 7/31/2051		413		270
United Mexican States, Series M, 5.75% 3/5/2026	MXN	18,200		846
United Mexican States, Series M, 7.50% 6/3/2027		1,950		94
United Mexican States, Series M, 7.75% 5/29/2031		5,000		238
United Mexican States, Series M, 8.00% 11/7/2047		5,120		235
United Mexican States, Series M, 8.00% 7/31/2053		18,880		864
				48,783
U.S. Treasury bonds & notes 12.04%
U.S. Treasury 11.52%
U.S. Treasury 2.50% 3/31/2023	USD	1,182		1,177
U.S. Treasury 2.75% 4/30/2023		1,485		1,477
U.S. Treasury 1.50% 2/29/2024		5,058		4,876
U.S. Treasury 2.50% 4/30/2024		995		967
U.S. Treasury 3.25% 8/31/2024		706		691
U.S. Treasury 1.50% 10/31/2024		1,300		1,232
U.S. Treasury 1.00% 12/15/2024		620		580
U.S. Treasury 1.75% 3/15/2025		98		93
U.S. Treasury 3.00% 7/15/2025		1,016		984

American Funds Insurance Series      165

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 3.125% 8/15/2025	USD	18	$	17
U.S. Treasury 0.25% 8/31/2025		833		749
U.S. Treasury 4.50% 11/15/2025		178		179
U.S. Treasury 0.375% 11/30/2025		50		45
U.S. Treasury 0.50% 2/28/2026		500		446
U.S. Treasury 0.75% 3/31/2026		2,075		1,861
U.S. Treasury 0.875% 6/30/2026		74		66
U.S. Treasury 2.25% 2/15/2027		298		277
U.S. Treasury 1.875% 2/28/2027		6,696		6,133
U.S. Treasury 2.50% 3/31/2027		1,025		962
U.S. Treasury 2.75% 4/30/2027		6,460		6,125
U.S. Treasury 2.75% 7/31/2027		46		43
U.S. Treasury 3.125% 8/31/2027		2,160		2,078
U.S. Treasury 4.125% 9/30/2027		268		269
U.S. Treasury 4.125% 10/31/2027		357		358
U.S. Treasury 2.875% 5/15/2028		1,275		1,204
U.S. Treasury 2.875% 8/15/2028		557		525
U.S. Treasury 0.625% 5/15/2030		823		652
U.S. Treasury 0.625% 8/15/2030		650		512
U.S. Treasury 1.625% 5/15/2031		375		316
U.S. Treasury 1.25% 8/15/2031		395		321
U.S. Treasury 1.375% 11/15/2031		834		680
U.S. Treasury 1.875% 2/15/2032		779		661
U.S. Treasury 2.875% 5/15/2032		640		590
U.S. Treasury 2.75% 8/15/2032		1,279		1,164
U.S. Treasury 4.125% 11/15/2032		195		199
U.S. Treasury 1.875% 2/15/20417		920		652
U.S. Treasury 2.25% 5/15/20417		525		395
U.S. Treasury 2.875% 11/15/2046		400		322
U.S. Treasury 1.25% 5/15/2050		140		76
U.S. Treasury 2.375% 5/15/2051		490		353
U.S. Treasury 2.00% 8/15/2051		560		369
U.S. Treasury 1.875% 11/15/20517		686		437
U.S. Treasury 2.25% 2/15/20527		765		535
U.S. Treasury 2.875% 5/15/2052		273		220
U.S. Treasury 3.00% 8/15/2052		510		423
U.S. Treasury 4.00% 11/15/2052		70		70
				42,361
U.S. Treasury inflation-protected securities 0.52%
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20244		829		803
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20244		575		555
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20274		367		346
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20494		249		208
				1,912
Total U.S. Treasury bonds & notes				44,273
Corporate bonds, notes & loans 5.64%
Financials 1.80%
ACE INA Holdings, Inc. 3.35% 5/3/2026		10		10
ACE INA Holdings, Inc. 4.35% 11/3/2045		20		17
AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Annual Swap + 1.10% on 9/9/2028)8	EUR	200		167
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)3,8	USD	200		204
Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)8	EUR	100		106
Banco de Sabadell, SA 2.625% 3/24/2026
(5-year EUR Mid-Swap + 2.20% on 3/24/2025)8		100		101
Bank of America Corp. 0.976% 4/22/2025 (USD-SOFR + 0.69% on 4/22/2024)8	USD	200		188
Bank of America Corp. 1.319% 6/19/2026 (USD-SOFR + 1.15% on 6/19/2025)8		500		451
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)8		160		140

166      American Funds Insurance Series

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Bank of America Corp. 3.419% 12/20/2028
(3-month USD-LIBOR + 1.04% on 12/20/2027)8	USD	236	$	214
Bank of America Corp. 2.496% 2/13/2031
(3-month USD-LIBOR + 0.99% on 2/13/2030)8		20		16
Barclays Bank PLC 5.304% 8/9/2026
(1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)8		475		472
Citigroup, Inc. 0.981% 5/1/2025 (USD-SOFR + 0.669% on 5/1/2024)8		103		96
Citigroup, Inc. 3.106% 4/8/2026 (USD-SOFR + 2.842% on 3/8/2026)8		175		166
Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)8		310		269
Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)8		110		99
Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)8		29		27
Commonwealth Bank of Australia 2.688% 3/11/20313		225		174
Corebridge Financial, Inc. 3.90% 4/5/20323		59		52
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)8		160		136
Deutsche Bank AG 4.00% 6/24/2032
(3-month EUR-EURIBOR + 3.30% on 6/24/2027)8	EUR	100		95
Goldman Sachs Group, Inc. 1.00% 3/18/20339		210		162
Goldman Sachs Group, Inc. 4.017% 10/31/2038
(3-month USD-LIBOR + 1.373% on 10/31/2037)8	USD	78		64
Groupe BPCE SA 5.70% 10/22/20233		200		199
Groupe BPCE SA 1.00% 4/1/2025	EUR	100		101
HSBC Holdings PLC 4.292% 9/12/2026
(3-month USD-LIBOR + 1.348% on 9/12/2025)8	USD	200		191
JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)8		186		164
JPMorgan Chase & Co. 4.493% 3/24/2031 (USD-SOFR + 3.79% on 3/24/2030)8		160		150
Morgan Stanley 3.125% 7/27/2026		110		103
Morgan Stanley 0.985% 12/10/2026 (USD-SOFR + 0.72% on 12/10/2025)8		200		175
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)8		126		111
Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030)8		72		60
Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)8	EUR	510		485
New York Life Insurance Company 3.75% 5/15/20503	USD	23		18
Nordea Bank AB 3.60% 6/6/20253		200		193
Royal Bank of Canada 1.20% 4/27/2026		175		156
UBS Group AG 4.49% 8/5/2025
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)3,8		450		442
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)8		210		195
Wells Fargo & Company 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)8		400		354
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)8		100		85
				6,608
Utilities 0.89%
Alabama Power Co. 3.00% 3/15/2052		250		166
CMS Energy Corp. 3.00% 5/15/2026		150		140
Consumers Energy Co. 3.60% 8/15/2032		250		228
Duke Energy Carolinas, LLC 3.05% 3/15/2023		280		279
Duke Energy Progress, LLC 3.70% 9/1/2028		75		71
E.ON SE 1.625% 3/29/2031	EUR	240		216
Edison International 4.125% 3/15/2028	USD	160		149
Enel Finance International SA 1.875% 7/12/20283		200		159
Enersis Américas SA 4.00% 10/25/2026		35		33
Entergy Louisiana, LLC 4.75% 9/15/2052		100		90
Exelon Corp. 3.40% 4/15/2026		150		143
FirstEnergy Corp. 3.50% 4/1/20283		35		32
Florida Power & Light Company 2.875% 12/4/2051		120		81
Interstate Power and Light Co. 2.30% 6/1/2030		50		41
NextEra Energy Capital Holdings, Inc. 2.75% 11/1/2029		232		201
Niagara Mohawk Power Corp. 3.508% 10/1/20243		85		82
Pacific Gas and Electric Co. 2.95% 3/1/2026		25		23
Pacific Gas and Electric Co. 2.10% 8/1/2027		100		86

American Funds Insurance Series      167

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Pacific Gas and Electric Co. 3.00% 6/15/2028	USD	140	$	121
Pacific Gas and Electric Co. 4.65% 8/1/2028		114		105
Pacific Gas and Electric Co. 4.55% 7/1/2030		31		28
Pacific Gas and Electric Co. 2.50% 2/1/2031		600		467
Pacific Gas and Electric Co. 3.25% 6/1/2031		50		41
Pacific Gas and Electric Co. 3.50% 8/1/2050		137		86
Xcel Energy, Inc. 3.35% 12/1/2026		216		203
				3,271
Consumer discretionary 0.62%
Amazon.com, Inc. 2.80% 8/22/2024		45		44
Bayerische Motoren Werke AG 3.90% 4/9/20253		70		69
Bayerische Motoren Werke AG 4.15% 4/9/20303		70		67
Daimler Trucks Finance North America, LLC 3.65% 4/7/20273		150		140
General Motors Financial Co. 2.40% 4/10/2028		150		126
Hyundai Capital America 1.50% 6/15/20263		250		217
Hyundai Capital America 2.375% 10/15/20273		109		93
Hyundai Capital Services, Inc. 3.75% 3/5/20233		250		249
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20253		222		239
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20283		185		148
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20293		70		70
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20293		59		61
Stellantis Finance US, Inc. 5.625% 1/12/20283		400		397
Stellantis Finance US, Inc. 2.691% 9/15/20313		200		153
Toyota Motor Credit Corp. 3.375% 4/1/2030		33		30
Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds
(9-year EUR Mid-Swap + 3.36% on 3/28/2031)8	EUR	200		175
				2,278
Health care 0.45%
Aetna, Inc. 2.80% 6/15/2023	USD	10		10
Amgen, Inc. 1.90% 2/21/2025		40		37
Amgen, Inc. 2.20% 2/21/2027		30		27
Amgen, Inc. 4.20% 3/1/2033		280		260
AstraZeneca Finance, LLC 2.25% 5/28/2031		69		57
AstraZeneca PLC 3.50% 8/17/2023		150		149
Becton, Dickinson and Company 3.734% 12/15/2024		10		10
Becton, Dickinson and Company 3.70% 6/6/2027		43		41
Becton, Dickinson and Company 2.823% 5/20/2030		28		24
Becton, Dickinson and Company 4.298% 8/22/2032		320		300
Cigna Corp. 4.125% 11/15/2025		80		78
EMD Finance, LLC 3.25% 3/19/20253		250		240
Stryker Corp. 0.75% 3/1/2029	EUR	210		188
Takeda Pharmaceutical Company, Ltd. 2.25% 11/21/2026		100		102
UnitedHealth Group, Inc. 4.00% 5/15/2029	USD	135		129
				1,652
Communication services 0.42%
AT&T, Inc. 2.75% 6/1/2031		375		312
AT&T, Inc. 2.55% 12/1/2033		64		49
Comcast Corp. 0% 9/14/2026	EUR	100		94
Deutsche Telekom International Finance BV 9.25% 6/1/2032	US	D45		56
Netflix, Inc. 3.875% 11/15/20299	EUR	200		201
Orange SA 9.00% 3/1/20318	USD	65		80
T-Mobile US, Inc. 2.05% 2/15/2028		200		172
Verizon Communications, Inc. 0.375% 3/22/2029	EUR	140		121

168      American Funds Insurance Series

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Verizon Communications, Inc. 2.55% 3/21/2031	USD	325	$	268
Verizon Communications, Inc. 0.75% 3/22/2032	EUR	100		80
WarnerMedia Holdings, Inc. 5.05% 3/15/20423	USD	168		129
				1,562
Information technology 0.38%
Apple, Inc. 3.35% 8/8/2032		580		528
Broadcom, Inc. 4.00% 4/15/20293		21		19
Broadcom, Inc. 4.15% 11/15/2030		70		63
Broadcom, Inc. 3.419% 4/15/20333		53		43
Broadcom, Inc. 3.137% 11/15/20353		15		11
Lenovo Group, Ltd. 5.875% 4/24/2025		269		262
Mastercard, Inc. 2.00% 11/18/2031		102		82
Microsoft Corp. 2.40% 8/8/2026		187		175
Oracle Corp. 2.65% 7/15/2026		216		199
				1,382
Industrials 0.32%
Boeing Company 4.508% 5/1/2023		400		399
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051		164		111
Carrier Global Corp. 2.242% 2/15/2025		6		6
Carrier Global Corp. 2.493% 2/15/2027		7		6
CSX Corp. 3.80% 4/15/2050		6		5
CSX Corp. 2.50% 5/15/2051		75		46
Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/20343		95		92
MISC Capital Two (Labuan), Ltd. 3.75% 4/6/20273		200		181
Singapore Airlines, Ltd. 3.375% 1/19/2029		200		181
United Technologies Corp. 4.125% 11/16/2028		170		163
				1,190
Consumer staples 0.26%
Altria Group, Inc. 2.20% 6/15/2027	EUR	270		260
Anheuser-Busch InBev NV 4.00% 4/13/2028	USD	100		95
Anheuser-Busch InBev NV 4.75% 1/23/2029		220		218
British American Tobacco PLC 3.215% 9/6/2026		62		57
British American Tobacco PLC 4.70% 4/2/2027		67		64
British American Tobacco PLC 3.557% 8/15/2027		105		96
British American Tobacco PLC 3.462% 9/6/2029		75		65
Philip Morris International, Inc. 5.75% 11/17/2032		110		113
				968
Energy 0.24%
Canadian Natural Resources, Ltd. 2.95% 7/15/2030		161		136
Halliburton Company 3.80% 11/15/2025		2		2
Kinder Morgan, Inc. 4.30% 6/1/2025		165		162
Petróleos Mexicanos 6.75% 9/21/2047		107		69
Qatar Petroleum 3.125% 7/12/20413		270		208
Statoil ASA 3.70% 3/1/2024		50		49
TransCanada Corp. 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)8		288		275
				901
Real estate 0.14%
American Tower Corp. 0.875% 5/21/2029	EUR	250		214
Equinix, Inc. 2.15% 7/15/2030	USD	176		140
Essex Portfolio, LP 3.50% 4/1/2025		120		116
Essex Portfolio, LP 3.375% 4/15/2026		40		38
				508

American Funds Insurance Series      169

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)

	Principal amount			Value
	(000)			(000)
Corporate bonds, notes & loans (continued)
Materials 0.12%
Celanese US Holdings, LLC 5.337% 1/19/2029	EUR	300		$	305
Celanese US Holdings, LLC 6.379% 7/15/2032	USD	50			48
Vale Overseas, Ltd. 3.75% 7/8/2030		94			82
					435
Total corporate bonds, notes & loans					20,755
Mortgage-backed obligations 2.58%
Federal agency mortgage-backed obligations 1.56%
Fannie Mae Pool #FM7100 3.50% 6/1/205010		350			324
Fannie Mae Pool #CB2402 2.50% 12/1/205110		315			267
Fannie Mae Pool #BV9612 2.50% 4/1/205210		271			230
Fannie Mae Pool #FS2555 4.50% 7/1/205210		148			143
Fannie Mae Pool #MA4732 4.00% 9/1/205210		471			442
Fannie Mae Pool #BW3812 4.50% 9/1/205210		120			116
Fannie Mae Pool #MA4784 4.50% 10/1/205210		135			130
Fannie Mae Pool #BW7796 5.00% 10/1/205210		840			829
Fannie Mae Pool #BW1299 4.00% 11/1/205210		57			53
Fannie Mae Pool #BW1385 4.00% 12/1/205210		290			272
Freddie Mac Pool #ZJ9038 5.00% 6/1/202310		—	11		—	11
Freddie Mac Pool #QE8253 4.50% 8/1/205210		200			193
Freddie Mac Pool #SD8256 4.00% 10/1/205210		100			94
Freddie Mac Pool #SD8257 4.50% 10/1/205210		513			494
Freddie Mac Pool #QF2182 4.50% 10/1/205210		84			81
Freddie Mac Pool #QF3955 4.00% 12/1/205210		238			224
Freddie Mac Pool #SD8275 4.50% 12/1/205210		75			72
Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/203310		580			546
Government National Mortgage Assn. 3.50% 1/1/205310,12		1,350			1,241
					5,751
Other mortgage-backed securities 1.02%
Nordea Kredit 0.50% 10/1/204010	DKK	1,615			181
Nykredit Realkredit AS, Series 01E, 1.50% 10/1/203710		502			62
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/204010		7,234			809
Nykredit Realkredit AS, Series 01E, 1.50% 10/1/204010		1,281			158
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/204310		20,442			2,228
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/205010		1,365			136
Nykredit Realkredit AS, Series CCE, 1.00% 10/1/205010		590			63
Nykredit Realkredit AS, Series 01E, 1.00% 10/1/205310		862			90
Realkredit Danmark AS 1.00% 10/1/205310		194			20
					3,747
Total mortgage-backed obligations					9,498
Asset-backed obligations 0.63%
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 4.958% 12/18/202510,13	USD	203			203
CarMax Auto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 4.577% 9/15/202510,13		128			128
Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 8/15/202410		56			56
Exeter Automobile Receivables Trust, Series 2022-4A, Class A2, 3.99% 8/15/202410		66			66
Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.407% 2/15/202510,13		111			111
GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.71%) 4.536% 10/21/202410,13		110			110
GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 4.408% 9/16/202510,13		121			121
Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 4.387% 5/15/202510,13		120			120

170      American Funds Insurance Series

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)

				Principal amount		Value
				(000)		(000)
Asset-backed obligations (continued)
Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 8/15/202410					USD302	$	295
Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.68%) 4.487% 8/15/202410,13					283		283
Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 7/15/202510					193		193
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (1-month USD-SOFR + 0.57%) 4.377% 8/15/202510,13					40		40
Verizon Master Trust, Series 2022-3, Class A, 3.01% 5/20/2027 (3.76% on 11/20/2023)8,10					250		245
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/202410					155		153
Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/20253,10					181		180
							2,304
Municipals 0.04%
Ohio 0.02%
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048					100		72
Texas 0.02%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds,
Series 2020-B, 3.236% 10/1/2052					80		57
Total municipals							129
Total bonds, notes & other debt instruments (cost: $141,023,000)							125,742
	Weighted average yield at acquisition
Short-term securities 4.34%
Commercial paper 3.27%
British Columbia (Province of) 1/23/2023		3.996	%		2,560		2,553
KfW 1/27/20233		3.890			4,500		4,485
Toronto-Dominion Bank 1/27/20233		4.132			5,000		4,983
							12,021
				Shares
Money market investments 1.07%
Capital Group Central Cash Fund 4.31%2,14					39,285		3,928
Total short-term securities (cost: $15,953,000)							15,949
Total investment securities 99.35% (cost: $359,847,000)							365,361
Other assets less liabilities 0.65%							2,399
Net assets 100.00%						$	367,760

American Funds Insurance Series      171

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2022 (000)
2 Year U.S. Treasury Note Futures		Long		5		March 2023		USD1,025		$	1
5 Year Euro-Bobl Futures		Long		49		March 2023		6,071			(205	)
5 Year U.S. Treasury Note Futures		Long		95		March 2023		10,253			(8	)
10 Year Euro-Bund Futures		Long		14		March 2023		1,992			(128	)
10 Year Italy Government Bond Futures		Short		1		March 2023		(116	)		9
10 Year Japanese Government Bond Futures		Short		1		March 2023		(1,108	)		23
10 Year Australian Treasury Bond Futures		Long		4		March 2023		315			(19	)
10 Year Ultra U.S. Treasury Note Futures		Long		6		March 2023		710			(6	)
10 Year U.S. Treasury Note Futures		Short		6		March 2023		(674	)		4
10 Year UK Gilt Futures		Short		2		March 2023		(241	)		15
20 Year U.S. Treasury Bond Futures		Long		4		March 2023		501			(11	)
30 Year Euro-Buxl Futures		Long		2		March 2023		290			(54	)
30 Year Ultra U.S. Treasury Bond Futures		Short		6		March 2023		(806	)		6
										$	(373	)

Forward currency contracts

Contract amount				Counterparty	Settlement date		Unrealized appreciation (depreciation) at 12/31/2022 (000)
Currency purchased (000)		Currency sold (000)
KRW	1,761,900	USD	1,337	Citibank		1/9/2023	$63
USD	687	KRW	894,770	Bank of America		1/9/2023	(23)
EUR	2,560	DKK	19,040	Standard Chartered Bank		1/10/2023	(1)
USD	203	NZD	320	HSBC Bank		1/10/2023	(1)
SEK	1,270	USD	122	UBS AG		1/10/2023	(1)
USD	511	MYR	2,250	JPMorgan Chase		1/10/2023	(3)
USD	640	AUD	950	HSBC Bank		1/10/2023	(7)
USD	445	MXN	8,853	Goldman Sachs		1/10/2023	(8)
EUR	4,105	USD	4,324	Goldman Sachs		1/12/2023	74
CAD	1,450	USD	1,063	HSBC Bank		1/12/2023	8
USD	74	CAD	100	HSBC Bank		1/12/2023	—  11
NZD	470	USD	299	Morgan Stanley		1/12/2023	(1)
USD	1,585	EUR	1,500	BNP Paribas		1/12/2023	(21)
JPY	169,239	USD	1,256	Bank of America		1/13/2023	35
JPY	89,090	USD	656	Bank of America		1/13/2023	24
USD	278	COP	1,337,640	Citibank		1/13/2023	3
USD	563	CAD	760	Standard Chartered Bank		1/13/2023	2
USD	98	GBP	80	Morgan Stanley		1/13/2023	1
GBP	240	USD	292	Bank of New York Mellon		1/13/2023	(2)
USD	303	MXN	6,020	UBS AG		1/13/2023	(5)
JPY	466,020	USD	3,428	Standard Chartered Bank		1/20/2023	133
JPY	81,321	AUD	890	HSBC Bank		1/20/2023	15
JPY	51,480	USD	380	Standard Chartered Bank		1/20/2023	14
USD	112	CLP	100,000	Bank of America		1/23/2023	(6)
USD	564	BRL	3,025	Citibank		1/23/2023	(7)
JPY	118,440	USD	821	Standard Chartered Bank		1/27/2023	85
JPY	172,080	USD	1,271	BNP Paribas		1/27/2023	46
JPY	45,290	USD	313	UBS AG		1/27/2023	33
JPY	78,800	USD	585	Goldman Sachs		1/27/2023	18
PLN	4,260	USD	922	Citibank		2/2/2023	47

172      American Funds Insurance Series

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Forward currency contracts (continued)

Contract amount							Unrealized appreciation (depreciation) at 12/31/2022 (000)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date
USD	245	PLN	1,150	UBS AG		2/2/2023	$	(17	)
USD	420	PLN	1,940	Citibank		2/2/2023		(21	)
PLN	1,940	USD	468	BNP Paribas		2/2/2023		(26	)
KRW	405,540	USD	307	Standard Chartered Bank		2/28/2023		16
CNH	8,530	USD	1,218	Standard Chartered Bank		3/6/2023		22
JPY	76,110	USD	565	BNP Paribas		3/6/2023		20
EUR	720	USD	757	Bank of America		3/6/2023		17
KRW	347,180	USD	267	HSBC Bank		3/6/2023		10
							$	536

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay						Value at 12/31/2022 (000)			Upfront premium paid (000)		Unrealized (depreciation) appreciation at 12/31/2022 (000)
Rate	Payment frequency	Rate	Payment frequency	Expiration date		Notional amount (000)
1.2475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		8/20/2023	NZD	375	$	(6	)	$	—	$	(6	)
1.234974%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		8/20/2023		3,197		(51	)		—		(51	)
1.2375%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		8/26/2023		1,178		(20	)		—		(20	)
1.264%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		8/27/2023		2,945		(48	)		—		(48	)
1.26%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		8/30/2023		486		(8	)		—		(8	)
1.28%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		8/31/2023		486		(8	)		—		(8	)
1.30%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		9/3/2023		533		(9	)		—		(9	)
1.4975%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		9/21/2023		1,001		(17	)		—		(17	)
1.445%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		9/28/2023		1,000		(18	)		—		(18	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		9/29/2023		1,019		(19	)		—		(19	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		9/30/2023		1,023		(19	)		—		(19	)
1.5125%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		10/14/2023		904		(17	)		—		(17	)
1.53%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		10/14/2023		1,031		(20	)		—		(20	)
1.5625%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		10/15/2023		1,029		(19	)		—		(19	)
1.59%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		10/18/2023		1,029		(19	)		—		(19	)
1.62%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		10/19/2023		1,144		(21	)		—		(21	)
3.7697%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		11/6/2023		5,500		(47	)		—		(47	)
2.24%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		11/8/2023		1,463		(24	)		—		(24	)
2.2525%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		11/8/2023		1,463		(24	)		—		(24	)
2.20%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		11/9/2023		123		(2	)		—		(2	)
2.495%	Annual	SONIA	Annual		5/5/2024		GBP3,050		(77	)		—		(77	)
2.42%	Annual	SONIA	Annual		5/5/2024		6,100		(160	)		—		(160	)
2.9588%	Annual	SONIA	Annual		6/9/2024		4,180		(84	)		—		(84	)
SONIA	Annual	5.6325%	Annual		9/25/2024		7,720		(88	)		—		(88	)
6.59%	28-day	28-day MXN-TIIE	28-day		6/25/2026	MXN	2,000		(7	)		—		(7	)
6.585%	28-day	28-day MXN-TIIE	28-day		6/25/2026		2,600		(10	)		—		(10	)
6.64%	28-day	28-day MXN-TIIE	28-day		6/25/2026		3,200		(12	)		—		(12	)
6.6175%	28-day	28-day MXN-TIIE	28-day		6/25/2026		8,600		(31	)		—		(31	)
6.633%	28-day	28-day MXN-TIIE	28-day		6/25/2026		8,900		(32	)		—		(32	)
6.58%	28-day	28-day MXN-TIIE	28-day		6/25/2026		11,300		(42	)		—		(42	)
7.59%	28-day	28-day MXN-TIIE	28-day		10/29/2026		2,500		(6	)		—		(6	)
7.62%	28-day	28-day MXN-TIIE	28-day		10/29/2026		3,701		(8	)		—		(8	)
7.66%	28-day	28-day MXN-TIIE	28-day		10/29/2026		6,100		(13	)		—		(13	)

American Funds Insurance Series      173

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay						Value at 12/31/2022 (000)			Upfront premium paid (000)		Unrealized (depreciation) appreciation at 12/31/2022 (000)
Rate	Payment frequency	Rate	Payment frequency	Expiration date		Notional amount (000)
7.64%	28-day	28-day MXN-TIIE	28-day		10/29/2026	MXN	6,000	$	(13	)	$	—	$	(13	)
7.52%	28-day	28-day MXN-TIIE	28-day		10/30/2026		7,639		(18	)		—		(18	)
9.07%	28-day	28-day MXN-TIIE	28-day		4/28/2027		20,400		8			—		8
								$	(1,009	)	$	—	$	(1,009	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Financing rate received

Payment frequency

Reference index

Expiration date

Notional amount15 (000)

Value at 12/31/202216 (000)

Upfront premium paid (000)

Unrealized appreciation at 12/31/2022 (000)

1.00%

Quarterly

CDX.NA.IG.39

12/20/2027

USD2,580

$

20

$

13

$

7

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Investment funds 1.50%   Capital Group Central Corporate Bond Fund	$	—	$	5,481	$	—	$	—	$	51	$	5,532	$	50
Short-term securities 1.07%   Money market investments 1.07%
Capital Group Central Cash Fund 4.31%14		1,127		144,034		141,236		3		—		3,928		343
Total 2.57%							$	3	$	51	$	9,460	$	393

Restricted securities⁹

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

174      American Funds Insurance Series

American Funds Global Balanced Fund (continued) (formerly Global Balanced Fund)

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

²  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

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

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

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

⁶  Value determined using significant unobservable inputs.

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

⁸  Step bond; coupon rate may change at a later date.

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

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

¹¹  Amount less than one thousand.

¹²  Purchased on a TBA basis.

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

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

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

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

Key to abbreviations

ADR = American Depositary Receipts

Assn. = Association

AUD = Australian dollars

BBR = Bank Base Rate

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

CLP = Chilean pesos

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

DKK = Danish kroner

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

FRA = Forward Rate Agreement

GBP = British pounds

IDR = Indonesian rupiah

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NZD = New Zealand dollars

PLN = Polish zloty

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

RUB = Russian rubles

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

TIIE = Equilibrium Interbank Interest Rate

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series      175

The Bond Fund of America

Investment portfolio December 31, 2022

Bonds, notes & other debt instruments 95.37%

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 34.59%
Financials 9.65%
ACE INA Holdings, Inc. 3.35% 5/3/2026	USD	2,025	$	1,941
ACE INA Holdings, Inc. 4.35% 11/3/2045		2,220		1,933
AerCap Ireland Capital DAC 1.65% 10/29/2024		5,996		5,535
AerCap Ireland Capital DAC 6.50% 7/15/2025		1,798		1,824
AerCap Ireland Capital DAC 1.75% 1/30/2026		2,841		2,503
AerCap Ireland Capital DAC 2.45% 10/29/2026		10,289		9,010
AerCap Ireland Capital DAC 3.00% 10/29/2028		10,345		8,686
AerCap Ireland Capital DAC 3.30% 1/30/2032		11,338		8,891
AerCap Ireland Capital DAC 3.40% 10/29/2033		5,120		3,896
AerCap Ireland Capital DAC 3.85% 10/29/2041		1,254		891
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.15% 10/29/2023		3,130		3,013
Ally Financial, Inc. 5.125% 9/30/2024		1,500		1,486
Ally Financial, Inc. 8.00% 11/1/2031		8,075		8,418
American Express Co. 4.42% 8/3/2033 (USD-SOFR + 1.76% on 8/3/2032)1		4,501		4,265
Arthur J. Gallagher & Co. 3.50% 5/20/2051		1,073		754
Banco Santander, SA 5.147% 8/18/2025		4,000		3,960
Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)1		1,400		1,198
Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)1		1,970		1,818
Bank of America Corp. 1.658% 3/11/2027 (USD-SOFR + 0.91% on 3/11/2026)1		981		869
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)1		7,989		7,009
Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027)1		2,635		2,524
Bank of America Corp. 4.948% 7/22/2028 (USD-SOFR + 2.04% on 7/22/2027)1		11,107		10,866
Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)1		1,502		1,553
Bank of America Corp. 3.419% 12/20/2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)1		10,129		9,189
Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028)1		2,773		2,338
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)1		21,177		16,224
Bank of America Corp. 2.687% 4/22/2032 (USD-SOFR + 1.32% on 4/22/2031)1		8,343		6,698
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)1		36,155		27,930
Bank of America Corp. 2.572% 10/20/2032 (USD-SOFR + 1.21% on 10/20/2031)1		2,613		2,053
Bank of America Corp. 2.972% 2/4/2033 (USD-SOFR + 1.33% on 2/4/2032)1		4,089		3,305
Bank of America Corp. 4.571% 4/27/2033 (USD-SOFR + 1.83% on 4/27/2032)1		10,180		9,340
Bank of America Corp. 5.015% 7/22/2033 (USD-SOFR + 2.16% on 7/22/2032)1		7,947		7,568
Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)1,2		4,850		4,814
Barclays Bank PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)1		4,525		4,496
BNP Paribas SA 1.323% 1/13/2027 (USD-SOFR + 1.004% on 1/13/2026)1,2		7,581		6,634
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)1,2		13,134		11,569
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)1,2		3,594		2,936
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)1,2		4,177		3,276
Canadian Imperial Bank of Commerce (CIBC) 3.60% 4/7/2032		1,303		1,152
Capital One Financial Corp. 1.343% 12/6/2024 (USD-SOFR + 0.69% on 12/6/2023)1		4,525		4,334
Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025)1		2,430		2,382
Capital One Financial Corp. 4.927% 5/10/2028 (USD-SOFR + 2.057% on 5/10/2027)1		4,650		4,509
China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031		1,126		880
CIT Group, Inc. 3.929% 6/19/2024 (USD-SOFR + 3.827% on 6/19/2023)1		5,410		5,364
Citigroup, Inc. 4.60% 3/9/2026		1,800		1,770
Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)1		8,740		7,591
Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)1		5,520		4,984
Citigroup, Inc. 4.658% 5/24/2028 (USD-SOFR + 1.887% on 5/24/2027)1		3,386		3,282
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)1		1,030		834
Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032)1		5,350		4,590
Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)1		1,718		1,614
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)1		2,781		2,878
Corebridge Financial, Inc. 3.50% 4/4/20252		1,439		1,381
Corebridge Financial, Inc. 3.65% 4/5/20272		4,493		4,195
Corebridge Financial, Inc. 3.85% 4/5/20292		5,794		5,289
Corebridge Financial, Inc. 3.90% 4/5/20322		5,959		5,221
Corebridge Financial, Inc. 4.35% 4/5/20422		361		298

176      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Corebridge Financial, Inc. 4.40% 4/5/20522	USD	1,352	$	1,078
Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)1,2		4,450		4,060
Crédit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026)1,2		2,450		2,145
Credit Suisse Group AG 3.80% 6/9/2023		15,327		14,927
Credit Suisse Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)1,2		850		752
Credit Suisse Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)1,2		7,609		6,505
Credit Suisse Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)1,2		11,200		8,973
Credit Suisse Group AG 6.442% 8/11/2028 (USD-SOFR + 3.70% on 8/11/2027)1,2		1,265		1,154
Credit Suisse Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)1,2		5,476		4,262
Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)1,2		7,369		5,106
Credit Suisse Group AG 6.537% 8/12/2033 (USD-SOFR + 3.92% on 8/12/2032)1,2		576		507
Credit Suisse Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)1,2		6,658		6,835
Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026)1,2		2,990		2,565
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)1,2		2,975		2,740
Deutsche Bank AG 3.95% 2/27/2023		6,350		6,328
Deutsche Bank AG 0.898% 5/28/2024		2,500		2,339
Deutsche Bank AG 3.70% 5/30/2024		5,150		5,007
Deutsche Bank AG 2.222% 9/18/2024 (USD-SOFR + 2.159% on 9/18/2023)1		10,475		10,120
Deutsche Bank AG 3.961% 11/26/2025 (USD-SOFR + 2.581% on 11/26/2024)1		3,673		3,512
Deutsche Bank AG 4.10% 1/13/2026		7,305		7,029
Deutsche Bank AG 4.10% 1/13/2026		857		824
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)1		41,608		36,749
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)1		4,315		3,664
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)1		7,258		6,179
Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)1		2,900		2,331
Discover Financial Services 6.70% 11/29/2032		1,475		1,504
DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)1,2		1,200		1,045
GE Capital Funding, LLC 4.55% 5/15/2032		973		927
Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026)1		3,030		2,660
Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)1		13,275		11,468
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)1		13,961		12,226
Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)1		1,758		1,568
Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)1		7,403		6,907
Goldman Sachs Group, Inc. 4.482% 8/23/2028 (USD-SOFR + 1.725% on 8/23/2027)1		1,534		1,473
Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)1		9,600		8,786
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)1		10,422		8,490
Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041)1		3,160		2,161
Goldman Sachs Group, Inc. 5.30% junior subordinated perpetual bonds (3-month USD-LIBOR + 3.834% on 11/10/2026)1		1,750		1,665
Groupe BPCE SA 2.75% 1/11/20232		6,875		6,871
Groupe BPCE SA 5.70% 10/22/20232		28,166		27,963
Groupe BPCE SA 5.15% 7/21/20242		5,481		5,369
Groupe BPCE SA 1.625% 1/14/20252		2,980		2,776
Groupe BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)1,2		6,350		5,649
Groupe BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)1,2		6,195		5,908
HSBC Holdings PLC 2.251% 11/22/2027 (USD-SOFR + 1.10% on 11/22/2026)1		5,270		4,571
HSBC Holdings PLC 4.583% 6/19/2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)1		6,410		5,913
HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)1		5,917		4,786
HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)1		5,250		4,074
HSBC Holdings PLC 5.402% 8/11/2033 (USD-SOFR + 2.87% on 8/11/2032)1		3,595		3,339
Huarong Finance 2017 Co., Ltd. 4.75% 4/27/2027		669		585
Huarong Finance 2017 Co., Ltd. 4.25% 11/7/2027		6,335		5,422
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 5.824% 2/24/20233		2,750		2,741
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 6.007% 2/24/20253		397		374
Huarong Finance II Co., Ltd. 5.50% 1/16/2025		6,669		6,328

American Funds Insurance Series      177

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Huarong Finance II Co., Ltd. 5.00% 11/19/2025	USD	480	$	444
Huarong Finance II Co., Ltd. 4.625% 6/3/2026		200		177
Huarong Finance II Co., Ltd. 4.875% 11/22/2026		2,106		1,886
Intercontinental Exchange, Inc. 4.35% 6/15/2029		8,710		8,433
Intercontinental Exchange, Inc. 4.60% 3/15/2033		4,601		4,408
Intercontinental Exchange, Inc. 4.95% 6/15/2052		5,327		4,963
Intesa Sanpaolo SpA 3.375% 1/12/20232		10,035		10,030
Intesa Sanpaolo SpA 5.017% 6/26/20242		68,143		65,545
Intesa Sanpaolo SpA 3.25% 9/23/20242		770		731
Intesa Sanpaolo SpA 5.71% 1/15/20262		15,400		14,816
Intesa Sanpaolo SpA 3.875% 7/14/20272		6,250		5,581
Intesa Sanpaolo SpA 3.875% 1/12/20282		1,986		1,753
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20322		2,060		1,714
JPMorgan Chase & Co. 0.969% 6/23/2025 (USD-SOFR + 0.58% on 6/23/2024)1		5,870		5,475
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)1		11,105		10,289
JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)1		3,620		3,518
JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)1		1,832		1,612
JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)1		5,965		5,172
JPMorgan Chase & Co. 2.947% 2/24/2028 (USD-SOFR + 1.17% on 2/24/2027)1		4,350		3,941
JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)1		12,080		11,555
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)1		8,465		8,265
JPMorgan Chase & Co. 3.509% 1/23/2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)1		9,600		8,729
JPMorgan Chase & Co. 2.069% 6/1/2029 (USD-SOFR + 1.015% on 6/1/2028)1		2,453		2,053
JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)1		11,980		11,186
JPMorgan Chase & Co. 2.522% 4/22/2031 (USD-SOFR + 2.04% on 4/22/2030)1		1,766		1,449
JPMorgan Chase & Co. 2.58% 4/22/2032 (USD-SOFR + 1.25% on 4/22/2031)1		4,802		3,858
JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031)1		5,313		4,213
JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)1		553		452
JPMorgan Chase & Co. 4.586% 4/26/2033 (USD-SOFR + 1.80% on 4/26/2032)1		1,907		1,771
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)1		5,475		5,229
Kasikornbank PCL HK 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)1		2,415		2,128
Keb Hana Bank 3.25% 3/30/20272		1,315		1,227
Lloyds Banking Group PLC 2.438% 2/5/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)1		2,675		2,493
Marsh & McLennan Companies, Inc. 2.375% 12/15/2031		367		297
Marsh & McLennan Companies, Inc. 2.90% 12/15/2051		505		326
MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 (3-month USD-LIBOR + 3.96% on 12/1/2037)1,2		1,405		1,521
MetLife, Inc. 3.60% 11/13/2025		3,490		3,395
MetLife, Inc. 5.00% 7/15/2052		165		158
Mitsubishi UFJ Financial Group, Inc. 0.962% 10/11/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.45% on 10/11/2024)1		2,960		2,724
Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)1		6,200		5,383
Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026)1		2,225		1,930
Mitsubishi UFJ Financial Group, Inc. 2.341% 1/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)1		2,970		2,618
Mitsubishi UFJ Financial Group, Inc. 4.08% 4/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)1		2,945		2,781
Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032)1		1,197		1,146
Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)1		4,615		4,026
Mizuho Financial Group, Inc. 5.669% 9/13/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.40% on 9/13/2032)1		2,390		2,379
Morgan Stanley 0.791% 1/22/2025 (USD-SOFR + 0.509% on 1/22/2024)1		3,065		2,901
Morgan Stanley 2.72% 7/22/2025 (USD-SOFR + 1.152% on 7/22/2024)1		2,300		2,200

178      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)1	USD	10,488	$	9,114
Morgan Stanley 4.21% 4/20/2028 (USD-SOFR + 1.61% on 4/20/2027)1		3,671		3,497
Morgan Stanley 6.296% 10/18/2028 (USD-SOFR + 2.44% on 10/18/2027)1		2,007		2,075
Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)1		26,412		20,326
Morgan Stanley 2.511% 10/20/2032 (USD-SOFR + 1.20% on 10/20/2031)1		2,813		2,209
Morgan Stanley 2.943% 1/21/2033 (USD-SOFR + 1.29% on 1/21/2032)1		6,616		5,369
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)1		3,375		3,181
Morgan Stanley 6.342% 10/18/2033 (USD-SOFR + 2.565% on 10/18/2032)1		3,810		4,004
Morgan Stanley 5.297% 4/20/2037 (USD-SOFR + 2.62% on 4/20/2032)1		2,286		2,096
MSCI, Inc. 3.25% 8/15/20332		2,750		2,128
Navient Corp. 6.75% 6/25/2025		425		409
OneMain Holdings, Inc. 7.125% 3/15/2026		250		238
Rede D’Or Finance SARL 4.50% 1/22/20302		1,572		1,355
Santander Holdings USA, Inc. 3.50% 6/7/2024		8,325		8,092
Santander Holdings USA, Inc. 2.49% 1/6/20281		3,625		3,115
State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032)1		1,640		1,520
Sumitomo Mitsui Banking Corp. 2.174% 1/14/2027		1,100		977
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)1		1,530		971
Synchrony Financial 4.375% 3/19/2024		3,640		3,576
Toronto-Dominion Bank 1.95% 1/12/2027		1,060		946
Travelers Companies, Inc. 2.55% 4/27/2050		768		478
U.S. Bancorp 4.548% 7/22/2028 (USD-SOFR + 1.66% on 7/27/2027)1		2,440		2,387
UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)1,2		4,000		3,446
UniCredit SpA 4.625% 4/12/20272		1,395		1,307
UniCredit SpA 5.861% 6/19/2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)1,2		16,130		14,182
Vigorous Champion International, Ltd. 4.25% 5/28/2029		462		415
Wells Fargo & Company 2.406% 10/30/2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)1		20,480		19,382
Wells Fargo & Company 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)1		3,524		3,428
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)1		9,236		8,569
Wells Fargo & Company 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)1		7,450		7,289
Wells Fargo & Company 3.35% 3/2/2033 (USD-SOFR + 1.50% on 3/2/2032)1		7,665		6,478
Wells Fargo & Company 4.897% 7/25/2033 (USD-SOFR + 4.897% on 7/25/2032)1		3,675		3,500
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)1		20,666		17,607
Willis North America, Inc. 4.65% 6/15/2027		1,290		1,248
				986,796
Utilities 4.42%
AEP Texas, Inc. 3.45% 5/15/2051		1,475		1,048
Alabama Power Co. 3.00% 3/15/2052		3,697		2,458
Alfa Desarrollo SpA 4.55% 9/27/20512		1,001		763
Ameren Corp. 4.50% 3/15/2049		2,875		2,634
Baltimore Gas & Electric 4.55% 6/1/2052		525		467
Berkshire Hathaway Energy Company 4.50% 2/1/2045		5,895		5,161
Comisión Federal de Electricidad 4.688% 5/15/20292		3,655		3,249
Comisión Federal de Electricidad 3.875% 7/26/20332		1,340		1,019
Connecticut Light and Power Co. 2.05% 7/1/2031		1,775		1,430
Consumers Energy Co. 4.05% 5/15/2048		1,413		1,173
Consumers Energy Co. 3.75% 2/15/2050		5,625		4,416
Consumers Energy Co. 3.10% 8/15/2050		4,123		2,883
Consumers Energy Co. 3.50% 8/1/2051		235		178
Duke Energy Corp. 3.75% 4/15/2024		3,826		3,760
Duke Energy Corp. 4.50% 8/15/2032		7,811		7,340
Duke Energy Corp. 3.50% 6/15/2051		1,139		796
Duke Energy Florida, LLC 3.40% 10/1/2046		5,669		4,098
Duke Energy Florida, LLC 3.00% 12/15/2051		711		480
Duke Energy Florida, LLC 5.95% 11/15/2052		575		616

American Funds Insurance Series      179

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Duke Energy Progress, LLC 3.70% 9/1/2028	USD	3,750	$	3,530
Duke Energy Progress, LLC 2.00% 8/15/2031		1,775		1,407
Duke Energy Progress, LLC 2.50% 8/15/2050		644		389
Edison International 3.55% 11/15/2024		6,850		6,618
Edison International 4.95% 4/15/2025		175		172
Edison International 5.75% 6/15/2027		3,181		3,196
Edison International 4.125% 3/15/2028		3,644		3,387
Edison International 6.95% 11/15/2029		2,525		2,643
Electricité de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028)1	EUR	2,800		2,346
Emera US Finance, LP 0.833% 6/15/2024	USD	600		560
Emera US Finance, LP 2.639% 6/15/2031		4,400		3,456
Enel Società per Azioni 8.75% 9/24/2073
(USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)1,2		1,000		1,003
ENN Clean Energy International Investment, Ltd. 3.375% 5/12/20262		1,310		1,143
Entergy Louisiana, LLC 4.20% 9/1/2048		6,325		5,207
Entergy Louisiana, LLC 4.75% 9/15/2052		1,525		1,377
Eversource Energy 3.80% 12/1/2023		5,000		4,945
FirstEnergy Corp. 1.60% 1/15/2026		20,066		17,774
FirstEnergy Corp. 3.50% 4/1/20282		2,400		2,191
FirstEnergy Corp. 4.10% 5/15/20282		425		401
FirstEnergy Corp. 2.65% 3/1/2030		12,524		10,234
FirstEnergy Corp. 2.25% 9/1/2030		13,707		10,904
FirstEnergy Corp., Series B, 4.40% 7/15/2027 (4.15% on 1/15/2023)1		12,178		11,355
FirstEnergy Transmission, LLC 2.866% 9/15/20282		4,000		3,498
Florida Power & Light Company 2.45% 2/3/2032		4,890		4,087
Florida Power & Light Company 2.875% 12/4/2051		9,334		6,305
Georgia Power Co. 3.70% 1/30/2050		275		206
Interchile SA 4.50% 6/30/20562		465		385
Israel Electric Corp., Ltd. 4.25% 8/14/20282		10,190		9,649
Israel Electric Corp., Ltd. 3.75% 2/22/20322		340		299
ITC Holdings Corp. 3.35% 11/15/2027		1,118		1,031
Jersey Central Power & Light Co. 2.75% 3/1/20322		525		425
Mississippi Power Co. 4.25% 3/15/2042		5,020		4,093
Monongahela Power Co. 3.55% 5/15/20272		1,700		1,600
NextEra Energy Capital Holdings, Inc. 1.875% 1/15/2027		2,772		2,457
Northern States Power Co. 4.50% 6/1/2052		3,328		3,035
Oncor Electric Delivery Company, LLC 4.15% 6/1/20322		1,035		980
Oncor Electric Delivery Company, LLC 4.55% 9/15/20322		975		958
Pacific Gas and Electric Co. 3.25% 6/15/2023		5,615		5,554
Pacific Gas and Electric Co. 3.40% 8/15/2024		2,000		1,920
Pacific Gas and Electric Co. 3.15% 1/1/2026		27,543		25,623
Pacific Gas and Electric Co. 2.95% 3/1/2026		10,850		9,956
Pacific Gas and Electric Co. 3.30% 3/15/2027		5,850		5,212
Pacific Gas and Electric Co. 3.30% 12/1/2027		12,289		10,865
Pacific Gas and Electric Co. 3.75% 7/1/2028		13,075		11,621
Pacific Gas and Electric Co. 4.65% 8/1/2028		7,900		7,278
Pacific Gas and Electric Co. 4.55% 7/1/2030		35,299		32,078
Pacific Gas and Electric Co. 2.50% 2/1/2031		19,695		15,326
Pacific Gas and Electric Co. 3.25% 6/1/2031		1,300		1,060
Pacific Gas and Electric Co. 3.30% 8/1/2040		8,898		6,055
Pacific Gas and Electric Co. 3.75% 8/15/2042		9,466		6,383
Pacific Gas and Electric Co. 4.75% 2/15/2044		336		258
Pacific Gas and Electric Co. 3.50% 8/1/2050		6,836		4,272
Public Service Electric and Gas Co. 3.20% 5/15/2029		6,000		5,456
Public Service Electric and Gas Co. 1.90% 8/15/2031		775		618
Public Service Electric and Gas Co. 3.10% 3/15/2032		7,500		6,577
Puget Energy, Inc. 3.65% 5/15/2025		300		286
Southern California Edison Co. 4.20% 3/1/2029		11,000		10,485
Southern California Edison Co. 2.85% 8/1/2029		8,200		7,144
Southern California Edison Co. 2.50% 6/1/2031		5,149		4,256

180      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Southern California Edison Co. 5.95% 11/1/2032	USD	1,100	$	1,166
Southern California Edison Co. 5.75% 4/1/2035		4,549		4,546
Southern California Edison Co. 5.35% 7/15/2035		6,450		6,267
Southern California Edison Co. 5.625% 2/1/2036		7,051		6,888
Southern California Edison Co. 5.55% 1/15/2037		3,844		3,774
Southern California Edison Co. 5.95% 2/1/2038		5,121		5,188
Southern California Edison Co. 4.00% 4/1/2047		9,402		7,391
Southern California Edison Co. 4.125% 3/1/2048		5,765		4,628
Southern California Edison Co. 4.875% 3/1/2049		555		491
Southern California Edison Co. 3.65% 2/1/2050		8,086		5,943
Southern California Edison Co., Series C, 3.60% 2/1/2045		2,717		1,960
Southwestern Electric Power Co. 1.65% 3/15/2026		3,550		3,179
Southwestern Electric Power Co. 3.25% 11/1/2051		2,270		1,502
Union Electric Co. 2.15% 3/15/2032		3,175		2,518
Virginia Electric and Power Co. 2.30% 11/15/2031		2,425		1,958
Virginia Electric and Power Co. 2.40% 3/30/2032		5,345		4,333
WEC Energy Group, Inc. 2.20% 12/15/2028		1,575		1,336
Wisconsin Electric Power Co. 2.85% 12/1/2051		375		241
Wisconsin Power and Light Co. 1.95% 9/16/2031		525		413
Wisconsin Power and Light Co. 3.65% 4/1/2050		1,075		793
Xcel Energy, Inc. 3.30% 6/1/2025		5,650		5,428
Xcel Energy, Inc. 1.75% 3/15/2027		5,660		4,966
Xcel Energy, Inc. 2.60% 12/1/2029		2,925		2,504
Xcel Energy, Inc. 2.35% 11/15/2031		9,059		7,263
Xcel Energy, Inc. 4.60% 6/1/2032		11,675		11,185
				451,359
Consumer discretionary 4.21%
Allied Universal Holdco, LLC 4.625% 6/1/20282		335		277
Amazon.com, Inc. 3.30% 4/13/2027		1,760		1,673
Amazon.com, Inc. 1.65% 5/12/2028		3,860		3,321
Amazon.com, Inc. 3.45% 4/13/2029		1,305		1,222
Amazon.com, Inc. 3.60% 4/13/2032		6,830		6,271
Amazon.com, Inc. 2.875% 5/12/2041		650		488
Amazon.com, Inc. 3.10% 5/12/2051		9,380		6,727
Amazon.com, Inc. 3.95% 4/13/2052		1,635		1,362
Amazon.com, Inc. 3.25% 5/12/2061		4,100		2,828
Amazon.com, Inc. 4.10% 4/13/2062		470		391
Atlas LuxCo 4 SARL 4.625% 6/1/20282		255		207
Bath & Body Works, Inc. 6.875% 11/1/2035		740		659
Bayerische Motoren Werke AG 1.25% 8/12/20262		100		88
Bayerische Motoren Werke AG 3.45% 4/1/20272		1,075		1,016
Bayerische Motoren Werke AG 1.95% 8/12/20312		620		486
Bayerische Motoren Werke AG 3.70% 4/1/20322		1,350		1,210
Daimler Trucks Finance North America, LLC 1.125% 12/14/20232		3,015		2,898
Daimler Trucks Finance North America, LLC 1.625% 12/13/20242		4,950		4,597
Daimler Trucks Finance North America, LLC 3.50% 4/7/20252		1,750		1,680
Daimler Trucks Finance North America, LLC 3.65% 4/7/20272		4,140		3,875
Daimler Trucks Finance North America, LLC 2.375% 12/14/20282		3,975		3,348
Daimler Trucks Finance North America, LLC 2.50% 12/14/20312		9,625		7,486
DaimlerChrysler North America Holding Corp. 3.35% 2/22/20232		2,000		1,993
DaimlerChrysler North America Holding Corp. 1.75% 3/10/20232		8,000		7,953
Ford Motor Co. 2.90% 2/10/2029		1,065		852
Ford Motor Credit Company, LLC 5.125% 6/16/2025		3,870		3,729
Ford Motor Credit Company, LLC 4.271% 1/9/2027		18,542		16,803
Ford Motor Credit Company, LLC 4.125% 8/17/2027		39,080		35,066
Ford Motor Credit Company, LLC 3.815% 11/2/2027		3,790		3,337
Ford Motor Credit Company, LLC 7.35% 11/4/2027		6,289		6,460
Ford Motor Credit Company, LLC 5.113% 5/3/2029		4,205		3,817
General Motors Company 4.35% 4/9/2025		11,358		11,059

American Funds Insurance Series      181

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
General Motors Company 6.125% 10/1/2025	USD	23,743	$	24,188
General Motors Company 5.40% 10/15/2029		781		747
General Motors Company 5.40% 4/1/2048		7,200		5,915
General Motors Financial Co. 3.25% 1/5/2023		964		964
General Motors Financial Co. 1.05% 3/8/2024		4,200		3,990
General Motors Financial Co. 1.50% 6/10/2026		6,712		5,837
General Motors Financial Co. 2.35% 2/26/2027		9,771		8,547
General Motors Financial Co. 2.40% 4/10/2028		13,909		11,722
General Motors Financial Co. 2.40% 10/15/2028		464		386
General Motors Financial Co. 3.60% 6/21/2030		465		392
General Motors Financial Co. 2.35% 1/8/2031		6,075		4,594
General Motors Financial Co. 2.70% 6/10/2031		5,495		4,223
Grand Canyon University 4.125% 10/1/2024		4,190		3,941
Home Depot, Inc. 2.95% 6/15/2029		6,081		5,515
Home Depot, Inc. 4.50% 12/6/2048		1,915		1,747
Hyundai Capital America 2.375% 2/10/20232		9,977		9,955
Hyundai Capital America 1.25% 9/18/20232		3,150		3,054
Hyundai Capital America 0.875% 6/14/20242		380		355
Hyundai Capital America 3.40% 6/20/20242		8,180		7,899
Hyundai Capital America 1.00% 9/17/20242		2,750		2,543
Hyundai Capital America 2.65% 2/10/20252		12,372		11,645
Hyundai Capital America 1.80% 10/15/20252		13,274		11,952
Hyundai Capital America 1.30% 1/8/20262		6,000		5,254
Hyundai Capital America 1.50% 6/15/20262		7,475		6,485
Hyundai Capital America 1.65% 9/17/20262		7,275		6,403
Hyundai Capital America 3.00% 2/10/20272		9,000		8,090
Hyundai Capital America 2.375% 10/15/20272		7,543		6,465
Hyundai Capital America 1.80% 1/10/20282		5,965		4,901
Hyundai Capital America 2.00% 6/15/20282		5,775		4,714
Hyundai Capital America 2.10% 9/15/20282		3,010		2,476
Hyundai Capital Services, Inc. 1.25% 2/8/20262		3,695		3,213
KIA Corp. 2.375% 2/14/20252		1,580		1,467
Marriott International, Inc. 5.75% 5/1/2025		330		333
Marriott International, Inc. 3.125% 6/15/2026		410		384
Marriott International, Inc. 5.00% 10/15/2027		4,470		4,418
Marriott International, Inc. 2.75% 10/15/2033		2,226		1,705
McDonald’s Corp. 2.125% 3/1/2030		2,482		2,082
McDonald’s Corp. 4.60% 9/9/2032		1,765		1,731
McDonald’s Corp. 4.45% 3/1/2047		3,535		3,082
McDonald’s Corp. 3.625% 9/1/2049		2,938		2,224
McDonald’s Corp. 5.15% 9/9/2052		730		704
Meituan Dianping 3.05% 10/28/20302		3,200		2,471
Nissan Motor Co., Ltd. 3.043% 9/15/20232		240		235
Nissan Motor Co., Ltd. 3.522% 9/17/20252		800		744
Nissan Motor Co., Ltd. 2.00% 3/9/20262		12,000		10,333
Nissan Motor Co., Ltd. 2.75% 3/9/20282		11,200		9,089
Nissan Motor Co., Ltd. 4.81% 9/17/20302		16,083		13,685
Sands China, Ltd. 2.80% 3/8/20271		2,368		2,031
Starbucks Corp. 3.75% 12/1/2047		3,785		2,891
Stellantis Finance US, Inc. 1.711% 1/29/20272		6,921		5,948
Stellantis Finance US, Inc. 5.625% 1/12/20282		825		818
Stellantis Finance US, Inc. 2.691% 9/15/20312		6,554		5,016
Stellantis Finance US, Inc. 6.375% 9/12/20322		12,065		11,946
Toyota Motor Credit Corp. 3.375% 4/1/2030		4,954		4,505
Volkswagen Group of America Finance, LLC 4.25% 11/13/20232		15,000		14,858
Volkswagen Group of America Finance, LLC 2.85% 9/26/20242		546		523
Volkswagen Group of America Finance, LLC 3.35% 5/13/20252		2,636		2,520

182      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Volkswagen Group of America Finance, LLC 1.625% 11/24/20272	USD	2,550	$	2,139
Wyndham Destinations, Inc. 6.625% 7/31/20262		675		662
Wynn Resorts Finance, LLC 5.125% 10/1/20292		410		352
				430,187
Health care 3.84%
AbbVie, Inc. 3.20% 11/21/2029		8,482		7,666
AbbVie, Inc. 4.25% 11/21/2049		8		7
Amgen, Inc. 3.00% 2/22/2029		325		288
Amgen, Inc. 4.05% 8/18/2029		8,400		7,869
Amgen, Inc. 2.45% 2/21/2030		5,131		4,329
Amgen, Inc. 4.20% 3/1/2033		9,522		8,839
Amgen, Inc. 4.875% 3/1/2053		4,975		4,440
Amgen, Inc. 4.40% 2/22/2062		196		156
Anthem, Inc. 2.375% 1/15/2025		1,534		1,457
Anthem, Inc. 4.10% 5/15/2032		8,711		8,128
Anthem, Inc. 4.55% 5/15/2052		1,721		1,504
AstraZeneca Finance, LLC 1.75% 5/28/2028		1,429		1,229
AstraZeneca Finance, LLC 2.25% 5/28/2031		2,087		1,741
AstraZeneca PLC 4.00% 1/17/2029		5,920		5,694
Bausch Health Companies, Inc. 4.875% 6/1/20282		830		529
Baxter International, Inc. 2.539% 2/1/2032		3,906		3,113
Bayer US Finance II, LLC 4.25% 12/15/20252		17,570		17,043
Becton, Dickinson and Company 4.298% 8/22/2032		545		512
Centene Corp. 4.25% 12/15/2027		14,860		13,969
Centene Corp. 2.45% 7/15/2028		12,410		10,499
Centene Corp. 4.625% 12/15/2029		14,945		13,691
Centene Corp. 3.375% 2/15/2030		15,718		13,323
Centene Corp. 2.50% 3/1/2031		8,550		6,707
Centene Corp. 2.625% 8/1/2031		2,510		1,977
Danaher Corp. 2.80% 12/10/2051		1,090		725
Eli Lilly and Company 3.375% 3/15/2029		1,255		1,177
GE Healthcare Holding, LLC 5.65% 11/15/20272		4,895		4,961
GE Healthcare Holding, LLC 5.857% 3/15/20302		1,145		1,175
GE Healthcare Holding, LLC 5.905% 11/22/20322		8,640		8,980
GE Healthcare Holding, LLC 6.377% 11/22/20522		375		401
Gilead Sciences, Inc. 1.65% 10/1/2030		1,570		1,249
HCA, Inc. 3.125% 3/15/20272		755		688
HCA, Inc. 2.375% 7/15/2031		2,318		1,810
HCA, Inc. 3.625% 3/15/20322		5,000		4,244
HCA, Inc. 4.625% 3/15/20522		390		305
Johnson & Johnson 0.95% 9/1/2027		12,753		11,001
Johnson & Johnson 2.10% 9/1/2040		825		571
Johnson & Johnson 2.25% 9/1/2050		1,933		1,205
Laboratory Corporation of America Holdings 1.55% 6/1/2026		1,058		938
Laboratory Corporation of America Holdings 4.70% 2/1/2045		4,160		3,584
Merck & Co., Inc. 1.70% 6/10/2027		3,093		2,747
Merck & Co., Inc. 2.75% 12/10/2051		808		544
Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030		1,918		1,486
Roche Holdings, Inc. 1.93% 12/13/20282		7,845		6,720
Roche Holdings, Inc. 2.076% 12/13/20312		12,562		10,254
Roche Holdings, Inc. 2.607% 12/13/20512		645		421
Shire PLC 3.20% 9/23/2026		13,588		12,762
Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025		45,000		44,821
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026		68,853		60,352
Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028		26,824		26,215
Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046		46,666		28,634
UnitedHealth Group, Inc. 3.75% 7/15/2025		5,410		5,294
UnitedHealth Group, Inc. 3.70% 5/15/2027		1,184		1,147
UnitedHealth Group, Inc. 4.00% 5/15/2029		2,231		2,136

American Funds Insurance Series      183

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Corporate bonds, notes & loans (continued)
Health care (continued)
UnitedHealth Group, Inc. 2.00% 5/15/2030	USD	855	$	707
UnitedHealth Group, Inc. 4.20% 5/15/2032		3,169		3,018
UnitedHealth Group, Inc. 3.05% 5/15/2041		1,300		982
UnitedHealth Group, Inc. 4.25% 6/15/2048		960		834
UnitedHealth Group, Inc. 3.25% 5/15/2051		927		668
UnitedHealth Group, Inc. 4.75% 5/15/2052		1,400		1,300
UnitedHealth Group, Inc. 4.95% 5/15/2062		294		277
UnitedHealth Group, Inc. 6.05% 2/15/2063		230		251
Zoetis, Inc. 5.60% 11/16/2032		2,850		2,964
				392,258
Communication services 3.31%
AT&T, Inc. 1.70% 3/25/2026		19,000		17,145
AT&T, Inc. 1.65% 2/1/2028		4,700		3,977
AT&T, Inc. 4.30% 2/15/2030		15,940		15,047
AT&T, Inc. 2.55% 12/1/2033		15,003		11,574
AT&T, Inc. 3.50% 9/15/2053		19,935		13,545
CCO Holdings, LLC 4.75% 2/1/20322		1,265		1,028
CCO Holdings, LLC 4.25% 1/15/20342		3,875		2,867
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 5/1/20272		4,800		4,484
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.25% 1/15/2029		1,351		1,090
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031		8,212		6,412
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.40% 4/1/2033		2,642		2,268
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.75% 4/1/2048		5,000		4,114
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.25% 4/1/2053		1,240		962
CenturyLink, Inc. 4.00% 2/15/20272		10,381		8,821
Comcast Corp. 3.15% 2/15/2028		7,200		6,660
Comcast Corp. 4.00% 3/1/2048		5,000		4,033
Meta Platforms, Inc. 4.45% 8/15/2052		3,775		3,019
Netflix, Inc. 4.875% 4/15/2028		23,259		22,511
Netflix, Inc. 5.875% 11/15/2028		29,196		29,664
Netflix, Inc. 6.375% 5/15/2029		5,078		5,235
Netflix, Inc. 5.375% 11/15/20292		15,350		14,917
Netflix, Inc. 4.875% 6/15/20302		18,215		17,018
News Corp. 5.125% 2/15/20322		1,300		1,185
SBA Tower Trust 1.631% 11/15/20262		6,741		5,735
Sirius XM Radio, Inc. 4.00% 7/15/20282		675		589
Sprint Corp. 7.625% 2/15/2025		6,665		6,895
Tencent Holdings, Ltd. 2.39% 6/3/20302		10,000		8,153
T-Mobile US, Inc. 3.50% 4/15/2025		3,275		3,152
T-Mobile US, Inc. 2.25% 2/15/2026		2,388		2,177
T-Mobile US, Inc. 2.625% 4/15/2026		9,691		8,899
T-Mobile US, Inc. 3.75% 4/15/2027		5,000		4,717
T-Mobile US, Inc. 2.625% 2/15/2029		3,117		2,643
T-Mobile US, Inc. 2.40% 3/15/2029		1,224		1,035
T-Mobile US, Inc. 3.875% 4/15/2030		4,500		4,087
T-Mobile US, Inc. 2.875% 2/15/2031		17,956		14,862
T-Mobile US, Inc. 3.00% 2/15/2041		2,100		1,490
T-Mobile US, Inc. 3.40% 10/15/2052		12,280		8,307
Verizon Communications, Inc. 4.329% 9/21/2028		1,539		1,483
Verizon Communications, Inc. 1.75% 1/20/2031		15,450		12,023
Verizon Communications, Inc. 2.55% 3/21/2031		7,535		6,215
Verizon Communications, Inc. 2.355% 3/15/2032		2,815		2,239
Verizon Communications, Inc. 3.40% 3/22/2041		2,050		1,549
Verizon Communications, Inc. 2.875% 11/20/2050		3,000		1,894
Verizon Communications, Inc. 3.55% 3/22/2051		1,975		1,416
Verizon Communications, Inc. 3.875% 3/1/2052		3,155		2,408
Vodafone Group PLC 4.25% 9/17/2050		3,050		2,340
WarnerMedia Holdings, Inc. 3.428% 3/15/20242		6,552		6,364
WarnerMedia Holdings, Inc. 3.638% 3/15/20252		3,056		2,909

184      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
WarnerMedia Holdings, Inc. 3.755% 3/15/20272	USD	9,501	$	8,569
WarnerMedia Holdings, Inc. 4.054% 3/15/20292		1,316		1,141
WarnerMedia Holdings, Inc. 4.279% 3/15/20322		4,932		4,075
WarnerMedia Holdings, Inc. 5.05% 3/15/20422		3,147		2,419
WarnerMedia Holdings, Inc. 5.141% 3/15/20522		10,630		7,769
WarnerMedia Holdings, Inc. 5.391% 3/15/20622		2,802		2,057
ZipRecruiter, Inc. 5.00% 1/15/20302		1,500		1,239
				338,426
Industrials 3.13%
ADT Security Corp. 4.125% 8/1/20292		510		434
Air Lease Corp. 0.80% 8/18/2024		3,175		2,926
Air Lease Corp. 2.875% 1/15/2026		10,172		9,423
Air Lease Corp. 2.20% 1/15/2027		4,341		3,789
Air Lease Corp. 2.10% 9/1/2028		2,450		2,000
Avolon Holdings Funding, Ltd. 3.95% 7/1/20242		12,514		11,987
Avolon Holdings Funding, Ltd. 2.125% 2/21/20262		8,333		7,181
Avolon Holdings Funding, Ltd. 4.25% 4/15/20262		3,302		2,997
Avolon Holdings Funding, Ltd. 3.25% 2/15/20272		8,000		6,857
Avolon Holdings Funding, Ltd. 2.528% 11/18/20272		2,142		1,715
BNSF Funding Trust I, junior subordinated, 6.613% 12/15/2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)1		1,680		1,590
Boeing Company 4.508% 5/1/2023		11,358		11,338
Boeing Company 1.95% 2/1/2024		5,646		5,441
Boeing Company 2.80% 3/1/2024		500		485
Boeing Company 4.875% 5/1/2025		32,512		32,292
Boeing Company 2.75% 2/1/2026		18,384		17,057
Boeing Company 2.196% 2/4/2026		18,411		16,748
Boeing Company 3.10% 5/1/2026		649		611
Boeing Company 2.70% 2/1/2027		6,473		5,852
Boeing Company 5.04% 5/1/2027		14,350		14,215
Boeing Company 3.25% 2/1/2028		11,379		10,353
Boeing Company 3.25% 3/1/2028		1,925		1,724
Boeing Company 5.15% 5/1/2030		42,874		41,935
Boeing Company 3.625% 2/1/2031		1,602		1,408
Boeing Company 3.90% 5/1/2049		1,411		997
Boeing Company 5.805% 5/1/2050		4,122		3,843
Canadian Pacific Railway, Ltd. 1.75% 12/2/2026		1,982		1,769
Canadian Pacific Railway, Ltd. 2.45% 12/2/2031		3,131		2,602
Canadian Pacific Railway, Ltd. 3.00% 12/2/2041		1,677		1,271
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051		3,111		2,106
Carrier Global Corp. 3.377% 4/5/2040		15,000		11,443
CSX Corp. 4.10% 11/15/2032		8,010		7,534
CSX Corp. 4.50% 11/15/2052		6,670		5,828
Dun & Bradstreet Corp. 5.00% 12/15/20292		2,798		2,398
Eaton Corp. 4.15% 3/15/2033		1,518		1,416
Eaton Corp. 4.70% 8/23/2052		535		487
General Dynamics Corp. 3.625% 4/1/2030		675		629
Mexico City Airport Trust 5.50% 10/31/2046		1,959		1,512
Mexico City Airport Trust 5.50% 7/31/2047		5,909		4,564
Mexico City Airport Trust 5.50% 7/31/20472		1,132		874
MISC Capital Two (Labuan), Ltd. 3.75% 4/6/20272		2,690		2,441
Norfolk Southern Corp. 4.55% 6/1/2053		1,188		1,039
Northrop Grumman Corp. 3.25% 1/15/2028		10,845		10,021
Raytheon Technologies Corp. 1.90% 9/1/2031		3,087		2,431
Raytheon Technologies Corp. 2.375% 3/15/2032		1,321		1,073
Raytheon Technologies Corp. 2.82% 9/1/2051		665		434
Raytheon Technologies Corp. 3.03% 3/15/2052		1,190		812
Republic Services, Inc. 2.375% 3/15/2033		1,635		1,309
Spirit AeroSystems, Inc. 9.375% 11/30/20292		503		530

American Funds Insurance Series      185

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Summit Digitel Infrastructure Private, Ltd. 2.875% 8/12/20312	USD	2,550	$	1,962
Triton Container International, Ltd. 1.15% 6/7/20242		1,609		1,489
Triton Container International, Ltd. 3.15% 6/15/20312		2,482		1,934
Union Pacific Corp. 2.15% 2/5/2027		2,213		2,002
Union Pacific Corp. 2.40% 2/5/2030		4,454		3,820
Union Pacific Corp. 2.375% 5/20/2031		3,938		3,326
Union Pacific Corp. 2.80% 2/14/2032		6,734		5,832
Union Pacific Corp. 3.375% 2/14/2042		530		424
Union Pacific Corp. 3.25% 2/5/2050		7,000		5,078
Union Pacific Corp. 2.95% 3/10/2052		1,405		957
United Rentals, Inc. 5.50% 5/15/2027		2,500		2,472
United Technologies Corp. 3.125% 5/4/2027		4,551		4,245
United Technologies Corp. 4.125% 11/16/2028		4,974		4,771
Waste Management, Inc. 4.15% 4/15/2032		2,155		2,057
				320,090
Energy 2.54%
Antero Resources Corp. 5.375% 3/1/20302		280		260
Apache Corp. 4.625% 11/15/2025		645		624
Apache Corp. 4.25% 1/15/2030		2,465		2,186
Apache Corp. 5.35% 7/1/2049		800		648
Baker Hughes Holdings, LLC 2.061% 12/15/2026		1,136		1,020
Canadian Natural Resources, Ltd. 2.05% 7/15/2025		754		702
Canadian Natural Resources, Ltd. 3.85% 6/1/2027		1,151		1,086
Cenovus Energy, Inc. 5.375% 7/15/2025		2,763		2,756
Cenovus Energy, Inc. 4.25% 4/15/2027		13,613		13,032
Cenovus Energy, Inc. 2.65% 1/15/2032		2,969		2,378
Cenovus Energy, Inc. 5.25% 6/15/2037		770		704
Cenovus Energy, Inc. 5.40% 6/15/2047		14,816		13,323
Cheniere Energy Partners, LP 3.25% 1/31/2032		937		746
Chevron Corp. 2.954% 5/16/2026		3,365		3,196
Chevron Corp. 3.078% 5/11/2050		692		500
Devon Energy Corp. 4.50% 1/15/2030		5,197		4,850
DT Midstream, Inc. 4.125% 6/15/20292		555		478
Ecopetrol SA 5.875% 5/28/2045		452		316
Enbridge, Inc. 4.00% 10/1/2023		1,500		1,488
Energy Transfer Partners, LP 6.25% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.028% on 2/15/2023)1		7,850		6,682
Energy Transfer Partners, LP 6.625% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.155% on 2/15/2049)1		500		373
EQT Corp. 5.70% 4/1/2028		1,223		1,218
EQT Corp. 7.25% 2/1/20301		7,500		7,791
Equinor ASA 3.625% 9/10/2028		4,928		4,673
Equinor ASA 3.125% 4/6/2030		20,000		18,004
Equinor ASA 3.25% 11/18/2049		5,687		4,159
Exxon Mobil Corp. 3.043% 3/1/2026		4,625		4,417
Exxon Mobil Corp. 2.61% 10/15/2030		1,040		911
Occidental Petroleum Corp. 8.875% 7/15/2030		630		712
Odebrecht Drilling Norbe 7.35% PIK 12/1/20262,4		40		22
Odebrecht Drilling Norbe 0% perpetual bonds2		1,150		3
Oleoducto Central SA 4.00% 7/14/20272		1,715		1,516
Oleoducto Central SA 4.00% 7/14/2027		350		309
Petróleos Mexicanos 3.50% 1/30/2023		1,500		1,496
Petróleos Mexicanos 6.875% 10/16/2025		5,000		4,903
Petróleos Mexicanos 6.875% 8/4/2026		24,876		23,550
Petróleos Mexicanos 6.49% 1/23/2027		20,653		18,867
Petróleos Mexicanos 6.50% 3/13/2027		31,829		29,102
Petróleos Mexicanos 6.50% 1/23/2029		3,139		2,694
Petróleos Mexicanos 8.75% 6/2/2029		5,805		5,451
Petróleos Mexicanos 6.70% 2/16/2032		14,854		11,693

186      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Qatar Petroleum 2.25% 7/12/20312	USD	22,020	$	18,281
Qatar Petroleum 3.125% 7/12/20412		7,310		5,644
Qatar Petroleum 3.30% 7/12/20512		2,185		1,619
SA Global Sukuk, Ltd. 1.602% 6/17/20262		7,645		6,842
Sabine Pass Liquefaction, LLC 5.75% 5/15/2024		5,148		5,152
Shell International Finance BV 3.875% 11/13/2028		9,410		9,081
Shell International Finance BV 2.75% 4/6/2030		1,186		1,043
Southwestern Energy Co. 5.95% 1/23/20251		495		487
Total Capital Canada, Ltd. 2.75% 7/15/2023		2,140		2,113
Total Capital International 3.455% 2/19/2029		885		822
TransCanada PipeLines, Ltd. 4.10% 4/15/2030		1,578		1,449
Western Midstream Operating, LP 3.35% 2/1/20251		2,782		2,637
Western Midstream Operating, LP 4.30% 2/1/20301		2,202		1,927
Western Midstream Operating, LP 5.50% 2/1/20501		3,079		2,542
Williams Partners, LP 4.50% 11/15/2023		500		497
Williams Partners, LP 4.30% 3/4/2024		595		588
				259,563
Consumer staples 1.83%
7-Eleven, Inc. 1.80% 2/10/20312		4,676		3,582
7-Eleven, Inc. 2.80% 2/10/20512		5,000		3,082
Altria Group, Inc. 4.40% 2/14/2026		4,585		4,494
Altria Group, Inc. 4.50% 5/2/2043		1,585		1,196
Altria Group, Inc. 5.95% 2/14/2049		8,434		7,539
Anheuser-Busch InBev NV 4.75% 1/23/2029		7,500		7,419
Anheuser-Busch InBev NV 5.55% 1/23/2049		5,000		4,971
Anheuser-Busch InBev NV 4.50% 6/1/2050		1,355		1,192
British American Tobacco International Finance PLC 3.95% 6/15/20252		16,879		16,226
British American Tobacco International Finance PLC 1.668% 3/25/2026		4,070		3,611
British American Tobacco PLC 3.557% 8/15/2027		9,561		8,750
British American Tobacco PLC 4.448% 3/16/2028		3,065		2,844
British American Tobacco PLC 2.259% 3/25/2028		4,348		3,616
British American Tobacco PLC 4.742% 3/16/2032		2,675		2,381
British American Tobacco PLC 4.39% 8/15/2037		1,500		1,171
British American Tobacco PLC 4.54% 8/15/2047		13,490		9,582
British American Tobacco PLC 4.758% 9/6/2049		21,450		15,620
British American Tobacco PLC 5.65% 3/16/2052		430		356
Conagra Brands, Inc. 5.30% 11/1/2038		436		412
Conagra Brands, Inc. 5.40% 11/1/2048		57		53
Constellation Brands, Inc. 3.50% 5/9/2027		7,500		7,035
Constellation Brands, Inc. 4.35% 5/9/2027		890		868
Constellation Brands, Inc. 2.875% 5/1/2030		620		529
Constellation Brands, Inc. 2.25% 8/1/2031		1,487		1,185
Constellation Brands, Inc. 4.75% 5/9/2032		2,284		2,205
Imperial Tobacco Finance PLC 6.125% 7/27/20272		1,810		1,804
JBS USA Lux SA 2.50% 1/15/20272		3,880		3,399
JBS USA Lux SA 3.00% 2/2/20292		2,709		2,248
JBS USA Lux SA 5.50% 1/15/20302		435		415
JBS USA Lux SA 3.625% 1/15/20322		1,430		1,160
JBS USA Lux SA 3.00% 5/15/20322		3,430		2,635
JBS USA Lux SA 5.75% 4/1/20332		7,368		7,046
Kraft Heinz Company 5.50% 6/1/2050		2,725		2,619
PepsiCo, Inc. 1.95% 10/21/2031		6,979		5,658
Philip Morris International, Inc. 5.00% 11/17/2025		6,555		6,592
Philip Morris International, Inc. 5.125% 11/17/2027		4,898		4,942
Philip Morris International, Inc. 5.625% 11/17/2029		4,309		4,382
Philip Morris International, Inc. 5.75% 11/17/2032		6,327		6,470
Philip Morris International, Inc. 4.125% 3/4/2043		4,117		3,270
Philip Morris International, Inc. 4.875% 11/15/2043		5,433		4,774
PT Indofood CBP Sukses Makmur Tbk 3.398% 6/9/2031		3,110		2,590

American Funds Insurance Series      187

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
PT Indofood CBP Sukses Makmur Tbk 4.745% 6/9/2051	USD	685	$	507
Reynolds American, Inc. 4.45% 6/12/2025		14,570		14,267
Reynolds American, Inc. 5.85% 8/15/2045		1,688		1,445
Wal-Mart Stores, Inc. 4.15% 9/9/2032		570		557
Wal-Mart Stores, Inc. 4.50% 9/9/2052		480		460
				187,159
Information technology 0.82%
Analog Devices, Inc. 2.80% 10/1/2041		521		383
Apple, Inc. 2.70% 8/5/2051		7,080		4,701
Apple, Inc. 3.95% 8/8/2052		1,805		1,544
Block, Inc. 2.75% 6/1/2026		1,975		1,767
Block, Inc. 3.50% 6/1/2031		825		659
Broadcom Corp. 3.875% 1/15/2027		7,027		6,657
Broadcom, Inc. 4.00% 4/15/20292		1,470		1,338
Broadcom, Inc. 4.15% 4/15/20322		2,270		1,999
Broadcom, Inc. 3.469% 4/15/20342		33,872		27,121
Broadcom, Inc. 3.137% 11/15/20352		2,149		1,587
Broadcom, Inc. 3.187% 11/15/20362		4,803		3,465
Broadcom, Inc. 4.926% 5/15/20372		4,049		3,547
Global Payments, Inc. 2.90% 11/15/2031		1,005		795
Oracle Corp. 1.65% 3/25/2026		4,867		4,363
Oracle Corp. 2.30% 3/25/2028		6,875		5,967
Oracle Corp. 2.875% 3/25/2031		3,345		2,782
Oracle Corp. 3.95% 3/25/2051		4,869		3,490
PayPal Holdings, Inc. 5.05% 6/1/2052		3,775		3,439
salesforce.com, inc. 1.95% 7/15/2031		3,775		3,019
salesforce.com, inc. 2.70% 7/15/2041		875		628
salesforce.com, inc. 2.90% 7/15/2051		5,140		3,393
salesforce.com, inc. 3.05% 7/15/2061		265		170
VeriSign, Inc. 2.70% 6/15/2031		1,494		1,220
				84,034
Real estate 0.70%
American Tower Corp. 1.45% 9/15/2026		657		574
American Tower Corp. 3.65% 3/15/2027		2,291		2,143
Corporacion Inmobiliaria Vesta, SAB de CV, 3.625% 5/13/20312		395		318
Corporate Office Properties, LP 2.00% 1/15/2029		1,139		876
Corporate Office Properties, LP 2.75% 4/15/2031		1,547		1,161
Corporate Office Properties, LP 2.90% 12/1/2033		564		402
Equinix, Inc. 2.90% 11/18/2026		3,287		3,009
Equinix, Inc. 3.20% 11/18/2029		3,846		3,356
Equinix, Inc. 2.50% 5/15/2031		7,760		6,254
Equinix, Inc. 3.90% 4/15/2032		1,155		1,029
Equinix, Inc. 3.40% 2/15/2052		1,201		823
Extra Space Storage, Inc. 2.35% 3/15/2032		698		530
FibraSOMA 4.375% 7/22/20312		1,475		1,105
Hospitality Properties Trust 4.50% 3/15/2025		855		739
Hospitality Properties Trust 3.95% 1/15/2028		1,710		1,217
Howard Hughes Corp. 4.375% 2/1/20312		675		547
Invitation Homes Operating Partnership, LP 2.30% 11/15/2028		767		636
Invitation Homes Operating Partnership, LP 2.00% 8/15/2031		2,048		1,518
Invitation Homes Operating Partnership, LP 2.70% 1/15/2034		660		483
Iron Mountain, Inc. 4.875% 9/15/20272		1,605		1,479
Iron Mountain, Inc. 5.25% 3/15/20282		3,500		3,226
Iron Mountain, Inc. 5.25% 7/15/20302		675		588
Omega Healthcare Investors, Inc. 4.375% 8/1/2023		186		185
Piedmont Operating Partnership, LP 4.45% 3/15/2024		1,000		983
Public Storage 1.95% 11/9/2028		993		849
Public Storage 2.30% 5/1/2031		3,195		2,601

188      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Scentre Group 3.50% 2/12/20252	USD	4,565	$	4,372
Sun Communities Operating, LP 2.30% 11/1/2028		1,026		856
Sun Communities Operating, LP 2.70% 7/15/2031		3,877		3,070
VICI Properties, LP 4.375% 5/15/2025		670		652
VICI Properties, LP 4.75% 2/15/2028		6,844		6,505
VICI Properties, LP 4.95% 2/15/2030		5,515		5,257
VICI Properties, LP 4.125% 8/15/20302		425		373
VICI Properties, LP 5.125% 5/15/2032		11,766		10,917
VICI Properties, LP 5.625% 5/15/2052		2,695		2,388
				71,021
Materials 0.13%
Air Products and Chemicals, Inc. 2.70% 5/15/2040		2,911		2,178
Celanese US Holdings, LLC 6.05% 3/15/2025		195		194
Celanese US Holdings, LLC 6.165% 7/15/2027		2,875		2,840
Celanese US Holdings, LLC 6.33% 7/15/2029		775		755
Celanese US Holdings, LLC 6.379% 7/15/2032		2,055		1,960
Glencore Funding, LLC 2.625% 9/23/20312		790		631
Glencore Funding, LLC 3.375% 9/23/20512		370		242
International Flavors & Fragrances, Inc. 2.30% 11/1/20302		3,536		2,813
Methanex Corp. 5.125% 10/15/2027		510		474
Nova Chemicals Corp. 4.25% 5/15/20292		425		348
South32 Treasury, Ltd. 4.35% 4/14/20322		1,384		1,188
				13,623
Municipals 0.01%
Aeropuerto International de Tocume SA 4.00% 8/11/20412		730		603
Aeropuerto International de Tocume SA 5.125% 8/11/20612		565		464
				1,067
Total corporate bonds, notes & loans				3,535,583
U.S. Treasury bonds & notes 27.43%
U.S. Treasury 14.76%
U.S. Treasury 0.125% 5/31/2023		39,035		38,325
U.S. Treasury 2.25% 12/31/2023		24,768		24,174
U.S. Treasury 1.50% 2/29/2024		9,807		9,455
U.S. Treasury 2.50% 4/30/2024		22,390		21,755
U.S. Treasury 0.375% 9/15/2024		15,740		14,672
U.S. Treasury 4.50% 11/30/2024		38,095		38,103
U.S. Treasury 3.00% 7/15/2025		97,643		94,593
U.S. Treasury 4.00% 12/15/2025		67,475		67,053
U.S. Treasury 0.375% 12/31/2025		44,080		39,409
U.S. Treasury 0.375% 1/31/2026		40,000		35,602
U.S. Treasury 0.75% 5/31/2026		20,625		18,401
U.S. Treasury 0.75% 8/31/2026		26,766		23,705
U.S. Treasury 1.375% 8/31/2026		45,000		40,809
U.S. Treasury 0.50% 4/30/2027		45,625		39,295
U.S. Treasury 2.75% 4/30/2027		11,500		10,903
U.S. Treasury 2.25% 11/15/20275		105,830		97,546
U.S. Treasury 6.125% 11/15/2027		24,000		26,188
U.S. Treasury 3.875% 11/30/2027		46,272		46,021
U.S. Treasury 1.25% 5/31/2028		21,480		18,605
U.S. Treasury 3.875% 11/30/2029		149		148
U.S. Treasury 3.875% 12/31/2029		5,750		5,710
U.S. Treasury 1.625% 5/15/2031		1,630		1,372
U.S. Treasury 4.125% 11/15/2032		15,000		15,299
U.S. Treasury 4.25% 5/15/2039		106,700		110,123
U.S. Treasury 1.125% 5/15/2040		124,213		77,947
U.S. Treasury 1.375% 11/15/2040		40,000		26,058
U.S. Treasury 1.875% 2/15/2041		46,900		33,221

American Funds Insurance Series      189

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 2.00% 11/15/2041	USD	247		$	177
U.S. Treasury 2.375% 2/15/2042		3,271			2,500
U.S. Treasury 4.00% 11/15/2042		766			751
U.S. Treasury 3.00% 2/15/2049		123,340			102,162
U.S. Treasury 1.25% 5/15/2050		21,285			11,514
U.S. Treasury 2.00% 8/15/2051		1,587			1,044
U.S. Treasury 1.875% 11/15/2051		4,670			2,974
U.S. Treasury 3.00% 8/15/20525		493,436			409,137
U.S. Treasury 4.00% 11/15/2052		3,800			3,820
					1,508,571
U.S. Treasury inflation-protected securities 12.67%
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20236		206,245			205,862
U.S. Treasury Inflation-Protected Security 0.625% 4/15/20236		85,927			85,102
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20236		6,574			6,498
U.S. Treasury Inflation-Protected Security 0.625% 1/15/20246		255,440			250,190
U.S. Treasury Inflation-Protected Security 0.50% 4/15/20246		29,208			28,425
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20246		250,395			242,546
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20246		57,910			55,812
U.S. Treasury Inflation-Protected Security 0.25% 1/15/20256		26,921			25,840
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20256		28,626			27,283
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20256		71,002			68,225
U.S. Treasury Inflation-Protected Security 0.625% 1/15/20266		3,300			3,168
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20266		13,368			12,538
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20276		66,635			62,091
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20276		85,852			80,941
U.S. Treasury Inflation-Protected Security 1.625% 10/15/20276		21,184			21,157
U.S. Treasury Inflation-Protected Security 0.50% 1/15/20285,6		90,600			85,240
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20316		20,209			17,930
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20316		13,385			11,811
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20516		6,118			3,947
					1,294,606
Total U.S. Treasury bonds & notes					2,803,177
Mortgage-backed obligations 25.81%
Federal agency mortgage-backed obligations 23.23%
Fannie Mae Pool #254764 5.50% 6/1/20237		—	8		—	8
Fannie Mae Pool #AB1068 4.50% 5/1/20257		37			37
Fannie Mae Pool #256133 4.50% 1/1/20267		32			31
Fannie Mae Pool #AR3058 3.00% 1/1/20287		75			72
Fannie Mae Pool #AS8018 3.00% 9/1/20317		44			42
Fannie Mae Pool #BM4741 3.00% 4/1/20327		28			27
Fannie Mae Pool #913966 6.00% 2/1/20377		34			36
Fannie Mae Pool #945680 6.00% 9/1/20377		426			444
Fannie Mae Pool #924866 2.765% 10/1/20373,7		419			410
Fannie Mae Pool #988588 5.50% 8/1/20387		185			192
Fannie Mae Pool #889982 5.50% 11/1/20387		919			953
Fannie Mae Pool #AB1297 5.00% 8/1/20407		191			194
Fannie Mae Pool #AH8144 5.00% 4/1/20417		805			810
Fannie Mae Pool #AH9479 5.00% 4/1/20417		754			764
Fannie Mae Pool #AI1862 5.00% 5/1/20417		952			963
Fannie Mae Pool #AI3510 5.00% 6/1/20417		524			530
Fannie Mae Pool #AJ0704 5.00% 9/1/20417		444			452
Fannie Mae Pool #AJ5391 5.00% 11/1/20417		321			325
Fannie Mae Pool #MA4501 2.00% 12/1/20417		9,994			8,437
Fannie Mae Pool #MA4540 2.00% 2/1/20427		2,628			2,218
Fannie Mae Pool #AZ3904 4.00% 5/1/20457		42			40
Fannie Mae Pool #FM9416 3.50% 7/1/20457		2,819			2,610
Fannie Mae Pool #AL8522 3.50% 5/1/20467		896			833
Fannie Mae Pool #BD1968 4.00% 7/1/20467		792			757

190      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BD5477 4.00% 7/1/20467	USD	137	$	132
Fannie Mae Pool #BE0592 4.00% 11/1/20467		313		295
Fannie Mae Pool #MA3058 4.00% 7/1/20477		42		40
Fannie Mae Pool #CA0770 3.50% 11/1/20477		4,696		4,364
Fannie Mae Pool #CA0706 4.00% 11/1/20477		91		87
Fannie Mae Pool #BM4413 4.50% 12/1/20477		2,854		2,812
Fannie Mae Pool #CA1189 3.50% 2/1/20487		1,384		1,285
Fannie Mae Pool #BJ5749 4.00% 5/1/20487		16		16
Fannie Mae Pool #BF0293 3.00% 7/1/20487		6,893		6,129
Fannie Mae Pool #BF0318 3.50% 8/1/20487		5,642		5,198
Fannie Mae Pool #FM4891 3.50% 10/1/20487		20,838		19,368
Fannie Mae Pool #BM4676 4.00% 10/1/20487		13		12
Fannie Mae Pool #FM3280 3.50% 5/1/20497		738		684
Fannie Mae Pool #CA3807 3.00% 7/1/20497		1,416		1,267
Fannie Mae Pool #CA3806 3.00% 7/1/20497		913		818
Fannie Mae Pool #FM1262 4.00% 7/1/20497		22,731		21,695
Fannie Mae Pool #FM0007 3.50% 9/1/20497		15,691		14,461
Fannie Mae Pool #FM1589 3.50% 9/1/20497		4,398		4,048
Fannie Mae Pool #FM1954 3.50% 11/1/20497		6,796		6,252
Fannie Mae Pool #CA5968 2.50% 6/1/20507		6,170		5,302
Fannie Mae Pool #FM5507 3.00% 7/1/20507		18,556		16,591
Fannie Mae Pool #CA6309 3.00% 7/1/20507		6,665		5,981
Fannie Mae Pool #BP6715 2.00% 9/1/20507		1		1
Fannie Mae Pool #CA7028 2.50% 9/1/20507		1,108		957
Fannie Mae Pool #BQ3005 2.50% 10/1/20507		1,935		1,646
Fannie Mae Pool #CA7257 2.50% 10/1/20507		314		270
Fannie Mae Pool #CA7599 2.50% 11/1/20507		7,463		6,437
Fannie Mae Pool #FM4897 3.00% 11/1/20507		18,989		17,095
Fannie Mae Pool #MA4208 2.00% 12/1/20507		12,762		10,450
Fannie Mae Pool #CA8828 2.50% 2/1/20517		6,306		5,420
Fannie Mae Pool #CB0290 2.00% 4/1/20517		21,666		17,724
Fannie Mae Pool #MA4305 2.00% 4/1/20517		33		27
Fannie Mae Pool #BR1035 2.00% 5/1/20517		20		16
Fannie Mae Pool #FM7510 3.00% 6/1/20517		242		213
Fannie Mae Pool #FM7900 2.50% 7/1/20517		533		457
Fannie Mae Pool #FM8442 2.50% 8/1/20517		9,106		7,723
Fannie Mae Pool #CB1527 2.50% 9/1/20517		1,264		1,074
Fannie Mae Pool #FS0965 2.00% 11/1/20517		156		128
Fannie Mae Pool #CB2402 2.50% 12/1/20517		4,932		4,181
Fannie Mae Pool #FM9846 2.50% 12/1/20517		569		483
Fannie Mae Pool #CB2787 3.50% 12/1/20517		27		25
Fannie Mae Pool #FS2776 2.50% 1/1/20527		3,264		2,769
Fannie Mae Pool #CB2765 2.00% 2/1/20527		6,870		5,649
Fannie Mae Pool #FS0647 3.00% 2/1/20527		41,218		36,792
Fannie Mae Pool #CB3744 2.50% 3/1/20527		1,000		848
Fannie Mae Pool #CB3170 3.00% 3/1/20527		392		345
Fannie Mae Pool #BV7773 2.50% 4/1/20527		9,356		7,942
Fannie Mae Pool #BV5370 2.50% 4/1/20527		8,486		7,196
Fannie Mae Pool #BV2994 2.50% 4/1/20527		3,401		2,887
Fannie Mae Pool #MA4578 2.50% 4/1/20527		780		662
Fannie Mae Pool #BV7521 2.50% 5/1/20527		1,000		848
Fannie Mae Pool #CB3495 3.00% 5/1/20527		1,174		1,031
Fannie Mae Pool #MA4599 3.00% 5/1/20527		500		439
Fannie Mae Pool #BV9975 2.50% 6/1/20527		3,301		2,802
Fannie Mae Pool #BV2452 3.00% 6/1/20527		739		649
Fannie Mae Pool #CB4159 4.00% 7/1/20527		1,689		1,586
Fannie Mae Pool #BW1001 4.50% 7/1/20527		675		651
Fannie Mae Pool #BV2562 4.50% 7/1/20527		522		503
Fannie Mae Pool #MA4699 3.50% 8/1/20527		900		819
Fannie Mae Pool #MA4700 4.00% 8/1/20527		2,823		2,651
Fannie Mae Pool #BV8024 4.00% 8/1/20527		2,138		2,008

American Funds Insurance Series      191

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BW9409 4.50% 8/1/20527	USD	1,998		$	1,925
Fannie Mae Pool #BW5751 4.50% 8/1/20527		1,983			1,910
Fannie Mae Pool #BW2284 4.50% 8/1/20527		1,944			1,873
Fannie Mae Pool #BW6191 4.50% 8/1/20527		999			965
Fannie Mae Pool #BW7611 4.50% 8/1/20527		974			938
Fannie Mae Pool #BW8077 4.50% 8/1/20527		90			86
Fannie Mae Pool #MA4732 4.00% 9/1/20527		9,060			8,508
Fannie Mae Pool #BW7326 4.00% 9/1/20527		1,831			1,720
Fannie Mae Pool #BW9348 4.00% 9/1/20527		1,588			1,491
Fannie Mae Pool #BW8103 4.00% 9/1/20527		1,504			1,412
Fannie Mae Pool #BV0952 4.50% 9/1/20527		4,153			4,001
Fannie Mae Pool #BW3812 4.50% 9/1/20527		3,994			3,848
Fannie Mae Pool #BW9386 4.50% 9/1/20527		2,996			2,888
Fannie Mae Pool #BV0957 4.50% 9/1/20527		2,996			2,887
Fannie Mae Pool #BW8692 4.50% 9/1/20527		999			963
Fannie Mae Pool #BW9180 4.50% 9/1/20527		420			405
Fannie Mae Pool #BW8497 4.50% 9/1/20527		65			63
Fannie Mae Pool #BW7702 4.50% 9/1/20527		42			40
Fannie Mae Pool #MA4761 5.00% 9/1/20527		36,426			35,956
Fannie Mae Pool #BW1295 3.50% 10/1/20527		574			522
Fannie Mae Pool #BW8980 4.00% 10/1/20527		5,933			5,571
Fannie Mae Pool #BW1210 4.00% 10/1/20527		4,482			4,208
Fannie Mae Pool #BW7356 4.00% 10/1/20527		3,728			3,500
Fannie Mae Pool #BX0509 4.00% 10/1/20527		1,604			1,506
Fannie Mae Pool #CB4794 4.50% 10/1/20527		15,949			15,370
Fannie Mae Pool #MA4784 4.50% 10/1/20527		10,684			10,294
Fannie Mae Pool #BW8745 4.50% 10/1/20527		4,974			4,792
Fannie Mae Pool #BX0097 4.50% 10/1/20527		2,995			2,885
Fannie Mae Pool #BW7795 4.50% 10/1/20527		496			478
Fannie Mae Pool #BW8592 4.50% 10/1/20527		149			143
Fannie Mae Pool #MA4820 6.50% 10/1/20527		294			303
Fannie Mae Pool #MA4854 2.50% 11/1/20527		902			765
Fannie Mae Pool #MA4803 3.50% 11/1/20527		7,069			6,431
Fannie Mae Pool #MA4804 4.00% 11/1/20527		9,106			8,550
Fannie Mae Pool #BW1310 4.00% 11/1/20527		1,677			1,574
Fannie Mae Pool #BX1042 4.50% 11/1/20527		548			528
Fannie Mae Pool #BX1516 4.50% 11/1/20527		542			523
Fannie Mae Pool #BX1035 4.50% 11/1/20527		308			297
Fannie Mae Pool #BX3075 4.50% 11/1/20527		291			280
Fannie Mae Pool #BX2558 4.50% 11/1/20527		62			60
Fannie Mae Pool #MA4805 4.50% 11/1/20527		36			35
Fannie Mae Pool #BW1380 4.50% 12/1/20527		13,486			12,993
Fannie Mae Pool #MA4840 4.50% 12/1/20527		4,721			4,549
Fannie Mae Pool #MA4841 5.00% 12/1/20527		4,013			3,961
Fannie Mae Pool #MA4877 6.50% 12/1/20527		58,203			59,707
Fannie Mae Pool #BX4022 6.50% 12/1/20527		200			205
Fannie Mae Pool #MA4868 5.00% 1/1/20537		8,583			8,472
Fannie Mae Pool #MA4895 6.50% 1/1/20537		4,225			4,335
Fannie Mae Pool #BF0145 3.50% 3/1/20577		11,899			10,887
Fannie Mae Pool #BF0264 3.50% 5/1/20587		9,059			8,322
Fannie Mae Pool #BF0332 3.00% 1/1/20597		19,463			17,158
Fannie Mae Pool #BF0497 3.00% 7/1/20607		22,447			19,666
Fannie Mae Pool #BF0585 4.50% 12/1/20617		1,326			1,293
Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/20253,7		—	8		—	8
Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/20417		7			7
Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/20417		17			19
Fannie Mae, Series 2002-W1, Class 2A, 4.915% 2/25/20423,7		21			21
Freddie Mac Pool #ZS8507 3.00% 11/1/20287		113			108
Freddie Mac Pool #ZK7590 3.00% 1/1/20297		2,445			2,346
Freddie Mac Pool #A15120 5.50% 10/1/20337		51			52
Freddie Mac Pool #QN1073 3.00% 12/1/20347		46			44

192      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #G05196 5.50% 10/1/20387	USD	50	$	52
Freddie Mac Pool #G05267 5.50% 12/1/20387		37		39
Freddie Mac Pool #G06020 5.50% 12/1/20397		72		75
Freddie Mac Pool #G05860 5.50% 2/1/20407		265		275
Freddie Mac Pool #A93948 4.50% 9/1/20407		157		156
Freddie Mac Pool #G06868 4.50% 4/1/20417		177		176
Freddie Mac Pool #G06841 5.50% 6/1/20417		422		439
Freddie Mac Pool #RB5138 2.00% 12/1/20417		2,632		2,222
Freddie Mac Pool #RB5145 2.00% 2/1/20427		2,569		2,169
Freddie Mac Pool #RB5148 2.00% 3/1/20427		5,501		4,643
Freddie Mac Pool #Z40130 3.00% 1/1/20467		20,778		18,802
Freddie Mac Pool #ZT2100 3.00% 4/1/20477		109		98
Freddie Mac Pool #G08789 4.00% 11/1/20477		628		603
Freddie Mac Pool #G61733 3.00% 12/1/20477		5,178		4,642
Freddie Mac Pool #G67709 3.50% 3/1/20487		13,489		12,616
Freddie Mac Pool #G61628 3.50% 9/1/20487		330		307
Freddie Mac Pool #Q58494 4.00% 9/1/20487		1,273		1,217
Freddie Mac Pool #ZN4842 3.50% 4/1/20497		751		693
Freddie Mac Pool #RA1369 3.50% 9/1/20497		1,997		1,840
Freddie Mac Pool #SD7508 3.50% 10/1/20497		10,988		10,187
Freddie Mac Pool #QA4673 3.00% 11/1/20497		29,606		26,538
Freddie Mac Pool #SD8090 2.00% 9/1/20507		1,362		1,115
Freddie Mac Pool #SD8106 2.00% 11/1/20507		2,836		2,321
Freddie Mac Pool #SD8128 2.00% 2/1/20517		115		94
Freddie Mac Pool #SD8134 2.00% 3/1/20517		191		156
Freddie Mac Pool #RA5288 2.00% 5/1/20517		2,916		2,387
Freddie Mac Pool #SD1852 2.50% 6/1/20517		13,776		11,687
Freddie Mac Pool #QC2817 2.50% 6/1/20517		2,789		2,389
Freddie Mac Pool #QC7173 2.50% 9/1/20517		3,203		2,723
Freddie Mac Pool #QD1746 2.50% 11/1/20517		3,044		2,585
Freddie Mac Pool #SD1385 2.50% 11/1/20517		1,671		1,434
Freddie Mac Pool #RA6485 3.00% 12/1/20517		35,637		31,327
Freddie Mac Pool #SD7552 2.50% 1/1/20527		11,001		9,407
Freddie Mac Pool #QD5725 2.50% 1/1/20527		2,995		2,544
Freddie Mac Pool #QD4799 2.50% 1/1/20527		1,000		848
Freddie Mac Pool #RA6608 3.00% 2/1/20527		888		780
Freddie Mac Pool #QD7089 3.50% 2/1/20527		867		790
Freddie Mac Pool #QE0327 2.50% 4/1/20527		1,000		849
Freddie Mac Pool #QE2020 2.50% 5/1/20527		7,000		5,941
Freddie Mac Pool #SD8219 2.50% 6/1/20527		73,484		62,311
Freddie Mac Pool #SD8220 3.00% 6/1/20527		3,363		2,957
Freddie Mac Pool #QE4855 3.50% 6/1/20527		68		62
Freddie Mac Pool #QE4084 6.50% 6/1/20527		333		345
Freddie Mac Pool #SD8234 2.50% 8/1/20527		5,524		4,684
Freddie Mac Pool #SD8237 4.00% 8/1/20527		2,186		2,053
Freddie Mac Pool #QE9057 4.00% 8/1/20527		1,368		1,285
Freddie Mac Pool #QE8065 4.50% 8/1/20527		4,104		3,954
Freddie Mac Pool #QE7539 4.50% 8/1/20527		2,160		2,083
Freddie Mac Pool #QE8253 4.50% 8/1/20527		1,712		1,649
Freddie Mac Pool #QE6903 4.50% 8/1/20527		248		239
Freddie Mac Pool #QE7702 4.50% 8/1/20527		35		34
Freddie Mac Pool #SD8242 3.00% 9/1/20527		73		64
Freddie Mac Pool #QE9625 4.00% 9/1/20527		1,763		1,655
Freddie Mac Pool #SD8244 4.00% 9/1/20527		1,457		1,368
Freddie Mac Pool #QE9919 4.50% 9/1/20527		23,534		22,676
Freddie Mac Pool #QF0313 4.50% 9/1/20527		9,988		9,636
Freddie Mac Pool #QF0660 4.50% 9/1/20527		2,996		2,889
Freddie Mac Pool #QE9813 4.50% 9/1/20527		406		392
Freddie Mac Pool #QF0820 4.50% 9/1/20527		366		353
Freddie Mac Pool #RA7930 4.50% 9/1/20527		306		295
Freddie Mac Pool #QF1205 4.50% 9/1/20527		298		287

American Funds Insurance Series      193

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #QF0311 5.00% 9/1/20527		USD17,998	$	17,766
Freddie Mac Pool #QF2029 3.00% 10/1/20527		696		612
Freddie Mac Pool #QF1464 4.00% 10/1/20527		1,691		1,588
Freddie Mac Pool #QF2379 4.50% 10/1/20527		4,994		4,816
Freddie Mac Pool #QF1254 4.50% 10/1/20527		3,226		3,108
Freddie Mac Pool #QF1849 4.50% 10/1/20527		2,140		2,062
Freddie Mac Pool #QF2136 4.50% 10/1/20527		1,908		1,838
Freddie Mac Pool #QF0819 4.50% 10/1/20527		863		833
Freddie Mac Pool #QF2380 4.50% 10/1/20527		632		611
Freddie Mac Pool #QF2845 4.50% 10/1/20527		537		518
Freddie Mac Pool #QF2182 4.50% 10/1/20527		303		292
Freddie Mac Pool #QF0866 4.50% 10/1/20527		126		121
Freddie Mac Pool #SD8263 3.00% 11/1/20527		14,713		12,932
Freddie Mac Pool #SD8264 3.50% 11/1/20527		4,331		3,940
Freddie Mac Pool #QF3144 3.50% 11/1/20527		673		614
Freddie Mac Pool #SD1896 4.00% 11/1/20527		20,313		19,355
Freddie Mac Pool #SD1894 4.00% 11/1/20527		7,177		6,853
Freddie Mac Pool #QF3364 4.00% 11/1/20527		2,753		2,585
Freddie Mac Pool #QF2936 4.50% 11/1/20527		2,907		2,801
Freddie Mac Pool #QF2846 4.50% 11/1/20527		998		961
Freddie Mac Pool #QF3276 5.50% 11/1/20527		703		707
Freddie Mac Pool #QF2862 6.50% 11/1/20527		100		103
Freddie Mac Pool #SD8280 6.50% 11/1/20527		53		54
Freddie Mac Pool #QF3956 4.50% 12/1/20527		18,992		18,299
Freddie Mac Pool #SD8275 4.50% 12/1/20527		2,480		2,390
Freddie Mac Pool #SD8276 5.00% 12/1/20527		32,354		31,937
Freddie Mac Pool #QF4754 5.00% 12/1/20527		3,000		2,961
Freddie Mac Pool #QF4185 6.50% 12/1/20527		668		685
Freddie Mac Pool #SD8284 3.00% 1/1/20537		4,597		4,040
Freddie Mac Pool #SD8288 5.00% 1/1/20537		1,671		1,649
Freddie Mac Pool #SD8282 6.50% 1/1/20537		59,134		60,661
Freddie Mac, Series 3061, Class PN, 5.50% 11/15/20357		58		58
Freddie Mac, Series 3318, Class JT, 5.50% 5/15/20377		125		126
Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/20367		121		100
Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/20367		118		99
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20577		8,360		7,937
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20587		1,930		1,821
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20327		10,720		10,343
Government National Mortgage Assn. 2.00% 1/1/20537,9		14,785		12,394
Government National Mortgage Assn. 3.00% 1/1/20537,9		9,533		8,491
Government National Mortgage Assn. 3.50% 1/1/20537,9		33,185		30,495
Government National Mortgage Assn. 4.00% 1/1/20537,9		33,300		31,515
Government National Mortgage Assn. 5.00% 1/1/20537,9		75,701		75,023
Government National Mortgage Assn. 5.50% 1/1/20537,9		4,775		4,803
Government National Mortgage Assn. 5.50% 2/1/20537,9		51,027		51,288
Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/20497		12,379		11,844
Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/20497		35		35
Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/20497		5,200		5,081
Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/20507		11,395		10,581
Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/20527		10,072		9,541
Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/20527		18,573		17,594
Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/20527		62,302		60,506
Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/20527		485		471
Uniform Mortgage-Backed Security 2.50% 1/1/20387,9		7,545		6,905
Uniform Mortgage-Backed Security 2.00% 1/1/20537,9		210,537		171,362
Uniform Mortgage-Backed Security 2.50% 1/1/20537,9		62,762		53,158
Uniform Mortgage-Backed Security 3.00% 1/1/20537,9		11,245		9,871
Uniform Mortgage-Backed Security 4.00% 1/1/20537,9		2,735		2,565

194      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Uniform Mortgage-Backed Security 4.50% 1/1/20537,9		USD5,931	$	5,709
Uniform Mortgage-Backed Security 5.00% 1/1/20537,9		42,025		41,417
Uniform Mortgage-Backed Security 5.50% 1/1/20537,9		212,640		213,231
Uniform Mortgage-Backed Security 6.00% 1/1/20537,9		10,275		10,430
Uniform Mortgage-Backed Security 3.50% 2/1/20537,9		10,960		9,965
Uniform Mortgage-Backed Security 4.00% 2/1/20537,9		76,136		71,431
Uniform Mortgage-Backed Security 5.00% 2/1/20537,9		13,100		12,908
Uniform Mortgage-Backed Security 6.00% 2/1/20537,9		112,000		113,591
Uniform Mortgage-Backed Security 6.50% 2/1/20537,9		215,026		219,946
				2,374,821
Commercial mortgage-backed securities 1.51%
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/20527		770		722
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/20527		100		92
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2/15/20617		205		191
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/20617		127		117
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 5/15/20613,7		2,444		2,335
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/20617		1,018		900
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/20637		295		247
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/20527		2,541		2,427
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/20533,7		781		757
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/20392,3,7		8,575		8,420
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 6.234% 4/15/20372,3,7		3,822		3,739
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/20272,3,7		8,476		8,431
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 5.018% 9/15/20362,3,7		14,727		14,207
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 5.268% 9/15/20362,3,7		570		539
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/20362,3,7		5,292		5,043
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 5.615% 10/15/20362,3,7		995		936
BX Trust, Series 2021-ARIA Class C, (1-month USD-LIBOR + 1.646%) 5.964% 10/15/20362,3,7		996		931
BX Trust, Series 2021-RISE, Class A, (1-month USD-LIBOR + 0.74%) 5.065% 11/15/20362,3,7		12,622		12,131
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 5.827% 4/15/20372,3,7		5,441		5,335
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 4.988% 6/15/20382,3,7		3,741		3,608
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 5.188% 6/15/20382,3,7		433		413
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 5.418% 6/15/20382,3,7		293		278
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 5.718% 6/15/20382,3,7		740		699
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 5.168% 11/15/20382,3,7		9,979		9,616
BX Trust, Series 2021-ACNT, Class B, (1-month USD-LIBOR + 1.25%) 5.568% 11/15/20382,3,7		339		325
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 5.818% 11/15/20382,3,7		100		95
BX Trust, Series 2021-ACNT, Class D, (1-month USD-LIBOR + 1.85%) 6.168% 11/15/20382,3,7		151		143
BX Trust, Series 2022-GPA, Class A, (1-month USD CME Term SOFR + 2.165%) 6.501% 10/15/20392,3,7		3,198		3,185

American Funds Insurance Series      195

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/20497		USD610	$	574
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 4/10/20477		350		339
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.231% 6/15/20577		1,137		1,080
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/20497		200		182
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 5.398% 7/15/20382,3,7		2,811		2,735
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 5.698% 7/15/20382,3,7		641		618
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 6.018% 7/15/20382,3,7		875		841
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 6.568% 7/15/20382,3,7		670		643
Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A, 3.144% 12/10/20362,7		304		284
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/20402,7		1,897		1,458
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD-LIBOR + 1.034%) 5.352% 12/15/20362,3,7		3,894		3,786
GS Mortgage Securities Trust, Series 2022-SHIP, Class A, (1-month USD CME Term SOFR + 0.731%) 5.067% 8/15/20242,3,7		1,317		1,300
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/20507		400		369
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/20527		100		93
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/20537		1,536		1,271
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, (1-month USD CME Term SOFR + 2.245%) 6.581% 10/15/20392,3,7		3,391		3,398
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2/15/20477		3,280		3,206
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/20507		640		599
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/20507		240		221
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/20392,7		7,867		6,739
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/20493,7		2,040		1,906
La Quinta Mortgage Trust, Series 2022-LAQ, Class A, (1-month USD CME Term SOFR + 1.724%) 6.059% 3/15/20392,3,7		848		831
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/20382,3,7		1,576		1,510
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 5.119% 4/15/20262,3,7		154		150
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/20477		5,446		5,277
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/20487		410		389
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/20497		245		230
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/20487		730		670
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/20412,7		4,065		3,253
SREIT Trust, Series 2021-FLWR, Class A, (1-month USD-LIBOR + 0.577%) 4.894% 7/15/20362,3,7		9,351		8,989
SREIT Trust, Series 2021-FLWR, Class B, (1-month USD-LIBOR + 0.926%) 5.244% 7/15/20362,3,7		1,000		954
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 5.049% 11/15/20382,3,7		8,739		8,418
SREIT Trust, Series 2021-MFP, Class B, (1-month USD-LIBOR + 1.079%) 5.398% 11/15/20382,3,7		263		251
SREIT Trust, Series 2021-MFP, Class C, (1-month USD-LIBOR + 1.329%) 5.647% 11/15/20382,3,7		141		134

196      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 9/15/20487		USD2,373	$	2,267
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/20497		2,550		2,406
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/20527		1,019		892
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/20607		205		192
				154,317
Collateralized mortgage-backed obligations (privately originated) 1.07%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20482,3,7		2,864		2,263
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/20552,7		131		119
Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)1,2,7		6,000		5,521
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 5.989% 7/25/20292,3,7		414		414
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/20592,3,7		923		830
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/20592,3,7		586		556
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/20612,7		4,867		4,221
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/20302,3,7		425		413
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20312,3,7		3,032		2,858
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20362,3,7		1,700		1,616
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20612,3,7		6,893		6,513
Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/20602,3,7		204		186
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/20662,3,7		1,660		1,406
Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1, (30-day Average USD-SOFR + 2.75%) 6.678% 5/25/20422,3,7		326		330
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/20372,7		1,575		1,409
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/20602,3,7		1,611		1,384
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/20692,7		2,051		2,196
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/20692,7		2,604		2,677
Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 7/25/20512,3,7		2,073		1,674
Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 8/25/20512,3,7		1,937		1,562
Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/20512,3,7		2,038		1,646
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/20512,3,7		3,206		2,589
Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/20512,3,7		2,222		1,794
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (1-month USD-LIBOR + 4.70%) 9.089% 4/25/20283,7		1,497		1,548
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 5.928% 4/25/20422,3,7		1,537		1,531
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 6.128% 5/25/20422,3,7		73		73
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 6.878% 6/25/20422,3,7		278		281
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 6.078% 9/25/20422,3,7		611		612
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 7.628% 9/25/20422,3,7		1,519		1,552
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 6.239% 2/25/20502,3,7		3,005		3,000
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 10.389% 8/25/20502,3,7		949		1,011
GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/20662,3,7		3,494		2,935
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/20262,7		5,380		4,654
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 7/25/20512,3,7		882		712
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)1,2,7		3,534		3,273

American Funds Insurance Series      197

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount			Value
	(000)			(000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/20612,3,7	USD	858		$	780
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)1,2,7		2,644			2,380
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/20552,3,7		16,160			15,635
MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/20602,3,7		3,088			2,720
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/20562,3,7		3,558			2,965
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/20392,7		1,132			1,028
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A,
1.259% 11/25/20312,3,7		3,346			3,155
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20602,7		10,737			9,539
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/20332,10		1,680			1,486
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/20382,7		5,033			4,381
					109,428
Total mortgage-backed obligations					2,638,566
Asset-backed obligations 4.52%
Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 8/17/20262,7		701			665
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/20262,7		672			643
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/20272,7		765			744
AGL CLO, Ltd., Series 2022-18A, Class A1,
(3-month USD CME Term SOFR + 1.32%) 5.308% 4/21/20312,3,7		—	8		—	8
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 6/15/20262,7		1,178			1,169
American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.40% 6/15/20262,7		2,500			2,429
American Credit Acceptance Receivables Trust, Series 2022-3, Class B, 4.55% 10/13/20262,7		360			353
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 3/15/20272,7		1,055			1,038
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 3/15/20272,7		806			760
American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/20362,7		1,136			1,097
American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/20522,7		2,781			2,631
American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/20522,7		396			376
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 1/19/20277		997			935
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/20277		1,109			1,009
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/20277		2,613			2,319
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/20252,7		2,755			2,710
Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-2A, Class A, 3.35% 9/22/20252,7		2,210			2,137
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/20262,7		7,689			7,124
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20272,7		2,427			2,203
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/20272,7		623			560
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class C, 4.25% 2/20/20272,7		1,279			1,144
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/20272,7		3,445			3,005
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/20272,7		531			449
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/20272,7		193			161
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/20302,3,7		575			568

198      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/20342,7	USD	180	$	170
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/20342,7		269		227
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/20462,7		3,951		3,250
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/20462,7		497		375
CarMax Auto Owner Trust, Series 2019-2, Class C, 3.16% 2/18/20257		400		396
CarMax Auto Owner Trust, Series 2021-1, Class C, 0.94% 12/15/20267		210		190
CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28% 7/15/20277		206		184
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/20287		538		514
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20372,7		15,953		13,578
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/20372,7		6,185		5,238
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/20372,7		671		544
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/20412,7		802		702
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20602,7		18,679		16,693
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20602,7		1,950		1,613
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/20602,7		3,395		2,969
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/20602,7		368		291
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20612,7		6,053		5,242
CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/20612,7		1,917		1,602
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/20622,7		15,132		14,821
CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 8/15/20622,7		6,637		6,257
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/20452,7		2,298		1,978
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/20452,7		4,800		4,174
CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/20462,7		436		363
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 3/17/20252,7		249		248
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 6/16/20252,7		405		404
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/20262,7		1,883		1,849
CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 9/15/20262,7		514		507
CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 12/15/20262,7		590		559
CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88% 8/15/20282,7		2,111		2,033
CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/20282,7		2,797		2,658
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 7/15/20257		86		86
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 10/15/20267		3,890		3,844
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 6/15/20277		5,369		5,249
Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 1/16/20297		4,053		3,800
DriveTime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 2/18/20252,7		2,320		2,309
DriveTime Auto Owner Trust, Series 2019-3, Class D, 2.96% 4/15/20252,7		1,473		1,454
DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/20262,7		817		791
DriveTime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 10/15/20262,7		825		792
DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/20262,7		449		414
DriveTime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 1/15/20272,7		1,179		1,156
DriveTime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2/16/20272,7		1,231		1,170
DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/20272,7		832		764
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/20452,7		428		362
Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/20292,7		897		851
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/20292,7		1,380		1,350
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 3/17/20252,7		3,251		3,218
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 7/15/20257		401		397
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 8/15/20252,7		3,405		3,352
Exeter Automobile Receivables Trust, Series 2021-2, Class B, 0.57% 9/15/20257		721		716
Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 11/17/20257		1,162		1,150
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/20257		587		588
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 12/15/20252,7		893		875
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/20267		1,807		1,737
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 7/15/20267		1,012		975
Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65% 10/15/20267		3,047		2,976
Exeter Automobile Receivables Trust, Series 2022-4A, Class B, 4.57% 1/15/20277		568		558
Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/20277		2,612		2,388

American Funds Insurance Series      199

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/20287		USD1,201	$	1,127
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/20372,7		17,959		15,928
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 12/17/20382,7		1,380		1,195
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/20392,7		1,733		1,628
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 1/15/20302,7		17,675		17,438
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/20312,7		30,070		28,744
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20452,7		2,069		1,827
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/20462,7		1,421		1,210
GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/20462,7		158		134
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20402,7		2,868		2,550
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/20412,7		9,797		8,450
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/20412,7		2,739		2,378
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/20412,7		214		181
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 7/22/20247		301		300
GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 12/20/20247		425		424
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/20352,7		2,703		2,756
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 6/30/20232,7,10		8,590		8,241
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20252,7		12,703		11,748
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20252,7		1,171		1,074
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/20252,7		810		731
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20272,7		17,770		15,498
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20272,7		1,264		1,085
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20272,7		859		710
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 8/17/20262,7		866		842
LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 11/16/20262,7		304		285
LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/20272,7		1,207		1,188
LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/20272,7		438		426
LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/20302,7		623		596
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 5.278% 7/21/20302,3,7		892		878
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 5.229% 4/15/20292,3,7		574		568
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 9/15/20262,7		1,242		1,203
Mission Lane Credit Card Master Trust, Series 2021-A, Class B, 2.24% 9/15/20262,7		230		223
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/20287,10,11		1,006		1,006
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/20287,10,11		150		150
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20692,7		4,052		3,449
Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/20692,7		2,516		2,110
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/20702,7		895		759
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/20462,7		4,396		3,702
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/20622,7		314		279
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20622,7		5,377		4,762
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20622,7		12,315		10,951
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.093% 4/20/20622,3,7		4,035		3,918
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20612,7		50,765		42,988
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 5.328% 7/25/20302,3,7		273		270
Oportun Funding, LLC, Series 2021-A, Class A, 1.21% 3/8/20282,7		240		224
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 5.143% 4/20/20292,3,7		256		253
PFS Financing Corp., Series 2021-B, Class A, 0.775% 8/17/20262,7		7,884		7,276
PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/20272,7		1,721		1,681
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 10/15/20242,7		804		802
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 8/15/20252,7		1,355		1,341
Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD-LIBOR + 1.25%) 5.639% 7/25/20512,3,7		577		558

200      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 7/15/20257		USD1,584	$	1,574
Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 9/15/20257		523		521
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 1/15/20267		1,480		1,467
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/20267		2,812		2,736
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/20267		2,211		2,120
Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/20277		917		892
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/20277		1,802		1,686
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 9/15/20277		1,677		1,613
Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/20277		2,236		2,073
Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/20287		856		828
SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/20462,7		2,641		2,190
SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/20462,7		487		397
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/20462,7		2,392		1,923
SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/20462,7		3,233		2,805
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/20412,7		451		381
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20332,7		1,243		1,108
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/20332,7		1,441		1,245
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/20752,7		2,300		2,092
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20452,7		2,971		2,610
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/20452,7		1,252		1,135
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/20452,7		2,223		1,939
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/20462,7		6,190		5,211
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2/20/20462,7		346		288
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/20462,7		5,200		4,431
TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/20452,7		4,358		3,747
TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/20462,7		130		107
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/20312,7		6,000		5,785
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20452,7		10,418		8,932
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/20462,7		3,563		2,978
Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/20462,7		346		285
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 11/17/20252,7		1,557		1,518
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2/17/20262,7		3,023		2,866
Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 7/15/20262,7		1,690		1,632
Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 7/15/20262,7		2,181		2,050
Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/20262,7		1,446		1,318
				461,708
Municipals 1.62%
California 0.03%
G.O. Bonds, Series 2009, 7.50% 4/1/2034		2,100		2,541
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		650		523
				3,064
Illinois 1.47%
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 11/1/2029		65		61
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 12/1/2039		30,835		26,399
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 12/1/2040		8,945		7,689
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Qualified School Construction Bonds), Series 2009-G, 1.75% 12/15/2025		2,500		2,155
G.O. Bonds, Series 2013-B, 4.31% 4/1/2023		2,125		2,122
G.O. Bonds, Pension Funding, Series 2003, 4.95% 6/1/2023		6,228		6,231
G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033		107,000		102,807
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 3/1/2023		3,210		3,215
				150,679

American Funds Insurance Series      201

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Municipals (continued)
New York 0.05%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 2.202% 3/15/2034		USD6,390	$	4,881
Texas 0.03%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052		4,075		2,899
Wisconsin 0.04%
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034		4,580		4,071
Total municipals				165,594
Bonds & notes of governments & government agencies outside the U.S. 1.29%
Chile (Republic of) 3.50% 1/31/2034		600		513
Chile (Republic of) 3.10% 5/7/2041		2,340		1,689
Chile (Republic of) 4.34% 3/7/2042		1,320		1,120
Chile (Republic of) 4.00% 1/31/2052		580		450
Colombia (Republic of) 4.125% 5/15/2051		3,120		1,878
Colombia (Republic of), Series B, 5.75% 11/3/2027	COP	24,813,800		3,883
Dominican Republic 5.95% 1/25/20272		USD8,100		7,954
Indonesia (Republic of) 4.65% 9/20/2032		2,690		2,638
Indonesia (Republic of) 3.35% 3/12/2071		1,660		1,109
Indonesia (Republic of), Series 91, 6.375% 4/15/2032	IDR	31,265,000		1,936
Israel (State of) 1.00% 3/31/2030	ILS	11,800		2,799
Israel (State of) 3.375% 1/15/2050	USD	4,750		3,670
Israel (State of) 3.875% 7/3/2050		4,775		4,036
Malaysia (Federation of), Series 0219, 3.885% 8/15/2029	MYR	5,290		1,193
Panama (Republic of) 3.362% 6/30/2031	USD	15,625		12,695
Panama (Republic of) 3.87% 7/23/2060		7,500		4,863
Panama (Republic of) 4.50% 1/19/2063		395		280
Paraguay (Republic of) 5.00% 4/15/2026		1,250		1,248
Peru (Republic of) 6.35% 8/12/2028	PEN	5,840		1,463
Peru (Republic of) 5.94% 2/12/2029		6,005		1,450
Peru (Republic of) 2.783% 1/23/2031	USD	2,155		1,788
Peru (Republic of) 6.15% 8/12/2032	PEN	12,950		2,998
Peru (Republic of) 3.60% 1/15/2072	USD	7,640		4,999
Philippines (Republic of) 3.229% 3/29/2027		475		457
Philippines (Republic of) 3.20% 7/6/2046		4,900		3,598
Philippines (Republic of) 4.20% 3/29/2047		272		234
Poland (Republic of) 5.75% 11/16/2032		555		593
Portuguese Republic 5.125% 10/15/2024		24,775		24,868
PT Indonesia Asahan Aluminium Tbk 5.71% 11/15/20232		1,020		1,023
PT Indonesia Asahan Aluminium Tbk 4.75% 5/15/20252		1,270		1,251
PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/20302		340		324
PT Indonesia Asahan Aluminium Tbk 5.80% 5/15/20502		1,150		966
Qatar (State of) 4.50% 4/23/20282		5,100		5,141
Qatar (State of) 5.103% 4/23/20482		3,400		3,425
Romania 3.75% 2/7/2034	EUR	5,625		4,515
Saudi Arabia (Kingdom of) 3.628% 4/20/20272	USD	5,000		4,846
Saudi Arabia (Kingdom of) 3.625% 3/4/20282		11,435		10,939
United Mexican States 4.875% 5/19/2033		2,175		2,001
United Mexican States 3.50% 2/12/2034		1,030		827
United Mexican States 4.40% 2/12/2052		440		325
				131,985

202      American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Federal agency bonds & notes 0.11%
Fannie Mae 2.125% 4/24/2026		USD11,910	$	11,160
Total bonds, notes & other debt instruments (cost: $10,540,248,000)				9,747,773
	Shares
Short-term securities 13.95%
Money market investments 13.95%
Capital Group Central Cash Fund 4.31%12,13		14,258,627		1,425,720
Total short-term securities (cost: $1,425,522,000)				1,425,720
Total investment securities 109.32% (cost: $11,965,770,000)				11,173,493
Other assets less liabilities (9.32)%				(952,411	)
Net assets 100.00%			$	10,221,082

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2022 (000)
3 Month SOFR Futures		Short		658		June 2023	USD	(156,415)		$	2,698
2 Year U.S. Treasury Note Futures		Short		2,055		March 2023		(421,436	)		1,029
5 Year Euro-Bobl Futures		Long		1		March 2023		124			(4	)
5 Year U.S. Treasury Note Futures		Long		16,226		March 2023		1,751,267			(2,467	)
10 Year U.S. Treasury Note Futures		Long		2,294		March 2023		257,609			(1,391	)
10 Year Ultra U.S. Treasury Note Futures		Short		1,388		March 2023		(164,174	)		2,514
20 Year U.S. Treasury Bond Futures		Long		999		March 2023		125,218			(2,035	)
30 Year Ultra U.S. Treasury Bond Futures		Long		1,708		March 2023		229,406			(7,297	)
										$	(6,953	)

Forward currency contracts

Contract amount				Counterparty	Settlement date		Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)					at 12/31/2022 (000)
USD	1,965	IDR	30,407,000	Citibank		1/9/2023	$	11
USD	3,158	ILS	10,725	HSBC Bank		1/11/2023		106
USD	1,173	MYR	5,150	HSBC Bank		1/11/2023		(4	)
USD	1,248	EUR	1,180	Morgan Stanley		1/11/2023		(16	)
USD	4,761	COP	22,893,650	Citibank		1/13/2023		52
USD	5,947	EUR	5,628	JPMorgan Chase		1/13/2023		(84	)
USD	613	EUR	582	JPMorgan Chase		1/20/2023		(11	)
USD	5,952	PEN	22,885	Citibank		1/23/2023		(59	)
JPY	3,460,300	USD	24,759	Morgan Stanley		2/17/2023		1,783
JPY	3,432,900	USD	25,173	Morgan Stanley		2/17/2023		1,158
JPY	3,448,400	USD	25,841	Morgan Stanley		3/17/2023		711
							$	3,647

American Funds Insurance Series      203

The Bond Fund of America (continued)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive			Pay				Expiration date		Notional amount (000)		Value at 12/31/2022 (000)			Upfront premium paid (000)		Unrealized appreciation (depreciation) at 12/31/2022 (000)
Rate	Payment frequency		Rate		Payment frequency
SOFR		Annual		0.471%		Annual		10/26/2023		USD87,775	$	3,103		$	—	$	3,103
0.45801%		Annual		SOFR		Annual		10/26/2023		85,775		(3,041	)		—		(3,041	)
3.497%		Annual		U.S. EFFR		Annual		6/16/2024		27,000		(479	)		—		(479	)
3.52647%		Annual		U.S. EFFR		Annual		6/16/2024		72,532		(1,257	)		—		(1,257	)
3.5291%		Annual		U.S. EFFR		Annual		6/16/2024		78,378		(1,355	)		—		(1,355	)
3.4585%		Annual		U.S. EFFR		Annual		6/17/2024		4,154		(76	)		—		(76	)
3.4325%		Annual		U.S. EFFR		Annual		6/17/2024		19,800		(369	)		—		(369	)
4.5645%		Annual		U.S. EFFR		Annual		10/19/2024		19,200		(5	)		—		(5	)
4.533%		Annual		U.S. EFFR		Annual		10/20/2024		23,900		(20	)		—		(20	)
4.56%		Annual		U.S. EFFR		Annual		10/27/2024		24,000		(4	)		—		(4	)
4.5245%		Annual		U.S. EFFR		Annual		10/27/2024		28,800		(23	)		—		(23	)
3-month USD-LIBOR		Quarterly		1.972%		Semi-annual		4/26/2051		23,200		6,475			—		6,475
3-month USD-LIBOR		Quarterly		1.9855%		Semi-annual		4/26/2051		8,580		2,374			—		2,374
3-month USD-LIBOR		Quarterly		1.9778%		Semi-annual		4/28/2051		13,500		3,753			—		3,753
											$	9,076		$	—	$	9,076

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index	Financing rate paid			Payment frequency		Expiration date		Notional amount (000)		Value at 12/31/2022 (000)			Upfront premium (received) paid (000)			Unrealized depreciation at 12/31/2022 (000)
CDX.NA.IG.39		1.00	%		Quarterly		12/20/2027		USD74,676	$	(597	)	$	(310	)	$	(287	)
CDX.NA.HY.39		5.00	%		Quarterly		12/20/2027		153,455		(945	)		5,777			(6,722	)
										$	(1,542	)	$	5,467		$	(7,009	)

Investments in affiliates¹³

	Value of affiliate at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliate at 12/31/2022 (000)		Dividend income (000)
Short-term securities 13.95%
Money market investments 13.95%
Capital Group Central Cash Fund 4.31%12	$	1,311,257	$	4,011,285	$	3,896,680	$	(218	)	$	76	$	1,425,720	$	34,880

204      American Funds Insurance Series

The Bond Fund of America (continued)

Restricted securities¹¹

	Acquisition date		Cost (000)		Value (000)		Percent of net assets
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/20287,10		12/6/2022	$	1,006	$	1,006		.01	%
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/20287,10		12/6/2022		150		150		.00
Total			$	1,156	$	1,156		.01	%

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

²  Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,530,868,000, which represented 14.98% of the net assets of the fund.

³  Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

⁴  Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

⁵  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $58,239,000, which represented .57% of the net assets of the fund.

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

⁷  Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

⁸  Amount less than one thousand.

⁹  Purchased on a TBA basis.

¹⁰  Value determined using significant unobservable inputs.

¹¹  Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $1,156,000, which represented .01% of the net assets of the fund.

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

¹³ Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

Assn. = Association

Auth. = Authority

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

COP = Colombian pesos

DAC = Designated Activity Company

EFFR = Effective Federal Funds Rate

EUR = Euros

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

IDR = Indonesian rupiah

ILS = Israeli shekels

JPY = Japanese yen

LIBOR = London Interbank Offered Rate

MYR = Malaysian ringgits

PEN = Peruvian nuevos soles

PIK = Payment In Kind

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series      205

Capital World Bond Fund

Investment portfolio December 31, 2022

Bonds, notes & other debt instruments 90.28%

	Principal amount (000)		Value (000)
Euros 19.79%
AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Annual Swap + 1.10% on 9/9/2028)1	EUR	2,800	$	2,333
Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)1		4,200		4,471
Altria Group, Inc. 1.00% 2/15/2023		1,020		1,089
Altria Group, Inc. 2.20% 6/15/2027		2,900		2,795
Altria Group, Inc. 3.125% 6/15/2031		800		711
American Honda Finance Corp. 1.95% 10/18/2024		560		584
American Tower Corp. 0.45% 1/15/2027		2,525		2,321
American Tower Corp. 0.875% 5/21/2029		1,470		1,257
AT&T, Inc. 1.60% 5/19/2028		2,350		2,237
Austria (Republic of) 0% 2/20/2031		6,900		5,785
Banco de Sabadell, SA 2.625% 3/24/2026 (5-year EUR Mid-Swap + 2.20% on 3/24/2025)1		500		504
Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)1,2		5,000		5,177
CaixaBank, SA 2.25% 4/17/2030 (5-year EUR Annual (vs. 6-month EUR-EURIBOR) + 1.68% on 4/17/2025)1		2,400		2,345
Celanese US Holdings, LLC 4.777% 7/19/2026		235		240
Deutsche Bank AG 4.00% 6/24/2032 (3-month EUR-EURIBOR + 3.30% on 6/24/2027)1		700		665
Deutsche Telekom International Finance BV 7.50% 1/24/2033		200		273
Dow Chemical Co. 0.50% 3/15/2027		1,110		1,035
E.ON SE 1.625% 3/29/2031		810		731
Egypt (Arab Republic of) 5.625% 4/16/2030		300		224
Equinor ASA 1.375% 5/22/2032		2,550		2,267
European Investment Bank 0.25% 1/20/2032		4,900		4,085
European Investment Bank 1.50% 6/15/2032		1,000		932
European Union 0% 7/6/2026		1,600		1,545
European Union 0.25% 10/22/2026		610		591
European Union 0% 7/4/2031		705		584
European Union 0% 7/4/2035		220		159
European Union 0.20% 6/4/2036		1,500		1,080
Finland (Republic of) 1.50% 9/15/2032		3,380		3,154
French Republic O.A.T. 0.75% 2/25/2028		4,500		4,347
French Republic O.A.T. 0% 11/25/2030		19,550		16,712
French Republic O.A.T. 0% 5/25/2032		2,120		1,718
French Republic O.A.T. 2.00% 11/25/2032		4,260		4,162
French Republic O.A.T. 0.50% 5/25/2040		2,080		1,414
French Republic O.A.T. 0.75% 5/25/2052		5,930		3,416
Germany (Federal Republic of) 0% 4/11/2025		2,100		2,124
Germany (Federal Republic of) 0% 10/9/2026		6,060		5,908
Germany (Federal Republic of) 0% 4/16/2027		32,700		31,482
Germany (Federal Republic of) 1.30% 10/15/2027		3,580		3,626
Germany (Federal Republic of) 0% 2/15/2030		13,340		12,029
Germany (Federal Republic of) 0% 8/15/2030		15,050		13,413
Germany (Federal Republic of) 0% 8/15/2031		12,600		10,944
Germany (Federal Republic of) 1.70% 8/15/2032		10,906		10,887
Germany (Federal Republic of) 1.00% 5/15/2038		6,040		5,175
Germany (Federal Republic of) 0% 8/15/2050		1,200		673
Germany (Federal Republic of) 0% 8/15/2052		2,650		1,421
Goldman Sachs Group, Inc. 3.375% 3/27/20252		5,000		5,327
Goldman Sachs Group, Inc. 1.00% 3/18/20332		2,705		2,091
Greece (Hellenic Republic of) 3.375% 2/15/2025		5,825		6,236
Greece (Hellenic Republic of) 1.75% 6/18/2032		5,970		5,047
Groupe BPCE SA 4.625% 7/18/2023		1,200		1,296
Groupe BPCE SA 1.00% 4/1/2025		2,900		2,925
Intesa Sanpaolo SpA 6.625% 9/13/2023		510		557
Israel (State of) 2.875% 1/29/2024		1,180		1,258
Italy (Republic of) 1.85% 7/1/2025		17,700		18,218
Italy (Republic of) 1.35% 4/1/2030		7		6
Italy (Republic of) 2.50% 12/1/2032		9,610		8,613
JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)1,2		3,208		2,944

206      American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Euros (continued)
KfW 0.125% 6/30/2025	EUR	590	$	590
Lloyds Banking Group PLC 1.75% 9/7/2028 (5-year EUR-EURIBOR + 1.30% on 9/7/2023)1		2,400		2,472
Morgan Stanley 2.103% 5/8/2026 (3-month EUR-EURIBOR + 0.904% on 5/8/2025)1		580		592
Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)1		1,535		1,460
Morocco (Kingdom of) 3.50% 6/19/2024		1,400		1,492
Morocco (Kingdom of) 1.50% 11/27/2031		3,300		2,617
Philippines (Republic of) 0.25% 4/28/2025		875		870
Portuguese Republic 0.475% 10/18/2030		1,610		1,395
Quebec (Province of) 0.25% 5/5/2031		920		764
Quebec (Province of) 0.50% 1/25/2032		1,155		957
Romania 2.125% 3/7/2028		1,440		1,291
Romania 1.75% 7/13/2030		2,560		1,913
Romania 2.00% 1/28/2032		1,605		1,153
Romania 3.75% 2/7/2034		530		425
Russian Federation 2.875% 12/4/20253		3,000		1,349
Russian Federation 2.875% 12/4/20253		1,500		674
Serbia (Republic of) 3.125% 5/15/2027		847		783
Serbia (Republic of) 1.50% 6/26/2029		3,353		2,584
Spain (Kingdom of) 0% 1/31/2027		2,325		2,198
Spain (Kingdom of) 0.80% 7/30/2027		8,970		8,674
Spain (Kingdom of) 1.45% 4/30/2029		1,890		1,824
Spain (Kingdom of) 1.25% 10/31/2030		1,295		1,191
Spain (Kingdom of) 0.50% 10/31/2031		4,645		3,873
Spain (Kingdom of) 0.70% 4/30/2032		4,785		3,993
Spain (Kingdom of) 1.90% 10/31/2052		1,010		695
State Grid Overseas Investment, Ltd. 1.375% 5/2/2025		441		442
State Grid Overseas Investment, Ltd. 2.125% 5/2/2030		200		177
Stryker Corp. 0.25% 12/3/2024		480		483
Stryker Corp. 0.75% 3/1/2029		980		877
Stryker Corp. 1.00% 12/3/2031		450		376
TOTAL SA 1.75% junior subordinated perpetual bonds (5-year EUR-EURIBOR + 1.765% on 4/4/2024)1		2,000		2,025
Toyota Motor Credit Corp. 0.125% 11/5/2027		1,850		1,684
Tunisia (Republic of) 6.75% 10/31/2023		5,109		4,612
Tunisia (Republic of) 6.75% 10/31/2023		1,295		1,169
Ukraine 6.75% 6/20/2028		3,119		619
Ukraine 6.75% 6/20/2028		1,225		243
Ukraine 4.375% 1/27/2032		2,705		476
Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds (9-year EUR Mid-Swap + 3.36% on 3/28/2031)1		1,300		1,140
				293,295
Japanese yen 7.50%
Japan, Series 18, 0.10% 3/10/20244	JPY	1,064,481		8,293
Japan, Series 19, 0.10% 9/10/20244		463,865		3,628
Japan, Series 346, 0.10% 3/20/2027		777,900		5,905
Japan, Series 356, 0.10% 9/20/2029		1,720,800		12,847
Japan, Series 116, 2.20% 3/20/2030		576,100		4,933
Japan, Series 26, 0.005% 3/10/20314		527,493		4,178
Japan, Series 362, 0.10% 3/20/2031		737,200		5,435
Japan, Series 365, 0.10% 12/20/2031		520,150		3,832
Japan, Series 145, 1.70% 6/20/2033		742,700		6,290
Japan, Series 152, 1.20% 3/20/2035		987,100		7,875
Japan, Series 21, 2.30% 12/20/2035		720,000		6,451
Japan, Series 162, 0.60% 9/20/2037		1,617,000		11,642
Japan, Series 179, 0.50% 12/20/2041		196,950		1,309
Japan, Series 37, 0.60% 6/20/2050		694,500		4,183
Japan, Series 70, 0.70% 3/20/2051		276,100		1,694
Japan, Series 73, 0.70% 12/20/2051		1,568,700		9,576

American Funds Insurance Series      207

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Japanese yen (continued)
Japan, Series 74, 1.00% 3/20/2052	JPY	626,900	$	4,140
Japan, Series 76, 1.40% 9/20/2052		296,450		2,162
Philippines (Republic of) 0.001% 4/12/2024		900,000		6,778
				111,151
British pounds 4.17%
American Honda Finance Corp. 0.75% 11/25/2026	GBP	1,420		1,470
Asian Development Bank 1.125% 6/10/2025		1,240		1,393
KfW 1.125% 7/4/2025		1,165		1,305
Lloyds Banking Group PLC 7.625% 4/22/2025		655		835
Quebec (Province of) 2.25% 9/15/2026		1,870		2,083
United Kingdom 0.125% 1/30/2026		425		463
United Kingdom 1.25% 7/22/2027		3,060		3,335
United Kingdom 4.25% 12/7/2027		5,910		7,336
United Kingdom 4.75% 12/7/2030		8,230		10,732
United Kingdom 0.25% 7/31/2031		11,850		10,738
United Kingdom 1.00% 1/31/2032		10,970		10,504
United Kingdom 4.25% 6/7/2032		3,010		3,809
United Kingdom 0.625% 7/31/2035		210		171
United Kingdom 0.875% 1/31/2046		4,916		3,151
United Kingdom 1.25% 7/31/2051		6,635		4,338
United Kingdom 1.125% 10/22/2073		225		119
				61,782
Chinese yuan renminbi 2.84%
China (People’s Republic of), Series INBK, 2.75% 2/17/2032	CNY	25,660		3,646
China (People’s Republic of), Series 1910, 3.86% 7/22/2049		103,240		16,440
China (People’s Republic of), Series INBK, 3.39% 3/16/2050		26,230		3,854
China (People’s Republic of), Series INBK, 3.81% 9/14/2050		51,550		8,146
China (People’s Republic of), Series INBK, 3.53% 10/18/2051		45,510		6,877
China Development Bank Corp., Series 1814, 4.15% 10/26/2025		20,900		3,133
				42,096
Canadian dollars 2.31%
Canada 0.75% 10/1/2024	CAD	14,570		10,169
Canada 0.25% 3/1/2026		5,800		3,847
Canada 3.50% 3/1/2028		24,018		17,831
Canada 2.75% 12/1/2048		3,500		2,337
				34,184
Mexican pesos 2.13%
Petróleos Mexicanos 7.19% 9/12/2024	MXN	42,534		2,024
United Mexican States 4.50% 12/4/20254		16,544		845
United Mexican States, Series M, 5.75% 3/5/2026		44,700		2,078
United Mexican States, Series M, 7.50% 6/3/2027		251,720		12,188
United Mexican States, Series M20, 8.50% 5/31/2029		140,400		7,013
United Mexican States, Series M30, 8.50% 11/18/2038		21,100		1,025
United Mexican States, Series M, 8.00% 11/7/2047		7,830		359
United Mexican States, Series M, 8.00% 7/31/2053		133,170		6,095
				31,627
Australian dollars 1.63%
Australia (Commonwealth of), Series 163, 1.00% 11/21/2031	AUD	5,789		3,061
Australia (Commonwealth of), Series 166, 3.00% 11/21/2033		12,355		7,622
Australia (Commonwealth of), Series 167, 3.75% 5/21/2034		20,520		13,529
				24,212

208      American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Danish kroner 1.62%
Nordea Kredit 0.50% 10/1/20405	DKK	17,477	$	1,955
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/20405		90,967		10,167
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/20435		106,007		11,555
Realkredit Danmark AS 1.00% 10/1/20535		2,712		285
				23,962
South Korean won 0.52%
South Korea (Republic of), Series 2503, 1.50% 3/10/2025	KRW	5,183,670		3,908
South Korea (Republic of), Series 2712, 2.375% 12/10/2027		5,158,930		3,821
				7,729
Colombian pesos 0.48%
Colombia (Republic of), Series B, 7.00% 3/26/2031	COP	31,310,800		4,575
Colombia (Republic of), Series B, 7.25% 10/26/2050		21,884,200		2,569
				7,144
Chilean pesos 0.41%
Chile (Republic of) 4.00% 3/1/2023	CLP	2,300,000		2,681
Chile (Republic of) 1.50% 3/1/20264		808,331		933
Chile (Republic of) 5.00% 10/1/2028		955,000		1,089
Chile (Republic of) 4.70% 9/1/2030		1,205,000		1,371
				6,074
Indonesian rupiah 0.37%
Indonesia (Republic of), Series 84, 7.25% 2/15/2026	IDR	22,733,000		1,495
Indonesia (Republic of), Series 95, 6.375% 8/15/2028		3,136,000		200
Indonesia (Republic of), Series 78, 8.25% 5/15/2029		23,729,000		1,643
Indonesia (Republic of), Series 82, 7.00% 9/15/2030		2,930,000		190
Indonesia (Republic of), Series 68, 8.375% 3/15/2034		27,353,000		1,926
				5,454
Russian rubles 0.23%
Russian Federation 7.00% 8/16/20233,6	RUB	430,300		1,984
Russian Federation 7.65% 4/10/20303		316,110		1,371
				3,355
Brazilian reais 0.21%
Brazil (Federative Republic of) 6.00% 8/15/20244	BRL	13,461		2,531
Brazil (Federative Republic of) 10.00% 1/1/2025		3,300		598
				3,129
South African rand 0.20%
South Africa (Republic of), Series R-2030, 8.00% 1/31/2030	ZAR	30,120		1,581
South Africa (Republic of), Series R-2048, 8.75% 2/28/2048		30,850		1,420
				3,001
Dominican pesos 0.15%
Dominican Republic 8.90% 2/15/2023	DOP	128,000		2,271
Malaysian ringgits 0.15%
Malaysia (Federation of), Series 0519, 3.757% 5/22/2040	MYR	10,588		2,222
Ukrainian hryvnia 0.11%
Ukraine 15.97% 4/19/20236	UAH	78,370		1,592
Indian rupees 0.08%
India (Republic of) 5.15% 11/9/2025	INR	96,010		1,102

American Funds Insurance Series      209

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Romanian leu 0.07%
Romania 4.75% 2/24/2025	RON	5,000	$	1,038
Polish zloty 0.06%
Poland (Republic of), Series 1029, 2.75% 10/25/2029	PLN	4,900		879
Norwegian kroner 0.04%
Norway (Kingdom of) 2.125% 5/18/2032	NOK	6,615		619
U.S. dollars 45.21%
1375209 BC, Ltd. 9.00% 1/30/20287	USD	60		59
7-Eleven, Inc. 0.95% 2/10/20267		520		456
7-Eleven, Inc. 1.30% 2/10/20287		2,180		1,810
7-Eleven, Inc. 1.80% 2/10/20317		2,015		1,544
ACE INA Holdings, Inc. 3.35% 5/3/2026		195		187
ACE INA Holdings, Inc. 4.35% 11/3/2045		425		370
Advisor Group Holdings, LLC 6.25% 3/1/20287		295		272
AerCap Ireland Capital DAC 2.45% 10/29/2026		2,102		1,841
Aeropuerto International de Tocume SA 5.125% 8/11/20617		660		542
Aetna, Inc. 2.80% 6/15/2023		340		336
AG Merger Sub II, Inc. 10.75% 8/1/20277		256		260
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20277		103		104
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)1,7		1,225		1,249
Alabama Power Co. 3.00% 3/15/2052		980		651
Albertsons Companies, Inc. 4.625% 1/15/20277		125		116
Albertsons Companies, Inc. 3.50% 3/15/20297		340		286
Alcoa Nederland Holding BV 4.125% 3/31/20297		75		67
Allegheny Technologies, Inc. 4.875% 10/1/2029		25		22
Allegheny Technologies, Inc. 5.125% 10/1/2031		45		40
Alliant Holdings Intermediate, LLC 6.75% 10/15/20277		280		252
Alliant Holdings Intermediate, LLC 5.875% 11/1/20297		90		74
Allied Universal Holdco, LLC 9.75% 7/15/20277		175		153
Allied Universal Holdco, LLC 6.00% 6/1/20297		300		218
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/20258,9		570		429
Altera Infrastructure, LP 8.50% 7/15/20233,6,7		555		104
Amazon.com, Inc. 1.50% 6/3/2030		2,040		1,644
American Electric Power Company, Inc. 1.00% 11/1/2025		250		224
American Express Co. 3.375% 5/3/2024		4,202		4,119
Amgen, Inc. 2.20% 2/21/2027		445		400
AmWINS Group, Inc. 4.875% 6/30/20297		220		187
Anglo American Capital PLC 3.95% 9/10/20507		521		383
Angola (Republic of) 9.50% 11/12/2025		3,580		3,693
Anywhere Real Estate Group, LLC 5.75% 1/15/20297		200		152
Anywhere Real Estate Group, LLC 5.25% 4/15/20307		130		95
Apple, Inc. 3.35% 8/8/2032		1,600		1,457
Ardagh Group SA 6.50% Cash 6/30/20277,10		210		146
Aretec Escrow Issuer, Inc. 7.50% 4/1/20297		180		149
Argentine Republic 0.50% 7/9/2030 (0.75% on 7/9/2023)1		1,921		523
Argentine Republic 1.50% 7/9/2035 (3.625% on 7/9/2023)1		3,025		775
Asbury Automotive Group, Inc. 5.00% 2/15/20327		55		45
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.25% 8/2/20298,9		120		106
Ascent Resources Utica Holdings, LLC 8.25% 12/31/20287		160		157
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20297		55		49
AssuredPartners, Inc. 7.00% 8/15/20257		120		116
AssuredPartners, Inc. 5.625% 1/15/20297		365		301
AstraZeneca PLC 3.50% 8/17/2023		2,700		2,678
AT&T, Inc. 3.50% 9/15/2053		2,070		1,406
Atkore, Inc. 4.25% 6/1/20317		25		21
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 2.75%) 7.134% 9/22/20288,9		149		147

210      American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 10.134% 9/21/20298,9	USD	213	$	207
Avantor Funding, Inc. 4.625% 7/15/20287		160		146
Avantor Funding, Inc. 3.875% 11/1/20297		90		76
B&G Foods, Inc. 5.25% 4/1/2025		65		57
B&G Foods, Inc. 5.25% 9/15/2027		220		169
Ball Corp. 6.875% 3/15/2028		108		111
Bank of America Corp. 2.456% 10/22/2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)1		847		801
Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)1		6,260		5,778
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)1		3,745		3,286
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)1		4,780		3,693
Bank of Nova Scotia 2.45% 2/2/2032		2,100		1,695
Barclays Bank PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)1		2,350		2,335
Barclays Bank PLC 5.501% 8/9/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 8/5/2027)1		1,290		1,252
Bath & Body Works, Inc. 6.625% 10/1/20307		120		113
Bath & Body Works, Inc. 6.875% 11/1/2035		75		67
Bausch Health Americas, Inc. 9.25% 4/1/20267		80		56
Bausch Health Companies, Inc. 5.75% 8/15/20277		140		96
Bausch Health Companies, Inc. 14.00% 10/15/20307		160		96
Bausch Health Companies, Inc. 5.25% 2/15/20317		160		78
Bayer AG 3.375% 10/8/20247		840		812
Bayer US Finance II, LLC 4.25% 12/15/20257		203		197
Bayerische Motoren Werke AG 3.90% 4/9/20257		900		881
Bayerische Motoren Werke AG 4.15% 4/9/20307		900		857
Beasley Mezzanine Holdings, LLC 8.625% 2/1/20267		30		18
Becton, Dickinson and Company 4.298% 8/22/2032		320		300
Berkshire Hathaway Energy Company 2.85% 5/15/2051		300		198
BIP-V Chinook Holdco, LLC 5.50% 6/15/20317		400		350
Blue Racer Midstream, LLC 7.625% 12/15/20257		65		65
BMC Software, Inc. 9.125% 3/1/20267		160		151
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 3/31/20268,9		25		23
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)1,7		700		572
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)1,7		1,275		1,000
Boeing Company 5.15% 5/1/2030		2,855		2,792
Boeing Company 3.625% 2/1/2031		1,127		990
Bombardier, Inc. 7.125% 6/15/20267		60		58
Bombardier, Inc. 6.00% 2/15/20287		65		60
Bombardier, Inc. 7.45% 5/1/20347		125		126
Booz Allen Hamilton, Inc. 3.875% 9/1/20287		43		38
Booz Allen Hamilton, Inc. 4.00% 7/1/20297		132		116
Boyd Gaming Corp. 4.75% 12/1/2027		120		112
Boyd Gaming Corp. 4.75% 6/15/20317		45		39
Boyne USA, Inc. 4.75% 5/15/20297		107		95
Braskem Netherlands Finance BV 4.50% 1/31/20307		745		635
British American Tobacco PLC 2.789% 9/6/2024		1,150		1,101
British American Tobacco PLC 3.215% 9/6/2026		955		882
British American Tobacco PLC 3.557% 8/15/2027		1,545		1,414
British American Tobacco PLC 3.462% 9/6/2029		1,150		991
Broadcom, Inc. 4.00% 4/15/20297		250		228
Broadcom, Inc. 3.419% 4/15/20337		698		562
Broadcom, Inc. 3.469% 4/15/20347		48		38
Broadcom, Inc. 3.137% 11/15/20357		185		137
Broadcom, Inc. 3.75% 2/15/20517		926		643
BroadStreet Partners, Inc. 5.875% 4/15/20297		160		136
BWX Technologies, Inc. 4.125% 4/15/20297		195		171
Caesars Entertainment, Inc. 6.25% 7/1/20257		35		34
Caesars Entertainment, Inc. 4.625% 10/15/20297		15		12
Caesars Resort Collection, LLC 5.75% 7/1/20257		165		162
California Resources Corp. 7.125% 2/1/20267		100		96

American Funds Insurance Series      211

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
Callon Petroleum Co. 7.50% 6/15/20307	USD	30	$	27
Canadian Pacific Railway, Ltd. 2.45% 12/2/2031		798		663
Canadian Pacific Railway, Ltd. 3.10% 12/2/2051		1,378		933
CAN-PACK SA 3.875% 11/15/20297		90		71
Carnival Corp. 6.00% 5/1/20297		100		67
CCO Holdings, LLC 4.75% 3/1/20307		135		117
CCO Holdings, LLC 4.50% 8/15/20307		255		211
CCO Holdings, LLC 4.25% 2/1/20317		155		125
CCO Holdings, LLC 4.50% 6/1/20337		162		125
CCO Holdings, LLC 4.25% 1/15/20347		70		52
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 5/1/20277		125		117
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.75% 2/15/2028		2,650		2,394
CDI Escrow Issuer, Inc. 5.75% 4/1/20307		70		63
CDK Global, Inc. 7.25% 6/15/20297		55		54
Cedar Fair, LP 5.50% 5/1/20257		120		119
Centene Corp. 2.45% 7/15/2028		40		34
Centene Corp. 4.625% 12/15/2029		325		298
Centene Corp. 2.50% 3/1/2031		155		122
Central Garden & Pet Co. 4.125% 10/15/2030		74		61
Central Garden & Pet Co. 4.125% 4/30/20317		110		91
Charles River Laboratories International, Inc. 4.25% 5/1/20287		35		32
Charles River Laboratories International, Inc. 4.00% 3/15/20317		70		61
Cheniere Energy Partners, LP 4.50% 10/1/2029		160		144
Cheniere Energy Partners, LP 4.00% 3/1/2031		75		64
Cheniere Energy Partners, LP 3.25% 1/31/2032		56		45
Chesapeake Energy Corp. 4.875% 4/15/20223		915		21
Chesapeake Energy Corp. 5.875% 2/1/20297		130		123
Chesapeake Energy Corp. 6.75% 4/15/20297		30		29
Ciena Corp. 4.00% 1/31/20307		80		71
Cigna Corp. 2.375% 3/15/2031		375		308
Clarivate Science Holdings Corp. 3.875% 7/1/20287		45		39
Clarivate Science Holdings Corp. 4.875% 7/1/20297		55		47
Cleveland-Cliffs, Inc. 4.875% 3/1/20317		130		115
CMS Energy Corp. 3.875% 3/1/2024		100		98
CMS Energy Corp. 3.00% 5/15/2026		1,200		1,118
CNX Resources Corp. 7.25% 3/14/20277		240		239
Coinbase Global, Inc. 3.375% 10/1/20287		55		29
Coinbase Global, Inc. 3.625% 10/1/20317		85		41
Colombia (Republic of) 3.875% 4/25/2027		350		311
Commonwealth Bank of Australia 2.688% 3/11/20317		4,650		3,593
Compass Diversified Holdings 5.25% 4/15/20297		307		263
Compass Diversified Holdings 5.00% 1/15/20327		65		52
Comstock Resources, Inc. 6.75% 3/1/20297		110		99
Comstock Resources, Inc. 5.875% 1/15/20307		65		56
Constellation Oil Services Holding SA 4.00% PIK 12/31/202610		1,097		649
Constellium SE 3.75% 4/15/20297		125		102
Consumers Energy Co. 3.375% 8/15/2023		345		342
Consumers Energy Co. 3.60% 8/15/2032		1,600		1,462
Corebridge Financial, Inc. 3.90% 4/5/20327		748		655
CoreLogic, Inc. 4.50% 5/1/20287		364		280
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.938% 6/4/20298,9		65		47
Corporate Office Properties, LP 2.75% 4/15/2031		1,212		910
Covanta Holding Corp. 4.875% 12/1/20297		25		21
Crédit Agricole SA 4.375% 3/17/20257		1,100		1,064
Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)1,7		2,675		2,441
Credit Suisse Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)1,7		1,000		693
Crestwood Midstream Partners, LP 6.00% 2/1/20297		85		78
Crestwood Midstream Partners, LP 8.00% 4/1/20297		100		100
Crown Castle International Corp. 2.50% 7/15/2031		767		620
CSX Corp. 3.80% 4/15/2050		75		59
CVR Partners, LP 6.125% 6/15/20287		100		90
Daimler Trucks Finance North America, LLC 3.65% 4/7/20277		725		679

212      American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
Danske Bank AS 3.875% 9/12/20237	USD	1,675	$	1,654
Darling Ingredients, Inc. 6.00% 6/15/20307		245		240
DaVita, Inc. 4.625% 6/1/20307		65		52
Deluxe Corp. 8.00% 6/1/20297		20		16
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)1		850		751
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)1		1,160		985
Deutsche Telekom International Finance BV 9.25% 6/1/2032		930		1,166
Development Bank of Mongolia, LLC 7.25% 10/23/2023		1,980		1,777
Diamond Foreign Asset Co. 9.00% Cash 4/22/20277,9,10		25		24
Diamond Foreign Asset Co. 9.00% Cash 4/22/202710		22		21
Diamond Sports Group, LLC 6.625% 8/15/20277		310		3
Diebold Nixdorf, Inc. 9.375% 7/15/20257		309		221
Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/20256,8,9		93		63
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/20266,8,9		17		15
Digital Currency Group, Inc., Term Loan, 8.75% 11/30/20266,8		22		18
DIRECTV Financing, LLC 5.875% 8/15/20277		110		99
DIRECTV Financing, LLC, Term Loan,
(3-month USD-LIBOR + 5.00%) 9.384% 8/2/20278,9		102		99
Discovery Communications, Inc. 3.625% 5/15/2030		468		387
DISH DBS Corp. 5.25% 12/1/20267		15		13
DISH Network Corp. 11.75% 11/15/20277		260		268
Dominican Republic 5.50% 1/27/20257		1,375		1,366
Dominican Republic 8.625% 4/20/20277		225		235
Dominican Republic 5.50% 2/22/20297		350		323
Dominican Republic 6.40% 6/5/20497		813		660
Duke Energy Progress, LLC 2.00% 8/15/2031		2,360		1,871
Dun & Bradstreet Corp. 5.00% 12/15/20297		197		169
Edison International 4.125% 3/15/2028		2,390		2,222
Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2049)1		100		84
Electricité de France SA 4.875% 9/21/20387		795		649
Empresas Publicas de Medellin ESP 4.25% 7/18/20297		1,030		819
Enbridge, Inc. 4.00% 10/1/2023		600		595
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 4/1/20297		205		156
Enel Finance International SA 1.375% 7/12/20267		1,248		1,077
Enel Finance International SA 1.875% 7/12/20287		1,227		977
Entegris Escrow Corp. 4.75% 4/15/20297		45		41
Entergy Corp. 0.90% 9/15/2025		750		669
Entergy Louisiana, LLC 4.75% 9/15/2052		1,275		1,151
EQM Midstream Partners, LP 6.50% 7/1/20277		225		215
EQM Midstream Partners, LP 7.50% 6/1/20307		45		43
EQM Midstream Partners, LP 6.50% 7/15/2048		40		30
EQT Corp. 7.25% 2/1/20301		40		42
Equinix, Inc. 1.80% 7/15/2027		1,145		982
Equinix, Inc. 2.15% 7/15/2030		3,216		2,566
Ethiopia (Federal Democratic Republic of) 6.625% 12/11/2024		3,910		2,457
Fair Isaac Corp. 4.00% 6/15/20287		120		109
Fannie Mae Pool #MA2754 3.00% 9/1/20265		59		57
Fannie Mae Pool #AO4151 3.50% 6/1/20425		108		101
Fannie Mae Pool #AP7888 3.50% 10/1/20425		338		316
Fannie Mae Pool #AQ0770 3.50% 11/1/20425		131		123
Fannie Mae Pool #FM8399 2.50% 8/1/20515		889		759
Fannie Mae Pool #BT9589 2.50% 8/1/20515		34		29
Fannie Mae Pool #CB1552 2.50% 9/1/20515		998		848
Fannie Mae Pool #BQ7435 2.50% 9/1/20515		97		83
Fannie Mae Pool #MA4414 2.50% 9/1/20515		33		28
Fannie Mae Pool #FS0031 2.50% 10/1/20515		336		284
Fannie Mae Pool #BT3056 2.50% 11/1/20515		721		613
Fannie Mae Pool #CB2402 2.50% 12/1/20515		3,207		2,718
Fannie Mae Pool #BU3413 2.50% 12/1/20515		807		685
Fannie Mae Pool #BU3058 2.50% 12/1/20515		268		227

American Funds Insurance Series      213

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
Fannie Mae Pool #BV2930 2.50% 1/1/20525	USD	998	$	846
Fannie Mae Pool #BU8226 2.50% 2/1/20525		1,260		1,070
Fannie Mae Pool #BU1339 2.50% 2/1/20525		275		234
Fannie Mae Pool #BV0307 2.50% 2/1/20525		273		232
Fannie Mae Pool #BQ7473 2.50% 2/1/20525		158		134
Fannie Mae Pool #CB2866 2.50% 2/1/20525		95		81
Fannie Mae Pool #BV2189 2.50% 2/1/20525		62		53
Fannie Mae Pool #CB2876 2.50% 2/1/20525		31		27
Fannie Mae Pool #CB2809 2.50% 2/1/20525		32		27
Fannie Mae Pool #BV3694 2.50% 2/1/20525		32		27
Fannie Mae Pool #FS0647 3.00% 2/1/20525		2,865		2,557
Fannie Mae Pool #BV4040 2.50% 3/1/20525		1,645		1,398
Fannie Mae Pool #BV7520 2.50% 3/1/20525		864		734
Fannie Mae Pool #BV8086 2.50% 3/1/20525		809		690
Fannie Mae Pool #BU6885 2.50% 3/1/20525		808		686
Fannie Mae Pool #BV5642 2.50% 3/1/20525		94		80
Fannie Mae Pool #MA4578 2.50% 4/1/20525		4,881		4,140
Fannie Mae Pool #BV5332 2.50% 4/1/20525		1,929		1,638
Fannie Mae Pool #BQ7478 2.50% 4/1/20525		1,222		1,038
Fannie Mae Pool #CB3350 2.50% 4/1/20525		1,011		859
Fannie Mae Pool #BU8802 2.50% 4/1/20525		998		848
Fannie Mae Pool #BU8916 2.50% 4/1/20525		785		666
Fannie Mae Pool #BU6901 2.50% 4/1/20525		91		77
Fannie Mae Pool #MA4600 3.50% 5/1/20525		2,782		2,531
Fannie Mae Pool #BV8959 2.50% 6/1/20525		127		108
Fannie Mae Pool #FS2239 2.50% 7/1/20525		6,973		5,920
Fannie Mae Pool #FS2555 4.50% 7/1/20525		1,105		1,065
Fannie Mae Pool #BW6395 4.50% 8/1/20525		999		963
Fannie Mae Pool #BW5789 4.50% 8/1/20525		371		357
Fannie Mae Pool #BW1201 5.00% 9/1/20525		2,820		2,783
Fannie Mae Pool #MA4761 5.00% 9/1/20525		524		517
Fannie Mae Pool #MA4784 4.50% 10/1/20525		2,209		2,128
Fannie Mae Pool #MA4785 5.00% 10/1/20525		1,300		1,283
Fannie Mae Pool #MA4804 4.00% 11/1/20525		854		802
Fannie Mae Pool #MA4839 4.00% 12/1/20525		442		415
Fannie Mae Pool #MA4841 5.00% 12/1/20525		3,000		2,961
Fannie Mae Pool #MA4866 4.00% 1/1/20535		238		223
Fannie Mae Pool #MA4868 5.00% 1/1/20535		1,000		987
Fertitta Entertainment, Inc. 4.625% 1/15/20297		25		21
Fertitta Entertainment, Inc. 6.75% 1/15/20307		25		20
First Quantum Minerals, Ltd. 6.875% 3/1/20267		325		308
First Quantum Minerals, Ltd. 6.875% 10/15/20277		240		226
First Student Bidco, Inc. 4.00% 7/31/20297		85		70
FirstEnergy Corp., Series B, 4.40% 7/15/2027 (4.15% on 1/15/2023)1		1,800		1,678
FirstEnergy Transmission, LLC 2.866% 9/15/20287		2,325		2,033
Florida Power & Light Company 2.875% 12/4/2051		1,465		990
Ford Motor Co. 3.25% 2/12/2032		20		15
Ford Motor Credit Company, LLC 3.81% 1/9/2024		290		282
Ford Motor Credit Company, LLC 2.90% 2/16/2028		200		165
Ford Motor Credit Company, LLC 4.00% 11/13/2030		125		103
Freddie Mac Pool #ZS8588 3.00% 11/1/20305		47		45
Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/20335		3,975		3,742
Freddie Mac Pool #QC7173 2.50% 9/1/20515		132		112
Freddie Mac Pool #QC9156 2.50% 10/1/20515		866		736
Freddie Mac Pool #QD1523 2.50% 11/1/20515		757		643
Freddie Mac Pool #QD2521 2.50% 12/1/20515		67		57
Freddie Mac Pool #SD0853 2.50% 1/1/20525		885		750
Freddie Mac Pool #QD9066 2.50% 2/1/20525		210		179
Freddie Mac Pool #QD7063 2.50% 2/1/20525		95		81
Freddie Mac Pool #QD9879 2.50% 3/1/20525		730		619
Freddie Mac Pool #QD9460 2.50% 3/1/20525		663		562
Freddie Mac Pool #RA6959 2.50% 3/1/20525		27		23

214      American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
Freddie Mac Pool #QD9200 2.50% 4/1/20525	USD	919	$	780
Freddie Mac Pool #QE0323 2.50% 4/1/20525		900		765
Freddie Mac Pool #QE2310 2.50% 4/1/20525		840		713
Freddie Mac Pool #QE4383 4.00% 6/1/20525		3,563		3,345
Freddie Mac Pool #QE6084 5.00% 7/1/20525		1,276		1,260
Freddie Mac Pool #QE8063 4.00% 8/1/20525		300		282
Freddie Mac Pool #QE8065 4.50% 8/1/20525		3,700		3,565
Freddie Mac Pool #QF0152 4.50% 9/1/20525		500		482
Freddie Mac Pool #QF1489 4.00% 10/1/20525		1,000		939
Freddie Mac Pool #SD8256 4.00% 10/1/20525		400		376
Freddie Mac Pool #SD8257 4.50% 10/1/20525		8,419		8,111
Freddie Mac Pool #QF0866 4.50% 10/1/20525		2,226		2,151
Freddie Mac Pool #QF1486 4.50% 10/1/20525		400		385
Freddie Mac Pool #QF3304 5.00% 10/1/20525		800		790
Freddie Mac Pool #SD8264 3.50% 11/1/20525		4,668		4,246
Freddie Mac Pool #QF3985 4.00% 11/1/20525		308		290
Freddie Mac Pool #SD8275 4.50% 12/1/20525		598		576
Freddie Mac Pool #SD8276 5.00% 12/1/20525		4,753		4,692
Freddie Mac Pool #SD8288 5.00% 1/1/20535		507		501
Frontier Communications Corp. 5.875% 10/15/20277		100		93
Frontier Communications Corp. 5.00% 5/1/20287		65		57
Frontier Communications Holdings, LLC 5.875% 11/1/2029		250		194
FS Energy and Power Fund 7.50% 8/15/20237		150		150
FXI Holdings, Inc. 12.25% 11/15/20267		497		412
Gartner, Inc. 3.75% 10/1/20307		70		60
General Motors Financial Co. 1.05% 3/8/2024		725		689
Genesis Energy, LP 8.00% 1/15/2027		125		118
Georgia (Republic of) 2.75% 4/22/20267		400		363
GoDaddy Operating Co. 3.50% 3/1/20297		80		67
Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)1		1,080		933
Goldman Sachs Group, Inc. 2.383% 7/21/2032 (USD-SOFR + 1.248% on 7/21/2031)1		726		565
Government National Mortgage Assn. 3.50% 1/1/20535,11		7,440		6,837
Gray Escrow II, Inc. 5.375% 11/15/20317		30		22
Group 1 Automotive, Inc. 4.00% 8/15/20287		145		123
Groupe BPCE SA 5.15% 7/21/20247		1,800		1,763
Grupo Energia Bogota SA ESP 4.875% 5/15/20307		660		593
Hanesbrands, Inc. 4.625% 5/15/20247		120		116
Hanesbrands, Inc. 4.875% 5/15/20267		100		90
Harsco Corp. 5.75% 7/31/20277		200		158
Harvest Midstream I, LP 7.50% 9/1/20287		25		24
HCA, Inc. 5.625% 9/1/2028		120		120
HealthEquity, Inc. 4.50% 10/1/20297		30		26
Hess Midstream Operations, LP 5.50% 10/15/20307		34		31
Hightower Holding, LLC 6.75% 4/15/20297		235		198
Hilcorp Energy I, LP 6.00% 4/15/20307		105		94
Hilcorp Energy I, LP 6.00% 2/1/20317		115		100
Hilton Worldwide Holdings, Inc. 4.875% 1/15/2030		25		23
Hilton Worldwide Holdings, Inc. 4.00% 5/1/20317		155		130
Honduras (Republic of) 6.25% 1/19/2027		2,083		1,843
Honduras (Republic of) 5.625% 6/24/2030		958		773
Howard Hughes Corp. 5.375% 8/1/20287		275		248
Howard Hughes Corp. 4.125% 2/1/20297		195		164
Howard Hughes Corp. 4.375% 2/1/20317		120		97
Howard Midstream Energy Partners, LLC 6.75% 1/15/20277		60		58
HSBC Holdings PLC 2.633% 11/7/2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)1		305		287
HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)1		4,172		3,995
HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)1		921		706
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 5.824% 2/24/20239		3,326		3,316
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 6.007% 2/24/20259		363		342
Huarong Finance II Co., Ltd. 5.50% 1/16/2025		880		835

American Funds Insurance Series      215

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
Huarong Finance II Co., Ltd. 5.00% 11/19/2025	USD	1,007	$	931
HUB International, Ltd. 7.00% 5/1/20267		315		309
Hyundai Capital America 0.875% 6/14/20247		1,200		1,120
Hyundai Capital America 1.50% 6/15/20267		2,375		2,061
Hyundai Capital America 1.65% 9/17/20267		269		237
Hyundai Capital America 2.00% 6/15/20287		600		490
Hyundai Capital Services, Inc. 3.75% 3/5/20237		2,450		2,442
iHeartCommunications, Inc. 5.25% 8/15/20277		80		68
Ingles Markets, Inc. 4.00% 6/15/20317		140		118
Intesa Sanpaolo SpA 5.017% 6/26/20247		3,270		3,145
Intesa Sanpaolo SpA 7.00% 11/21/20257		225		230
Iraq (Republic of) 6.752% 3/9/20237		545		539
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20327		55		46
Iron Mountain, Inc. 5.25% 7/15/20307		235		205
Israel (State of) 3.375% 1/15/2050		1,470		1,136
Israel (State of) 3.875% 7/3/2050		795		672
Jacobs Entertainment, Inc. 6.75% 2/15/20297		25		23
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)1		45		43
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 9.23% 12/4/20268,9		64		60
KB Home 6.875% 6/15/2027		50		50
Keb Hana Bank 3.25% 3/30/20277		1,370		1,278
Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029		110		87
Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030		245		187
Kinetik Holdings, LP 5.875% 6/15/20307		50		47
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20267		85		74
Kronos Acquisition Holdings, Inc. 7.00% 12/31/20277		140		115
LABL Escrow Issuer, LLC 10.50% 7/15/20277		45		42
Lamar Media Corp. 3.75% 2/15/2028		135		121
Lamar Media Corp. 3.625% 1/15/2031		160		132
Lamb Weston Holdings, Inc. 4.125% 1/31/20307		200		177
Lamb Weston Holdings, Inc. 4.375% 1/31/20327		60		53
Las Vegas Sands Corp. 3.20% 8/8/2024		25		24
LCM Investments Holdings II, LLC 4.875% 5/1/20297		110		88
Level 3 Financing, Inc. 3.75% 7/15/20297		210		151
Levi Strauss & Co. 3.50% 3/1/20317		115		91
Ligado Networks, LLC 15.50% PIK 11/1/20237,10		124		40
Lindblad Expeditions, LLC 6.75% 2/15/20277		5		5
Lithia Motors, Inc. 4.625% 12/15/20277		120		108
Live Nation Entertainment, Inc. 4.75% 10/15/20277		130		116
Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)1		7,000		6,067
LPL Holdings, Inc. 4.625% 11/15/20277		485		454
LPL Holdings, Inc. 4.00% 3/15/20297		25		22
LSB Industries, Inc. 6.25% 10/15/20287		126		115
LSC Communications, Inc. 8.75% 10/15/20233,6,7		431		1
Mallinckrodt PLC 10.00% 4/15/20257		440		379
Marriott International, Inc. 2.75% 10/15/2033		5		4
Mastercard, Inc. 2.00% 11/18/2031		600		483
Match Group, Inc. 5.625% 2/15/20297		130		121
Meituan Dianping 2.125% 10/28/2025		1,730		1,532
Meituan Dianping 3.05% 10/28/20307		3,095		2,390
Methanex Corp. 5.125% 10/15/2027		55		51
Methanex Corp. 5.25% 12/15/2029		170		151
Mexico City Airport Trust 5.50% 7/31/2047		432		334
MGM Resorts International 5.50% 4/15/2027		90		84
Midas OpCo Holdings, LLC 5.625% 8/15/20297		145		120
Mileage Plus Holdings, LLC 6.50% 6/20/20277		63		63
Mineral Resources, Ltd. 8.00% 11/1/20277		155		159
Mineral Resources, Ltd. 8.50% 5/1/20307		25		25
MISC Capital Two (Labuan), Ltd. 3.75% 4/6/20277		3,236		2,937
Mohegan Gaming & Entertainment 8.00% 2/1/20267		105		98

216      American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
Molina Healthcare, Inc. 4.375% 6/15/20287	USD	80	$	73
Molina Healthcare, Inc. 3.875% 11/15/20307		75		64
MoneyGram International, Inc. 5.375% 8/1/20267		50		51
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)1		2,164		1,901
Morgan Stanley 1.928% 4/28/2032 (USD-SOFR + 1.02% on 4/28/2031)1		1,396		1,057
Mozart Debt Merger Sub, Inc. 5.25% 10/1/20297		155		123
MSCI, Inc. 3.875% 2/15/20317		215		179
MSCI, Inc. 3.625% 11/1/20317		350		290
Murphy Oil Corp. 5.625% 5/1/2027		15		15
Murphy Oil USA, Inc. 4.75% 9/15/2029		48		44
Nabors Industries, Inc. 7.375% 5/15/20277		55		53
National Financial Partners Corp. 6.875% 8/15/20287		105		87
Nationstar Mortgage Holdings, Inc. 5.125% 12/15/20307		135		104
Navient Corp. 5.00% 3/15/2027		45		39
Navient Corp. 4.875% 3/15/2028		145		119
NCL Corp., Ltd. 5.875% 2/15/20277		80		69
NCR Corp. 5.25% 10/1/20307		15		12
Neiman Marcus Group, LLC 7.125% 4/1/20267		85		80
Netflix, Inc. 4.875% 4/15/2028		45		44
Netflix, Inc. 4.875% 6/15/20307		225		210
New Fortress Energy, Inc. 6.75% 9/15/20257		50		47
New Fortress Energy, Inc. 6.50% 9/30/20267		255		237
New York Life Global Funding 1.20% 8/7/20307		2,725		2,094
Newell Rubbermaid, Inc. 4.70% 4/1/2026		80		75
Nexstar Broadcasting, Inc. 4.75% 11/1/20287		255		221
Nexstar Escrow Corp. 5.625% 7/15/20277		115		106
NGL Energy Operating, LLC 7.50% 2/1/20267		215		192
NGL Energy Partners, LP 7.50% 11/1/2023		200		195
Niagara Mohawk Power Corp. 3.508% 10/1/20247		180		173
Northern Oil and Gas, Inc. 8.125% 3/1/20287		335		322
NorthRiver Midstream Finance, LP 5.625% 2/15/20267		105		100
NortonLifeLock, Inc. 7.125% 9/30/20307		160		157
Nova Chemicals Corp. 5.25% 6/1/20277		20		18
Novelis Corp. 4.75% 1/30/20307		80		71
Novelis Corp. 3.875% 8/15/20317		20		16
NuStar Logistics, LP 5.625% 4/28/2027		80		75
Oasis Petroleum, Inc. 6.375% 6/1/20267		35		34
Occidental Petroleum Corp. 6.375% 9/1/2028		194		196
Occidental Petroleum Corp. 8.875% 7/15/2030		25		28
Occidental Petroleum Corp. 6.625% 9/1/2030		125		129
Occidental Petroleum Corp. 6.125% 1/1/2031		65		66
Occidental Petroleum Corp. 6.45% 9/15/2036		18		18
Occidental Petroleum Corp. 6.60% 3/15/2046		15		15
State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048		1,410		1,008
Oleoducto Central SA 4.00% 7/14/20277		2,535		2,241
Oleoducto Central SA 4.00% 7/14/2027		630		557
Open Text Corp. 3.875% 2/15/20287		25		22
Open Text Corp., Term Loan B, (3-month USD-LIBOR + 3.50%) 3.50% 11/16/20298,9		155		151
Option Care Health, Inc. 4.375% 10/31/20297		25		22
Oracle Corp. 2.65% 7/15/2026		2,327		2,142
Oracle Corp. 3.25% 11/15/2027		1,880		1,730
Oracle Corp. 3.60% 4/1/2050		980		664
Oracle Corp. 3.95% 3/25/2051		22		16
Orange SA 9.00% 3/1/20311		2,434		2,985
Oxford Finance, LLC 6.375% 2/1/20277		30		28
Pacific Gas and Electric Co. 4.65% 8/1/2028		542		499
Pacific Gas and Electric Co. 3.30% 8/1/2040		6,850		4,661
Panama (Republic of) 3.75% 4/17/20267		465		439
Panther BF Aggregator 2, LP 6.25% 5/15/20267		44		43
Panther BF Aggregator 2, LP 8.50% 5/15/20277		85		83
Park Intermediate Holdings, LLC 4.875% 5/15/20297		65		55

American Funds Insurance Series      217

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
Party City Holdings, Inc. 8.75% 2/15/20267	USD	5	$	1
Performance Food Group, Inc. 5.50% 10/15/20277		11		10
Peru (Republic of) 2.392% 1/23/2026		500		461
Petrobras Global Finance Co. 6.75% 6/3/2050		29		25
Petrobras Global Finance Co. 5.50% 6/10/2051		21		16
Petróleos Mexicanos 4.625% 9/21/2023		714		704
Petróleos Mexicanos 6.875% 10/16/2025		660		647
Petróleos Mexicanos 6.875% 8/4/2026		865		819
Petróleos Mexicanos 6.49% 1/23/2027		406		371
Petróleos Mexicanos 6.50% 3/13/2027		1,493		1,365
Petróleos Mexicanos 6.84% 1/23/2030		681		564
Petróleos Mexicanos 6.70% 2/16/2032		779		613
Petróleos Mexicanos 6.75% 9/21/2047		346		222
Petróleos Mexicanos 7.69% 1/23/2050		55		38
Petróleos Mexicanos 6.95% 1/28/2060		201		128
PG&E Corp. 5.00% 7/1/2028		145		133
PG&E Corp. 5.25% 7/1/2030		175		160
PGT Innovations, Inc. 4.375% 10/1/20297		5		4
Philip Morris International, Inc. 5.125% 11/17/2027		315		318
Philip Morris International, Inc. 5.625% 11/17/2029		420		427
Philip Morris International, Inc. 2.10% 5/1/2030		634		514
Philip Morris International, Inc. 5.75% 11/17/2032		1,554		1,589
Picard Midco, Inc. 6.50% 3/31/20297		235		198
Post Holdings, Inc. 5.625% 1/15/20287		85		80
Post Holdings, Inc. 5.50% 12/15/20297		80		73
Post Holdings, Inc. 4.625% 4/15/20307		444		384
Procter & Gamble Company 3.00% 3/25/2030		338		310
PT Indonesia Asahan Aluminium Tbk 5.71% 11/15/2023		960		963
PT Indonesia Asahan Aluminium Tbk 5.45% 5/15/20307		500		477
Qatar Petroleum 3.125% 7/12/20417		2,895		2,235
Radiology Partners, Inc. 9.25% 2/1/20287		245		138
Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 8.639% 7/9/20258,9		10		8
Range Resources Corp. 4.75% 2/15/20307		145		128
Raptor Acquisition Corp. 4.875% 11/1/20267		180		160
Real Hero Merger Sub 2, Inc. 6.25% 2/1/20297		25		17
RLJ Lodging Trust, LP 4.00% 9/15/20297		25		20
Roller Bearing Company of America, Inc. 4.375% 10/15/20297		20		17
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20257		57		61
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20277		40		32
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20297		160		165
RP Escrow Issuer, LLC 5.25% 12/15/20257		190		145
Russian Federation 4.25% 6/23/20273		1,400		602
Ryan Specialty Group, LLC 4.375% 2/1/20307		45		39
Sabre GLBL, Inc. 11.25% 12/15/20277		75		77
Sally Holdings, LLC 5.625% 12/1/2025		48		46
Santander Holdings USA, Inc. 3.244% 10/5/2026		3,750		3,485
Scentre Group 3.50% 2/12/20257		210		201
Scentre Group 3.75% 3/23/20277		110		101
Scientific Games Corp. 7.00% 5/15/20287		20		19
Scientific Games Holdings, LP 6.625% 3/1/20307		46		39
SCIH Salt Holdings, Inc. 4.875% 5/1/20287		115		99
Scotts Miracle-Gro Co. 4.50% 10/15/2029		140		114
Scotts Miracle-Gro Co. 4.375% 2/1/2032		55		42
Sealed Air Corp. 5.00% 4/15/20297		40		38
ServiceNow, Inc. 1.40% 9/1/2030		1,830		1,404
Silgan Holdings, Inc. 4.125% 2/1/2028		80		74
Simmons Foods, Inc. 4.625% 3/1/20297		160		130
Singapore Airlines, Ltd. 3.375% 1/19/2029		3,710		3,353
Sirius XM Radio, Inc. 4.00% 7/15/20287		195		170
Sirius XM Radio, Inc. 3.875% 9/1/20317		170		133
SkyMiles IP, Ltd. 4.75% 10/20/20287		25		24

218      American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
SM Energy Co. 5.625% 6/1/2025	USD	55	$	53
SM Energy Co. 6.50% 7/15/2028		45		43
Sonic Automotive, Inc. 4.625% 11/15/20297		45		36
Sonic Automotive, Inc. 4.875% 11/15/20317		20		16
Southern California Edison Co. 2.85% 8/1/2029		200		174
Southwestern Energy Co. 5.95% 1/23/20251		110		108
Southwestern Energy Co. 7.75% 10/1/2027		20		20
Southwestern Energy Co. 8.375% 9/15/2028		30		31
Southwestern Energy Co. 5.375% 3/15/2030		135		123
Southwestern Energy Co. 4.75% 2/1/2032		105		90
Spirit AeroSystems, Inc. 9.375% 11/30/20297		17		18
Sprint Corp. 7.625% 3/1/2026		130		137
Sri Lanka (Democratic Socialist Republic of) 5.75% 4/18/20233		2,890		917
Stellantis Finance US, Inc. 1.711% 1/29/20277		1,500		1,289
Stellantis Finance US, Inc. 5.625% 1/12/20287		2,560		2,539
Stellantis Finance US, Inc. 2.691% 9/15/20317		453		347
Stericycle, Inc. 3.875% 1/15/20297		110		96
Studio City Finance, Ltd. 6.00% 7/15/20257		200		174
Sunoco, LP 4.50% 5/15/2029		290		254
Sunoco, LP 4.50% 4/30/2030		35		30
Surgery Center Holdings 10.00% 4/15/20277		103		105
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)1		12		8
Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)1,7		800		740
Talen Energy Corp. 7.25% 5/15/20277		205		213
Tencent Holdings, Ltd. 3.24% 6/3/20507		3,450		2,188
Tenet Healthcare Corp. 4.875% 1/1/20267		245		232
Tenet Healthcare Corp. 6.125% 10/1/20287		25		22
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024		4,600		4,518
Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025		3,710		3,695
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026		110		96
State of Texas, Grand Parkway Transportation Corp.,
Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052		1,780		1,266
Thermo Fisher Scientific, Inc. 4.80% 11/21/2027		630		633
Tibco Software, Inc., Term Loan A,
(3-month USD CME Term SOFR + 4.50%) 9.18% 9/29/20288,9		245		218
T-Mobile US, Inc. 2.40% 3/15/2029		1,079		913
Toyota Motor Credit Corp. 3.375% 4/1/2030		453		412
TransDigm, Inc. 6.25% 3/15/20267		65		64
TransDigm, Inc. 5.50% 11/15/2027		35		33
TransDigm, Inc. 4.875% 5/1/2029		80		70
Transocean Guardian, Ltd. 5.875% 1/15/20247		10		10
Transocean Poseidon, Ltd. 6.875% 2/1/20277		66		64
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/20336,7		100		88
Triumph Group, Inc. 6.25% 9/15/20247		35		33
U.S. Treasury 0.125% 1/31/2023		12,320		12,282
U.S. Treasury 2.625% 2/28/2023		6,900		6,882
U.S. Treasury 1.875% 8/31/2024		4,515		4,320
U.S. Treasury 3.25% 8/31/2024		1,065		1,043
U.S. Treasury 0.25% 8/31/2025		20,534		18,475
U.S. Treasury 2.875% 11/30/2025		5,400		5,198
U.S. Treasury 4.00% 12/15/2025		1,992		1,980
U.S. Treasury 0.375% 1/31/2026		14,610		13,004
U.S. Treasury 0.75% 8/31/2026		4,361		3,862
U.S. Treasury 0.875% 9/30/2026		11,098		9,858
U.S. Treasury 1.125% 10/31/2026		1,698		1,519
U.S. Treasury 2.50% 3/31/2027		9,560		8,975
U.S. Treasury 3.875% 11/30/2027		105,639		105,067
U.S. Treasury 1.625% 8/15/2029		10,760		9,336
U.S. Treasury 1.375% 11/15/203112		25,783		20,999

American Funds Insurance Series      219

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
U.S. Treasury 1.875% 2/15/2032	USD	2,000	$	1,696
U.S. Treasury 4.125% 11/15/2032		1,169		1,192
U.S. Treasury 1.125% 5/15/2040		9,170		5,754
U.S. Treasury 1.875% 2/15/204112		18,740		13,274
U.S. Treasury 1.75% 8/15/2041		6,050		4,151
U.S. Treasury 2.375% 2/15/2042		2,872		2,195
U.S. Treasury 3.00% 8/15/2048		5,045		4,164
U.S. Treasury 2.00% 8/15/2051		5,755		3,788
U.S. Treasury 3.00% 8/15/205212		29,749		24,666
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20514		3,239		2,089
UBS Group AG 1.008% 7/30/2024 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 7/30/2023)1,7		1,950		1,897
UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)1,7		2,265		2,228
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 8.998% 5/3/20278,9		75		69
Ukraine 7.75% 9/1/20243		6,210		1,544
Ukraine 7.75% 9/1/20263		1,570		338
Ukraine 6.876% 5/21/20313		1,269		244
Uniform Mortgage-Backed Security 5.00% 1/1/20535,11		2,100		2,070
Uniform Mortgage-Backed Security 5.50% 1/1/20535,11		10,300		10,329
Unisys Corp. 6.875% 11/1/20277		35		27
United Natural Foods, Inc. 6.75% 10/15/20287		235		226
United Rentals, Inc. 4.875% 1/15/2028		30		29
United Rentals, Inc. 6.00% 12/15/20297		315		314
Univision Communications, Inc. 4.50% 5/1/20297		240		201
Univision Communications, Inc. 7.375% 6/30/20307		145		139
US Foods, Inc. 4.625% 6/1/20307		35		31
Vail Resorts, Inc. 6.25% 5/15/20257		120		120
Valeant Pharmaceuticals International, Inc. 5.50% 11/1/20257		75		64
Valvoline, Inc. 3.625% 6/15/20317		85		70
Venator Finance SARL 9.50% 7/1/20257		185		134
Venator Finance SARL 5.75% 7/15/20257		140		48
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20297		35		31
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20317		125		107
Venture Global Calcasieu Pass, LLC 3.875% 11/1/20337		65		53
Verizon Communications, Inc. 3.15% 3/22/2030		575		508
Verizon Communications, Inc. 2.55% 3/21/2031		2,100		1,732
VICI Properties, LP 4.375% 5/15/2025		1,563		1,520
VICI Properties, LP 4.625% 12/1/20297		15		14
VICI Properties, LP 4.125% 8/15/20307		420		368
VZ Secured Financing BV 5.00% 1/15/20327		200		163
W. R. Grace Holdings, LLC 5.625% 8/15/20297		20		16
Warner Music Group 3.75% 12/1/20297		125		108
Warner Music Group 3.875% 7/15/20307		135		117
Warner Music Group 3.00% 2/15/20317		80		64
WarnerMedia Holdings, Inc. 4.279% 3/15/20327		917		758
WarnerMedia Holdings, Inc. 5.05% 3/15/20427		1,928		1,482
Warrior Met Coal, Inc. 7.875% 12/1/20287		140		138
WASH Multifamily Acquisition, Inc. 5.75% 4/15/20267		320		302
WEA Finance, LLC 3.75% 9/17/20247		535		506
Weatherford International, Ltd. 11.00% 12/1/20247		5		5
Weatherford International, Ltd. 6.50% 9/15/20287		65		64
Weatherford International, Ltd. 8.625% 4/30/20307		65		63
Wells Fargo & Company 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)1		5,788		5,370
Wells Fargo & Company 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)1		1,600		1,363
WESCO Distribution, Inc. 7.125% 6/15/20257		180		183
WESCO Distribution, Inc. 7.25% 6/15/20287		245		249
Western Global Airlines, LLC 10.375% 8/15/20257		15		11
Western Midstream Operating, LP 3.35% 2/1/20251		85		81
Western Midstream Operating, LP 4.75% 8/15/2028		65		59
Western Midstream Operating, LP 5.50% 2/1/20501		25		21

220      American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

				Principal amount (000)		Value (000)
U.S. dollars (continued)
Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)1				USD	1,250	$	1,147
WeWork Companies, LLC 5.00% 7/10/20257					50		17
Wyndham Destinations, Inc. 6.625% 7/31/20267					65		64
Wynn Las Vegas, LLC 4.25% 5/30/20237					38		38
Wynn Resorts Finance, LLC 7.75% 4/15/20257					180		179
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 9.884% 9/1/20278,9					110		100
Ziggo Bond Co. BV 5.125% 2/28/20307					200		162
Ziggo Bond Finance BV 4.875% 1/15/20307					300		252
							669,959
Total bonds, notes & other debt instruments (cost: $1,515,444,000)							1,337,877
Investment funds 3.29%
				Shares
U.S. dollars 3.29%
Capital Group Central Corporate Bond Fund13					5,972,524		48,676
Total investment funds (cost: $47,079,000)							48,676
Preferred securities 0.00%
U.S. dollars 0.00%
ACR III LSC Holdings, LLC, Series B, preferred shares6,7,14					48		20
Total preferred securities (cost: $49,000)							20
Common stocks 0.01%
U.S. dollars 0.01%
Constellation Oil Services Holding SA, Class B-16,14					1,214,969		134
Bighorn Permian Resources, LLC6					531		—	15
Total common stocks (cost: $0)							134
Short-term securities 6.79%
	Weighted average yield at acquisition			Principal amount (000)
Commercial paper 6.78%
DNB Bank ASA 3/2/20237		4.273	%	USD	35,000		34,740
NRW.Bank 2/6/20237		4.192			31,100		30,957
Oesterreich Kontrollbank 2/21/2023		4.245			35,000		34,773
							100,470
				Shares
Money market investments 0.01%
Capital Group Central Cash Fund 4.31%13,16					1,674		167
Total short-term securities (cost: $100,664,000)							100,637
Total investment securities 100.37% (cost: $1,663,236,000)							1,487,344
Other assets less liabilities (0.37)%							(5,450	)
Net assets 100.00%						$	1,481,894

American Funds Insurance Series      221

Capital World Bond Fund (continued)

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
2 Year Euro-Schatz Futures		Long		60		March 2023	USD	6,771		$	(87	)
2 Year U.S. Treasury Note Futures		Long		130		March 2023		26,660			31
5 Year Euro-Bobl Futures		Long		236		March 2023		29,242			(987	)
5 Year U.S. Treasury Note Futures		Long		1,196		March 2023		129,084			(139	)
10 Year Euro-Bund Futures		Long		95		March 2023		13,518			(880	)
10 Year Italy Government Bond Futures		Long		71		March 2023		8,278			(663	)
10 Year Japanese Government Bond Futures		Long		9		March 2023		9,975			(41	)
10 Year U.S. Treasury Note Futures		Long		328		March 2023		36,833			(201	)
10 Year Ultra U.S. Treasury Note Futures		Short		175		March 2023		(20,699	)		123
10 Year UK Gilt Futures		Short		44		March 2023		(5,314	)		335
20 Year U.S. Treasury Bond Futures		Long		65		March 2023		8,147			(131	)
30 Year Euro-Buxl Futures		Long		57		March 2023		8,252			(1,530	)
30 Year Ultra U.S. Treasury Bond Futures		Short		170		March 2023		(22,833	)		183
										$	(3,987	)

Forward currency contracts

Contract amount							Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date		at 12/31/2022 (000)
KRW	8,431,290	USD	6,478	Bank of America		1/9/2023	$	219
HUF	1,284,310	EUR	3,067	UBS AG		1/10/2023		145
PLN	20,540	EUR	4,330	HSBC Bank		1/10/2023		45
DKK	17,400	USD	2,465	UBS AG		1/10/2023		42
PLN	3,330	USD	739	UBS AG		1/10/2023		20
SEK	23,400	USD	2,256	UBS AG		1/10/2023		(12	)
USD	6,519	AUD	9,680	HSBC Bank		1/10/2023		(75	)
USD	2,058	HUF	818,090	UBS AG		1/10/2023		(127	)
EUR	6,800	USD	7,143	Bank of America		1/11/2023		142
CNH	154,697	USD	22,271	Citibank		1/11/2023		105
USD	1,405	EUR	1,320	Bank of America		1/11/2023		(9	)
USD	2,019	EUR	1,900	Bank of America		1/11/2023		(17	)
SEK	22,100	USD	2,141	Bank of America		1/11/2023		(22	)
NZD	1,070	USD	682	Morgan Stanley		1/12/2023		(2	)
JPY	2,083,770	USD	15,470	Bank of America		1/13/2023		438
CNH	146,490	USD	21,104	JPMorgan Chase		1/13/2023		89
USD	4,476	GBP	3,660	Morgan Stanley		1/13/2023		50
PLN	18,110	EUR	3,807	UBS AG		1/13/2023		50
CHF	2,790	USD	2,985	UBS AG		1/13/2023		37
USD	3,682	CAD	4,970	Standard Chartered Bank		1/13/2023		11
EUR	9,477	DKK	70,470	BNP Paribas		1/13/2023		(1	)
USD	807	NOK	7,930	UBS AG		1/13/2023		(3	)
USD	19,831	MXN	394,043	UBS AG		1/13/2023		(336	)
EUR	6,752	PLN	31,970	HSBC Bank		1/17/2023		(48	)
JPY	6,231,228	USD	45,941	Standard Chartered Bank		1/20/2023		1,678
JPY	3,696,640	USD	27,194	Standard Chartered Bank		1/20/2023		1,056
USD	5,044	HUF	1,807,090	Bank of America		1/20/2023		232
JPY	573,812	AUD	6,280	HSBC Bank		1/20/2023		105
CAD	16,753	USD	12,310	Bank of America		1/20/2023		64
CZK	124,020	USD	5,572	Goldman Sachs		1/20/2023		(92	)
USD	14,203	DKK	100,190	Bank of America		1/20/2023		(244	)

222      American Funds Insurance Series

Capital World Bond Fund (continued)

Forward currency contracts (continued)

Contract amount							Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date		at 12/31/2022 (000)
USD	5,215	CZK	124,020	Morgan Stanley		1/20/2023	$	(266	)
HUF	1,807,090	USD	5,519	Bank of America		1/20/2023		(706	)
EUR	23,500	USD	24,897	Bank of America		1/23/2023		303
USD	2,087	COP	10,038,860	Morgan Stanley		1/23/2023		26
CZK	47,290	EUR	1,935	UBS AG		1/23/2023		14
COP	3,594,590	USD	753	Bank of America		1/23/2023		(15	)
USD	10,027	EUR	9,480	BNP Paribas		1/23/2023		(139	)
THB	84,660	USD	2,468	Standard Chartered Bank		1/26/2023		(8	)
JPY	833,790	USD	5,779	Standard Chartered Bank		1/27/2023		599
JPY	1,210,240	USD	8,936	BNP Paribas		1/27/2023		322
JPY	419,350	USD	2,897	UBS AG		1/27/2023		310
JPY	559,100	USD	4,149	Goldman Sachs		1/27/2023		128
PLN	24,520	USD	5,913	BNP Paribas		2/2/2023		(333	)
KRW	2,855,970	USD	2,161	Standard Chartered Bank		2/28/2023		110
EUR	14,020	USD	14,746	Bank of America		3/6/2023		330
CNH	64,940	USD	9,270	Standard Chartered Bank		3/6/2023		162
JPY	417,300	USD	3,097	BNP Paribas		3/6/2023		111
KRW	2,388,130	USD	1,834	HSBC Bank		3/6/2023		65
							$	4,553

Swap contracts    

Interest rate swaps    

Centrally cleared interest rate swaps    

Receive		Pay				Notional		Value at			Upfront premium		Unrealized depreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date		amount (000)		12/31/2022 (000)			paid (000)		at 12/31/2022 (000)
1.2475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		8/20/2023	NZD	4,428	$	(70	)	$	—	$	(70	)
1.234974%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		8/20/2023		37,736		(600	)		—		(600	)
1.2375%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		8/26/2023		13,908		(231	)		—		(231	)
1.264%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		8/27/2023		34,764		(572	)		—		(572	)
1.26%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		8/30/2023		5,734		(95	)		—		(95	)
1.28%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		8/31/2023		5,734		(95	)		—		(95	)
1.30%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		9/3/2023		6,295		(106	)		—		(106	)
1.4975%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		9/21/2023		11,830		(206	)		—		(206	)
1.445%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		9/28/2023		11,817		(215	)		—		(215	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		9/29/2023		12,043		(220	)		—		(220	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		9/30/2023		12,093		(221	)		—		(221	)
1.5125%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		10/14/2023		10,675		(203	)		—		(203	)
1.53%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		10/14/2023		12,176		(230	)		—		(230	)
1.5625%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		10/15/2023		12,163		(228	)		—		(228	)
1.59%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		10/18/2023		12,163		(228	)		—		(228	)
1.62%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		10/19/2023		13,521		(252	)		—		(252	)
2.2525%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		11/8/2023		17,111		(283	)		—		(283	)
2.24%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		11/8/2023		17,111		(284	)		—		(284	)
2.20%	Semi-annual	3-month NZD-BBR-FRA	Quarterly		11/9/2023		1,440		(24	)		—		(24	)
2.495%	Annual	SONIA	Annual		5/5/2024	GBP	7,210		(183	)		—		(183	)
2.42%	Annual	SONIA	Annual		5/5/2024		42,400		(1,114	)		—		(1,114	)
2.363%	Annual	SONIA	Annual		5/11/2024		40,870		(1,101	)		—		(1,101	)
2.628%	Annual	SONIA	Annual		7/28/2024		40,530		(1,386	)		—		(1,386	)
SONIA	Annual	5.6325%	Annual		9/25/2024		41,140		(468	)		—		(468	)
6.255%	28-day	28-day MXN-TIIE	28-day		5/22/2026	MXN	47,800		(198	)		—		(198	)

American Funds Insurance Series      223

Capital World Bond Fund (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay					Notional		Value at		Upfront premium			Unrealized depreciation
Rate	Payment frequency	Rate		Payment frequency	Expiration date		amount (000)		12/31/2022 (000)		paid (000)			at 12/31/2022 (000)
6.19%	28-day		28-day MXN-TIIE	28-day		5/22/2026	MXN	48,400	$	(205)	$	—		$	(205)
6.16%	28-day		28-day MXN-TIIE	28-day		6/9/2026		58,800		(253)		—	15		(253)
6.5375%	28-day		28-day MXN-TIIE	28-day		6/17/2026		14,000		(52)		—			(52)
6.50%	28-day		28-day MXN-TIIE	28-day		6/17/2026		13,900		(53)		—			(53)
6.47%	28-day		28-day MXN-TIIE	28-day		6/17/2026		14,200		(55)		—			(55)
6.55%	28-day		28-day MXN-TIIE	28-day		6/17/2026		43,000		(160)		—	15		(160)
6.55%	28-day		28-day MXN-TIIE	28-day		6/18/2026		14,100		(53)		—			(53)
6.50%	28-day		28-day MXN-TIIE	28-day		6/18/2026		27,800		(106)		—			(106)
6.64%	28-day		28-day MXN-TIIE	28-day		6/25/2026		62,600		(226)		—			(226)
6.633%	28-day		28-day MXN-TIIE	28-day		6/25/2026		172,500		(623)		—			(623)
7.59%	28-day		28-day MXN-TIIE	28-day		10/29/2026		28,900		(64)		—			(64)
7.62%	28-day		28-day MXN-TIIE	28-day		10/29/2026		43,375		(94)		—			(94)
7.52%	28-day		28-day MXN-TIIE	28-day		10/30/2026		89,445		(209)		—			(209)
									$	(10,966)	$	—	15	$	(10,966)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index	Financing rate paid	Payment frequency	Expiration date	Notional amount (000)		Value at 12/31/2022 (000)		Upfront premium paid (000)		Unrealized depreciation at 12/31/2022 (000)
CDX.EM.38	1.00%	Quarterly	12/20/2027	USD	5,650	$	331	$	350	$	(19	)

Centrally cleared credit default swaps on credit indices — sell protection

Financing rate received	Payment frequency	Reference index	Expiration date		Notional amount17 (000)	Value at 12/31/202218 (000)		Upfront premium (received) paid (000)			Unrealized appreciation at 12/31/2022 (000)
5.00%	Quarterly	CDX.NA.HY.39		12/20/2027	USD  19,138	$	118	$	(134	)	$	252
1.00%	Quarterly	CDX.NA.IG.39		12/20/2027	97,747		781		547			234
						$	899	$	413		$	486

Investments in affiliates¹³

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)
Investment funds 3.29%
Capital Group Central Corporate Bond Fund	$	—	$	47,078	$	—	$	—	$	1,598		$	48,676	$	306
Short-term securities 0.01%
Money market investments 0.01%
Capital Group Central Cash Fund 4.31%16		144,080		923,691		1,067,610		17		(11	)		167		2,751
Total 3.30%							$	17	$	1,587		$	48,843	$	3,057

224      American Funds Insurance Series

Capital World Bond Fund (continued)

Restricted securities²

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Goldman Sachs Group, Inc. 3.375% 3/27/2025	5/19/2020	$	5,689	$	5,327		.36	%
Goldman Sachs Group, Inc. 1.00% 3/18/2033	5/19/2021		3,239		2,091		.14
Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)1	5/19/2020		6,045		5,177		.35
JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)1	5/19/2020		3,381		2,944		.20
Total		$	18,354	$	15,539		1.05	%

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

²  Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $15,539,000, which represented 1.05% of the net assets of the fund.

³  Scheduled interest and/or principal payment was not received.

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

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

⁶  Value determined using significant unobservable inputs.

⁷  Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $166,829,000, which represented 11.26% of the net assets of the fund.

⁸  Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,760,000, which represented .12% of the net assets of the fund.

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

¹⁰  Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

¹¹  Purchased on a TBA basis.

¹²  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $12,515,000, which represented .84% of the net assets of the fund.

¹³  Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.

¹⁴  Security did not produce income during the last 12 months.

¹⁵  Amount less than one thousand.

¹⁶  Rate represents the seven-day yield at 12/31/2022.

¹⁷  The maximum potential amount the fund may pay as a protection seller should a credit event occur.

¹⁸  The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively.

Key to abbreviations

Assn. = Association	EUR = Euros	PLN = Polish zloty
AUD = Australian dollars	EURIBOR = Euro Interbank Offered Rate	Ref. = Refunding
BBR = Bank Base Rate	FRA = Forward Rate Agreement	Rev. = Revenue
BRL = Brazilian reais	GBP = British pounds	RON = Romanian leu
CAD = Canadian dollars	HUF = Hungarian forints	RUB = Russian rubles
CHF = Swiss francs	IDR = Indonesian rupiah	SEK = Swedish kronor
CLP = Chilean pesos	INR = Indian rupees	SOFR = Secured Overnight Financing Rate
CME = CME Group	JPY = Japanese yen	SONIA = Sterling Overnight Interbank Average Rate
CNH = Chinese yuan renminbi	KRW = South Korean won	TBA = To be announced
CNY = Chinese yuan	LIBOR = London Interbank Offered Rate	THB = Thai baht
COP = Colombian pesos	MXN = Mexican pesos	TIIE = Equilibrium Interbank Interest Rate
CZK = Czech korunas	MYR = Malaysian ringgits	UAH = Ukrainian hryvnia
DAC = Designated Activity Company	NOK = Norwegian kroner	USD = U.S. dollars
DKK = Danish kroner	NZD = New Zealand dollars	ZAR = South African rand
DOP = Dominican pesos	PIK = Payment In Kind

Refer to the notes to financial statements.

American Funds Insurance Series      225

American High-Income Trust

Investment portfolio December 31, 2022

Bonds, notes & other debt instruments 88.59%

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 88.51%
Energy 14.19%
Aethon United BR, LP / Aethon United Finance Corp. 8.25% 2/15/20261	USD	295	$	293
Altera Infrastructure, LP 8.50% 7/15/20231,2,3		2,009		375
Antero Midstream Partners, LP 5.375% 6/15/20291		570		522
Antero Resources Corp. 7.625% 2/1/20291		244		246
Antero Resources Corp. 5.375% 3/1/20301		230		214
Apache Corp. 6.00% 1/15/2037		165		153
Apache Corp. 5.10% 9/1/2040		695		578
Apache Corp. 4.75% 4/15/2043		265		200
Ascent Resources - Utica, LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 11/1/20251,4,5		228		242
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20261		2,040		1,982
Ascent Resources Utica Holdings, LLC 9.00% 11/1/20271		170		210
Ascent Resources Utica Holdings, LLC 8.25% 12/31/20281		271		266
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20291		1,245		1,112
BIP-V Chinook Holdco, LLC 5.50% 6/15/20311		1,610		1,409
Blue Racer Midstream, LLC 7.625% 12/15/20251		496		493
Bonanza Creek Energy, Inc. 5.00% 10/15/20261		905		829
California Resources Corp. 7.125% 2/1/20261		390		375
Callon Petroleum Co. 7.50% 6/15/20301		515		472
Centennial Resource Production, LLC 6.875% 4/1/20271		440		416
Cheniere Energy Partners, LP 4.50% 10/1/2029		938		846
Cheniere Energy Partners, LP 4.00% 3/1/2031		413		352
Cheniere Energy Partners, LP 3.25% 1/31/2032		615		490
Cheniere Energy, Inc. 4.625% 10/15/2028		3,831		3,470
Chesapeake Energy Corp. 4.875% 4/15/20222		4,300		97
Chesapeake Energy Corp. 5.50% 2/1/20261		1,000		966
Chesapeake Energy Corp. 5.875% 2/1/20291		1,670		1,585
Chesapeake Energy Corp. 6.75% 4/15/20291		380		371
CNX Midstream Partners, LP 4.75% 4/15/20301		280		230
CNX Resources Corp. 7.25% 3/14/20271		1,168		1,161
CNX Resources Corp. 6.00% 1/15/20291		1,669		1,538
CNX Resources Corp. 7.375% 1/15/20311		856		822
Comstock Resources, Inc. 6.75% 3/1/20291		910		823
Comstock Resources, Inc. 5.875% 1/15/20301		770		663
Constellation Oil Services Holding SA 4.00% PIK 12/31/20266		3,114		1,843
Continental Resources, Inc. 5.75% 1/15/20311		365		341
Crestwood Midstream Partners, LP 5.75% 4/1/2025		250		244
Crestwood Midstream Partners, LP 5.625% 5/1/20271		290		270
Crestwood Midstream Partners, LP 6.00% 2/1/20291		575		528
Crestwood Midstream Partners, LP 8.00% 4/1/20291		1,675		1,669
Devon Energy Corp. 5.875% 6/15/2028		202		205
Devon Energy Corp. 4.50% 1/15/2030		493		460
Diamond Foreign Asset Co. 9.00% Cash 4/22/20271,5,6		68		65
Diamond Foreign Asset Co. 9.00% Cash 4/22/20276		62		58
DT Midstream, Inc. 4.125% 6/15/20291		1,503		1,294
DT Midstream, Inc. 4.375% 6/15/20311		832		699
Energean Israel Finance, Ltd. 4.50% 3/30/20241		945		914
Energean Israel Finance, Ltd. 4.875% 3/30/20261		1,080		1,002
Energean Israel Finance, Ltd. 5.875% 3/30/20311		80		70
Energean PLC 6.50% 4/30/20271		380		354
EnLink Midstream Partners, LLC 5.625% 1/15/20281		445		425
EQM Midstream Partners, LP 4.125% 12/1/2026		127		113
EQM Midstream Partners, LP 7.50% 6/1/20271		405		397
EQM Midstream Partners, LP 6.50% 7/1/20271		2,345		2,245
EQM Midstream Partners, LP 5.50% 7/15/2028		881		789
EQM Midstream Partners, LP 4.50% 1/15/20291		835		703
EQM Midstream Partners, LP 7.50% 6/1/20301		1,078		1,040
EQM Midstream Partners, LP 4.75% 1/15/20311		1,645		1,348
EQM Midstream Partners, LP 6.50% 7/15/2048		910		684
EQT Corp. 6.125% 2/1/20257		250		251
EQT Corp. 5.00% 1/15/2029		290		273

226      American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
EQT Corp. 7.25% 2/1/20307	USD	300	$	312
EQT Corp. 3.625% 5/15/20311		500		424
Genesis Energy, LP 5.625% 6/15/2024		120		116
Genesis Energy, LP 6.50% 10/1/2025		1,886		1,805
Genesis Energy, LP 6.25% 5/15/2026		320		293
Genesis Energy, LP 8.00% 1/15/2027		2,825		2,672
Genesis Energy, LP 7.75% 2/1/2028		87		80
Harbour Energy PLC 5.50% 10/15/20261		1,545		1,387
Harvest Midstream I, LP 7.50% 9/1/20281		1,947		1,863
Hess Midstream Operations, LP 4.25% 2/15/20301		1,300		1,113
Hess Midstream Operations, LP 5.50% 10/15/20301		630		577
Hess Midstream Partners, LP 5.125% 6/15/20281		851		788
Hilcorp Energy I, LP 6.25% 11/1/20281		145		132
Hilcorp Energy I, LP 5.75% 2/1/20291		985		878
Hilcorp Energy I, LP 6.00% 4/15/20301		922		821
Hilcorp Energy I, LP 6.00% 2/1/20311		728		631
Hilcorp Energy I, LP 6.25% 4/15/20321		835		722
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 4/15/20271		220		216
Holly Energy Partners, LP / Holly Energy Finance Corp. 5.00% 2/1/20281		260		237
Howard Midstream Energy Partners, LLC 6.75% 1/15/20271		460		442
Independence Energy Finance, LLC 7.25% 5/1/20261		500		472
Kinetik Holdings, LP 5.875% 6/15/20301		500		470
Murphy Oil Corp. 5.75% 8/15/2025		139		137
Murphy Oil Corp. 5.625% 5/1/2027		135		131
Murphy Oil Corp. 6.375% 7/15/2028		415		400
Murphy Oil USA, Inc. 4.75% 9/15/2029		820		752
Murphy Oil USA, Inc. 3.75% 2/15/20311		1,065		878
Nabors Industries, Inc. 7.375% 5/15/20271		1,540		1,494
Nabors Industries, Ltd. 7.25% 1/15/20261		320		302
Neptune Energy Group Holdings, Ltd. 6.625% 5/15/20251		1,250		1,216
New Fortress Energy, Inc. 6.75% 9/15/20251		1,625		1,541
New Fortress Energy, Inc. 6.50% 9/30/20261		4,175		3,885
NGL Energy Operating, LLC 7.50% 2/1/20261		8,670		7,735
NGL Energy Partners, LP 6.125% 3/1/2025		2,054		1,677
NGL Energy Partners, LP 7.50% 4/15/2026		650		498
Northern Oil and Gas, Inc. 8.125% 3/1/20281		1,805		1,735
NorthRiver Midstream Finance, LP 5.625% 2/15/20261		625		593
NuStar Logistics, LP 6.00% 6/1/2026		286		276
Oasis Petroleum, Inc. 6.375% 6/1/20261		995		970
Occidental Petroleum Corp. 5.875% 9/1/2025		710		709
Occidental Petroleum Corp. 6.375% 9/1/2028		225		227
Occidental Petroleum Corp. 8.875% 7/15/2030		650		735
Occidental Petroleum Corp. 6.625% 9/1/2030		990		1,025
Occidental Petroleum Corp. 6.125% 1/1/2031		640		647
Occidental Petroleum Corp. 6.45% 9/15/2036		125		128
Occidental Petroleum Corp. 6.60% 3/15/2046		605		624
Occidental Petroleum Corp. 4.20% 3/15/2048		165		127
Parkland Corp. 4.625% 5/1/20301		835		692
Patterson-UTI Energy, Inc. 5.15% 11/15/2029		80		72
PDC Energy, Inc. 5.75% 5/15/2026		600		574
Petrobras Global Finance Co. 6.75% 6/3/2050		288		252
Petrobras Global Finance Co. 5.50% 6/10/2051		202		155
Petróleos Mexicanos 6.875% 10/16/2025		350		343
Petróleos Mexicanos 8.75% 6/2/2029		732		687
Petrorio Luxembourg SARL 6.125% 6/9/20261		320		305
Range Resources Corp. 4.875% 5/15/2025		362		344
Range Resources Corp. 8.25% 1/15/2029		900		929
Range Resources Corp. 4.75% 2/15/20301		970		856
Rockies Express Pipeline, LLC 4.95% 7/15/20291		550		495
Sabine Pass Liquefaction, LLC 4.50% 5/15/2030		371		345
Sanchez Energy Corp. 7.25% 2/15/20231,2		739		12

American Funds Insurance Series      227

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
SM Energy Co. 5.625% 6/1/2025	USD	430	$	413
Southwestern Energy Co. 5.95% 1/23/20257		215		212
Southwestern Energy Co. 7.75% 10/1/2027		272		278
Southwestern Energy Co. 8.375% 9/15/2028		565		584
Southwestern Energy Co. 5.375% 2/1/2029		340		316
Southwestern Energy Co. 5.375% 3/15/2030		2,470		2,257
Southwestern Energy Co. 4.75% 2/1/2032		1,225		1,049
Suburban Propane Partners, LP / Suburban Energy Finance Corp. 5.00% 6/1/20311		335		285
Sunoco, LP 6.00% 4/15/2027		547		540
Sunoco, LP 5.875% 3/15/2028		290		275
Sunoco, LP 4.50% 5/15/2029		1,735		1,520
Sunoco, LP 4.50% 4/30/2030		1,680		1,461
Tallgrass Energy Partners, LP 7.50% 10/1/20251		85		86
Targa Resources Partners, LP 6.50% 7/15/2027		133		134
Targa Resources Partners, LP 6.875% 1/15/2029		915		924
Targa Resources Partners, LP 5.50% 3/1/2030		802		756
Targa Resources Partners, LP 4.875% 2/1/2031		695		629
Transocean Guardian, Ltd. 5.875% 1/15/20241		92		90
Transocean Poseidon, Ltd. 6.875% 2/1/20271		337		328
Transocean, Inc. 6.125% 8/1/20251		178		174
Transocean, Inc. 7.25% 11/1/20251		500		443
Transocean, Inc. 11.50% 1/30/20271		95		95
Transocean, Inc. 6.80% 3/15/2038		300		190
USA Compression Partners, LP 6.875% 4/1/2026		669		643
USA Compression Partners, LP 6.875% 9/1/2027		247		231
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20311		2,795		2,386
Venture Global Calcasieu Pass, LLC 3.875% 11/1/20331		650		532
Weatherford International, Ltd. 11.00% 12/1/20241		185		189
Weatherford International, Ltd. 6.50% 9/15/20281		2,130		2,091
Weatherford International, Ltd. 8.625% 4/30/20301		3,485		3,353
Western Gas Partners, LP 4.50% 3/1/2028		979		904
Western Midstream Operating, LP 3.35% 2/1/20257		369		350
Western Midstream Operating, LP 4.75% 8/15/2028		160		146
Western Midstream Operating, LP 4.30% 2/1/20307		480		420
Western Midstream Operating, LP 5.50% 2/1/20507		770		636
				117,959
Consumer discretionary 12.43%
Adient Global Holdings, Ltd. 4.875% 8/15/20261		525		490
Affinity Gaming 6.875% 12/15/20271		1,040		883
Allied Universal Holdco, LLC 6.625% 7/15/20261		508		466
Allied Universal Holdco, LLC 9.75% 7/15/20271		716		624
Allied Universal Holdco, LLC 4.625% 6/1/20281		490		406
Allied Universal Holdco, LLC 6.00% 6/1/20291		2,790		2,029
Asbury Automotive Group, Inc. 4.50% 3/1/2028		250		220
Asbury Automotive Group, Inc. 4.625% 11/15/20291		1,545		1,304
Asbury Automotive Group, Inc. 5.00% 2/15/20321		1,070		882
Atlas LuxCo 4 SARL 4.625% 6/1/20281		280		227
AutoNation, Inc. 2.40% 8/1/2031		610		440
Bath & Body Works, Inc. 6.625% 10/1/20301		540		508
Bath & Body Works, Inc. 6.875% 11/1/2035		1,316		1,172
Bath & Body Works, Inc. 6.75% 7/1/2036		655		577
Beazer Homes USA, Inc. 5.875% 10/15/2027		540		473
Boyd Gaming Corp. 4.75% 12/1/2027		441		411
Boyd Gaming Corp. 4.75% 6/15/20311		345		301
Boyne USA, Inc. 4.75% 5/15/20291		570		505
Caesars Entertainment, Inc. 6.25% 7/1/20251		1,085		1,056
Caesars Entertainment, Inc. 8.125% 7/1/20271		665		655
Caesars Entertainment, Inc. 4.625% 10/15/20291		560		457
Caesars Resort Collection, LLC 5.75% 7/1/20251		345		338

228      American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Carnival Corp. 10.50% 2/1/20261	USD	1,405	$	1,414
Carnival Corp. 4.00% 8/1/20281		3,000		2,452
Carnival Corp. 6.00% 5/1/20291		655		438
Carnival Corp. 10.50% 6/1/20301		100		81
CDI Escrow Issuer, Inc. 5.75% 4/1/20301		615		552
CEC Entertainment, Inc. 6.75% 5/1/20261		320		298
Dana, Inc. 4.25% 9/1/2030		200		161
Dana, Inc. 4.50% 2/15/2032		375		300
Empire Communities Corp. 7.00% 12/15/20251		475		430
Empire Resorts, Inc. 7.75% 11/1/20261		470		378
Everi Holdings, Inc. 5.00% 7/15/20291		95		82
Fertitta Entertainment, Inc. 4.625% 1/15/20291		1,260		1,068
Fertitta Entertainment, Inc. 6.75% 1/15/20301		4,090		3,307
First Student Bidco, Inc. 4.00% 7/31/20291		2,135		1,769
Ford Motor Co. 5.291% 12/8/2046		70		54
Ford Motor Credit Company, LLC 5.125% 6/16/2025		2,215		2,134
Ford Motor Credit Company, LLC 3.375% 11/13/2025		465		421
Ford Motor Credit Company, LLC 4.542% 8/1/2026		1,460		1,348
Ford Motor Credit Company, LLC 2.70% 8/10/2026		350		304
Ford Motor Credit Company, LLC 4.271% 1/9/2027		525		476
Ford Motor Credit Company, LLC 4.95% 5/28/2027		370		346
Ford Motor Credit Company, LLC 4.125% 8/17/2027		835		749
Ford Motor Credit Company, LLC 3.815% 11/2/2027		880		775
Ford Motor Credit Company, LLC 2.90% 2/16/2028		300		248
Ford Motor Credit Company, LLC 5.113% 5/3/2029		200		182
Ford Motor Credit Company, LLC 4.00% 11/13/2030		570		469
Group 1 Automotive, Inc. 4.00% 8/15/20281		615		522
Hanesbrands, Inc. 4.625% 5/15/20241		1,945		1,887
Hanesbrands, Inc. 4.875% 5/15/20261		1,624		1,454
Hilton Grand Vacations Borrower 5.00% 6/1/20291		591		509
Hilton Worldwide Holdings, Inc. 3.75% 5/1/20291		200		173
Hilton Worldwide Holdings, Inc. 4.875% 1/15/2030		408		370
Hilton Worldwide Holdings, Inc. 4.00% 5/1/20311		1,520		1,275
International Game Technology PLC 6.50% 2/15/20251		911		918
International Game Technology PLC 4.125% 4/15/20261		915		855
International Game Technology PLC 5.25% 1/15/20291		4,120		3,846
Jacobs Entertainment, Inc. 6.75% 2/15/20291		505		456
KB Home 6.875% 6/15/2027		330		333
KB Home 7.25% 7/15/2030		330		321
Kontoor Brands, Inc. 4.125% 11/15/20291		370		303
Las Vegas Sands Corp. 3.20% 8/8/2024		400		378
LCM Investments Holdings II, LLC 4.875% 5/1/20291		2,565		2,057
Levi Strauss & Co. 3.50% 3/1/20311		430		342
Lindblad Expeditions, LLC 6.75% 2/15/20271		205		186
Lithia Motors, Inc. 4.625% 12/15/20271		270		244
Lithia Motors, Inc. 3.875% 6/1/20291		1,165		959
Lithia Motors, Inc. 4.375% 1/15/20311		830		677
LSF9 Atlantis Holdings, LLC / Victra Finance Corp. 7.75% 2/15/20261		335		297
M.D.C. Holdings, Inc. 6.00% 1/15/2043		573		468
Marriott International, Inc. 3.50% 10/15/2032		470		392
Marriott International, Inc. 2.75% 10/15/2033		430		329
Marriott Ownership Resorts, Inc. 4.50% 6/15/20291		370		307
Mattel, Inc. 3.75% 4/1/20291		490		431
Melco International Development, Ltd. 4.875% 6/6/20251		440		405
Melco International Development, Ltd. 5.75% 7/21/20281		595		498
Melco International Development, Ltd. 5.375% 12/4/20291		1,221		982
Melco Resorts Finance, Ltd. 5.25% 4/26/20261		300		264
Merlin Entertainment 5.75% 6/15/20261		492		461
MGM Resorts International 6.00% 3/15/2023		281		281
MGM Resorts International 5.50% 4/15/2027		401		374
Mohegan Gaming & Entertainment 8.00% 2/1/20261		370		347

American Funds Insurance Series      229

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Motel 6 Operating, LP, Term Loan B, (1-month USD-LIBOR + 5.00%) 9.318% 9/9/20264,5	USD	512	$	506
NCL Corp., Ltd. 3.625% 12/15/20241		300		257
NCL Corp., Ltd. 5.875% 3/15/20261		405		319
NCL Corp., Ltd. 5.875% 2/15/20271		1,510		1,310
NCL Corp., Ltd. 7.75% 2/15/20291		360		271
Neiman Marcus Group, LLC 7.125% 4/1/20261		1,650		1,549
Panther BF Aggregator 2, LP 6.25% 5/15/20261		140		137
Panther BF Aggregator 2, LP 8.50% 5/15/20271		455		445
Party City Holdings, Inc. (6-month USD-LIBOR + 5.00%) 8.061% 7/15/20251,5		240		65
Party City Holdings, Inc. 8.75% 2/15/20261		7,577		2,197
Party City Holdings, Inc. 6.625% 8/1/20261		500		13
Penske Automotive Group, Inc. 3.75% 6/15/2029		670		545
PetSmart, Inc. 4.75% 2/15/20281		710		644
PetSmart, Inc. 7.75% 2/15/20291		1,190		1,120
Premier Entertainment Sub, LLC 5.625% 9/1/20291		1,065		787
Premier Entertainment Sub, LLC 5.875% 9/1/20311		375		266
QVC, Inc. 4.85% 4/1/2024		75		70
QVC, Inc. 4.375% 9/1/2028		121		73
Raptor Acquisition Corp. 4.875% 11/1/20261		550		489
Real Hero Merger Sub 2, Inc. 6.25% 2/1/20291		480		330
Royal Caribbean Cruises, Ltd. 11.50% 6/1/20251		2,371		2,548
Royal Caribbean Cruises, Ltd. 4.25% 7/1/20261		1,820		1,473
Royal Caribbean Cruises, Ltd. 5.50% 8/31/20261		715		602
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20271		1,365		1,107
Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028		1,370		1,009
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20281		710		568
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20291		1,775		1,786
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20291		1,010		1,039
Sally Holdings, LLC 5.625% 12/1/2025		1,030		994
Sands China, Ltd. 5.625% 8/8/2025		275		263
Sands China, Ltd. 5.90% 8/8/2028		200		188
Sands China, Ltd. 4.875% 6/18/2030		550		484
Sands China, Ltd. 3.75% 8/8/20317		560		441
Scientific Games Corp. 8.625% 7/1/20251		1,215		1,242
Scientific Games Corp. 7.00% 5/15/20281		985		941
Scientific Games Corp. 7.25% 11/15/20291		960		923
Scientific Games Holdings, LP 6.625% 3/1/20301		845		715
Sonic Automotive, Inc. 4.625% 11/15/20291		1,565		1,255
Sonic Automotive, Inc. 4.875% 11/15/20311		2,180		1,717
Studio City Finance, Ltd. 6.00% 7/15/20251		690		599
Studio City Finance, Ltd. 5.00% 1/15/20291		550		407
Tempur Sealy International, Inc. 4.00% 4/15/20291		435		366
The Gap, Inc. 3.625% 10/1/20291		170		120
The Gap, Inc. 3.875% 10/1/20311		108		76
The Home Co., Inc. 7.25% 10/15/20251		660		568
Travel + Leisure Co. 6.00% 4/1/2027		205		195
Travel + Leisure Co. 4.50% 12/1/20291		1,155		943
Universal Entertainment Corp. 8.50% 12/11/20241		2,945		2,751
Vail Resorts, Inc. 6.25% 5/15/20251		315		316
VICI Properties, LP 4.25% 12/1/20261		462		432
VICI Properties, LP / VICI Note Co., Inc. 5.625% 5/1/20241		447		443
WASH Multifamily Acquisition, Inc. 5.75% 4/15/20261		1,245		1,175
Wheel Pros, Inc. 6.50% 5/15/20291		1,280		454
Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 8.825% 5/11/20284,5		948		647
Wyndham Destinations, Inc. 6.625% 7/31/20261		695		681
Wyndham Destinations, Inc. 4.625% 3/1/20301		400		332
Wyndham Worldwide Corp. 4.375% 8/15/20281		765		688
Wynn Las Vegas, LLC 4.25% 5/30/20231		861		850
Wynn Macau, Ltd. 5.625% 8/26/20281		900		771

230      American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Wynn Resorts Finance, LLC 7.75% 4/15/20251	USD	494	$	492
Wynn Resorts Finance, LLC 5.125% 10/1/20291		482		414
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 9.884% 9/1/20274,5		465		421
				103,390
Communication services 10.50%
Altice France Holding SA 10.50% 5/15/20271		1,650		1,262
Altice France SA 5.125% 7/15/20291		1,677		1,260
Brightstar Escrow Corp. 9.75% 10/15/20251		140		129
Cablevision Systems Corp. 5.375% 2/1/20281		457		369
CCO Holdings, LLC 5.00% 2/1/20281		586		533
CCO Holdings, LLC 6.375% 9/1/20291		300		283
CCO Holdings, LLC 4.75% 3/1/20301		3,437		2,972
CCO Holdings, LLC 4.50% 8/15/20301		3,029		2,509
CCO Holdings, LLC 4.25% 2/1/20311		3,065		2,465
CCO Holdings, LLC 4.75% 2/1/20321		1,225		996
CCO Holdings, LLC 4.50% 5/1/2032		1,024		817
CCO Holdings, LLC 4.50% 6/1/20331		1,330		1,023
CCO Holdings, LLC 4.25% 1/15/20341		2,040		1,510
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.50% 5/1/20261		102		99
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.375% 6/1/20291		360		326
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 4/1/2031		140		109
Centerfield Media Parent, Inc. 6.625% 8/1/20261		960		616
Cinemark USA, Inc. 5.875% 3/15/20261		278		232
Clear Channel Worldwide Holdings, Inc. 7.75% 4/15/20281		570		417
Clear Channel Worldwide Holdings, Inc. 7.50% 6/1/20291		315		232
Cogent Communications Group, Inc. 3.50% 5/1/20261		450		409
Connect Finco SARL 6.75% 10/1/20261		725		673
Consolidated Communications, Inc. 5.00% 10/1/20281		225		166
CSC Holdings, LLC 6.50% 2/1/20291		600		492
CSC Holdings, LLC 3.375% 2/15/20311		700		458
Diamond Sports Group, LLC 5.375% 8/15/20261		503		60
Diamond Sports Group, LLC 6.625% 8/15/20271		1,056		12
DIRECTV Financing, LLC 5.875% 8/15/20271		3,010		2,699
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 9.384% 8/2/20274,5		1,655		1,613
DISH Network Corp. 11.75% 11/15/20271		3,950		4,073
Embarq Corp. 7.995% 6/1/2036		2,867		1,339
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 12.134% 7/31/20284,5		365		361
Frontier Communications Corp. 5.875% 10/15/20271		1,455		1,354
Frontier Communications Corp. 5.00% 5/1/20281		3,780		3,304
Frontier Communications Corp. 6.75% 5/1/20291		1,990		1,649
Frontier Communications Holdings, LLC 5.875% 11/1/2029		1,390		1,077
Frontier Communications Holdings, LLC 6.00% 1/15/20301		750		590
Frontier Communications Holdings, LLC 8.75% 5/15/20301		970		988
Gray Escrow II, Inc. 5.375% 11/15/20311		925		668
Gray Television, Inc. 5.875% 7/15/20261		203		181
Gray Television, Inc. 7.00% 5/15/20271		1,018		904
Gray Television, Inc. 4.75% 10/15/20301		397		288
iHeartCommunications, Inc. 5.25% 8/15/20271		1,995		1,693
iHeartCommunications, Inc. 4.75% 1/15/20281		250		204
Iliad Holding SAS 6.50% 10/15/20261		630		585
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 9.23% 12/4/20264,5		385		357
Lamar Media Corp. 3.75% 2/15/2028		61		55
Lamar Media Corp. 4.875% 1/15/2029		300		277
Lamar Media Corp. 4.00% 2/15/2030		260		228
Level 3 Financing, Inc. 3.75% 7/15/20291		855		616

American Funds Insurance Series      231

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Ligado Networks, LLC 15.50% PIK 11/1/20231,6	USD	2,149	$	701
Live Nation Entertainment, Inc. 4.75% 10/15/20271		250		223
Live Nation Entertainment, Inc. 3.75% 1/15/20281		425		363
Match Group, Inc. 4.625% 6/1/20281		308		275
Match Group, Inc. 5.625% 2/15/20291		300		280
McGraw-Hill Education, Inc. 5.75% 8/1/20281		520		438
Midas OpCo Holdings, LLC 5.625% 8/15/20291		3,110		2,570
Netflix, Inc. 4.875% 4/15/2028		310		300
News Corp. 3.875% 5/15/20291		1,620		1,408
News Corp. 5.125% 2/15/20321		1,760		1,604
Nexstar Broadcasting, Inc. 4.75% 11/1/20281		2,910		2,522
Nexstar Escrow Corp. 5.625% 7/15/20271		324		298
Scripps Escrow II, Inc. 3.875% 1/15/20291		750		603
Sinclair Television Group, Inc. 4.125% 12/1/20301		710		533
Sirius XM Radio, Inc. 3.125% 9/1/20261		1,600		1,423
Sirius XM Radio, Inc. 4.00% 7/15/20281		2,385		2,080
Sirius XM Radio, Inc. 4.125% 7/1/20301		445		368
Sirius XM Radio, Inc. 3.875% 9/1/20311		2,590		2,026
Sprint Corp. 7.625% 3/1/2026		480		506
Sprint Corp. 6.875% 11/15/2028		1,656		1,723
Sprint Corp. 8.75% 3/15/2032		1,751		2,088
TEGNA, Inc. 5.00% 9/15/2029		366		348
T-Mobile US, Inc. 3.375% 4/15/2029		860		759
Univision Communications, Inc. 5.125% 2/15/20251		3,195		3,049
Univision Communications, Inc. 6.625% 6/1/20271		3,050		2,949
Univision Communications, Inc. 4.50% 5/1/20291		4,500		3,772
Univision Communications, Inc. 7.375% 6/30/20301		935		895
Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 8.83% 6/24/20294,5		69		69
UPC Broadband Finco BV 4.875% 7/15/20311		430		359
Virgin Media O2 4.25% 1/31/20311		1,975		1,603
Virgin Media Secured Finance PLC 4.50% 8/15/20301		990		829
VZ Secured Financing BV 5.00% 1/15/20321		1,060		863
Warner Music Group 3.75% 12/1/20291		1,645		1,417
Warner Music Group 3.875% 7/15/20301		780		673
Warner Music Group 3.00% 2/15/20311		225		180
WarnerMedia Holdings, Inc. 4.279% 3/15/20321		298		246
Ziggo Bond Co. BV 5.125% 2/28/20301		419		339
Ziggo Bond Finance BV 4.875% 1/15/20301		1,350		1,132
				87,346
Materials 9.94%
Alcoa Nederland Holding BV 5.50% 12/15/20271		510		492
Alcoa Nederland Holding BV 4.125% 3/31/20291		430		382
Allegheny Technologies, Inc. 5.875% 12/1/2027		180		172
Allegheny Technologies, Inc. 4.875% 10/1/2029		1,575		1,394
Allegheny Technologies, Inc. 5.125% 10/1/2031		1,170		1,036
ArcelorMittal 7.00% 10/15/2039		488		497
ArcelorMittal 6.75% 3/1/2041		755		731
Arconic Corp. 6.00% 5/15/20251		360		355
Arconic Rolled Products Corp. 6.125% 2/15/20281		200		188
Ardagh Group SA 6.50% Cash 6/30/20271,6		422		294
Ardagh Metal Packaging Finance USA, LLC 6.00% 6/15/20271		750		735
Ardagh Metal Packaging Finance USA, LLC 3.25% 9/1/20281		500		425
Ardagh Metal Packaging Finance USA, LLC 4.00% 9/1/20291		550		437
Ardagh Packaging Finance 4.125% 8/15/20261		900		782
Avient Corp. 7.125% 8/1/20301		335		328
Axalta Coating Systems, LLC 4.75% 6/15/20271		460		426
Ball Corp. 6.875% 3/15/2028		1,065		1,095
Ball Corp. 2.875% 8/15/2030		160		128

232      American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Ball Corp. 3.125% 9/15/2031	USD	1,660	$	1,335
BWAY Parent Co., Inc. 5.50% 4/15/20241		1,464		1,427
BWAY Parent Co., Inc. 7.25% 4/15/20251		625		579
BWAY Parent Co., Inc., Term Loan, (3-month USD-LIBOR + 3.25%) 7.37% 4/3/20244,5		255		250
CAN-PACK SA 3.875% 11/15/20291		1,300		1,026
Cleveland-Cliffs, Inc. 6.75% 3/15/20261		262		263
Cleveland-Cliffs, Inc. 7.00% 3/15/2027		297		281
Cleveland-Cliffs, Inc. 5.875% 6/1/2027		3,243		3,104
Cleveland-Cliffs, Inc. 4.625% 3/1/20291		1,981		1,761
Cleveland-Cliffs, Inc. 4.875% 3/1/20311		2,875		2,543
Crown Holdings, Inc. 5.25% 4/1/20301		240		227
CVR Partners, LP 6.125% 6/15/20281		1,125		1,011
Element Solutions, Inc. 3.875% 9/1/20281		410		349
First Quantum Minerals, Ltd. 7.50% 4/1/20251		3,893		3,797
First Quantum Minerals, Ltd. 6.875% 3/1/20261		2,926		2,775
First Quantum Minerals, Ltd. 6.875% 10/15/20271		7,610		7,156
Freeport-McMoRan, Inc. 4.25% 3/1/2030		437		398
Freeport-McMoRan, Inc. 5.45% 3/15/2043		411		372
FXI Holdings, Inc. 7.875% 11/1/20241		6,248		5,204
FXI Holdings, Inc. 12.25% 11/15/20261		7,432		6,165
GPC Merger Sub, Inc. 7.125% 8/15/20281		334		279
Graphic Packaging International, LLC 3.75% 2/1/20301		790		673
Hexion, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 8.934% 3/15/20294,5		454		391
Kaiser Aluminum Corp. 4.625% 3/1/20281		638		558
LABL, Inc. 5.875% 11/1/20281		730		637
LABL, Inc. 8.25% 11/1/20291		490		391
LSB Industries, Inc. 6.25% 10/15/20281		1,620		1,484
Methanex Corp. 5.125% 10/15/2027		3,870		3,596
Methanex Corp. 5.25% 12/15/2029		1,217		1,082
Methanex Corp. 5.65% 12/1/2044		465		355
Mineral Resources, Ltd. 8.00% 11/1/20271		1,292		1,323
Mineral Resources, Ltd. 8.50% 5/1/20301		1,270		1,289
Neon Holdings, Inc. 10.125% 4/1/20261		595		508
Nova Chemicals Corp. 4.875% 6/1/20241		760		737
Nova Chemicals Corp. 5.25% 6/1/20271		2,036		1,834
Nova Chemicals Corp. 4.25% 5/15/20291		2,330		1,908
Novelis Corp. 3.25% 11/15/20261		825		741
Novelis Corp. 4.75% 1/30/20301		563		500
Novelis Corp. 3.875% 8/15/20311		1,122		918
Olin Corp. 5.625% 8/1/2029		200		190
Olin Corp. 5.00% 2/1/2030		180		165
Owens-Illinois, Inc. 5.875% 8/15/20231		191		190
Owens-Illinois, Inc. 6.375% 8/15/20251		265		260
SCIH Salt Holdings, Inc. 4.875% 5/1/20281		2,185		1,879
SCIH Salt Holdings, Inc. 6.625% 5/1/20291		1,225		988
Scotts Miracle-Gro Co. 4.50% 10/15/2029		379		308
Scotts Miracle-Gro Co. 4.375% 2/1/2032		455		344
Sealed Air Corp. 4.00% 12/1/20271		316		287
Sealed Air Corp. 5.00% 4/15/20291		690		650
Silgan Holdings, Inc. 4.125% 2/1/2028		377		350
SPCM SA 3.375% 3/15/20301		400		323
Summit Materials, LLC 6.50% 3/15/20271		360		353
Summit Materials, LLC 5.25% 1/15/20291		755		704
Trivium Packaging BV 5.50% 8/15/20261		330		303
Trivium Packaging BV 8.50% 8/15/20271		703		646
Tronox, Ltd. 4.625% 3/15/20291		730		608
Valvoline, Inc. 4.25% 2/15/20301		353		343
Valvoline, Inc. 3.625% 6/15/20311		410		337
Venator Finance SARL 9.50% 7/1/20251		1,538		1,115

American Funds Insurance Series      233

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Venator Finance SARL 5.75% 7/15/20251	USD	3,501	$	1,201
W. R. Grace Holdings, LLC 5.625% 8/15/20291		440		356
Warrior Met Coal, Inc. 7.875% 12/1/20281		1,680		1,658
				82,682
Health care 9.93%
1375209 BC, Ltd. 9.00% 1/30/20281		720		705
AdaptHealth, LLC 5.125% 3/1/20301		625		533
Avantor Funding, Inc. 4.625% 7/15/20281		2,380		2,167
Avantor Funding, Inc. 3.875% 11/1/20291		500		420
Bausch Health Americas, Inc. 9.25% 4/1/20261		1,789		1,255
Bausch Health Americas, Inc. 8.50% 1/31/20271		252		132
Bausch Health Companies, Inc. 9.00% 12/15/20251		1,591		1,258
Bausch Health Companies, Inc. 6.125% 2/1/20271		245		169
Bausch Health Companies, Inc. 5.75% 8/15/20271		865		590
Bausch Health Companies, Inc. 7.00% 1/15/20281		413		200
Bausch Health Companies, Inc. 5.00% 1/30/20281		1,357		653
Bausch Health Companies, Inc. 4.875% 6/1/20281		3,390		2,163
Bausch Health Companies, Inc. 5.00% 2/15/20291		310		149
Bausch Health Companies, Inc. 7.25% 5/30/20291		340		165
Bausch Health Companies, Inc. 5.25% 1/30/20301		1,712		824
Bausch Health Companies, Inc. 14.00% 10/15/20301		550		329
Bausch Health Companies, Inc. 5.25% 2/15/20311		3,762		1,828
Catalent Pharma Solutions, Inc. 5.00% 7/15/20271		290		270
Catalent Pharma Solutions, Inc. 3.125% 2/15/20291		285		227
Catalent Pharma Solutions, Inc. 3.50% 4/1/20301		1,310		1,036
Centene Corp. 4.25% 12/15/2027		344		323
Centene Corp. 2.45% 7/15/2028		2,255		1,908
Centene Corp. 4.625% 12/15/2029		2,035		1,864
Centene Corp. 3.375% 2/15/2030		422		358
Centene Corp. 3.00% 10/15/2030		720		592
Centene Corp. 2.50% 3/1/2031		1,245		977
Centene Corp. 2.625% 8/1/2031		400		315
Charles River Laboratories International, Inc. 4.25% 5/1/20281		561		518
Charles River Laboratories International, Inc. 3.75% 3/15/20291		680		602
Charles River Laboratories International, Inc. 4.00% 3/15/20311		400		347
Community Health Systems, Inc. 8.00% 3/15/20261		580		529
Community Health Systems, Inc. 5.625% 3/15/20271		1,645		1,414
Community Health Systems, Inc. 6.00% 1/15/20291		348		292
Community Health Systems, Inc. 6.875% 4/15/20291		240		124
Community Health Systems, Inc. 5.25% 5/15/20301		1,370		1,035
Community Health Systems, Inc. 4.75% 2/15/20311		100		73
DaVita, Inc. 4.625% 6/1/20301		850		686
Encompass Health Corp. 4.50% 2/1/2028		496		451
Encompass Health Corp. 4.75% 2/1/2030		285		251
Endo DAC 6.00% 6/30/20281,2		2,313		127
Endo DAC / Endo Finance, LLC / Endo Finco 9.50% 7/31/20271,2		311		44
Endo International PLC 5.875% 10/15/20241		520		413
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 4/1/20291		660		502
Grifols Escrow Issuer SA 4.75% 10/15/20281		630		545
HCA, Inc. 5.625% 9/1/2028		1,300		1,295
HCA, Inc. 5.875% 2/1/2029		255		255
HCA, Inc. 3.50% 9/1/2030		1,215		1,051
HCA, Inc. 4.625% 3/15/20521		233		182
HCA, Inc. 7.50% 11/15/2095		250		269
HealthEquity, Inc. 4.50% 10/1/20291		600		525
IMS Health Holdings, Inc. 5.00% 10/15/20261		823		788
Jazz Securities DAC 4.375% 1/15/20291		461		412
Mallinckrodt PLC 10.00% 4/15/20251		939		808
Minerva Merger Sub, Inc. 6.50% 2/15/20301		640		473

234      American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Molina Healthcare, Inc. 4.375% 6/15/20281	USD	1,055	$	965
Molina Healthcare, Inc. 3.875% 11/15/20301		2,309		1,960
Molina Healthcare, Inc. 3.875% 5/15/20321		2,275		1,893
Mozart Debt Merger Sub, Inc. 3.875% 4/1/20291		220		178
Mozart Debt Merger Sub, Inc. 5.25% 10/1/20291		1,425		1,134
Option Care Health, Inc. 4.375% 10/31/20291		290		254
Organon Finance 1, LLC 4.125% 4/30/20281		535		475
Owens & Minor, Inc. 4.375% 12/15/2024		1,185		1,147
Owens & Minor, Inc. 4.50% 3/31/20291		1,145		914
Owens & Minor, Inc. 6.625% 4/1/20301		675		581
Par Pharmaceutical, Inc. 7.50% 4/1/20271		4,665		3,555
Radiology Partners, Inc. 9.25% 2/1/20281		1,873		1,054
Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 8.639% 7/9/20254,5		95		80
RP Escrow Issuer, LLC 5.25% 12/15/20251		1,175		899
Select Medical Holdings Corp. 6.25% 8/15/20261		554		528
Surgery Center Holdings 10.00% 4/15/20271		244		249
Syneos Health, Inc. 3.625% 1/15/20291		530		423
Team Health Holdings, Inc. 6.375% 2/1/20251		704		407
Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 9.573% 3/2/20274,5		276		209
Tenet Healthcare Corp. 4.625% 7/15/2024		130		127
Tenet Healthcare Corp. 4.875% 1/1/20261		5,600		5,307
Tenet Healthcare Corp. 6.25% 2/1/20271		500		481
Tenet Healthcare Corp. 5.125% 11/1/20271		265		247
Tenet Healthcare Corp. 4.625% 6/15/20281		890		798
Tenet Healthcare Corp. 6.125% 10/1/20281		740		664
Tenet Healthcare Corp. 4.25% 6/1/20291		990		859
Tenet Healthcare Corp. 4.375% 1/15/20301		1,340		1,162
Tenet Healthcare Corp. 6.875% 11/15/2031		100		90
Teva Pharmaceutical Finance Co. BV 6.00% 4/15/2024		3,379		3,319
Teva Pharmaceutical Finance Co. BV 7.125% 1/31/2025		1,984		1,976
Teva Pharmaceutical Finance Co. BV 3.15% 10/1/2026		3,314		2,905
Teva Pharmaceutical Finance Co. BV 4.75% 5/9/2027		570		516
Teva Pharmaceutical Finance Co. BV 6.75% 3/1/2028		1,888		1,845
Teva Pharmaceutical Finance Co. BV 5.125% 5/9/2029		6,865		6,123
Teva Pharmaceutical Finance Co. BV 4.10% 10/1/2046		412		253
Valeant Pharmaceuticals International, Inc. 5.50% 11/1/20251		4,190		3,568
				82,566
Industrials 8.97%
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20261		990		954
ADT Security Corp. 4.125% 8/1/20291		200		170
Allison Transmission Holdings, Inc. 3.75% 1/30/20311		1,235		1,017
Ashtead Capital, Inc. 5.50% 8/11/20321		600		576
Atkore, Inc. 4.25% 6/1/20311		385		331
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 10.134% 9/21/20294,5		2,899		2,813
ATS Automation Tooling Systems, Inc. 4.125% 12/15/20281		275		238
Avis Budget Car Rental, LLC 5.75% 7/15/20271		885		802
Avis Budget Group, Inc. 5.375% 3/1/20291		1,215		1,041
Avolon Holdings Funding, Ltd. 5.25% 5/15/20241		660		647
Avolon Holdings Funding, Ltd. 2.528% 11/18/20271		2,098		1,680
BlueLinx Holdings, Inc. 6.00% 11/15/20291		500		416
Bohai Financial Investment Holding Co., Ltd. 4.50% 3/15/20231		132		132
Bombardier, Inc. 7.50% 3/15/20251		593		588
Bombardier, Inc. 7.125% 6/15/20261		3,395		3,300
Bombardier, Inc. 7.875% 4/15/20271		3,978		3,867
Bombardier, Inc. 6.00% 2/15/20281		1,335		1,236
Bombardier, Inc. 7.45% 5/1/20341		450		452

American Funds Insurance Series      235

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Builders FirstSource, Inc. 4.25% 2/1/20321	USD	735	$	597
BWX Technologies, Inc. 4.125% 6/30/20281		515		464
BWX Technologies, Inc. 4.125% 4/15/20291		1,005		881
Chart Industries, Inc. 7.50% 1/1/20301		523		526
Clarivate Science Holdings Corp. 3.875% 7/1/20281		1,595		1,384
Clarivate Science Holdings Corp. 4.875% 7/1/20291		1,265		1,077
Clean Harbors, Inc. 4.875% 7/15/20271		766		727
CoreLogic, Inc. 4.50% 5/1/20281		4,279		3,288
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.938% 6/4/20294,5		660		480
Covanta Holding Corp. 4.875% 12/1/20291		1,295		1,063
Covanta Holding Corp. 5.00% 9/1/2030		1,590		1,287
Dun & Bradstreet Corp. 5.00% 12/15/20291		1,585		1,358
Garda World Security Corp. 6.00% 6/1/20291		150		122
GFL Environmental, Inc. 3.50% 9/1/20281		765		673
Harsco Corp. 5.75% 7/31/20271		700		554
Herc Holdings, Inc. 5.50% 7/15/20271		200		187
Howmet Aerospace, Inc. 5.95% 2/1/2037		150		146
Icahn Enterprises Finance Corp. 4.75% 9/15/2024		1,080		1,038
Icahn Enterprises, LP 5.25% 5/15/2027		277		254
Icahn Enterprises, LP 4.375% 2/1/2029		675		572
JELD-WEN Holding, Inc. 4.875% 12/15/20271		543		410
LABL Escrow Issuer, LLC 6.75% 7/15/20261		450		425
LABL Escrow Issuer, LLC 10.50% 7/15/20271		1,310		1,221
LSC Communications, Inc. 8.75% 10/15/20231,2,3		8,933		27
LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 7.75% 9/30/20222,3,4,5		301		1
Masonite International Corp. 3.50% 2/15/20301		530		429
MasTec, Inc. 4.50% 8/15/20281		460		413
Mileage Plus Holdings, LLC 6.50% 6/20/20271		3,543		3,530
Mueller Water Products, Inc. 4.00% 6/15/20291		275		242
Park River Holdings, Inc. 5.625% 2/1/20291		775		517
PGT Innovations, Inc. 4.375% 10/1/20291		1,125		943
Pitney Bowes, Inc. 6.875% 3/15/20271		600		514
PM General Purchaser, LLC 9.50% 10/1/20281		2,428		1,855
Prime Security Services Borrower, LLC 3.375% 8/31/20271		475		411
Prime Security Services Borrower, LLC 6.25% 1/15/20281		627		572
R.R. Donnelley & Sons Co. 6.125% 11/1/20261		375		351
Roller Bearing Company of America, Inc. 4.375% 10/15/20291		170		147
Rolls-Royce PLC 5.75% 10/15/20271		720		687
Sensata Technologies, Inc. 3.75% 2/15/20311		500		412
SkyMiles IP, Ltd. 4.75% 10/20/20281		1,975		1,859
Spirit AeroSystems, Inc. 4.60% 6/15/2028		1,410		1,141
Spirit AeroSystems, Inc. 9.375% 11/30/20291		980		1,033
SRS Distribution, Inc. 4.625% 7/1/20281		480		426
Stericycle, Inc. 5.375% 7/15/20241		1,135		1,120
Stericycle, Inc. 3.875% 1/15/20291		940		821
The Brink’s Co. 4.625% 10/15/20271		719		659
The Hertz Corp. 5.00% 12/1/20291		380		289
Titan International, Inc. 7.00% 4/30/2028		750		709
TransDigm, Inc. 6.25% 3/15/20261		1,638		1,619
TransDigm, Inc. 6.875% 5/15/2026		460		450
TransDigm, Inc. 6.375% 6/15/2026		240		234
TransDigm, Inc. 5.50% 11/15/2027		855		805
TransDigm, Inc. 4.625% 1/15/2029		155		137
TransDigm, Inc. 4.875% 5/1/2029		220		192
Triumph Group, Inc. 8.875% 6/1/20241		633		645
Triumph Group, Inc. 6.25% 9/15/20241		4,812		4,569
Triumph Group, Inc. 7.75% 8/15/2025		1,260		1,074
Uber Technologies, Inc. 8.00% 11/1/20261		498		501
United Airlines, Inc. 4.375% 4/15/20261		285		265
United Airlines, Inc. 4.625% 4/15/20291		505		441

236      American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
United Rentals, Inc. 4.875% 1/15/2028	USD	680	$	646
United Rentals, Inc. 6.00% 12/15/20291		910		906
United Rentals, Inc. 3.875% 2/15/2031		525		441
United Rentals, Inc. 3.75% 1/15/2032		450		368
Vertical U.S. Newco, Inc. 5.25% 7/15/20271		1,495		1,330
WESCO Distribution, Inc. 7.125% 6/15/20251		675		685
WESCO Distribution, Inc. 7.25% 6/15/20281		825		837
Western Global Airlines, LLC 10.375% 8/15/20251		475		357
				74,604
Financials 7.26%
Advisor Group Holdings, LLC 6.25% 3/1/20281		2,191		2,017
AG Merger Sub II, Inc. 10.75% 8/1/20271		3,800		3,852
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20271		1,058		1,069
Alliant Holdings Intermediate, LLC 4.25% 10/15/20271		890		798
Alliant Holdings Intermediate, LLC 6.75% 10/15/20271		1,741		1,569
Alliant Holdings Intermediate, LLC 5.875% 11/1/20291		1,560		1,285
AmWINS Group, Inc. 4.875% 6/30/20291		1,260		1,070
Aretec Escrow Issuer, Inc. 7.50% 4/1/20291		2,875		2,379
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 10.25% 8/2/20294,5		1,245		1,096
AssuredPartners, Inc. 8.00% 5/15/20271		437		419
AssuredPartners, Inc. 5.625% 1/15/20291		365		301
Blackstone Private Credit Fund 7.05% 9/29/20251		640		636
BroadStreet Partners, Inc. 5.875% 4/15/20291		575		490
Castlelake Aviation Finance DAC 5.00% 4/15/20271		1,115		972
Coinbase Global, Inc. 3.375% 10/1/20281		1,320		699
Coinbase Global, Inc. 3.625% 10/1/20311		1,090		526
Compass Diversified Holdings 5.25% 4/15/20291		4,150		3,557
Compass Diversified Holdings 5.00% 1/15/20321		1,230		979
Credit Acceptance Corp. 5.125% 12/31/20241		275		259
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 11/30/20263,4,5		823		715
Digital Currency Group, Inc., Term Loan, 8.75% 11/30/20263,4		1,097		879
FS Energy and Power Fund 7.50% 8/15/20231		2,784		2,793
Hightower Holding, LLC 6.75% 4/15/20291		905		761
HUB International, Ltd. 7.00% 5/1/20261		2,080		2,040
HUB International, Ltd. 5.625% 12/1/20291		240		210
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20321		725		603
JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)7		160		132
JPMorgan Chase & Co. 4.912% 7/25/2033 (USD-SOFR + 2.08% on 7/25/2032)7		490		468
LPL Holdings, Inc. 4.625% 11/15/20271		1,592		1,490
LPL Holdings, Inc. 4.00% 3/15/20291		1,900		1,656
LPL Holdings, Inc. 4.375% 5/15/20311		1,135		967
MGIC Investment Corp. 5.25% 8/15/2028		525		485
MSCI, Inc. 4.00% 11/15/20291		900		785
MSCI, Inc. 3.625% 9/1/20301		66		55
MSCI, Inc. 3.875% 2/15/20311		1,450		1,208
MSCI, Inc. 3.625% 11/1/20311		2,055		1,702
MSCI, Inc. 3.25% 8/15/20331		945		731
National Financial Partners Corp. 6.875% 8/15/20281		739		611
Navient Corp. 5.50% 1/25/2023		684		684
Navient Corp. 6.125% 3/25/2024		1,047		1,027
Navient Corp. 5.875% 10/25/2024		1,405		1,362
Navient Corp. 6.75% 6/25/2025		550		529
Navient Corp. 6.75% 6/15/2026		640		608
Navient Corp. 5.00% 3/15/2027		2,883		2,529
Navient Corp. 4.875% 3/15/2028		320		264
Navient Corp. 5.50% 3/15/2029		2,280		1,864
Navient Corp. 5.625% 8/1/2033		1,478		1,056
OneMain Finance Corp. 3.875% 9/15/2028		206		164

American Funds Insurance Series      237

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
OneMain Holdings, Inc. 7.125% 3/15/2026	USD	1,335	$	1,272
Owl Rock Capital Corp. 3.75% 7/22/2025		600		555
Owl Rock Capital Corp. 3.40% 7/15/2026		290		254
Owl Rock Capital Corp. II 4.625% 11/26/20241		450		428
Owl Rock Capital Corp. III 3.125% 4/13/2027		600		495
Owl Rock Core Income Corp. 4.70% 2/8/2027		800		722
Oxford Finance, LLC 6.375% 2/1/20271		1,893		1,764
Quicken Loans, LLC 3.625% 3/1/20291		455		361
Rocket Mortgage, LLC 2.875% 10/15/20261		520		447
Ryan Specialty Group, LLC 4.375% 2/1/20301		615		533
Springleaf Finance Corp. 6.125% 3/15/2024		367		356
Springleaf Finance Corp. 6.625% 1/15/2028		340		314
Starwood Property Trust, Inc. 4.375% 1/15/20271		570		500
				60,352
Information technology 4.50%
Almonde, Inc., Term Loan B, (3-month USD-LIBOR + 3.50%) 6.871% 6/13/20244,5		270		239
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 6/13/20254,5		3,899		2,932
Black Knight, Inc. 3.625% 9/1/20281		410		357
Block, Inc. 2.75% 6/1/2026		1,455		1,302
Block, Inc. 3.50% 6/1/2031		1,570		1,255
BMC Software, Inc. 7.125% 10/2/20251		180		175
BMC Software, Inc. 9.125% 3/1/20261		240		227
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 3/31/20264,5		1,170		1,080
Booz Allen Hamilton, Inc. 3.875% 9/1/20281		450		399
Booz Allen Hamilton, Inc. 4.00% 7/1/20291		580		511
CDK Global, Inc. 7.25% 6/15/20291		1,460		1,430
Ciena Corp. 4.00% 1/31/20301		440		388
CommScope Finance, LLC 6.00% 3/1/20261		430		398
CommScope Finance, LLC 8.25% 3/1/20271		360		280
CommScope Technologies, LLC 6.00% 6/15/20251		380		347
CommScope Technologies, LLC 5.00% 3/15/20271		220		150
Condor Merger Sub, Inc. 7.375% 2/15/20301		400		322
Diebold Nixdorf, Inc. 9.375% 7/15/20251		7,523		5,380
Diebold Nixdorf, Inc., units, 8.50% PIK or 8.50% Cash 10/15/20261,3,6		1,324		797
Diebold Nixdorf, Inc., Term Loan, (USD-SOFR + 5.25%) 6.75% 7/15/20253,4,5		2,084		1,404
Elastic NV 4.125% 7/15/20291		350		283
Entegris Escrow Corp. 4.75% 4/15/20291		790		722
Fair Isaac Corp. 4.00% 6/15/20281		1,195		1,087
Finastra, Ltd., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 4.00% 6/13/20244,5	EUR	846		783
Gartner, Inc. 4.50% 7/1/20281	USD	2,098		1,960
Gartner, Inc. 3.625% 6/15/20291		154		135
Gartner, Inc. 3.75% 10/1/20301		1,001		864
GoDaddy Operating Co. 5.25% 12/1/20271		390		370
GoDaddy Operating Co. 3.50% 3/1/20291		210		176
Imola Merger Corp. 4.75% 5/15/20291		300		261
MicroStrategy, Inc. 6.125% 6/15/20281		325		233
MoneyGram International, Inc. 5.375% 8/1/20261		875		888
NCR Corp. 5.125% 4/15/20291		1,759		1,474
NortonLifeLock, Inc. 7.125% 9/30/20301		255		251
Open Text Corp., Term Loan B, (3-month USD-LIBOR + 3.50%) 3.50% 11/16/20294,5		355		347
Rocket Software, Inc. 6.50% 2/15/20291		455		359
Sabre GLBL, Inc. 7.375% 9/1/20251		133		128
Sabre GLBL, Inc. 11.25% 12/15/20271		877		904
Sabre Holdings Corp. 9.25% 4/15/20251		1,152		1,149
Synaptics, Inc. 4.00% 6/15/20291		375		316
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.18% 9/29/20284,5		1,255		1,117
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 6.998% 5/4/20264,5		465		443
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 8.998% 5/3/20274,5		1,970		1,820

238      American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Unisys Corp. 6.875% 11/1/20271	USD	1,385	$	1,065
VeriSign, Inc. 5.25% 4/1/2025		132		132
Veritas US, Inc. 7.50% 9/1/20251		285		197
Viavi Solutions, Inc. 3.75% 10/1/20291		230		194
Xerox Corp. 5.50% 8/15/20281		435		349
				37,380
Consumer staples 4.14%
Albertsons Companies, Inc. 4.625% 1/15/20271		1,060		987
Albertsons Companies, Inc. 5.875% 2/15/20281		190		181
Albertsons Companies, Inc. 3.50% 3/15/20291		3,468		2,917
Albertsons Companies, Inc. 4.875% 2/15/20301		615		550
B&G Foods, Inc. 5.25% 4/1/2025		1,377		1,210
B&G Foods, Inc. 5.25% 9/15/2027		2,093		1,608
Central Garden & Pet Co. 4.125% 10/15/2030		600		494
Central Garden & Pet Co. 4.125% 4/30/20311		1,005		833
Coty, Inc. 5.00% 4/15/20261		700		665
Coty, Inc. 6.50% 4/15/20261		460		442
Coty, Inc. 4.75% 1/15/20291		1,260		1,142
Darling Ingredients, Inc. 5.25% 4/15/20271		329		317
Darling Ingredients, Inc. 6.00% 6/15/20301		1,205		1,180
Edgewell Personal Care Co. 5.50% 6/1/20281		275		258
Energizer Holdings, Inc. 4.375% 3/31/20291		545		463
Ingles Markets, Inc. 4.00% 6/15/20311		345		291
Kraft Heinz Company 3.875% 5/15/2027		275		263
Kraft Heinz Company 4.375% 6/1/2046		306		250
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20261		1,953		1,692
Kronos Acquisition Holdings, Inc. 7.00% 12/31/20271		3,040		2,504
Lamb Weston Holdings, Inc. 4.125% 1/31/20301		2,615		2,313
Lamb Weston Holdings, Inc. 4.375% 1/31/20321		715		626
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 8.48% 10/1/20264,5		784		753
Performance Food Group, Inc. 5.50% 10/15/20271		705		666
Performance Food Group, Inc. 4.25% 8/1/20291		483		419
Post Holdings, Inc. 5.625% 1/15/20281		1,199		1,130
Post Holdings, Inc. 5.50% 12/15/20291		811		736
Post Holdings, Inc. 4.625% 4/15/20301		3,355		2,901
Post Holdings, Inc. 4.50% 9/15/20311		1,350		1,137
Prestige Brands International, Inc. 5.125% 1/15/20281		103		97
Prestige Brands International, Inc. 3.75% 4/1/20311		1,275		1,053
Simmons Foods, Inc. 4.625% 3/1/20291		993		810
TreeHouse Foods, Inc. 4.00% 9/1/2028		1,415		1,205
United Natural Foods, Inc. 6.75% 10/15/20281		2,030		1,954
US Foods, Inc. 4.625% 6/1/20301		460		406
				34,453
Real estate 3.45%
Anywhere Real Estate Group, LLC 5.75% 1/15/20291		2,213		1,677
Anywhere Real Estate Group, LLC 5.25% 4/15/20301		957		699
Brookfield Property REIT, Inc. 5.75% 5/15/20261		1,304		1,193
Brookfield Property REIT, Inc. 4.50% 4/1/20271		194		162
Forestar Group, Inc. 3.85% 5/15/20261		465		408
Forestar Group, Inc. 5.00% 3/1/20281		92		79
Hospitality Properties Trust 4.35% 10/1/2024		145		132
Howard Hughes Corp. 5.375% 8/1/20281		1,447		1,306
Howard Hughes Corp. 4.125% 2/1/20291		2,043		1,714
Howard Hughes Corp. 4.375% 2/1/20311		2,258		1,830
Iron Mountain, Inc. 4.875% 9/15/20271		1,616		1,489
Iron Mountain, Inc. 5.25% 3/15/20281		1,214		1,119
Iron Mountain, Inc. 5.00% 7/15/20281		367		330

American Funds Insurance Series      239

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Iron Mountain, Inc. 5.25% 7/15/20301	USD	2,880	$	2,509
Iron Mountain, Inc. 4.50% 2/15/20311		950		783
Kennedy-Wilson Holdings, Inc. 4.75% 3/1/2029		2,505		1,989
Kennedy-Wilson Holdings, Inc. 4.75% 2/1/2030		2,545		1,944
Kennedy-Wilson Holdings, Inc. 5.00% 3/1/2031		2,050		1,546
Ladder Capital Finance Holdings LLLP 5.25% 10/1/20251		740		697
Ladder Capital Finance Holdings LLLP 4.25% 2/1/20271		1,429		1,203
Ladder Capital Finance Holdings LLLP 4.75% 6/15/20291		100		81
Medical Properties Trust, Inc. 5.00% 10/15/2027		638		538
Medical Properties Trust, Inc. 3.50% 3/15/2031		239		164
Park Intermediate Holdings, LLC 4.875% 5/15/20291		820		695
RHP Hotel Properties, LP 4.50% 2/15/20291		535		462
RLJ Lodging Trust, LP 4.00% 9/15/20291		800		650
VICI Properties, LP 3.50% 2/15/20251		261		247
VICI Properties, LP 4.625% 6/15/20251		620		595
VICI Properties, LP 3.875% 2/15/20291		1,111		975
VICI Properties, LP 4.625% 12/1/20291		184		168
VICI Properties, LP 4.125% 8/15/20301		330		289
WeWork Companies, LLC 5.00% 7/10/20251		2,985		992
				28,665
Utilities 3.20%
AmeriGas Partners, LP 5.875% 8/20/2026		80		76
AmeriGas Partners, LP 5.75% 5/20/2027		324		302
Calpine Corp. 4.50% 2/15/20281		150		134
Calpine Corp. 5.125% 3/15/20281		518		463
Calpine Corp. 3.75% 3/1/20311		500		403
DPL, Inc. 4.125% 7/1/2025		555		522
Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)7		1,155		1,113
FirstEnergy Corp. 2.65% 3/1/2030		624		510
FirstEnergy Corp. 2.25% 9/1/2030		980		780
FirstEnergy Corp. 7.375% 11/15/2031		337		380
FirstEnergy Corp. 3.40% 3/1/2050		510		337
FirstEnergy Corp., Series C, 5.35% 7/15/20477		475		425
FirstEnergy Transmission, LLC 2.866% 9/15/20281		265		232
FirstEnergy Transmission, LLC 4.55% 4/1/20491		100		81
NextEra Energy Partners, LP 4.25% 7/15/20241		122		118
NRG Energy, Inc. 3.625% 2/15/20311		845		644
Pacific Gas and Electric Co. 5.45% 6/15/2027		335		331
Pacific Gas and Electric Co. 2.10% 8/1/2027		116		99
Pacific Gas and Electric Co. 3.30% 12/1/2027		124		110
Pacific Gas and Electric Co. 3.75% 7/1/2028		10		9
Pacific Gas and Electric Co. 4.55% 7/1/2030		213		194
Pacific Gas and Electric Co. 2.50% 2/1/2031		393		306
Pacific Gas and Electric Co. 3.25% 6/1/2031		107		87
Pacific Gas and Electric Co. 3.30% 8/1/2040		280		190
Pacific Gas and Electric Co. 3.50% 8/1/2050		1,000		625
PG&E Corp. 5.00% 7/1/2028		3,150		2,881
PG&E Corp. 5.25% 7/1/2030		3,040		2,771
Talen Energy Corp. 10.50% 1/15/20261,2		2,987		1,434
Talen Energy Corp. 7.25% 5/15/20271		5,189		5,395
Talen Energy Corp. 6.625% 1/15/20281		130		133
Talen Energy Corp., Term Loan, (3-month USD CME Term SOFR + 4.75%) 9.008% 11/13/20234,5		3,085		3,116
Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 7.821% 7/8/20264,5		500		508
Talen Energy Supply, LLC 7.625% 6/1/20281		489		511

240      American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Targa Resources Partners, LP 4.00% 1/15/2032	USD	190	$	160
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20291		1,190		1,043
Vistra Operations Co., LLC 3.55% 7/15/20241		231		222
				26,645
Total corporate bonds, notes & loans				736,042
Mortgage-backed obligations 0.08%
Collateralized mortgage-backed obligations 0.08%
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 12/1/20331,3		712		630
Total bonds, notes & other debt instruments (cost: $842,910,000)				736,672
Convertible bonds & notes 0.06%
Communication services 0.05%
DISH DBS Corp., convertible notes, 3.375% 8/15/2026		635		399
Energy 0.01%
Mesquite Energy, Inc., convertible notes, 13.14% Cash 7/15/20231,3,6		79		79
Total convertible bonds & notes (cost: $720,000)				478
Convertible stocks 0.11%
	Shares
Utilities 0.06%
PG&E Corp., convertible preferred units, 5.50% 8/16/2023		3,350		483
Financials 0.05%
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 6/1/20231		411		472
Total convertible stocks (cost: $657,000)				955
Common stocks 4.45%
Health care 2.60%
Rotech Healthcare, Inc.3,8,9		201,793		21,591
Energy 1.15%
Chesapeake Energy Corp.		29,829		2,815
Weatherford International8		33,659		1,714
Ascent Resources - Utica, LLC, Class A3,8,9		6,297,894		1,260
Denbury, Inc.8		13,380		1,164
Diamond Offshore Drilling, Inc.8		110,972		1,154
California Resources Corp.		17,202		748
Constellation Oil Services Holding SA, Class B-13,8		3,449,949		380
Altera Infrastructure, LP3,8		3,550		282
McDermott International, Ltd.8		82,509		26
Mesquite Energy, Inc.3,8		3,558		21
Bighorn Permian Resources, LLC3		2,894		—	10
				9,564
Financials 0.32%
Jonah Energy Parent, LLC3		38,716		2,289
Navient Corp.		20,000		329
				2,618

American Funds Insurance Series      241

American High-Income Trust (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer discretionary 0.29%
NMG Parent, LLC8		9,965	$	1,520
MYT Holding Co., Class B3,8		608,846		913
				2,433
Information technology 0.05%
MoneyGram International, Inc.8		41,400		451
Communication services 0.04%
Intelsat SA3,8		8,164		196
iHeartMedia, Inc., Class A8		22,639		139
				335
Total common stocks (cost: $13,251,000)				36,992
Preferred securities 0.32%
Consumer discretionary 0.27%
MYT Holdings, LLC, Series A, 10.00% preferred shares3,8		2,095,904		2,201
Industrials 0.05%
ACR III LSC Holdings, LLC, Series B, preferred shares1,3,8		1,022		428
Total preferred securities (cost: $2,933,000)				2,629
Rights & warrants 0.10%
Consumer discretionary 0.10%
NMG Parent, LLC, warrants, expire 9/24/20278		27,111		826
Communication services 0.00%
Intelsat Jackson Holdings SA (CVR), Series A3,8		855		6
Intelsat Jackson Holdings SA (CVR), Series B3,8		855		6
				12
Total rights & warrants (cost: $173,000)				838
Short-term securities 4.64%
Money market investments 4.64%
Capital Group Central Cash Fund 4.31%11,12		385,690		38,565
Total short-term securities (cost: $38,557,000)				38,565
Total investment securities 98.27% (cost: $899,201,000)				817,129
Other assets less liabilities 1.73%				14,425
Net assets 100.00%			$	831,554

242      American Funds Insurance Series

American High-Income Trust (continued)

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures		Long		63		March 2023	USD	6,799		$	(98	)
10 Year U.S. Treasury Note Futures		Short		14		March 2023		(1,572	)		10
30 Year Ultra U.S. Treasury Bond Futures		Short		1		March 2023		(134	)		—	10
										$	(88	)

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index	Financing rate paid		Payment frequency		Expiration date		Notional amount (000)		Value at 12/31/2022 (000)			Upfront premium paid (000)		Unrealized depreciation at 12/31/2022 (000)
CDX.NA.HY.39		5.00%		Quarterly		12/20/2027	USD	8,050	$	(50	)	$	104	$	(154	)

Investments in affiliates¹²

	Value of affiliate at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)		Value of affiliate at 12/31/2022 (000)		Dividend income (000)
Short-term securities 4.64%
Money market investments 4.64%
Capital Group Central Cash Fund 4.31%11	$	17,238	$	219,950	$	198,620	$	(7	)	$	4	$	38,565	$	610

Restricted securities⁹

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Rotech Healthcare, Inc.3,8	9/26/2013	$	4,331	$	21,591	2.60%
Ascent Resources - Utica, LLC, Class A3,8	11/15/2016		302		1,260	.15
Total		$	4,633	$	22,851	2.75%

American Funds Insurance Series      243

American High-Income Trust (continued)

¹  Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $544,764,000, which represented 65.51% of the net assets of the fund.

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

³  Value determined using significant unobservable inputs.

⁴  Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $25,672,000, which represented 3.09% of the net assets of the fund.

⁵  Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

⁶  Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.

⁷  Step bond; coupon rate may change at a later date.

⁸  Security did not produce income during the last 12 months.

⁹  Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $22,851,000, which represented 2.75% of the net assets of the fund.

¹⁰  Amount less than one thousand.

¹¹  Rate represents the seven-day yield at 12/31/2022.

¹²  Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

CME = CME Group

CVR = Contingent Value Rights

DAC = Designated Activity Company

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

Refer to the notes to financial statements.

244      American Funds Insurance Series

American Funds Mortgage Fund

Investment portfolio December 31, 2022

Bonds, notes & other debt instruments 94.91%

	Principal amount (000)			Value (000)
Mortgage-backed obligations 80.19%
Federal agency mortgage-backed obligations 77.35%
Fannie Mae Pool #695412 5.00% 6/1/20331	USD	—	2	$	—	2
Fannie Mae Pool #AD3566 5.00% 10/1/20351		2			2
Fannie Mae Pool #256583 5.00% 12/1/20361		32			32
Fannie Mae Pool #931768 5.00% 8/1/20391		1			1
Fannie Mae Pool #AC0794 5.00% 10/1/20391		5			5
Fannie Mae Pool #932606 5.00% 2/1/20401		2			2
Fannie Mae Pool #AE1248 5.00% 6/1/20411		8			8
Fannie Mae Pool #MA4387 2.00% 7/1/20411		19			16
Fannie Mae Pool #AJ1873 4.00% 10/1/20411		7			6
Fannie Mae Pool #AE1274 5.00% 10/1/20411		7			7
Fannie Mae Pool #AE1277 5.00% 11/1/20411		5			5
Fannie Mae Pool #MA4501 2.00% 12/1/20411		370			312
Fannie Mae Pool #AE1283 5.00% 12/1/20411		2			2
Fannie Mae Pool #MA4540 2.00% 2/1/20421		530			447
Fannie Mae Pool #AE1290 5.00% 2/1/20421		4			4
Fannie Mae Pool #MA4570 2.00% 3/1/20421		120			102
Fannie Mae Pool #AT0300 3.50% 3/1/20431		1			1
Fannie Mae Pool #AT3954 3.50% 4/1/20431		2			2
Fannie Mae Pool #AY1829 3.50% 12/1/20441		2			2
Fannie Mae Pool #FM9416 3.50% 7/1/20451		374			346
Fannie Mae Pool #BH3122 4.00% 6/1/20471		1			1
Fannie Mae Pool #BJ5015 4.00% 12/1/20471		39			37
Fannie Mae Pool #BK5232 4.00% 5/1/20481		20			19
Fannie Mae Pool #BK6840 4.00% 6/1/20481		27			25
Fannie Mae Pool #BK9743 4.00% 8/1/20481		8			8
Fannie Mae Pool #BK9761 4.50% 8/1/20481		5			5
Fannie Mae Pool #FM3280 3.50% 5/1/20491		98			91
Fannie Mae Pool #CA5496 3.00% 4/1/20501,3		1,215			1,089
Fannie Mae Pool #CA5968 2.50% 6/1/20501		54			46
Fannie Mae Pool #CA6593 2.50% 8/1/20501		560			482
Fannie Mae Pool #CA7257 2.50% 10/1/20501		126			109
Fannie Mae Pool #BQ3005 2.50% 10/1/20501		82			70
Fannie Mae Pool #MA4208 2.00% 12/1/20501		13			10
Fannie Mae Pool #CA8955 2.50% 2/1/20511		66			57
Fannie Mae Pool #CB0290 2.00% 4/1/20511		116			95
Fannie Mae Pool #MA4305 2.00% 4/1/20511		1			1
Fannie Mae Pool #CB0041 3.00% 4/1/20511		211			188
Fannie Mae Pool #FM7687 3.00% 6/1/20511		278			247
Fannie Mae Pool #FM7900 2.50% 7/1/20511		28			24
Fannie Mae Pool #CB1527 2.50% 9/1/20511		450			382
Fannie Mae Pool #FS0965 2.00% 11/1/20511		3			2
Fannie Mae Pool #FM9492 2.50% 11/1/20511		464			397
Fannie Mae Pool #FM9694 2.50% 11/1/20511		230			197
Fannie Mae Pool #CB2286 2.50% 12/1/20511		764			653
Fannie Mae Pool #BU3058 2.50% 12/1/20511		295			251
Fannie Mae Pool #FM9804 2.50% 12/1/20511		247			212
Fannie Mae Pool #FM9976 3.00% 12/1/20511		100			89
Fannie Mae Pool #CB2544 3.00% 1/1/20521		280			248
Fannie Mae Pool #BV3870 2.50% 2/1/20521		405			344
Fannie Mae Pool #FS0523 2.50% 2/1/20521		380			325
Fannie Mae Pool #BV8569 2.50% 4/1/20521		1,274			1,081
Fannie Mae Pool #MA4578 2.50% 4/1/20521		204			173
Fannie Mae Pool #CB4274 2.50% 7/1/20521		179			152
Fannie Mae Pool #BW0004 3.50% 7/1/20521		300			273
Fannie Mae Pool #CB4159 4.00% 7/1/20521		22			20
Fannie Mae Pool #MA4700 4.00% 8/1/20521		1,967			1,847
Fannie Mae Pool #BV8024 4.00% 8/1/20521		28			26
Fannie Mae Pool #BW7326 4.00% 9/1/20521		24			22
Fannie Mae Pool #BW9348 4.00% 9/1/20521		21			20
Fannie Mae Pool #BW8103 4.00% 9/1/20521		20			18
Fannie Mae Pool #BW9823 4.50% 9/1/20521		45			44

American Funds Insurance Series      245

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CB5208 5.00% 9/1/20521	USD	599	$	591
Fannie Mae Pool #BW8980 4.00% 10/1/20521		77		72
Fannie Mae Pool #BW1210 4.00% 10/1/20521		58		54
Fannie Mae Pool #BW7356 4.00% 10/1/20521		48		45
Fannie Mae Pool #BX0509 4.00% 10/1/20521		21		20
Fannie Mae Pool #BW7795 4.50% 10/1/20521		477		460
Fannie Mae Pool #MA4784 4.50% 10/1/20521		4		4
Fannie Mae Pool #BW7121 5.00% 10/1/20521		577		570
Fannie Mae Pool #CB5380 5.00% 10/1/20521		203		200
Fannie Mae Pool #MA4803 3.50% 11/1/20521		38		34
Fannie Mae Pool #MA4804 4.00% 11/1/20521		575		540
Fannie Mae Pool #BW1310 4.00% 11/1/20521		22		21
Fannie Mae Pool #BX1516 4.50% 11/1/20521		469		452
Fannie Mae Pool #MA4841 5.00% 12/1/20521		1,000		987
Fannie Mae Pool #MA4866 4.00% 1/1/20531		68		64
Fannie Mae Pool #MA4868 5.00% 1/1/20531		495		489
Fannie Mae Pool #BF0379 3.50% 4/1/20591		146		134
Fannie Mae Pool #BF0481 3.50% 6/1/20601		173		159
Fannie Mae Pool #BF0497 3.00% 7/1/20601		53		46
Fannie Mae Pool #BF0585 4.50% 12/1/20611		56		54
Freddie Mac Pool #ZA1922 5.00% 2/1/20261		1		1
Freddie Mac Pool #ZS8950 5.00% 10/1/20291		2		2
Freddie Mac Pool #A18781 5.00% 3/1/20341		623		637
Freddie Mac Pool #RB5138 2.00% 12/1/20411		102		86
Freddie Mac Pool #RB5145 2.00% 2/1/20421		94		79
Freddie Mac Pool #RB5148 2.00% 3/1/20421		597		504
Freddie Mac Pool #Q15874 4.00% 2/1/20431		1		1
Freddie Mac Pool #760012 3.113% 4/1/20451,4		39		38
Freddie Mac Pool #760013 3.208% 4/1/20451,4		23		22
Freddie Mac Pool #760014 2.74% 8/1/20451,4		335		324
Freddie Mac Pool #760015 2.561% 1/1/20471,4		63		60
Freddie Mac Pool #Q47615 3.50% 4/1/20471		18		17
Freddie Mac Pool #Q52069 3.50% 11/1/20471		28		26
Freddie Mac Pool #Q55971 4.00% 5/1/20481		20		19
Freddie Mac Pool #Q56175 4.00% 5/1/20481		19		18
Freddie Mac Pool #Q55970 4.00% 5/1/20481		10		9
Freddie Mac Pool #Q56599 4.00% 6/1/20481		28		27
Freddie Mac Pool #Q58411 4.50% 9/1/20481		51		51
Freddie Mac Pool #Q58436 4.50% 9/1/20481		28		27
Freddie Mac Pool #Q58378 4.50% 9/1/20481		20		20
Freddie Mac Pool #RA1339 3.00% 9/1/20491,3		1,531		1,360
Freddie Mac Pool #QA2748 3.50% 9/1/20491		19		18
Freddie Mac Pool #SD7512 3.00% 2/1/20501		160		143
Freddie Mac Pool #SD8106 2.00% 11/1/20501		597		488
Freddie Mac Pool #SD8128 2.00% 2/1/20511		2		2
Freddie Mac Pool #SD8134 2.00% 3/1/20511		3		3
Freddie Mac Pool #RA5288 2.00% 5/1/20511		327		268
Freddie Mac Pool #RA6406 2.00% 11/1/20511		80		65
Freddie Mac Pool #SD7548 2.50% 11/1/20511		1,100		947
Freddie Mac Pool #SD1385 2.50% 11/1/20511		68		58
Freddie Mac Pool #SD7552 2.50% 1/1/20521		396		338
Freddie Mac Pool #RA6598 3.50% 1/1/20521		196		179
Freddie Mac Pool #SD7550 3.00% 2/1/20521		404		361
Freddie Mac Pool #SD0873 3.50% 2/1/20521,3		1,203		1,113
Freddie Mac Pool #QD7089 3.50% 2/1/20521		9		9
Freddie Mac Pool #SD1450 2.50% 3/1/20521		3,355		2,879
Freddie Mac Pool #SD7553 3.00% 3/1/20521		325		289
Freddie Mac Pool #QE6097 2.50% 7/1/20521		197		168
Freddie Mac Pool #SD8237 4.00% 8/1/20521		1,523		1,430
Freddie Mac Pool #QE9057 4.00% 8/1/20521		18		17
Freddie Mac Pool #SD8238 4.50% 8/1/20521		10		10

246      American Funds Insurance Series

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD8244 4.00% 9/1/20521	USD	651	$	612
Freddie Mac Pool #QE9625 4.00% 9/1/20521		23		21
Freddie Mac Pool #RA7938 5.00% 9/1/20521		715		706
Freddie Mac Pool #QF1464 4.00% 10/1/20521		22		21
Freddie Mac Pool #SD8257 4.50% 10/1/20521		14		13
Freddie Mac Pool #SD8264 3.50% 11/1/20521		1,232		1,121
Freddie Mac Pool #SD8273 3.50% 11/1/20521		124		112
Freddie Mac Pool #QF3364 4.00% 11/1/20521		35		33
Freddie Mac Pool #SD1895 4.50% 11/1/20521		407		400
Freddie Mac Pool #SD8280 6.50% 11/1/20521		920		944
Freddie Mac Pool #SD8275 4.50% 12/1/20521		1,793		1,728
Freddie Mac Pool #SD8276 5.00% 12/1/20521		55		54
Freddie Mac Pool #SD8286 4.00% 1/1/20531		210		197
Freddie Mac Pool #SD8288 5.00% 1/1/20531		132		130
Freddie Mac Pool #SD8282 6.50% 1/1/20531		200		205
Freddie Mac, Series K152, Class A2, Multi Family, 3.80% 10/25/20321,4		207		196
Freddie Mac, Series K152, Class A2, Multi Family, 3.78% 11/25/20321		1,767		1,671
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20561,4		134		126
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/20561		101		91
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20561		209		194
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20561,4		155		145
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/20571		112		98
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20571		147		140
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/20581		31		28
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/20581		18		17
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/20281		306		293
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20281		14		13
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20321		469		453
Government National Mortgage Assn. 2.00% 1/1/20531,5		174		146
Government National Mortgage Assn. 2.50% 1/1/20531,5		207		180
Government National Mortgage Assn. 3.00% 1/1/20531,5		388		346
Government National Mortgage Assn. 3.50% 1/1/20531,5		178		163
Government National Mortgage Assn. 5.00% 1/1/20531,5		7,330		7,264
Government National Mortgage Assn. 5.50% 1/1/20531,5		1,198		1,205
Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/20341		693		678
Government National Mortgage Assn. Pool #AD0028 3.75% 7/20/20381		510		488
Government National Mortgage Assn. Pool #004410 4.00% 4/20/20391		54		52
Government National Mortgage Assn. Pool #AH5897 3.75% 7/20/20391		526		502
Government National Mortgage Assn. Pool #783690 6.00% 9/20/20391		81		86
Government National Mortgage Assn. Pool #004823 4.00% 10/20/20401		83		79
Government National Mortgage Assn. Pool #005104 5.00% 6/20/20411		169		170
Government National Mortgage Assn. Pool #005142 4.50% 8/20/20411		12		12
Government National Mortgage Assn. Pool #005165 6.50% 8/20/20411		83		84
Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/20421		131		119
Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/20421		198		182
Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/20431		90		84
Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/20441		1,034		997
Government National Mortgage Assn. Pool #MA8347 4.50% 10/20/20521		800		777
Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/20521		140		133
Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/20521		1,852		1,798

American Funds Insurance Series      247

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/20521	USD	100	$	97
Government National Mortgage Assn. Pool #AN1825 4.619% 6/20/20651		195		192
Government National Mortgage Assn. Pool #AO0461 4.628% 8/20/20651		65		64
Government National Mortgage Assn. Pool #AO0409 4.617% 12/20/20651		128		126
Government National Mortgage Assn. Pool #AO0385 4.498% 1/20/20661		519		510
Government National Mortgage Assn. Pool #725897 5.20% 1/20/20661		1		1
Uniform Mortgage-Backed Security 4.00% 1/1/20381,5		125		122
Uniform Mortgage-Backed Security 2.00% 1/1/20531,5		1,191		969
Uniform Mortgage-Backed Security 4.50% 1/1/20531,5		1,882		1,812
Uniform Mortgage-Backed Security 5.50% 1/1/20531,5		4,837		4,851
Uniform Mortgage-Backed Security 6.00% 1/1/20531,5		1,958		1,988
Uniform Mortgage-Backed Security 6.50% 1/1/20531,5		3,690		3,780
Uniform Mortgage-Backed Security 4.00% 2/1/20531,5		130		122
Uniform Mortgage-Backed Security 6.00% 2/1/20531,5		1,132		1,148
				68,880
Collateralized mortgage-backed obligations (privately originated) 1.79%
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 12/26/20301,4,6		74		72
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20311,4,6		95		89
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20361,4,6		306		291
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20611,4,6		181		171
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/20661,4,6		87		74
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 1/25/20601,4,6		159		137
GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/20661,4,6		28		24
GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A4, 2.50% 10/25/20521,4,6		212		171
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 5.239% 11/25/20551,4,6		175		169
Mill City Mortgage Trust, Series 15-1, Class M2, 3.616% 6/25/20561,4,6		38		37
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/20521,4,6		138		111
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20311,4,6		95		89
Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/20551,4,6		100		97
Towd Point Mortgage Trust, Series 2015-4, Class M1, 3.75% 4/25/20551,4,6		10		10
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/20561,4,6		41		41
Towd Point Mortgage Trust, Series 2017-5, Class A1, 4.989% 2/25/20571,4,6		10		10
				1,593
Commercial mortgage-backed securities 1.05%
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 6.105% 5/15/20391,4,6		100		98
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 6.45% 6/15/20271,4,6		100		99
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 5.217% 10/15/20361,4,6		606		578
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 5.368% 10/15/20381,4,6		164		158
				933
Total mortgage-backed obligations				71,406
U.S. Treasury bonds & notes 12.04%
U.S. Treasury inflation-protected securities 10.83%
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20237		714		713
U.S. Treasury Inflation-Protected Security 0.625% 4/15/20237		355		352
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20237		522		516
U.S. Treasury Inflation-Protected Security 0.625% 1/15/20243,7		3,621		3,546
U.S. Treasury Inflation-Protected Security 0.50% 4/15/20247		2,024		1,970
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20247		658		637
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20247		107		104

248      American Funds Insurance Series

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities (continued)
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20267	USD	65	$	61
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20317		1,202		1,067
U.S. Treasury Inflation-Protected Security 0.75% 2/15/20427		426		357
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20497		385		322
				9,645
U.S. Treasury 1.21%
U.S. Treasury 0.875% 1/31/2024		10		9
U.S. Treasury 1.25% 8/15/2031		443		360
U.S. Treasury 1.875% 2/15/2032		10		8
U.S. Treasury 1.875% 2/15/20413		690		489
U.S. Treasury 2.375% 2/15/2042		150		115
U.S. Treasury 3.25% 5/15/2042		60		53
U.S. Treasury 1.875% 11/15/2051		65		41
				1,075
Total U.S. Treasury bonds & notes				10,720
Asset-backed obligations 2.68%
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 5.675% 11/20/20301,4,6		250		247
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/20331,6		54		50
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/20341,6		54		51
Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95% 10/15/20271		540		545
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,6		286		256
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/20261,6		67		66
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20251,6		86		79
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/20691,6		116		101
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20691,6		215		183
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20621,6		193		171
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 5.093% 4/20/20621,4,6		160		155
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20611,6		530		449
Santander Drive Auto Receivables Trust, Series 2022-6, Class A2, 4.37% 5/15/20251		35		35
				2,388
Total bonds, notes & other debt instruments (cost: $87,116,000)				84,514

Short-term securities 25.67%

	Weighted average yield at acquisition
Commercial paper 14.04%
Chariot Funding, LLC 1/27/20236		4.150	%	2,000	1,993
Citigroup Global Markets, Inc. 2/21/20236		4.580		2,000	1,987
Henkel of America, Inc. 2/1/20236		4.300		2,000	1,992
Honeywell International, Inc. 2/1/20236		4.100		2,000	1,992
Johnson & Johnson 1/30/20236		4.190		1,000	996
Procter & Gamble Co. 2/9/20236		4.300		500	498
Procter & Gamble Co. 2/10/20236		4.250		1,500	1,492
Roche Holdings, Inc. 1/3/20236		4.230		1,050	1,050
Starbird Funding Corp. 1/3/20236		4.300		500	500
					12,500

American Funds Insurance Series      249

American Funds Mortgage Fund (continued)

Short-term securities (continued)

	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Federal agency bills & notes 11.63%
Federal Farm Credit Banks 1/12/2023		3.880	%	USD	4,500	$	4,495
Federal Home Loan Bank 1/11/2023		4.120			1,500		1,498
Federal Home Loan Bank 2/28/2023		4.350			1,500		1,490
Federal Home Loan Bank 3/3/2023		4.370			1,000		993
Federal Home Loan Bank 3/22/2023		4.440			1,000		990
Federal Home Loan Bank 3/24/2023		4.462			900		891
							10,357
Total short-term securities (cost: $22,859,000)							22,857
Total investment securities 120.58% (cost: $109,975,000)							107,371
Other assets less liabilities (20.58)%							(18,328	)
Net assets 100.00%						$	89,043

Futures contracts
Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2022 (000)
3 Month SOFR Futures		Short		12		June 2023	USD	(2,853	)	$	49
2 Year U.S. Treasury Note Futures		Short		5		March 2023		(1,025	)		(1	)
5 Year U.S. Treasury Note Futures		Long		144		March 2023		15,542			(19	)
10 Year Ultra U.S. Treasury Note Futures		Long		47		March 2023		5,559			(60	)
10 Year U.S. Treasury Note Futures		Long		5		March 2023		562			(3	)
20 Year U.S. Treasury Bond Futures		Long		18		March 2023		2,256			(28	)
30 Year Ultra U.S. Treasury Bond Futures		Long		12		March 2023		1,612			(13	)
										$	(75	)

Swap contracts

Expiration date

Notional amount (000)

Value at 12/31/2022 (000)

Upfront premium paid (000)

Unrealized appreciation at 12/31/2022 (000)

Interest rate swaps

Centrally cleared interest rate swaps

Receive

Pay

Rate

Payment frequency

Rate

Payment frequency

3-month USD-LIBOR

Quarterly

0.81

%

Semi-annual

7/28/2045

USD

1,800

$

795

$

5

$

790

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

²  Amount less than one thousand.

³  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $692,000, which represented .78% of the net assets of the fund.

⁴  Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

⁵  Purchased on a TBA basis.

⁶  Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $16,834,000, which represented 18.91% of the net assets of the fund.

⁷  Index-linked bond whose principal amount moves with a government price index.

250      American Funds Insurance Series

American Funds Mortgage Fund (continued)

Key to abbreviations

Assn. = Association

CLO = Collateralized Loan Obligations

CME = CME Group

LIBOR = London Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series      251

Ultra-Short Bond Fund

Investment portfolio December 31, 2022

Short-term securities 97.99%

	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Commercial paper 76.48%
British Columbia (Province of) 3/6/2023		4.470	%	USD	7,400	$	7,339
CAFCO, LLC 2/3/20231		4.300			1,250		1,245
Caisse des Dépôts et Consignations 3/9/2023		4.490			12,000		11,899
Canadian Imperial Holdings, Inc. 1/9/2023		4.080			10,000		9,988
Chariot Funding, LLC 1/23/20231		4.400			5,000		4,985
CHARTA, LLC 1/17/20231		4.330			10,000		9,978
DBS Bank, Ltd. 3/14/20231		4.548			10,000		9,906
DNB Bank ASA 3/13/20231		4.535			13,000		12,885
Export Development Canada 2/6/2023		4.300			11,810		11,756
Fairway Finance Company, LLC 1/18/20231		4.250			4,000		3,991
Gotham Funding Corp. 1/10/20231		4.200			3,000		2,996
Gotham Funding Corp. 3/28/20231		4.600			10,000		9,883
Johnson & Johnson 2/27/20231		4.330			8,700		8,637
Johnson & Johnson 3/6/20231		4.430			5,000		4,959
KfW 2/15/20231		4.380			12,000		11,932
Komatsu Finance America, Inc. 1/13/20231		4.330			5,000		4,992
Komatsu Finance America, Inc. 1/18/20231		4.200			4,000		3,991
Liberty Street Funding, LLC 1/18/20231		4.400			10,850		10,825
Linde, Inc. 1/5/2023		4.010			13,000		12,991
LMA-Americas, LLC 1/27/20231		4.300			10,000		9,966
L’Oréal USA, Inc. 1/26/20231		4.240			10,000		9,967
LVMH Moët Hennessy Louis Vuitton, Inc. 2/6/20231		4.400			10,000		9,953
Manhattan Asset Funding Company, LLC 3/24/20231		4.650			9,700		9,596
Mizuho Bank, Ltd. 1/31/20231		4.405			12,000		11,954
Nestlé Finance International, Ltd. 1/19/20231		4.280			6,000		5,986
NRW.Bank 3/8/20231		4.450			8,250		8,181
Oesterreichische Kontrollbank 2/15/2023		4.390			13,000		12,926
Procter & Gamble Co. 2/10/20231		4.250			13,050		12,984
Québec (Province of) 2/1/20231		4.230			10,000		9,960
Siemens Capital Co., LLC 1/18/20231		4.080			8,000		7,982
Stadshypotek AB Handelsbanken, Inc. 1/18/20231		4.150			6,500		6,485
Starbird Funding Corp. 1/3/20231		4.300			11,000		10,995
Sumitomo Mitsui Trust Bank, Ltd. 2/3/20231		4.300			9,000		8,962
Sumitomo Mitsui Trust Bank, Ltd. 2/7/20231		4.600			6,000		5,972
Toronto-Dominion Bank 1/20/20231		4.300			10,000		9,975
TotalEnergies Capital Canada, Ltd. 1/3/20231		4.280			13,000		12,994
Toyota Credit de Puerto Rico Corp. 1/17/2023		4.340			3,550		3,542
Toyota Industries Commercial Finance, Inc. 1/23/20231		4.120			1,100		1,097
Toyota Industries Commercial Finance, Inc. 3/6/20231		4.450			6,000		5,951
							330,606
Federal agency bills & notes 21.51%
Federal Home Loan Bank 2/1/2023		4.130			15,000		14,951
Federal Home Loan Bank 2/15/2023		4.300			4,800		4,775
Federal Home Loan Bank 2/17/2023		4.314			36,317		36,123
Federal Home Loan Bank 2/22/2023		4.357			23,290		23,149
Federal Home Loan Bank 3/3/2023		4.370			5,300		5,262
Federal Home Loan Bank 3/22/2023		4.440			6,000		5,942
Federal Home Loan Bank 3/24/2023		4.462			2,800		2,771
							92,973
Total short-term securities (cost: $423,636,000)							423,579
Total investment securities 97.99% (cost: $423,636,000)							423,579
Other assets less liabilities 2.01%							8,682
Net assets 100.00%						$	432,261

¹  Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $260,165,000, which represented 60.19% of the net assets of the fund.

252      American Funds Insurance Series

Ultra-Short Bond Fund (continued)

Key to abbreviations

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series      253

U.S. Government Securities Fund

Investment portfolio December 31, 2022

Bonds, notes & other debt instruments 93.28%

	Principal amount (000)			Value (000)
Mortgage-backed obligations 48.21%
Federal agency mortgage-backed obligations 48.21%
Fannie Mae Pool #406607 6.50% 8/1/20241	USD	10		$	11
Fannie Mae Pool #735070 6.50% 10/1/20241		1			1
Fannie Mae Pool #745316 6.50% 2/1/20261		56			58
Fannie Mae Pool #AL9870 6.50% 2/1/20281		45			46
Fannie Mae Pool #695412 5.00% 6/1/20331		1			1
Fannie Mae Pool #AD3566 5.00% 10/1/20351		6			6
Fannie Mae Pool #MA2588 4.00% 4/1/20361		666			642
Fannie Mae Pool #MA2746 4.00% 9/1/20361		1,376			1,326
Fannie Mae Pool #940890 6.50% 6/1/20371		—	2		—	2
Fannie Mae Pool #256828 7.00% 7/1/20371		3			3
Fannie Mae Pool #256860 6.50% 8/1/20371		11			11
Fannie Mae Pool #888698 7.00% 10/1/20371		13			14
Fannie Mae Pool #970343 6.00% 2/1/20381		14			14
Fannie Mae Pool #931768 5.00% 8/1/20391		5			6
Fannie Mae Pool #AC0794 5.00% 10/1/20391		20			20
Fannie Mae Pool #932606 5.00% 2/1/20401		9			9
Fannie Mae Pool #AI1862 5.00% 5/1/20411		372			376
Fannie Mae Pool #AI3510 5.00% 6/1/20411		205			207
Fannie Mae Pool #AE1248 5.00% 6/1/20411		33			33
Fannie Mae Pool #AJ0704 5.00% 9/1/20411		174			176
Fannie Mae Pool #AJ1873 4.00% 10/1/20411		26			25
Fannie Mae Pool #AJ5391 5.00% 11/1/20411		125			127
Fannie Mae Pool #AE1277 5.00% 11/1/20411		18			18
Fannie Mae Pool #MA4501 2.00% 12/1/20411		2,961			2,500
Fannie Mae Pool #AE1283 5.00% 12/1/20411		10			10
Fannie Mae Pool #MA4540 2.00% 2/1/20421		1,366			1,153
Fannie Mae Pool #AE1290 5.00% 2/1/20421		18			18
Fannie Mae Pool #MA4570 2.00% 3/1/20421		884			746
Fannie Mae Pool #AT0300 3.50% 3/1/20431		5			5
Fannie Mae Pool #AT3954 3.50% 4/1/20431		8			7
Fannie Mae Pool #AT7161 3.50% 6/1/20431		41			39
Fannie Mae Pool #AY1829 3.50% 12/1/20441		8			7
Fannie Mae Pool #BE5017 3.50% 2/1/20451		63			59
Fannie Mae Pool #FM9416 3.50% 7/1/20451		4,487			4,155
Fannie Mae Pool #BE8740 3.50% 5/1/20471		57			53
Fannie Mae Pool #BE8742 3.50% 5/1/20471		17			15
Fannie Mae Pool #BH2846 3.50% 5/1/20471		8			7
Fannie Mae Pool #BH2848 3.50% 5/1/20471		7			6
Fannie Mae Pool #BH2847 3.50% 5/1/20471		5			5
Fannie Mae Pool #BH3122 4.00% 6/1/20471		5			5
Fannie Mae Pool #BJ5015 4.00% 12/1/20471		154			148
Fannie Mae Pool #BM3788 3.50% 3/1/20481		3,243			3,018
Fannie Mae Pool #BJ4901 3.50% 3/1/20481		43			40
Fannie Mae Pool #BK5232 4.00% 5/1/20481		79			75
Fannie Mae Pool #BK6840 4.00% 6/1/20481		106			102
Fannie Mae Pool #BK9743 4.00% 8/1/20481		31			30
Fannie Mae Pool #BK9761 4.50% 8/1/20481		20			20
Fannie Mae Pool #FM3280 3.50% 5/1/20491		1,170			1,084
Fannie Mae Pool #FM1062 3.50% 6/1/20491		436			408
Fannie Mae Pool #BJ8411 3.50% 8/1/20491		113			105
Fannie Mae Pool #CA4151 3.50% 9/1/20491		582			545
Fannie Mae Pool #FM1443 3.50% 9/1/20491		326			304
Fannie Mae Pool #FM2179 3.00% 1/1/20501		3,675			3,277
Fannie Mae Pool #CA6593 2.50% 8/1/20501		926			798
Fannie Mae Pool #BQ3005 2.50% 10/1/20501		604			514
Fannie Mae Pool #CA7257 2.50% 10/1/20501		195			168
Fannie Mae Pool #MA4208 2.00% 12/1/20501		228			187
Fannie Mae Pool #CB0290 2.00% 4/1/20511		926			757
Fannie Mae Pool #MA4305 2.00% 4/1/20511		11			9
Fannie Mae Pool #BR1035 2.00% 5/1/20511		6			5
Fannie Mae Pool #FM7687 3.00% 6/1/20511		5,752			5,108

254      American Funds Insurance Series

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #FM7900 2.50% 7/1/20511	USD	195	$	167
Fannie Mae Pool #CB1527 2.50% 9/1/20511		702		596
Fannie Mae Pool #FS0965 2.00% 11/1/20511		51		41
Fannie Mae Pool #BU3058 2.50% 12/1/20511		1,512		1,284
Fannie Mae Pool #CB2286 2.50% 12/1/20511		1,266		1,082
Fannie Mae Pool #FM9976 3.00% 12/1/20511		845		755
Fannie Mae Pool #CB2544 3.00% 1/1/20521		2,361		2,088
Fannie Mae Pool #FS0523 2.50% 2/1/20521		199		171
Fannie Mae Pool #FS0647 3.00% 2/1/20521		3,881		3,465
Fannie Mae Pool #CB3495 3.00% 5/1/20521		5,807		5,103
Fannie Mae Pool #MA4600 3.50% 5/1/20521		17,861		16,244
Fannie Mae Pool #CB3897 3.50% 6/1/20521		17,000		15,465
Fannie Mae Pool #CB3774 4.00% 6/1/20521		3,250		3,052
Fannie Mae Pool #FS2159 5.00% 6/1/20521		64		63
Fannie Mae Pool #BV2558 5.00% 6/1/20521		62		61
Fannie Mae Pool #CB4159 4.00% 7/1/20521		234		220
Fannie Mae Pool #MA4700 4.00% 8/1/20521		6,346		5,959
Fannie Mae Pool #BV8024 4.00% 8/1/20521		296		278
Fannie Mae Pool #BW9411 5.00% 8/1/20521		926		914
Fannie Mae Pool #FS2489 5.00% 8/1/20521		60		59
Fannie Mae Pool #MA4732 4.00% 9/1/20521		2,012		1,890
Fannie Mae Pool #BW7326 4.00% 9/1/20521		254		238
Fannie Mae Pool #BW9348 4.00% 9/1/20521		219		206
Fannie Mae Pool #BW8103 4.00% 9/1/20521		208		195
Fannie Mae Pool #BW1192 4.50% 9/1/20521		1,848		1,780
Fannie Mae Pool #BW6231 4.50% 9/1/20521		223		215
Fannie Mae Pool #BW1201 5.00% 9/1/20521		4,200		4,146
Fannie Mae Pool #BV0954 5.00% 9/1/20521		1,797		1,774
Fannie Mae Pool #BW8088 5.00% 9/1/20521		327		323
Fannie Mae Pool #BW8980 4.00% 10/1/20521		821		771
Fannie Mae Pool #BW1210 4.00% 10/1/20521		620		582
Fannie Mae Pool #BW7356 4.00% 10/1/20521		516		484
Fannie Mae Pool #BX0509 4.00% 10/1/20521		222		209
Fannie Mae Pool #MA4784 4.50% 10/1/20521		5,035		4,851
Fannie Mae Pool #BW9458 4.50% 10/1/20521		999		965
Fannie Mae Pool #BX0097 4.50% 10/1/20521		998		962
Fannie Mae Pool #BW8981 4.50% 10/1/20521		995		958
Fannie Mae Pool #BW8996 4.50% 10/1/20521		994		958
Fannie Mae Pool #CB4959 4.50% 10/1/20521		993		956
Fannie Mae Pool #BX0902 5.00% 10/1/20521		916		904
Fannie Mae Pool #CB5380 5.00% 10/1/20521		478		472
Fannie Mae Pool #BX0892 5.00% 10/1/20521		102		101
Fannie Mae Pool #MA4820 6.50% 10/1/20521		300		308
Fannie Mae Pool #MA4803 3.50% 11/1/20521		612		557
Fannie Mae Pool #MA4804 4.00% 11/1/20521		2,492		2,340
Fannie Mae Pool #BW1310 4.00% 11/1/20521		232		218
Fannie Mae Pool #BX1766 5.00% 11/1/20521		1,900		1,875
Fannie Mae Pool #MA4806 5.00% 11/1/20521		1,313		1,296
Fannie Mae Pool #BX1761 5.00% 11/1/20521		921		909
Fannie Mae Pool #BX1274 5.50% 11/1/20521		165		166
Fannie Mae Pool #MA4852 6.50% 11/1/20521		244		251
Fannie Mae Pool #MA4840 4.50% 12/1/20521		995		959
Fannie Mae Pool #BX1072 5.00% 12/1/20521		1,943		1,918
Fannie Mae Pool #BX4020 5.00% 12/1/20521		29		29
Fannie Mae Pool #MA4877 6.50% 12/1/20521		39,345		40,362
Fannie Mae Pool #BX1071 6.50% 12/1/20521		82		85
Fannie Mae Pool #MA4868 5.00% 1/1/20531		1,457		1,438
Fannie Mae Pool #MA4894 6.00% 1/1/20531		2,000		2,032
Fannie Mae Pool #MA4895 6.50% 1/1/20531		8,828		9,056
Fannie Mae Pool #BF0497 3.00% 7/1/20601		1,429		1,252
Fannie Mae Pool #BF0585 4.50% 12/1/20611		459		448

American Funds Insurance Series      255

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/20251,3	USD	—	2	$	—	2
Fannie Mae, Series 2001-4, Class NA, 9.00% 10/25/20251,3		—	2		—	2
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.298% 7/25/20231,3		186			185
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/20241,3		368			361
Freddie Mac Pool #ZA2024 6.50% 9/1/20271		2			2
Freddie Mac Pool #1H1354 4.336% 11/1/20361,3		53			54
Freddie Mac Pool #C03518 5.00% 9/1/20401		279			283
Freddie Mac Pool #G06459 5.00% 5/1/20411		660			669
Freddie Mac Pool #RB5138 2.00% 12/1/20411		794			670
Freddie Mac Pool #RB5145 2.00% 2/1/20421		772			651
Freddie Mac Pool #RB5148 2.00% 3/1/20421		1,823			1,538
Freddie Mac Pool #Q15874 4.00% 2/1/20431		3			3
Freddie Mac Pool #Q17696 3.50% 4/1/20431		30			28
Freddie Mac Pool #Q19133 3.50% 6/1/20431		31			29
Freddie Mac Pool #Q23190 4.00% 11/1/20431		145			140
Freddie Mac Pool #Q28558 3.50% 9/1/20441		208			194
Freddie Mac Pool #760014 2.74% 8/1/20451,3		268			259
Freddie Mac Pool #Q47615 3.50% 4/1/20471		50			46
Freddie Mac Pool #Q52069 3.50% 11/1/20471		78			72
Freddie Mac Pool #Q54701 3.50% 3/1/20481		57			53
Freddie Mac Pool #Q54709 3.50% 3/1/20481		56			52
Freddie Mac Pool #Q54700 3.50% 3/1/20481		40			38
Freddie Mac Pool #Q54781 3.50% 3/1/20481		35			33
Freddie Mac Pool #Q54782 3.50% 3/1/20481		34			32
Freddie Mac Pool #Q54699 3.50% 3/1/20481		22			20
Freddie Mac Pool #Q54831 3.50% 3/1/20481		17			16
Freddie Mac Pool #Q54698 3.50% 3/1/20481		14			14
Freddie Mac Pool #G67711 4.00% 3/1/20481		1,407			1,351
Freddie Mac Pool #Q55971 4.00% 5/1/20481		78			75
Freddie Mac Pool #Q56175 4.00% 5/1/20481		74			71
Freddie Mac Pool #Q56590 3.50% 6/1/20481		27			25
Freddie Mac Pool #Q56589 3.50% 6/1/20481		17			16
Freddie Mac Pool #Q56599 4.00% 6/1/20481		114			109
Freddie Mac Pool #Q58411 4.50% 9/1/20481		204			202
Freddie Mac Pool #Q58436 4.50% 9/1/20481		110			109
Freddie Mac Pool #Q58378 4.50% 9/1/20481		80			79
Freddie Mac Pool #ZT0522 4.50% 9/1/20481		21			21
Freddie Mac Pool #QA0284 3.50% 6/1/20491		194			180
Freddie Mac Pool #QA2748 3.50% 9/1/20491		51			48
Freddie Mac Pool #RA1463 3.50% 10/1/20491		393			368
Freddie Mac Pool #RA1580 3.50% 10/1/20491		204			191
Freddie Mac Pool #SD8106 2.00% 11/1/20501		2,906			2,379
Freddie Mac Pool #SD8128 2.00% 2/1/20511		37			30
Freddie Mac Pool #SD8134 2.00% 3/1/20511		62			51
Freddie Mac Pool #RA5288 2.00% 5/1/20511		2,959			2,422
Freddie Mac Pool #SD0726 2.50% 10/1/20511		14,344			12,316
Freddie Mac Pool #RA6406 2.00% 11/1/20511		488			400
Freddie Mac Pool #SD1385 2.50% 11/1/20511		531			456
Freddie Mac Pool #SD7552 2.50% 1/1/20521		333			285
Freddie Mac Pool #SD7550 3.00% 2/1/20521		3,397			3,035
Freddie Mac Pool #SD0873 3.50% 2/1/20521		14,059			13,011
Freddie Mac Pool #QD7089 3.50% 2/1/20521		216			197
Freddie Mac Pool #SD7553 3.00% 3/1/20521		308			274
Freddie Mac Pool #8D0226 2.521% 5/1/20521,3		513			462
Freddie Mac Pool #QE6097 2.50% 7/1/20521		635			539
Freddie Mac Pool #SD8237 4.00% 8/1/20521		4,913			4,613
Freddie Mac Pool #QE9057 4.00% 8/1/20521		189			178
Freddie Mac Pool #QE6926 5.00% 8/1/20521		862			851
Freddie Mac Pool #QE8282 5.00% 8/1/20521		817			806
Freddie Mac Pool #QE8695 5.00% 8/1/20521		59			58
Freddie Mac Pool #QE7647 5.00% 8/1/20521		58			57

256      American Funds Insurance Series

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD1496 5.00% 8/1/20521	USD	54	$	54
Freddie Mac Pool #SD8244 4.00% 9/1/20521		3,275		3,076
Freddie Mac Pool #QE9625 4.00% 9/1/20521		244		229
Freddie Mac Pool #QF0671 4.50% 9/1/20521		503		485
Freddie Mac Pool #RA7938 5.00% 9/1/20521		11,870		11,717
Freddie Mac Pool #QF0311 5.00% 9/1/20521		1,324		1,307
Freddie Mac Pool #QF0151 5.00% 9/1/20521		799		789
Freddie Mac Pool #SD8246 5.00% 9/1/20521		225		222
Freddie Mac Pool #QF0706 5.00% 9/1/20521		64		64
Freddie Mac Pool #QF1464 4.00% 10/1/20521		234		220
Freddie Mac Pool #QF2136 4.50% 10/1/20521		999		962
Freddie Mac Pool #QF1431 4.50% 10/1/20521		999		962
Freddie Mac Pool #QF1765 4.50% 10/1/20521		995		958
Freddie Mac Pool #SD8257 4.50% 10/1/20521		743		716
Freddie Mac Pool #QF1305 5.00% 10/1/20521		74		73
Freddie Mac Pool #SD1710 5.00% 10/1/20521		26		26
Freddie Mac Pool #QF3364 4.00% 11/1/20521		381		358
Freddie Mac Pool #QF2445 4.50% 11/1/20521		4,769		4,595
Freddie Mac Pool #SD1895 4.50% 11/1/20521		1,272		1,249
Freddie Mac Pool #QF2560 4.50% 11/1/20521		999		965
Freddie Mac Pool #QF2846 4.50% 11/1/20521		998		961
Freddie Mac Pool #QF2936 4.50% 11/1/20521		969		934
Freddie Mac Pool #QF2976 5.00% 11/1/20521		81		80
Freddie Mac Pool #SD8275 4.50% 12/1/20521		36,151		34,831
Freddie Mac Pool #SD8276 5.00% 12/1/20521		1,866		1,842
Freddie Mac Pool #SD8281 6.50% 12/1/20521		2,000		2,052
Freddie Mac Pool #SD8285 3.50% 1/1/20531		346		314
Freddie Mac Pool #SD8286 4.00% 1/1/20531		199		187
Freddie Mac Pool #SD8288 5.00% 1/1/20531		7,348		7,253
Freddie Mac Pool #SD8282 6.50% 1/1/20531		10,431		10,701
Freddie Mac, Series 1567, Class A, (1-month USD-LIBOR + 0.40%) 2.547% 8/15/20231,3		1		1
Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 2/25/20231		134		133
Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 8/25/20231,3		2,526		2,502
Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 9/25/20241		1,363		1,328
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20561,3		4,525		4,234
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/20561		822		724
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/20561		333		300
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20561		4,525		4,204
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20561,3		4,135		3,866
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/20571		910		800
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20571,3		1,311		1,197
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20571		509		484
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/20571		4,148		3,753
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50% 11/26/20571		252		239
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/20581		763		689
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/20581		587		556
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20581		2,148		2,027

American Funds Insurance Series      257

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/20581	USD	731	$	661
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/20581		396		358
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/20591		1,819		1,687
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/20281		4,262		4,070
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20281		18,482		17,646
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/20291		4,786		4,398
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/20301		1,377		1,231
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/20301		435		356
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20321		4,668		4,503
Government National Mortgage Assn. 2.00% 1/1/20531,4		1,395		1,169
Government National Mortgage Assn. 2.50% 1/1/20531,4		2,486		2,155
Government National Mortgage Assn. 3.00% 1/1/20531,4		1,755		1,563
Government National Mortgage Assn. 3.50% 1/1/20531,4		2,260		2,077
Government National Mortgage Assn. 5.00% 1/1/20531,4		6,848		6,787
Government National Mortgage Assn. 5.50% 1/1/20531,4		14,351		14,436
Government National Mortgage Assn. Pool #782365 6.00% 7/15/20381		84		89
Government National Mortgage Assn. Pool #700778 5.50% 10/15/20381		21		21
Government National Mortgage Assn. Pool #004269 6.50% 10/20/20381		164		176
Government National Mortgage Assn. Pool #698668 5.50% 11/15/20381		28		29
Government National Mortgage Assn. Pool #698406 5.00% 7/15/20391		186		190
Government National Mortgage Assn. Pool #783690 6.00% 9/20/20391		81		86
Government National Mortgage Assn. Pool #783689 5.50% 2/20/20401		2,598		2,758
Government National Mortgage Assn. Pool #783688 5.00% 6/20/20411		870		894
Government National Mortgage Assn. Pool #783687 4.50% 12/20/20411		570		562
Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/20421		19		17
Government National Mortgage Assn. Pool #MA8347 4.50% 10/20/20521		675		656
Government National Mortgage Assn. Pool #MA8426 4.00% 11/20/20521		28,092		26,611
Government National Mortgage Assn. Pool #MA8427 4.50% 11/20/20521		32,820		31,874
Government National Mortgage Assn. Pool #MA8488 4.00% 12/20/20521		3,100		2,936
Government National Mortgage Assn. Pool #MA8489 4.50% 12/20/20521		13,100		12,722
Uniform Mortgage-Backed Security 2.00% 1/1/20381,4		1,115		992
Uniform Mortgage-Backed Security 2.50% 1/1/20381,4		2,275		2,082
Uniform Mortgage-Backed Security 4.00% 1/1/20381,4		920		897
Uniform Mortgage-Backed Security 2.00% 1/1/20531,4		14,849		12,086
Uniform Mortgage-Backed Security 4.50% 1/1/20531,4		4,574		4,402
Uniform Mortgage-Backed Security 5.50% 1/1/20531,4		53,779		53,928
Uniform Mortgage-Backed Security 6.00% 1/1/20531,4		29,742		30,190
Uniform Mortgage-Backed Security 6.50% 1/1/20531,4		81,263		83,237
Uniform Mortgage-Backed Security 4.00% 2/1/20531,4		1,392		1,306
Uniform Mortgage-Backed Security 5.50% 2/1/20531,4		31,200		31,271
Uniform Mortgage-Backed Security 6.00% 2/1/20531,4		19,158		19,430
				723,593
U.S. Treasury bonds & notes 39.79%
U.S. Treasury inflation-protected securities 26.16%
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20235		21,974		21,933
U.S. Treasury Inflation-Protected Security 0.625% 4/15/20235		31,116		30,816
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20235		21,857		21,606
U.S. Treasury Inflation-Protected Security 0.625% 1/15/20245		55,898		54,749
U.S. Treasury Inflation-Protected Security 0.50% 4/15/20245		14,570		14,179
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20245		56,967		55,181
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20245		26,585		25,622

258      American Funds Insurance Series

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities (continued)
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20255	USD	8,421		$	8,026
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20255		57,803			55,543
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20255		7,805			7,419
U.S. Treasury Inflation-Protected Security 0.625% 1/15/20265		3,380			3,245
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20265		5,750			5,406
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20265		34,217			32,092
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20275		7,315			6,817
U.S. Treasury Inflation-Protected Security 1.625% 10/15/20275		12,137			12,122
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20305		7,293			6,528
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20315		6,877			6,102
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20315		1,001			883
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20325		4,412			3,860
U.S. Treasury Inflation-Protected Security 2.125% 2/15/20415		422			446
U.S. Treasury Inflation-Protected Security 0.75% 2/15/20425		8,558			7,171
U.S. Treasury Inflation-Protected Security 0.625% 2/15/20435		4,523			3,648
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20495		4,914			4,114
U.S. Treasury Inflation-Protected Security 0.25% 2/15/20505		337			227
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20515		6,032			3,891
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20525		1,459			943
					392,569
U.S. Treasury 13.63%
U.S. Treasury 0.50% 11/30/2023		12,069			11,611
U.S. Treasury 2.125% 11/30/2023		—	2		—	2
U.S. Treasury 0.125% 12/15/2023		1,934			1,853
U.S. Treasury 2.25% 12/31/2023		1,332			1,300
U.S. Treasury 2.50% 1/31/2024		26,000			25,395
U.S. Treasury 1.50% 2/29/2024		369			356
U.S. Treasury 3.00% 7/31/2024		3,685			3,594
U.S. Treasury 2.75% 5/15/2025		7,459			7,193
U.S. Treasury 3.125% 8/15/2025		390			379
U.S. Treasury 3.50% 9/15/2025		28,000			27,447
U.S. Treasury 4.00% 12/15/2025		5,694			5,659
U.S. Treasury 2.625% 7/31/2029		19,809			18,245
U.S. Treasury 3.125% 8/31/2029		22,521			21,382
U.S. Treasury 3.875% 12/31/2029		2,905			2,885
U.S. Treasury 2.75% 8/15/2032		7,500			6,828
U.S. Treasury 1.125% 5/15/2040		7,000			4,393
U.S. Treasury 2.50% 2/15/2045		4,850			3,668
U.S. Treasury 2.50% 2/15/2046		3,900			2,931
U.S. Treasury 2.50% 5/15/2046		5,400			4,049
U.S. Treasury 2.875% 11/15/2046		2,700			2,174
U.S. Treasury 2.875% 5/15/2049		6,300			5,095
U.S. Treasury 2.25% 8/15/2049		1,635			1,157
U.S. Treasury 1.25% 5/15/20506		19,460			10,527
U.S. Treasury 1.375% 8/15/2050		4,330			2,423
U.S. Treasury 1.625% 11/15/20506		26,165			15,671
U.S. Treasury 1.875% 2/15/20516		6,672			4,264
U.S. Treasury 2.00% 8/15/2051		5,546			3,650
U.S. Treasury 1.875% 11/15/2051		3,164			2,015
U.S. Treasury 2.875% 5/15/2052		350			282
U.S. Treasury 3.00% 8/15/2052		7,025			5,825
U.S. Treasury 4.00% 11/15/2052		2,290			2,302
					204,553
Total U.S. Treasury bonds & notes					597,122

American Funds Insurance Series      259

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)

				Principal amount (000)		Value (000)
Federal agency bonds & notes 5.28%
Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026				USD	308	$	296
Fannie Mae 7.125% 1/15/2030					2,000		2,353
Federal Home Loan Bank 3.25% 11/16/2028					6,500		6,250
Federal Home Loan Bank 5.50% 7/15/2036					300		328
Private Export Funding Corp. 3.55% 1/15/2024					3,190		3,143
Private Export Funding Corp. 1.40% 7/15/2028					3,000		2,536
Tennessee Valley Authority 0.75% 5/15/2025					3,700		3,390
Tennessee Valley Authority 2.875% 2/1/2027					5,000		4,742
Tennessee Valley Authority 4.65% 6/15/2035					1,780		1,764
Tennessee Valley Authority 5.88% 4/1/2036					875		971
Tennessee Valley Authority, Series A, 4.625% 9/15/2060					250		232
TVA Southaven 3.846% 8/15/2033					887		820
U.S. Agency for International Development, Israel (State of), Class 1A, 5.50% 9/18/2023					1,250		1,255
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 6/30/2025					14,779		14,231
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026					1,909		2,000
U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 8/1/2023					1,500		1,481
U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 8/1/2024					2,250		2,190
U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 8/1/2025					2,640		2,532
U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026					2,625		2,497
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027					11,482		10,812
U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028					3,856		3,598
U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029					2,650		2,450
U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030					2,482		2,361
U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031					2,475		2,350
U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032					2,377		2,159
U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033					2,059		1,866
U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034					651		589
							79,196
Total bonds, notes & other debt instruments (cost: $1,480,306,000)							1,399,911
Short-term securities 21.20%
	Weighted average yield at acquisition
Commercial paper 13.42%
CAFCO, LLC 2/3/20237		4.300	%		8,750		8,713
Chariot Funding, LLC 1/3/20237		3.880			10,000		9,995
Chariot Funding, LLC 1/27/20237		4.150			8,000		7,973
Chariot Funding, LLC 2/10/20237		4.657			15,000		14,923
CHARTA, LLC 1/11/20237		3.900			5,680		5,672
Citigroup Global Markets, Inc. 2/21/20237		4.580			6,000		5,959
Coca-Cola Co. 2/21/20237		4.200			15,000		14,903
Honeywell International, Inc. 2/1/20237		4.100			3,000		2,988
Honeywell International, Inc. 2/21/20237		4.310			15,300		15,201
Honeywell International, Inc. 2/27/20237		4.300			6,050		6,006

260      American Funds Insurance Series

U.S. Government Securities Fund (continued)

Short-term securities (continued)

	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Commercial paper (continued)
Johnson & Johnson 1/30/20237		4.190	%	USD	9,000	$	8,967
Johnson & Johnson 2/13/20237		4.220			10,000		9,946
Linde, Inc. 2/6/2023		4.340			15,000		14,932
Paccar Financial Corp. 1/6/2023		4.110			20,000		19,983
Procter & Gamble Co. 2/9/20237		4.300			14,500		14,428
Procter & Gamble Co. 2/10/20237		4.250			18,500		18,406
Roche Holdings, Inc. 1/3/20237		4.230			13,950		13,944
Starbird Funding Corp. 1/3/20237		4.300			8,500		8,496
							201,435
Federal agency bills & notes 6.19%
Federal Farm Credit Banks 1/12/2023		3.880			5,500		5,494
Federal Home Loan Bank 1/3/2023		3.900			850		850
Federal Home Loan Bank 1/11/2023		4.005			20,700		20,680
Federal Home Loan Bank 2/8/2023		4.161			25,000		24,896
Federal Home Loan Bank 2/10/2023		4.215			6,750		6,720
Federal Home Loan Bank 2/22/2023		4.320			4,400		4,373
Federal Home Loan Bank 2/24/2023		4.297			10,000		9,936
Federal Home Loan Bank 3/3/2023		4.370			20,000		19,856
							92,805
U.S. Treasury bills 1.59%
U.S. Treasury 11/2/2023		4.527			24,780		23,854
Total short-term securities (cost: $318,108,000)							318,094
Total investment securities 114.48% (cost: $1,798,414,000)							1,718,005
Other assets less liabilities (14.48)%							(217,283	)
Net assets 100.00%						$	1,500,722

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2022 (000)
3 Month SOFR Futures		Short		270		June 2023	USD	(64,183	)	$	920
90 Day Eurodollar Futures		Long		1,495		September 2023		354,782			(15,731	)
90 Day Eurodollar Futures		Short		923		December 2023		(219,697	)		8,805
90 Day Eurodollar Futures		Short		885		December 2024		(213,285	)		4,539
2 Year U.S. Treasury Note Futures		Short		298		March 2023		(61,113	)		148
5 Year U.S. Treasury Note Futures		Long		3,872		March 2023		417,904			(536	)
10 Year U.S. Treasury Note Futures		Long		603		March 2023		67,715			(373	)
10 Year Ultra U.S. Treasury Note Futures		Long		164		March 2023		19,398			(294	)
20 Year U.S. Treasury Bond Futures		Long		447		March 2023		56,029			(765	)
30 Year Ultra U.S. Treasury Bond Futures		Short		35		March 2023		(4,701	)		111
										$	(3,176	)

American Funds Insurance Series      261

U.S. Government Securities Fund (continued)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay		Expiration date		Notional amount (000)		Value at 12/31/2022 (000)			Upfront premium paid (000)		Unrealized appreciation (depreciation) at 12/31/2022 (000)
Rate	Payment frequency	Rate	Payment frequency
SOFR	Annual	0.471%	Annual		10/26/2023		USD30,500	$	1,078		$	—	$	1,078
0.45801%	Annual	SOFR	Annual		10/26/2023		30,500		(1,081	)		—		(1,081	)
0.241%	Annual	U.S. EFFR	Annual		3/1/2024		119,400		(6,219	)		—		(6,219	)
U.S. EFFR	Annual	0.11%	Annual		5/18/2024		97,600		4,372			—		4,372
3.497%	Annual	U.S. EFFR	Annual		6/16/2024		24,000		(426	)		—		(426	)
3.4585%	Annual	U.S. EFFR	Annual		6/17/2024		3,697		(68	)		—		(68	)
3.4325%	Annual	U.S. EFFR	Annual		6/17/2024		17,700		(330	)		—		(330	)
4.345%	Annual	U.S. EFFR	Annual		9/29/2024		19,000		(85	)		—		(85	)
4.197%	Annual	U.S. EFFR	Annual		9/30/2024		19,000		(131	)		—		(131	)
4.1735%	Annual	U.S. EFFR	Annual		9/30/2024		19,400		(142	)		—		(142	)
4.15%	Annual	U.S. EFFR	Annual		10/6/2024		19,300		(146	)		—		(146	)
4.5645%	Annual	U.S. EFFR	Annual		10/19/2024		7,100		(2	)		—		(2	)
4.533%	Annual	U.S. EFFR	Annual		10/20/2024		8,800		(7	)		—		(7	)
4.56%	Annual	U.S. EFFR	Annual		10/27/2024		8,900		(2	)		—		(2	)
4.5245%	Annual	U.S. EFFR	Annual		10/27/2024		10,600		(8	)		—		(8	)
U.S. EFFR	Annual	0.1275%	Annual		6/25/2025		20,100		1,938			—		1,938
U.S. EFFR	Annual	0.126%	Annual		6/25/2025		20,100		1,938			—		1,938
U.S. EFFR	Annual	0.106%	Annual		6/30/2025		22,492		2,187			—		2,187
3-month USD-LIBOR	Quarterly	1.867%	Semi-annual		7/11/2025		49,400		3,060			—		3,060
2.925%	Semi-annual	3-month USD-LIBOR	Quarterly		2/1/2028		12,800		(616	)		—		(616	)
2.92%	Semi-annual	3-month USD-LIBOR	Quarterly		2/2/2028		12,200		(590	)		—		(590	)
U.S. EFFR	Annual	0.5385%	Annual		3/26/2030		49,000		9,477			—		9,477
0.913%	Semi-annual	3-month USD-LIBOR	Quarterly		6/9/2030		31,000		(5,918	)		—		(5,918	)
U.S. EFFR	Annual	0.666%	Annual		11/19/2030		15,500		3,075			—		3,075
3-month USD- LIBOR	Quarterly	2.963%	Semi-annual		2/1/2038		9,800		486			—		486
3-month USD- LIBOR	Quarterly	2.986%	Semi-annual		2/1/2038		7,800		375			—		375
0.833%	Semi-annual	3-month USD-LIBOR	Quarterly		4/3/2040		15,800		(5,952	)		—		(5,952	)
3-month USD- LIBOR	Quarterly	0.811%	Semi-annual		7/27/2050		5,110		2,464			—		2,464
SOFR	Annual	2.85282%	Annual		12/6/2052		540		38			—		38
SOFR	Annual	2.93542%	Annual		12/6/2052		550		31			—		31
								$	8,796		$	—	$	8,796

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

²  Amount less than one thousand.

³  Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.

⁴  Purchased on a TBA basis.

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

⁶  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $10,807,000, which represented .72% of the net assets of the fund.

⁷  Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $166,520,000, which represented 11.10% of the net assets of the fund.

Key to abbreviations

Assn. = Association	SOFR = Secured Overnight Financing Rate
EFFR = Effective Federal Funds Rate	TBA = To be announced
LIBOR = London Interbank Offered Rate	USD = U.S. dollars

Refer to the notes to financial statements.

262      American Funds Insurance Series

Managed Risk Growth Fund

Investment portfolio December 31, 2022

	Shares		Value (000)
Growth funds 85.30%
American Funds Insurance Series – Growth Fund, Class 1		5,078,871	$	387,467
Total growth funds (cost: $439,303,000)				387,467
Fixed income funds 7.53%
American Funds Insurance Series – The Bond Fund of America, Class 1		3,634,107		34,197
Total fixed income funds (cost: $35,683,000)				34,197
Short-term securities 2.48%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%1		11,266,894		11,267
Total short-term securities (cost: $11,267,000)				11,267
Options purchased 0.04%
Options purchased*				205
Total options purchased (cost: $1,216,000)				205
Total investment securities 95.35% (cost: $487,469,000)				433,136
Other assets less liabilities 4.65%				21,106
Net assets 100.00%			$	454,242

*Options purchased

Put
Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 12/31/2022 (000)
S&P 500 Index		35	USD	13,438	USD	2,600.00		3/17/2023	$	13
S&P 500 Index		70		26,877		2,700.00		3/17/2023		29
S&P 500 Index		175		67,191		2,800.00		3/17/2023		87
S&P 500 Index		5		1,920		2,850.00		3/17/2023		2
S&P 500 Index		110		42,234		2,900.00		3/17/2023		74
									$	205

American Funds Insurance Series      263

Managed Risk Growth Fund (continued)

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures		Long		283		March 2023	USD	30,544		$	(47	)
Nikkei 225 Index Contracts		Short		3		March 2023		(590	)		45
Japanese Yen Currency Contracts		Short		7		March 2023		(674	)		(31	)
FTSE 100 Index Contracts		Short		19		March 2023		(1,716	)		(1	)
British Pound Currency Contracts		Short		24		March 2023		(1,812	)		47
Mini MSCI Emerging Market Index Contracts		Short		57		March 2023		(2,734	)		42
Russell 2000 Mini Index Contracts		Short		66		March 2023		(5,844	)		156
Euro Stoxx 50 Index Contracts		Short		314		March 2023		(12,714	)		544
Euro Currency Contracts		Short		101		March 2023		(13,577	)		(30	)
S&P Mid 400 E-mini Index Contracts		Short		92		March 2023		(22,472	)		455
S&P 500 E-mini Index Contracts		Short		1,194		March 2023		(230,502	)		6,305
										$	7,485

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 85.30%
American Funds Insurance Series – Growth Fund, Class 1	$	504,914	$	458,729	$	366,785	$	(17,443	)	$	(191,948	)	$	387,467	$	2,476	$	60,090
Fixed income funds 7.53%
American Funds Insurance Series – The Bond Fund of America, Class 1		59,236		70,113		86,469		(9,458	)		775			34,197		1,344		443
Total 92.83%							$	(26,901	)	$	(191,173	)	$	421,664	$	3,820	$	60,533

¹  Rate represents the seven-day yield at 12/31/2022.

²  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

264      American Funds Insurance Series

Managed Risk International Fund

Investment portfolio December 31, 2022

	Shares		Value (000)
Growth funds 84.51%
American Funds Insurance Series – International Fund, Class 1		6,952,007	$	106,435
Total growth funds (cost: $119,403,000)				106,435
Fixed income funds 9.95%
American Funds Insurance Series – The Bond Fund of America, Class 1		1,331,210		12,527
Total fixed income funds (cost: $13,253,000)				12,527
Short-term securities 2.09%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%1		2,635,506		2,636
Total short-term securities (cost: $2,636,000)				2,636
Options purchased 0.14%
Options purchased*				169
Total options purchased (cost: $399,000)				169
Total investment securities 96.69% (cost: $135,691,000)				121,767
Other assets less liabilities 3.31%				4,167
Net assets 100.00%			$	125,934

*Options purchased

Put
Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 12/31/2022 (000)
iShares MSCI EAFE ETF		50		USD328	USD	47.00		3/17/2023	$	—	2
iShares MSCI EAFE ETF		1,700		11,159		48.00		3/17/2023		13
iShares MSCI EAFE ETF		450		2,954		55.00		3/17/2023		11
iShares MSCI EAFE ETF		1,375		9,025		43.00		6/16/2023		34
iShares MSCI EAFE ETF		350		2,297		45.00		6/16/2023		15
iShares MSCI EAFE ETF		200		1,313		46.00		6/16/2023		9
iShares MSCI EAFE ETF		1,700		11,159		50.00		6/16/2023		87
									$	169

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures		Long		75		March 2023	USD	8,095		$	(13	)
S&P 500 E-mini Index Contracts		Short		66		March 2023		(12,742	)		351
Mini MSCI Emerging Market Index Contracts		Short		394		March 2023		(18,900	)		245
MSCI EAFE Index Contracts		Short		279		March 2023		(27,194	)		428
										$	1,011

American Funds Insurance Series      265

Managed Risk International Fund (continued)

Investments in affiliates³

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 84.51%
American Funds Insurance Series – International Fund, Class 1	$	136,987	$	107,662	$	92,768	$	(7,315	)	$	(38,131	)	$	106,435	$	2,273	$	16,110
Fixed income funds 9.95%
American Funds Insurance Series – The Bond Fund of America, Class 1		16,071		14,150		15,224		(2,409	)		(61	)		12,527		427		160
Total 94.46%							$	(9,724	)	$	(38,192	)	$	118,962	$	2,700	$	16,270

¹  Rate represents the seven-day yield at 12/31/2022.

²  Amount less than one thousand.

³  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

266      American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund

Investment portfolio December 31, 2022

	Shares		Value (000)
Growth-and-income funds 84.89%
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1		21,639,334	$	274,603
Total growth-and-income funds (cost: $299,529,000)				274,603
Fixed income funds 9.99%
American Funds Insurance Series – U.S. Government Securities Fund, Class 1		3,235,124		32,319
Total fixed income funds (cost: $34,728,000)				32,319
Short-term securities 2.32%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%1		7,500,680		7,501
Total short-term securities (cost: $7,501,000)				7,501
Options purchased 0.09%
Options purchased*				274
Total options purchased (cost: $1,254,000)				274
Total investment securities 97.29% (cost: $343,012,000)				314,697
Other assets less liabilities 2.71%				8,775
Net assets 100.00%			$	323,472

*Options purchased

Put
Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 12/31/2022 (000)
S&P 500 Index		15	USD	5,759	USD	2,500.00		3/17/2023	$	4
S&P 500 Index		15		5,759		2,600.00		3/17/2023		6
S&P 500 Index		80		30,716		2,700.00		3/17/2023		33
S&P 500 Index		130		49,913		2,800.00		3/17/2023		65
S&P 500 Index		45		17,278		2,850.00		3/17/2023		24
S&P 500 Index		105		40,315		2,900.00		3/17/2023		70
S&P 500 Index		30		11,519		2,825.00		6/16/2023		72
									$	274

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures		Long		146		March 2023	USD	15,758		$	(81	)
Russell 2000 Mini Index Contracts		Short		1		March 2023		(89	)		3
S&P Mid 400 E-mini Index Contracts		Short		7		March 2023		(1,710	)		31
Euro Stoxx 50 Index Contracts		Short		47		March 2023		(1,903	)		70
Euro Currency Contracts		Short		15		March 2023		(2,016	)		(5	)
FTSE 100 Index Contracts		Short		31		March 2023		(2,799	)		(5	)

American Funds Insurance Series      267

Managed Risk Washington Mutual Investors Fund (continued)

Futures contracts (continued)

Contracts	Type		Number of Contracts		Expiration		Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
British Pound Currency Contracts		Short		38		March 2023	USD	(2,870	)	$	68
S&P 500 E-mini Index Contracts		Short		563		March 2023		(108,687	)		2,521
										$	2,602

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 84.89%
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1	$	315,947	$	235,449	$	186,345	$	38,519		$	(128,967	)	$	274,603	$	5,946	$	61,850
Fixed income funds 9.99%
American Funds Insurance Series – U.S. Government Securities Fund, Class 1		37,066		33,763		33,365		(5,847	)		702			32,319		1,347		—
Total 94.88%							$	32,672		$	(128,265	)	$	306,922	$	7,293	$	61,850

¹  Rate represents the seven-day yield at 12/31/2022.

²  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

268      American Funds Insurance Series

Managed Risk Growth-Income Fund

Investment portfolio December 31, 2022

	Shares		Value (000)
Growth-and-income funds 79.84%
American Funds Insurance Series – Growth-Income Fund, Class 1		33,417,153	$	1,677,875
Total growth-and-income funds (cost: $1,757,211,000)				1,677,875
Fixed income funds 14.97%
American Funds Insurance Series – The Bond Fund of America, Class 1		33,434,013		314,614
Total fixed income funds (cost: $348,317,000)				314,614
Short-term securities 2.25%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%1		47,304,896		47,305
Total short-term securities (cost: $47,305,000)				47,305
Options purchased 0.12%
Options purchased*				2,485
Total options purchased (cost: $13,461,000)				2,485
Total investment securities 97.18% (cost: $2,166,294,000)				2,042,279
Other assets less liabilities 2.82%				59,165
Net assets 100.00%			$	2,101,444

*Options purchased

Put
Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 12/31/2022 (000)
S&P 500 Index		420		USD161,259		USD2,700.00		3/17/2023	$	172
S&P 500 Index		1,500		575,925		2,800.00		3/17/2023		750
S&P 500 Index		1,575		604,721		2,850.00		3/17/2023		838
S&P 500 Index		1,080		414,666		2,900.00		3/17/2023		725
									$	2,485

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures		Long		1,001		March 2023		USD108,038		$	(177	)
Nikkei 225 Index Contracts		Short		1		March 2023		(197	)		3
Japanese Yen Currency Contracts		Short		3		March 2023		(289	)		(4	)
Russell 2000 Mini Index Contracts		Short		52		March 2023		(4,604	)		100
Mini MSCI Emerging Market Index Contracts		Short		230		March 2023		(11,033	)		137
FTSE 100 Index Contracts		Short		189		March 2023		(17,066	)		(33	)
British Pound Currency Contracts		Short		235		March 2023		(17,748	)		433
Euro Stoxx 50 Index Contracts		Short		579		March 2023		(23,445	)		892
Euro Currency Contracts		Short		187		March 2023		(25,138	)		(70	)

American Funds Insurance Series 269

Managed Risk Growth-Income Fund (continued)

Futures contracts (continued)

Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
S&P Mid 400 E-mini Index Contracts		Short		210		March 2023		USD(51,295	)	$	773
S&P 500 E-mini Index Contracts		Short		3,266		March 2023		(630,501	)		14,597
										$	16,651

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 79.84%
American Funds Insurance Series - Growth-Income Fund, Class 1	$	2,125,192	$	1,251,540	$	1,173,057	$	198,223		$	(724,023	)	$	1,677,875	$	26,763	$	175,737
Fixed income funds 14.97%
American Funds Insurance Series - The Bond Fund of America, Class 1		398,789		234,510		257,964		(41,426	)		(19,295	)		314,614		10,505		3,897
Total 94.81%							$	156,797		$	(743,318	)	$	1,992,489	$	37,268	$	179,634

¹  Rate represents the seven-day yield at 12/31/2022.

²  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

270 American Funds Insurance Series

Managed Risk Asset Allocation Fund

Investment portfolio December 31, 2022

	Shares		Value (000)
Asset allocation funds 95.19%
American Funds Insurance Series – Asset Allocation Fund, Class 1		93,886,027	$	2,084,270
Total asset allocation funds (cost: $2,174,894,000)				2,084,270
Short-term securities 3.19%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%1		69,776,962		69,777
Total short-term securities (cost: $69,777,000)				69,777
Options purchased 0.02%
Options purchased*				383
Total options purchased (cost: $1,887,000)				383
Total investment securities 98.40% (cost: $2,246,558,000)				2,154,430
Other assets less liabilities 1.60%				35,042
Net assets 100.00%			$	2,189,472

*Options purchased

Put
Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 12/31/2022 (000)
S&P 500 Index		410	USD	157,419	USD	2,850.00		3/17/2023	$	218
S&P 500 Index		245		94,068		2,900.00		3/17/2023		165
									$	383

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount (000)			Value and unrealized (depreciation) appreciation at 12/31/2022 (000)
5 Year U.S. Treasury Note Futures		Long		1,028		March 2023	USD	110,952		$	(162	)
Mini MSCI Emerging Market Index Contracts		Short		166		March 2023		(7,963	)		100
FTSE 100 Index Contracts		Short		89		March 2023		(8,036	)		(18	)
Russell 2000 Mini Index Contracts		Short		93		March 2023		(8,235	)		157
British Pound Currency Contracts		Short		110		March 2023		(8,308	)		196
Euro Stoxx 50 Index Contracts		Short		399		March 2023		(16,156	)		623
Euro Currency Contracts		Short		124		March 2023		(16,669	)		(47	)
S&P Mid 400 E-mini Index Contracts		Short		183		March 2023		(44,700	)		548
S&P 500 E-mini Index Contracts		Short		2,599		March 2023		(501,737	)		12,185
										$	13,582

American Funds Insurance Series 271

Managed Risk Asset Allocation Fund (continued)

Investments in affiliates²

	Value of affiliate at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Asset allocation funds 95.19%
American Funds Insurance Series – Asset Allocation Fund, Class 1	$	2,678,055	$	1,104,342	$	1,086,607	$	55,156	$	(666,676	)	$	2,084,270	$	46,591	$	231,217

¹  Rate represents the seven-day yield at 12/31/2022.

²  Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviation

USD = U.S. dollars

Refer to the notes to financial statements.

272 American Funds Insurance Series

Financial statements

Statements of assets and liabilities at December 31, 2022

									(dollars in thousands)
	Global Growth Fund		Global Small Capitalization Fund			Growth Fund			International Fund		New World Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	6,783,505	$	2,874,530		$	29,811,816		$	6,445,629	$	2,920,136
Affiliated issuers		164,535		134,983			1,166,965			306,445		167,414
Cash		695		32			1,221			1,055		671
Cash collateral received for securities on loan		—		5,872			5,587			161		32
Cash collateral pledged for futures contracts		—		—			—			—		161
Cash collateral pledged for swap contracts		—		—			—			—		—
Cash denominated in currencies other than U.S. dollars		6,010		86			1,197			1,640		929
Unrealized appreciation on open forward currency contracts		—		—			—			—		—	*
Unrealized appreciation on unfunded commitments		—		—			—			—		—
Receivables for:
Sales of investments		9,427		47			4,581			1,634		4,534
Sales of fund’s shares		1,203		347			53,171			1,486		1,478
Dividends and interest		5,076		2,430			18,226			14,915		5,113
Variation margin on futures contracts		—		—			—			—		27
Variation margin on centrally cleared swap contracts		—		—			—			—		—	*
Securities lending income		7		270			48			17		42
Currency translations		961		—			—			47		90
Other		—		—	*		—	*		—		—
		6,971,419		3,018,597			31,062,812			6,773,029		3,100,627
Liabilities:
Collateral for securities on loan		—		58,725			55,867			1,607		327
Unrealized depreciation on open forward currency contracts		—		—			—			—		50
Unrealized depreciation on unfunded commitments		—		—			—			—		—
Payables for:
Purchases of investments		3,893		1,234			69,568			2,056		2,377
Repurchases of fund’s shares		23,378		5,067			24,857			18,617		2,624
Investment advisory services		2,202		1,519			8,498			2,792		1,351
Insurance administrative fees		361		162			1,629			235		448
Services provided by related parties		1,005		515			4,478			946		393
Trustees’ deferred compensation		85		56			478			174		41
Variation margin on futures contracts		—		—			—			—		41
Variation margin on centrally cleared swap contracts		—		—			—			—		—	*
Non-U.S. taxes		4,611		8,270			886			26,641		8,988
Other		230		146			203			380		203
		35,765		75,694			166,464			53,448		16,843
Net assets at December 31, 2022	$	6,935,654	$	2,942,903		$	30,896,348		$	6,719,581	$	3,083,784
Net assets consist of:
Capital paid in on shares of beneficial interest	$	4,528,931	$	2,581,405		$	20,120,055		$	6,463,732	$	2,578,375
Total distributable earnings (accumulated loss)		2,406,723		361,498			10,776,293			255,849		505,409
Net assets at December 31, 2022	$	6,935,654	$	2,942,903		$	30,896,348		$	6,719,581	$	3,083,784
Investment securities on loan, at value	$	—	$	59,781		$	54,504		$	1,530	$	311
Investment securities, at cost
Unaffiliated issuers		4,940,295		2,530,368			20,939,019			5,790,481		2,388,619
Affiliated issuers		164,509		133,831			1,166,747			306,396		167,393
Cash denominated in currencies other than U.S. dollars, at cost		6,096		85			1,195			1,614		939

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 273

Financial statements (continued)

Statements of assets and liabilities at December 31, 2022 (continued)

							(dollars in thousands)
	Washington Mutual Investors Fund		Capital World Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund			Capital Income Builder
Assets:
Investment securities, at value:
Unaffiliated issuers	$	9,042,759	$	1,728,292	$	30,635,898	$	293,962		$	1,065,349
Affiliated issuers		391,007		804		2,605,421		5,492			107,723
Cash		2,877		739		2,141		75			826
Cash collateral received for securities on loan		1,290		648		24,869		96			655
Cash collateral pledged for futures contracts		—		—		—		—			—
Cash collateral pledged for swap contracts		—		—		—		—			—
Cash denominated in currencies other than U.S. dollars		—		1,728		844		556			753
Unrealized appreciation on open forward currency contracts		—		—		—		5			—
Unrealized appreciation on unfunded commitments		—		—		—		—			—
Receivables for:
Sales of investments		19,678		4,368		3,486		1,304			17,973
Sales of fund’s shares		1,698		332		11,206		54			475
Dividends and interest		11,258		1,617		53,240		1,606			3,711
Variation margin on futures contracts		—		—		—		—			2
Variation margin on centrally cleared swap contracts		—		—		—		—			22
Securities lending income		7		5		71		3			4
Currency translations		3		252		—		75			101
Other		—		—		—		—			—
		9,470,577		1,738,785		33,337,176		303,228			1,197,594
Liabilities:
Collateral for securities on loan		12,908		6,480		248,693		962			6,553
Unrealized depreciation on open forward currency contracts		—		—		—		—			—
Unrealized depreciation on unfunded commitments		—		—		—		—			—
Payables for:
Purchases of investments		2,823		1,089		28,952		197			49,380
Repurchases of fund’s shares		7,197		4,367		62,689		744			1,446
Investment advisory services		1,903		544		7,284		121			211
Insurance administrative fees		706		118		1,021		74			328
Services provided by related parties		1,072		299		3,696		69			143
Trustees’ deferred compensation		99		25		530		14			7
Variation margin on futures contracts		—		—		—		—			95
Variation margin on centrally cleared swap contracts		—		—		—		—			25
Non-U.S. taxes		159		410		1,143		35			320
Other		10		55		201		15			20
		26,877		13,387		354,209		2,231			58,528
Net assets at December 31, 2022	$	9,443,700	$	1,725,398	$	32,982,967	$	300,997		$	1,139,066
Net assets consist of:
Capital paid in on shares of beneficial interest	$	7,625,116	$	1,532,409	$	20,816,349	$	322,284		$	1,032,534
Total distributable earnings (accumulated loss)		1,818,584		192,989		12,166,618		(21,287	)		106,532
Net assets at December 31, 2022	$	9,443,700	$	1,725,398	$	32,982,967	$	300,997		$	1,139,066
Investment securities on loan, at value	$	12,432	$	6,155	$	240,456	$	1,435		$	6,251
Investment securities, at cost
Unaffiliated issuers		7,334,340		1,456,490		20,399,086		290,864			933,032
Affiliated issuers		390,957		804		2,605,095		5,489			113,396
Cash denominated in currencies other than U.S. dollars, at cost		—		1,754		847		564			763

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

274 American Funds Insurance Series

Financial statements (continued)

Statements of assets and liabilities at December 31, 2022 (continued)

								(dollars in thousands)
	Asset Allocation Fund		American Funds Global Balanced Fund†		The Bond Fund of America			Capital World Bond Fund			American High-Income Trust
Assets:
Investment securities, at value:
Unaffiliated issuers	$	22,298,926	$	355,901	$	9,747,773		$	1,438,501		$	778,564
Affiliated issuers		3,019,460		9,460		1,425,720			48,843			38,565
Cash		4,463		142		3,761			431			1,024
Cash collateral received for securities on loan		5,690		—		—			—			—
Cash collateral pledged for futures contracts		—		—		—			—			99
Cash collateral pledged for swap contracts		—		—		—			—			517
Cash denominated in currencies other than U.S. dollars		592		86		—	*		732			5
Unrealized appreciation on open forward currency contracts		—		686		3,821			7,008			—
Unrealized appreciation on unfunded commitments		—		—		—			12			572
Receivables for:
Sales of investments		139,321		2,041		780,689			21			1,605
Sales of fund’s shares		1,899		327		10,460			165			585
Dividends and interest		74,681		1,624		71,420			10,334			13,187
Variation margin on futures contracts		194		29		494			326			2
Variation margin on centrally cleared swap contracts		11		16		345			149			3
Securities lending income		88		—		—			—			—
Currency translations		79		18		70			429			—
Other		—		—		—			—			3
		25,545,404		370,330		12,044,553			1,506,951			834,731
Liabilities:
Collateral for securities on loan		56,897		—		—			—			—
Unrealized depreciation on open forward currency contracts		—		150		174			2,455			—
Unrealized depreciation on unfunded commitments		9		—		—			1			3
Payables for:
Purchases of investments		647,278		1,470		1,812,910			19,999			2,546
Repurchases of fund’s shares		24,374		477		4,453			677			164
Investment advisory services		5,696		137		1,428			550			190
Insurance administrative fees		3,321		69		614			33			49
Services provided by related parties		2,697		66		1,048			217			153
Trustees’ deferred compensation		304		4		124			26			32
Variation margin on futures contracts		630		55		2,321			722			6
Variation margin on centrally cleared swap contracts		13		23		394			222			2
Non-U.S. taxes		3,511		100		5			51			—
Other		100		19		—	*		104			32
		744,830		2,570		1,823,471			25,057			3,177
Net assets at December 31, 2022	$	24,800,574	$	367,760	$	10,221,082		$	1,481,894		$	831,554
Net assets consist of:
Capital paid in on shares of beneficial interest	$	19,598,942	$	316,997	$	11,855,514		$	1,808,688		$	1,203,258
Total distributable earnings (accumulated loss)		5,201,632		50,763		(1,634,432	)		(326,794	)		(371,704	)
Net assets at December 31, 2022	$	24,800,574	$	367,760	$	10,221,082		$	1,481,894		$	831,554
Investment securities on loan, at value	$	67,688	$	—	$	—		$	—		$	—
Investment securities, at cost
Unaffiliated issuers		17,788,591		350,438		10,540,249			1,615,990			860,644
Affiliated issuers		3,328,159		9,409		1,425,521			47,246			38,557
Cash denominated in currencies other than U.S. dollars, at cost		594		86		—	*		728			5

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 275

Financial statements (continued)

Statements of assets and liabilities at December 31, 2022 (continued)

									(dollars in thousands)
	American Funds Mortgage Fund			Ultra-Short Bond Fund		U.S. Government Securities Fund			Managed Risk Growth Fund			Managed Risk International Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	107,371		$	423,579	$	1,718,005		$	11,472		$	2,805
Affiliated issuers		—			—		—			421,664			118,962
Cash		2,692			9,083		40,936			—			—
Cash collateral received for securities on loan		—			—		—			—			—
Cash collateral pledged for futures contracts		—			—		—			15,705			2,698
Cash collateral pledged for swap contracts		—			—		—			—			—
Cash denominated in currencies other than U.S. dollars		—			—		—			—			—
Unrealized appreciation on open forward currency contracts		—			—		—			—			—
Unrealized appreciation on unfunded commitments		—			—		—			—			—
Receivables for:
Sales of investments		9,780			—		134,003			6,691			1,022
Sales of fund’s shares		42			322		2,930			237			18
Dividends and interest		261			29		5,528			57			13
Variation margin on futures contracts		2			—		185			1,011			602
Variation margin on centrally cleared swap contracts		5			—		385			—			—
Securities lending income		—			—		—			—			—
Currency translations		—			—		—			—			—
Other		1			—		—			—			—
		120,154			433,013		1,901,972			456,837			126,120
Liabilities:
Collateral for securities on loan		—			—		—			—			—
Unrealized depreciation on open forward currency contracts		—			—		—			—			—
Unrealized depreciation on unfunded commitments		—			—		—			—			—
Payables for:
Purchases of investments		31,002			—		398,190			2,108			19
Repurchases of fund’s shares		22			504		1,200			4			43
Investment advisory services		13			95		226			39			11
Insurance administrative fees		25			50		119			287			80
Services provided by related parties		21			92		310			93			26
Trustees’ deferred compensation		3			11		44			3			1
Variation margin on futures contracts		25			—		744			61			6
Variation margin on centrally cleared swap contracts		—	*		—		415			—			—
Non-U.S. taxes		—			—		—			—			—
Other		—	*		—		2			—			—
		31,111			752		401,250			2,595			186
Net assets at December 31, 2022	$	89,043		$	432,261	$	1,500,722		$	454,242		$	125,934
Net assets consist of:
Capital paid in on shares of beneficial interest	$	99,881		$	429,623	$	1,743,160		$	471,757		$	148,875
Total distributable earnings (accumulated loss)		(10,838	)		2,638		(242,438	)		(17,515	)		(22,941	)
Net assets at December 31, 2022	$	89,043		$	432,261	$	1,500,722		$	454,242		$	125,934
Investment securities on loan, at value	$	—		$	—	$	—		$	—		$	—
Investment securities, at cost
Unaffiliated issuers		109,975			423,636		1,798,414			12,483			3,035
Affiliated issuers		—			—		—			474,986			132,656
Cash denominated in currencies other than U.S. dollars, at cost		—			—		—			—			—

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

276 American Funds Insurance Series

Financial statements (continued)

Statements of assets and liabilities at December 31, 2022 (continued)

			(dollars in thousands)
	Managed Risk Washington Mutual Investors Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	7,775	$	49,790	$	70,160
Affiliated issuers		306,922		1,992,489		2,084,270
Cash		—		—		—
Cash collateral received for securities on loan		—		—		—
Cash collateral pledged for futures contracts		6,746		43,741		34,859
Cash collateral pledged for swap contracts		—		—		—
Cash denominated in currencies other than U.S. dollars		—		—		—
Unrealized appreciation on open forward currency contracts		—		—		—
Unrealized appreciation on unfunded commitments		—		—		—
Receivables for:
Sales of investments		2,029		13,902		1,056
Sales of fund’s shares		72		11,603		104
Dividends and interest		36		229		280
Variation margin on futures contracts		363		2,759		2,144
Variation margin on centrally cleared swap contracts		—		—		—
Securities lending income		—		—		—
Currency translations		—		—		—
Other		—		—		—
		323,943		2,114,513		2,192,873
Liabilities:
Collateral for securities on loan		—		—		—
Unrealized depreciation on open forward currency contracts		—		—		—
Unrealized depreciation on unfunded commitments		—		—		—
Payables for:
Purchases of investments		63		10,953		—
Repurchases of fund’s shares		92		420		1,215
Investment advisory services		28		179		188
Insurance administrative fees		201		1,304		1,381
Services provided by related parties		67		56		465
Trustees’ deferred compensation		3		14		29
Variation margin on futures contracts		17		143		123
Variation margin on centrally cleared swap contracts		—		—		—
Non-U.S. taxes		—		—		—
Other		—		—		—
		471		13,069		3,401
Net assets at December 31, 2022	$	323,472	$	2,101,444	$	2,189,472
Net assets consist of:
Capital paid in on shares of beneficial interest	$	321,451	$	1,965,919	$	2,033,928
Total distributable earnings (accumulated loss)		2,021		135,525		155,544
Net assets at December 31, 2022	$	323,472	$	2,101,444	$	2,189,472
Investment securities on loan, at value	$	—	$	—	$	—
Investment securities, at cost
Unaffiliated issuers		8,755		60,766		71,664
Affiliated issuers		334,257		2,105,528		2,174,894
Cash denominated in currencies other than U.S. dollars, at cost		—		—		—

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 277

Financial statements (continued)

Statements of assets and liabilities at December 31, 2022 (continued)

		(dollars and shares in thousands, except per-share amounts)
		Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets	$	3,104,085	$	915,430	$	13,660,417	$	3,157,234	$	1,610,310
	Shares outstanding		102,854		56,436		179,057		206,282		72,225
	Net asset value per share	$	30.18	$	16.22	$	76.29	$	15.31	$	22.30
Class 1A:	Net assets	$	14,317	$	4,256	$	187,432	$	10,423	$	8,868
	Shares outstanding		477		266		2,479		685		399
	Net asset value per share	$	30.04	$	16.00	$	75.61	$	15.23	$	22.19
Class 2:	Net assets	$	3,233,725	$	1,762,209	$	14,451,475	$	3,163,979	$	763,546
	Shares outstanding		108,539		115,167		191,651		207,745		34,672
	Net asset value per share	$	29.79	$	15.30	$	75.41	$	15.23	$	22.02
Class 3:	Net assets					$	187,905	$	15,480
	Shares outstanding		Not applicable		Not applicable		2,438		1,008		Not applicable
	Net asset value per share					$	77.09	$	15.35
Class 4:	Net assets	$	583,527	$	261,008	$	2,409,119	$	372,465	$	701,060
	Shares outstanding		19,774		17,087		32,713		24,843		32,104
	Net asset value per share	$	29.51	$	15.28	$	73.64	$	14.99	$	21.84
		Washington Mutual Investors Fund		Capital World Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets	$	5,506,834	$	548,491	$	19,692,010	$	13,396	$	586,560
	Shares outstanding		433,800		46,994		392,155		1,499		53,377
	Net asset value per share	$	12.69	$	11.67	$	50.21	$	8.94	$	10.99
Class 1A:	Net assets	$	64,036	$	5,749	$	28,316	$	4,894	$	9,764
	Shares outstanding		5,079		496		567		562		890
	Net asset value per share	$	12.61	$	11.61	$	49.93	$	8.70	$	10.98
Class 2:	Net assets	$	2,775,107	$	982,987	$	11,507,731	$	162,036	$	13,016
	Shares outstanding		222,723		84,464		232,660		18,628		1,185
	Net asset value per share	$	12.46	$	11.64	$	49.46	$	8.70	$	10.98
Class 3:	Net assets					$	124,729
	Shares outstanding		Not applicable		Not applicable		2,478		Not applicable		Not applicable
	Net asset value per share					$	50.33
Class 4:	Net assets	$	1,097,723	$	188,171	$	1,630,181	$	120,671	$	529,726
	Shares outstanding		88,991		16,576		33,460		14,090		48,314
	Net asset value per share	$	12.34	$	11.35	$	48.72	$	8.56	$	10.96

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

278 American Funds Insurance Series

Financial statements (continued)

Statements of assets and liabilities at December 31, 2022 (continued)

		(dollars and shares in thousands, except per-share amounts)
		Asset Allocation Fund		American Funds Global Balanced Fund†		The Bond Fund of America		Capital World Bond Fund		American High-Income Trust
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets	$	15,137,832	$	96,407	$	6,369,876	$	663,191	$	223,824
	Shares outstanding		681,900		7,682		676,909		69,436		26,230
	Net asset value per share	$	22.20	$	12.55	$	9.41	$	9.55	$	8.53
Class 1A:	Net assets	$	26,595	$	2,555	$	220,548	$	1,344	$	1,263
	Shares outstanding		1,203		204		23,592		141		148
	Net asset value per share	$	22.10	$	12.49	$	9.35	$	9.50	$	8.51
Class 2:	Net assets	$	4,227,802	$	157,808	$	2,843,749	$	764,813	$	521,241
	Shares outstanding		192,995		12,632		306,636		80,914		62,452
	Net asset value per share	$	21.91	$	12.49	$	9.27	$	9.45	$	8.35
Class 3:	Net assets	$	28,209							$	8,471
	Shares outstanding		1,269		Not applicable		Not applicable		Not applicable		987
	Net asset value per share	$	22.23							$	8.58
Class 4:	Net assets	$	5,380,136	$	110,990	$	786,909	$	52,546	$	76,755
	Shares outstanding		247,415		9,009		85,213		5,633		8,291
	Net asset value per share	$	21.75	$	12.32	$	9.23	$	9.33	$	9.26
		American Funds Mortgage Fund		Ultra-Short Bond Fund		U.S. Government Securities Fund		Managed Risk Growth Fund		Managed Risk International Fund
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets	$	993	$	50,347	$	241,681
	Shares outstanding		105		4,436		24,189		Not applicable		Not applicable
	Net asset value per share	$	9.45	$	11.35	$	9.99
Class 1A:	Net assets	$	1,656	$	10	$	3,952
	Shares outstanding		177		1		397		Not applicable		Not applicable
	Net asset value per share	$	9.34	$	11.35	$	9.96
Class 2:	Net assets	$	46,324	$	297,253	$	1,058,577
	Shares outstanding		4,951		27,031		107,285		Not applicable		Not applicable
	Net asset value per share	$	9.36	$	11.00	$	9.87
Class 3:	Net assets			$	4,328	$	6,507
	Shares outstanding		Not applicable		389		649		Not applicable		Not applicable
	Net asset value per share			$	11.14	$	10.02
Class 4:	Net assets	$	40,070	$	80,323	$	190,005
	Shares outstanding		4,334		7,267		19,274		Not applicable		Not applicable
	Net asset value per share	$	9.25	$	11.05	$	9.86
Class P1:	Net assets							$	9,249	$	1,762
	Shares outstanding		Not applicable		Not applicable		Not applicable		813		205
	Net asset value per share							$	11.37	$	8.61
Class P2:	Net assets							$	444,993	$	124,172
	Shares outstanding		Not applicable		Not applicable		Not applicable		39,434		14,470
	Net asset value per share							$	11.28	$	8.58

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 279

Financial statements (continued)

Statements of assets and liabilities at December 31, 2022 (continued)

		(dollars and shares in thousands, except per-share amounts)
		Managed Risk Washington Mutual Investors Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class P1:	Net assets	$	2,748	$	1,833,437	$	7,152
	Shares outstanding		244		146,536		575
	Net asset value per share	$	11.24	$	12.51	$	12.43
Class P2:	Net assets	$	320,724	$	268,007	$	2,182,320
	Shares outstanding		28,686		21,540		180,515
	Net asset value per share	$	11.18	$	12.44	$	12.09

* Amount less than one thousand.

† Formerly Global Balanced Fund.

Refer to the notes to financial statements.

280 American Funds Insurance Series

Financial statements (continued)

Statements of operations for the year ended December 31, 2022

							(dollars in thousands)
	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	99,453		$	23,688		$	315,299		$	164,844		$	57,252
Affiliated issuers		9,353			3,871			22,361			9,392			4,331
		108,806			27,559			337,660			174,236			61,583
Interest from unaffiliated issuers		53			25			1,956			2			7,384
European Union withholding tax reclaims		782			264			818			5,544			358
Interest from European Union withholding tax reclaims		71			3			22			920			14
Securities lending income (net of fees)		178			2,281			1,158			1,331			338
		109,890			30,132			341,614			182,033			69,677
Fees and expenses1:
Investment advisory services		36,131			21,657			109,146			35,444			21,012
Distribution services		10,254			5,525			48,823			9,585			3,999
Insurance administrative services		1,537			699			6,939			1,008			1,923
Transfer agent services		1			—	2		6			1			1
Administrative services		2,236			973			10,468			2,191			1,018
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		77			41			299			90			34
Registration statement and prospectus		27			14			136			54			14
Trustees’ compensation		10			5			45			10			5
Auditing and legal		79			92			105			90			109
Custodian		868			430			384			1,246			758
Other		8			51			24			8			51
Total fees and expenses before waivers/reimbursement		51,228			29,487			176,375			49,727			28,924
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		5,162			1,011			1			—			3,759
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		5,162			1,011			1			—			3,759
Total fees and expenses after waivers/reimbursement		46,066			28,476			176,374			49,727			25,165
Net investment income		63,824			1,656			165,240			132,306			44,512
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1 on:
Investments in:
Unaffiliated issuers		555,056			25,932			1,853,746			(374,601	)		(3,895	)
Affiliated issuers		(71	)		(30	)		(325	)		(112	)		(44	)
Futures contracts		—			—			—			—			100
Forward currency contracts		—			—			—			—			379
Swap contracts		—			—			—			—			(2	)
Currency transactions		(1,864	)		50			654			(3,241	)		72
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		553,121			25,952			1,854,075			(377,954	)		(3,390	)
Net unrealized (depreciation) appreciation1 on:
Investments in:
Unaffiliated issuers		(2,977,320	)		(1,267,074	)		(15,238,570	)		(1,582,438	)		(968,542	)
Affiliated issuers		(19	)		(25,285	)		22			(57	)		5
Futures contracts		—			—			—			—			129
Forward currency contracts		—			—			—			—			(30	)
Swap contracts		—			—			—			—			2
Currency translations		395			(145	)		(48	)		(351	)		(1,943	)
		(2,976,944	)		(1,292,504	)		(15,238,596	)		(1,582,846	)		(970,379	)
Net realized gain (loss) and unrealized depreciation		(2,423,823	)		(1,266,552	)		(13,384,521	)		(1,960,800	)		(973,769	)
Net (decrease) increase in net assets resulting from operations	$	(2,359,999	)	$	(1,264,896	)	$	(13,219,281	)	$	(1,828,494	)	$	(929,257	)

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 281

Financial statements (continued)

Statements of operations for the year ended December 31, 2022 (continued)

							(dollars in thousands)
	Washington Mutual Investors Fund			Capital World Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	229,615		$	49,442		$	601,261		$	11,087		$	32,630
Affiliated issuers		6,762			1,469			40,278			302			2,614
		236,377			50,911			641,539			11,389			35,244
Interest from unaffiliated issuers		1			480			1,322			—			4,766
European Union withholding tax reclaims		—			—			3,119			995			103
Interest from European Union withholding tax reclaims		—			—			292			35			—
Securities lending income (net of fees)		293			147			836			29			65
		236,671			51,538			647,108			12,448			40,178
Fees and expenses1:
Investment advisory services		37,368			9,637			89,899			1,720			4,443
Distribution services		10,015			3,172			35,861			726			1,368
Insurance administrative services		2,882			499			4,286			306			1,362
Transfer agent services		2			—	2		6			—	2		—	2
Administrative services		2,969			558			10,612			93			337
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		65			23			285			9			10
Registration statement and prospectus		29			5			109			5			3
Trustees’ compensation		11			2			42			1			1
Auditing and legal		52			69			102			82			70
Custodian		275			259			469			20			101
Other		5			6			23			22			1
Total fees and expenses before waivers/reimbursement		53,673			14,230			141,694			2,984			7,696
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		14,561			2,866			—			295			1,989
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		14,561			2,866			—			295			1,989
Total fees and expenses after waivers/reimbursement		39,112			11,364			141,694			2,689			5,707
Net investment income		197,559			40,174			505,414			9,759			34,471
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1 on:
Investments in:
Unaffiliated issuers		73,904			(82,354	)		1,822,012			(25,009	)		(1,384	)
Affiliated issuers		(71	)		8			(316	)		(4	)		(691	)
Futures contracts		—			—			—			—			(7,468	)
Forward currency contracts		—			—			—			(54	)		7
Swap contracts		—			—			—			—			1,909
Currency transactions		(22	)		(382	)		(871	)		(231	)		(125	)
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		73,811			(82,728	)		1,820,825			(25,298	)		(7,752	)
Net unrealized (depreciation) appreciation1 on:
Investments in:
Unaffiliated issuers		(1,207,072	)		(336,626	)		(9,143,460	)		(40,723	)		(104,188	)
Affiliated issuers		10			(1	)		130			(2	)		(5,193	)
Futures contracts		—			—			—			—			(311	)
Forward currency contracts		—			—			—			5			(2	)
Swap contracts		—			—			—			—			36
Currency translations		(3	)		(154	)		(173	)		1			64
		(1,207,065	)		(336,781	)		(9,143,503	)		(40,719	)		(109,594	)
Net realized gain (loss) and unrealized depreciation		(1,133,254	)		(419,509	)		(7,322,678	)		(66,017	)		(117,346	)
Net (decrease) increase in net assets resulting from operations	$	(935,695	)	$	(379,335	)	$	(6,817,264	)	$	(56,258	)	$	(82,875	)

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

282 American Funds Insurance Series

Financial statements (continued)

Statements of operations for the year ended December 31, 2022 (continued)

	(dollars in thousands)
	Asset Allocation Fund			American Funds Global Balanced Fund3			The Bond Fund of America			Capital World Bond Fund			American High- Income Trust
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	388,405		$	6,485		$	1		$	65		$	3,225
Affiliated issuers		80,475			393			34,880			3,057			610
		468,880			6,878			34,881			3,122			3,835
Interest from unaffiliated issuers		178,663			3,237			331,418			44,637			52,726
European Union withholding tax reclaims		23			—			—			—			—
Interest from European Union withholding tax reclaims		9			—			—			—			—
Securities lending income (net of fees)		631			7			—			—			—
		648,206			10,122			366,299			47,759			56,561
Fees and expenses1:
Investment advisory services		70,034			2,063			39,380			7,727			3,914
Distribution services		25,560			721			9,930			2,251			1,656
Insurance administrative services		14,064			300			2,381			146			203
Transfer agent services		4			—	2		2			—	2		—	2
Administrative services		7,927			118			3,334			492			271
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		164			6			91			22			17
Registration statement and prospectus		51			2			216			5			4
Trustees’ compensation		30			—	2		12			2			2
Auditing and legal		83			54			59			51			49
Custodian		616			69			95			143			18
Other		17			4			11			6			18
Total fees and expenses before waivers/reimbursement		118,550			3,337			55,511			10,845			6,152
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		—			25			21,118			611			1,428
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		—			25			21,118			611			1,428
Total fees and expenses after waivers/reimbursement		118,550			3,312			34,393			10,234			4,724
Net investment income		529,656			6,810			331,906			37,525			51,837
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1 on:
Investments in:
Unaffiliated issuers		867,100			41,092			(720,113	)		(161,648	)		(27,908	)
Affiliated issuers		(24,724	)		3			(218	)		17			(7	)
Futures contracts		65,437			539			(136,499	)		(7,447	)		1,533
Forward currency contracts		—			(1,292	)		1,795			(18,216	)		—
Swap contracts		(73	)		142			28,243			(796	)		(82	)
Currency transactions		4,210			(235	)		(118	)		(3,040	)		21
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		911,950			40,249			(826,910	)		(191,130	)		(26,443	)
Net unrealized (depreciation) appreciation1 on:
Investments in:
Unaffiliated issuers		(5,229,896	)		(113,353	)		(1,058,517	)		(184,433	)		(118,628	)
Affiliated issuers		(273,363	)		51			76			1,587			4
Futures contracts		13,070			(454	)		(6,976	)		(3,811	)		123
Forward currency contracts		—			725			4,002			4,071			—
Swap contracts		(1,575	)		(763	)		12,978			(6,561	)		(161	)
Currency translations		6			14			48			566			(31	)
		(5,491,758	)		(113,780	)		(1,048,389	)		(188,581	)		(118,693	)
Net realized gain (loss) and unrealized depreciation		(4,579,808	)		(73,531	)		(1,875,299	)		(379,711	)		(145,136	)
Net (decrease) increase in net assets resulting from operations	$	(4,050,152	)	$	(66,721	)	$	(1,543,393	)	$	(342,186	)	$	(93,299	)

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 283

Financial statements (continued)

Statements of operations for the year ended December 31, 2022 (continued)

	(dollars in thousands)
	American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government Securities Fund			Managed Risk Growth Fund			Managed Risk International Fund
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	—		$	—		$	—		$	265		$	55
Affiliated issuers		—			—			—			3,820			2,700
		—			—			—			4,085			2,755
Interest from unaffiliated issuers		2,336			7,293			52,923			—			—
European Union withholding tax reclaims		—			—			—			—			—
Interest from European Union withholding tax reclaims		—			—			—			—			—
Securities lending income (net of fees)		—			—			—			—			—
		2,336			7,293			52,923			4,085			2,755
Fees and expenses1:
Investment advisory services		350			1,110			5,345			746			208
Distribution services		228			889			3,494			1,219			342
Insurance administrative services		105			173			522			1,244			346
Transfer agent services		—	2		—	2		—	2		—	2		—	2
Administrative services		31			121			503			—			—
Accounting and administrative services		—			—			—			58			49
Reports to shareholders		5			7			21			2			1
Registration statement and prospectus		2			3			7			4			2
Trustees’ compensation		—	2		—	2		2			1			—	2
Auditing and legal		44			43			46			16			16
Custodian		17			1			29			6			7
Other		—	2		—	2		1			—	2		—	2
Total fees and expenses before waivers/reimbursement		782			2,347			9,970			3,296			971
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		158			—			2,256			249			69
Miscellaneous fee reimbursement		—			—			—			—			32
Total waivers/reimbursement of fees and expenses		158			—			2,256			249			101
Total fees and expenses after waivers/reimbursement		624			2,347			7,714			3,047			870
Net investment income		1,712			4,946			45,209			1,038			1,885
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1 on:
Investments in:
Unaffiliated issuers		(9,212	)		—	2		(104,839	)		(3,857	)		(1,108	)
Affiliated issuers		—			—			—			(26,901	)		(9,724	)
Futures contracts		(2,688	)		—			(52,928	)		1,884			4,007
Forward currency contracts		—			—			—			—			—
Swap contracts		3,147			—			20,919			—			—
Currency transactions		—			—			—			127			29
Capital gain distributions received from affiliated issuers		—			—			—			60,533			16,270
		(8,753	)		—	2		(136,848	)		31,786			9,474
Net unrealized (depreciation) appreciation1 on:
Investments in:
Unaffiliated issuers		(3,365	)		(59	)		(99,107	)		399			327
Affiliated issuers		—			—			—			(191,173	)		(38,192	)
Futures contracts		(79	)		—			(3,785	)		8,824			1,394
Forward currency contracts		—			—			—			—			—
Swap contracts		(1,585	)		—			(7,297	)		—			—
Currency translations		—			—			—			—			—
		(5,029	)		(59	)		(110,189	)		(181,950	)		(36,471	)
Net realized gain (loss) and unrealized depreciation		(13,782	)		(59	)		(247,037	)		(150,164	)		(26,997	)
Net (decrease) increase in net assets resulting from operations	$	(12,070	)	$	4,887		$	(201,828	)	$	(149,126	)	$	(25,112	)

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

284 American Funds Insurance Series

Financial statements (continued)

Statements of operations for the year ended December 31, 2022 (continued)

	(dollars in thousands)
	Managed Risk Washington Mutual Investors Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	158		$	1,054		$	1,230
Affiliated issuers		7,293			37,268			46,591
		7,451			38,322			47,821
Interest from unaffiliated issuers		—			—			—
European Union withholding tax reclaims		—			—			—
Interest from European Union withholding tax reclaims		—			—			—
Securities lending income (net of fees)		—			—			—
		7,451			38,322			47,821
Fees and expenses1:
Investment advisory services		499			3,399			3,572
Distribution services		824			720			5,935
Insurance administrative services		830			5,665			5,953
Transfer agent services		—	2		—	2		—	2
Administrative services		—			—			—
Accounting and administrative services		53			96			98
Reports to shareholders		2			5			6
Registration statement and prospectus		3			10			13
Trustees’ compensation		—	2		2			3
Auditing and legal		16			18			19
Custodian		7			7			6
Other		—	2		1			1
Total fees and expenses before waivers/reimbursement		2,234			9,923			15,606
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		166			1,135			1,192
Miscellaneous fee reimbursement		—			—			—
Total waivers/reimbursement of fees and expenses		166			1,135			1,192
Total fees and expenses after waivers/reimbursement		2,068			8,788			14,414
Net investment income		5,383			29,534			33,407
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1 on:
Investments in:
Unaffiliated issuers		(3,288	)		(38,643	)		(5,894	)
Affiliated issuers		32,672			156,797			55,156
Futures contracts		(4,543	)		(51,822	)		(47,767	)
Forward currency contracts		—			—			—
Swap contracts		—			—			—
Currency transactions		43			322			259
Capital gain distributions received from affiliated issuers		61,850			179,634			231,217
		86,734			246,288			232,971
Net unrealized (depreciation) appreciation1 on:
Investments in:
Unaffiliated issuers		51			7,712			396
Affiliated issuers		(128,265	)		(743,318	)		(666,676	)
Futures contracts		2,705			17,339			13,823
Forward currency contracts		—			—			—
Swap contracts		—			—			—
Currency translations		—			—			—
		(125,509	)		(718,267	)		(652,457	)
Net realized gain (loss) and unrealized depreciation		(38,775	)		(471,979	)		(419,486	)
Net (decrease) increase in net assets resulting from operations	$	(33,392	)	$	(442,445	)	$	(386,079	)

¹  Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

²  Amount less than one thousand.

³  Formerly Global Balanced Fund.

Refer to the notes to financial statements.

American Funds Insurance Series 285

Financial statements (continued)

Statements of changes in net assets

													(dollars in thousands)
	Global Growth Fund						Global Small Capitalization Fund						Growth Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	63,824		$	36,408		$	1,656		$	(11,335	)	$	165,240		$	87,664
Net realized gain (loss)		553,121			846,935			25,952			1,098,836			1,854,075			5,061,178
Net unrealized (depreciation) appreciation		(2,976,944	)		485,952			(1,292,504	)		(710,657	)		(15,238,596	)		3,147,345
Net (decrease) increase in net assets resulting from operations		(2,359,999	)		1,369,295			(1,264,896	)		376,844			(13,219,281	)		8,296,187
Distributions paid to shareholders		(892,563	)		(486,343	)		(1,091,116	)		(123,155	)		(5,140,514	)		(5,437,958	)
Net capital share transactions		597,636			466,658			721,994			(989,509	)		3,850,397			3,623,473
Total (decrease) increase in net assets		(2,654,926	)		1,349,610			(1,634,018	)		(735,820	)		(14,509,398	)		6,481,702
Net assets:
Beginning of year		9,590,580			8,240,970			4,576,921			5,312,741			45,405,746			38,924,044
End of year	$	6,935,654		$	9,590,580		$	2,942,903		$	4,576,921		$	30,896,348		$	45,405,746

	International Fund						New World Fund						Washington Mutual Investors Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	132,306		$	147,317		$	44,512		$	32,010		$	197,559		$	173,016
Net realized gain (loss)		(377,954	)		1,273,483			(3,390	)		318,018			73,811			2,286,033
Net unrealized (depreciation) appreciation		(1,582,846	)		(1,501,184	)		(970,379	)		(136,128	)		(1,207,065	)		81,431
Net (decrease) increase in net assets resulting from operations		(1,828,494	)		(80,384	)		(929,257	)		213,900			(935,695	)		2,540,480
Distributions paid to shareholders		(1,146,487	)		(249,096	)		(357,382	)		(185,700	)		(2,416,808	)		(166,149	)
Net capital share transactions		265,209			(832,025	)		(77,021	)		176,091			1,331,066			(488,260	)
Total (decrease) increase in net assets		(2,709,772	)		(1,161,505	)		(1,363,660	)		204,291			(2,021,437	)		1,886,071
Net assets:
Beginning of year		9,429,353			10,590,858			4,447,444			4,243,153			11,465,137			9,579,066
End of year	$	6,719,581		$	9,429,353		$	3,083,784		$	4,447,444		$	9,443,700		$	11,465,137

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

286 American Funds Insurance Series

Financial statements (continued)

Statements of changes in net assets (continued)

													(dollars in thousands)
	Capital World Growth and Income Fund						Growth-Income Fund						International Growth and Income Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	40,174		$	44,268		$	505,414		$	480,125		$	9,759		$	34,510
Net realized gain (loss)		(82,728	)		410,057			1,820,825			3,512,628			(25,298	)		357,845
Net unrealized (depreciation) appreciation		(336,781	)		(139,980	)		(9,143,503	)		4,888,658			(40,719	)		(342,815	)
Net (decrease) increase in net assets resulting from operations		(379,335	)		314,345			(6,817,264	)		8,881,411			(56,258	)		49,540
Distributions paid to shareholders		(454,298	)		(90,172	)		(3,956,410	)		(915,114	)		(154,047	)		(14,532	)
Net capital share transactions		175,376			(14,968	)		804,156			(3,505,347	)		132,760			(1,112,349	)
Total (decrease) increase in net assets		(658,257	)		209,205			(9,969,518	)		4,460,950			(77,545	)		(1,077,341	)
Net assets:
Beginning of year		2,383,655			2,174,450			42,952,485			38,491,535			378,542			1,455,883
End of year	$	1,725,398		$	2,383,655		$	32,982,967		$	42,952,485		$	300,997		$	378,542

	Capital Income Builder						Asset Allocation Fund						American Funds Global Balanced Fund*
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	34,471		$	32,730		$	529,656		$	496,078		$	6,810		$	4,583
Net realized gain (loss)		(7,752	)		44,998			911,950			2,982,523			40,249			24,122
Net unrealized (depreciation) appreciation		(109,594	)		81,302			(5,491,758	)		990,457			(113,780	)		17,602
Net (decrease) increase in net assets resulting from operations		(82,875	)		159,030			(4,050,152	)		4,469,058			(66,721	)		46,307
Distributions paid to shareholders		(31,988	)		(29,764	)		(3,253,724	)		(1,541,316	)		(2,232	)		(29,247	)
Net capital share transactions		109,402			(81,691	)		1,398,530			(1,879,473	)		(30,663	)		(4,816	)
Total (decrease) increase in net assets		(5,461	)		47,575			(5,905,346	)		1,048,269			(99,616	)		12,244
Net assets:
Beginning of year		1,144,527			1,096,952			30,705,920			29,657,651			467,376			455,132
End of year	$	1,139,066		$	1,144,527		$	24,800,574		$	30,705,920		$	367,760		$	467,376

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 287

Financial statements (continued)

Statements of changes in net assets (continued)

													(dollars in thousands)
	The Bond Fund of America						Capital World Bond Fund						American High-Income Trust
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	331,906		$	215,953		$	37,525		$	42,586		$	51,837		$	47,176
Net realized gain (loss)		(826,910	)		129,232			(191,130	)		16,012			(26,443	)		7,485
Net unrealized (depreciation) appreciation		(1,048,389	)		(353,151	)		(188,581	)		(168,792	)		(118,693	)		21,386
Net (decrease) increase in net assets resulting from operations		(1,543,393	)		(7,966	)		(342,186	)		(110,194	)		(93,299	)		76,047
Distributions paid to shareholders		(462,954	)		(687,442	)		(30,830	)		(91,748	)		(67,772	)		(43,416	)
Net capital share transactions		(959,150	)		2,474,568			(230,098	)		(51,795	)		(59,810	)		152,225
Total (decrease) increase in net assets		(2,965,497	)		1,779,160			(603,114	)		(253,737	)		(220,881	)		184,856
Net assets:
Beginning of year		13,186,579			11,407,419			2,085,008			2,338,745			1,052,435			867,579
End of year	$	10,221,082		$	13,186,579		$	1,481,894		$	2,085,008		$	831,554		$	1,052,435

	American Funds Mortgage Fund						Ultra-Short Bond Fund						U.S. Government Securities Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)		$ 1,712			$ 1,555			$ 4,946			$ (1,883	)		$ 45,209			$ 26,482
Net realized gain (loss)		(8,753	)		(90	)		—	†		—	†		(136,848	)		(5,219	)
Net unrealized (depreciation) appreciation		(5,029	)		(2,808	)		(59	)		(4	)		(110,189	)		(36,820	)
Net (decrease) increase in net assets resulting from operations		(12,070	)		(1,343	)		4,887			(1,887	)		(201,828	)		(15,557	)
Distributions paid to shareholders		(1,793	)		(13,157	)		(2,237	)		—			(60,476	)		(209,728	)
Net capital share transactions		(231,492	)		29,279			96,950			(41,201	)		(402,273	)		236,927
Total (decrease) increase in net assets		(245,355	)		14,779			99,600			(43,088	)		(664,577	)		11,642
Net assets:
Beginning of year		334,398			319,619			332,661			375,749			2,165,299			2,153,657
End of year		$ 89,043			$334,398			$432,261			$332,661			$1,500,722			$2,165,299

Refer to the end of the statements of changes in net assets for footnotes.

Refer to the notes to financial statements.

288 American Funds Insurance Series

Financial statements (continued)

Statements of changes in net assets (continued)

													(dollars in thousands)
	Managed Risk Growth Fund						Managed Risk International Fund						Managed Risk Washington Mutual Investors Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021			2022			2021
Operations:
Net investment income (loss)	$	1,038		$	(392	)	$	1,885		$	2,984		$	5,383		$	3,320
Net realized gain (loss)		31,786			93,312			9,474			654			86,734			15,848
Net unrealized (depreciation) appreciation		(181,950	)		(21,491	)		(36,471	)		(10,287	)		(125,509	)		38,411
Net (decrease) increase in net assets resulting from operations		(149,126	)		71,429			(25,112	)		(6,649	)		(33,392	)		57,579
Distributions paid to shareholders		(90,246	)		(27,384	)		(4,275	)		(931	)		(14,671	)		(6,019	)
Net capital share transactions		97,021			(11,898	)		(6,014	)		(654	)		(1,502	)		(34,883	)
Total (decrease) increase in net assets		(142,351	)		32,147			(35,401	)		(8,234	)		(49,565	)		16,677
Net assets:
Beginning of year		596,593			564,446			161,335			169,569			373,037			356,360
End of year	$	454,242		$	596,593		$	125,934		$	161,335		$	323,472		$	373,037

	Managed Risk Growth-Income Fund						Managed Risk Asset Allocation Fund
	Year ended December 31,						Year ended December 31,
	2022			2021			2022			2021
Operations:
Net investment income (loss)	$	29,534		$	23,938		$	33,407		$	29,121
Net realized gain (loss)		246,288			49,377			232,971			133,738
Net unrealized (depreciation) appreciation		(718,267	)		292,194			(652,457	)		169,648
Net (decrease) increase in net assets resulting from operations		(442,445	)		365,509			(386,079	)		332,507
Distributions paid to shareholders		(99,803	)		(68,168	)		(138,964	)		(38,227	)
Net capital share transactions		(23,880	)		(64,385	)		(104,505	)		(254,031	)
Total (decrease) increase in net assets		(566,128	)		232,956			(629,548	)		40,249
Net assets:
Beginning of year		2,667,572			2,434,616			2,819,020			2,778,771
End of year	$	2,101,444		$	2,667,572		$	2,189,472		$	2,819,020

* Formerly Global Balanced Fund.

† Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series 289

Notes to financial statements

1. Organization

American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company with 34 different funds (“the funds”), including 23 funds in the series covered in this report. The other 11 funds in the series are covered in separate reports. Six funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.

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

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

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

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

Growth Fund — To provide growth of capital.

International Fund — To provide long-term growth of capital.

New World Fund — To provide long-term capital appreciation.

Washington Mutual Investors Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

Capital World Growth and Income Fund — To provide long-term growth of capital while providing current income.

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

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

Capital Income Builder — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

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

The Bond Fund of America — To provide as high a level of current income as is consistent with the preservation of capital.

Capital World Bond Fund — To provide, over the long term, a high level of total return consistent with prudent investment management.

American High-Income Trust — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

290 American Funds Insurance Series

American Funds Mortgage Fund — To provide current income and preservation of capital.

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

U.S. Government Securities Fund — To provide a high level of current income consistent with prudent investment risk and preservation of capital.

Managed Risk Growth Fund — To provide growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk International Fund — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Washington Mutual Investors Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

Managed Risk Growth-Income Fund — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

Managed Risk Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Cash — Cash may include amounts held in an interest bearing deposit facility.

Security transactions and related investment income — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Fees and expenses — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

American Funds Insurance Series 291

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

CRMC, the series’ investment adviser, values the funds’ investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Methods and inputs — The series’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

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

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

292 American Funds Insurance Series

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series’ investment adviser. The Capital Group Central Corporate Bond Fund (“CCBF”), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (collectively the “Central Funds“), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund’s portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds’ statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series’ investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series’ investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The series’ board of trustees has designated the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.

The series’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.

Classifications — The series’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities.

American Funds Insurance Series 293

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The tables on the following pages present the funds’ valuation levels as of December 31, 2022 (dollars in thousands):

Global Growth Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	923,708	$	643,291	$	—		$	1,566,999
Health care		1,027,635		489,438		—			1,517,073
Consumer discretionary		493,333		473,688		—			967,021
Financials		213,109		405,801		—	*		618,910
Consumer staples		308,045		286,104		—			594,149
Industrials		203,723		319,481		—			523,204
Energy		163,263		172,648		—	*		335,911
Materials		200,063		25,242		—			225,305
Communication services		146,303		39,149		—			185,452
Real estate		—		12,072		—			12,072
Utilities		7,666		—		—			7,666
Preferred securities		—		115,128		—			115,128
Short-term securities		164,535		114,615		—			279,150
Total	$	3,851,383	$	3,096,657	$	—	*	$	6,948,040

* Amount less than one thousand.

Global Small Capitalization Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Industrials	$	145,496	$	462,740	$	—	$	608,236
Information technology		278,192		271,360		842		550,394
Consumer discretionary		319,599		207,610		—		527,209
Health care		368,441		133,632		—		502,073
Financials		82,339		175,020		—		257,359
Materials		8,263		96,602		—		104,865
Real estate		35,375		39,017		—		74,392
Energy		13,782		16,503		25,418		55,703
Communication services		25,084		27,091		—		52,175
Utilities		10,353		37,278		—		47,631
Consumer staples		18,150		27,079		—		45,229
Preferred securities		7,126		—		18,452		25,578
Rights & warrants		—		10,007		—		10,007
Short-term securities		148,662		—		—		148,662
Total	$	1,460,862	$	1,503,939	$	44,712	$	3,009,513

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended December 31, 2022 (dollars in thousands):

	Beginning value at 1/1/2022		Transfers into Level 3*		Purchases		Sales		Net realized gain		Unrealized depreciation†			Transfers out of Level 3*		Ending value at 12/31/2022
Investment securities	$	44,963	$	—	$	—	$	—	$	—	$	(251	)	$	—	$	44,712
Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022																$	(251	)

* Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

† Net unrealized depreciation is included in the related amounts on investments in the fund’s statement of operations.

294 American Funds Insurance Series

Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):

	Value at 12/31/2022		Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average*	Impact to valuation from an increase in input†
Common stocks	$	26,260	Market comparable companies	Price/Cash flow multiple	5.7x	5.7x	Increase
				EV/Sales multiple	6.2x	6.2x	Increase
				DLOM	16%	16%	Decrease
				Discount for lack of certainty	10%	10%	Decrease
				Risk discount	25%	25%	Decrease
			Transaction price	N/A	N/A	N/A	N/A
Preferred securities		18,452	Market comparable companies	EV/Sales multiple	6.2x - 12.9x	11.0x	Increase
				Risk discount	25%	25%	Decrease
				Net adjustment (decrease) based on movement of market comparables	44%	44%	Decrease
				DLOM	10%	10%	Decrease
Total	$	44,712

* Weighted average is by relative fair value.

† This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations

DLOM = Discount for lack of marketability

EV = Enterprise value

Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	5,461,425	$	723,030	$	4,704	$	6,189,159
Health care		5,188,144		115,484		45,222		5,348,850
Consumer discretionary		4,793,527		439,744		—		5,233,271
Communication services		3,950,043		25,714		—		3,975,757
Industrials		3,112,991		255,410		—		3,368,401
Energy		1,737,621		91,688		—		1,829,309
Financials		1,796,618		—		—		1,796,618
Materials		973,571		—		—		973,571
Consumer staples		596,091		109,850		—		705,941
Utilities		243,420		—		—		243,420
Real estate		33,920		—		—		33,920
Preferred securities		—		21,366		36,770		58,136
Convertible stocks		7,202		—		—		7,202
Convertible bonds & notes		—		—		7,146		7,146
Bonds, notes & other debt instruments		—		15,245		—		15,245
Short-term securities		1,192,835		—		—		1,192,835
Total	$	29,087,408	$	1,797,531	$	93,842	$	30,978,781

American Funds Insurance Series 295

International Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Industrials	$	64,860	$	1,053,264	$	—		$	1,118,124
Information technology		296,778		622,282		4,282			923,342
Health care		29,009		812,708		—			841,717
Materials		397,065		317,708		—			714,773
Energy		172,457		531,541		—			703,998
Consumer discretionary		135,708		472,880		—			608,588
Financials		78,042		530,056		—			608,098
Communication services		185,096		231,351		—	*		416,447
Consumer staples		—		289,938		—			289,938
Utilities		—		119,038		—			119,038
Real estate		—		39,066		—			39,066
Preferred securities		24,464		28,174		392			53,030
Rights & warrants		—		8,446		—			8,446
Short-term securities		307,469		—		—			307,469
Total	$	1,690,948	$	5,056,452	$	4,674		$	6,752,074

* Amount less than one thousand.

New World Fund

	Investment securities
	Level 1			Level 2			Level 3			Total
Assets:
Common stocks:
Information technology	$	263,065		$	173,417		$	342		$	436,824
Financials		67,929			361,956			—	*		429,885
Health care		188,331			216,848			—			405,179
Industrials		108,081			225,883			—			333,964
Consumer discretionary		105,950			224,085			—	*		330,035
Materials		162,789			82,689			—	*		245,478
Consumer staples		60,987			131,035			—	*		192,022
Communication services		81,746			76,207			—	*		157,953
Energy		47,738			105,152			—	*		152,890
Utilities		14,233			39,215			—			53,448
Real estate		12,965			36,156			—			49,121
Preferred securities		14,795			8,412			9,132			32,339
Rights & warrants		31			172			—			203
Bonds, notes & other debt instruments		—			100,586			—			100,586
Short-term securities		167,623			—			—			167,623
Total	$	1,296,263		$	1,781,813		$	9,474		$	3,087,550
	Other investments†
	Level 1			Level 2			Level 3			Total
Assets:
Unrealized appreciation on futures contracts	$	159		$	—		$	—		$	159
Unrealized appreciation on open forward currency contracts		—			—	*		—			—	*
Unrealized appreciation on centrally cleared credit default swaps		—			2			—			2
Liabilities:
Unrealized depreciation on futures contracts		(66	)		—			—			(66	)
Unrealized depreciation on open forward currency contracts		—			(50	)		—			(50	)
Total	$	93		$	(48	)	$	—		$	45

* Amount less than one thousand.

† Futures contracts, forward currency contracts and credit default swaps are not included in the fund’s investment portfolio.

Washington Mutual Investors Fund

As of December 31, 2022, all of the fund’s investment securities were classified as Level 1.

296 American Funds Insurance Series

Capital World Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	164,931	$	106,647	$	—		$	271,578
Health care		186,991		74,725		—			261,716
Financials		110,259		113,094		—	*		223,353
Industrials		103,918		113,308		—			217,226
Consumer discretionary		81,430		73,857		—			155,287
Consumer staples		63,755		66,879		—			130,634
Materials		69,657		51,505		—			121,162
Energy		73,762		34,823		—	*		108,585
Communication services		53,364		32,366		—	*		85,730
Utilities		25,266		24,999		—			50,265
Real estate		12,033		5,443		—			17,476
Preferred securities		263		2,512		—			2,775
Convertible bonds & notes		—		940		—			940
Bonds, notes & other debt instruments		—		6,016		—			6,016
Short-term securities		6,525		69,828		—			76,353
Total	$	952,154	$	776,942	$	—	*	$	1,729,096

* Amount less than one thousand.

Growth-Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	6,365,641	$	293,106	$	—	$	6,658,747
Industrials		4,414,100		259,779		—		4,673,879
Health care		3,850,991		534,723		—		4,385,714
Financials		2,896,787		—		—		2,896,787
Consumer discretionary		2,446,056		132,438		—		2,578,494
Communication services		2,480,083		—		—		2,480,083
Consumer staples		1,457,094		454,816		—		1,911,910
Energy		1,578,057		—		—		1,578,057
Utilities		1,262,331		69,549		—		1,331,880
Materials		1,068,166		—		—		1,068,166
Real estate		608,248		—		—		608,248
Convertible stocks		274,424		—		—		274,424
Bonds, notes & other debt instruments		—		5,916		—		5,916
Short-term securities		2,789,014		—		—		2,789,014
Total	$	31,490,992	$	1,750,327	$	—	$	33,241,319

American Funds Insurance Series 297

International Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	6,118	$	43,633	$	—	*	$	49,751
Industrials		4,511		31,485		—			35,996
Consumer discretionary		2,509		32,958		—			35,467
Consumer staples		7,470		27,016		—			34,486
Information technology		1,668		30,886		—			32,554
Health care		1,316		29,812		—			31,128
Energy		8,708		14,672		—	*		23,380
Materials		9,657		7,677		—	*		17,334
Communication services		1,895		15,137		—	*		17,032
Utilities		1,142		8,106		—			9,248
Real estate		—		4,820		—			4,820
Preferred securities		1,207		693		—			1,900
Short-term securities		6,358		—		—			6,358
Total	$	52,559	$	246,895	$	—	*	$	299,454
	Other investments†
	Level 1		Level 2		Level 3			Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	5	$	—		$	5

* Amount less than one thousand.

† Forward currency contracts are not included in the fund’s investment portfolio.

Capital Income Builder

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	85,911	$	70,932	$	—	*	$	156,843
Consumer staples		64,498		50,174		—			114,672
Health care		85,845		22,042		—			107,887
Industrials		47,860		35,750		—			83,610
Information technology		64,487		14,336		—			78,823
Utilities		39,280		31,786		—			71,066
Energy		52,011		16,387		—	*		68,398
Real estate		56,684		11,518		—			68,202
Materials		20,977		12,204		—			33,181
Consumer discretionary		16,058		16,961		—			33,019
Communication services		17,155		15,258		—			32,413
Preferred securities		—		545		—			545
Rights & warrants		6		—		—			6
Convertible stocks		5,019		—		—			5,019
Investment funds		28,059		—		—			28,059
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—		107,548		—			107,548
Mortgage-backed obligations		—		69,718		89			69,807
Corporate bonds, notes & loans		—		19,621		—			19,621
Asset-backed obligations		—		9,532		—			9,532
Bonds & notes of governments & government agencies outside the U.S.		—		743		—			743
Municipals		—		228		—			228
Short-term securities		83,850		—		—			83,850
Total	$	667,700	$	505,283	$	89		$	1,173,072

Refer to the end of the tables for footnotes.

298 American Funds Insurance Series

	Other investments†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	60		$	—		$	—	$	60
Unrealized appreciation on centrally cleared interest rate swaps		—			1,900			—		1,900
Liabilities:
Unrealized depreciation on futures contracts		(139	)		—			—		(139	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(380	)		—		(380	)
Unrealized depreciation on centrally cleared credit default swaps		—			(47	)		—		(47	)
Total	$	(79	)	$	1,473		$	—	$	1,394

* Amount less than one thousand.

^†  Futures contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

Asset Allocation Fund

	Investment securities
	Level 1			Level 2			Level 3			Total
Assets:
Common stocks:
Health care	$	3,207,943		$	95,928		$	19,703		$	3,323,574
Consumer discretionary		2,162,881			216,574			—			2,379,455
Financials		2,206,657			75,213			1,899			2,283,769
Information technology		2,171,644			29,717			—			2,201,361
Consumer staples		1,318,784			316,097			—			1,634,881
Industrials		1,531,415			12,088			—			1,543,503
Communication services		1,171,249			—			—			1,171,249
Energy		1,020,328			—			550			1,020,878
Materials		856,654			—			—			856,654
Real estate		236,814			—			—			236,814
Utilities		158,713			—			—			158,713
Preferred securities		—			—			189			189
Rights & warrants		—			—			—	*		—	*
Convertible stocks		—			—			63,388			63,388
Investment funds		1,367,122			—			—			1,367,122
Bonds, notes & other debt instruments:
Mortgage-backed obligations		—			1,878,858			—			1,878,858
U.S. Treasury bonds & notes		—			1,617,110			—			1,617,110
Corporate bonds, notes & loans		—			1,385,625			10,517			1,396,142
Asset-backed obligations		—			411,624			5,689			417,313
Bonds & notes of governments & government agencies outside the U.S.		—			40,766			—			40,766
Municipals		—			35,724			—			35,724
Short-term securities		1,690,923			—			—			1,690,923
Total	$	19,101,127		$	6,115,324		$	101,935		$	25,318,386
	Other investments†
	Level 1			Level 2			Level 3			Total
Assets:
Unrealized appreciation on futures contracts	$	2,319		$	—		$	—		$	2,319
Liabilities:
Unrealized depreciation on futures contracts		(3,485	)		—			—			(3,485	)
Unrealized depreciation on centrally cleared credit default swaps		—			(1,623	)		—			(1,623	)
Total	$	(1,166	)	$	(1,623	)	$	—		$	(2,789	)

* Amount less than one thousand.

^†  Futures contracts and credit default swaps are not included in the fund’s investment portfolio.

American Funds Insurance Series 299

American Funds Global Balanced Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Common stocks:
Financials	$	16,259		$	22,868		$	—	$	39,127
Industrials		19,116			11,649			—		30,765
Health care		18,540			10,087			—		28,627
Information technology		21,174			2,609			—		23,783
Consumer staples		4,299			15,340			—		19,639
Utilities		9,788			7,879			—		17,667
Materials		6,808			9,121			—		15,929
Energy		10,010			4,766			—		14,776
Communication services		8,684			2,866			—		11,550
Consumer discretionary		4,150			4,214			—		8,364
Real estate		2,591			2,616			—		5,207
Preferred securities		911			558			—		1,469
Convertible stocks		1,235			—			—		1,235
Investment funds		5,532			—			—		5,532
Bonds, notes & other debt instruments:
Bonds & notes of governments & government agencies outside the U.S.		—			48,706			77		48,783
U.S. Treasury bonds & notes		—			44,273			—		44,273
Corporate bonds, notes & loans		—			20,755			—		20,755
Mortgage-backed obligations		—			9,498			—		9,498
Asset-backed obligations		—			2,304			—		2,304
Municipals		—			129			—		129
Short-term securities		3,928			12,021			—		15,949
Total	$	133,025		$	232,259		$	77	$	365,361
	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	58		$	—		$	—	$	58
Unrealized appreciation on open forward currency contracts		—			686			—		686
Unrealized appreciation on centrally cleared interest rate swaps		—			8			—		8
Unrealized appreciation on centrally cleared credit default swaps		—			7			—		7
Liabilities:
Unrealized depreciation on futures contracts		(431	)		—			—		(431	)
Unrealized depreciation on open forward currency contracts		—			(150	)		—		(150	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(1,017	)		—		(1,017	)
Total	$	(373	)	$	(466	)	$	—	$	(839	)

* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

The Bond Fund of America

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—	$	3,535,583	$	—	$	3,535,583
U.S. Treasury bonds & notes		—		2,803,177		—		2,803,177
Mortgage-backed obligations		—		2,637,080		1,486		2,638,566
Asset-backed obligations		—		452,311		9,397		461,708
Municipals		—		165,594		—		165,594
Bonds & notes of governments & government agencies outside the U.S.		—		131,985		—		131,985
Federal agency bonds & notes		—		11,160		—		11,160
Short-term securities		1,425,720		—		—		1,425,720
Total	$	1,425,720	$	9,736,890	$	10,883	$	11,173,493

300 American Funds Insurance Series

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	6,241		$	—		$	—	$	6,241
Unrealized appreciation on open forward currency contracts		—			3,821			—		3,821
Unrealized appreciation on centrally cleared interest rate swaps		—			15,705			—		15,705
Liabilities:
Unrealized depreciation on futures contracts		(13,194	)		—			—		(13,194	)
Unrealized depreciation on open forward currency contracts		—			(174	)		—		(174	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(6,629	)		—		(6,629	)
Unrealized depreciation on centrally cleared credit default swaps		—			(7,009	)		—		(7,009	)
Total	$	(6,953	)	$	5,714		$	—	$	(1,239	)

* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

Capital World Bond Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Euros	$	—	$	293,295	$	—	$	293,295
Japanese yen		—		111,151		—		111,151
British pounds		—		61,782		—		61,782
Chinese yuan renminbi		—		42,096		—		42,096
Canadian dollars		—		34,184		—		34,184
Mexican pesos		—		31,627		—		31,627
Australian dollars		—		24,212		—		24,212
Danish kroner		—		23,962		—		23,962
South Korean won		—		7,729		—		7,729
Colombian pesos		—		7,144		—		7,144
Chilean pesos		—		6,074		—		6,074
Indonesian rupiah		—		5,454		—		5,454
Russian rubles		—		1,371		1,984		3,355
Brazilian reais		—		3,129		—		3,129
South African rand		—		3,001		—		3,001
Dominican pesos		—		2,271		—		2,271
Malaysian ringgits		—		2,222		—		2,222
Ukrainian hryvnia		—		—		1,592		1,592
Indian rupees		—		1,102		—		1,102
Romanian leu		—		1,038		—		1,038
Polish zloty		—		879		—		879
Norwegian kroner		—		619		—		619
U.S. dollars		—		669,670		289		669,959
Investment funds		48,676		—		—		48,676
Preferred securities		—		—		20		20
Common stocks		—		—		134		134
Short-term securities		167		100,470		—		100,637
Total	$	48,843	$	1,434,482	$	4,019	$	1,487,344

American Funds Insurance Series 301

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	672		$	—		$	—	$	672
Unrealized appreciation on open forward currency contracts		—			7,008			—		7,008
Unrealized appreciation on centrally cleared credit default swaps		—			486			—		486
Liabilities:
Unrealized depreciation on futures contracts		(4,659	)		—			—		(4,659	)
Unrealized depreciation on open forward currency contracts		—			(2,455	)		—		(2,455	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(10,966	)		—		(10,966	)
Unrealized depreciation on centrally cleared credit default swaps		—			(19	)		—		(19	)
Total	$	(3,987	)	$	(5,946	)	$	—	$	(9,933	)

* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

American High-Income Trust

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—		$	731,844		$	4,198	$	736,042
Mortgage-backed obligations		—			—			630		630
Convertible bonds & notes		—			399			79		478
Convertible stocks		483			472			—		955
Common stocks		8,540			1,520			26,932		36,992
Preferred securities		—			—			2,629		2,629
Rights & warrants		—			826			12		838
Short-term securities		38,565			—			—		38,565
Total	$	47,588		$	735,061		$	34,480	$	817,129
	Other investments1
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	10		$	—		$	—	$	10
Liabilities:
Unrealized depreciation on futures contracts		(98	)		—			—		(98	)
Unrealized depreciation on centrally cleared credit default swaps		—			(154	)		—		(154	)
Total	$	(88	)	$	(154	)	$	—	$	(242	)

¹  Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended

December 31, 2022 (dollars in thousands):

	Beginning value at 1/1/2022		Transfers into Level 32		Purchases		Sales			Net realized gain3		Unrealized depreciation3			Transfers out of Level 32			Ending value at 12/31/2022
Investment securities	$	40,411	$	3,989	$	4,058	$	(11,715	)	$	883	$	(3,084	)	$	(62	)	$	34,480
Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022																		$	(1,467	)

²  Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

³  Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund’s statement of operations.

302 American Funds Insurance Series

Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):

	Value at 12/31/2022		Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average*	Impact to valuation from an increase in input†
Bonds, notes & other debt instruments	$	4,828	Estimated recovery value	Expected proceeds	N/A	N/A	N/A
				EV/EBITDA multiple	7.5x	7.5x	Increase
				DLOM	15%	15%	Decrease
				Vendor price	N/A	N/A	N/A
			Yield analysis	Yield	15.7% - 16.0%	15.8%	Decrease
			Transaction	Transaction price	N/A	N/A	N/A
				Net adjustment (decrease) based on movement of market comparables	10%	10%
Convertible bonds & notes		79	Transaction	Transaction price	N/A	N/A	N/A
Common stocks		26,932	Estimated recovery value	Expected proceeds	N/A	N/A	N/A
				EV/EBITDA multiple	7.5x	7.5x	Increase
				DLOM	15%	15%	Decrease
				Vendor price	N/A	N/A	N/A
				Risk discount	90%	90%	Decrease
				Net adjustment (decrease) based on movement of market comparables	20%	20%	Decrease
			Market comparable companies	EV/EBITDA multiple	3.7x	3.7x	Increase
				EV/EBITDA less CapEx multiple	10.2x	10.2x	Increase
				DLOM	17%	17%	Decrease
			Transaction	Transaction price	N/A	N/A	N/A
				Discount for lack of certainty	5%	5%	Decrease
			Indicative market quotation	Broker quote	N/A	N/A	N/A
Preferred securities		2,629	Indicative market quotation	Broker quote	N/A	N/A	N/A
			Market comparable companies	EV/EBITDA multiple	3.5x	3.5x	Increase
				DLOM	30%	30%	Decrease
Rights & warrants		12	Indicative market quotation	Broker quote	N/A	N/A	N/A
Total	$	34,480

* Weighted average is by relative fair value.

† This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviations and symbols

CapEx = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

American Funds Insurance Series 303

American Funds Mortgage Fund

	Investment securities
	Level 1			Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—		$	71,406	$	—	$	71,406
U.S. Treasury bonds & notes		—			10,720		—		10,720
Asset-backed obligations		—			2,388		—		2,388
Short-term securities		—			22,857		—		22,857
Total	$	—		$	107,371	$	—	$	107,371
	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	49		$	—	$	—	$	49
Unrealized appreciation on centrally cleared interest rate swaps		—			790		—		790
Liabilities:
Unrealized depreciation on futures contracts		(124	)		—		—		(124	)
Total	$	(75	)	$	790	$	—	$	715

* Futures contracts and interest rate swaps are not included in the fund’s investment portfolio.

Ultra-Short Bond Fund

As of December 31, 2022, all of the fund’s investment securities were classified as Level 2.

U.S. Government Securities Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—		$	723,593		$	—	$	723,593
U.S. Treasury bonds & notes		—			597,122			—		597,122
Federal agency bonds & notes		—			79,196			—		79,196
Short-term securities		—			318,094			—		318,094
Total	$	—		$	1,718,005		$	—	$	1,718,005
	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	14,523		$	—		$	—	$	14,523
Unrealized appreciation on centrally cleared interest rate swaps		—			30,519			—		30,519
Liabilities:
Unrealized depreciation on futures contracts		(17,699	)		—			—		(17,699	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(21,723	)		—		(21,723	)
Total	$	(3,176	)	$	8,796		$	—	$	5,620

* Futures contracts and interest rate swaps are not included in the fund’s investment portfolio.

Managed Risk Growth Fund

As of December 31, 2022, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund

As of December 31, 2022, all of the fund’s investments were classified as Level 1.

Managed Risk Washington Mutual Investors Fund

As of December 31, 2022, all of the fund’s investments were classified as Level 1.

304 American Funds Insurance Series

Managed Risk Growth-Income Fund

As of December 31, 2022, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

As of December 31, 2022, all of the fund’s investments were classified as Level 1.

4. Risk factors

Investing in the funds may involve certain risks including, but not limited to, those described below.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in income-oriented stocks — The value of a fund’s securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

American Funds Insurance Series 305

Investing in developing countries — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund’s rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund’s securities could cause the value of a fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.

306 American Funds Insurance Series

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund’s returns and increase a fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses.

Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).

Currency — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa.

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

Investing in future delivery contracts — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund’s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates - i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation-linked bonds may also reduce a fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

American Funds Insurance Series 307

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.

Investing in repurchase agreements — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

Interest rate risk — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.

Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

Asset allocation — A fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.

Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

Fund structure — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

308 American Funds Insurance Series

Management — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Underlying fund risks — Because the managed risk funds’ investments consist of investments in underlying funds, the managed risk funds’ risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

Hedging — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

Short positions — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

Nondiversification risk — As nondiversified funds, the managed risk funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. To the extent that a managed risk fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.

American Funds Insurance Series 309

5. Certain investment techniques

Securities lending — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

			Collateral received
Funds	Value of investment securities on loan		Cash		U.S. government securities		Value of investment securities purchased
Global Small Capitalization Fund	$	59,781	$	58,725	$	4,519	$	52,853
Growth Fund		54,504		55,867		—		50,280
International Fund		1,530		1,607		—		1,446
New World Fund		311		327		—		295
Washington Mutual Investors Fund		12,432		12,908		—		11,618
Capital World Growth and Income Fund		6,155		6,480		—		5,832
Growth-Income Fund		240,456		248,693		—		223,824
International Growth and Income Fund		1,435		962		585		866
Capital Income Builder		6,251		6,553		—		5,898
Asset Allocation Fund		67,688		56,897		17,890		51,207

Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

Index-linked bonds — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

Mortgage dollar rolls — Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the funds’ portfolio turnover rates.

310 American Funds Insurance Series

Loan transactions — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

Short-term securities — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

Unfunded commitments — Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2022, the maximum exposure from these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $5,000,000, $150,000 and $4,155,000, respectively, which would represent 0.02%, 0.01% and 0.50%, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments for Capital World Bond Fund and American High-Income Trust of $12,000 and $572,000, respectively, is disclosed as unrealized appreciation on unfunded commitments in each fund’s statement of assets and liabilities, and unrealized depreciation on these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust of $9,000, $1,000 and $3,000, respectively, is disclosed as unrealized depreciation on unfunded commitments in each fund’s statement of assets and liabilities. Both are included in net unrealized (depreciation) appreciation on investments in unaffiliated issuers in each fund’s statement of operations.

Options contracts — The managed risk funds have entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of their managed risk strategy, the funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the funds obtain the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the funds pay the current market price, or the option premium, for the option.

The funds may terminate their position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the funds will lose the entire premium. If the option is exercised, the funds complete the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The funds may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in investments in unaffiliated issuers in each fund’s statement of operations.

Futures contracts — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM“), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.

American Funds Insurance Series 311

Forward currency contracts — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series’ investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series’ investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s statement of operations.

Swap contracts — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds’ statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds’ statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds’ statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

Interest rate swaps — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds’ portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds’ current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

312 American Funds Insurance Series

Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as “CDSIs”), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of options contracts purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

	Options contracts purchased		Futures contracts		Forward currency contracts			Interest rate swaps		Credit default swaps
New World Fund		Not applicable	$	25,541	$	4,534			Not applicable	$	2,230
International Growth and Income Fund		Not applicable		Not applicable		785			Not applicable		Not applicable
Capital Income Builder		Not applicable		77,835		97	*	$	24,014		5,645
Asset Allocation Fund		Not applicable		1,604,889		Not applicable			Not applicable		184,454
Global Balanced Fund		Not applicable		14,924		29,040			35,865		4,634
The Bond Fund of America		Not applicable		3,326,801		90,045			516,484		199,116
Capital World Bond Fund		Not applicable		297,755		449,743			384,936		92,966
American High-Income Trust		Not applicable		9,021		Not applicable			Not applicable		10,272
American Funds Mortgage Fund		Not applicable		31,977		Not applicable			4,025		Not applicable
U.S. Government Securities Fund		Not applicable		2,339,082		Not applicable			1,287,321		Not applicable
Managed Risk Growth Fund	$	269,349		170,792		Not applicable			Not applicable		Not applicable
Managed Risk International Fund		63,717		11,008		Not applicable			Not applicable		Not applicable
Managed Risk Washington Mutual Investors Fund		242,721		39,716		Not applicable			Not applicable		Not applicable
Managed Risk Growth-Income Fund		2,353,130		267,681		Not applicable			Not applicable		Not applicable
Managed Risk Asset Allocation Fund		418,987		290,562		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 313

The following tables identify the location and fair value amounts on each fund’s statement of assets and liabilities and/or the effect on each fund’s statement of operations resulting from each fund’s use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2022 (dollars in thousands):

New World Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	159		Unrealized depreciation1	$	66
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		—	2	Unrealized depreciation on open forward currency contracts		50
Swap (centrally cleared)	Credit	Unrealized appreciation1		2		Unrealized depreciation1		—
			$	161			$	116
		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	$	100		Net unrealized appreciation on futures contracts	$	129
Forward currency	Currency	Net realized gain on forward currency contracts		379		Net unrealized depreciation on forward currency contracts		(30	)
Swap	Credit	Net realized loss on swap contracts		(2	)	Net unrealized appreciation on swap contracts		2
			$	477			$	101

International Growth and Income Fund

		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	$	5	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	$	(54)	Net unrealized appreciation on forward currency contracts	$	5

Refer to the end of the tables for footnotes.

314 American Funds Insurance Series

Capital Income Builder

		Assets			Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value		Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	60	Unrealized depreciation1	$	139
Swap (centrally cleared)	Interest	Unrealized appreciation1		1,900	Unrealized depreciation1		380
Swap (centrally cleared)	Credit	Unrealized appreciation1		—	Unrealized depreciation1		47
			$	1,960		$	566

		Net realized (loss) gain				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(7,468	)	Net unrealized depreciation on futures contracts	$	(311	)
Forward currency	Currency	Net realized gain on forward currency contracts		7		Net unrealized depreciation on forward currency contracts		(2	)
Swap	Interest	Net realized gain on swap contracts		1,864		Net unrealized appreciation on swap contracts		69
Swap	Credit	Net realized gain on swap contracts		45		Net unrealized depreciation on swap contracts		(33	)
			$	(5,552	)		$	(277	)

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	$	2,319		Unrealized depreciation1	$	3,485
Swap (centrally cleared)	Credit	Unrealized appreciation1		—		Unrealized depreciation1		1,623
			$	2,319			$	5,108
		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	$	65,437		Net unrealized appreciation on futures contracts	$	13,070
Swap	Credit	Net realized loss on swap contracts		(73	)	Net unrealized depreciation on swap contracts		(1,575	)
			$	65,364			$	11,495

Refer to the end of the tables for footnotes.

American Funds Insurance Series 315

American Funds 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	$	58	Unrealized depreciation1	$	431
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		686	Unrealized depreciation on open forward currency contracts		150
Swap (centrally cleared)	Interest	Unrealized appreciation1		8	Unrealized depreciation1		1,017
Swap (centrally cleared)	Credit	Unrealized appreciation1		7	Unrealized depreciation1		—
			$	759		$	1,598

		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	539		Net unrealized depreciation on futures contracts	$	(454	)
Forward currency	Currency	Net realized loss on forward currency contracts		(1,292	)	Net unrealized appreciation on forward currency contracts		725
Swap	Interest	Net realized gain on swap contracts		94		Net unrealized depreciation on swap contracts		(772	)
Swap	Credit	Net realized gain on swap contracts		48		Net unrealized appreciation on swap contracts		9
			$	(611	)		$	(492	)

The Bond Fund of America

		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	$	6,241	Unrealized depreciation1	$	13,194
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		3,821	Unrealized depreciation on open forward currency contracts		174
Swap (centrally cleared)	Interest	Unrealized appreciation1		15,705	Unrealized depreciation1		6,629
Swap (centrally cleared)	Credit	Unrealized appreciation1		—	Unrealized depreciation1		7,009
			$	25,767		$	27,006

Refer to the end of the tables for footnotes.

316 American Funds Insurance Series

		Net realized (loss) gain				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(136,499	)	Net unrealized depreciation on futures contracts	$	(6,976	)
Forward currency	Currency	Net realized gain on forward currency contracts		1,795		Net unrealized appreciation on forward currency contracts		4,002
Swap	Interest	Net realized gain on swap contracts		26,807		Net unrealized appreciation on swap contracts		20,061
Swap	Credit	Net realized gain on swap contracts		1,436		Net unrealized depreciation on swap contracts		(7,083	)
			$	(106,461	)		$	10,004

Capital World 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	$	672	Unrealized depreciation1	$	4,659
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		7,008	Unrealized depreciation on open forward currency contracts		2,455
Swap (centrally cleared)	Interest	Unrealized appreciation1		—	Unrealized depreciation1		10,966
Swap (centrally cleared)	Credit	Unrealized appreciation1		486	Unrealized depreciation1		19
			$	8,166		$	18,099

		Net realized (loss) gain				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(7,447	)	Net unrealized depreciation on futures contracts	$	(3,811	)
Forward currency	Currency	Net realized loss on forward currency contracts		(18,216	)	Net unrealized appreciation on forward currency contracts		4,071
Swap	Interest	Net realized loss on swap contracts		(2,331	)	Net unrealized depreciation on swap contracts		(7,110	)
Swap	Credit	Net realized gain on swap contracts		1,535		Net unrealized appreciation on swap contracts		549
			$	(26,459	)		$	(6,301	)

American High-Income Trust

		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	$	10	Unrealized depreciation1	$	98
Swap (centrally cleared)	Credit	Unrealized appreciation1		—	Unrealized depreciation1		154
			$	10		$	252

Refer to the end of the tables for footnotes.

American Funds Insurance Series 317

		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	$	1,533		Net unrealized appreciation on futures contracts	$	123
Swap	Credit	Net realized loss on swap contracts		(82	)	Net unrealized depreciation on swap contracts		(161	)
			$	1,451			$	(38	)

American Funds 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	$	49		Unrealized depreciation1	$	124
Swap (centrally cleared)	Interest	Unrealized appreciation1		790		Unrealized depreciation1		—
			$	839			$	124
		Net realized (loss) gain				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(2,688	)	Net unrealized depreciation on futures contracts	$	(79	)
Swap	Interest	Net realized gain on swap contracts		3,147		Net unrealized depreciation on swap contracts		(1,585	)
			$	459			$	(1,664	)

U.S. Government 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	$	14,523		Unrealized depreciation1	$	17,699
Swap (centrally cleared)	Interest	Unrealized appreciation1		30,519		Unrealized depreciation1		21,723
			$	45,042			$	39,422
		Net realized (loss) gain				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(52,928	)	Net unrealized depreciation on futures contracts	$	(3,785	)
Swap	Interest	Net realized gain on swap contracts		20,919		Net unrealized depreciation on swap contracts		(7,297	)
			$	(32,009	)		$	(11,082	)

Refer to the end of the tables for footnotes.

318 American Funds Insurance Series

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
Options purchased	Equity	Investment securities from unaffiliated issuers3	$	205		Investment securities from unaffiliated issuers3	$	—
Futures	Currency	Unrealized appreciation1		47		Unrealized depreciation1		61
Futures	Equity	Unrealized appreciation1		7,547		Unrealized depreciation1		1
Futures	Interest	Unrealized appreciation1		—		Unrealized depreciation1		47
			$	7,799			$	109
		Net realized (loss) gain				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(3,857	)	Net unrealized appreciation on investments in unaffiliated issuers	$	399
Futures	Currency	Net realized gain on futures contracts		463		Net unrealized appreciation on futures contracts		52
Futures	Equity	Net realized gain on futures contracts		12,863		Net unrealized appreciation on futures contracts		8,762
Futures	Interest	Net realized loss on futures contracts		(11,442	)	Net unrealized appreciation on futures contracts		10
			$	(1,973	)		$	9,223

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
Options purchased	Equity	Investment securities from unaffiliated issuers3	$	169		Investment securities from unaffiliated issuers3	$	—
Futures	Currency	Unrealized appreciation1		—		Unrealized depreciation1		—
Futures	Equity	Unrealized appreciation1		1,024		Unrealized depreciation1		—
Futures	Interest	Unrealized appreciation1		—		Unrealized depreciation1		13
			$	1,193			$	13
		Net realized (loss) gain				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(1,108	)	Net unrealized appreciation on investments in unaffiliated issuers	$	327
Futures	Currency	Net realized gain on futures contracts		—		Net unrealized appreciation on futures contracts		—
Futures	Equity	Net realized gain on futures contracts		6,799		Net unrealized appreciation on futures contracts		57
Futures	Interest	Net realized loss on futures contracts		(2,792	)	Net unrealized appreciation on futures contracts		1,337
			$	2,899			$	1,721

Refer to the end of the tables for footnotes.

American Funds Insurance Series 319

Managed Risk Washington Mutual Investors 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 issuers3	$	274		Investment securities from unaffiliated issuers3	$	—
Futures	Currency	Unrealized appreciation1		68		Unrealized depreciation1		5
Futures	Equity	Unrealized appreciation1		2,625		Unrealized depreciation1		5
Futures	Interest	Unrealized appreciation1		—		Unrealized depreciation1		81
			$	2,967			$	91
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(3,288	)	Net unrealized appreciation on investments in unaffiliated issuers	$	51
Futures	Currency	Net realized gain on futures contracts		270		Net unrealized appreciation on futures contracts		68
Futures	Equity	Net realized gain on futures contracts		1,194		Net unrealized appreciation on futures contracts		2,690
Futures	Interest	Net realized loss on futures contracts		(6,007	)	Net unrealized depreciation on futures contracts		(53	)
			$	(7,831	)		$	2,756

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 issuers3	$	2,485		Investment securities from unaffiliated issuers3	$	—
Futures	Currency	Unrealized appreciation1		433		Unrealized depreciation1		74
Futures	Equity	Unrealized appreciation1		16,502		Unrealized depreciation1		33
Futures	Interest	Unrealized appreciation1		—		Unrealized depreciation1		177
			$	19,420			$	284
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(38,643	)	Net unrealized appreciation on investments in unaffiliated issuers	$	7,712
Futures	Currency	Net realized gain on futures contracts		1,635		Net unrealized appreciation on futures contracts		368
Futures	Equity	Net realized loss on futures contracts		(12,730	)	Net unrealized appreciation on futures contracts		17,087
Futures	Interest	Net realized loss on futures contracts		(40,727	)	Net unrealized depreciation on futures contracts		(116	)
			$	(90,465	)		$	25,051

Refer to the end of the tables for footnotes.

320 American Funds Insurance Series

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
Options purchased	Equity	Investment securities from unaffiliated issuers3	$	383		Investment securities from unaffiliated issuers3	$	—
Futures	Currency	Unrealized appreciation1		196		Unrealized depreciation1		47
Futures	Equity	Unrealized appreciation1		13,613		Unrealized depreciation1		18
Futures	Interest	Unrealized appreciation1		—		Unrealized depreciation1		162
			$	14,192			$	227
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(5,894	)	Net unrealized appreciation on investments in unaffiliated issuers	$	396
Futures	Currency	Net realized gain on futures contracts		1,468		Net unrealized appreciation on futures contracts		158
Futures	Equity	Net realized loss on futures contracts		(9,987	)	Net unrealized appreciation on futures contracts		13,720
Futures	Interest	Net realized loss on futures contracts		(39,248	)	Net unrealized depreciation on futures contracts		(55	)
			$	(53,661	)		$	14,219

¹  Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities.

²  Amount less than one thousand.

³  Includes options purchased as reported in each fund’s investment portfolio.

Collateral — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in each fund’s statement of assets and liabilities.

Rights of offset — Funds that hold forward currency contracts have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counter-party) are settled net of each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting“). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

American Funds Insurance Series 321

The following tables present each fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the funds’ statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds’ statement of assets and liabilities as of December 31, 2022, if close-out netting was exercised (dollars in thousands):

New World Fund

				Gross amounts not offset in the 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:
Barclays Bank PLC	$	—	†	$	—	$	—	$	—	$	—	†
Liabilities:
Goldman Sachs	$	26		$	—	$	—	$	—	$	26
JPMorgan Chase		24			—		—		—		24
Total	$	50		$	—	$	—	$	—	$	50

International 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:
UBS AG	$	5	$	—	$	—	$	—	$	5

American Funds 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:
Bank of America	$	76	$	(29	)	$	—	$	(47	)	$	—
BNP Paribas		66		(47	)		—		—			19
Citibank		113		(28	)		—		—			85
Goldman Sachs		92		(8	)		—		—			84
HSBC Bank		33		(8	)		—		—			25
Morgan Stanley		1		(1	)		—		—			—
Standard Chartered Bank		272		(1	)		—		—			271
UBS AG		33		(23	)		—		—			10
Total	$	686	$	(145	)	$	—	$	(47	)	$	494
Liabilities:
Bank of America	$	29	$	(29	)	$	—	$	—		$	—
Bank of New York Mellon		2		—			—		—			2
BNP Paribas		47		(47	)		—		—			—
Citibank		28		(28	)		—		—			—
Goldman Sachs		8		(8	)		—		—			—
HSBC Bank		8		(8	)		—		—			—
JPMorgan Chase		3		—			—		—			3
Morgan Stanley		1		(1	)		—		—			—
Standard Chartered Bank		1		(1	)		—		—			—
UBS AG		23		(23	)		—		—			—
Total	$	150	$	(145	)	$	—	$	—		$	5

Refer to the end of the tables for footnotes.

322 American Funds Insurance Series

The Bond Fund of America

			Gross amounts not offset in the 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	$	63	$	(59	)	$	—	$	—		$	4
HSBC Bank		106		(4	)		—		—			102
Morgan Stanley		3,652		(16	)		—		(2,380	)		1,256
Total	$	3,821	$	(79	)	$	—	$	(2,380	)	$	1,362
Liabilities:
Citibank	$	59	$	(59	)	$	—	$	—		$	—
HSBC Bank		4		(4	)		—		—			—
JPMorgan Chase		95		—			—		—			95
Morgan Stanley		16		(16	)		—		—			—
Total	$	174	$	(79	)	$	—	$	—		$	95

Capital World 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	$	1,728	$	(1,013	)	$	(59	)	$	—		$	656
BNP Paribas		433		(433	)		—			—			—
Citibank		105		—			—			—			105
Goldman Sachs		128		(92	)		—			—			36
HSBC Bank		215		(123	)		—			(92	)		—
JPMorgan Chase		89		—			—			—			89
Morgan Stanley		76		(76	)		—			—			—
Standard Chartered Bank		3,616		(8	)		—			(2,190	)		1,418
UBS AG		618		(478	)		—			—			140
Total	$	7,008	$	(2,223	)	$	(59	)	$	(2,282	)	$	2,444
Liabilities:
Bank of America	$	1,013	$	(1,013	)	$	—		$	—		$	—
BNP Paribas		473		(433	)		(40	)		—			—
Goldman Sachs		92		(92	)		—			—			—
HSBC Bank		123		(123	)		—			—			—
Morgan Stanley		268		(76	)		—			—			192
Standard Chartered Bank		8		(8	)		—			—			—
UBS AG		478		(478	)		—			—			—
Total	$	2,455	$	(2,223	)	$	(40	)	$	—		$	192

* Collateral is shown on a settlement basis.

^†  Amount less than one thousand.

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the year ended December 31, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

American Funds Insurance Series 323

Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2022, some of the funds recognized reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

Fund	Reclaims		Fees		Interest
Global Growth Fund	$	782	$	700	$	71
Global Small Capitalization Fund		264		1		3
Growth Fund		818		41		22
International Fund		5,544		1,191		920
New World Fund		358		110		14
Growth-Income Fund		3,119		674		292
International Growth and Income Fund		995		133		35
Capital Income Builder		103		—		—
Asset Allocation Fund		23		115		9

The reclaims and interest are included in each fund’s statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; net operating losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Additional tax basis disclosures for each fund as of December 31, 2022, were as follows (dollars in thousands):

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund			Washington Mutual Investors Fund
Undistributed ordinary income	$	18,515		$	1,947		$	58,974		$	15,623		$	8,333		$	45,061
Undistributed long-term capital gains		549,285			39,017			1,978,732			—			—			89,689
Capital loss carryforward*		—			—			—			(374,845	)		—			—
Gross unrealized appreciation on investments		2,375,954			670,857			11,042,046			1,336,912			734,224			2,118,125
Gross unrealized depreciation on investments		(532,719	)		(341,080	)		(2,302,474	)		(696,377	)		(227,842	)		(434,198	)
Net unrealized appreciation (depreciation) on investments		1,843,235			329,777			8,739,572			640,535			506,382			1,683,927
Cost of investments		5,104,805			2,679,736			22,239,209			6,111,539			2,581,084			7,749,839
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		(2	)		1			(1	)		—			2,307			—

Refer to the end of the tables for footnote.

324 American Funds Insurance Series

	Capital World Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder			Asset Allocation Fund			American Funds Global Balanced Fund
Undistributed ordinary income	$	6,716		$	117,578		$	1,209		$	10,957		$	120,979		$	2,667
Undistributed long-term capital gains		—			1,825,597			—			—			958,605			44,806
Capital loss carryforward*		(72,176	)		—			(23,828	)		(28,240	)		—			—
Gross unrealized appreciation on investments		404,604			11,485,057			40,113			172,719			5,621,631			32,081
Gross unrealized depreciation on investments		(145,788	)		(1,261,066	)		(38,777	)		(48,638	)		(1,495,405	)		(28,506	)
Net unrealized appreciation (depreciation) on investments		258,816			10,223,991			1,336			124,081			4,126,226			3,575
Cost of investments		1,470,280			23,017,328			298,123			1,050,210			21,189,651			360,934
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			1			(2	)		1			—			(5	)
	The Bond Fund of America			Capital World Bond Fund			American High-Income Trust			American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government Securities Fund
Undistributed ordinary income	$	58,751		$	—		$	9,376		$	529		$	2,708		$	8,185
Capital loss carryforward*		(907,300	)		(133,685	)		(298,537	)		(9,549	)		(1	)		(177,836	)
Gross unrealized appreciation on investments		59,386			15,710			31,393			1,496			27			52,241
Gross unrealized depreciation on investments		(845,293	)		(205,368	)		(114,413	)		(3,313	)		(84	)		(124,942	)
Net unrealized appreciation (depreciation) on investments		(785,907	)		(189,658	)		(83,020	)		(1,817	)		(57	)		(72,701	)
Cost of investments		11,952,694			1,666,306			899,803			109,898			423,636			1,796,326
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			(18,935	)		—			—			—			—

	Managed Risk Growth Fund			Managed Risk International Fund			Managed Risk Washington Mutual Investors Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
Undistributed ordinary income	$	5,720		$	1,966		$	5,613		$	29,224		$	35,270
Undistributed long-term capital gains		105,958			8,883			41,991			263,419			248,376
Capital loss carryforward utilized		—			12,234			23,718			—			—
Gross unrealized appreciation on investments		1,057			229			981			10,979			1,506
Gross unrealized depreciation on investments		(130,250	)		(34,019	)		(46,563	)		(168,097	)		(129,608	)
Net unrealized appreciation (depreciation) on investments		(129,193	)		(33,790	)		(45,582	)		(157,118	)		(128,102	)
Cost of investments		569,814			156,568			362,881			2,216,048			2,296,114

* Each fund’s capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

American Funds Insurance Series 325

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	39,498	$	361,119	$	400,617	$	23,870	$	193,074	$	216,944
Class 1A		141		1,617		1,758		55		645		700
Class 2		32,689		386,947		419,636		15,210		221,402		236,612
Class 4		4,312		66,240		70,552		1,339		30,748		32,087
Total	$	76,640	$	815,923	$	892,563	$	40,474	$	445,869	$	486,343

Global Small Capitalization Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	47,544	$	285,173	$	332,717	$	—	$	55,655	$	55,655
Class 1A		209		1,252		1,461		—		39		39
Class 2		94,748		568,298		663,046		—		60,246		60,246
Class 4		13,417		80,475		93,892		—		7,215		7,215
Total	$	155,918	$	935,198	$	1,091,116	$	—	$	123,155	$	123,155

Growth Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	319,915	$	1,912,725	$	2,232,640	$	181,380	$	2,073,422	$	2,254,802
Class 1A		3,677		23,411		27,088		701		9,031		9,732
Class 2		311,929		2,152,577		2,464,506		167,439		2,610,409		2,777,848
Class 3		4,207		28,163		32,370		2,435		35,107		37,542
Class 4		43,665		340,245		383,910		17,483		340,551		358,034
Total	$	683,393	$	4,457,121	$	5,140,514	$	369,438	$	5,068,520	$	5,437,958

International Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	94,903	$	448,918	$	543,821	$	131,730	$	—	$	131,730
Class 1A		281		1,398		1,679		281		—		281
Class 2		86,539		450,228		536,767		105,815		—		105,815
Class 3		431		2,195		2,626		545		—		545
Class 4		9,244		52,350		61,594		10,725		—		10,725
Total	$	191,398	$	955,089	$	1,146,487	$	249,096	$	—	$	249,096

326      American Funds Insurance Series

New World Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	60,201	$	129,123	$	189,324	$	26,785	$	78,257	$	105,042
Class 1A		317		724		1,041		77		273		350
Class 2		26,575		61,661		88,236		9,450		36,498		45,948
Class 4		22,718		56,063		78,781		5,794		28,566		34,360
Total	$	109,811	$	247,571	$	357,382	$	42,106	$	143,594	$	185,700

Washington Mutual Investors Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	351,097	$	1,068,126	$	1,419,223	$	104,666	$	—	$	104,666
Class 1A		3,359		10,665		14,024		2,211		—		2,211
Class 2		173,751		551,636		725,387		46,652		—		46,652
Class 4		61,406		196,768		258,174		12,620		—		12,620
Total	$	589,613	$	1,827,195	$	2,416,808	$	166,149	$	—	$	166,149

Capital World Growth and Income Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	32,166	$	109,599	$	141,765	$	14,543	$	16,997	$	31,540
Class 1A		337		1,188		1,525		99		67		166
Class 2		57,060		205,827		262,887		20,948		29,988		50,936
Class 4		10,246		37,875		48,121		3,094		4,436		7,530
Total	$	99,809	$	354,489	$	454,298	$	38,684	$	51,488	$	90,172

Growth-Income Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	597,601	$	1,754,172	$	2,351,773	$	328,564	$	239,575	$	568,139
Class 1A		784		2,464		3,248		308		185		493
Class 2		328,556		1,071,265		1,399,821		164,258		145,765		310,023
Class 3		3,597		11,428		15,025		1,864		1,578		3,442
Class 4		41,526		145,017		186,543		16,599		16,418		33,017
Total	$	972,064	$	2,984,346	$	3,956,410	$	511,593	$	403,521	$	915,114

International Growth and Income Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	397	$	6,104	$	6,501	$	4,585	$	—	$	4,585
Class 1A		147		2,108		2,255		140		—		140
Class 2		4,951		81,276		86,227		6,218		—		6,218
Class 4		3,387		55,677		59,064		3,589		—		3,589
Total	$	8,882	$	145,165	$	154,047	$	14,532	$	—	$	14,532

American Funds Insurance Series      327

Capital Income Builder

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	17,636	$	—	$	17,636	$	16,222	$	—	$	16,222
Class 1A		270		—		270		218		—		218
Class 2		354		—		354		315		—		315
Class 4		13,728		—		13,728		13,009		—		13,009
Total	$	31,988	$	—	$	31,988	$	29,764	$	—	$	29,764

Asset Allocation Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	476,426	$	1,525,081	$	2,001,507	$	424,814	$	579,353	$	1,004,167
Class 1A		708		2,098		2,806		423		457		880
Class 2		124,332		440,697		565,029		108,045		154,751		262,796
Class 3		845		2,914		3,759		717		976		1,693
Class 4		142,374		538,249		680,623		107,752		164,028		271,780
Total	$	744,685	$	2,509,039	$	3,253,724	$	641,751	$	899,565	$	1,541,316

American Funds Global Balanced Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	72	$	498	$	570	$	1,680	$	6,058	$	7,738
Class 1A		2		13		15		45		189		234
Class 2		123		850		973		2,431		10,638		13,069
Class 4		85		589		674		1,305		6,901		8,206
Total	$	282	$	1,950	$	2,232	$	5,461	$	23,786	$	29,247

The Bond Fund of America

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	235,158	$	60,668	$	295,826	$	301,454	$	133,858	$	435,312
Class 1A		7,470		1,700		9,170		408		193		601
Class 2		98,333		27,763		126,096		138,464		69,578		208,042
Class 4		24,749		7,113		31,862		28,710		14,777		43,487
Total	$	365,710	$	97,244	$	462,954	$	469,036	$	218,406	$	687,442

Capital World Bond Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	2,151	$	11,752	$	13,903	$	34,401	$	10,279	$	44,680
Class 1A		3		20		23		34		7		41
Class 2		2,087		13,752		15,839		33,715		10,855		44,570
Class 4		120		945		1,065		1,845		612		2,457
Total	$	4,361	$	26,469	$	30,830	$	69,995	$	21,753	$	91,748

328      American Funds Insurance Series

American High-Income Trust

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	18,444	$	—	$	18,444	$	11,054	$	—	$	11,054
Class 1A		100		—		100		59		—		59
Class 2		42,707		—		42,707		28,636		—		28,636
Class 3		694		—		694		429		—		429
Class 4		5,827		—		5,827		3,238		—		3,238
Total	$	67,772	$	—	$	67,772	$	43,416	$	—	$	43,416

American Funds Mortgage Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	15	$	—	$	15	$	6,294	$	3,087	$	9,381
Class 1A		37		—		37		39		18		57
Class 2		995		—		995		1,448		784		2,232
Class 4		746		—		746		936		551		1,487
Total	$	1,793	$	—	$	1,793	$	8,717	$	4,440	$	13,157

Ultra-Short Bond Fund

	Year ended December 31, 2022								Year ended December 31, 2021
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	348		$	—	$	348		$	—	$	—	$	—
Class 1A		—	†		—		—	†		—		—		—
Class 2		1,570			—		1,570			—		—		—
Class 3		26			—		26			—		—		—
Class 4		293			—		293			—		—		—
Total	$	2,237		$	—	$	2,237		$	—	$	—	$	—

U.S. Government Securities Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	10,360	$	—	$	10,360	$	30,987	$	9,355	$	40,342
Class 1A		153		—		153		389		129		518
Class 2		42,631		—		42,631		108,143		36,124		144,267
Class 3		292		—		292		714		234		948
Class 4		7,040		—		7,040		17,596		6,057		23,653
Total	$	60,476	$	—	$	60,476	$	157,829	$	51,899	$	209,728

Refer to the end of the tables for footnote.

American Funds Insurance Series      329

Managed Risk Growth Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	162	$	1,634	$	1,796	$	106	$	409	$	515
Class P2		6,629		81,821		88,450		3,159		23,710		26,869
Total	$	6,791	$	83,455	$	90,246	$	3,265	$	24,119	$	27,384

Managed Risk International Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	69	$	—	$	69	$	14	$	—	$	14
Class P2		4,206		—		4,206		917		—		917
Total	$	4,275	$	—	$	4,275	$	931	$	—	$	931

Managed Risk Washington Mutual Investors Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	127	$	—	$	127	$	40	$	—	$	40
Class P2		14,544		—		14,544		5,979		—		5,979
Total	$	14,671	$	—	$	14,671	$	6,019	$	—	$	6,019

Managed Risk Growth-Income Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	43,232	$	44,484	$	87,716	$	30,716	$	29,380	$	60,096
Class P2		5,626		6,461		12,087		3,713		4,359		8,072
Total	$	48,858	$	50,945	$	99,803	$	34,429	$	33,739	$	68,168

Managed Risk Asset Allocation Fund

	Year ended December 31, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	176	$	254	$	430	$	114	$	—	$	114
Class P2		51,616		86,918		138,534		38,113		—		38,113
Total	$	51,792	$	87,172	$	138,964	$	38,227	$	—	$	38,227

^†  Amount less than one thousand.

7. Fees and transactions

CRMC, the series’ investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company^® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.

330      American Funds Insurance Series

Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

The series’ board of trustees approved a revised investment advisory and services agreement effective May 1, 2022. The revised agreement provides investment advisory services fees based on revised annual rates and net asset levels for some of the funds. The following table discloses the annual rates and net asset levels before and after the revised contract became effective:

	Prior to May 1, 2022										Effective May 1, 2022
	Rates						Net asset levels (in billions)				Rates						Net asset levels (in billions)
Fund	Beginning with			Ending with			Up to		In excess of		Beginning with			Ending with			Up to		In excess of
Global Growth Fund		.690	%		.445	%	$	.6	$	8.0		.475	%		.435	%	$	15.0	$	15.0
Global Small Capitalization Fund		.800			.635			.6		5.0		.647			.615			15.0		15.0
Growth Fund		.500			.280			.6		34.0		.500			.275			.6		44.0
International Fund		.690			.430			.5		21.0		.478			.430			15.0		21.0
New World Fund		.850			.580			.5		4.0		.577			.510			15.0		15.0
Washington Mutual Investors Fund		.500			.350			.6		10.5		.374			.350			15.0		15.0
Capital World Growth and Income Fund		.690			.480			.6		3.0		.475			.435			15.0		15.0
Growth-Income Fund		.500			.219			.6		34.0		.500			.217			.6		44.0
International Growth and Income Fund		.690			.500			.5		1.5		.478			.450			15.0		15.0
Capital Income Builder		.500			.410			.6		1.0		.357			.330			15.0		15.0
Asset Allocation Fund		.500			.240			.6		21.0		.500			.236			.6		34.0
American Funds Global Balanced Fund		.660			.510			.5		1.0		.446			.420			15.0		15.0
The Bond Fund of America		.480			.320			.6		13.0		.352			.320			15.0		15.0
Capital World Bond Fund		.570			.450			1.0		3.0		.431			.360			15.0		15.0
American High-Income Trust		.500			.420			.6		2.0		.404			.386			15.0		15.0
American Funds Mortgage Fund		.420			.290			.6		3.0		.295			.280			15.0		15.0
Ultra-Short Bond Fund		.320			.270			1.0		2.0		.257			.242			15.0		15.0
U.S. Government Securities Fund		.420			.290			.6		3.0		.295			.280			15.0		15.0

Investment advisory services waivers — CRMC is waiving a portion of its investment advisory services fees for some of the funds. During the year ended December 31, 2022, CRMC waived $1,000 in fees for Growth Fund in advance of the revised investment advisory and service agreement effective May 1, 2022. CRMC also waived a portion of its investment advisory services fees for the following funds based on the rates listed:

Fund	Waiver rates prior to May 1, 2022			Waiver rates effective May 1, 2022
Global Growth Fund		Not applicable			.11	%
Global Small Capitalization Fund		Not applicable			.05
New World Fund		.18	%		.07
Washington Mutual Investors Fund		.16			.11
Capital World Growth and Income Fund		.23			.14
International Growth and Income Fund		.14			.01
Capital Income Builder		.25			.14
American Funds Global Balanced Fund		Not applicable			.01
The Bond Fund of America		.19			.19
Capital World Bond Fund		.10			.10
American High-Income Trust		.19			.14
American Funds Mortgage Fund		.21			.12
U.S. Government Securities Fund		.16			.12
Managed Risk Growth Fund		.05			.05
Managed Risk International Fund		.05			.05
Managed Risk Washington Mutual Investors Fund		.05			.05
Managed Risk Growth-Income Fund		.05			.05
Managed Risk Asset Allocation Fund		.05			.05

American Funds Insurance Series      331

The waiver rates for each fund, except Growth Fund, will be in effect through at least May 1, 2023, and may only be modified or terminated with the approval of the series’ board. For the year ended December 31, 2022, total investment advisory services fees waived by CRMC were $58,051,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund’s statement of operations are presented gross of any waivers from CRMC.

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:

	Rates						Net asset level (in billions)				For the year ended December 31, 2022,			For the year ended December 31, 2022,
Fund	Beginning with			Ending with			Up to		In excess of		before waiver			after waiver
Global Growth Fund		.475	%		.435	%	$	15.0	$	15.0		.485	%		.415	%
Global Small Capitalization Fund		.647			.615			15.0		15.0		.668			.637
Growth Fund		.500			.275			.6		44.0		.313			.313
International Fund		.478			.430			15.0		21.0		.485			.485
New World Fund		.577			.510			15.0		15.0		.619			.509
Washington Mutual Investors Fund		.374			.350			15.0		15.0		.378			.230
Capital World Growth and Income Fund		.475			.435			15.0		15.0		.518			.364
Growth-Income Fund		.500			.217			.6		44.0		.254			.254
International Growth and Income Fund		.478			.450			15.0		15.0		.555			.460
Capital Income Builder		.357			.330			15.0		15.0		.395			.218
Asset Allocation Fund		.500			.236			.6		34.0		.265			.265
American Funds Global Balanced Fund		.446			.420			15.0		15.0		.523			.517
The Bond Fund of America		.352			.320			15.0		15.0		.354			.164
Capital World Bond Fund		.431			.360			15.0		15.0		.471			.433
American High-Income Trust		.404			.386			15.0		15.0		.433			.275
American Funds Mortgage Fund		.295			.280			15.0		15.0		.346			.189
Ultra-Short Bond Fund		.257			.242			15.0		15.0		.275			.275
U.S. Government Securities Fund		.295			.280			15.0		15.0		.319			.184
Managed Risk Growth Fund		.150						all				.150			.100
Managed Risk International Fund		.150						all				.150			.100
Managed Risk Washington Mutual Investors Fund		.150						all				.150			.100
Managed Risk Growth-Income Fund		.150						all				.150			.100
Managed Risk Asset Allocation Fund		.150						all				.150			.100

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

Share class	Currently approved limits			Plan limits
Class 1A		0.00	%		0.25	%
Class 2		0.25			0.25
Class 3		0.18			0.18
Class 4		0.25			0.25
Class P1		0.00			0.25
Class P2		0.25			0.50

332      American Funds Insurance Series

Insurance administrative services — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company’s respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds’ share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments.

Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC’s provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

Accounting and administrative services — The managed risk funds have a subadministration agreement with Bank of New York Mellon (“BNY Mellon“) under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds’ share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	1,002
Class 1A	$	—	$	37		4
Class 2		8,754		Not applicable		1,050
Class 4		1,500		1,500		180
Total class-specific expenses	$	10,254	$	1,537	$	2,236

Global Small Capitalization Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	308
Class 1A	$	—	$	11		1
Class 2		4,837		Not applicable		581
Class 4		688		688		83
Total class-specific expenses	$	5,525	$	699	$	973

Growth Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	4,542
Class 1A	$	—	$	407		49
Class 2		41,888		Not applicable		5,026
Class 3		403		Not applicable		67
Class 4		6,532		6,532		784
Total class-specific expenses	$	48,823	$	6,939	$	10,468

International Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	1,036
Class 1A	$	—	$	26		3
Class 2		8,573		Not applicable		1,029
Class 3		30		Not applicable		5
Class 4		982		982		118
Total class-specific expenses	$	9,585	$	1,008	$	2,191

American Funds Insurance Series      333

New World Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	535
Class 1A	$	—	$	25		3
Class 2		2,101		Not applicable		252
Class 4		1,898		1,898		228
Total class-specific expenses	$	3,999	$	1,923	$	1,018

Washington Mutual Investors Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	1,738
Class 1A	$	—	$	243		29
Class 2		7,376		Not applicable		885
Class 4		2,639		2,639		317
Total class-specific expenses	$	10,015	$	2,882	$	2,969

Capital World Growth and Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	175
Class 1A	$	—	$	15		2
Class 2		2,689		Not applicable		323
Class 4		483		484		58
Total class-specific expenses	$	3,172	$	499	$	558

Growth-Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	6,289
Class 1A	$	—	$	73		9
Class 2		31,403		Not applicable		3,768
Class 3		245		Not applicable		41
Class 4		4,213		4,213		505
Total class-specific expenses	$	35,861	$	4,286	$	10,612

International Growth and Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	4
Class 1A	$	—	$	12		2
Class 2		432		Not applicable		52
Class 4		294		294		35
Total class-specific expenses	$	726	$	306	$	93

Capital Income Builder

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	170
Class 1A	$	—	$	24		3
Class 2		31		Not applicable		4
Class 4		1,337		1,338		160
Total class-specific expenses	$	1,368	$	1,362	$	337

Asset Allocation Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	4,850
Class 1A	$	—	$	62		8
Class 2		11,503		Not applicable		1,380
Class 3		55		Not applicable		9
Class 4		14,002		14,002		1,680
Total class-specific expenses	$	25,560	$	14,064	$	7,927

American Funds Global Balanced Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	31
Class 1A	$	—	$	7		1
Class 2		428		Not applicable		51
Class 4		293		293		35
Total class-specific expenses	$	721	$	300	$	118

The Bond Fund of America

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	2,100
Class 1A	$	—	$	354		43
Class 2		7,903		Not applicable		948
Class 4		2,027		2,027		243
Total class-specific expenses	$	9,930	$	2,381	$	3,334

Refer to the end of the tables for footnote.

Capital World Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	222
Class 1A	$	—	$	4		—	*
Class 2		2,109		Not applicable		253
Class 4		142		142		17
Total class-specific expenses	$	2,251	$	146	$	492

334      American Funds Insurance Series

American High-Income Trust

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	71
Class 1A	$	—	$	3		—	*
Class 2		1,440		Not applicable		173
Class 3		16		Not applicable		3
Class 4		200		200		24
Total class-specific expenses	$	1,656	$	203	$	271

American Funds Mortgage Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	3
Class 1A	$	—	$	4		1
Class 2		127		Not applicable		15
Class 4		101		101		12
Total class-specific expenses	$	228	$	105	$	31

Ultra-Short Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	14
Class 1A	$	—	$	—		—	*
Class 2		707		Not applicable		85
Class 3		9		Not applicable		1
Class 4		173		173		21
Total class-specific expenses	$	889	$	173	$	121

U.S. Government Securities Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	81
Class 1A	$	—	$	10		1
Class 2		2,967		Not applicable		356
Class 3		15		Not applicable		3
Class 4		512		512		62
Total class-specific expenses	$	3,494	$	522	$	503

Managed Risk Growth Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	25
Class P2	$	1,219		1,219
Total class-specific expenses	$	1,219	$	1,244

Managed Risk International Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	4
Class P2	$	342		342
Total class-specific expenses	$	342	$	346

Managed Risk Washington Mutual Investors Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	6
Class P2	$	824		824
Total class-specific expenses	$	824	$	830

Managed Risk Growth-Income Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	4,945
Class P2	$	720		720
Total class-specific expenses	$	720	$	5,665

Managed Risk Asset Allocation Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	18
Class P2	$	5,935		5,935
Total class-specific expenses	$	5,935	$	5,953

* Amount less than one thousand.

American Funds Insurance Series      335

Miscellaneous fee reimbursements — CRMC reimbursed a portion of miscellaneous fees and expenses for Managed Risk International Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the year ended December 31, 2022, total fees and expenses reimbursed by CRMC were $32,000. CRMC does not intend to recoup these reimbursements. Fees and expenses in each fund’s statement of operations are presented gross of any reimbursements from CRMC.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net decrease in the value of the deferred amounts as follows (dollars in thousands):

Fund	Current fees			Decrease in value of deferred amounts			Total trustees’ compensation
Global Growth Fund	$	21		$	(11	)	$	10
Global Small Capitalization Fund		10			(5	)		5
Growth Fund		99			(54	)		45
International Fund		21			(11	)		10
New World Fund		10			(5	)		5
Washington Mutual Investors Fund		27			(16	)		11
Capital World Growth and Income Fund		5			(3	)		2
Growth-Income Fund		98			(56	)		42
International Growth and Income Fund		1			—	*		1
Capital Income Builder		3			(2	)		1
Asset Allocation Fund		73			(43	)		30
American Funds Global Balanced Fund		1			(1	)		—	*
The Bond Fund of America		31			(19	)		12
Capital World Bond Fund		5			(3	)		2
American High-Income Trust		3			(1	)		2
American Funds Mortgage Fund		—	*		—	*		—	*
Ultra-Short Bond Fund		1			(1	)		—	*
U.S. Government Securities Fund		5			(3	)		2
Managed Risk Growth Fund		2			(1	)		1
Managed Risk International Fund		—	*		—	*		—	*
Managed Risk Washington Mutual Investors Fund		1			(1	)		—	*
Managed Risk Growth-Income Fund		6			(4	)		2
Managed Risk Asset Allocation Fund		7			(4	)		3

* Amount less than one thousand.

Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

Investments in CCBF and CCF — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds’ corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds’ short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

336      American Funds Insurance Series

The following table presents purchase and sale transactions between each fund and related funds, and net realized loss or gain from such sales, if any, as of December 31, 2022 (dollars in thousands):

Fund	Purchases		Sales		Net realized (loss) gain
Global Growth Fund	$	49,680	$	71,818	$	(20,300	)
Global Small Capitalization Fund		57,920		34,601		1,035
Growth Fund		261,401		361,390		36,542
International Fund		104,003		132,023		(15,330	)
New World Fund		32,986		51,119		1,384
Washington Mutual Investors Fund		78,899		86,050		(13,933	)
Capital World Growth and Income Fund		29,485		42,194		(1,316	)
Growth-Income Fund		260,856		367,634		60,804
International Growth and Income Fund		3,035		3,711		(301	)
Capital Income Builder		11,219		9,127		1,159
Asset Allocation Fund		217,739		147,808		(22,154	)
American Funds Global Balanced Fund		2,864		3,686		(19	)
The Bond Fund of America		1,289		6,983		(541	)
Capital World Bond Fund		58		14,120		(947	)
American High-Income Trust		57		29,194		(1,415	)

8. Indemnifications

The series’ organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series’ board members and officers.

9. Committed line of credit

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund’s statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2022.

American Funds Insurance Series      337

10. Capital share transactions

Capital share transactions in each fund were as follows (dollars and shares in thousands):

Global Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	434,070		13,042	$	400,617		12,733	$	(553,744	)		(16,845	)	$	280,943			8,930
Class 1A		2,997		91		1,758		56		(2,085	)		(65	)		2,670			82
Class 2		92,048		2,700		419,636		13,511		(295,933	)		(9,100	)		215,751			7,111
Class 4		99,092		2,978		70,552		2,294		(71,372	)		(2,195	)		98,272			3,077
Total net increase (decrease)	$	628,207		18,811	$	892,563		28,594	$	(923,134	)		(28,205	)	$	597,636			19,200
Year ended December 31, 2021
Class 1	$	683,154		15,421	$	216,944		5,062	$	(307,264	)		(6,960	)	$	592,834			13,523
Class 1A		6,731		151		700		17		(2,591	)		(58	)		4,840			110
Class 2		69,770		1,607		236,612		5,601		(588,817	)		(13,514	)		(282,435	)		(6,306	)
Class 4		167,855		3,876		32,087		766		(48,523	)		(1,127	)		151,419			3,515
Total net increase (decrease)	$	927,510		21,055	$	486,343		11,446	$	(947,195	)		(21,659	)	$	466,658			10,842

Global Small Capitalization Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	187,481		9,235	$	331,498		19,030	$	(570,697	)		(21,774	)	$	(51,718	)		6,491
Class 1A		989		43		1,461		85		(276	)		(15	)		2,174			113
Class 2		111,019		5,043		663,046		40,307		(118,512	)		(6,722	)		655,553			38,628
Class 4		56,480		2,653		93,892		5,707		(34,387	)		(1,715	)		115,985			6,645
Total net increase (decrease)	$	355,969		16,974	$	1,089,897		65,129	$	(723,872	)		(30,226	)	$	721,994			51,877
Year ended December 31, 2021
Class 1	$	216,763		6,235	$	55,510		1,581	$	(1,077,292	)		(31,128	)	$	(805,019	)		(23,312	)
Class 1A		4,095		118		39		1		(153	)		(4	)		3,981			115
Class 2		59,596		1,785		60,246		1,778		(374,611	)		(11,071	)		(254,769	)		(7,508	)
Class 4		89,704		2,662		7,215		212		(30,621	)		(901	)		66,298			1,973
Total net increase (decrease)	$	370,158		10,800	$	123,010		3,572	$	(1,482,677	)		(43,104	)	$	(989,509	)		(28,732	)

Refer to the end of the tables for footnotes.

338      American Funds Insurance Series

Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	2,593,666		29,149	$	2,228,505		26,120	$	(3,051,097	)		(31,275	)	$	1,771,074			23,994
Class 1A		133,124		1,387		27,088		320		(15,271	)		(181	)		144,941			1,526
Class 2		520,092		5,686		2,464,507		29,214		(1,621,163	)		(17,346	)		1,363,436			17,554
Class 3		1,224		14		32,371		376		(28,004	)		(296	)		5,591			94
Class 4		409,323		4,647		383,909		4,657		(227,877	)		(2,558	)		565,355			6,746
Total net increase (decrease)	$	3,657,429		40,883	$	5,136,380		60,687	$	(4,943,412	)		(51,656	)	$	3,850,397			49,914
Year ended December 31, 2021
Class 1	$	2,916,865		22,963	$	2,251,516		19,653	$	(2,207,142	)		(17,684	)	$	2,961,239			24,932
Class 1A		68,640		560		9,733		86		(25,312	)		(198	)		53,061			448
Class 2		432,245		3,495		2,777,848		24,558		(3,289,822	)		(26,755	)		(79,729	)		1,298
Class 3		1,972		15		37,541		326		(37,449	)		(298	)		2,064			43
Class 4		553,762		4,582		358,034		3,232		(224,958	)		(1,864	)		686,838			5,950
Total net increase (decrease)	$	3,973,484		31,615	$	5,434,672		47,855	$	(5,784,683	)		(46,799	)	$	3,623,473			32,671

International Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	280,536		15,960	$	543,821		32,473	$	(1,015,741	)		(51,244	)	$	(191,384	)		(2,811	)
Class 1A		2,247		127		1,679		101		(1,009	)		(63	)		2,917			165
Class 2		189,379		10,637		536,766		32,189		(347,301	)		(20,471	)		378,844			22,355
Class 3		87		5		2,627		156		(1,366	)		(79	)		1,348			82
Class 4		65,571		3,703		61,594		3,751		(53,681	)		(3,200	)		73,484			4,254
Total net increase (decrease)	$	537,820		30,432	$	1,146,487		68,670	$	(1,419,098	)		(75,057	)	$	265,209			24,045
Year ended December 31, 2021
Class 1	$	366,681		15,339	$	131,729		5,782	$	(1,253,303	)		(51,135	)	$	(754,893	)		(30,014	)
Class 1A		4,570		192		281		13		(2,479	)		(103	)		2,372			102
Class 2		264,867		11,161		105,815		4,673		(502,502	)		(20,818	)		(131,820	)		(4,984	)
Class 3		125		5		546		24		(3,534	)		(146	)		(2,863	)		(117	)
Class 4		95,888		4,069		10,725		480		(51,434	)		(2,169	)		55,179			2,380
Total net increase (decrease)	$	732,131		30,766	$	249,096		10,972	$	(1,813,252	)		(74,371	)	$	(832,025	)		(32,633	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series      339

New World Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	91,026		3,688	$	189,325		7,939	$	(434,293	)		(16,140	)	$	(153,942	)		(4,513	)
Class 1A		1,549		60		1,040		44		(1,769	)		(76	)		820			28
Class 2		72,626		2,937		88,236		3,744		(163,288	)		(6,534	)		(2,426	)		147
Class 4		133,209		5,310		78,780		3,371		(133,462	)		(5,583	)		78,527			3,098
Total net increase (decrease)	$	298,410		11,995	$	357,381		15,098	$	(732,812	)		(28,333	)	$	(77,021	)		(1,240	)
Year ended December 31, 2021
Class 1	$	180,001		5,517	$	104,795		3,183	$	(165,865	)		(5,053	)	$	118,931			3,647
Class 1A		14,137		436		350		11		(21,114	)		(642	)		(6,627	)		(195	)
Class 2		82,347		2,547		45,947		1,410		(159,868	)		(4,915	)		(31,574	)		(958	)
Class 4		135,084		4,224		34,360		1,061		(74,083	)		(2,295	)		95,361			2,990
Total net increase (decrease)	$	411,569		12,724	$	185,452		5,665	$	(420,930	)		(12,905	)	$	176,091			5,484

Washington Mutual Investors Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	311,628		22,333	$	1,412,614		106,476	$	(1,024,832	)		(69,053	)	$	699,410			59,756
Class 1A		33,907		2,321		14,025		1,066		(125,110	)		(7,699	)		(77,178	)		(4,312	)
Class 2		48,719		3,523		725,386		55,707		(414,058	)		(28,659	)		360,047			30,571
Class 4		238,615		16,711		258,174		20,025		(148,002	)		(10,093	)		348,787			26,643
Total net increase (decrease)	$	632,869		44,888	$	2,410,199		183,274	$	(1,712,002	)		(115,504	)	$	1,331,066			112,658
Year ended December 31, 2021
Class 1	$	740,227		42,419	$	104,068		6,017	$	(1,150,862	)		(70,448	)	$	(306,567	)		(22,012	)
Class 1A		128,020		7,779		2,211		129		(4,020	)		(244	)		126,211			7,664
Class 2		51,950		3,263		46,652		2,739		(508,810	)		(31,581	)		(410,208	)		(25,579	)
Class 4		156,222		9,709		12,620		746		(66,538	)		(4,145	)		102,304			6,310
Total net increase (decrease)	$	1,076,419		63,170	$	165,551		9,631	$	(1,730,230	)		(106,418	)	$	(488,260	)		(33,617	)

Capital World Growth and Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	286,528		22,239	$	137,343		10,946	$	(434,782	)		(30,278	)	$	(10,911	)		2,907
Class 1A		1,618		116		1,525		122		(1,079	)		(91	)		2,064			147
Class 2		15,274		1,157		262,887		21,001		(144,703	)		(10,617	)		133,458			11,541
Class 4		25,643		1,909		48,121		3,940		(22,999	)		(1,756	)		50,765			4,093
Total net increase (decrease)	$	329,063		25,421	$	449,876		36,009	$	(603,563	)		(42,742	)	$	175,376			18,688
Year ended December 31, 2021
Class 1	$	171,552		9,531	$	30,555		1,698	$	(117,328	)		(6,578	)	$	84,779			4,651
Class 1A		4,092		231		166		9		(605	)		(34	)		3,653			206
Class 2		21,440		1,205		50,935		2,838		(216,241	)		(12,206	)		(143,866	)		(8,163	)
Class 4		49,326		2,833		7,530		427		(16,390	)		(939	)		40,466			2,321
Total net increase (decrease)	$	246,410		13,800	$	89,186		4,972	$	(350,564	)		(19,757	)	$	(14,968	)		(985	)

Refer to the end of the tables for footnotes.

340      American Funds Insurance Series

Growth-Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	2,026,623		38,323	$	2,348,918		43,972	$	(3,853,406	)		(68,861	)	$	522,135			13,434
Class 1A		4,813		89		3,248		61		(3,333	)		(64	)		4,728			86
Class 2		119,436		2,219		1,399,821		26,589		(1,455,432	)		(26,710	)		63,825			2,098
Class 3		766		15		15,025		280		(15,511	)		(279	)		280			16
Class 4		180,173		3,342		186,543		3,596		(153,528	)		(2,879	)		213,188			4,059
Total net increase (decrease)	$	2,331,811		43,988	$	3,953,555		74,498	$	(5,481,210	)		(98,793	)	$	804,156			19,693
Year ended December 31, 2021
Class 1	$	778,306		12,603	$	567,351		8,928	$	(3,472,494	)		(56,343	)	$	(2,126,837	)		(34,812	)
Class 1A		14,065		224		493		8		(2,433	)		(39	)		12,125			193
Class 2		143,239		2,361		310,023		4,964		(2,027,406	)		(33,135	)		(1,574,144	)		(25,810	)
Class 3		1,007		16		3,442		54		(23,575	)		(379	)		(19,126	)		(309	)
Class 4		302,016		4,995		33,018		536		(132,399	)		(2,191	)		202,635			3,340
Total net increase (decrease)	$	1,238,633		20,199	$	914,327		14,490	$	(5,658,307	)		(92,087	)	$	(3,505,347	)		(57,398	)

International Growth and Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	2,793		220	$	6,501		686	$	(16,761	)		(946	)	$	(7,467	)		(40	)
Class 1A		1,041		92		2,255		244		(921	)		(61	)		2,375			275
Class 2		7,743		664		86,227		9,344		(24,550	)		(2,262	)		69,420			7,746
Class 4		23,335		2,027		59,065		6,499		(13,968	)		(1,295	)		68,432			7,231
Total net increase (decrease)	$	34,912		3,003	$	154,048		16,773	$	(56,200	)		(4,564	)	$	132,760			15,212
Year ended December 31, 2021
Class 1	$	48,015		2,368	$	4,294		210	$	(1,169,382	)		(59,936	)	$	(1,117,073	)		(57,358	)
Class 1A		2,986		152		141		7		(561	)		(28	)		2,566			131
Class 2		8,004		401		6,218		322		(29,755	)		(1,507	)		(15,533	)		(784	)
Class 4		27,229		1,381		3,589		188		(13,127	)		(671	)		17,691			898
Total net increase (decrease)	$	86,234		4,302	$	14,242		727	$	(1,212,825	)		(62,142	)	$	(1,112,349	)		(57,113	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series      341

Capital Income Builder

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	177,351		15,800	$	17,636		1,573	$	(114,944	)		(10,289	)	$	80,043			7,084
Class 1A		2,218		196		270		24		(1,259	)		(111	)		1,229			109
Class 2		2,390		211		355		32		(1,006	)		(88	)		1,739			155
Class 4		94,517		8,303		13,728		1,228		(81,854	)		(7,293	)		26,391			2,238
Total net increase (decrease)	$	276,476		24,510	$	31,989		2,857	$	(199,063	)		(17,781	)	$	109,402			9,586
Year ended December 31, 2021
Class 1	$	107,711		9,192	$	16,222		1,379	$	(252,397	)		(21,377	)	$	(128,464	)		(10,806	)
Class 1A		2,434		206		218		19		(451	)		(39	)		2,201			186
Class 2		5,007		428		315		27		(1,572	)		(134	)		3,750			321
Class 4		70,040		6,029		13,009		1,105		(42,227	)		(3,629	)		40,822			3,505
Total net increase (decrease)	$	185,192		15,855	$	29,764		2,530	$	(296,647	)		(25,179	)	$	(81,691	)		(6,794	)

Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	1,365,105		57,634	$	2,001,507		85,450	$	(2,607,782	)		(108,817	)	$	758,830			34,267
Class 1A		8,603		375		2,806		121		(2,839	)		(126	)		8,570			370
Class 2		58,248		2,413		565,030		24,435		(581,503	)		(24,252	)		41,775			2,596
Class 3		126		5		3,759		160		(3,377	)		(141	)		508			24
Class 4		332,209		13,862		680,622		29,650		(423,984	)		(17,975	)		588,847			25,537
Total net increase (decrease)	$	1,764,291		74,289	$	3,253,724		139,816	$	(3,619,485	)		(151,311	)	$	1,398,530			62,794
Year ended December 31, 2021
Class 1	$	1,077,099		38,077	$	1,004,165		35,557	$	(4,395,063	)		(151,941	)	$	(2,313,799	)		(78,307	)
Class 1A		8,925		315		880		31		(1,749	)		(63	)		8,056			283
Class 2		117,974		4,243		262,797		9,420		(649,009	)		(23,286	)		(268,238	)		(9,623	)
Class 3		1,030		36		1,693		60		(2,340	)		(83	)		383			13
Class 4		687,105		24,820		271,781		9,809		(264,761	)		(9,619	)		694,125			25,010
Total net increase (decrease)	$	1,892,133		67,491	$	1,541,316		54,877	$	(5,312,922	)		(184,992	)	$	(1,879,473	)		(62,624	)

Refer to the end of the tables for footnotes.

342      American Funds Insurance Series

American Funds Global Balanced Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	37,857		3,046	$	570		44	$	(45,473	)		(3,593	)	$	(7,046	)		(503	)
Class 1A		160		12		15		1		(857	)		(63	)		(682	)		(50	)
Class 2		3,979		308		974		74		(24,238	)		(1,876	)		(19,285	)		(1,494	)
Class 4		9,992		779		674		52		(14,316	)		(1,139	)		(3,650	)		(308	)
Total net increase (decrease)	$	51,988		4,145	$	2,233		171	$	(84,884	)		(6,671	)	$	(30,663	)		(2,355	)
Year ended December 31, 2021
Class 1	$	9,259		623	$	7,739		533	$	(40,506	)		(2,798	)	$	(23,508	)		(1,642	)
Class 1A		925		63		233		16		(252	)		(17	)		906			62
Class 2		5,621		383		13,069		902		(27,137	)		(1,828	)		(8,447	)		(543	)
Class 4		28,503		1,957		8,206		572		(10,476	)		(713	)		26,233			1,816
Total net increase (decrease)	$	44,308		3,026	$	29,247		2,023	$	(78,371	)		(5,356	)	$	(4,816	)		(307	)

The Bond Fund of America

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	1,045,629		102,870	$	293,730		29,996	$	(2,254,686	)		(218,872	)	$	(915,327	)		(86,006	)
Class 1A		222,556		22,066		9,170		944		(5,163	)		(515	)		226,563			22,495
Class 2		49,800		5,005		126,095		13,059		(487,579	)		(48,690	)		(311,684	)		(30,626	)
Class 4		123,107		12,517		31,861		3,314		(113,670	)		(11,505	)		41,298			4,326
Total net increase (decrease)	$	1,441,092		142,458	$	460,856		47,313	$	(2,861,098	)		(279,582	)	$	(959,150	)		(89,811	)
Year ended December 31, 2021
Class 1	$	2,441,954		212,866	$	432,376		38,456	$	(737,146	)		(64,100	)	$	2,137,184			187,222
Class 1A		5,329		464		601		54		(2,565	)		(223	)		3,365			295
Class 2		204,371		17,879		208,042		18,765		(302,247	)		(26,735	)		110,166			9,909
Class 4		240,539		21,228		43,487		3,939		(60,173	)		(5,327	)		223,853			19,840
Total net increase (decrease)	$	2,892,193		252,437	$	684,506		61,214	$	(1,102,131	)		(96,385	)	$	2,474,568			217,266

Capital World Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	63,069		6,354	$	13,903		1,398	$	(234,228	)		(22,105	)	$	(157,256	)		(14,353	)
Class 1A		470		46		24		2		(371	)		(38	)		123			10
Class 2		32,696		3,225		15,838		1,606		(121,387	)		(11,954	)		(72,853	)		(7,123	)
Class 4		7,078		688		1,065		109		(8,255	)		(838	)		(112	)		(41	)
Total net increase (decrease)	$	103,313		10,313	$	30,830		3,115	$	(364,241	)		(34,935	)	$	(230,098	)		(21,507	)
Year ended December 31, 2021
Class 1	$	129,119		10,361	$	44,414		3,661	$	(305,638	)		(24,399	)	$	(132,105	)		(10,377	)
Class 1A		1,155		95		40		3		(261	)		(21	)		934			77
Class 2		83,201		6,733		44,570		3,700		(58,585	)		(4,813	)		69,186			5,620
Class 4		19,357		1,604		2,457		206		(11,624	)		(951	)		10,190			859
Total net increase (decrease)	$	232,832		18,793	$	91,481		7,570	$	(376,108	)		(30,184	)	$	(51,795	)		(3,821	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series      343

American High-Income Trust

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	29,406		3,042	$	17,917		2,062	$	(58,971	)		(6,116	)	$	(11,648	)		(1,012	)
Class 1A		362		39		100		11		(426	)		(45	)		36			5
Class 2		7,171		758		42,707		5,019		(98,679	)		(10,782	)		(48,801	)		(5,005	)
Class 3		432		46		695		79		(1,385	)		(149	)		(258	)		(24	)
Class 4		65,309		6,490		5,827		619		(70,275	)		(6,997	)		861			112
Total net increase (decrease)	$	102,680		10,375	$	67,246		7,790	$	(229,736	)		(24,089	)	$	(59,810	)		(5,924	)
Year ended December 31, 2021
Class 1	$	160,559		15,547	$	10,757		1,060	$	(19,514	)		(1,906	)	$	151,802			14,701
Class 1A		915		89		59		5		(548	)		(53	)		426			41
Class 2		20,019		2,003		28,636		2,874		(66,675	)		(6,630	)		(18,020	)		(1,753	)
Class 3		908		88		429		42		(1,328	)		(129	)		9			1
Class 4		143,656		13,002		3,238		295		(128,886	)		(11,648	)		18,008			1,649
Total net increase (decrease)	$	326,057		30,729	$	43,119		4,276	$	(216,951	)		(20,366	)	$	152,225			14,639

American Funds Mortgage Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	784		78	$	15		2	$	(229,165	)		(21,726	)	$	(228,366	)		(21,646	)
Class 1A		662		67		37		4		(1,033	)		(103	)		(334	)		(32	)
Class 2		3,214		326		995		103		(9,402	)		(951	)		(5,193	)		(522	)
Class 4		10,671		1,091		746		78		(9,016	)		(920	)		2,401			249
Total net increase (decrease)	$	15,331		1,562	$	1,793		187	$	(248,616	)		(23,700	)	$	(231,492	)		(21,951	)
Year ended December 31, 2021
Class 1	$	35,679		3,267	$	9,382		880	$	(27,270	)		(2,517	)	$	17,791			1,630
Class 1A		1,498		139		57		5		(436	)		(40	)		1,119			104
Class 2		6,415		588		2,232		210		(5,928	)		(547	)		2,719			251
Class 4		11,056		1,029		1,486		142		(4,892	)		(457	)		7,650			714
Total net increase (decrease)	$	54,648		5,023	$	13,157		1,237	$	(38,526	)		(3,561	)	$	29,279			2,699

Refer to the end of the tables for footnotes.

344      American Funds Insurance Series

Ultra-Short Bond Fund    

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	33,573		2,975	$	348			31		$	(20,904	)		(1,853	)	$	13,017			1,153
Class 1A		—		—		—	†		—	†		—			—			—	†		—	†
Class 2		117,586		10,755		1,569			143			(68,709	)		(6,275	)		50,446			4,623
Class 3		735		67		26			2			(1,082	)		(97	)		(321	)		(28	)
Class 4		84,873		7,721		293			27			(51,358	)		(4,671	)		33,808			3,077
Total net increase (decrease)	$	236,767		21,518	$	2,236			203		$	(142,053	)		(12,896	)	$	96,950			8,825
Year ended December 31, 2021
Class 1	$	16,242		1,439	$	—			—		$	(22,707	)		(2,011	)	$	(6,465	)		(572	)
Class 1A		—		—		—			—			—			—			—			—
Class 2		86,233		7,864		—			—			(127,622	)		(11,640	)		(41,389	)		(3,776	)
Class 3		1,253		113		—			—			(915	)		(83	)		338			30
Class 4		35,704		3,232		—			—			(29,389	)		(2,660	)		6,315			572
Total net increase (decrease)	$	139,432		12,648	$	—			—		$	(180,633	)		(16,394	)	$	(41,201	)		(3,746	)

U.S. Government Securities Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class 1	$	69,422		6,446	$	10,134		987	$	(316,401	)		(27,982	)	$	(236,845	)		(20,549	)
Class 1A		2,902		273		153		15		(3,237	)		(300	)		(182	)		(12	)
Class 2		43,941		4,115		42,631		4,200		(233,844	)		(21,667	)		(147,272	)		(13,352	)
Class 3		308		28		292		28		(2,508	)		(236	)		(1,908	)		(180	)
Class 4		67,334		6,331		7,040		695		(90,440	)		(8,406	)		(16,066	)		(1,380	)
Total net increase (decrease)	$	183,907		17,193	$	60,250		5,925	$	(646,430	)		(58,591	)	$	(402,273	)		(35,473	)
Year ended December 31, 2021
Class 1	$	213,039		17,786	$	38,963		3,337	$	(115,497	)		(9,263	)	$	136,505			11,860
Class 1A		4,388		354		518		44		(3,192	)		(265	)		1,714			133
Class 2		91,122		7,303		144,267		12,514		(129,818	)		(10,810	)		105,571			9,007
Class 3		1,023		86		948		81		(1,549	)		(126	)		422			41
Class 4		87,885		7,227		23,653		2,055		(118,823	)		(9,719	)		(7,285	)		(437	)
Total net increase (decrease)	$	397,457		32,756	$	208,349		18,031	$	(368,879	)		(30,183	)	$	236,927			20,604

Managed Risk Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class P1	$	1,679		122	$	1,796		147	$	(2,034	)		(134	)	$	1,441			135
Class P2		37,760		2,684		88,450		7,291		(30,630	)		(2,253	)		95,580			7,722
Total net increase (decrease)	$	39,439		2,806	$	90,246		7,438	$	(32,664	)		(2,387	)	$	97,021			7,857
Year ended December 31, 2021
Class P1	$	3,593		199	$	515		30	$	(3,079	)		(172	)	$	1,029			57
Class P2		39,055		2,202		26,869		1,558		(78,851	)		(4,405	)		(12,927	)		(645	)
Total net increase (decrease)	$	42,648		2,401	$	27,384		1,588	$	(81,930	)		(4,577	)	$	(11,898	)		(588	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series      345

Managed Risk International Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class P1	$	578		62	$	69		8	$	(323	)		(37	)	$	324			33
Class P2		5,403		564		4,206		470		(15,947	)		(1,788	)		(6,338	)		(754	)
Total net increase (decrease)	$	5,981		626	$	4,275		478	$	(16,270	)		(1,825	)	$	(6,014	)		(721	)
Year ended December 31, 2021
Class P1	$	887		80	$	14		1	$	(531	)		(48	)	$	370			33
Class P2		12,803		1,181		917		80		(14,744	)		(1,323	)		(1,024	)		(62	)
Total net increase (decrease)	$	13,690		1,261	$	931		81	$	(15,275	)		(1,371	)	$	(654	)		(29	)

Managed Risk Washington Mutual Investors Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class P1	$	1,026		86	$	127		11	$	(498	)		(43	)	$	655			54
Class P2		22,662		1,947		14,544		1,281		(39,363	)		(3,307	)		(2,157	)		(79	)
Total net increase (decrease)	$	23,688		2,033	$	14,671		1,292	$	(39,861	)		(3,350	)	$	(1,502	)		(25	)
Year ended December 31, 2021
Class P1	$	971		80	$	40		3	$	(343	)		(29	)	$	668			54
Class P2		9,743		800		5,979		487		(51,273	)		(4,254	)		(35,551	)		(2,967	)
Total net increase (decrease)	$	10,714		880	$	6,019		490	$	(51,616	)		(4,283	)	$	(34,883	)		(2,913	)

Managed Risk Growth-Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net decrease
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class P1	$	49,558		3,678	$	87,716		6,731	$	(157,932	)		(11,880	)	$	(20,658	)		(1,471	)
Class P2		13,539		1,010		12,087		932		(28,848	)		(2,135	)		(3,222	)		(193	)
Total net increase (decrease)	$	63,097		4,688	$	99,803		7,663	$	(186,780	)		(14,015	)	$	(23,880	)		(1,664	)
Year ended December 31, 2021
Class P1	$	64,192		4,303	$	60,096		4,023	$	(175,764	)		(11,680	)	$	(51,476	)		(3,354	)
Class P2		14,838		1,008		8,072		546		(35,819	)		(2,404	)		(12,909	)		(850	)
Total net increase (decrease)	$	79,030		5,311	$	68,168		4,569	$	(211,583	)		(14,084	)	$	(64,385	)		(4,204	)

Refer to the end of the tables for footnotes.

346      American Funds Insurance Series

Managed Risk Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2022
Class P1	$	1,649		120	$	430		34	$	(675	)		(52	)	$	1,404			102
Class P2		38,665		2,998		138,534		11,152		(283,108	)		(22,026	)		(105,909	)		(7,876	)
Total net increase (decrease)	$	40,314		3,118	$	138,964		11,186	$	(283,783	)		(22,078	)	$	(104,505	)		(7,774	)
Year ended December 31, 2021
Class P1	$	2,097		141	$	114		8	$	(899	)		(60	)	$	1,312			89
Class P2		57,616		4,016		38,113		2,632		(351,072	)		(24,507	)		(255,343	)		(17,859	)
Total net increase (decrease)	$	59,713		4,157	$	38,227		2,640	$	(351,971	)		(24,567	)	$	(254,031	)		(17,770	)

* Includes exchanges between share classes of the fund.

^†  Amount less than one thousand.

11. Ownership concentration

At December 31, 2022, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 18% and 17% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. In addition, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 25% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

12. Investment transactions and other disclosures

The following tables present additional information for each fund for the year ended December 31, 2022 (dollars in thousands):

	Global Growth Fund		Global Small Capitalization Fund			Growth Fund		International Fund		New World Fund		Washington Mutual Investors Fund
Purchases of investment securities*	$	2,020,468	$	1,224,731		$	10,017,065	$	2,810,699	$	1,260,720	$	2,833,147
Sales of investment securities*		2,146,215		1,218,842			10,662,318		2,867,081		1,624,730		3,802,409
Non-U.S. taxes paid on dividend income		6,202		2,117			9,817		9,312		3,655		1,964
Non-U.S. taxes paid on interest income		—		—			—		—		5		—
Non-U.S. taxes paid on realized gains		1,408		5,338			—		8,023		4,440		—
Non-U.S. taxes provided on unrealized appreciation		5,103		9,184			—		25,364		8,906		—
	Capital World Growth and Income Fund		Growth- Income Fund			International Growth and Income Fund		Capital Income Builder		Asset Allocation Fund		American Funds Global Balanced Fund
Purchases of investment securities*	$	749,437	$	8,339,283		$	142,556	$	1,242,326	$	27,267,262	$	392,565
Sales of investment securities*		985,479		12,308,349			139,199		1,167,109		28,617,726		407,112
Non-U.S. taxes paid on dividend income		2,593		9,673			744		1,500		9,616		372
Non-U.S. taxes paid on interest income		—		—			—		—		—		11
Non-U.S. taxes paid on realized gains		173		—	†		51		46		—		43
Non-U.S. taxes provided on unrealized appreciation		568		—			58		349		2,592		83

Refer to the end of the tables for footnotes.

American Funds Insurance Series      347

	The Bond Fund of America		Capital World Bond Fund		American High-Income Trust		American Funds Mortgage Fund		Ultra-Short Bond Fund		U.S. Government Securities Fund
Purchases of investment securities*	$	38,975,446	$	1,910,865	$	293,093	$	1,134,922	$	—	$	9,478,478
Sales of investment securities*		37,928,493		2,233,596		378,913		1,243,904		—		9,100,700
Non-U.S. taxes paid on interest income		22		135		—		—		—		—
Non-U.S. taxes paid on realized gains		—		333		—		—		—		—
Non-U.S. taxes provided on unrealized appreciation		—		117		—		—		—		—

	Managed Risk Growth Fund		Managed Risk International Fund		Managed Risk Washington Mutual Investors Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Purchases of investment securities*	$	528,842	$	121,812	$	269,212	$	1,486,050	$	1,104,342
Sales of investment securities*		453,254		107,992		219,710		1,431,021		1,086,607

* Excludes short-term securities and U.S. government obligations, if any.

^†  Amount less than one thousand.

348      American Funds Insurance Series

Financial highlights

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Global Growth Fund
Class 1:
12/31/2022	$	45.46	$	.34	$	(11.34	)	$	(11.00	)	$	(.31	)	$	(3.97	)	$	(4.28	)	$	30.18		(24.54	)%	$	3,104		.53	%		.46	%		1.01	%
12/31/2021		41.16		.25		6.48			6.73			(.26	)		(2.17	)		(2.43	)		45.46		16.72			4,270		.55			.54			.56
12/31/2020		32.57		.20		9.56			9.76			(.21	)		(.96	)		(1.17	)		41.16		30.79			3,309		.56			.56			.59
12/31/2019		25.74		.32		8.60			8.92			(.41	)		(1.68	)		(2.09	)		32.57		35.61			2,515		.56			.56			1.07
12/31/2018		30.51		.29		(2.65	)		(2.36	)		(.28	)		(2.13	)		(2.41	)		25.74		(8.81	)		1,942		.55			.55			.98
Class 1A:
12/31/2022		45.28		.26		(11.31	)		(11.05	)		(.22	)		(3.97	)		(4.19	)		30.04		(24.73	)		14		.78			.71			.78
12/31/2021		41.02		.14		6.46			6.60			(.17	)		(2.17	)		(2.34	)		45.28		16.45			18		.80			.79			.33
12/31/2020		32.47		.12		9.52			9.64			(.13	)		(.96	)		(1.09	)		41.02		30.49			12		.81			.81			.34
12/31/2019		25.69		.25		8.55			8.80			(.34	)		(1.68	)		(2.02	)		32.47		35.22			8		.81			.81			.83
12/31/2018		30.46		.23		(2.66	)		(2.43	)		(.21	)		(2.13	)		(2.34	)		25.69		(9.02	)		5		.80			.80			.77
Class 2:
12/31/2022		44.94		.25		(11.21	)		(10.96	)		(.22	)		(3.97	)		(4.19	)		29.79		(24.74	)		3,234		.78			.71			.76
12/31/2021		40.72		.13		6.41			6.54			(.15	)		(2.17	)		(2.32	)		44.94		16.42			4,559		.80			.80			.30
12/31/2020		32.24		.12		9.44			9.56			(.12	)		(.96	)		(1.08	)		40.72		30.47			4,387		.81			.81			.34
12/31/2019		25.50		.24		8.51			8.75			(.33	)		(1.68	)		(2.01	)		32.24		35.28			3,895		.81			.81			.83
12/31/2018		30.24		.22		(2.63	)		(2.41	)		(.20	)		(2.13	)		(2.33	)		25.50		(9.04	)		3,306		.80			.80			.73
Class 4:
12/31/2022		44.57		.17		(11.12	)		(10.95	)		(.14	)		(3.97	)		(4.11	)		29.51		(24.92	)		584		1.03			.96			.52
12/31/2021		40.45		.03		6.35			6.38			(.09	)		(2.17	)		(2.26	)		44.57		16.14			744		1.05			1.04			.07
12/31/2020		32.05		.03		9.38			9.41			(.05	)		(.96	)		(1.01	)		40.45		30.17			533		1.06			1.06			.09
12/31/2019		25.39		.17		8.45			8.62			(.28	)		(1.68	)		(1.96	)		32.05		34.87			382		1.06			1.06			.57
12/31/2018		30.13		.14		(2.60	)		(2.46	)		(.15	)		(2.13	)		(2.28	)		25.39		(9.24	)		249		1.05			1.05			.47

Refer to the end of the tables for footnotes.

American Funds Insurance Series      349

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income (loss) to average net assets2
Global Small Capitalization Fund
Class 1:
12/31/2022	$	34.17	$	.05		$	(9.50	)	$	(9.45	)	$	—		$	(8.50	)	$	(8.50	)	$	16.22		(29.37	)%	$	916			.72	%		.69	%		.24	%
12/31/2021		32.64		(.02	)		2.32			2.30			—			(.77	)		(.77	)		34.17		6.98			1,707			.74			.74			(.07	)
12/31/2020		26.80		(.01	)		7.49			7.48			(.05	)		(1.59	)		(1.64	)		32.64		30.04			2,391			.75			.75			(.06	)
12/31/2019		21.75		.12			6.61			6.73			(.10	)		(1.58	)		(1.68	)		26.80		31.84			2,050			.75			.75			.48
12/31/2018		25.38		.11			(2.51	)		(2.40	)		(.09	)		(1.14	)		(1.23	)		21.75		(10.31	)		1,453			.73			.73			.42
Class 1A:
12/31/2022		33.93		—	4		(9.43	)		(9.43	)		—			(8.50	)		(8.50	)		16.00		(29.54	)		4			.97			.94			—	5
12/31/2021		32.49		(.07	)		2.28			2.21			—			(.77	)		(.77	)		33.93		6.73			5			.99			.99			(.21	)
12/31/2020		26.74		(.09	)		7.48			7.39			(.05	)		(1.59	)		(1.64	)		32.49		29.72			1			.99			.99			(.33	)
12/31/2019		21.71		.05			6.61			6.66			(.05	)		(1.58	)		(1.63	)		26.74		31.56			1			.99			.99			.22
12/31/2018		25.36		.05			(2.52	)		(2.47	)		(.04	)		(1.14	)		(1.18	)		21.71		(10.56	)		—	6		.98			.98			.21
Class 2:
12/31/2022		32.94		—	4		(9.14	)		(9.14	)		—			(8.50	)		(8.50	)		15.30		(29.55	)		1,762			.97			.94			—	5
12/31/2021		31.56		(.10	)		2.25			2.15			—			(.77	)		(.77	)		32.94		6.74			2,521			.99			.99			(.30	)
12/31/2020		26.02		(.08	)		7.25			7.17			(.04	)		(1.59	)		(1.63	)		31.56		29.72			2,653			1.00			1.00			(.31	)
12/31/2019		21.16		.05			6.43			6.48			(.04	)		(1.58	)		(1.62	)		26.02		31.52			2,363			1.00			1.00			.22
12/31/2018		24.72		.04			(2.44	)		(2.40	)		(.02	)		(1.14	)		(1.16	)		21.16		(10.55	)		2,056			.98			.98			.17
Class 4:
12/31/2022		32.96		(.05	)		(9.13	)		(9.18	)		—			(8.50	)		(8.50	)		15.28		(29.69	)		261			1.22			1.19			(.25	)
12/31/2021		31.67		(.18	)		2.24			2.06			—			(.77	)		(.77	)		32.96		6.43			344			1.24			1.24			(.53	)
12/31/2020		26.16		(.14	)		7.27			7.13			(.03	)		(1.59	)		(1.62	)		31.67		29.39			268			1.25			1.25			(.56	)
12/31/2019		21.28		(.01	)		6.47			6.46			—	4		(1.58	)		(1.58	)		26.16		31.24			206			1.25			1.25			(.04	)
12/31/2018		24.91		(.02	)		(2.46	)		(2.48	)		(.01	)		(1.14	)		(1.15	)		21.28		(10.80	)		146			1.24			1.24			(.08	)

Refer to the end of the tables for footnotes.

350      American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets3			Ratio of net income (loss) to average net assets
Growth Fund
Class 1:
12/31/2022	$	127.58	$	.58		$	(37.03	)	$	(36.45	)	$	(.53	)	$	(14.31	)	$	(14.84	)	$	76.29		(29.75	)%	$	13,660		.35	%		.64	%
12/31/2021		120.22		.46			24.29			24.75			(.58	)		(16.81	)		(17.39	)		127.58		22.30			19,783		.34			.37
12/31/2020		81.22		.43			41.28			41.71			(.53	)		(2.18	)		(2.71	)		120.22		52.45			15,644		.35			.46
12/31/2019		69.96		.83			19.63			20.46			(.76	)		(8.44	)		(9.20	)		81.22		31.11			10,841		.35			1.09
12/31/2018		77.85		.64			.25			.89			(.54	)		(8.24	)		(8.78	)		69.96		(.01	)		8,474		.34			.81
Class 1A:
12/31/2022		126.70		.39			(36.79	)		(36.40	)		(.38	)		(14.31	)		(14.69	)		75.61		(29.93	)		187		.60			.45
12/31/2021		119.59		.16			24.11			24.27			(.35	)		(16.81	)		(17.16	)		126.70		21.97			121		.59			.13
12/31/2020		80.92		.20			41.05			41.25			(.40	)		(2.18	)		(2.58	)		119.59		52.07			60		.60			.21
12/31/2019		69.77		.65			19.55			20.20			(.61	)		(8.44	)		(9.05	)		80.92		30.79			18		.60			.85
12/31/2018		77.74		.47			.24			.71			(.44	)		(8.24	)		(8.68	)		69.77		(.26	)		10		.59			.60
Class 2:
12/31/2022		126.28		.35			(36.62	)		(36.27	)		(.29	)		(14.31	)		(14.60	)		75.41		(29.94	)		14,452		.60			.38
12/31/2021		119.18		.15			24.03			24.18			(.27	)		(16.81	)		(17.08	)		126.28		21.97			21,986		.59			.12
12/31/2020		80.57		.19			40.89			41.08			(.29	)		(2.18	)		(2.47	)		119.18		52.10			20,594		.60			.21
12/31/2019		69.48		.63			19.47			20.10			(.57	)		(8.44	)		(9.01	)		80.57		30.77			15,885		.60			.83
12/31/2018		77.35		.44			.27			.71			(.34	)		(8.24	)		(8.58	)		69.48		(.25	)		13,701		.59			.55
Class 3:
12/31/2022		128.68		.42			(37.35	)		(36.93	)		(.35	)		(14.31	)		(14.66	)		77.09		(29.89	)		188		.53			.45
12/31/2021		121.13		.24			24.47			24.71			(.35	)		(16.81	)		(17.16	)		128.68		22.07			302		.52			.19
12/31/2020		81.84		.26			41.56			41.82			(.35	)		(2.18	)		(2.53	)		121.13		52.20			279		.53			.28
12/31/2019		70.44		.69			19.77			20.46			(.62	)		(8.44	)		(9.06	)		81.84		30.86			213		.53			.90
12/31/2018		78.32		.50			.26			.76			(.40	)		(8.24	)		(8.64	)		70.44		(.18	)		187		.52			.62
Class 4:
12/31/2022		123.79		.12			(35.87	)		(35.75	)		(.09	)		(14.31	)		(14.40	)		73.64		(30.11	)		2,409		.85			.14
12/31/2021		117.24		(.15	)		23.59			23.44			(.08	)		(16.81	)		(16.89	)		123.79		21.69			3,214		.84			(.13	)
12/31/2020		79.41		(.04	)		40.24			40.20			(.19	)		(2.18	)		(2.37	)		117.24		51.71			2,347		.85			(.04	)
12/31/2019		68.64		.44			19.19			19.63			(.42	)		(8.44	)		(8.86	)		79.41		30.44			1,513		.85			.59
12/31/2018		76.56		.24			.28			.52			(.20	)		(8.24	)		(8.44	)		68.64		(.50	)		1,076		.84			.31

Refer to the end of the tables for footnotes.

American Funds Insurance Series      351

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets3			Ratio of net income to average net assets
International Fund
Class 1:
12/31/2022	$	22.70	$	.34	$	(4.79	)	$	(4.45	)	$	(.34	)	$	(2.60	)	$	(2.94	)	$	15.31		(20.57	)%	$	3,157		.54	%		1.95	%
12/31/2021		23.64		.38		(.67	)		(.29	)		(.65	)		—			(.65	)		22.70		(1.23	)		4,747		.55			1.57
12/31/2020		20.86		.14		2.82			2.96			(.18	)		—			(.18	)		23.64		14.28			5,652		.55			.71
12/31/2019		17.66		.30		3.74			4.04			(.34	)		(.50	)		(.84	)		20.86		23.21			5,353		.54			1.54
12/31/2018		21.71		.34		(2.97	)		(2.63	)		(.40	)		(1.02	)		(1.42	)		17.66		(12.94	)		4,811		.53			1.62
Class 1A:
12/31/2022		22.61		.30		(4.78	)		(4.48	)		(.30	)		(2.60	)		(2.90	)		15.23		(20.80	)		10		.79			1.73
12/31/2021		23.55		.33		(.67	)		(.34	)		(.60	)		—			(.60	)		22.61		(1.47	)		12		.80			1.39
12/31/2020		20.80		.08		2.81			2.89			(.14	)		—			(.14	)		23.55		13.96			10		.80			.43
12/31/2019		17.62		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.80		22.90			7		.79			1.27
12/31/2018		21.67		.27		(2.93	)		(2.66	)		(.37	)		(1.02	)		(1.39	)		17.62		(13.11	)		5		.78			1.32
Class 2:
12/31/2022		22.60		.29		(4.76	)		(4.47	)		(.30	)		(2.60	)		(2.90	)		15.23		(20.79	)		3,164		.79			1.71
12/31/2021		23.54		.33		(.68	)		(.35	)		(.59	)		—			(.59	)		22.60		(1.49	)		4,190		.80			1.35
12/31/2020		20.78		.09		2.80			2.89			(.13	)		—			(.13	)		23.54		13.97			4,481		.80			.46
12/31/2019		17.60		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.78		22.88			4,311		.79			1.29
12/31/2018		21.63		.29		(2.95	)		(2.66	)		(.35	)		(1.02	)		(1.37	)		17.60		(13.13	)		3,875		.78			1.40
Class 3:
12/31/2022		22.76		.31		(4.81	)		(4.50	)		(.31	)		(2.60	)		(2.91	)		15.35		(20.76	)		16		.72			1.78
12/31/2021		23.69		.34		(.67	)		(.33	)		(.60	)		—			(.60	)		22.76		(1.39	)		21		.73			1.41
12/31/2020		20.92		.10		2.81			2.91			(.14	)		—			(.14	)		23.69		14.00			25		.73			.53
12/31/2019		17.70		.27		3.75			4.02			(.30	)		(.50	)		(.80	)		20.92		23.05			25		.72			1.37
12/31/2018		21.75		.31		(2.98	)		(2.67	)		(.36	)		(1.02	)		(1.38	)		17.70		(13.10	)		24		.71			1.48
Class 4:
12/31/2022		22.31		.25		(4.71	)		(4.46	)		(.26	)		(2.60	)		(2.86	)		14.99		(21.02	)		373		1.04			1.47
12/31/2021		23.25		.27		(.67	)		(.40	)		(.54	)		—			(.54	)		22.31		(1.71	)		459		1.05			1.13
12/31/2020		20.54		.04		2.76			2.80			(.09	)		—			(.09	)		23.25		13.66			423		1.05			.21
12/31/2019		17.40		.20		3.69			3.89			(.25	)		(.50	)		(.75	)		20.54		22.67			379		1.04			1.03
12/31/2018		21.42		.23		(2.93	)		(2.70	)		(.30	)		(1.02	)		(1.32	)		17.40		(13.41	)		295		1.03			1.13

Refer to the end of the tables for footnotes.

352      American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
New World Fund
Class 1:
12/31/2022	$	31.83	$	.37	$	(7.17	)	$	(6.80	)	$	(.39	)	$	(2.34	)	$	(2.73	)	$	22.30		(21.86	)%	$	1,610		.68	%		.57	%		1.48	%
12/31/2021		31.59		.29		1.38			1.67			(.36	)		(1.07	)		(1.43	)		31.83		5.16			2,443		.74			.56			.88
12/31/2020		25.84		.15		5.93			6.08			(.06	)		(.27	)		(.33	)		31.59		23.89			2,309		.76			.64			.58
12/31/2019		20.98		.28		5.79			6.07			(.29	)		(.92	)		(1.21	)		25.84		29.47			2,129		.76			.76			1.18
12/31/2018		25.30		.27		(3.65	)		(3.38	)		(.27	)		(.67	)		(.94	)		20.98		(13.83	)		1,702		.77			.77			1.11
Class 1A:
12/31/2022		31.70		.30		(7.15	)		(6.85	)		(.32	)		(2.34	)		(2.66	)		22.19		(22.09	)		9		.93			.82			1.24
12/31/2021		31.43		.17		1.41			1.58			(.24	)		(1.07	)		(1.31	)		31.70		4.90			12		.99			.81			.54
12/31/2020		25.74		.07		5.92			5.99			(.03	)		(.27	)		(.30	)		31.43		23.63			18		1.01			.87			.26
12/31/2019		20.92		.22		5.76			5.98			(.24	)		(.92	)		(1.16	)		25.74		29.11			4		1.01			1.01			.92
12/31/2018		25.25		.21		(3.64	)		(3.43	)		(.23	)		(.67	)		(.90	)		20.92		(14.02	)		2		1.02			1.02			.91
Class 2:
12/31/2022		31.48		.30		(7.10	)		(6.80	)		(.32	)		(2.34	)		(2.66	)		22.02		(22.10	)		764		.93			.82			1.24
12/31/2021		31.25		.20		1.38			1.58			(.28	)		(1.07	)		(1.35	)		31.48		4.92			1,086		.99			.81			.63
12/31/2020		25.59		.08		5.87			5.95			(.02	)		(.27	)		(.29	)		31.25		23.58			1,109		1.01			.89			.34
12/31/2019		20.79		.22		5.73			5.95			(.23	)		(.92	)		(1.15	)		25.59		29.15			981		1.01			1.01			.93
12/31/2018		25.07		.20		(3.61	)		(3.41	)		(.20	)		(.67	)		(.87	)		20.79		(14.04	)		843		1.02			1.02			.85
Class 4:
12/31/2022		31.24		.24		(7.03	)		(6.79	)		(.27	)		(2.34	)		(2.61	)		21.84		(22.25	)		701		1.18			1.07			.99
12/31/2021		31.04		.12		1.36			1.48			(.21	)		(1.07	)		(1.28	)		31.24		4.63			906		1.24			1.06			.38
12/31/2020		25.47		.02		5.83			5.85			(.01	)		(.27	)		(.28	)		31.04		23.29			807		1.26			1.14			.08
12/31/2019		20.71		.16		5.70			5.86			(.18	)		(.92	)		(1.10	)		25.47		28.82			646		1.26			1.26			.67
12/31/2018		24.99		.14		(3.59	)		(3.45	)		(.16	)		(.67	)		(.83	)		20.71		(14.25	)		464		1.27			1.27			.61

Refer to the end of the tables for footnotes.

American Funds Insurance Series      353

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Washington Mutual Investors Fund
Class 1:
12/31/2022	$	18.09	$	.31	$	(1.69	)	$	(1.38	)	$	(.30	)	$	(3.72	)	$	(4.02	)	$	12.69		(8.28	)%	$	5,507		.41	%		.26	%		2.13	%
12/31/2021		14.35		.29		3.73			4.02			(.28	)		—			(.28	)		18.09		28.12			6,766		.42			.31			1.79
12/31/2020		13.56		.25		.95			1.20			(.26	)		(.15	)		(.41	)		14.35		9.04			5,684		.43			.43			2.00
12/31/2019		12.38		.30		2.25			2.55			(.30	)		(1.07	)		(1.37	)		13.56		21.66			5,559		.42			.42			2.28
12/31/2018		14.96		.31		(1.44	)		(1.13	)		(.31	)		(1.14	)		(1.45	)		12.38		(8.45	)		4,810		.41			.41			2.13
Class 1A:
12/31/2022		17.96		.27		(1.67	)		(1.40	)		(.23	)		(3.72	)		(3.95	)		12.61		(8.45	)		64		.66			.51			1.76
12/31/2021		14.28		.27		3.67			3.94			(.26	)		—			(.26	)		17.96		27.70			169		.67			.53			1.62
12/31/2020		13.51		.23		.93			1.16			(.24	)		(.15	)		(.39	)		14.28		8.79			25		.67			.67			1.78
12/31/2019		12.35		.26		2.24			2.50			(.27	)		(1.07	)		(1.34	)		13.51		21.35			9		.67			.67			2.03
12/31/2018		14.94		.26		(1.42	)		(1.16	)		(.29	)		(1.14	)		(1.43	)		12.35		(8.67	)		3		.66			.66			1.84
Class 2:
12/31/2022		17.83		.26		(1.65	)		(1.39	)		(.26	)		(3.72	)		(3.98	)		12.46		(8.45	)		2,775		.66			.51			1.88
12/31/2021		14.15		.25		3.67			3.92			(.24	)		—			(.24	)		17.83		27.78			3,426		.67			.56			1.54
12/31/2020		13.39		.22		.91			1.13			(.22	)		(.15	)		(.37	)		14.15		8.68			3,082		.68			.68			1.75
12/31/2019		12.24		.26		2.22			2.48			(.26	)		(1.07	)		(1.33	)		13.39		21.38			3,093		.67			.67			2.03
12/31/2018		14.80		.27		(1.42	)		(1.15	)		(.27	)		(1.14	)		(1.41	)		12.24		(8.66	)		2,850		.66			.66			1.88
Class 4:
12/31/2022		17.71		.23		(1.64	)		(1.41	)		(.24	)		(3.72	)		(3.96	)		12.34		(8.69	)		1,098		.91			.77			1.64
12/31/2021		14.06		.21		3.65			3.86			(.21	)		—			(.21	)		17.71		27.51			1,104		.92			.81			1.30
12/31/2020		13.31		.19		.91			1.10			(.20	)		(.15	)		(.35	)		14.06		8.47			788		.93			.93			1.51
12/31/2019		12.19		.23		2.20			2.43			(.24	)		(1.07	)		(1.31	)		13.31		21.03			621		.92			.92			1.78
12/31/2018		14.77		.23		(1.42	)		(1.19	)		(.25	)		(1.14	)		(1.39	)		12.19		(8.92	)		368		.91			.91			1.62

Refer to the end of the tables for footnotes.

354      American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Capital World Growth and Income Fund
Class 1:
12/31/2022	$	18.42	$	.32	$	(3.28	)	$	(2.96	)	$	(.34	)	$	(3.45	)	$	(3.79	)	$	11.67		(17.13	)%	$	548		.57	%		.41	%		2.36	%
12/31/2021		16.67		.38		2.10			2.48			(.33	)		(.40	)		(.73	)		18.42		15.03			812		.63			.47			2.14
12/31/2020		15.92		.22		1.14			1.36			(.23	)		(.38	)		(.61	)		16.67		9.03			657		.66			.66			1.49
12/31/2019		13.02		.31		3.67			3.98			(.32	)		(.76	)		(1.08	)		15.92		31.39			625		.65			.65			2.08
12/31/2018		15.81		.29		(1.62	)		(1.33	)		(.28	)		(1.18	)		(1.46	)		13.02		(9.36	)		492		.63			.63			1.94
Class 1A:
12/31/2022		18.34		.28		(3.25	)		(2.97	)		(.31	)		(3.45	)		(3.76	)		11.61		(17.29	)		6		.82			.66			2.13
12/31/2021		16.62		.37		2.06			2.43			(.31	)		(.40	)		(.71	)		18.34		14.71			7		.88			.70			2.08
12/31/2020		15.88		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.62		8.78			2		.90			.90			1.23
12/31/2019		13.00		.26		3.68			3.94			(.30	)		(.76	)		(1.06	)		15.88		31.04			2		.90			.90			1.77
12/31/2018		15.81		.26		(1.63	)		(1.37	)		(.26	)		(1.18	)		(1.44	)		13.00		(9.62	)		1		.88			.88			1.74
Class 2:
12/31/2022		18.38		.28		(3.26	)		(2.98	)		(.31	)		(3.45	)		(3.76	)		11.64		(17.33	)		983		.82			.66			2.11
12/31/2021		16.63		.33		2.11			2.44			(.29	)		(.40	)		(.69	)		18.38		14.78			1,340		.88			.73			1.85
12/31/2020		15.89		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.63		8.73			1,349		.91			.91			1.23
12/31/2019		12.99		.27		3.68			3.95			(.29	)		(.76	)		(1.05	)		15.89		31.14			1,366		.90			.90			1.84
12/31/2018		15.78		.26		(1.63	)		(1.37	)		(.24	)		(1.18	)		(1.42	)		12.99		(9.63	)		1,228		.88			.88			1.70
Class 4:
12/31/2022		18.04		.24		(3.20	)		(2.96	)		(.28	)		(3.45	)		(3.73	)		11.35		(17.57	)		188		1.07			.91			1.86
12/31/2021		16.35		.29		2.06			2.35			(.26	)		(.40	)		(.66	)		18.04		14.46			225		1.13			.97			1.65
12/31/2020		15.63		.14		1.12			1.26			(.16	)		(.38	)		(.54	)		16.35		8.55			166		1.16			1.16			.97
12/31/2019		12.81		.23		3.61			3.84			(.26	)		(.76	)		(1.02	)		15.63		30.73			145		1.15			1.15			1.56
12/31/2018		15.60		.21		(1.60	)		(1.39	)		(.22	)		(1.18	)		(1.40	)		12.81		(9.89	)		95		1.13			1.13			1.43

Refer to the end of the tables for footnotes.

American Funds Insurance Series      355

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets3			Ratio of net income to average net assets
Growth-Income Fund
Class 1:
12/31/2022	$	67.35	$	.85	$	(11.50	)	$	(10.65	)	$	(.83	)	$	(5.66	)	$	(6.49	)	$	50.21		(16.28	)%	$	19,692		.29	%		1.54	%
12/31/2021		55.38		.79		12.64			13.43			(.86	)		(.60	)		(1.46	)		67.35		24.42			25,507		.29			1.28
12/31/2020		50.71		.75		6.02			6.77			(.80	)		(1.30	)		(2.10	)		55.38		13.81			22,903		.29			1.52
12/31/2019		45.39		1.00		10.40			11.40			(.92	)		(5.16	)		(6.08	)		50.71		26.46			21,057		.29			2.05
12/31/2018		50.22		.84		(1.25	)		(.41	)		(.84	)		(3.58	)		(4.42	)		45.39		(1.55	)		16,783		.28			1.65
Class 1A:
12/31/2022		67.02		.71		(11.44	)		(10.73	)		(.70	)		(5.66	)		(6.36	)		49.93		(16.48	)		28		.54			1.30
12/31/2021		55.16		.65		12.55			13.20			(.74	)		(.60	)		(1.34	)		67.02		24.08			32		.53			1.04
12/31/2020		50.54		.63		5.99			6.62			(.70	)		(1.30	)		(2.00	)		55.16		13.55			16		.54			1.28
12/31/2019		45.28		.89		10.36			11.25			(.83	)		(5.16	)		(5.99	)		50.54		26.14			11		.54			1.82
12/31/2018		50.15		.72		(1.25	)		(.53	)		(.76	)		(3.58	)		(4.34	)		45.28		(1.78	)		7		.53			1.43
Class 2:
12/31/2022		66.44		.70		(11.33	)		(10.63	)		(.69	)		(5.66	)		(6.35	)		49.46		(16.50	)		11,508		.54			1.29
12/31/2021		54.66		.63		12.45			13.08			(.70	)		(.60	)		(1.30	)		66.44		24.10			15,319		.54			1.03
12/31/2020		50.08		.62		5.93			6.55			(.67	)		(1.30	)		(1.97	)		54.66		13.54			14,012		.54			1.27
12/31/2019		44.90		.87		10.27			11.14			(.80	)		(5.16	)		(5.96	)		50.08		26.14			13,586		.53			1.80
12/31/2018		49.71		.71		(1.23	)		(.52	)		(.71	)		(3.58	)		(4.29	)		44.90		(1.79	)		12,035		.53			1.40
Class 3:
12/31/2022		67.48		.75		(11.51	)		(10.76	)		(.73	)		(5.66	)		(6.39	)		50.33		(16.43	)		125		.47			1.36
12/31/2021		55.49		.68		12.65			13.33			(.74	)		(.60	)		(1.34	)		67.48		24.18			166		.47			1.10
12/31/2020		50.81		.66		6.02			6.68			(.70	)		(1.30	)		(2.00	)		55.49		13.60			154		.47			1.34
12/31/2019		45.47		.91		10.43			11.34			(.84	)		(5.16	)		(6.00	)		50.81		26.24			156		.46			1.87
12/31/2018		50.29		.75		(1.25	)		(.50	)		(.74	)		(3.58	)		(4.32	)		45.47		(1.72	)		140		.46			1.47
Class 4:
12/31/2022		65.57		.56		(11.18	)		(10.62	)		(.57	)		(5.66	)		(6.23	)		48.72		(16.70	)		1,630		.79			1.05
12/31/2021		53.99		.48		12.28			12.76			(.58	)		(.60	)		(1.18	)		65.57		23.80			1,928		.79			.79
12/31/2020		49.52		.49		5.85			6.34			(.57	)		(1.30	)		(1.87	)		53.99		13.25			1,407		.79			1.02
12/31/2019		44.47		.74		10.18			10.92			(.71	)		(5.16	)		(5.87	)		49.52		25.86			1,216		.79			1.56
12/31/2018		49.31		.58		(1.23	)		(.65	)		(.61	)		(3.58	)		(4.19	)		44.47		(2.05	)		899		.78			1.15

Refer to the end of the tables for footnotes.

356      American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
International Growth and Income Fund
Class 1:
12/31/2022	$	19.62	$	.39	$	(3.09	)	$	(2.70	)	$	(.28	)	$	(7.70	)	$	(7.98	)	$	8.94		(15.00	)%	$	13		.64	%		.54	%		3.29	%
12/31/2021		19.01		.54		.53			1.07			(.46	)		—			(.46	)		19.62		5.64			30		.67			.67			2.70
12/31/2020		18.18		.27		.85			1.12			(.29	)		—			(.29	)		19.01		6.24			1,120		.68			.68			1.70
12/31/2019		15.35		.46		3.03			3.49			(.47	)		(.19	)		(.66	)		18.18		23.06			1,140		.66			.66			2.73
12/31/2018		17.72		.45		(2.39	)		(1.94	)		(.43	)		—			(.43	)		15.35		(11.00	)		1,034		.65			.65			2.62
Class 1A:
12/31/2022		19.39		.35		(3.05	)		(2.70	)		(.29	)		(7.70	)		(7.99	)		8.70		(15.31	)		5		.88			.79			3.15
12/31/2021		18.97		.50		.52			1.02			(.60	)		—			(.60	)		19.39		5.39			6		.94			.92			2.50
12/31/2020		18.15		.22		.85			1.07			(.25	)		—			(.25	)		18.97		5.98			3		.93			.93			1.38
12/31/2019		15.33		.41		3.04			3.45			(.44	)		(.19	)		(.63	)		18.15		22.76			2		.91			.91			2.41
12/31/2018		17.70		.41		(2.39	)		(1.98	)		(.39	)		—			(.39	)		15.33		(11.24	)		2		.90			.90			2.35
Class 2:
12/31/2022		19.38		.36		(3.05	)		(2.69	)		(.29	)		(7.70	)		(7.99	)		8.70		(15.25	)		162		.88			.78			3.24
12/31/2021		18.95		.48		.53			1.01			(.58	)		—			(.58	)		19.38		5.37			211		.93			.92			2.44
12/31/2020		18.12		.23		.85			1.08			(.25	)		—			(.25	)		18.95		6.01			221		.93			.93			1.43
12/31/2019		15.30		.42		3.02			3.44			(.43	)		(.19	)		(.62	)		18.12		22.76			257		.91			.91			2.49
12/31/2018		17.66		.41		(2.38	)		(1.97	)		(.39	)		—			(.39	)		15.30		(11.23	)		230		.90			.90			2.38
Class 4:
12/31/2022		19.23		.33		(3.04	)		(2.71	)		(.26	)		(7.70	)		(7.96	)		8.56		(15.52	)		121		1.13			1.04			3.01
12/31/2021		18.82		.44		.51			.95			(.54	)		—			(.54	)		19.23		5.09			132		1.18			1.17			2.21
12/31/2020		18.01		.19		.83			1.02			(.21	)		—			(.21	)		18.82		5.73			112		1.18			1.18			1.19
12/31/2019		15.22		.37		3.01			3.38			(.40	)		(.19	)		(.59	)		18.01		22.47			101		1.16			1.16			2.18
12/31/2018		17.58		.36		(2.36	)		(2.00	)		(.36	)		—			(.36	)		15.22		(11.46	)		71		1.15			1.15			2.10

Refer to the end of the tables for footnotes.

American Funds Insurance Series      357

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Capital Income Builder
Class 1:
12/31/2022	$	12.17	$	.37	$	(1.21	)	$	(.84	)	$	(.34	)	$	—		$	(.34	)	$	10.99		(6.90	)%	$	586		.44	%		.26	%		3.31	%
12/31/2021		10.87		.37		1.28			1.65			(.35	)		—			(.35	)		12.17		15.31			563		.53			.27			3.19
12/31/2020		10.73		.31		.15			.46			(.32	)		—			(.32	)		10.87		4.64			621		.53			.35			3.07
12/31/2019		9.37		.32		1.36			1.68			(.32	)		—			(.32	)		10.73		18.16			533		.53			.53			3.17
12/31/2018		10.40		.31		(1.00	)		(.69	)		(.32	)		(.02	)		(.34	)		9.37		(6.77	)		317		.54			.54			3.08
Class 1A:
12/31/2022		12.15		.34		(1.19	)		(.85	)		(.32	)		—			(.32	)		10.98		(7.06	)		10		.69			.52			3.06
12/31/2021		10.86		.34		1.27			1.61			(.32	)		—			(.32	)		12.15		14.95			10		.78			.52			2.94
12/31/2020		10.72		.28		.16			.44			(.30	)		—			(.30	)		10.86		4.38			6		.78			.60			2.81
12/31/2019		9.36		.29		1.37			1.66			(.30	)		—			(.30	)		10.72		17.90			6		.78			.78			2.84
12/31/2018		10.39		.28		(.99	)		(.71	)		(.30	)		(.02	)		(.32	)		9.36		(7.01	)		2		.79			.79			2.82
Class 2:
12/31/2022		12.16		.34		(1.20	)		(.86	)		(.32	)		—			(.32	)		10.98		(7.13	)		13		.69			.51			3.06
12/31/2021		10.87		.34		1.27			1.61			(.32	)		—			(.32	)		12.16		14.94			13		.78			.52			2.93
12/31/2020		10.72		.29		.16			.45			(.30	)		—			(.30	)		10.87		4.48			8		.78			.60			2.83
12/31/2019		9.36		.30		1.35			1.65			(.29	)		—			(.29	)		10.72		17.89			6		.78			.78			2.91
12/31/2018		10.40		.28		(1.00	)		(.72	)		(.30	)		(.02	)		(.32	)		9.36		(7.08	)		4		.79			.79			2.83
Class 4:
12/31/2022		12.14		.31		(1.20	)		(.89	)		(.29	)		—			(.29	)		10.96		(7.37	)		530		.94			.76			2.81
12/31/2021		10.85		.31		1.27			1.58			(.29	)		—			(.29	)		12.14		14.68			559		1.03			.77			2.69
12/31/2020		10.71		.26		.15			.41			(.27	)		—			(.27	)		10.85		4.11			462		1.03			.85			2.55
12/31/2019		9.35		.27		1.36			1.63			(.27	)		—			(.27	)		10.71		17.62			454		1.03			1.03			2.68
12/31/2018		10.38		.26		(1.00	)		(.74	)		(.27	)		(.02	)		(.29	)		9.35		(7.25	)		352		1.04			1.04			2.58

Refer to the end of the tables for footnotes.

358      American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets3			Ratio of net income to average net assets
Asset Allocation Fund
Class 1:
12/31/2022	$	29.08	$	.52	$	(4.24	)	$	(3.72	)	$	(.51	)	$	(2.65	)	$	(3.16	)	$	22.20		(13.19	)%	$	15,138		.30	%		2.15	%
12/31/2021		26.50		.48		3.54			4.02			(.50	)		(.94	)		(1.44	)		29.08		15.40			18,836		.30			1.71
12/31/2020		24.05		.43		2.59			3.02			(.46	)		(.11	)		(.57	)		26.50		12.71			19,238		.30			1.80
12/31/2019		21.29		.51		3.94			4.45			(.50	)		(1.19	)		(1.69	)		24.05		21.54			17,730		.29			2.21
12/31/2018		23.71		.48		(1.43	)		(.95	)		(.44	)		(1.03	)		(1.47	)		21.29		(4.35	)		14,627		.28			2.04
Class 1A:
12/31/2022		28.97		.46		(4.22	)		(3.76	)		(.46	)		(2.65	)		(3.11	)		22.10		(13.43	)		27		.55			1.95
12/31/2021		26.42		.42		3.52			3.94			(.45	)		(.94	)		(1.39	)		28.97		15.13			24		.55			1.49
12/31/2020		23.99		.37		2.58			2.95			(.41	)		(.11	)		(.52	)		26.42		12.43			14		.55			1.56
12/31/2019		21.26		.45		3.92			4.37			(.45	)		(1.19	)		(1.64	)		23.99		21.19			11		.54			1.95
12/31/2018		23.69		.42		(1.42	)		(1.00	)		(.40	)		(1.03	)		(1.43	)		21.26		(4.58	)		7		.53			1.82
Class 2:
12/31/2022		28.74		.46		(4.19	)		(3.73	)		(.45	)		(2.65	)		(3.10	)		21.91		(13.41	)		4,228		.55			1.90
12/31/2021		26.21		.41		3.49			3.90			(.43	)		(.94	)		(1.37	)		28.74		15.10			5,473		.55			1.46
12/31/2020		23.79		.37		2.56			2.93			(.40	)		(.11	)		(.51	)		26.21		12.46			5,242		.55			1.55
12/31/2019		21.08		.45		3.89			4.34			(.44	)		(1.19	)		(1.63	)		23.79		21.23			5,154		.54			1.96
12/31/2018		23.49		.41		(1.41	)		(1.00	)		(.38	)		(1.03	)		(1.41	)		21.08		(4.60	)		4,668		.53			1.78
Class 3:
12/31/2022		29.12		.48		(4.25	)		(3.77	)		(.47	)		(2.65	)		(3.12	)		22.23		(13.37	)		28		.48			1.97
12/31/2021		26.53		.43		3.55			3.98			(.45	)		(.94	)		(1.39	)		29.12		15.22			36		.48			1.53
12/31/2020		24.08		.39		2.59			2.98			(.42	)		(.11	)		(.53	)		26.53		12.50			33		.48			1.62
12/31/2019		21.32		.47		3.93			4.40			(.45	)		(1.19	)		(1.64	)		24.08		21.30			32		.47			2.02
12/31/2018		23.73		.43		(1.41	)		(.98	)		(.40	)		(1.03	)		(1.43	)		21.32		(4.49	)		29		.46			1.85
Class 4:
12/31/2022		28.56		.39		(4.16	)		(3.77	)		(.39	)		(2.65	)		(3.04	)		21.75		(13.66	)		5,380		.80			1.66
12/31/2021		26.06		.34		3.47			3.81			(.37	)		(.94	)		(1.31	)		28.56		14.84			6,337		.80			1.22
12/31/2020		23.67		.31		2.54			2.85			(.35	)		(.11	)		(.46	)		26.06		12.16			5,131		.80			1.30
12/31/2019		20.99		.39		3.87			4.26			(.39	)		(1.19	)		(1.58	)		23.67		20.92			4,493		.79			1.71
12/31/2018		23.40		.35		(1.40	)		(1.05	)		(.33	)		(1.03	)		(1.36	)		20.99		(4.83	)		3,594		.78			1.54

Refer to the end of the tables for footnotes.

American Funds Insurance Series      359

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
American Funds Global Balanced Fund
Class 1:
12/31/2022	$	14.73	$	.26	$	(2.37	)	$	(2.11	)	$	—		$	(.07	)	$	(.07	)	$	12.55		(14.33	)%	$	96		.59	%		.58	%		1.99	%
12/31/2021		14.19		.18		1.37			1.55			(.19	)		(.82	)		(1.01	)		14.73		11.05			120		.73			.73			1.24
12/31/2020		13.51		.17		1.24			1.41			(.19	)		(.54	)		(.73	)		14.19		10.53			139		.72			.72			1.29
12/31/2019		11.67		.24		2.17			2.41			(.20	)		(.37	)		(.57	)		13.51		20.79			134		.72			.72			1.88
12/31/2018		12.75		.23		(.96	)		(.73	)		(.20	)		(.15	)		(.35	)		11.67		(5.81	)		110		.72			.72			1.82
Class 1A:
12/31/2022		14.70		.22		(2.36	)		(2.14	)		—			(.07	)		(.07	)		12.49		(14.56	)		3		.84			.84			1.71
12/31/2021		14.16		.15		1.36			1.51			(.15	)		(.82	)		(.97	)		14.70		10.83			4		.98			.98			1.02
12/31/2020		13.49		.14		1.23			1.37			(.16	)		(.54	)		(.70	)		14.16		10.25			3		.97			.97			1.03
12/31/2019		11.65		.21		2.17			2.38			(.17	)		(.37	)		(.54	)		13.49		20.54			2		.97			.97			1.63
12/31/2018		12.74		.18		(.94	)		(.76	)		(.18	)		(.15	)		(.33	)		11.65		(6.03	)		2		.98			.98			1.44
Class 2:
12/31/2022		14.70		.22		(2.36	)		(2.14	)		—			(.07	)		(.07	)		12.49		(14.56	)		158		.84			.83			1.73
12/31/2021		14.16		.15		1.36			1.51			(.15	)		(.82	)		(.97	)		14.70		10.79			208		.98			.98			1.01
12/31/2020		13.48		.14		1.23			1.37			(.15	)		(.54	)		(.69	)		14.16		10.30			208		.97			.97			1.03
12/31/2019		11.65		.21		2.16			2.37			(.17	)		(.37	)		(.54	)		13.48		20.44			207		.97			.97			1.64
12/31/2018		12.72		.20		(.96	)		(.76	)		(.16	)		(.15	)		(.31	)		11.65		(6.01	)		185		.97			.97			1.57
Class 4:
12/31/2022		14.53		.19		(2.33	)		(2.14	)		—			(.07	)		(.07	)		12.32		(14.73	)		111		1.09			1.08			1.49
12/31/2021		14.02		.11		1.34			1.45			(.12	)		(.82	)		(.94	)		14.53		10.46			135		1.23			1.23			.77
12/31/2020		13.36		.10		1.22			1.32			(.12	)		(.54	)		(.66	)		14.02		10.00			105		1.22			1.22			.78
12/31/2019		11.55		.18		2.14			2.32			(.14	)		(.37	)		(.51	)		13.36		20.21			94		1.22			1.22			1.37
12/31/2018		12.63		.17		(.96	)		(.79	)		(.14	)		(.15	)		(.29	)		11.55		(6.31	)		69		1.22			1.22			1.34

Refer to the end of the tables for footnotes.

360      American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
The Bond Fund of America
Class 1:
12/31/2022	$	11.21	$	.31	$	(1.67	)	$	(1.36	)	$	(.32	)	$	(.12	)	$	(.44	)	$	9.41		(12.26	)%	$	6,370		.39	%		.20	%		3.09	%
12/31/2021		11.89		.21		(.23	)		(.02	)		(.19	)		(.47	)		(.66	)		11.21		(.14	)		8,555		.39			.26			1.84
12/31/2020		11.17		.23		.87			1.10			(.27	)		(.11	)		(.38	)		11.89		9.96			6,844		.40			.40			2.00
12/31/2019		10.47		.30		.71			1.01			(.31	)		—			(.31	)		11.17		9.70			6,481		.39			.39			2.76
12/31/2018		10.82		.29		(.35	)		(.06	)		(.28	)		(.01	)		(.29	)		10.47		(.45	)		5,962		.38			.38			2.70
Class 1A:
12/31/2022		11.16		.31		(1.69	)		(1.38	)		(.31	)		(.12	)		(.43	)		9.35		(12.49	)		220		.64			.45			3.15
12/31/2021		11.84		.18		(.23	)		(.05	)		(.16	)		(.47	)		(.63	)		11.16		(.36	)		12		.64			.51			1.59
12/31/2020		11.13		.20		.87			1.07			(.25	)		(.11	)		(.36	)		11.84		9.68			9		.65			.65			1.74
12/31/2019		10.45		.27		.71			.98			(.30	)		—			(.30	)		11.13		9.36			7		.64			.64			2.48
12/31/2018		10.80		.26		(.33	)		(.07	)		(.27	)		(.01	)		(.28	)		10.45		(.60	)		3		.63			.63			2.50
Class 2:
12/31/2022		11.06		.28		(1.66	)		(1.38	)		(.29	)		(.12	)		(.41	)		9.27		(12.58	)		2,844		.64			.45			2.84
12/31/2021		11.73		.18		(.22	)		(.04	)		(.16	)		(.47	)		(.63	)		11.06		(.31	)		3,729		.64			.52			1.57
12/31/2020		11.02		.20		.86			1.06			(.24	)		(.11	)		(.35	)		11.73		9.73			3,840		.65			.65			1.75
12/31/2019		10.34		.27		.70			.97			(.29	)		—			(.29	)		11.02		9.36			3,561		.64			.64			2.51
12/31/2018		10.69		.26		(.34	)		(.08	)		(.26	)		(.01	)		(.27	)		10.34		(.71	)		3,524		.63			.63			2.45
Class 4:
12/31/2022		11.01		.26		(1.65	)		(1.39	)		(.27	)		(.12	)		(.39	)		9.23		(12.75	)		787		.89			.70			2.61
12/31/2021		11.69		.15		(.22	)		(.07	)		(.14	)		(.47	)		(.61	)		11.01		(.59	)		891		.89			.76			1.34
12/31/2020		11.00		.17		.85			1.02			(.22	)		(.11	)		(.33	)		11.69		9.38			714		.90			.90			1.48
12/31/2019		10.33		.24		.70			.94			(.27	)		—			(.27	)		11.00		9.08			502		.89			.89			2.25
12/31/2018		10.68		.23		(.33	)		(.10	)		(.24	)		(.01	)		(.25	)		10.33		(.89	)		366		.88			.88			2.22

Refer to the end of the tables for footnotes.

American Funds Insurance Series      361

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Capital World Bond Fund
Class 1:
12/31/2022	$	11.79	$	.25	$	(2.30	)	$	(2.05	)	$	(.03	)	$	(.16	)	$	(.19	)	$	9.55		(17.43	)%	$	663		.51	%		.48	%		2.43	%
12/31/2021		12.94		.25		(.85	)		(.60	)		(.24	)		(.31	)		(.55	)		11.79		(4.73	)		988		.60			.50			2.06
12/31/2020		12.12		.26		.95			1.21			(.18	)		(.21	)		(.39	)		12.94		10.17			1,219		.59			.52			2.08
12/31/2019		11.42		.31		.61			.92			(.22	)		—			(.22	)		12.12		8.08			1,077		.58			.58			2.60
12/31/2018		11.88		.30		(.44	)		(.14	)		(.28	)		(.04	)		(.32	)		11.42		(1.14	)		1,015		.57			.57			2.56
Class 1A:
12/31/2022		11.76		.22		(2.30	)		(2.08	)		(.02	)		(.16	)		(.18	)		9.50		(17.69	)		1		.76			.73			2.19
12/31/2021		12.91		.23		(.85	)		(.62	)		(.22	)		(.31	)		(.53	)		11.76		(4.88	)		1		.85			.75			1.85
12/31/2020		12.10		.23		.95			1.18			(.16	)		(.21	)		(.37	)		12.91		9.89			1		.83			.76			1.83
12/31/2019		11.41		.28		.60			.88			(.19	)		—			(.19	)		12.10		7.75			1		.83			.83			2.35
12/31/2018		11.87		.27		(.43	)		(.16	)		(.26	)		(.04	)		(.30	)		11.41		(1.29	)		1		.82			.82			2.36
Class 2:
12/31/2022		11.70		.22		(2.29	)		(2.07	)		(.02	)		(.16	)		(.18	)		9.45		(17.70	)		765		.76			.73			2.18
12/31/2021		12.84		.22		(.84	)		(.62	)		(.21	)		(.31	)		(.52	)		11.70		(4.92	)		1,030		.85			.75			1.82
12/31/2020		12.03		.22		.95			1.17			(.15	)		(.21	)		(.36	)		12.84		9.90			1,058		.84			.77			1.83
12/31/2019		11.34		.28		.60			.88			(.19	)		—			(.19	)		12.03		7.77			1,002		.83			.83			2.35
12/31/2018		11.79		.27		(.43	)		(.16	)		(.25	)		(.04	)		(.29	)		11.34		(1.33	)		1,032		.82			.82			2.32
Class 4:
12/31/2022		11.57		.19		(2.25	)		(2.06	)		(.02	)		(.16	)		(.18	)		9.33		(17.84	)		53		1.01			.98			1.94
12/31/2021		12.71		.19		(.84	)		(.65	)		(.18	)		(.31	)		(.49	)		11.57		(5.18	)		66		1.10			1.00			1.57
12/31/2020		11.92		.19		.94			1.13			(.13	)		(.21	)		(.34	)		12.71		9.62			61		1.09			1.02			1.58
12/31/2019		11.24		.24		.60			.84			(.16	)		—			(.16	)		11.92		7.54			49		1.08			1.08			2.09
12/31/2018		11.70		.24		(.43	)		(.19	)		(.23	)		(.04	)		(.27	)		11.24		(1.61	)		40		1.07			1.07			2.09

Refer to the end of the tables for footnotes.

362      American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
American High-Income Trust
Class 1:
12/31/2022	$	10.19	$	.56	$	(1.47	)	$	(.91	)	$	(.75	)	$	—	$	(.75	)	$	8.53		(9.01	)%	$	224		.47	%		.32	%		5.95	%
12/31/2021		9.80		.51		.34			.85			(.46	)		—		(.46	)		10.19		8.74			278		.53			.37			4.95
12/31/2020		9.87		.61		.17			.78			(.85	)		—		(.85	)		9.80		8.21			123		.52			.52			6.46
12/31/2019		9.34		.67		.52			1.19			(.66	)		—		(.66	)		9.87		12.85			525		.51			.51			6.71
12/31/2018		10.19		.64		(.84	)		(.20	)		(.65	)		—		(.65	)		9.34		(2.15	)		501		.50			.50			6.32
Class 1A:
12/31/2022		10.16		.53		(1.46	)		(.93	)		(.72	)		—		(.72	)		8.51		(9.29	)		1		.72			.57			5.70
12/31/2021		9.78		.49		.33			.82			(.44	)		—		(.44	)		10.16		8.42			1		.78			.64			4.75
12/31/2020		9.86		.56		.20			.76			(.84	)		—		(.84	)		9.78		7.94			1		.78			.78			5.85
12/31/2019		9.33		.65		.51			1.16			(.63	)		—		(.63	)		9.86		12.61			1		.75			.75			6.47
12/31/2018		10.18		.62		(.84	)		(.22	)		(.63	)		—		(.63	)		9.33		(2.35	)		1		.75			.75			6.11
Class 2:
12/31/2022		9.98		.52		(1.43	)		(.91	)		(.72	)		—		(.72	)		8.35		(9.26	)		521		.72			.57			5.68
12/31/2021		9.61		.48		.33			.81			(.44	)		—		(.44	)		9.98		8.42			673		.78			.65			4.80
12/31/2020		9.70		.55		.19			.74			(.83	)		—		(.83	)		9.61		7.94			665		.78			.78			5.88
12/31/2019		9.19		.64		.50			1.14			(.63	)		—		(.63	)		9.70		12.55			667		.76			.76			6.45
12/31/2018		10.03		.61		(.83	)		(.22	)		(.62	)		—		(.62	)		9.19		(2.34	)		661		.75			.75			6.07
Class 3:
12/31/2022		10.24		.54		(1.47	)		(.93	)		(.73	)		—		(.73	)		8.58		(9.25	)		9		.65			.50			5.76
12/31/2021		9.84		.50		.34			.84			(.44	)		—		(.44	)		10.24		8.60			10		.71			.58			4.86
12/31/2020		9.92		.57		.19			.76			(.84	)		—		(.84	)		9.84		7.93			10		.71			.71			5.94
12/31/2019		9.38		.66		.52			1.18			(.64	)		—		(.64	)		9.92		12.70			10		.69			.69			6.52
12/31/2018		10.23		.63		(.85	)		(.22	)		(.63	)		—		(.63	)		9.38		(2.33	)		10		.68			.68			6.14
Class 4:
12/31/2022		10.99		.55		(1.58	)		(1.03	)		(.70	)		—		(.70	)		9.26		(9.53	)		77		.97			.82			5.44
12/31/2021		10.54		.50		.36			.86			(.41	)		—		(.41	)		10.99		8.18			90		1.03			.89			4.52
12/31/2020		10.56		.57		.22			.79			(.81	)		—		(.81	)		10.54		7.74			69		1.03			1.03			5.58
12/31/2019		9.96		.67		.54			1.21			(.61	)		—		(.61	)		10.56		12.27			63		1.01			1.01			6.21
12/31/2018		10.82		.63		(.90	)		(.27	)		(.59	)		—		(.59	)		9.96		(2.64	)		31		1.00			1.00			5.83

Refer to the end of the tables for footnotes.

American Funds Insurance Series      363

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers2			Ratio of net income to average net assets2
American Funds Mortgage Fund
Class 1:
12/31/2022	$	10.63	$	.07	$	(1.10	)	$	(1.03	)	$	(.15	)	$	—		$	(.15	)	$	9.45		(9.76	)%	$	1		.45	%		.25	%		.70	%
12/31/2021		11.11		.06		(.09	)		(.03	)		(.08	)		(.37	)		(.45	)		10.63		(.32	)		231		.49			.29			.58
12/31/2020		10.56		.10		.64			.74			(.17	)		(.02	)		(.19	)		11.11		6.98			224		.48			.36			.93
12/31/2019		10.30		.24		.30			.54			(.28	)		—			(.28	)		10.56		5.30			210		.47			.47			2.26
12/31/2018		10.47		.20		(.14	)		.06			(.23	)		—			(.23	)		10.30		.58			209		.48			.48			1.97
Class 1A:
12/31/2022		10.59		.19		(1.24	)		(1.05	)		(.20	)		—			(.20	)		9.34		(10.03	)		2		.69			.54			1.91
12/31/2021		11.08		.04		(.10	)		(.06	)		(.06	)		(.37	)		(.43	)		10.59		(.47	)		2		.74			.54			.33
12/31/2020		10.55		.07		.63			.70			(.15	)		(.02	)		(.17	)		11.08		6.63			1		.73			.59			.61
12/31/2019		10.28		.22		.30			.52			(.25	)		—			(.25	)		10.55		5.09			1		.71			.71			2.04
12/31/2018		10.46		.18		(.14	)		.04			(.22	)		—			(.22	)		10.28		.36			1		.73			.73			1.77
Class 2:
12/31/2022		10.61		.18		(1.23	)		(1.05	)		(.20	)		—			(.20	)		9.36		(9.94	)		46		.69			.54			1.87
12/31/2021		11.09		.04		(.10	)		(.06	)		(.05	)		(.37	)		(.42	)		10.61		(.57	)		58		.74			.54			.33
12/31/2020		10.54		.08		.63			.71			(.14	)		(.02	)		(.16	)		11.09		6.72			58		.73			.60			.68
12/31/2019		10.28		.21		.31			.52			(.26	)		—			(.26	)		10.54		5.04			56		.72			.72			2.01
12/31/2018		10.45		.18		(.15	)		.03			(.20	)		—			(.20	)		10.28		.32			57		.73			.73			1.72
Class 4:
12/31/2022		10.49		.16		(1.22	)		(1.06	)		(.18	)		—			(.18	)		9.25		(10.16	)		40		.94			.79			1.66
12/31/2021		10.97		.01		(.09	)		(.08	)		(.03	)		(.37	)		(.40	)		10.49		(.78	)		43		.99			.79			.08
12/31/2020		10.44		.04		.63			.67			(.12	)		(.02	)		(.14	)		10.97		6.38			37		.98			.85			.41
12/31/2019		10.19		.18		.31			.49			(.24	)		—			(.24	)		10.44		4.80			28		.97			.97			1.71
12/31/2018		10.38		.15		(.15	)		—	4		(.19	)		—			(.19	)		10.19		.07			24		.98			.98			1.49

Refer to the end of the tables for footnotes.

364      American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return			Net assets, end of year (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Ultra-Short Bond Fund
Class 1:
12/31/2022	$	11.27	$	.17		$	(.01	)	$	.16		$	(.08	)	$	—	$	(.08	)	$	11.35		1.42	%	$	51			.32	%		1.48	%
12/31/2021		11.31		(.03	)		(.01	)		(.04	)		—			—		—			11.27		(.35	)		37			.37			(.28	)
12/31/2020		11.30		.02			.02			.04			(.03	)		—		(.03	)		11.31		.34			44			.37			.16
12/31/2019		11.31		.22			—	4		.22			(.23	)		—		(.23	)		11.30		1.92			30			.36			1.92
12/31/2018		11.29		.18			—	4		.18			(.16	)		—		(.16	)		11.31		1.58			37			.35			1.60
Class 1A:
12/31/2022		11.28		.16			(.01	)		.15			(.08	)		—		(.08	)		11.35		1.32			—	6		.31			1.40
12/31/2021		11.31		(.03	)		—	4		(.03	)		—			—		—			11.28		(.27	)		—	6		.36			(.28	)
12/31/2020		11.30		.03			.01			.04			(.03	)		—		(.03	)		11.31		.32			—	6		.35			.26
12/31/2019		11.31		.22			—	4		.22			(.23	)		—		(.23	)		11.30		1.92			—	6		.37			1.90
12/31/2018		11.29		.18			—	4		.18			(.16	)		—		(.16	)		11.31		1.58			—	6		.35			1.60
Class 2:
12/31/2022		10.93		.13			—	4		.13			(.06	)		—		(.06	)		11.00		1.17			297			.57			1.23
12/31/2021		10.99		(.06	)		—	4		(.06	)		—			—		—			10.93		(.55	)		245			.62			(.53	)
12/31/2020		11.01		—	4		—	4		—	4		(.02	)		—		(.02	)		10.99		.03			288			.62			(.05	)
12/31/2019		11.03		.18			—	4		.18			(.20	)		—		(.20	)		11.01		1.62			230			.61			1.66
12/31/2018		11.01		.15			—	4		.15			(.13	)		—		(.13	)		11.03		1.36			247			.60			1.34
Class 3:
12/31/2022		11.07		.13			—	4		.13			(.06	)		—		(.06	)		11.14		1.19			4			.50			1.19
12/31/2021		11.12		(.05	)		—	4		(.05	)		—			—		—			11.07		(.45	)		5			.55			(.46	)
12/31/2020		11.13		—	4		.02			.02			(.03	)		—		(.03	)		11.12		.13			4			.55			.03
12/31/2019		11.14		.20			—	4		.20			(.21	)		—		(.21	)		11.13		1.76			3			.54			1.74
12/31/2018		11.12		.16			(.01	)		.15			(.13	)		—		(.13	)		11.14		1.38			4			.53			1.42
Class 4:
12/31/2022		11.00		.12			(.03	)		.09			(.04	)		—		(.04	)		11.05		.83			80			.82			1.05
12/31/2021		11.08		(.09	)		.01			(.08	)		—			—		—			11.00		(.72	)		46			.87			(.79	)
12/31/2020		11.13		(.04	)		.01			(.03	)		(.02	)		—		(.02	)		11.08		(.25	)		40			.87			(.35	)
12/31/2019		11.15		.16			—	4		.16			(.18	)		—		(.18	)		11.13		1.40			22			.86			1.40
12/31/2018		11.13		.12			.01			.13			(.11	)		—		(.11	)		11.15		1.14			18			.86			1.11

Refer to the end of the tables for footnotes.

American Funds Insurance Series      365

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		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 year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers2			Ratio of net income to average net assets2
U.S. Government Securities Fund
Class 1:
12/31/2022	$	11.67	$	.32	$	(1.56	)	$	(1.24	)	$	(.44	)	$	—		$	(.44	)	$	9.99		(10.75	)%	$	242		.36	%		.22	%		2.90	%
12/31/2021		13.04		.18		(.26	)		(.08	)		(.18	)		(1.11	)		(1.29	)		11.67		(.44	)		522		.39			.29			1.50
12/31/2020		12.34		.16		1.07			1.23			(.26	)		(.27	)		(.53	)		13.04		10.09			429		.38			.38			1.21
12/31/2019		11.94		.25		.43			.68			(.28	)		—			(.28	)		12.34		5.69			1,418		.37			.37			2.07
12/31/2018		12.08		.24		(.13	)		.11			(.25	)		—			(.25	)		11.94		.91			1,445		.36			.36			2.02
Class 1A:
12/31/2022		11.63		.29		(1.55	)		(1.26	)		(.41	)		—			(.41	)		9.96		(10.93	)		4		.60			.47			2.70
12/31/2021		13.00		.16		(.26	)		(.10	)		(.16	)		(1.11	)		(1.27	)		11.63		(.65	)		5		.64			.53			1.28
12/31/2020		12.32		.09		1.10			1.19			(.24	)		(.27	)		(.51	)		13.00		9.75			4		.64			.64			.69
12/31/2019		11.93		.22		.43			.65			(.26	)		—			(.26	)		12.32		5.42			2		.62			.62			1.82
12/31/2018		12.08		.22		(.14	)		.08			(.23	)		—			(.23	)		11.93		.70			1		.61			.61			1.82
Class 2:
12/31/2022		11.53		.29		(1.54	)		(1.25	)		(.41	)		—			(.41	)		9.87		(10.95	)		1,059		.61			.47			2.69
12/31/2021		12.89		.15		(.25	)		(.10	)		(.15	)		(1.11	)		(1.26	)		11.53		(.62	)		1,391		.64			.54			1.24
12/31/2020		12.21		.09		1.10			1.19			(.24	)		(.27	)		(.51	)		12.89		9.80			1,439		.64			.64			.73
12/31/2019		11.82		.22		.42			.64			(.25	)		—			(.25	)		12.21		5.31			1,343		.62			.62			1.82
12/31/2018		11.96		.21		(.14	)		.07			(.21	)		—			(.21	)		11.82		.73			1,323		.61			.61			1.77
Class 3:
12/31/2022		11.70		.30		(1.57	)		(1.27	)		(.41	)		—			(.41	)		10.02		(10.90	)		6		.54			.40			2.76
12/31/2021		13.07		.16		(.26	)		(.10	)		(.16	)		(1.11	)		(1.27	)		11.70		(.62	)		9		.57			.47			1.31
12/31/2020		12.37		.10		1.12			1.22			(.25	)		(.27	)		(.52	)		13.07		9.91			10		.57			.57			.78
12/31/2019		11.97		.23		.43			.66			(.26	)		—			(.26	)		12.37		5.49			9		.55			.55			1.88
12/31/2018		12.11		.22		(.14	)		.08			(.22	)		—			(.22	)		11.97		.71			9		.54			.54			1.84
Class 4:
12/31/2022		11.52		.26		(1.54	)		(1.28	)		(.38	)		—			(.38	)		9.86		(11.19	)		190		.85			.72			2.45
12/31/2021		12.88		.12		(.25	)		(.13	)		(.12	)		(1.11	)		(1.23	)		11.52		(.88	)		238		.89			.79			.98
12/31/2020		12.22		.05		1.10			1.15			(.22	)		(.27	)		(.49	)		12.88		9.48			272		.89			.89			.42
12/31/2019		11.84		.19		.42			.61			(.23	)		—			(.23	)		12.22		5.14			124		.87			.87			1.56
12/31/2018		11.98		.18		(.12	)		.06			(.20	)		—			(.20	)		11.84		.50			91		.86			.86			1.53

Refer to the end of the tables for footnotes.

366      American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments7			Ratio of expenses to average net assets after waivers/ reimburse- ments2,7			Net effective expense ratio2,8,9			Ratio of net income to average net assets2
Managed Risk Growth Fund
Class P1:
12/31/2022	$	18.53	$	.06		$	(4.46	)	$	(4.40	)	$	(.22	)	$	(2.54	)	$	(2.76	)	$	11.37		(24.62	)%	$	9			.41	%		.36	%		.69	%		.47	%
12/31/2021		17.25		.04			2.16			2.20			(.18	)		(.74	)		(.92	)		18.53		13.08			13			.41			.36			.69			.19
12/31/2020		13.78		.07			4.20			4.27			(.12	)		(.68	)		(.80	)		17.25		32.45			11			.42			.37			.72			.49
12/31/2019		12.30		.15			2.44			2.59			(.19	)		(.92	)		(1.11	)		13.78		22.01			6			.42			.37			.73			1.19
12/31/2018		13.22		.11			(.04	)		.07			(.10	)		(.89	)		(.99	)		12.30		(.04	)10		3			.42	10		.37	10		.71	10		.82	10
Class P2:
12/31/2022		18.42		.03			(4.45	)		(4.42	)		(.18	)		(2.54	)		(2.72	)		11.28		(24.88	)		445			.67			.62			.95			.20
12/31/2021		17.11		(.01	)		2.16			2.15			(.10	)		(.74	)		(.84	)		18.42		12.89			584			.67			.62			.95			(.07	)
12/31/2020		13.71		.03			4.16			4.19			(.11	)		(.68	)		(.79	)		17.11		32.03			554			.67			.62			.97			.20
12/31/2019		12.21		.09			2.45			2.54			(.12	)		(.92	)		(1.04	)		13.71		21.74			434			.68			.63			.99			.73
12/31/2018		13.14		.06			(.04	)		.02			(.06	)		(.89	)		(.95	)		12.21		(.37	)		340			.68			.63			.97			.46
Managed Risk International Fund
Class P1:
12/31/2022	$	10.55	$	.15		$	(1.75	)	$	(1.60	)	$	(.34	)	$	—		$	(.34	)	$	8.61		(15.27	)%10	$	2			.44	%10		.37	%10		.87	%10		1.70	%10
12/31/2021		11.07		.24			(.67	)		(.43	)		(.09	)		—			(.09	)		10.55		(3.92	)10		2			.44	10		.36	10		.87	10		2.12	10
12/31/2020		11.01		.08			.22			.30			(.16	)		(.08	)		(.24	)		11.07		3.13	10		2			.43	10		.35	10		.86	10		.82	10
12/31/2019		9.82		.17			1.54			1.71			(.20	)		(.32	)		(.52	)		11.01		17.91	10		1			.41	10		.33	10		.84	10		1.64	10
12/31/2018		11.25		.32			(1.44	)		(1.12	)		(.26	)		(.05	)		(.31	)		9.82		(10.11	)10		—	6		.33	10		.28	10		.77	10		3.02	10
Class P2:
12/31/2022		10.48		.12			(1.74	)		(1.62	)		(.28	)		—			(.28	)		8.58		(15.54	)		124			.70			.63			1.13			1.36
12/31/2021		10.99		.20			(.65	)		(.45	)		(.06	)		—			(.06	)		10.48		(4.13	)		160			.71			.63			1.14			1.79
12/31/2020		10.92		.04			.23			.27			(.12	)		(.08	)		(.20	)		10.99		2.80			168			.71			.63			1.14			.42
12/31/2019		9.76		.13			1.55			1.68			(.20	)		(.32	)		(.52	)		10.92		17.64			165			.71			.63			1.14			1.21
12/31/2018		11.15		.16			(1.32	)		(1.16	)		(.18	)		(.05	)		(.23	)		9.76		(10.50	)		151			.69			.64			1.13			1.49
Managed Risk Washington Mutual Investors Fund
Class P1:
12/31/2022	$	12.95	$	.23		$	(1.38	)	$	(1.15	)	$	(.56	)	$	—		$	(.56	)	$	11.24		(8.92	)%10	$	3			.41	%10		.36	%10		.75	%10		1.96	%10
12/31/2021		11.24		.16			1.79			1.95			(.24	)		—			(.24	)		12.95		17.46	10		2			.41	10		.36	10		.77	10		1.33	10
12/31/2020		12.01		.18			(.35	)		(.17	)		(.26	)		(.34	)		(.60	)		11.24		(.93	)10		2			.40	10		.35	10		.76	10		1.66	10
12/31/2019		11.28		.25			1.28			1.53			(.20	)		(.60	)		(.80	)		12.01		14.14	10		1			.38	10		.33	10		.74	10		2.14	10
12/31/2018		13.04		.40			(1.27	)		(.87	)		(.45	)		(.44	)		(.89	)		11.28		(6.99	)10		—	6		.33	10		.28	10		.67	10		3.21	10
Class P2:
12/31/2022		12.88		.19			(1.37	)		(1.18	)		(.52	)		—			(.52	)		11.18		(9.16	)		321			.67			.62			1.01			1.62
12/31/2021		11.18		.11			1.79			1.90			(.20	)		—			(.20	)		12.88		17.11			371			.68			.62			1.03			.91
12/31/2020		11.91		.13			(.33	)		(.20	)		(.19	)		(.34	)		(.53	)		11.18		(1.25	)		355			.68			.63			1.04			1.18
12/31/2019		11.21		.18			1.31			1.49			(.19	)		(.60	)		(.79	)		11.91		13.88			365			.68			.63			1.04			1.62
12/31/2018		12.96		.19			(1.10	)		(.91	)		(.40	)		(.44	)		(.84	)		11.21		(7.38	)		336			.68			.63			1.02			1.49

Refer to the end of the tables for footnotes.

American Funds Insurance Series      367

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		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 year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers/ reimburse- ments7			Ratio of expenses to average net assets after waivers/ reimburse- ments2,7			Net effective expense ratio2,8,9			Ratio of net income to average net assets2
Managed Risk Growth-Income Fund
Class P1:
12/31/2022	$	15.73	$	.18		$	(2.79	)	$	(2.61	)	$	(.30	)	$	(.31	)	$	(.61	)	$	12.51		(16.74	)%	$	1,833		.41	%		.36	%		.65	%		1.33	%
12/31/2021		14.01		.14			1.99			2.13			(.21	)		(.20	)		(.41	)		15.73		15.32			2,328		.41			.36			.66			.96
12/31/2020		13.76		.17			1.08			1.25			(.26	)		(.74	)		(1.00	)		14.01		9.85			2,120		.41			.36			.66			1.24
12/31/2019		11.73		.22			2.01			2.23			(.10	)		(.10	)		(.20	)		13.76		19.14			1,987		.42			.37			.67			1.71
12/31/2018		12.66		(.02	)		(.15	)		(.17	)		(.19	)		(.57	)		(.76	)		11.73		(1.66	)		1,662		.40			.35			.64			(.20	)
Class P2:
12/31/2022		15.64		.15			(2.78	)		(2.63	)		(.26	)		(.31	)		(.57	)		12.44		(16.93	)		268		.66			.61			.90			1.10
12/31/2021		13.93		.10			1.98			2.08			(.17	)		(.20	)		(.37	)		15.64		15.05			340		.66			.61			.91			.70
12/31/2020		13.69		.14			1.07			1.21			(.23	)		(.74	)		(.97	)		13.93		9.58			315		.66			.61			.91			1.02
12/31/2019		11.67		.19			2.00			2.19			(.07	)		(.10	)		(.17	)		13.69		18.84			283		.67			.62			.92			1.47
12/31/2018		12.58		.16			(.36	)		(.20	)		(.14	)		(.57	)		(.71	)		11.67		(1.97	)		230		.69			.64			.93			1.25
Managed Risk Asset Allocation Fund
Class P1:
12/31/2022	$	15.33	$	.24		$	(2.34	)	$	(2.10	)	$	(.32	)	$	(.48	)	$	(.80	)	$	12.43		(13.75	)%	$	7		.41	%		.36	%		.64	%		1.80	%
12/31/2021		13.84		.21			1.55			1.76			(.27	)		—			(.27	)		15.33		12.82			7		.41			.36			.66			1.43
12/31/2020		13.81		.25			.51			.76			(.21	)		(.52	)		(.73	)		13.84		6.10			5		.41			.36			.66			1.91
12/31/2019		12.23		.26			1.92			2.18			(.03	)		(.57	)		(.60	)		13.81		18.25			2		.41			.36			.65			2.01
12/31/2018		13.59		.22			(.80	)		(.58	)		(.25	)		(.53	)		(.78	)		12.23		(4.63	)		2		.37			.32			.59			1.67
Class P2:
12/31/2022		14.93		.18			(2.25	)		(2.07	)		(.29	)		(.48	)		(.77	)		12.09		(13.97	)		2,182		.66			.61			.89			1.40
12/31/2021		13.45		.15			1.53			1.68			(.20	)		—			(.20	)		14.93		12.50			2,812		.66			.61			.91			1.03
12/31/2020		13.46		.15			.56			.71			(.20	)		(.52	)		(.72	)		13.45		5.88			2,773		.66			.61			.91			1.15
12/31/2019		12.22		.19			1.93			2.12			(.31	)		(.57	)		(.88	)		13.46		17.98			2,830		.66			.61			.90			1.51
12/31/2018		13.55		.17			(.79	)		(.62	)		(.18	)		(.53	)		(.71	)		12.22		(4.89	)		2,541		.62			.57			.84			1.27

Refer to the end of the tables for footnotes.

368      American Funds Insurance Series

Financial highlights (continued)

Portfolio turnover rate for all share classes excluding mortgage dollar roll transactions11,12	Year ended December 31,
	2022			2021			2020			2019			2018
Capital Income Builder		48	%		60	%		110	%		44	%		42	%
Asset Allocation Fund		42			45			49			47			34
American Funds Global Balanced Fund		111			36			68			60			30
The Bond Fund of America		77			87			72			146			98
Capital World Bond Fund		114			64			88			110			78
American Funds Mortgage Fund		56			38			123			84			60
U.S. Government Securities Fund		77			126			112			103			76
Portfolio turnover rate for all share classes including mortgage dollar roll transactions11,12	Year ended December 31,
	2022			2021			2020			2019			2018
Global Growth Fund		29	%		18	%		17	%		14	%		25	%
Global Small Capitalization Fund		40			29			38			50			43
Growth Fund		29			25			32			21			35
International Fund		42			44			40			32			29
New World Fund		40			43			70			38			58
Washington Mutual Investors Fund		30			90			40			37			49
Capital World Growth and Income Fund		42			85			36			29			49
Growth-Income Fund		25			24			33			27			39
International Growth and Income Fund		48			41			56			28			38
Capital Income Builder		126			93			184			72			98
Asset Allocation Fund		118			124			145			79			86
American Funds Global Balanced Fund		126			39			86			74			51
The Bond Fund of America		415			456			461			373			514
Capital World Bond Fund		188			91			145			159			125
American High-Income Trust		34			56			78			58			67
American Funds Mortgage Fund		1141			975			1143			350			811
Ultra-Short Bond Fund		—	13		—	13		—	13		—	13		—	13
U.S. Government Securities Fund		695			433			867			277			446
Managed Risk Growth Fund		97			32			80			10			7
Managed Risk International Fund		82			24			71			8			8
Managed Risk Washington Mutual Investors Fund		70			16			101			13			11
Managed Risk Growth-Income Fund		67			13			38			6			14
Managed Risk Asset Allocation Fund		48			5			30			8			12

¹  Based on average shares outstanding.

²  This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the years shown, CRMC waived a portion of investment advisory services fees on some funds, including each of the managed risk funds. In addition, during some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds.

³  Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

⁴  Amount less than $.01.

⁵  Amount less than .01%.

⁶  Amount less than $1 million.

⁷  This column does not include expenses of the underlying funds in which each fund invests.

⁸  This column reflects the net effective expense ratios for each fund and class, which include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses.

⁹  Unaudited.

¹⁰  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.

¹¹  Refer to Note 5 for further information on mortgage dollar rolls.

¹²  Rates do not include the fund’s portfolio activity with respect to any Central Funds, if applicable.

¹³  Amount is either less than 1% or there is no turnover.

Refer to the notes to financial statements.

American Funds Insurance Series      369

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund^®, Washington Mutual Investors Fund, Capital World Growth and Income Fund^®, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder^®, Asset Allocation Fund, American Funds^® Global Balanced Fund, The Bond Fund of America^®, Capital World Bond Fund^®, American High-Income Trust^®, American Funds Mortgage Fund^®, Ultra-Short Bond Fund, U.S. Government Securities Fund^®, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund^®, Washington Mutual Investors Fund, Capital World Growth and Income Fund^®, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder^®, Asset Allocation Fund, American Funds^® Global Balanced Fund (formerly Global Balanced Fund), The Bond Fund of America^®, Capital World Bond Fund^®, American High Income Trust^®, American Funds Mortgage Fund^®, Ultra-Short Bond Fund, U.S. Government Securities Fund^®, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund (twenty-three of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the “Funds“) as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Los Angeles, California

February 13, 2023

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

370      American Funds Insurance Series

Expense example unaudited

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2022, through December 31, 2022).

Actual expenses:

The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

American Funds Insurance Series      371

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period1		Annualized expense ratio
Global Growth Fund
Class 1 — actual return	$	1,000.00	$	1,045.68	$	2.11		.41	%
Class 1 — assumed 5% return		1,000.00		1,023.14		2.09		.41
Class 1A — actual return		1,000.00		1,044.04		3.40		.66
Class 1A — assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 2 — actual return		1,000.00		1,043.99		3.40		.66
Class 2 — assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 4 — actual return		1,000.00		1,042.74		4.69		.91
Class 4 — assumed 5% return		1,000.00		1,020.62		4.63		.91
Global Small Capitalization Fund
Class 1 — actual return	$	1,000.00	$	1,038.40	$	3.34		.65	%
Class 1 — assumed 5% return		1,000.00		1,021.93		3.31		.65
Class 1A — actual return		1,000.00		1,036.94		4.62		.90
Class 1A — assumed 5% return		1,000.00		1,020.67		4.58		.90
Class 2 — actual return		1,000.00		1,037.29		4.62		.90
Class 2 — assumed 5% return		1,000.00		1,020.67		4.58		.90
Class 4 — actual return		1,000.00		1,035.94		5.90		1.15
Class 4 — assumed 5% return		1,000.00		1,019.41		5.85		1.15
Growth Fund
Class 1 — actual return	$	1,000.00	$	1,000.70	$	1.77		.35	%
Class 1 — assumed 5% return		1,000.00		1,023.44		1.79		.35
Class 1A — actual return		1,000.00		999.41		3.02		.60
Class 1A — assumed 5% return		1,000.00		1,022.18		3.06		.60
Class 2 — actual return		1,000.00		999.43		3.02		.60
Class 2 — assumed 5% return		1,000.00		1,022.18		3.06		.60
Class 3 — actual return		1,000.00		999.93		2.67		.53
Class 3 — assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 4 — actual return		1,000.00		998.12		4.28		.85
Class 4 — assumed 5% return		1,000.00		1,020.92		4.33		.85
International Fund
Class 1 — actual return	$	1,000.00	$	1,025.33	$	2.71		.53	%
Class 1 — assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 1A — actual return		1,000.00		1,024.07		3.98		.78
Class 1A — assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 2 — actual return		1,000.00		1,023.84		3.98		.78
Class 2 — assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 3 — actual return		1,000.00		1,024.24		3.62		.71
Class 3 — assumed 5% return		1,000.00		1,021.63		3.62		.71
Class 4 — actual return		1,000.00		1,022.83		5.25		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	$	1,024.46	$	2.91		.57	%
Class 1 — assumed 5% return		1,000.00		1,022.33		2.91		.57
Class 1A — actual return		1,000.00		1,022.80		4.18		.82
Class 1A — assumed 5% return		1,000.00		1,021.07		4.18		.82
Class 2 — actual return		1,000.00		1,022.92		4.18		.82
Class 2 — assumed 5% return		1,000.00		1,021.07		4.18		.82
Class 4 — actual return		1,000.00		1,021.54		5.45		1.07
Class 4 — assumed 5% return		1,000.00		1,019.81		5.45		1.07

Refer to the end of the tables for footnotes.

372      American Funds Insurance Series

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period1		Annualized expense ratio
Washington Mutual Investors Fund
Class 1 — actual return	$	1,000.00	$	1,052.84	$	1.40		.27	%
Class 1 — assumed 5% return		1,000.00		1,023.84		1.38		.27
Class 1A — actual return		1,000.00		1,052.10		2.69		.52
Class 1A — assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 2 — actual return		1,000.00		1,052.45		2.69		.52
Class 2 — assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 4 — actual return		1,000.00		1,051.21		3.98		.77
Class 4 — assumed 5% return		1,000.00		1,021.32		3.92		.77
Capital World Growth and Income Fund
Class 1 — actual return	$	1,000.00	$	1,051.64	$	2.12		.41	%
Class 1 — assumed 5% return		1,000.00		1,023.14		2.09		.41
Class 1A — actual return		1,000.00		1,050.71		3.41		.66
Class 1A — assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 2 — actual return		1,000.00		1,050.34		3.41		.66
Class 2 — assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 4 — actual return		1,000.00		1,048.71		4.70		.91
Class 4 — assumed 5% return		1,000.00		1,020.62		4.63		.91
Growth-Income Fund
Class 1 — actual return	$	1,000.00	$	1,042.31	$	1.49		.29	%
Class 1 — assumed 5% return		1,000.00		1,023.74		1.48		.29
Class 1A — actual return		1,000.00		1,041.04		2.78		.54
Class 1A — assumed 5% return		1,000.00		1,022.48		2.75		.54
Class 2 — actual return		1,000.00		1,041.03		2.78		.54
Class 2 — assumed 5% return		1,000.00		1,022.48		2.75		.54
Class 3 — actual return		1,000.00		1,041.33		2.42		.47
Class 3 — assumed 5% return		1,000.00		1,022.84		2.40		.47
Class 4 — actual return		1,000.00		1,039.68		4.06		.79
Class 4 — assumed 5% return		1,000.00		1,021.22		4.02		.79
International Growth and Income Fund
Class 1 — actual return	$	1,000.00	$	1,049.28	$	3.00		.58	%
Class 1 — assumed 5% return		1,000.00		1,022.28		2.96		.58
Class 1A — actual return		1,000.00		1,047.38		4.28		.83
Class 1A — assumed 5% return		1,000.00		1,021.02		4.23		.83
Class 2 — actual return		1,000.00		1,048.38		4.29		.83
Class 2 — assumed 5% return		1,000.00		1,021.02		4.23		.83
Class 4 — actual return		1,000.00		1,046.04		5.57		1.08
Class 4 — assumed 5% return		1,000.00		1,019.76		5.50		1.08
Capital Income Builder
Class 1 — actual return	$	1,000.00	$	1,030.31	$	1.38		.27	%
Class 1 — assumed 5% return		1,000.00		1,023.84		1.38		.27
Class 1A — actual return		1,000.00		1,029.07		2.66		.52
Class 1A — assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 2 — actual return		1,000.00		1,028.17		2.66		.52
Class 2 — assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 4 — actual return		1,000.00		1,026.94		3.93		.77
Class 4 — assumed 5% return		1,000.00		1,021.32		3.92		.77

Refer to the end of the tables for footnotes.

American Funds Insurance Series      373

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period1		Annualized expense ratio
Asset Allocation Fund
Class 1 — actual return	$	1,000.00	$	1,030.72	$	1.54		.30	%
Class 1 — assumed 5% return		1,000.00		1,023.69		1.53		.30
Class 1A — actual return		1,000.00		1,029.04		2.81		.55
Class 1A — assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 2 — actual return		1,000.00		1,029.79		2.81		.55
Class 2 — assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 3 — actual return		1,000.00		1,029.98		2.46		.48
Class 3 — assumed 5% return		1,000.00		1,022.79		2.45		.48
Class 4 — actual return		1,000.00		1,027.95		4.09		.80
Class 4 — assumed 5% return		1,000.00		1,021.17		4.08		.80
American Funds Global Balanced Fund
Class 1 — actual return	$	1,000.00	$	1,023.65	$	2.65		.52	%
Class 1 — assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 1A — actual return		1,000.00		1,022.93		3.93		.77
Class 1A — assumed 5% return		1,000.00		1,021.32		3.92		.77
Class 2 — actual return		1,000.00		1,022.09		3.92		.77
Class 2 — assumed 5% return		1,000.00		1,021.32		3.92		.77
Class 4 — actual return		1,000.00		1,021.56		5.20		1.02
Class 4 — assumed 5% return		1,000.00		1,020.06		5.19		1.02
The Bond Fund of America
Class 1 — actual return	$	1,000.00	$	974.47	$	1.00		.20	%
Class 1 — assumed 5% return		1,000.00		1,024.20		1.02		.20
Class 1A — actual return		1,000.00		973.31		2.24		.45
Class 1A — assumed 5% return		1,000.00		1,022.94		2.29		.45
Class 2 — actual return		1,000.00		972.85		2.24		.45
Class 2 — assumed 5% return		1,000.00		1,022.94		2.29		.45
Class 4 — actual return		1,000.00		971.88		3.48		.70
Class 4 — assumed 5% return		1,000.00		1,021.68		3.57		.70
Capital World Bond Fund
Class 1 — actual return	$	1,000.00	$	983.53	$	2.40		.48	%
Class 1 — assumed 5% return		1,000.00		1,022.79		2.45		.48
Class 1A — actual return		1,000.00		982.42		3.65		.73
Class 1A — assumed 5% return		1,000.00		1,021.53		3.72		.73
Class 2 — actual return		1,000.00		982.33		3.65		.73
Class 2 — assumed 5% return		1,000.00		1,021.53		3.72		.73
Class 4 — actual return		1,000.00		981.07		4.89		.98
Class 4 — assumed 5% return		1,000.00		1,020.27		4.99		.98
American High-Income Trust
Class 1 — actual return	$	1,000.00	$	1,038.86	$	1.59		.31	%
Class 1 — assumed 5% return		1,000.00		1,023.64		1.58		.31
Class 1A — actual return		1,000.00		1,037.88		2.88		.56
Class 1A — assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 2 — actual return		1,000.00		1,037.22		2.88		.56
Class 2 — assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 3 — actual return		1,000.00		1,038.14		2.52		.49
Class 3 — assumed 5% return		1,000.00		1,022.74		2.50		.49
Class 4 — actual return		1,000.00		1,036.07		4.16		.81
Class 4 — assumed 5% return		1,000.00		1,021.12		4.13		.81

Refer to the end of the tables for footnotes.

374      American Funds Insurance Series

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		Expenses paid during period1		Annualized expense ratio
American Funds Mortgage Fund
Class 1 — actual return	$	1,000.00	$	968.01	$	1.64		.33	%
Class 1 — assumed 5% return		1,000.00		1,023.54		1.68		.33
Class 1A — actual return		1,000.00		966.87		2.88		.58
Class 1A — assumed 5% return		1,000.00		1,022.28		2.96		.58
Class 2 — actual return		1,000.00		967.70		2.93		.59
Class 2 — assumed 5% return		1,000.00		1,022.23		3.01		.59
Class 4 — actual return		1,000.00		966.53		4.16		.84
Class 4 — assumed 5% return		1,000.00		1,020.97		4.28		.84
Ultra-Short Bond Fund
Class 1 — actual return	$	1,000.00	$	1,013.26	$	1.57		.31	%
Class 1 — assumed 5% return		1,000.00		1,023.64		1.58		.31
Class 1A — actual return		1,000.00		1,013.23		1.52		.30
Class 1A — assumed 5% return		1,000.00		1,023.69		1.53		.30
Class 2 — actual return		1,000.00		1,012.64		2.84		.56
Class 2 — assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 3 — actual return		1,000.00		1,012.86		2.49		.49
Class 3 — assumed 5% return		1,000.00		1,022.74		2.50		.49
Class 4 — actual return		1,000.00		1,010.10		4.10		.81
Class 4 — assumed 5% return		1,000.00		1,021.12		4.13		.81
U.S. Government Securities Fund
Class 1 — actual return	$	1,000.00	$	960.56	$	1.09		.22	%
Class 1 — assumed 5% return		1,000.00		1,024.10		1.12		.22
Class 1A — actual return		1,000.00		959.29		2.27		.46
Class 1A — assumed 5% return		1,000.00		1,022.89		2.35		.46
Class 2 — actual return		1,000.00		959.68		2.27		.46
Class 2 — assumed 5% return		1,000.00		1,022.89		2.35		.46
Class 3 — actual return		1,000.00		959.92		1.93		.39
Class 3 — assumed 5% return		1,000.00		1,023.24		1.99		.39
Class 4 — actual return		1,000.00		958.46		3.50		.71
Class 4 — assumed 5% return		1,000.00		1,021.63		3.62		.71

Refer to the end of the tables for footnotes.

American Funds Insurance Series      375

Expense example (continued)

	Beginning account value 7/1/2022		Ending account value 12/31/2022		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	$	968.78	$	1.84		.37	%	$	3.42		.69	%
Class P1 – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.52		.69
Class P2 – actual return		1,000.00		967.08		3.07		.62			4.71		.95
Class P2 – assumed 5% return		1,000.00		1,022.08		3.16		.62			4.84		.95
Managed Risk International Fund
Class P1 – actual return	$	1,000.00	$	1,004.86	$	1.82		.36	%	$	4.40		.87	%
Class P1 – assumed 5% return		1,000.00		1,023.39		1.84		.36			4.43		.87
Class P2 – actual return		1,000.00		1,003.52		3.13		.62			5.71		1.13
Class P2 – assumed 5% return		1,000.00		1,022.08		3.16		.62			5.75		1.13
Managed Risk Washington Mutual Investors Fund
Class P1 – actual return	$	1,000.00	$	1,005.83	$	1.87		.37	%	$	3.79		.75	%
Class P1 – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.82		.75
Class P2 – actual return		1,000.00		1,004.38		3.18		.63			5.10		1.01
Class P2 – assumed 5% return		1,000.00		1,022.03		3.21		.63			5.14		1.01
Managed Risk Growth-Income Fund
Class P1 – actual return	$	1,000.00	$	989.69	$	1.81		.36	%	$	3.26		.65	%
Class P1 – assumed 5% return		1,000.00		1,023.39		1.84		.36			3.31		.65
Class P2 – actual return		1,000.00		989.03		3.06		.61			4.51		.90
Class P2 – assumed 5% return		1,000.00		1,022.13		3.11		.61			4.58		.90
Managed Risk Asset Allocation Fund
Class P1 – actual return	$	1,000.00	$	1,007.60	$	1.82		.36	%	$	3.24		.64	%
Class P1 – assumed 5% return		1,000.00		1,023.39		1.84		.36			3.26		.64
Class P2 – actual return		1,000.00		1,006.19		3.03		.60			4.50		.89
Class P2 – assumed 5% return		1,000.00		1,022.18		3.06		.60			4.53		.89

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.

376      American Funds Insurance Series

Liquidity Risk Management Program unaudited

The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.

The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2021, through September 30, 2022. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

American Funds Insurance Series      377

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378      American Funds Insurance Series

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American Funds Insurance Series      379

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380      American Funds Insurance Series

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American Funds Insurance Series      381

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
Francisco G. Cigarroa, MD, 1957	2021	Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research	86	None
James G. Ellis, 1947	2010	Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California	96	Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	91	None
Jennifer C. Feikin, 1968	2022	Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California; former Director, First Descents	97	Hertz Global Holdings, Inc.
Leslie Stone Heisz, 1961	2022	Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management	97	Edwards Lifesciences; Public Storage
Mary Davis Holt, 1950	2015–2016; 2017	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003)	87	None
Merit E. Janow, 1958	2007	Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs	93	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive)	2010	President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center	91	None
Alexandra Trower, 1964	2018	Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	86	None
Paul S. Williams, 1959	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	86	Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc.

Interested trustees^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 and Trustee	1998	Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company5	35	None
Michael C. Gitlin, 1970 Trustee	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.5	86	None

The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.

382      American Funds Insurance Series

Other officers⁵

Name, year of birth and position with series	Year first elected an officer of the series2	Principal occupation(s) during past five years and positions held with affiliated  entities or the principal underwriter of the series
Alan N. Berro, 1960 Co-President	1998	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company5; Director, The Capital Group Companies, Inc.5
Maria Manotok, 1974 Principal Executive Officer	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.5; Senior Vice President, Secretary and Director, Capital Group Companies Global5; Senior Vice President, Secretary and Director, Capital Group International, Inc.5
Michael W. Stockton, 1967 Executive Vice President	2021	Senior Vice President — Fund Business Management Group, Capital Research and Management Company
Patrice Collette, 1967 Senior Vice President	2022	Partner — Capital World Investors, Capital International, Inc.5
Peter Eliot, 1971 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company
Irfan M. Furniturewala, 1971 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company
Sung Lee, 1966 Senior Vice President	2008	Partner — Capital Research Global Investors, Capital International, Inc.5; Director, The Capital Group Companies, Inc.5
Keiko McKibben, 1969 Senior Vice President	2010	Partner — Capital Research Global Investors, Capital Research and Management Company
Carlos A. Schonfeld, 1971 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited5
Alan J. Wilson, 1961 Senior Vice President	2022	Partner — Capital World Investors, Capital Research and Management Company; Director, 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
Sandra Chuon, 1972 Assistant Treasurer	2019	Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2015	Senior 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  Company affiliated with Capital Research and Management Company.

American Funds Insurance Series      383

Office of the series

333 South Hope Street

Los Angeles, CA 90071-1406

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

Investment subadviser

Milliman Financial Risk Management LLC

(Managed Risk Funds only)

71 South Wacker Drive, 31st Floor

Chicago, IL 60606-4637

Custodian of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111-2900

Counsel

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

Independent registered public accounting firm

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

384      American Funds Insurance Series

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com/afis.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website and our website.

This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2023, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

Fund attribution data was produced using FactSet, a third-party software system, based on daily portfolios. Securities in their initial period of acquisition may not be included in this analysis. The analysis includes equity investments only and excludes forward contracts and fixed income investments, if applicable. It does not account for buy-and-sell transactions that might have occurred intraday. As a result, average portfolio weight percentages are approximate, and the actual average portfolio weight percentages might be higher or lower. Data elements, such as pricing, income, market cap, etc., were provided by FactSet. The indexes provided for attribution are based on FactSet’s methodology. The indexes are broad-based market benchmarks and may not be used by Capital Group^® as the sole comparative index for the funds. Capital Group believes the software and information from FactSet to be reliable. However, Capital Group cannot be responsible for inaccuracies, incomplete information or updating of information by FactSet.

Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the applicable underlying funds in certain rising market conditions.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright ^© 2023 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

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^TM — has resulted in superior outcomes.

Aligned with investor success	The Capital System	American Funds Insurance Series’ superior outcomes
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.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 comparable Lipper indexes in 89% of 10-year periods and 100% of 20-year periods.2 Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.4

¹  Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2022.

²  Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2021. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Capital World Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.

³  Based on Class 1 share results as of December 31, 2021. Three of our five fixed income funds showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.

⁴  Based on management fees for the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Lit. No. INGEARX-998-0223P Printed in USA RCG/PHX/8074-S90141 ^© 2023 Capital Group. All rights reserved.

R3180AR4.6 (2/23)

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, 2022, 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 Garrett Bouton, Tracey C. Doi, Jane Jelenko and Charles H. Self III each qualify as audit committee financial experts, as defined in Item 3(b) of Form N-CSR. Mr. Bouton, Ms. Doi, Ms. Jelenko and Mr. Self III are considered “independent” purposes of Item 3(a)(2) of Form N-CSR.

Item 4.     Principal Accountant Fees and Services.

(a)-(d) Aggregate fees relating to the five series referred to in Item 1 that were billed to the registrant for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2021		2022
(a) Audit Fees	$	111,434	$	114,777
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	44,197	$	39,945
(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 relating to the five series referred to in Item 1 that were 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:

	2021		2022
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	515,090	$	297,806

       (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 provide ongoing services to the registrant for 2021 and 2022 were $1,035,382 and $337,751, 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.

(a) Included in Item 1 to the Form.

(b) Not applicable.

Item 7.     Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.     Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.     Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.     Submission of Matters to a Vote of Security Holders.

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 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.

(4) Not applicable.

       (b) Certifications pursuant to Rule  30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) 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 10, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    John T. Genoy
	John T. Genoy
	President

Date: March 10, 2023

By:	/s/    Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: March 10, 2023