N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07238

SUNAMERICA SERIES TRUST

(Exact name of registrant as specified in charter)

21650 Oxnard Street, Woodlands Hills, CA 91367

(Address of principal executive offices) (Zip code)

John T. Genoy

President

SunAmerica Asset Management, LLC

30 Hudson Street, 16th Floor

Jersey City, NJ 07302

(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, 2023

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, 2023

SUNAMERICA SERIES TRUST

ANNUAL REPORT DECEMBER 31, 2023

TABLE OF CONTENTS

Shareholder Letter	1
Expense Example	2
Portfolio of Investments:
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	17
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	27
Approval of Advisory Agreement	28
Trustees and Officers Information	31
Shareholders Tax Information	33
Comparisons: Portfolios vs. Index	34

SUNAMERICA SERIES TRUST

SHAREHOLDER LETTER

Dear SunAmerica Series Trust Investor,

We are pleased to present our annual report for the SunAmerica Series Trust, the underlying investment portfolios for the series of variable products issued by our Life Companies.

The following report contains the investment portfolio information and the financial statements of the SunAmerica Series Trust portfolios for the reporting period ended December 31, 2023. The report may also contain information on portfolios not currently available in your variable contract.

We believe this information will give you some insight into the performance of your underlying investments. 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. Investment prices can fall or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse political, regulatory or economic developments here or abroad; changes in investor psychology; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. 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, 2023 (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, 2023 and held until December 31, 2023. 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, 2023”, to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended December 31, 2023” 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, 2023” 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, 2023” 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, 2023” 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 — December 31, 2023 (unaudited) — (continued)

	Actual						Hypothetical
Portfolio	Beginning Account Value at July 1, 2023		Ending Account Value Using Actual Return at December 31, 2023		Expenses Paid During the Six Months Ended December 31, 2023*		Beginning Account Value at July 1, 2023		Ending Account Value Using a Hypothetical 5% Assumed Return at December 31, 2023		Expenses Paid During the Six Months Ended December  31, 2023		Annualized Expense Ratio*
SA American Funds Asset Allocation
Class 1 #@	$	1,000.00	$	1,068.67	$	1.41	$	1,000.00	$	1,023.84	$	1.38		0.27	%
Class 3 #@	$	1,000.00	$	1,066.92	$	2.71	$	1,000.00	$	1,022.58	$	2.65		0.52	%
SA American Funds Global Growth
Class 1 #@	$	1,000.00	$	1,063.42	$	1.46	$	1,000.00	$	1,023.79	$	1.43		0.28	%
Class 3 #@	$	1,000.00	$	1,063.33	$	2.76	$	1,000.00	$	1,022.53	$	2.70		0.53	%
SA American Funds Growth
Class 1 #@	$	1,000.00	$	1,108.38	$	1.49	$	1,000.00	$	1,023.79	$	1.43		0.28	%
Class 3 #@	$	1,000.00	$	1,107.17	$	2.76	$	1,000.00	$	1,022.58	$	2.65		0.52	%
SA American Funds Growth-Income
Class 1 #@	$	1,000.00	$	1,100.04	$	1.48	$	1,000.00	$	1,023.79	$	1.43		0.28	%
Class 3 #@	$	1,000.00	$	1,097.95	$	2.80	$	1,000.00	$	1,022.53	$	2.70		0.53	%
SA American Funds VCP Managed Allocation
Class 1 #@	$	1,000.00	$	1,067.97	$	1.41	$	1,000.00	$	1,023.84	$	1.38		0.27	%
Class 3 #@	$	1,000.00	$	1,065.94	$	2.71	$	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, 2023” 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, 2023 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, 2023— (unaudited)

Industry Allocation*
Asset Allocation Investment Companies	100.0%

* Calculated as a percentage of net assets

4  

SunAmerica Series Trust SA American Funds Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2023 

Security Description	Shares or Principal Amount	Value
INVESTMENT COMPANIES — 100.0%
Asset Allocation Investment Companies — 100.0%
American Funds Insurance Series® — Asset Allocation Fund, Class 1	75,746,284	$1,807,306,336
TOTAL INVESTMENTS (cost $1,823,863,673)(1)	100.0%	1,807,306,336
Other assets less liabilities	(0.0)	(870,689)
NET ASSETS	100.0%	$1,806,435,647

(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, 2023 (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	$1,807,306,336	$—	$—	$1,807,306,336

* 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, 2023— (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, 2023 

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	11,171,527	$378,938,201
TOTAL INVESTMENTS (cost $340,796,139)(1)	100.1%	378,938,201
Other assets less liabilities	(0.1)	(216,157)
NET ASSETS	100.0%	$378,722,044

(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, 2023 (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	$378,938,201	$—	$—	$378,938,201

* 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, 2023— (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, 2023 

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	9,018,402	$896,789,914
TOTAL INVESTMENTS (cost $836,760,439)(1)	100.1%	896,789,914
Other assets less liabilities	(0.1)	(464,746)
NET ASSETS	100.0%	$896,325,168

(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, 2023 (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	$896,789,914	$—	$—	$896,789,914

* 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, 2023— (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, 2023 

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	7,332,246	$434,508,903
TOTAL INVESTMENTS (cost $370,765,265)(1)	100.1%	434,508,903
Other assets less liabilities	(0.1)	(241,086)
NET ASSETS	100.0%	$434,267,817

(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, 2023 (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	$434,508,903	$—	$—	$434,508,903

* 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, 2023— (unaudited)

Industry Allocation*
Asset Allocation Investment Companies	100.0%

* Calculated as a percentage of net assets

12  

SunAmerica Series Trust American Funds VCP Managed Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2023 

Security Description	Shares or Principal Amount	Value
INVESTMENT COMPANIES — 100.0%
Asset Allocation Investment Companies — 100.0%
American Funds Insurance Series® — Managed Risk Growth-Income Fund, Class P1	151,411,616	$1,897,187,547
TOTAL INVESTMENTS (cost $1,849,288,541)(1)	100.0%	1,897,187,547
Other assets less liabilities	(0.0)	(915,727)
NET ASSETS	100.0%	$1,896,271,820

(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, 2023 (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	$1,897,187,547	$—	$—	$1,897,187,547

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

See Notes to Financial Statements

13

SUNAMERICA SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES — December 31, 2023

	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:
Investments at value (unaffiliated)*	$1,807,306,336	$378,938,201	$896,789,914	$434,508,903	$1,897,187,547
Receivable for:
Fund shares sold	34,586	5,032	—	—	—
Investments sold	906,933	5,459,503	20,471,663	5,742,457	7,143,593
Prepaid expenses and other assets	2,486	2,179	2,181	2,179	2,231
Due from investment adviser for expense reimbursements/fee waivers	904,280	223,839	455,805	219,444	1,111,637
Total assets	1,809,154,621	384,628,754	917,719,563	440,472,983	1,905,445,008
LIABILITIES:
Payable for:
Fund shares redeemed	941,519	5,464,535	20,471,663	5,742,457	7,143,593
Investment advisory and management fees	1,281,064	303,781	645,723	310,879	1,508,649
Service fees—Class 3	375,120	79,653	188,519	90,931	396,847
Transfer agent fees	51	76	76	76	63
Trustees' fees and expenses	10,068	2,271	4,627	2,265	11,008
Other accrued expenses	111,152	56,394	83,787	58,558	113,028
Total liabilities	2,718,974	5,906,710	21,394,395	6,205,166	9,173,188
Net assets	$1,806,435,647	$378,722,044	$896,325,168	$434,267,817	$1,896,271,820
NET ASSETS REPRESENTED BY:
Paid in capital	$1,716,512,904	$297,719,870	$763,574,818	$341,503,432	$1,592,335,047
Total accumulated earnings (loss)	89,922,743	81,002,174	132,750,350	92,764,385	303,936,773
Net assets	$1,806,435,647	$378,722,044	$896,325,168	$434,267,817	$1,896,271,820
Class 1 (unlimited shares authorized):
Net assets	$ 8,007,519	$ 1,398,638	$ 4,404,721	$ 2,406,117	$ 820,567
Shares of beneficial interest issued and outstanding	531,348	126,298	326,668	191,926	54,759
Net asset value, offering and redemption price per share	$ 15.07	$ 11.07	$ 13.48	$ 12.54	$ 14.99
Class 3 (unlimited shares authorized):
Net assets	$1,798,428,128	$377,323,406	$891,920,447	$431,861,700	$1,895,451,253
Shares of beneficial interest issued and outstanding	119,949,887	34,160,882	66,443,559	34,635,691	126,963,697
Net asset value, offering and redemption price per share	$ 14.99	$ 11.05	$ 13.42	$ 12.47	$ 14.93
* Cost
Investments (unaffiliated)	$1,823,863,673	$340,796,139	$836,760,439	$370,765,265	$1,849,288,541

See Notes to Financial Statements

14  

SUNAMERICA SERIES TRUST

STATEMENTS OF OPERATIONS — For the Year Ended December 31, 2023

	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)	$ 41,981,175	$ 4,117,506	$ 4,879,979	$ 6,414,542	$ 30,111,965
Interest (unaffiliated)	10	—	25	29	3
Total Investment Income	41,981,185	4,117,506	4,880,004	6,414,571	30,111,968
EXPENSES:
Investment advisory and management fees	14,546,291	3,487,534	6,799,366	3,370,442	17,545,390
Service Fees:
Class 3	4,259,391	914,844	1,992,569	986,450	4,615,523
Transfer agent fees and expenses	602	904	903	903	753
Custodian and accounting fees	11,999	12,000	11,999	12,000	11,999
Reports to shareholders	106,168	38,908	65,228	49,730	151,802
Audit and tax fees	25,894	26,033	27,853	27,853	25,895
Legal fees	28,022	12,420	16,611	12,775	29,260
Trustees' fees and expenses	48,321	10,704	23,174	11,295	51,555
Other expenses	59,036	32,948	58,201	37,536	48,325
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly	19,085,724	4,536,295	8,995,904	4,508,984	22,480,502
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)	(10,267,970)	(2,569,762)	(4,799,553)	(2,379,136)	(12,928,182)
Net expenses	8,817,754	1,966,533	4,196,351	2,129,848	9,552,320
Net investment income (loss)	33,163,431	2,150,973	683,653	4,284,723	20,559,648
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments (unaffiliated)	8,286,009	13,216,150	27,765,261	4,837,184	6,284,686
Net realized gain from capital gain distributions received from underlying funds (unaffiliated)	65,700,051	27,767,791	44,809,037	20,703,632	229,257,414
Net realized gain (loss) on investments	73,986,060	40,983,941	72,574,298	25,540,816	235,542,100
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)	118,518,824	31,165,474	185,499,803	62,206,735	11,949,098
Net unrealized gain (loss) on investments	118,518,824	31,165,474	185,499,803	62,206,735	11,949,098
Net realized and unrealized gain (loss) on investments	192,504,884	72,149,415	258,074,101	87,747,551	247,491,198
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$225,668,315	$74,300,388	$258,757,754	$92,032,274	$268,050,846

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, 2023	For the Year Ended December 31, 2022	For the Year Ended December 31, 2023	For the Year Ended December 31, 2022	For the Year Ended December 31, 2023	For the Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$ 33,163,431	$ 28,372,266	$ 2,150,973	$ 1,553,313	$ 683,653	$ 697,276
Net realized gain (loss) on investments	73,986,060	187,080,325	40,983,941	49,545,870	72,574,298	103,254,693
Net unrealized gain (loss) on investments	118,518,824	(480,433,080)	31,165,474	(170,212,629)	185,499,803	(364,360,619)
Net increase (decrease) in net assets resulting from operations	225,668,315	(264,980,489)	74,300,388	(119,113,446)	258,757,754	(260,408,650)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1	(952,423)	(416,599)	(183,400)	(7,838)	(368,449)	(268,888)
Distributable earnings — Class 3	(215,087,139)	(89,851,051)	(50,918,004)	(2,320,402)	(103,583,520)	(102,651,696)
Total distributions to shareholders	(216,039,562)	(90,267,650)	(51,101,404)	(2,328,240)	(103,951,969)	(102,920,584)
CAPITAL SHARE TRANSACTIONS (Note 6)	134,594,636	89,193,134	3,498,865	(257,651)	52,210,295	222,054,344
TOTAL INCREASE (DECREASE) IN NET ASSETS	144,223,389	(266,055,005)	26,697,849	(121,699,337)	207,016,080	(141,274,890)
NET ASSETS:
Beginning of period	1,662,212,258	1,928,267,263	352,024,195	473,723,532	689,309,088	830,583,978
End of period	$1,806,435,647	$1,662,212,258	$378,722,044	$ 352,024,195	$ 896,325,168	$ 689,309,088

	SA American Funds Growth-Income Portfolio		SA American Funds VCP Managed Allocation Portfolio
	For the Year Ended December 31, 2023	For the Year Ended December 31, 2022	For the Year Ended December 31, 2023	For the Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$ 4,284,723	$ 3,917,389	$ 20,559,648	$ 32,976,464
Net realized gain (loss) on investments	25,540,816	37,626,484	235,542,100	62,351,583
Net unrealized gain (loss) on investments	62,206,735	(113,257,348)	11,949,098	(490,854,145)
Net increase (decrease) in net assets resulting from operations	92,032,274	(71,713,475)	268,050,846	(395,526,098)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1	(233,638)	(73,286)	(36,209)	(48,018)
Distributable earnings — Class 3	(41,851,732)	(14,810,470)	(95,291,838)	(86,448,980)
Total distributions to shareholders	(42,085,370)	(14,883,756)	(95,328,047)	(86,496,998)
CAPITAL SHARE TRANSACTIONS (Note 6)	21,483,866	21,676,038	(102,677,986)	(11,787,507)
TOTAL INCREASE (DECREASE) IN NET ASSETS	71,430,770	(64,921,193)	70,044,813	(493,810,603)
NET ASSETS:
Beginning of period	362,837,047	427,758,240	1,826,227,007	2,320,037,610
End of period	$434,267,817	$ 362,837,047	$1,896,271,820	$1,826,227,007

See Notes to Financial Statements

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SUNAMERICA SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

Note 1 — Organization

    SunAmerica Series Trust (the “Trust”), a Massachusetts business trust, is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company. The Trust is currently comprised of 61 portfolios (each, a “Portfolio,” and collectively, the “Portfolios”), 5 of which are included in this report. SunAmerica Asset Management, LLC (“SAAMCo” or the “Adviser”), an indirect wholly owned subsidiary of Corebridge Financial, Inc. (“Corebridge”), which is a majority-owned subsidiary of American International Group, Inc (“AIG”), serves as investment adviser for all the Portfolios of the Trust.

    Shares of the Portfolios are issued and redeemed in connection with investments in and payments under variable annuity contracts and variable life policies (collectively, the “Variable Contracts”) offered by life insurance companies affiliated with the Adviser and Nassau Life Insurance Company, an unaffiliated life insurance company (the “Life Companies”). All shares may be purchased or redeemed at net asset value without any sales or redemption charges. 

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

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

    Each Portfolio is diversified as defined by the 1940 Act. 

    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.

     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 two underlying funds, 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 1940 Act, of the Trust (collectively, the “Disinterested Trustees”), the Trust provides the Disinterested Trustees with a

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SUNAMERICA SERIES TRUST

NOTES TO FINANCIAL STATEMENTS — (continued)

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 U.S. 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, 2023, is reported on a schedule at the end of each Portfolio’s Portfolio of Investments.

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

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

    The AFIS investment adviser values the AFIS investments at fair value as defined by U.S. GAAP. The net asset value of 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

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SUNAMERICA SERIES TRUST

NOTES TO FINANCIAL STATEMENTS — (continued)

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

    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 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, 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 “Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The 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 Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. 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. The 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.

     Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis.  Realized gains and losses on the sale of investments are calculated on the identified cost basis.  Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date.  Distributions from income from underlying mutual fund investments (“Underlying Funds”), if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from the Underlying Funds, if any, are recorded to realized gains on the ex-dividend date. 

    Income, expenses other than class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares of each class of shares at the beginning of the day (after adjusting for current capital share activity of the respective class).

    Expenses common to all 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 each of the respective funds and do not include indirect expenses associated with the investments in the Underlying Portfolios.

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NOTES TO FINANCIAL STATEMENTS — (continued)

    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 recognized 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 examination by the Internal Revenue Service. 

Recent Accounting and Regulatory Developments

    In October 2022, the Securities and Exchange Commission (“SEC”) adopted rule and form amendments that require mutual funds and exchange-traded funds (“ETFs”) that are
registered on Form N-1A to prepare and transmit tailored unaudited annual and semi-annual shareholder reports (“TSRs”), that highlight key information to investors, within
60 days of period-end. In connection with these amendments, certain information that was previously disclosed in shareholder reports will instead be made available online,
delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. These rules have a compliance date of July 24, 2024.

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.

	Distributable Earnings			Tax Distributions
	For the year ended December 31, 2023
Portfolio	Ordinary Income	Long-term Gains/Capital Loss Carryover	Unrealized Appreciation (Depreciation)	Ordinary Income	Long-Term Capital Gains
SA American Funds Asset Allocation	$33,163,431	$ 73,898,084	$(17,138,772)	$42,884,404	$173,155,158
SA American Funds Global Growth	2,150,973	40,819,039	38,032,164	2,554,828	48,546,576
SA American Funds Growth	683,653	72,453,836	59,612,861	11,256,992	92,694,977
SA American Funds Growth-Income	4,284,723	25,540,775	62,938,888	8,935,518	33,149,852
SA American Funds VCP Managed Allocation	20,559,648	235,827,303	47,549,823	32,976,464	62,351,583

	Tax Distributions
	For the year ended December 31, 2022
Portfolio	Ordinary Income	Long-Term Capital Gains
SA American Funds Asset Allocation	$31,381,661	$58,885,989
SA American Funds Global Growth	—	2,328,240
SA American Funds Growth	3,759,345	99,161,239
SA American Funds Growth-Income	3,366,472	11,517,284
SA American Funds VCP Managed Allocation	19,119,684	67,377,314

    For the year ended December 31, 2023, there were no reclassifications between total accumulated earnings(loss) and paid-in capital resulting from book/tax differences.

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SUNAMERICA SERIES TRUST

NOTES TO FINANCIAL STATEMENTS — (continued)

    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	$ —	$(17,138,772)	$(17,138,772)	$1,824,445,108
SA American Funds Global Growth	38,142,062	(109,898)	38,032,164	340,906,037
SA American Funds Growth	60,029,475	(416,614)	59,612,861	837,177,053
SA American Funds Growth-Income	63,743,638	(804,750)	62,938,888	371,570,015
SA American Funds VCP Managed Allocation	47,899,006	(349,183)	47,549,823	1,849,637,724

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

    SAAMCo serves as investment advisor to the Trust and performs all investment advisory services for the Portfolios with the exception of portfolio management. The Portfolios pay SAAMCo a monthly fee, calculated daily based on net assets at the annual rates set forth in the table below. 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.

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, 2023, SAAMCo has agreed to waive advisory fees as follows:

Portfolio	Amount
SA American Funds Asset Allocation	$10,267,970
SA American Funds Global Growth	2,569,762
SA American Funds Growth	4,799,553
SA American Funds Growth-Income	2,379,136
SA American Funds VCP Managed Allocation	12,928,182

    SAAMCo has contractually agreed to waive fees and/or reimburse expenses of the following Portfolio until April 30, 2025; 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, 2025 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, 2023, pursuant to the contractual waivers/reimbursement expense referred to above, SAAMCo did not waive or reimburse any expenses.

    Waivers or reimbursements made by the Adviser with respect to a Portfolio, with the exception of advisory fee waivers, are subject to recoupment from that Portfolio within the following two years, provided that the Portfolio is able to effect such payment to the Adviser without exceeding the applicable expense limitations in effect at the time such waivers and/or reimbursements occurred or the current expense limitation of that share class.  For the year ended December 31, 2023, 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 Variable Annuity Life Insurance Company ("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

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NOTES TO FINANCIAL STATEMENTS — (continued)

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, 2023, transfer agent fees were paid (see Statement of Operations) based on the aforementioned agreement.

    Class 3 shares of each Portfolio are subject to Rule 12b-1 plans that provide for service fees payable at the annual rate 0.25% of the average daily net assets of Class 3 shares. The service fees are used to compensate the Life Companies for costs associated with the servicing of Class 3 shares, including the cost of reimbursing the Life Companies for expenditures made to financial intermediaries for providing services to contract holders who are the indirect beneficial owners of the Portfolios’ Class 3 shares. Accordingly, for the year ended December 31, 2023, 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, 2023 were as follows:

Portfolio	Purchases of Investment Securities (excluding U.S. Government Securities)	Sales of Investment Securities (excluding U.S. Government Securities)	Purchase of U.S. Government Securities	Sales of U.S. Government Securities
SA American Funds Asset Allocation	$34,658,755	$124,894,831	$—	$—
SA American Funds Global Growth	7,775,827	57,348,680	—	—
SA American Funds Growth	44,493,184	100,328,334	—	—
SA American Funds Growth-Income	15,720,163	38,422,955	—	—
SA American Funds VCP Managed Allocation	25,445,756	233,004,160	—	—

Note 6 — Capital Share Transactions

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

	SA American Funds Asset Allocation Portfolio				SA American Funds Global Growth Portfolio
	Year Ended 12/31/23		Year Ended 12/31/22		Year Ended 12/31/23		Year Ended 12/31/22
	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount
Class 1
Shares sold	16,175	$ 251,036	45,224	$ 729,835	18,491	$ 213,499	21,300	$ 229,743
Reinvested dividends	68,767	952,423	29,694	416,599	18,395	183,400	831	7,838
Shares redeemed	(46,551)	(731,745)	(32,465)	(527,165)	(7,189)	(84,388)	(99,594)	(1,272,835)
Total	38,391	$ 471,714	42,453	$ 619,269	29,697	$ 312,511	(77,463)	$ (1,035,254)
Class 3
Shares sold	2,084,536	$ 32,174,435	4,538,587	$ 75,440,624	678,026	$ 7,720,955	3,659,831	$ 41,126,925
Reinvested dividends	15,608,646	215,087,139	6,427,114	89,851,051	5,117,387	50,918,004	246,589	2,320,402
Shares redeemed	(7,432,009)	(113,138,652)	(4,804,423)	(76,717,810)	(4,889,397)	(55,452,605)	(3,932,165)	(42,669,724)
Total	10,261,173	$ 134,122,922	6,161,278	$ 88,573,865	906,016	$ 3,186,354	(25,745)	$ 777,603
Net increase (decrease)	10,299,564	$ 134,594,636	6,203,731	$ 89,193,134	935,713	$ 3,498,865	(103,208)	$ (257,651)
	SA American Funds Growth Portfolio				SA American Funds Growth-Income Portfolio
	Year Ended 12/31/23		Year Ended 12/31/22		Year Ended 12/31/23		Year Ended 12/31/22
	Shares	Amount	Shares	Amount	Shares	Amount	Shares	Amount
Class 1
Shares sold	360,944	$ 4,293,173	34,805	$ 465,022	43,391	$ 529,107	23,293	$ 271,118
Reinvested dividends	30,884	368,449	25,013	268,888	20,786	233,638	7,213	73,286
Shares redeemed	(214,091)	(2,889,337)	(31,527)	(400,134)	(10,519)	(131,426)	(33,883)	(386,870)
Total	177,737	$ 1,772,285	28,291	$ 333,776	53,658	$ 631,319	(3,377)	$ (42,466)
Class 3
Shares sold	3,243,947	$ 41,286,440	10,071,544	$ 140,051,304	1,358,553	$ 16,299,781	2,669,532	$ 31,652,144
Reinvested dividends	8,719,152	103,583,520	9,575,718	102,651,696	3,743,446	41,851,732	1,463,485	14,810,470
Shares redeemed	(7,158,344)	(94,431,950)	(1,511,185)	(20,982,432)	(3,061,977)	(37,298,966)	(2,120,039)	(24,744,110)
Total	4,804,755	$ 50,438,010	18,136,077	$ 221,720,568	2,040,022	$ 20,852,547	2,012,978	$ 21,718,504
Net increase (decrease)	4,982,492	$ 52,210,295	18,164,368	$ 222,054,344	2,093,680	$ 21,483,866	2,009,601	$ 21,676,038

22  

SUNAMERICA SERIES TRUST

NOTES TO FINANCIAL STATEMENTS — (continued)

	SA American Funds VCP Managed Allocation Portfolio
	Year Ended 12/31/23		Year Ended 12/31/22
	Shares	Amount	Shares	Amount
Class 1
Shares sold	8,736	$ 124,512	14,298	$ 219,254
Reinvested dividends	2,645	36,209	3,608	48,018
Shares redeemed	(26,808)	(372,725)	(2,179)	(31,899)
Total	(15,427)	$ (212,004)	15,727	$ 235,373
Class 3
Shares sold	1,867,477	$ 26,282,374	3,238,375	$ 48,219,638
Reinvested dividends	6,981,087	95,291,838	6,514,618	86,448,980
Shares redeemed	(15,603,337)	(224,040,194)	(9,963,061)	(146,691,498)
Total	(6,754,773)	$(102,465,982)	(210,068)	$ (12,022,880)
Net increase (decrease)	(6,770,200)	$(102,677,986)	(194,341)	$ (11,787,507)

Note 7 — Transactions with Affiliates

    At December 31, 2023, the following affiliates owned outstanding shares of the following Portfolios: 

Portfolio	American General Life Insurance Co.	The United States Life Insurance Co.	VALIC
SA American Funds Asset Allocation	88.87%	7.27%	3.86%
SA American Funds Global Growth	93.86	5.20	0.94
SA American Funds Growth	92.56	5.87	1.57
SA American Funds Growth-Income	92.24	6.10	1.66
SA American Funds VCP Managed Allocation	85.70	10.06	4.24

Note 8 — 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 rate 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, 2023, the Portfolios did not utilize the line of credit.

23

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS

Selected Data for a Share Outstanding Throughout each Period										Ratios and Supplemental Data
		Investment Operations			Distributions to Shareholders From						Ratios to Average Net Assets
Period ended	Net Asset Value beginning of period	Net investment income (loss)(1)	Net realized & unrealized gain (loss) on investments	Total from investment operations	Net investment income	Net realized gain on investments	Total distributions	Net Asset Value end of period	Total Return(2)	Net Assets end of period (000’s)	Total expenses before waivers and/or reimburse- ments(3),(4)	Total expenses after waivers and/or reimburse- ments(3)	Net investment income (loss)(3),(5)	Portfolio turnover
SA American Funds Asset Allocation Portfolio — Class 1
12/31/19	$12.94	$0.43	$ 2.31	$ 2.74	$(0.27)	$(0.70)	$(0.97)	$14.71	21.22%	$ 4,320	0.87%	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	0.87	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	0.86	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	0.86	0.26	1.94	4
12/31/23	15.15	0.33	1.65	1.98	(0.44)	(1.62)	(2.06)	15.07	14.27	8,008	0.87	0.27	2.18	2
SA American Funds Asset Allocation Portfolio — Class 3
12/31/19	12.93	0.26	2.44	2.70	(0.24)	(0.70)	(0.94)	14.69	20.91	1,171,382	1.12	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	1.12	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	1.11	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	1.11	0.51	1.64	4
12/31/23	15.09	0.30	1.62	1.92	(0.40)	(1.62)	(2.02)	14.99	13.90	1,798,428	1.12	0.52	1.94	2
SA American Funds Global Growth Portfolio — Class 1
12/31/19	9.15	0.14	3.07	3.21	(0.12)	(1.30)	(1.42)	10.94	35.27	246	0.99	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	0.99	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	0.98	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	0.98	0.28	0.55	11
12/31/23	10.58	0.11	2.08	2.19	(0.11)	(1.59)	(1.70)	11.07	22.52	1,399	0.99	0.29	0.94	2
SA American Funds Global Growth Portfolio — Class 3
12/31/19	9.16	0.09	3.09	3.18	(0.09)	(1.30)	(1.39)	10.95	34.93	390,653	1.24	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	1.24	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	1.23	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	1.23	0.53	0.41	11
12/31/23	10.55	0.07	2.10	2.17	(0.08)	(1.59)	(1.67)	11.05	22.36	377,323	1.24	0.54	0.58	2

(1)	Calculated based upon average shares outstanding.
(2)	Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.
(3)	Does not include underlying portfolio expenses that the Portfolio bears indirectly.
(4)	Total expenses represent expenses prior to waivers and/or reimbursements.  Such waiver/reimbursement amounts were previously reported in the notes to the financial highlights table.
(5)	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

24  

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected Data for a Share Outstanding Throughout each Period										Ratios and Supplemental Data
		Investment Operations			Distributions to Shareholders From						Ratios to Average Net Assets
Period ended	Net Asset Value beginning of period	Net investment income (loss)(1)	Net realized & unrealized gain (loss) on investments	Total from investment operations	Net investment income	Net realized gain on investments	Total distributions	Net Asset Value end of period	Total Return(2)	Net Assets end of period (000’s)	Total expenses before waivers and/or reimburse- ments(3),(4)	Total expenses after waivers and/or reimburse- ments(3)	Net investment income (loss)(3),(5)	Portfolio turnover
SA American Funds Growth Portfolio — Class 1
12/31/19	$ 9.23	$ 0.13	$ 2.70	$ 2.83	$ —	$(0.05)	$(0.05)	$12.01	30.75%	$ 160	0.89%	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	0.88	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	0.87	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	0.87	0.27	0.30	3
12/31/23	11.20	0.09	3.97	4.06	(0.22)	(1.56)	(1.78)	13.48	38.35	4,405	0.88	0.28	0.73	6
SA American Funds Growth Portfolio — Class 3
12/31/19	9.24	0.05	2.75	2.80	—	(0.05)	(0.05)	11.99	30.39	377,823	1.14	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	1.13	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	1.12	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	1.12	0.52	0.10	3
12/31/23	11.16	0.01	4.00	4.01	(0.19)	(1.56)	(1.75)	13.42	38.00	891,920	1.13	0.53	0.08	6
SA American Funds Growth-Income Portfolio — Class 1
12/31/19	9.54	0.21	2.28	2.49	—	(0.05)	(0.05)	11.98	26.17	159	0.91	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	0.89	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	0.89	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	0.88	0.28	1.21	7
12/31/23	11.14	0.18	2.57	2.75	(0.31)	(1.04)	(1.35)	12.54	26.10	2,406	0.89	0.29	1.50	4
SA American Funds Growth-Income Portfolio — Class 3
12/31/19	9.54	0.15	2.30	2.45	—	(0.05)	(0.05)	11.94	25.75	285,659	1.15	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	1.14	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	1.13	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	1.13	0.53	1.04	7
12/31/23	11.08	0.13	2.58	2.71	(0.28)	(1.04)	(1.32)	12.47	25.85	431,862	1.14	0.54	1.08	4

(1)	Calculated based upon average shares outstanding.
(2)	Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.
(3)	Does not include underlying portfolio expenses that the Portfolio bears indirectly.
(4)	Total expenses represent expenses prior to waivers and/or reimbursements.  Such waiver/reimbursement amounts were previously reported in the notes to the financial highlights table.
(5)	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

25

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected Data for a Share Outstanding Throughout each Period										Ratios and Supplemental Data
		Investment Operations			Distributions to Shareholders From						Ratios to Average Net Assets
Period ended	Net Asset Value beginning of period	Net investment income (loss)(1)	Net realized & unrealized gain (loss) on investments	Total from investment operations	Net investment income	Net realized gain on investments	Total distributions	Net Asset Value end of period	Total Return(2)	Net Assets end of period (000’s)	Total expenses before waivers and/or reimburse- ments(3),(4)	Total expenses after waivers and/or reimburse- ments(3)	Net investment income (loss)(3),(5)	Portfolio turnover
SA American Funds VCP Managed Allocation Portfolio — Class 1
12/31/19	$12.68	$0.06	$ 2.32	$ 2.38	$(0.07)	$(0.18)	$(0.25)	$14.81	18.81%	$ 130	0.98%	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	0.97	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	0.96	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	0.96	0.26	2.10	2
12/31/23	13.70	0.20	1.91	2.11	(0.31)	(0.51)	(0.82)	14.99	15.92	821	0.97	0.27	1.36	1
SA American Funds VCP Managed Allocation Portfolio — Class 3
12/31/19	12.67	0.01	2.33	2.34	(0.04)	(0.18)	(0.22)	14.79	18.48	1,982,324	1.23	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	1.22	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	1.21	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	1.21	0.51	1.67	2
12/31/23	13.65	0.16	1.90	2.06	(0.27)	(0.51)	(0.78)	14.93	15.57	1,895,451	1.22	0.52	1.11	1

(1)	Calculated based upon average shares outstanding.
(2)	Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.
(3)	Does not include underlying portfolio expenses that the Portfolio bears indirectly.
(4)	Total expenses represent expenses prior to waivers and/or reimbursements.  Such waiver/reimbursement amounts were previously reported in the notes to the financial highlights table.
(5)	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

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, 2023, the related statements of operations for the year ended December 31, 2023, the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (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, 2023, 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, 2023 and each of the financial highlights for each of the five years in the period ended December 31, 2023, 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, 2023 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 23, 2024

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.

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SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT—December 31, 2023 (unaudited)

At a meeting held on October 12, 2023, 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.

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.

28

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT—December 31, 2023 (unaudited)— (continued)

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

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

The performance information included annualized returns for the period since inception and the one-, three-, five-and ten-year periods, as applicable, ended June 30, 2023 from Broadridge and performance information as of June 30, 2023 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 same periods. The Board took into account management’s discussion of the Master Fund’s performance and noted the narrower range of underperformance relative 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.

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

29

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT—December 31, 2023 (unaudited)— (continued)

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 Corebridge 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.

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.

30

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
Tracey C. Doi Age: 62	Trustee		2021- Present	Controller, Vice President, Toyota Motor Sales (2000-2003), Chief Financial Officer, Group Vice President of Toyota Motor North America (2003-2022); Board Member, National Asian American Chamber of Commerce (2012-Present); Board Governor, Japanese American National Museum (2005-Present); Board Member, 2020 Women on Boards (nonprofit leadership organization) (2017- Present); Board Member, National Association of Corporate Directors, North Texas (nonprofit leadership organization) (2020- Present).		80	Director, Pentair (industrial-water treatment) (August 2023 - Present); Director, Quest Diagnostics (healthcare) (2021-Present); Director, City National Bank (banking) (2016-2022).
Jane Jelenko Age: 75	Trustee		2006- Present	Retired Partner KPMG, LLP and Managing Director, Bearingpoint, Inc. (formerly KPMG Consulting) (2003-Present).		80	Director, Countrywide Bank (banking) (2003-2008); Director, Cathay General Bancorp and Cathay Bank (banking) (2012-2018).
Charles H. Self III Age: 68	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	None.
Bruce G. Willison Age: 75	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); Director of Specialty Family Foundation (2013-Present).		80	Director of NiQ — Portland, OR (2016-2020); 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).
Martha B. Willis(4) Age: 63	Trustee		2023- Present	President and Founder, MBW Consulting (August 2022-Present); Executive Vice President, Chief Marketing Officer of TIAA (June 2020–March 2022); Executive Vice President, Chief Marketing Officer, Nuveen (May 2016-June 2020); Board Member, Nuveen UCITS funds (investment funds) (2019-2021).		80	None.
Christianne F. Kerns(5) Age: 65	Trustee		2023- Present	Managing Partner (2020-Present), Partner (2004-Present), Hahn & Hahn LLP (law firm); Director (2013-Present), Five Acres (non-profit children’s services); Director (2019-Present), Hastings Foundation (non-profit charitable grants for pulmonary research); and Advisory Board Member (2018-Present), Pepperdine University.		80	None.
Interested Trustee
John T. Genoy (6) Age: 55	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.
Officers
Kathleen D. Fuentes Age: 55	Chief Legal Officer, Vice President, and Secretary		2015- Present	Senior Vice President and General Counsel, SAAMCo (2023-Present); Vice President and Chief Legal Officer, SAAMCo (2006-2023).		N/A	N/A
Christopher C. Joe Age: 54	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

31

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
Gregory N. Bressler Age: 57	Vice President and Assistant Secretary		2005- Present	Assistant Secretary, SunAmerica (2021-Present); Senior Vice President, SAAMCo (2005-Present).		N/A	N/A
Gregory R. Kingston Age: 57	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: 51	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: 62	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: 52	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: 52	Vice President		2020- Present	Vice President, SAAMCo (2008-Present).		N/A	N/A
Christopher J. Tafone Age: 48	Vice President and Assistant Secretary		2021- Present (Vice President); 2016- Present (Assistant Secretary)	Vice President, SAAMCo (2016-Present); Associate General Counsel, Corebridge 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) Ms. Willis was elected as a new Independent Trustee to the Trust’s Board as of the close of business on January 19, 2023.

(5) Ms. Kerns was appointed as a new Independent Trustee to the Trust’s Board as of October 13, 2023.

(6) 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.

32

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, 2023.

During the year ended December 31, 2023 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	$	2.06	$	0.44	$	—	$	1.62		64.00	%
SA American Funds Asset Allocation Portfolio Class 3		2.02		0.40		—		1.62		64.00
SA American Funds Global Growth Portfolio Class 1		1.70		0.11		—		1.59		100.00
SA American Funds Global Growth Portfolio Class 3		1.67		0.08		—		1.59		100.00
SA American Funds Growth Portfolio Class 1		1.78		0.22		—		1.56		100.00
SA American Funds Growth Portfolio Class 3		1.75		0.19		—		1.56		100.00
SA American Funds Growth-Income Portfolio Class 1		1.35		0.31		—		1.04		100.00
SA American Funds Growth-Income Portfolio Class 3		1.32		0.28		—		1.04		100.00
SA American Funds VCP Managed Allocation Portfolio Class 1		0.82		0.31		—		0.51		100.00
SA American Funds VCP Managed Allocation Portfolio Class 3		0.78		0.27		—		0.51		100.00

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

33

SUNAMERICA SERIES TRUST

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, 2023.

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.

34

SUNAMERICA SERIES TRUST SA American Funds Asset Allocation Portfolio — Class 3

COMPARISON: PORTFOLIOS VS. INDEXES (unaudited)

SA American Funds Asset Allocation Portfolio Average Annual Total Returns as of 12/31/23
	1-year	5-year	10-year	Since Inception
Class 1*	14.27%	9.18%	N/A	8.03%
Class 3*	13.90%	8.91%	6.95%	6.68%

* 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 13.90% for the twelve months ended December 31, 2023. The S&P 500^® Index returned 26.29% over the same period, while the Bloomberg U.S. Aggregate Bond Index returned 5.53%. The Blended Index (60% S&P 500^® Index and 40% Bloomberg U.S. Aggregate Bond Index) returned 17.67%. The American Funds Insurance Series^® Asset Allocation Fund — Class 1 (Master Fund), which is a mix of stocks and bonds, returned 14.55% for the annual period.

U.S. equities advanced amid strong economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes despite market jitters over a major banking crisis and wars in Ukraine and the Middle East. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value. Bond markets also rebounded, rallying on expectations that the U.S. Federal Reserve, the European Central Bank and others are not only done with rate hikes but planning rate cuts in 2024. Virtually all segments of the bond market generated strong returns in contrast to the severe 2022 downturn.

Within equities, investment selection within the energy and communication services sectors were among the top contributors to returns relative to the S&P 500^® Index. Results were helped by holdings in Broadcom, which saw returns over the period that outpaced the S&P 500^® Index as falling interest rate expectations raised hopes of an overall improvement in global demand for electronics products. On the downside, a smaller-than-benchmark weight in the information technology sector and stock selection within the consumer discretionary sector weighed on relative returns. The Portfolio’s lower-than-benchmark holding in Apple also detracted. Overall, the Portfolio’s fixed income investments were additive to returns relative to the Bloomberg U.S. Aggregate Bond Index. Sector and security selection contributed positively to results, while duration and curve positioning detracted. Out-of-benchmark positions within U.S. Treasury Inflation-Protected Securities (TIPS) and high-yield bonds also added to returns. Derivatives, which are used as tools for implementing the Portfolio’s duration, curve and credit positioning, detracted from results.

Past performance is no guarantee of future results.

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

35

SUNAMERICA SERIES TRUST SA American Funds Global Growth Portfolio — Class 3

COMPARISON: PORTFOLIOS VS. INDEXES (unaudited)

SA American Funds Global Growth Portfolio Average Annual Total Returns as of 12/31/23
	1-year	5-year	10-year	Since Inception
Class 1*	22.52%	13.62%	N/A	11.24%
Class 3*	22.36%	13.35%	9.28%	8.64%

* 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 22.36% for the twelve months ended December 31, 2023, compared with a 22.20% return for the MSCI ACWI (net) Index. The American Funds Insurance Series^® Global Growth Fund — Class 1 (Master Fund) returned 22.91% for the annual period.

Global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East. All sectors rose in the MSCI ACWI (net) Index, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the MSCI ACWI (net) Index.

Within the Master fund, sector selection in the utilities and financials sectors were among the top contributors to relative returns. Larger-than-index positions in Novo Nordisk and Chipotle Mexican Grill were among the top individual contributors to the Portfolio. Danish biopharmaceutical firm Novo Nordisk, an innovator in the treatment and management of diabetes and obesity, saw its shares rise on strong financial results and clinical trial outcomes. Meanwhile, Chipotle experienced double-digit revenue growth in 2023, driven by strong earnings and higher operating margin. On the downside, sector selection in health care and stock selection in information technology detracted from relative results. Smaller-than-benchmark weights in Apple and Amazon.com were among the top individual detractors. On a geographic basis, stocks of companies domiciled in the United States and Denmark were among the top contributors to results, while stocks of companies based in Germany and Hong Kong 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.

36

SUNAMERICA SERIES TRUST SA American Funds Growth Portfolio — Class 3

COMPARISON: PORTFOLIOS VS. INDEXES (unaudited)

SA American Funds Growth Portfolio Average Annual Total Returns as of 12/31/23
	1-year	5-year	10-year	Since Inception
Class 1*	38.35%	18.65%	N/A	16.78%
Class 3*	38.00%	18.36%	14.04%	10.81%

* 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 38.00% for the twelve months ended December 31, 2023, compared with a 26.29% return for the S&P 500^® Index. The American Funds Insurance Series^® Growth Fund — Class 1 (Master Fund) returned 38.81% for the annual period.

U.S. equities advanced amid strong economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes despite market jitters over a major banking crisis and wars in Ukraine and the Middle East. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value. The Nasdaq Composite, a market capitalization-weighted index that is heavily weighted toward the technology sector, soared 44.64%.

Stock selection within the communication services and industrials sectors were the top contributors to relative returns. A larger-than-benchmark position in Meta Platforms buoyed results as the company adopted a posture of cost cutting and operational efficiency that, when combined with strong user growth, drove near record-high revenue. On the downside, a lower-than-benchmark position in the information technology sector weighed on results and a smaller-than-benchmark position in NVIDIA detracted from returns.

Past performance is no guarantee of future results.

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

37

SUNAMERICA SERIES TRUST SA American Funds Growth-Income Portfolio — Class 3

COMPARISON: PORTFOLIOS VS. INDEXES (unaudited)

SA American Funds Growth-Income Portfolio Average Annual Total Returns as of 12/31/23
	1-year	5-year	10-year	Since Inception
Class 1*	26.10%	13.34%	N/A	12.32%
Class 3*	25.85%	13.04%	10.59%	8.69%

* 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 25.85% for the 12 months ended December 31, 2023, while the S&P 500^® Index returned 26.29% over the same period. The American Funds Insurance Series^® Growth-Income Fund — Class 1 (Master Fund) returned 26.47% for the annual period.

U.S. equities advanced amid strong economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes despite market jitters over a major banking crisis and wars in Ukraine and the Middle East. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value. A strong labor market and resilient consumer spending helped the U.S. economy avoid a recession, which once seemed inevitable, and inflation declined rapidly throughout the year.

Investments within the health care and financials sectors were top contributors to the Master fund’s relative returns. Larger-than-benchmark positions in Broadcom and General Electric were top individual contributors, as these stocks outpaced the S&P 500^® Index. On the downside, sector selection in the information technology and consumer discretionary sectors dragged on Portfolio returns. Smaller-than-benchmark positions in Apple and NVIDIA detracted.

Past performance is no guarantee of future results.

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

38

SUNAMERICA SERIES TRUST SA American Funds VCP Managed Allocation Portfolio — Class 3

COMPARISON: PORTFOLIOS VS. INDEXES (unaudited)

SA American Funds VCP Managed Allocation Portfolio Average Annual Total Returns as of 12/31/23
	1-year	5-year	10-year	Since Inception
Class 1*	15.92%	7.58%	N/A	6.67%
Class 3*	15.57%	7.30%	5.29%	6.52%

* 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 15.57% for the twelve months ended December 31, 2023. The S&P 500^® Managed Risk Index — Moderate Index returned 16.81% over the same period. The American Funds Insurance Series^® Managed Risk Growth-Income Fund — Class P1 (Master Fund) returned 16.17% 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 funds.

The underlying American Funds Insurance Series^® Growth-Income Fund’s investments within the health care and financials sectors were the top contributors to relative returns. On the downside, sector selection in the information technology and consumer discretionary sectors weighed on relative results. The managed risk strategy, which is designed to help the Master fund during periods of high volatility, detracted from returns overall, though it helped reduce the volatility relative to its Master Fund’s underlying funds. The equity future overlay was the largest detractor while the U.S. Treasury future and option overlays moderately detracted.

Past performance is no guarantee of future results.

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

39

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.

40

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.17 (2/24)

American Funds
Insurance Series®
Annual report for the year ended December 31, 2023

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
50	Global Growth Fund
55	Global Small Capitalization Fund
62	Growth Fund
69	International Fund
74	New World Fund®
88	Washington Mutual Investors Fund
93	Capital World Growth and Income Fund®
101	Growth-Income Fund
107	International Growth and Income Fund
113	Capital Income Builder®
134	Asset Allocation Fund
166	American Funds® Global Balanced Fund
182	The Bond Fund of America®
218	Capital World Bond Fund®
239	American High-Income Trust®
258	American Funds Mortgage Fund®
266	Ultra-Short Bond Fund
268	U.S. Government Securities Fund®
280	Managed Risk Growth Fund
282	Managed Risk International Fund
284	Managed Risk Washington Mutual Investors Fund
286	Managed Risk Growth-Income Fund
288	Managed Risk Asset Allocation Fund
290	Financial statements

Fellow investors:

We are pleased to present the annual report for American Funds Insurance Series^® for the year ended December 31, 2023.

Regarding the investment environment, global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.

All sectors rose in the MSCI All Country World Index¹, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.

U.S. equities advanced amid economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes. Despite market jitters over a major banking crisis in March/April, and wars in Ukraine and the Middle East, the S&P 500 Index² climbed 26.29%. The information

technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value.

European stocks rallied as inflation declined from high levels, raising expectations that European Central Bank officials will begin cutting interest rates in 2024. Stock prices moved higher throughout the 20-member eurozone despite signs of weakening economic growth in most countries, including Germany and France, Europe’s largest economies. Overall, the MSCI Europe Index³ rose 19.89% for U.S. dollar-based investors and 14.30% in local currency terms.

Emerging markets stocks rose despite China’s slowing economy. Interest rate cuts in several developing countries as well as expected cuts in the U.S. helped returns, along with economic growth and U.S. dollar weakness. Overall, the MSCI Emerging Markets Index⁴ gained 9.83%.

Bonds markets also rebounded, rallying on expectations that the U.S. Federal Reserve, the European Central Bank and others are not only done with rate hikes but are planning rate cuts in 2024. Virtually all segments of the bond market generated strong returns in contrast to the severe downturn in 2022.

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

1 Source: MSCI. 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.

Past results are not predictive of results in future periods.

American Funds Insurance Series  1

The U.S. Treasury yield curve⁵ steepened modestly as the two-year yield fell 18 basis points (bps) to end at 4.25% while the 10-year yield ended unchanged at 3.88%. All major U.S. fixed income sectors posted positive returns. The Bloomberg U.S. Aggregate Index⁶ advanced 5.53%. Corporate markets led U.S. bond returns for the year. The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index⁷ and Bloomberg U.S. Corporate Investment Grade Index⁸ rose 13.44% and 8.52%, respectively. Both sectors benefited from narrowing spreads, ⁹ which fell 146 bps for high-yield bonds and 31 bps for investment-grade corporates.

In foreign exchange markets, the U.S. dollar fluctuated, and by year-end, had registered small to moderate declines against the euro, the British pound, the Brazilian real and most other currencies.

Looking ahead

The strong stock market returns of 2023, after a rough 2022, were a surprise to many. It is testimony to the power of factors such as interest rates and the economy, as well as prospects for individual stocks (for example, the potential positive impact of artificial intelligence), over the persistent negative headlines we read in the media. That is good news for investors like us, who focus on the long run.

Going forward into 2024, big questions remain. One question is certainly inflation and its impact on interest rates. From a starting point of 3% to 4%, many market participants expect U.S. inflation to soon drop into the 2% to 3% range and put downward pressure on interest rates. While that may happen, we would not be surprised to see inflation remain a bit more persistent than these expectations.

Another question is geopolitical risk. The market digested the ongoing conflicts in Ukraine and the Middle East with no real issues in 2023, but the possibility of further spread remains. We hope for peace but must prepare for any outcome.

A final question to mention is the U.S. election. Elections often have an impact on markets, and that’s especially true when the outcome is as uncertain as it is this year. It is currently difficult to handicap how many candidates will draw meaningful votes, much less predict the winner.

All in all, it is likely that stock markets in 2024 will not be as strong as they were in 2023, but that doesn’t mean investors should worry. Less positive does not mean negative, and that is especially true for returns in the long run. As investors, we (like you) know the value of holding companies that have good fundamentals and reasonable valuation, which can offer

superior outcomes over time. We believe this is a successful long term investment strategy, one that we have employed since the inception of our firm.

We will continue to conduct world-class research and to utilize The Capital SystemTM of investment management. Armed with deep knowledge and aided by robust internal debate, our portfolio managers and investment analysts focus on their highest conviction ideas. This is the time-tested process we use to pursue favorable risk-adjusted returns for our shareholders. We thank you for your continued support of our efforts and look forward to reporting back to you in six months.

Sincerely,

Donald D. O’Neal

Co-President

Alan N. Berro

Co-President

February 12, 2024

⁵  Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.)

⁶  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.

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

⁹  The difference in yield between a U.S. Treasury and a corporate bond of the same maturity is referred to as a credit spread, also known as a yield spread. Historically, spreads tend to narrow when the economy is doing well, and they tend to widen when the economy is doing poorly. (Source: Investopedia.com.)

Past results are not predictive of results in future periods.

2  American Funds Insurance Series

About the series

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

The variable annuities and life insurance contracts that use the series’ funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which 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, 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, 2024. 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 and Managed Risk Washington Mutual Investors Fund. The waivers and reimbursement will be in effect through at least May 1, 2024, 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 increased 22.91% for the 12 months ended December 31, 2023, compared with a return of 22.20% 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 rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.

All sectors rose in the MSCI ACWI, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.

Within the fund, sector selection in the utilities and financials sectors were among the top contributors to relative returns.² Larger-than-index positions in Novo Nordisk and Chipotle Mexican Grill were among the top individual contributors to the portfolio. Danish biopharmaceutical firm Novo Nordisk, an innovator in the treatment and management of diabetes and obesity, saw its shares rise on strong financial results and clinical trial outcomes. Meanwhile, Chipotle experienced double-digit revenue growth in 2023, driven by strong earnings and higher operating margin. On the downside, sector selection in health care and stock selection in information technology detracted from relative results. Smaller-than-benchmark weights in Apple and Amazon.com were among the top individual detractors.

On a geographic basis, stocks of companies domiciled in the United States and Denmark were among the top contributors to results, while stocks of companies based in Germany and Hong Kong 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, 20233
		1 year	5 years	10 years	Lifetime (since April 30, 1997)	Gross expense ratio	Net expense ratio
	Class 1	22.91%	13.93%	9.85%	10.04%	0.52%	0.41%
	Class 1A	22.60	13.65	9.58	9.77	0.77	0.66
	Class 2	22.60	13.65	9.58	9.77	0.77	0.66
	Class 4	22.29	13.36	9.30	9.51	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, 2024. 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, 2024 (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. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. 2  Relative returns refers to the difference between the returns of a fund and the returns of its benchmark index. (Source: Investopedia. com.) 3  Periods greater than one year are annualized. Percent of net assets
Where the fund’s assets were invested as of December 31, 2023

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 advanced 16.45% for the 12 months ended December 31, 2023. 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, returned 16.84%.

Global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.

All sectors rose in the MSCI All Country World Index, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.

Within the portfolio, stock selection within the financials sector contributed positively to relative returns.² A larger-than-index investment in Draftkings was among the fund’s top individual contributors over the period. On the downside, stock selection within the information technology sector detracted from returns. Within individual securities, health care provider Insulet was a top detractor, as its stock lagged the broader market.

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

Looking ahead, one thing that the portfolio managers know is that unexpected events will shape the market environment in 2024. That said, we also believe our robust global research will allow us to continue to identify attractive investment opportunities in companies with long-term potential. We thank you for the support you have shown for the fund thus far and we look forward to reporting back to you in another six months.

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, 20233
		1 year	5 years	10 years	Lifetime (since April 30, 1998)	Gross expense ratio	Net expense ratio
	Class 1	16.45%	8.57%	6.04%	8.70%	0.70%	0.66%
	Class 1A	16.15	8.31	5.79	8.43	0.95	0.91
	Class 2	16.17	8.31	5.78	8.43	0.95	0.91
	Class 4	15.79	8.03	5.51	8.16	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, 2024. 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, 2024 (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. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. 2   Relative returns refers to the difference between the returns of a fund and the returns of its benchmark index. (Source: Investopedia. com.) 3   Periods greater than one year are annualized. Percent of net assets
Where the fund’s assets were invested as of December 31, 2023

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 returned 38.81% for the 12 months ended December 31, 2023, compared with an increase of 26.29% 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 advanced amid strong economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes despite market jitters over a major banking crisis and wars in Ukraine and the Middle East. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value. The Nasdaq Composite, a market capitalization-weighted index that is heavily weighted toward the technology sector, soared 43.42%.

Regarding the fund, stock selection within the communication services and industrials sectors were the top contributors to relative returns.² A larger-than-benchmark position in Meta Platforms buoyed results as the company adopted a posture of cost cutting and operational efficiency that, when combined with strong user growth, drove near record-high revenue. On the downside, a lower-than-benchmark position in the information technology sector weighed on results and a smaller-than-benchmark position in NVIDIA detracted from returns.

Looking forward, the fund’s managers take an overall positive view of economic indicators for the coming year. Inflation has declined meaningfully, although it remains above the Federal Reserve’s target. Likewise, the Fed has paused its recent pattern of interest rate hikes and the U.S. economy has remained incredibly resilient throughout. Whether and when the pause will pivot to rate cuts is likely dependent on how quickly inflation reaches a level the central bank is comfortable with, but the idea of a soft landing seems far more realistic than a year ago. Regardless of the outcome, the managers will continue to focus on opportunities for long-term capital appreciation based on a time-tested investment approach in pursuit of superior returns for investors.

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, 20233
		1 year	5 years	10 years	Lifetime (since February 8, 1984)	Expense ratio
	Class 1	38.81%	18.97%	14.64%	13.24%	0.34%
	Class 1A	38.47	18.68	14.36	12.96	0.59
	Class 2	38.49	18.68	14.36	12.96	0.59
	Class 3	38.56	18.76	14.43	13.04	0.52
	Class 4	38.13	18.38	14.07	12.68	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, 2024 (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. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. 2   Relative returns refers to the difference between the returns of a fund and the returns of its benchmark index. (Source: Investopedia. com.) 3   Periods greater than one year are annualized. Percent of net assets
Where the fund’s assets were invested as of December 31, 2023

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 returned 16.12% for the 12 months ended December 31, 2023, compared with the 15.62% return of 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 rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.

All sectors rose in the MSCI ACWI ex USA, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.

Within the portfolio, stock selection within the information technology and consumer discretionary sectors boosted relative returns.² Within individual securities, a larger-than-index position in South Korean chipmaker SK Hynix was among the top individual contributors. On the downside, stock selection within the materials and financials sectors dragged on returns. A larger-than-index position in the Canadian mining and metals company, First Quantum Minerals, was a detractor.

The new year looks to continue current macroeconomic uncertainty and trends stemming from shifting monetary policies and geopolitical tensions around the world. Overall, the fund’s portfolio managers have a positive view of economic indicators for the coming year and, supported by our global research capabilities, believe they will continue to identify attractive investment opportunities in companies with long-term potential for investors.

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, 20233
	1 year	5 years	10 years	Lifetime (since May 1, 1990)	Expense ratio
Class 1	16.12%	5.10%	3.67%	7.33%	0.53%
Class 1A	15.85	4.83	3.42	7.06	0.78
Class 2	15.84	4.83	3.41	7.06	0.78
Class 3	15.99	4.92	3.49	7.13	0.71
Class 4	15.56	4.58	3.15	6.80	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 as of the fund’s prospectus dated May 1, 2024 (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. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. 2   Relative returns refers to the difference between the returns of a fund and the returns of its benchmark index. (Source: Investopedia. com.) 3   Periods greater than one year are annualized. Percent of net assets
Where the fund’s assets were invested as of December 31, 2023

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 returned 16.22% for the 12 months ended December 31, 2023. 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), advanced 22.20%. 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), returned 9.83%.

Global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.

All sectors rose in the MSCI ACWI, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.

Emerging markets stocks rose despite China’s slowing economy. Interest rate cuts in several developing countries as well as expected cuts in the U.S. helped returns, along with economic growth and U.S. dollar weakness.

Within the portfolio, stock selection in the health care and consumer staples sectors contributed to the fund’s relative returns.² Danish biopharmaceutical firm Novo Nordisk was a top individual contributor, as its stock saw returns that outpaced the broader market. Online e-commerce firm MercadoLibre was also a positive contributor. On the downside, stock selection within the information technology sector dragged on relative returns. Among individual securities, smaller-than-benchmark positions in NVIDIA and Apple detracted from relative results.

The investment environment remains challenging, with a wide range of uncertainties affecting equity prices, including global shifts in monetary policy and elevated geopolitical tensions. 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 conditions. 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, 20233
		1 year	5 years	10 years	Lifetime (since June 17, 1999)	Gross expense ratio	Net expense ratio
	Class 1	16.22%	8.90%	4.95%	7.79%	0.64%	0.57%
	Class 1A	15.98	8.63	4.69	7.52	0.89	0.82
	Class 2	15.99	8.64	4.69	7.52	0.89	0.82
	Class 4	15.67	8.37	4.43	7.26	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, 2024. 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, 2024 (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. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. 2   Relative returns refers to the difference between the returns of a fund and the returns of its benchmark index. (Source: Investopedia. com.) 3   Periods greater than one year are annualized. Percent of net assets
Where the fund’s assets were invested as of December 31, 2023

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 returned 17.66% for the 12 months ended December 31, 2023. Its benchmark index, S&P 500 Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, advanced 26.29%.   U.S. equities advanced amid strong economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes despite market jitters over a major banking crisis and wars in Ukraine and the Middle East. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value.   Regarding the fund, stock selection in the financials sector was one of the top contributors to relative returns.² Among individual securities, a higher-than-benchmark position in Broadcom was a top contributor, as the stock outpaced the broader equity market. On the downside, security selections within the consumer discretionary sector weighed on returns. A lower-than-index position in Amazon.com weighed on relative returns as the stock outpaced the market overall.   Looking ahead, while the market has priced-in a soft landing, an inverted yield curve³ could signal a looming recession. Offsetting this view has been a string of low unemployment numbers that point to strength in the economy. In the meantime, the Fed appears to remain committed to lowering inflation by holding rates at higher levels for longer. In 2024, the fund’s portfolio managers will begin to get a clean read on the health of the consumer as pandemic-era stimulus and support wanes and the cumulative effects of monetary policy take hold. Those effects could portend higher volatility and more downside in the markets, or taming inflation and a downbeat economy could send stocks higher. Time will tell. Regardless of the outcome, we will 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, 20234
											Lifetime			Gross			Net
		1 year			5 years			10 years			(since July 5,2001)			expense ratio			expense ratio
	Class 1		17.66	%		12.90	%		10.19	%		7.42	%		0.41	%		0.27	%
	Class 1A		17.29			12.60			9.92			7.16			0.66			0.52
	Class 2		17.29			12.60			9.91			7.15			0.66			0.52
	Class 4		16.97			12.33			9.64			6.91			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, 2024. 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, 2024 (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. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. 2   Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia. com.) 3   Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) 4   Periods greater than one year are annualized.

Percent of net assets

Where the fund’s assets were invested as of December 31, 2023  

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 returned 21.22% for the 12 months ended December 31, 2023, compared with a 22.20% increase 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 rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.

All sectors rose in the MSCI ACWI, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.

Within the portfolio, stock selection within the industrials sector was a top contributor to relative returns.² Results were also helped by holdings in Broadcom, which saw returns over the period that outpaced the broader market as falling interest rate expectations raised hopes of an overall improvement in global demand for electronics products. On the downside, the portfolio’s lower-than-benchmark position in NVIDIA and stock selection within the financials sector were among the top detractors to returns. The portfolio’s position in Vale, a Brazil-based mining company, also weighed on returns as shares fell amid faltering Chinese demand and worries on the strength of the country’s economic recovery together with mixed financial results.

On a geographical basis, stocks domiciled in the eurozone contributed the most to relative returns, while the portfolio’s holdings in Brazil were among the largest detractors from overall returns.

Looking ahead, the investment environment remains challenging, with a wide range of uncertainties affecting equity prices, including global shifts in monetary policy and elevated geopolitical tensions. The portfolio managers believe the fund’s flexibility in seeking investments around the world will provide significant opportunities in these conditions. 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.

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, 20233
		1 year			5 years			10 years			Lifetime (since May 1, 2006)			Gross expense ratio			Net expense ratio
	Class 1		21.22	%		10.60	%		7.90	%		7.19	%		0.51	%		0.41	%
	Class 1A		20.87			10.33			7.65			6.93			0.76			0.66
	Class 2		20.88			10.34			7.62			6.92			0.76			0.66
	Class 4		20.65			10.07			7.36			6.67			1.01			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, 2024. 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, 2024 (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. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. 2   Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia. com.) 3   Periods greater than one year are annualized.
	Percent of net assets
Where the fund’s assets were invested as of December 31, 2023

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 returned 26.47% for the 12 months ended December 31, 2023, compared with a return of 26.29% 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 advanced amid strong economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes despite market jitters over a major banking crisis and wars in Ukraine and the Middle East. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value. A strong labor market and resilient consumer spending helped the U.S. economy avoid a recession, which once seemed inevitable, and inflation declined rapidly throughout the year.

Regarding the fund, investments within the health care and financials sectors were top contributors to the fund’s relative returns.² Larger-than-benchmark positions in Broadcom and General Electric were top individual contributors, as these stocks outpaced the market overall. On the downside, sector selection in the information technology and consumer discretionary sectors dragged on portfolio returns. Smaller-than-benchmark positions in Apple and NVIDIA detracted.

Looking ahead, the fund’s managers take an overall positive view of economic indicators for the coming year. Inflation has declined meaningfully, although it remains above the Federal Reserve’s target. Likewise, the Fed has paused its recent pattern of interest rate hikes and the U.S. economy has remained incredibly resilient throughout. Whether and when the pause will pivot to rate cuts is likely dependent on how quickly inflation reaches a level the central bank is comfortable with, but the idea of a soft landing seems far more realistic than a year ago. As a result, portfolio managers believe the outlook is positive for corporate earnings to improve and for stocks to move higher as a result. They will continue to build positions in companies and stocks in which they see long-term value 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, 20233
											Lifetime			Expense
		1 year			5 years			10 years			(since February 8, 1984)			ratio
	Class 1		26.47	%		13.65	%		11.19	%		11.38	%		0.28	%
	Class 1A		26.12			13.36			10.92			11.10			0.53
	Class 2		26.14			13.36			10.91			11.10			0.53
	Class 3		26.23			13.44			10.99			11.18			0.46
	Class 4		25.82			13.08			10.63			10.83			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, 2024 (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. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. 2   Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia. com.) 3   Periods greater than one year are annualized.
	Percent of net assets
Where the fund’s assets were invested as of December 31, 2023

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 returned 16.08% for the 12 months ended December 31, 2023, compared with a return of 15.62% for 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 rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.   All sectors rose in the MSCI ACWI ex USA, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.   Regarding the fund, stock selection within the industrials and information technology sectors were additive to relative results.² Within individual securities, Danish biopharmaceutical firm Novo Nordisk was a top contributor due to returns that outpaced the broader market. On the downside, security selection within the financials and consumer staples sectors detracted from returns. Positions in British American Tobacco and China-based personal financial services provider Ping An Insurance were among the top individual detractors.   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, 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, 20233
											Lifetime			Expense
		1 year			5 years			10 years			(since November 18, 2008)			ratio
	Class 1		16.08	%		6.38	%		3.57	%		7.49	%		0.56	%
	Class 1A		15.92			6.13			3.33			7.24			0.81
	Class 2		15.76			6.11			3.31			7.22			0.81
	Class 4		15.66			5.86			3.06			6.98			1.06
	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, 2024. 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 they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (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. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. 2   Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia. com.) 3   Periods greater than one year are annualized.
	Percent of net assets
Where the fund’s assets were invested as of December 31, 2023

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, returned 9.28% for the 12 months ended December 31, 2023. During the same period, the index blend of 70%/30% MSCI ACWI (All Country World Index)/Bloomberg U.S. Aggregate Index¹ advanced 17.06%. 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), returned

22.20%. The Bloomberg U.S. Aggregate Index,³ which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, returned 5.53%.

Global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.

All sectors rose in the MSCI ACWI, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.

Bond markets also rebounded, rallying on expectations that the U.S. Federal Reserve, the European Central Bank and others are not only done with rate hikes but planning rate cuts in 2024. Virtually all segments of the bond market generated strong returns in contrast to the severe 2022 downturn.

In the equity portfolio, stock selection in the financials sector was a top contributor to relative returns.⁴ On the downside, a smaller-than-benchmark position in the information technology sector was among the largest detractors from returns.

Sector and security selection was additive to relative returns overall in the fund’s fixed income portfolio, while duration and curve positioning detracted.

While the likelihood of recession may have diminished for now, the fund’s managers are mindful that downside risks remain prevalent. Slowing growth, softening labor markets, rising geopolitical tensions and the 2024 U.S. presidential election all have the potential to impact markets. The managers are cautious about weakening economic activity as the Fed has aggressively raised interest rates and continues to reduce its balance sheet. The fund is well-positioned to use its geographic flexibility to pursue dividend-paying investment opportunities around the world. Fund managers will continue to adhere to the fund’s two primary objectives, which are (1) to seek 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 fund’s secondary objective is to provide growth of capital. This approach may have the potential to generate equity-like returns with relatively less volatility than global markets. The fund’s managers remain 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, 20235
		1 year			5 years			Lifetime (since May 1, 2014)			Gross expense ratio			Net expense ratio
	Class 1		9.28	%		7.72	%		4.83	%		0.41	%		0.28	%
	Class 1A		9.01			7.46			4.58			0.66			0.53
	Class 2		9.01			7.47			4.63			0.66			0.53
	Class 4		8.75			7.18			4.31			0.91			0.78

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, 2024. 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, 2024 (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   Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.)

⁵   Periods greater than one year are annualized.

The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.

Percent of net assets

Where the fund’s assets were invested as of December 31, 2023

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, returned 14.55% for the 12 months ended December 31, 2023. During the same period, the index blend of 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index¹ advanced 17.67%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, climbed 26.29%, while the Bloomberg U.S. Aggregate Index,³ which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, returned 5.53%.

U.S. equities advanced amid strong economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes despite market jitters over a major banking crisis and wars in Ukraine and the Middle East. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value.

Bond markets also rebounded, rallying on expectations that the U.S. Federal Reserve, the European Central Bank and others are not only done with rate hikes but planning rate cuts in 2024. Virtually all segments of the bond market generated strong returns in contrast to the severe 2022 downturn.

In the equity portfolio, investment selection within the energy and communication services sectors were among the top contributors to returns relative to the S&P 500 Index. Results were helped by holdings in Broadcom, which saw returns over the period that outpaced the broader equity market as falling interest rate expectations raised hopes of an overall improvement in global demand for electronics products. On the downside, a smaller-than-benchmark weight in the information technology sector and stock selection within the consumer discretionary sector weighed on relative returns. The portfolio’s lower-than-benchmark holding in Apple also detracted.

Overall, the fund’s fixed income investments were additive to returns relative to the Bloomberg U.S. Aggregate Index. Sector and security selection contributed positively to results, while duration4 and curve5 positioning detracted. Out-of-benchmark positions within U.S. Treasury Inflation-Protected Securities (TIPS) and high-yield bonds also added to returns. Derivatives, which are used as tools for implementing the portfolio’s duration, curve and credit positioning, detracted from results.

The growth outlook is more benign heading into 2024, but the fund’s managers remain cautious. In the wake of the strong stock market returns of 2023, stock markets may not be as strong in 2024. Fund managers remain 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, 20236
		1 year			5 years			10 years			Lifetime (since August 1,1989)			Expense ratio
	Class 1		14.55	%		9.47	%		7.51	%		8.40	%		0.30	%
	Class 1A		14.32			9.19			7.26			8.13			0.55
	Class 2		14.27			9.20			7.25			8.13			0.55
	Class 3		14.37			9.27			7.32			8.21			0.48
	Class 4		14.02			8.92			6.98			7.87			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, 2024 (unaudited). Refer to the Financial Highlights table in this report for details. Past results are not predictive of results in future periods. The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes. 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   Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) 5   Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.) 6   Periods greater than one year are annualized.

Percent of net assets

Where the fund’s assets were invested as of December 31, 2023

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 returned 14.05% for the 12 months ended December 31, 2023. Over the same period, the fund’s index blend of 60%/40% MSCI ACWI (All Country World Index)/Bloomberg Global Aggregate Index¹ rose 15.43%. 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), returned 22.20%, while the Bloomberg Global Aggregate Index,³ a measure of global investment-grade bonds (rated BBB/Baa and above), returned 5.72%.

Global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.

All sectors rose in the MSCI ACWI, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.

Bonds markets also rebounded, rallying on expectations that the U.S. Federal Reserve, the European Central Bank and others are not only done with rate hikes but planning rate cuts in 2024. Virtually all segments of the bond market generated strong returns in contrast to the severe 2022 downturn.

Within the equity portfolio of the fund, stock selection in the materials and energy sectors were among the top contributors to returns relative to the MSCI ACWI. Within individual securities, Broadcom was a top contributor due to returns that outpaced the global equity market. On the downside, stock selection within the financials sector weighed on returns. A lower-than-benchmark holding in Apple was a top detractor. The fund’s fixed income investments were additive to returns relative to the Bloomberg Global Aggregate Index. Duration4 positioning was the top contributor to relative returns, and overall sector selection was also positive. Security selection detracted modestly from relative returns.

Fund managers view the year ahead as having a combination of promising possibilities intertwined with lingering economic and geopolitical uncertainties. Encouragingly, some inflation data is suggestive of tempering price and cost pressures and, correspondingly, interest rates have also moderated from recent highs. Among stock sectors, fund managers continue to find attractive investment opportunities as renewable energy incentives and demographic changes are expected to aid growth. The fund’s fixed income portfolio’s positioning remains modestly cautious given the current geopolitical environment, but managers are confident in the opportunities available in bond markets that are now delivering meaningful income. As always, managers continue to focus on core principles 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, 20235
		1 year			5 years			10 years			Lifetime (since May 2, 2011)			Gross expense ratio			Net expense ratio
	Class 1		14.05	%		7.69	%		5.66	%		5.90	%		0.53	%		0.52	%
	Class 1A		13.77			7.44			5.41			5.66			0.78			0.77
	Class 2		13.83			7.44			5.40			5.64			0.78			0.77
	Class 4		13.45			7.16			5.20			5.46			1.03			1.02
	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, 2024. 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, 2024 (unaudited). Refer to the Financial Highlights table in this report for details. Past results are not predictive of results in future periods. The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes. 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   Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.) 5   Periods greater than one year are annualized.

Percent of net assets

Where the fund’s assets were invested as of December 31, 2023

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 rose 5.21% for the 12 months ended December 31, 2023. 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, returned 5.53%.

U.S. bond markets exhibited great volatility in 2023. The U.S. 10-year Treasury yield started the year at 3.9%, fell to 3.3% in April, rose to 5.0% in October, and then rebounded strongly to end the year close to where it started at 3.9%. The shape of the U.S. yield curve² was also quite volatile as the two-year to 10-year curve flattened multiple times to multi-decade-record inverted levels, then it steepened in the second half of the year to end the year modestly inverted by –37 basis points (bps). All major U.S. fixed income sectors posted positive total returns.

Over the period, sector selection was the largest contributor to results with the most significant returns coming from active positions in high yield, mortgage-backed securities (MBS), investment grade corporates and emerging markets. Security selection was also a modest contributor with the majority of gains coming from investments in the investment grade corporate, securitized credit and emerging market sectors.

On the downside, positioning for a steeper yield curve was the largest detractor from returns relative to the index as the modest steepening of the yield curve over the course of the year was not enough to overcome the negative income drag associated with the position. Duration³ positioning was also a modest detractor from relative returns over the period. Derivatives, which are used as tools for implementing the portfolio’s duration, curve and credit positioning, therefore also detracted from results.

While the market experienced great volatility in 2023, two broad themes remained in place – slowing economic growth and decelerating inflation. This should continue to lead to positive outcomes for both duration and credit, and may be magnified as managers expect significant allocations to core bond funds in 2024. While the likelihood of recession may have diminished for now, managers are mindful that downside risks remain prevalent. Managers are concentrating the fund’s duration position at the shorter end of the rate curve (two-year to seven-year), which should benefit from expected Fed cuts in 2024. Managers are underweighting the long end of the curve (10-year to 30-year), which is less likely to benefit from rate cuts and could be negatively affected by elevated U.S. Treasury issuance to fund sustained high government deficits.

As valuations for risky assets like corporate bonds continue to move higher, managers will continue to harvest gains where possible and reinvest in higher-quality sectors and securities like AAA structured credit and agency MBS that have similar upside potential but should be more resilient if an unexpected shock emerges in 2024. In addition, managers expect that research-driven security selection will be an important contributor to results over the course of the year.

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, 20234
		1 year			5 years			10 years			Lifetime (since January 2, 1996)			Gross expense ratio			Net expense ratio
	Class 1		5.21	%		2.14	%		2.33	%		4.09	%		0.38	%		0.23	%
	Class 1A		4.89			1.87			2.08			3.83			0.63			0.48
	Class 2		5.02			1.89			2.08			3.83			0.63			0.48
	Class 4		4.72			1.62			1.83			3.57			0.88			0.73
	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, 2024. 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, 2024 (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   Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) 3   Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.) 4   Periods greater than one year are annualized. The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.

Percent of net assets

Where the fund’s assets were invested as of December 31, 2023

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 rose 6.39% for the 12 months ended December 31, 2023. The fund’s benchmark, the Bloomberg Global Aggregate Index,¹ which measures global investment-grade bonds (rated BBB/Baa and above), returned 5.72%.

Bonds markets rebounded in 2023, rallying on expectations that the U.S. Federal Reserve, the European Central Bank and others are not only done with rate hikes but planning rate cuts in 2024. Virtually all segments of the bond market generated strong returns in contrast to the severe 2022 downturn.

Over the period, the largest contributions to the fund’s relative returns² were duration³ positioning and sector selection, with a modest boost from security selection. Overall currency positioning was a modest detractor from comparative returns, due to the impact of currency hedging. An off-benchmark allocation to Brazilian sovereign bonds contributed meaningfully to relative returns, as did greater-than-benchmark holdings in Mexican and German sovereign bonds. On the downside, less-than-benchmark allocations to uniform mortgage-backed securities and U.S. Treasuries detracted from relative results.

Looking ahead, slowing inflation across many countries should allow global rates to move lower over the medium term. The fund’s managers believe U.S. economic growth may persist at a slower pace, while economic outcomes across other parts of the developed world may be more mixed. The outlook for emerging markets is reasonably constructive, supported by the somewhat unexpected dovish tilt by the Fed in late 2023. Many economies are headed into an election cycle in 2024, which could lead to an increase in the potential for policy direction changes as well as an uptick in market volatility. The overall uncertainty of the macro backdrop combined with somewhat tight valuations across credit sectors leads the fund’s managers to prefer modestly cautious positioning in the portfolio.

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, 20234
		1 year			5 years			10 years			Lifetime (since October 4, 2006)			Expense ratio
	Class 1		6.39	%		–0.07	%		0.62	%		2.63	%		0.48	%
	Class 1A		6.11			–0.33			0.38			2.38			0.73
	Class 25		6.14			–0.33			0.36			2.37			0.73
	Class 4		5.89			–0.56			0.12			2.14			0.98
	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 they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (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. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. 2   Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) 3   Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.) 4   Periods greater than one year are annualized. 5   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%.

Percent of net assets

Where the fund’s assets were invested as of December 31, 2023

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 rose 12.69% for the 12 months ended December 31, 2023. 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%, returned 13.44%.

U.S. bond markets rebounded strongly. The U.S. Treasury yield curve² steepened modestly as the two-year yield fell 18 bps to end at 4.25% while the 10-year yield ended unchanged at 3.88%. All major U.S. fixed income sectors posted positive returns.

At a high level, while overall security selection detracted from the fund’s relative returns³ over the period, investments within the energy and communications sectors contributed positively to relative results. On the downside, security selection within the cyclical and non-cyclical consumer goods sectors detracted from relative results.

With high-yield bond yields close to their long-term average, markets now reflect the somewhat higher inflation expectations and higher real interest rates that emerged over the last year. The substantial yield increases across fixed income markets over the last two years provides a more attractive forward return outlook, and although yields may continue to adjust to higher levels, the potential for higher or lower yields is now more balanced. 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, 2023⁴

	1 year			5 years			10 years			Lifetime (since February 8,1984)			Gross expense ratio			Net expense ratio
Class 1		12.69	%		6.36	%		4.67	%		8.27	%		0.44	%		0.32	%
Class 1A		12.40			6.09			4.42			8.00			0.69			0.57
Class 2		12.45			6.09			4.41			8.00			0.69			0.57
Class 3		12.54			6.17			4.48			8.08			0.62			0.50
Class 4		12.18			5.84			4.15			7.74			0.94			0.82

	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, 2024. 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, 2024 (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   Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) 3   Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) 4   Periods greater than one year are annualized. The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.
	Percent of net assets
Where the fund’s assets were invested as of December 31, 2023

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 returned 4.03% for the 12 months ended December 31, 2023. 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, rose 5.05%.

U.S. bond markets rebounded strongly. The U.S. Treasury yield curve² steepened modestly as the two-year yield fell 18 bps to end at 4.25% while the 10-year yield ended unchanged at 3.88%. All major U.S. fixed income sectors posted positive returns.

Regarding the fund, curve positioning weighed on results overall and sector and security selection only contributed modestly either positively or negatively to results. Derivatives, which are used as tools for implementing the portfolio’s duration³ and curve positioning, collectively detracted from results as U.S. Treasury futures were used to implement the fund’s curve exposure.

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 U.S. Federal Reserve has aggressively raised interest rates and continues to reduce its balance sheet. The fund is positioned with the view that inflation will continue to come down rapidly toward the Fed’s target 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, 2023⁴

	1 year			5 years			10 years			Lifetime (since May 2, 2011)			Gross expense ratio			Net expense ratio
Class 1		4.03	%		1.06	%		1.74	%		1.84	%		0.40	%		0.32	%
Class 1A		3.72			0.80			1.49			1.58			0.65			0.57
Class 2		3.68			0.80			1.48			1.58			0.65			0.57
Class 4		3.51			0.57			1.24			1.38			0.90			0.82

	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, 2024. 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, 2024 (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   Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) 3   Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.) 4   Periods greater than one year are annualized. The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.
	Percent of net assets
Where the fund’s assets were invested as of December 31, 2023

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 returned 4.94% for the 12 months ended December 31, 2023, compared with a 5.19% 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 duration² and higher quality securities relative to the index. This approach benefited the fund during the first half of the year with the U.S. Federal Reserve raising its benchmark rate by 25 basis points four times through July. The benchmark rate remained unchanged for the rest of 2023.

Short-term interest rates are now at a 23-year high following 11 total hikes over the last two years. With inflation declining throughout the year and now close to the Fed’s target, market expectations indicate the Fed’s benchmark rate is at or near its peak, and rate cuts are a strong possibility for 2024.

36  American Funds Insurance Series

Ultra-Short Bond Fund (continued)

Total returns based on a $1,000 investment For periods ended December 31, 2023³

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		4.94	%		1.63	%		1.00	%		3.21	%		0.31	%
Class 1A		4.79			1.60			0.91			2.99			0.56
Class 2		4.64			1.37			0.74			2.95			0.56
Class 3		4.75			1.46			0.82			3.02			0.49
Class 4		4.44			1.12			0.53			2.71			0.81

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, 2024 (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. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index.

²   Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.)

³   Periods greater than one year are annualized.

		Percent of net assets
Where the fund’s assets were invested as of December 31, 2023
	Commercial paper		78.0	%
	U.S. Treasury bills		17.3	%
	Federal agency bills & notes		8.2	%
	Other assets less liabilities		-3.5	%
	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 returned 3.21% for the 12 months ended December 31, 2023. 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, returned 4.45%.

U.S. bond markets rebounded strongly. The U.S. Treasury yield curve² steepened modestly as the two-year yield fell 18 bps to end at 4.25% while the 10-year yield ended unchanged at 3.88%. All major U.S. fixed income sectors posted positive returns.

Regarding the fund, top contributors to returns relative to the benchmark were sector allocation decisions to mortgage-backed securities (MBS). On the downside, duration³ and curve positioning weighed on returns relative to the benchmark. Interest rate derivatives, which are used as tools for implementing the portfolio’s duration and curve positioning, collectively detracted from results.

Over the last two years, the U.S. Federal Reserve has tightened monetary policy considerably and the rate of inflation has come down rapidly. Going forward, it is more likely the Fed will ease its policy as inflation approaches its 2% target. So far, the Fed’s unwinding of massive monetary support has resulted in minimal disruptions to financial markets and the economy; however, we are more concerned about the outlook as the lagged impact of tighter monetary conditions on financial markets and the economy remain uncertain. 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, 2023⁴

	1 year			5 years			10 years			Lifetime (since December 2, 1985)			Gross expense ratio			Net expense ratio
Class 1		3.21	%		1.31	%		1.78	%		5.12	%		0.33	%		0.26	%
Class 1A		2.88			1.04			1.54			4.86			0.58			0.51
Class 2		2.89			1.04			1.52			4.86			0.58			0.51
Class 3		3.00			1.12			1.60			4.93			0.51			0.44
Class 4		2.62			0.79			1.27			4.61			0.83			0.76

	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, 2024. 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, 2024 (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. The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes. 2   Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) 3   Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.) 4   Periods greater than one year are annualized.
	Percent of net assets
Where the fund’s assets were invested as of December 31, 2023

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 returned 23.77% for the 12 months ended December 31, 2023. S&P 500 Managed Risk Index – Moderate Aggressive1 advanced 18.69%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, returned 26.29%.

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 investments within the communication services and industrials sectors were the top contributors to relative returns.³ The return of the underlying The Bond Fund of America detracted slightly from relative results versus its primary benchmark, the Bloomberg U.S. Aggregate Index.⁴ The managed risk strategy, which is designed to help the fund during periods of high volatility, detracted from returns overall, though it helped reduce the volatility relative to its underlying non-managed risk portfolio. Within the strategy, the equity future overlay was the largest detractor while the U.S. Treasury future and option overlays moderately detracted.

40  American Funds Insurance Series

Managed Risk Growth Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2023⁵

	1 year			5 years			10 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		23.77	%		11.26	%		8.62	%		9.48	%		0.74	%		0.69	%
Class P2		23.50			10.98			8.30			9.18			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, 2024. 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, 2024 (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   Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.)

⁴   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.

⁵   Periods greater than one year are annualized.

The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.

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 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 returned 6.36% for the 12 months ended December 31, 2023, compared to S&P EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive,¹ which advanced 13.29%. 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.), returned 15.62%.

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.

Within the underlying International Fund, stock selection within the information technology and consumer discretionary sectors boosted relative returns.³ On the downside, stock selection within the financials and materials sectors detracted from relative results. The managed risk strategy, which is designed to help the fund during periods of high volatility, detracted from returns overall, though it helped reduce the volatility relative to its underlying non-managed risk portfolio. Within the strategy, the equity future overlay was the largest detractor while the U.S. Treasury future and option overlays moderately detracted.

42  American Funds Insurance Series

Managed Risk International Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2023⁴

	1 year			5 years			10 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		6.36	%		1.04	%		0.58	%		1.37	%		0.95	%		0.85	%
Class P2		6.22			0.79			0.24			1.03			1.20			1.10

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, 2024. 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 approva^l 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, 2024 (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   Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.)

⁴   Periods greater than one year are annualized.

The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.

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 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 returned 10.04% for the 12 months ended December 31, 2023. S&P 500 Managed Risk Index – Moderate¹ advanced 16.81%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, returned 26.29%.

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 financials sector was one of the top contributors to relative returns.³ On the downside, security selections within the consumer discretionary sector weighed on returns. The managed risk strategy, which is designed to help the fund during periods of high volatility, detracted from returns overall, though it helped reduce the volatility relative to its underlying non-managed risk portfolio. Within the strategy, the equity future overlay was the largest detractor while the U.S. Treasury future and option overlays moderately detracted.

44  American Funds Insurance Series

Managed Risk 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, 2023⁴

	1 year			5 years			10 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		10.04	%		5.89	%		5.08	%		5.89	%		0.69	%		0.64	%
Class P2		9.73			5.59			4.73			5.55			0.94			0.89

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, 2024. 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, 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, 2024 (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   Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.)

⁴   Periods greater than one year are annualized.

The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.

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

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 returned 16.17% for the 12 months ended December 31, 2023, compared to the S&P 500 Managed Risk Index – Moderate,¹ which advanced 16.81%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, returned 26.29%.

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 investments within the health care and financials sectors were the top contributors to relative returns. ³ On the downside, sector selection in the information technology and consumer discretionary sectors weighed on relative results. The managed risk strategy, which is designed to help the fund during periods of high volatility, detracted from returns overall, though it helped reduce the volatility relative to its underlying non-managed risk portfolio. Within the strategy, the equity future overlay was the largest detractor while the U.S. Treasury future and option overlays moderately detracted.

46  American Funds Insurance Series

Managed Risk 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, 2023⁴

	1 year			5 years			10 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		16.17	%		7.86	%		6.46	%		7.54	%		0.67	%		0.62	%
Class P2		15.90			7.60			6.15			7.24			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, 2024. 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, 2024 (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   Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.)

⁴   Periods greater than one year are annualized.

The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.

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  47

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 returned 10.51% for the 12 months ended December 31, 2023. S&P 500 Managed Risk Index – Moderate Conservative¹ advanced 15.10%. S&P 500 Index,² a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, returned 26.29%.

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 energy and communication services sectors were among the top contributors to relative returns.³ On the downside, a smaller-than-benchmark weight in the information technology sector and stock selection within the consumer discretionary sector weighed on relative returns. The managed risk strategy, which is designed to help the fund during periods of high volatility, detracted from returns overall, though it helped reduce the volatility relative to its underlying non-managed risk portfolio. Within the strategy, the equity future overlay was the largest detractor while the U.S. Treasury future and option overlays moderately detracted.

48  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, 2023⁵

	1 year			5 years			10 years			Lifetime (since September 28, 2012)			Gross expense ratio			Net expense ratio
Class P1		10.51	%		6.17	%		5.01	%		6.32	%		0.70	%		0.65	%
Class P2		10.23			5.91			4.74			6.06			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, 2024. 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, 2024 (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   Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.)

⁴   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.

⁵   Periods greater than one year are annualized.

The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.

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  49

Global Growth Fund

Investment portfolio December 31, 2023

Common stocks 95.01%		Shares		Value (000)
Information	Microsoft Corp.		1,630,630	$	613,182
technology	ASML Holding NV		436,031		329,209
27.78%	ASML Holding NV (ADR)		190,245		144,000
	Taiwan Semiconductor Manufacturing Co., Ltd.		10,510,200		202,274
	NVIDIA Corp.		328,443		162,651
	Applied Materials, Inc.		923,000		149,591
	Broadcom, Inc.		85,007		94,889
	Apple, Inc.		407,245		78,407
	Samsung Electronics Co., Ltd.		1,147,808		69,810
	Keyence Corp.		117,700		51,593
	Synopsys, Inc.1		99,853		51,415
	Capgemini SE		236,014		49,373
	Shopify, Inc., Class A, subordinate voting shares1		415,875		32,397
	EPAM Systems, Inc.1		93,560		27,819
	Salesforce, Inc.1		95,600		25,156
	Arista Networks, Inc.1		102,856		24,224
	TE Connectivity, Ltd.		112,664		15,829
	NEC Corp.		243,600		14,374
					2,136,193
Health care	Novo Nordisk AS, Class B		3,572,824		369,554
16.00%	DexCom, Inc.1		969,700		120,330
	UnitedHealth Group, Inc.		218,500		115,034
	Eli Lilly and Co.		155,740		90,784
	Regeneron Pharmaceuticals, Inc.1		95,036		83,469
	AstraZeneca PLC		547,010		73,673
	Thermo Fisher Scientific, Inc.		128,666		68,295
	Centene Corp.1		661,665		49,102
	Pfizer, Inc.		1,235,000		35,556
	Sanofi		333,000		33,014
	Cigna Group (The)		104,417		31,268
	Siemens Healthineers AG		345,670		20,087
	Alnylam Pharmaceuticals, Inc.1		104,200		19,945
	Bayer AG		537,074		19,938
	Zoetis, Inc., Class A		90,200		17,803
	Vertex Pharmaceuticals, Inc.1		43,700		17,781
	EssilorLuxottica SA		88,074		17,702
	Argenx SE (ADR)1		36,200		13,772
	Catalent, Inc.1		287,200		12,904
	Bachem Holding AG		93,403		7,236
	Roche Holding AG, nonvoting non-registered shares		22,102		6,406
	Sonova Holding AG		17,000		5,559
	Viatris, Inc.		110,678		1,199
	Euroapi SA1		5,869		37
					1,230,448
Consumer	Chipotle Mexican Grill, Inc.1		146,200		334,354
discretionary	LVMH Moët Hennessy-Louis Vuitton SE		224,441		182,050
14.87%	Floor & Decor Holdings, Inc., Class A1		914,698		102,044
	Renault SA		1,688,781		69,102
	Booking Holdings, Inc.1		16,000		56,755
	MGM China Holdings, Ltd.1		39,729,200		50,333
	Evolution AB		367,568		43,993
	Prosus NV, Class N		1,449,418		43,217
	MercadoLibre, Inc.1		22,250		34,967
	Home Depot, Inc.		95,121		32,964
	Amazon.com, Inc.1		213,125		32,382
	lululemon athletica, Inc.1		52,600		26,894
	InterContinental Hotels Group PLC		254,000		22,941
	Moncler SpA		360,570		22,235

50  American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)		Shares		Value (000)
Consumer	Wynn Macau, Ltd.1,2		21,430,000	$	17,618
discretionary	Tractor Supply Co.		75,200		16,170
(continued)	LKQ Corp.		305,253		14,588
	Tesla, Inc.1		48,800		12,126
	Global-E Online, Ltd.1		300,000		11,889
	Coupang, Inc., Class A1		645,404		10,449
	Five Below, Inc.1		30,349		6,469
					1,143,540
Financials	Tradeweb Markets, Inc., Class A		1,527,288		138,800
11.14%	3i Group PLC		3,026,000		93,147
	AXA SA		2,209,893		72,137
	Fiserv, Inc.1		497,600		66,101
	HDFC Bank, Ltd.		3,131,460		64,240
	AIA Group, Ltd.		5,687,800		49,401
	Blackstone, Inc.		366,835		48,026
	Prudential PLC		3,390,552		38,168
	Citigroup, Inc.		617,255		31,752
	Société Générale		1,054,981		28,127
	Aon PLC, Class A		96,600		28,112
	London Stock Exchange Group PLC		234,953		27,775
	Visa, Inc., Class A		90,997		23,691
	Banco Santander, SA		5,334,500		22,269
	Mastercard, Inc., Class A		49,000		20,899
	Wells Fargo & Co.		347,300		17,094
	Julius Baer Group, Ltd.		262,000		14,722
	VZ Holding AG		123,517		14,423
	Ameriprise Financial, Inc.		34,676		13,171
	Eurobank Ergasias Services and Holdings SA1		6,791,000		12,054
	UBS Group AG		361,871		11,239
	Swissquote Group Holding, Ltd.		40,733		9,934
	Nasdaq, Inc.		88,000		5,116
	Kaspi.kz JSC (GDR)		44,512		4,096
	Jackson Financial, Inc., Class A		44,327		2,270
	Moscow Exchange MICEX-RTS PJSC3		12,640,000		—	4
					856,764
Industrials	Safran SA		521,514		91,997
8.02%	Caterpillar, Inc.		231,600		68,477
	ASSA ABLOY AB, Class B		1,908,644		54,987
	Schneider Electric SE		181,009		36,446
	Alliance Global Group, Inc.		156,400,700		31,810
	Airbus SE, non-registered shares		188,333		29,071
	GT Capital Holdings, Inc.		2,454,611		26,140
	Ryanair Holdings PLC (ADR)		191,047		25,478
	Boeing Co.1		91,400		23,824
	Techtronic Industries Co., Ltd.		1,679,500		20,088
	NIBE Industrier AB, Class B		2,804,896		19,825
	TransDigm Group, Inc.		18,400		18,613
	DSV A/S		97,734		17,193
	Daikin Industries, Ltd.		103,400		16,796
	Huntington Ingalls Industries, Inc.		55,772		14,481
	Carrier Global Corp.		242,000		13,903
	SMC Corp.		22,500		12,032
	Recruit Holdings Co., Ltd.		277,600		11,852
	Trane Technologies PLC		44,000		10,732
	TFI International, Inc. (CAD denominated)		73,941		10,058
	BAE Systems PLC		697,000		9,861
	Kühne + Nagel International AG		21,500		7,412
	Interpump Group SpA		139,901		7,247

American Funds Insurance Series  51

Global Growth Fund (continued)

Common stocks (continued)		Shares		Value (000)
Industrials	Lifco AB, Class B		251,048	$	6,172
(continued)	Melrose Industries PLC		842,000		6,083
	RS Group PLC		576,015		5,995
	Brenntag SE		58,000		5,325
	Weir Group PLC (The)		210,749		5,060
	Diploma PLC		109,000		4,965
	Northrop Grumman Corp.		10,500		4,915
					616,838
Consumer staples	Nestlé SA		454,282		52,577
4.94%	Monster Beverage Corp.1		852,204		49,095
	Walgreens Boots Alliance, Inc.		1,832,723		47,852
	Keurig Dr Pepper, Inc.		1,284,530		42,801
	Dollar Tree Stores, Inc.1		262,250		37,253
	Carrefour SA, non-registered shares		1,478,107		27,053
	Costco Wholesale Corp.		35,970		23,743
	British American Tobacco PLC		813,000		23,725
	Kweichow Moutai Co., Ltd., Class A		74,500		18,096
	Philip Morris International, Inc.		167,000		15,711
	Pernod Ricard SA		67,053		11,857
	Dollar General Corp.		83,780		11,390
	Simply Good Foods Co.1		263,800		10,447
	Bunge Global SA		85,000		8,581
					380,181
Communication	Alphabet, Inc., Class A1		1,232,500		172,168
services	Meta Platforms, Inc., Class A1		247,923		87,755
4.42%	Publicis Groupe SA		400,000		37,198
	CTS Eventim AG & Co. KGaA		224,500		15,511
	Tencent Holdings, Ltd.		297,100		11,225
	Bharti Airtel, Ltd.		868,779		10,763
	Koninklijke KPN NV		1,421,413		4,893
					339,513
Materials	Sherwin-Williams Co.		385,500		120,237
4.26%	Linde PLC		211,003		86,661
	SIG Group AG1		1,798,000		41,384
	Shin-Etsu Chemical Co., Ltd.		552,500		23,087
	Amcor PLC (CDI)		1,867,000		18,048
	Vale SA, ordinary nominative shares		940,000		14,906
	DSM-Firmenich AG		93,100		9,479
	CF Industries Holdings, Inc.		111,262		8,845
	Dow, Inc.		81,000		4,442
	First Quantum Minerals, Ltd.		84,200		689
					327,778
Energy	Canadian Natural Resources, Ltd. (CAD denominated)		1,286,000		84,252
3.32%	Reliance Industries, Ltd.		1,261,121		39,137
	Schlumberger NV		335,000		17,433
	Imperial Oil, Ltd.2		286,000		16,292
	Exxon Mobil Corp.		152,500		15,247
	TotalEnergies SE		218,273		14,827
	Halliburton Co.		368,390		13,317
	EOG Resources, Inc.		98,770		11,946
	Chevron Corp.		75,273		11,228
	NAC Kazatomprom JSC (GDR)		257,665		10,590
	Gaztransport & Technigaz SA		75,000		9,936
	Tourmaline Oil Corp.		121,801		5,478

52  American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)		Shares		Value (000)
Energy	Enbridge, Inc. (CAD denominated)		148,655	$	5,351
(continued)	Gazprom PJSC1,3		8,346,000		—	4
	LUKOIL Oil Co. PJSC3		246,300		—	4
					255,034
Utilities	Brookfield Infrastructure Partners, LP		247,500		7,800
0.20%	FirstEnergy Corp.		205,396		7,530
					15,330
Real estate	CBRE Group, Inc., Class A1		53,066		4,940
0.06%	Total common stocks (cost: $4,360,523,000)				7,306,559
Preferred securities 1.35%
Health care 1.09%	Sartorius AG, nonvoting non-registered preferred shares		228,400		84,033
Information	Samsung Electronics Co., Ltd., nonvoting preferred shares		406,300		19,593
technology
0.26%	Total preferred securities (cost: $24,068,000)				103,626
Short-term securities 3.84%
Money market investments 3.84%
	Capital Group Central Cash Fund 5.44%5,6		2,951,177		295,088
	Total short-term securities (cost: $295,100,000)				295,088
	Total investment securities 100.20% (cost: $4,679,691,000)				7,705,273
	Other assets less liabilities (0.20)%				(15,091	)
	Net assets 100.00%			$	7,690,182

American Funds Insurance Series  53

Global Growth Fund (continued)

Investments in affiliates6
									Net
							Net		unrealized					Dividend
	Value at						realized		appreciation			Value at		or interest
	1/1/2023		Additions		Reductions		gain (loss)		(depreciation)			12/31/2023		income
	(000)		(000)		(000)		(000)		(000)			(000)		(000)
Short-term securities 3.84%
Money market investments 3.84%
Capital Group Central Cash Fund 5.44%5	$	164,535	$	1,799,412	$	1,668,911	$	90	$	(38	)	$	295,088	$	14,357

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 $19,320,000, which represented .25% 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  Rate represents the seven-day yield at 12/31/2023.

⁶  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(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

GDR = Global Depositary Receipts

Refer to the notes to financial statements.

54  American Funds Insurance Series

Global Small Capitalization Fund

Investment portfolio December 31, 2023

Common stocks 96.34%		Shares		Value (000)
Industrials	International Container Terminal Services, Inc.		10,330,620	$	45,754
21.45%	Stericycle, Inc.1		876,966		43,462
	Saia, Inc.1		74,294		32,557
	Visional, Inc.1		453,108		28,734
	Trelleborg AB, Class B		814,992		27,303
	Cleanaway Waste Management, Ltd.		12,501,414		22,870
	IMCD NV		130,815		22,825
	Interpump Group SpA		365,871		18,953
	Hensoldt AG		700,872		18,889
	ICF International, Inc.		131,986		17,698
	AZEK Co., Inc. (The), Class A1		451,373		17,265
	Diploma PLC		377,968		17,218
	Alfen NV1		252,591		16,836
	Instalco AB		4,098,065		16,629
	Fasadgruppen Group AB2		2,370,503		16,519
	Sulzer AG		151,412		15,468
	Cargotec OYJ, Class B, non-registered shares		240,146		13,977
	Wizz Air Holdings PLC1		487,387		13,678
	XPO, Inc.1		142,400		12,473
	Ceridian HCM Holding, Inc.1		176,930		11,876
	Reliance Worldwide Corp., Ltd.		3,875,607		11,670
	Daiseki Co., Ltd.		413,600		11,454
	Comfort Systems USA, Inc.		55,327		11,379
	NORMA Group SE, non-registered shares		640,303		11,331
	First Advantage Corp.		653,201		10,824
	Rumo SA		2,272,441		10,718
	CG Power and Industrial Solutions, Ltd.		1,913,647		10,434
	Engcon AB, Class B2		1,070,647		9,917
	Godrej Industries, Ltd.1		1,032,000		9,225
	Qantas Airways, Ltd.1		2,474,791		9,022
	LIXIL Corp.		718,100		8,973
	KEI Industries, Ltd.		225,049		8,776
	Trex Co., Inc.1		102,977		8,525
	EuroGroup Laminations SpA1,2		1,841,164		7,907
	Carel Industries SpA2		284,512		7,811
	Addtech AB, Class B		353,050		7,757
	MSC Industrial Direct Co., Inc., Class A		75,000		7,594
	GVS SpA1		1,192,262		7,339
	Applied Industrial Technologies, Inc.		40,766		7,040
	Inox Wind, Ltd.1		1,133,691		6,784
	Burckhardt Compression Holding AG		9,963		6,015
	SIS, Ltd.1		1,099,298		5,995
	ALS, Ltd.		650,000		5,675
	MISUMI Group, Inc.		330,306		5,571
	CBIZ, Inc.1		81,366		5,093
	DL E&C Co., Ltd.		177,600		4,957
	Japan Airport Terminal Co., Ltd.		109,801		4,831
	Beijer Ref AB, Class B2		356,644		4,780
	Harsha Engineers International, Ltd.		970,777		4,580
	Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR), ordinary
	participation certificates1		460,200		4,317
	ManpowerGroup, Inc.		41,873		3,328
	Atkore, Inc.1		19,430		3,109
	Aalberts NV, non-registered shares		64,502		2,807
	TELUS International (Cda), Inc., subordinate voting shares1		285,566		2,450
	Boyd Group Services, Inc.		7,695		1,617
	APi Group Corp.1		33,700		1,166
	Herc Holdings, Inc.		5,430		808
	McGrath RentCorp		2,607		312
	Antares Vision SpA1		44,315		91
					682,966

American Funds Insurance Series  55

Global Small Capitalization Fund (continued)

Common stocks (continued)		Shares		Value (000)
Consumer	Skechers USA, Inc., Class A1		700,000	$	43,638
discretionary	DraftKings, Inc., Class A1		1,213,100		42,762
17.33%	Thor Industries, Inc.		340,472		40,261
	Melco Resorts & Entertainment, Ltd. (ADR)1		3,800,384		33,709
	YETI Holdings, Inc.1		575,426		29,795
	Mattel, Inc.1		1,400,000		26,432
	Light & Wonder, Inc.1		299,658		24,605
	Five Below, Inc.1		112,000		23,874
	Lands’ End, Inc.1,3		2,100,000		20,076
	Evolution AB		164,961		19,744
	Wyndham Hotels & Resorts, Inc.		234,825		18,882
	Entain PLC		1,424,930		17,999
	Asbury Automotive Group, Inc.1		77,116		17,349
	Helen of Troy, Ltd.1		141,542		17,100
	Inchcape PLC		1,740,829		15,821
	MRF, Ltd.		9,822		15,289
	Zalando SE, non-registered shares1		606,948		14,372
	Domino’s Pizza Enterprises, Ltd.		291,120		11,650
	CAVA Group, Inc.1		244,691		10,517
	Golden Entertainment, Inc.		256,800		10,254
	TopBuild Corp.1		27,200		10,180
	HUGO BOSS AG		128,046		9,538
	Tube Investments of India, Ltd.		204,200		8,682
	Shoei Co., Ltd.		563,400		7,326
	International Game Technology PLC		252,200		6,913
	On Holding AG, Class A1		238,410		6,430
	NOK Corp.		465,800		6,190
	Steven Madden, Ltd.		145,406		6,107
	Camping World Holdings, Inc., Class A		216,408		5,683
	Musti Group OYJ		171,095		4,937
	Compagnie Plastic Omnium SA		337,633		4,498
	Kindred Group PLC (SDR)		441,611		4,086
	WH Smith PLC		233,887		3,967
	Ariston Holding NV		545,355		3,786
	Elior Group SA1		1,153,174		3,739
	Haichang Ocean Park Holdings, Ltd.1		30,194,000		3,673
	First Watch Restaurant Group, Inc.1		105,725		2,125
					551,989
Information	PAR Technology Corp.1,2		865,592		37,688
technology	GitLab, Inc., Class A1		464,256		29,230
15.91%	SUMCO Corp.2		1,772,300		26,476
	Maruwa Co., Ltd.		114,247		23,786
	Rogers Corp.1		158,527		20,937
	Nordic Semiconductor ASA1		1,679,593		20,772
	ALTEN SA, non-registered shares		138,909		20,755
	Confluent, Inc., Class A1		882,632		20,654
	Wolfspeed, Inc.1		468,848		20,400
	Pegasystems, Inc.		383,239		18,725
	MACOM Technology Solutions Holdings, Inc.1		190,000		17,660
	Silicon Laboratories, Inc.1		131,697		17,420
	Tanla Platforms, Ltd.		1,277,291		16,784
	Smartsheet, Inc., Class A1		346,627		16,576
	Tokyo Seimitsu Co., Ltd.		261,500		15,977
	eMemory Technology, Inc.		201,430		15,966
	Kokusai Electric Corp.2		654,800		14,187
	SentinelOne, Inc., Class A1		447,038		12,267
	Qorvo, Inc.1		104,345		11,750
	INFICON Holding AG		7,397		10,621
	Credo Technology Group Holding, Ltd.1		539,019		10,495
	Semtech Corp.1		459,319		10,064

56  American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)		Shares		Value (000)
Information	MongoDB, Inc., Class A1		23,300	$	9,526
technology	Topicus.com, Inc., subordinate voting shares1		141,219		9,511
(continued)	Insight Enterprises, Inc.1		49,845		8,832
	Keywords Studios PLC		344,606		7,359
	Kingdee International Software Group Co., Ltd.1		4,587,403		6,660
	Unity Software, Inc.1		160,503		6,563
	MKS Instruments, Inc.		56,170		5,778
	Bentley Systems, Inc., Class B		102,734		5,361
	Xiamen Faratronic Co., Ltd., Class A		384,267		5,010
	LEM Holding SA		1,860		4,594
	BE Semiconductor Industries NV		28,225		4,253
	Globant SA1		17,730		4,219
	CCC Intelligent Solutions Holdings, Inc.1		341,100		3,885
	Aspen Technology, Inc.1		17,052		3,754
	Applied Digital Corp.1,2		517,599		3,489
	Softcat PLC		200,983		3,477
	OVH Groupe SAS1,2		358,373		3,427
	Yotpo, Ltd.1,4,5		678,736		991
	Riken Keiki Co., Ltd.		18,300		891
					506,770
Health care	Haemonetics Corp.1		891,864		76,263
15.44%	Insulet Corp.1		215,710		46,805
	CONMED Corp.		297,908		32,624
	Ensign Group, Inc. (The)		236,364		26,522
	Max Healthcare Institute, Ltd.		3,187,586		26,259
	Integra LifeSciences Holdings Corp.1		501,304		21,832
	Vaxcyte, Inc.1		319,731		20,079
	Bachem Holding AG		231,879		17,964
	iRhythm Technologies, Inc.1		163,088		17,457
	Glenmark Pharmaceuticals, Ltd.		1,671,454		17,139
	Masimo Corp.1		145,613		17,067
	Hapvida Participações e Investimentos SA1		18,340,235		16,720
	DiaSorin Italia SpA		142,930		14,740
	Ambu AS, Class B, non-registered shares1		891,212		13,881
	ICON PLC1		46,061		13,038
	Aster DM Healthcare, Ltd.1		2,044,434		10,058
	Denali Therapeutics, Inc.1		396,769		8,515
	Guardant Health, Inc.1		310,194		8,391
	Immunovant, Inc.1		195,870		8,252
	Encompass Health Corp.		117,866		7,864
	IDEAYA Biosciences, Inc.1		198,130		7,049
	Medmix AG		299,727		6,795
	Penumbra, Inc.1		24,277		6,107
	CompuGroup Medical SE & Co. KGaA		138,056		5,776
	BridgeBio Pharma, Inc.1,5		134,457		5,428
	Shandong Pharmaceutical Glass Co., Ltd., Class A		1,250,600		4,512
	Amvis Holdings, Inc.		198,500		4,207
	Angelalign Technology, Inc.2		547,348		3,956
	Netcare, Ltd.		5,018,088		3,908
	Ocumension Therapeutics1		4,442,583		3,792
	Structure Therapeutics, Inc. (ADR)1		89,028		3,629
	Amplifon SpA		97,143		3,371
	Hypera SA, ordinary nominative shares		451,464		3,263
	Nordhealth AS, Class A1		1,279,999		3,134
	Inhibrx, Inc.1		70,578		2,682
	WuXi XDC Cayman, Inc.1		374,500		1,535
	RayzeBio, Inc.1		16,806		1,045
					491,659

American Funds Insurance Series  57

Global Small Capitalization Fund (continued)

Common stocks (continued)		Shares		Value (000)
Financials	Cholamandalam Investment and Finance Co., Ltd.		2,859,647	$	43,234
10.06%	HDFC Asset Management Co., Ltd.		780,039		30,009
	Eurobank Ergasias Services and Holdings SA1		14,251,070		25,296
	Janus Henderson Group PLC		640,000		19,296
	Stifel Financial Corp.		271,050		18,743
	360 ONE WAM, Ltd.		2,054,000		17,482
	IIFL Finance, Ltd.		2,116,842		15,176
	Vontobel Holding AG		231,025		14,973
	SiriusPoint, Ltd.1		1,100,000		12,760
	Remgro, Ltd.		1,427,379		12,672
	Five-Star Business Finance, Ltd.1		1,220,380		10,770
	Fukuoka Financial Group, Inc.		455,700		10,737
	AvidXchange Holdings, Inc.1		864,768		10,714
	Essent Group, Ltd.		200,000		10,548
	Banco del Bajio, SA		2,835,500		9,485
	Hilltop Holdings, Inc.		250,000		8,803
	Patria Investments, Ltd., Class A		508,200		7,882
	Aditya Birla Capital, Ltd.1		3,879,569		7,751
	Aptus Value Housing Finance India, Ltd.		1,703,169		6,536
	Bridgepoint Group PLC		1,670,890		5,919
	Marqeta, Inc., Class A1		834,531		5,825
	Glacier Bancorp, Inc.		123,330		5,096
	AU Small Finance Bank, Ltd.		496,716		4,697
	EFG International AG		334,117		4,291
	Capitec Bank Holdings, Ltd.		15,161		1,675
					320,370
Materials	LANXESS AG2		624,914		19,564
4.99%	Sumitomo Bakelite Co., Ltd.		364,000		19,054
	Zeon Corp.		1,885,700		17,506
	Materion Corp.		124,995		16,266
	Livent Corp.1		711,787		12,798
	Nissan Chemical Corp.		289,500		11,271
	Resonac Holdings Co., Ltd.		478,200		9,503
	Huhtamäki OYJ		225,000		9,125
	PI Industries, Ltd.		188,382		7,951
	Lundin Mining Corp.		850,000		6,954
	Vidrala, SA, non-registered shares		64,918		6,724
	Alcoa Corp.		150,000		5,100
	Kaneka Corp.		161,005		4,081
	Cabot Corp.		48,229		4,027
	NV Bekaert SA		53,808		2,764
	Mayr-Melnhof Karton AG, non-registered shares		17,479		2,445
	Umicore SA		78,737		2,164
	Aurubis AG2		18,654		1,529
					158,826
Communication	Lions Gate Entertainment Corp., Class B1		4,812,841		49,043
services	Indosat Tbk PT		38,357,467		23,363
3.53%	JCDecaux SE1		976,059		19,653
	Rightmove PLC		1,581,453		11,557
	Trustpilot Group PLC1		2,966,832		5,600
	IHS Holding, Ltd.1		719,774		3,311
					112,527
Real estate	Embassy Office Parks REIT		5,865,088		22,878
3.51%	Embassy Office Parks REIT1		787,616		3,072
	TAG Immobilien AG1		774,169		11,277
	PotlatchDeltic Corp. REIT		228,928		11,240

58  American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)		Shares		Value (000)
Real estate	Altus Group, Ltd.2		340,710	$	10,835
(continued)	Macrotech Developers, Ltd.		737,876		9,068
	ESR-Logos REIT		36,822,373		8,933
	Corp. Inmobiliaria Vesta, SAB de CV		1,900,000		7,545
	Fibra Uno Administración REIT, SA de CV		3,707,727		6,675
	JHSF Participações SA		5,823,950		6,598
	Mindspace Business Parks REIT		1,250,000		4,856
	St. Joe Co.		68,500		4,122
	LXP Industrial Trust REIT		253,025		2,510
	Charter Hall Group REIT		155,039		1,263
	Ayala Land, Inc.		1,375,186		856
					111,728
Energy	Diamond Offshore Drilling, Inc.1		1,042,513		13,553
1.77%	United Tractors Tbk PT		7,404,700		10,873
	Subsea 7 SA		556,624		8,114
	Weatherford International1		82,600		8,081
	Helmerich & Payne, Inc.		201,998		7,316
	Aegis Logistics, Ltd.		1,041,407		4,397
	Vista Energy, SAB de CV, Class A (ADR)1		136,507		4,028
					56,362
Utilities	Black Hills Corp.		196,061		10,577
1.39%	ENN Energy Holdings, Ltd.		1,205,597		8,863
	ACEN Corp.		101,171,292		7,997
	Neoenergia SA		1,442,015		6,321
	SembCorp Industries, Ltd.		1,536,800		6,169
	Brookfield Infrastructure Corp., Class A, subordinate voting shares		120,000		4,233
					44,160
Consumer staples	Grocery Outlet Holding Corp.1		519,956		14,018
0.96%	Redcare Pharmacy NV, non-registered shares1		50,748		7,374
	Scandinavian Tobacco Group A/S		289,500		5,029
	TreeHouse Foods, Inc.1		83,498		3,461
	DocMorris AG1		9,250		818
					30,700
	Total common stocks (cost: $2,368,443,000)				3,068,057
Preferred securities 0.71%
Information	SmartHR, Inc., Series D, preferred shares1,4,5		3,006		13,964
technology	Yotpo, Ltd., Series F, preferred shares1,4,5		2,158,609		3,152
0.71%	Yotpo, Ltd., Series B, preferred shares1,4,5		287,894		420
	Yotpo, Ltd., Series C, preferred shares1,4,5		274,070		400
	Yotpo, Ltd., Series A-1, preferred shares1,4,5		183,819		268
	Yotpo, Ltd., Series A, preferred shares1,4,5		89,605		131
	Yotpo, Ltd., Series C-1, preferred shares1,4,5		75,980		111
	Yotpo, Ltd., Series D, preferred shares1,4,5		42,368		62
	Yotpo, Ltd., Series B-1, preferred shares1,4,5		33,838		49
	Outreach Corp., Series G, preferred shares1,4,5		154,354		3,964
	Total preferred securities (cost: $25,673,000)				22,521

American Funds Insurance Series  59

Global Small Capitalization Fund (continued)

Rights & warrants 0.12%		Shares		Value (000)
Information	OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 1/27/20251,6		245,849	$	3,878
technology	Total rights & warrants (cost: $5,725,000)				3,878
0.12%
Short-term securities 3.77%
Money market investments 3.53%
	Capital Group Central Cash Fund 5.44%3,7		1,124,642		112,453
Money market investments purchased with collateral from securities on loan 0.24%
	Capital Group Central Cash Fund 5.44%3,7,8		49,270		4,926
	Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%7,8		2,384,764		2,385
	State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%7,8		370,500		371
					7,682
	Total short-term securities (cost: $120,141,000)				120,135
	Total investment securities 100.94% (cost: $2,519,982,000)				3,214,591
	Other assets less liabilities (0.94)%				(30,035	)
	Net assets 100.00%			$	3,184,556

Investments in affiliates3
	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (loss) (000)		Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interest income (000)
Common stocks 0.63%
Consumer discretionary 0.63%
Lands’ End, Inc.1	$	15,939	$	—	$	—		$	—	$	4,137		$	20,076	$	—
Short-term securities 3.69%
Money market investments 3.53%
Capital Group Central Cash Fund 5.44%7		95,809		616,433		599,799			34		(24	)		112,453		7,198
Money market investments purchased with collateral from securities on loan 0.16%
Capital Group Central Cash Fund 5.44%7,8		23,235				18,309	9							4,926		—	10
Total short-term securities														117,379
Total 4.32%								$	34	$	4,113		$	137,455	$	7,198

Restricted securities5
	Acquisition date(s)		Cost (000)		Value (000)		Percent of net assets
SmartHR, Inc., Series D, preferred shares1,4		5/28/2021	$	14,344	$	13,964		.44	%
Yotpo, Ltd., Series F, preferred shares1,4		2/25/2021		4,748		3,152		.10
Yotpo, Ltd.1,4		3/16/2021		1,418		991		.03
Yotpo, Ltd., Series B, preferred shares1,4		3/16/2021		602		420		.01
Yotpo, Ltd., Series C, preferred shares1,4		3/16/2021		573		400		.01

60  American Funds Insurance Series

Global Small Capitalization Fund (continued)

Restricted securities5 (continued)
	Acquisition date(s)		Cost (000)		Value (000)		Percent of net assets
Yotpo, Ltd., Series A-1, preferred shares1,4		3/16/2021	$	384	$	268		.01	%
Yotpo, Ltd., Series A, preferred shares1,4		3/16/2021		187		131		.01
Yotpo, Ltd., Series C-1, preferred shares1,4		3/16/2021		159		111		.01
Yotpo, Ltd., Series D, preferred shares1,4		3/16/2021		88		62		.00	11
Yotpo, Ltd., Series B-1, preferred shares1,4		3/16/2021		71		49		.00	11
BridgeBio Pharma, Inc.1		9/25/2023		3,667		5,428		.17
Outreach Corp., Series G, preferred shares1,4		5/27/2021		4,517		3,964		.12
Total			$	30,758	$	28,940		.91	%

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 $30,423,000, which represented .96% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

3 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.

4 Value determined using significant unobservable inputs.

5 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 $28,940,000, which represented .91% of the net assets of the fund.

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 $3,878,000, which represented .12% of the net assets of the fund.

7 Rate represents the seven-day yield at 12/31/2023.

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.

11 Amount less than .01%.

Key to abbreviation(s)

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

Refer to the notes to financial statements.

American Funds Insurance Series  61

Growth Fund

Investment portfolio December 31, 2023

Common stocks 98.37%		Shares		Value (000)
Information	Microsoft Corp.		5,763,387	$	2,167,264
technology	Broadcom, Inc.		979,691		1,093,580
20.97%	Salesforce, Inc.1		2,150,382		565,852
	NVIDIA Corp.		876,795		434,207
	Shopify, Inc., Class A, subordinate voting shares1		5,109,407		398,023
	Cloudflare, Inc., Class A1		4,102,700		341,591
	ASML Holding NV		226,999		171,387
	ASML Holding NV (ADR)		189,937		143,767
	Apple, Inc.		1,580,276		304,251
	Synopsys, Inc.1		459,300		236,498
	Taiwan Semiconductor Manufacturing Co., Ltd.		6,137,000		118,109
	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		906,400		94,266
	Applied Materials, Inc.		1,213,730		196,709
	Motorola Solutions, Inc.		501,000		156,858
	Intuit, Inc.		250,767		156,737
	Micron Technology, Inc.		1,792,860		153,003
	MicroStrategy, Inc., Class A1,2		236,458		149,352
	Constellation Software, Inc.		59,802		148,270
	ServiceNow, Inc.1		206,814		146,112
	DocuSign, Inc.1		2,070,159		123,071
	Wolfspeed, Inc.1		2,109,815		91,798
	Adobe, Inc.1		145,334		86,706
	Intel Corp.		1,719,509		86,405
	Trimble, Inc.1		1,497,687		79,677
	SAP SE		477,361		73,430
	CDW Corp.		311,859		70,892
	RingCentral, Inc., Class A1		1,465,500		49,754
	NetApp, Inc.		527,540		46,508
	ON Semiconductor Corp.1		512,376		42,799
	GoDaddy, Inc., Class A1		392,118		41,627
	MongoDB, Inc., Class A1		99,000		40,476
	Silicon Laboratories, Inc.1		231,815		30,662
	Atlassian Corp., Class A1		125,959		29,961
	BILL Holdings, Inc.1		349,833		28,543
	ASM International NV		52,525		27,352
	Palo Alto Networks, Inc.1		80,300		23,679
	Fair Isaac Corp.1		17,982		20,931
	Ciena Corp.1		462,700		20,826
	Datadog, Inc., Class A1		170,525		20,698
	MKS Instruments, Inc.		130,800		13,455
	Dynatrace, Inc.1		230,250		12,592
	Stripe, Inc., Class B1,3,4		168,598		4,303
					8,241,981
Communication	Meta Platforms, Inc., Class A1		9,152,773		3,239,715
services	Netflix, Inc.1		3,272,855		1,593,488
18.00%	Alphabet, Inc., Class C1		6,375,179		898,454
	Alphabet, Inc., Class A1		3,138,703		438,445
	Snap, Inc., Class A, nonvoting shares1		14,000,000		237,020
	Charter Communications, Inc., Class A1		463,276		180,066
	Pinterest, Inc., Class A1		4,252,664		157,519
	Take-Two Interactive Software, Inc.1		665,763		107,155
	Frontier Communications Parent, Inc.1		3,168,010		80,277
	Comcast Corp., Class A		1,343,725		58,922
	T-Mobile US, Inc.		265,000		42,487
	Electronic Arts, Inc.		188,500		25,789
	Iridium Communications, Inc.		358,642		14,762
					7,074,099

62  American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)		Shares		Value (000)
Consumer	Tesla, Inc.1		7,564,300	$	1,879,577
discretionary	Amazon.com, Inc.1		3,914,943		594,837
15.04%	Home Depot, Inc.		1,028,000		356,253
	DoorDash, Inc., Class A1		3,000,000		296,670
	Royal Caribbean Cruises, Ltd.1		2,197,978		284,616
	Chipotle Mexican Grill, Inc.1		114,640		262,177
	Airbnb, Inc., Class A1		1,698,900		231,288
	D.R. Horton, Inc.		1,423,144		216,289
	Tractor Supply Co.		942,546		202,676
	Hermès International		61,000		129,459
	Evolution AB		1,047,654		125,390
	Norwegian Cruise Line Holdings, Ltd.1		5,591,100		112,046
	Amadeus IT Group SA, Class A, non-registered shares		1,300,613		93,280
	Booking Holdings, Inc.1		25,688		91,121
	Floor & Decor Holdings, Inc., Class A1		792,300		88,389
	O’Reilly Automotive, Inc.1		79,800		75,816
	NIKE, Inc., Class B		685,684		74,445
	LVMH Moët Hennessy-Louis Vuitton SE		86,048		69,796
	Aramark		2,477,864		69,628
	Polaris, Inc.		651,000		61,695
	YUM! Brands, Inc.		443,175		57,905
	Five Below, Inc.1		252,000		53,716
	Toll Brothers, Inc.		518,183		53,264
	Etsy, Inc.1		527,810		42,779
	Churchill Downs, Inc.		303,658		40,973
	Burlington Stores, Inc.1		197,450		38,400
	Helen of Troy, Ltd.1		269,597		32,570
	Wayfair, Inc., Class A1		514,000		31,714
	adidas AG		153,618		31,237
	VF Corp.		1,614,746		30,357
	Salvatore Ferragamo SpA		2,174,477		29,375
	TopBuild Corp.1		69,453		25,994
	Caesars Entertainment, Inc.1		532,514		24,964
	YETI Holdings, Inc.1		372,600		19,293
	Skyline Champion Corp.1		259,241		19,251
	Hilton Worldwide Holdings, Inc.		100,828		18,360
	Flutter Entertainment PLC (CDI)1		65,253		11,558
	Flutter Entertainment PLC1		26,024		4,583
	Darden Restaurants, Inc.		94,435		15,516
	Service Corp. International		200,000		13,690
					5,910,947
Health care	Regeneron Pharmaceuticals, Inc.1		1,018,940		894,925
14.12%	Intuitive Surgical, Inc.1		2,058,000		694,287
	UnitedHealth Group, Inc.		1,047,719		551,593
	Vertex Pharmaceuticals, Inc.1		1,097,332		446,493
	Alnylam Pharmaceuticals, Inc.1		2,121,508		406,078
	Eli Lilly and Co.		588,645		343,133
	Thermo Fisher Scientific, Inc.		515,045		273,381
	Centene Corp.1		3,164,690		234,852
	Karuna Therapeutics, Inc.1		565,350		178,939
	Novo Nordisk AS, Class B		1,417,430		146,612
	Moderna, Inc.1		1,312,374		130,516
	DexCom, Inc.1		850,000		105,476
	HCA Healthcare, Inc.		381,335		103,220
	Boston Scientific Corp.1		1,713,515		99,058
	Molina Healthcare, Inc.1		205,507		74,252
	AstraZeneca PLC		550,784		74,181
	Mettler-Toledo International, Inc.1		60,132		72,938
	Ascendis Pharma AS (ADR)1		467,866		58,928
	Sarepta Therapeutics, Inc.1		562,645		54,256

American Funds Insurance Series  63

Growth Fund (continued)

Common stocks (continued)		Shares		Value (000)
Health care	Zoetis, Inc., Class A		269,320	$	53,156
(continued)	Danaher Corp.		216,235		50,024
	Catalent, Inc.1		1,110,573		49,898
	Abbott Laboratories		398,968		43,914
	Guardant Health, Inc.1		1,618,159		43,771
	Bristol-Myers Squibb Co.		796,057		40,846
	Align Technology, Inc.1		143,900		39,429
	Edwards Lifesciences Corp.1		471,502		35,952
	Veeva Systems, Inc., Class A1		186,440		35,893
	R1 RCM, Inc.1		3,162,865		33,431
	Verily Life Sciences, LLC1,3,4		300,178		31,351
	Pfizer, Inc.		890,000		25,623
	Exact Sciences Corp.1		328,930		24,334
	Humana, Inc.		52,000		23,806
	NovoCure, Ltd.1		1,183,355		17,667
	agilon health, Inc.1		1,405,448		17,638
	CRISPR Therapeutics AG1,2		262,678		16,444
	McKesson Corp.		27,500		12,732
	Galapagos NV1		173,355		7,058
	Biohaven, Ltd.1		65,550		2,805
					5,548,890
Industrials	TransDigm Group, Inc.		766,218		775,106
11.29%	Uber Technologies, Inc.1		10,676,000		657,321
	Jacobs Solutions, Inc.		2,169,000		281,536
	Carrier Global Corp.		4,382,953		251,801
	Caterpillar, Inc.		715,348		211,507
	Ryanair Holdings PLC (ADR)		1,500,325		200,083
	Ryanair Holdings PLC		96,554		2,032
	General Electric Co.		1,414,588		180,544
	United Rentals, Inc.		296,000		169,732
	Airbus SE, non-registered shares		955,893		147,550
	Robert Half, Inc.		1,403,500		123,396
	MTU Aero Engines AG		541,769		116,769
	Equifax, Inc.		468,622		115,886
	Quanta Services, Inc.		476,400		102,807
	Old Dominion Freight Line, Inc.		245,000		99,306
	United Airlines Holdings, Inc.1		1,776,476		73,297
	Southwest Airlines Co.		2,515,000		72,633
	Republic Services, Inc.		437,004		72,066
	Ceridian HCM Holding, Inc.1		1,005,539		67,492
	Genpact, Ltd.		1,768,626		61,389
	Axon Enterprise, Inc.1		233,551		60,333
	Northrop Grumman Corp.		94,803		44,381
	ITT, Inc.		343,000		40,927
	Rockwell Automation		118,900		36,916
	TransUnion		525,478		36,106
	Ingersoll-Rand, Inc.		438,106		33,883
	AMETEK, Inc.		204,860		33,779
	HEICO Corp.		179,400		32,089
	Boeing Co.1		116,800		30,445
	Canadian Pacific Kansas City, Ltd.		376,000		29,727
	Armstrong World Industries, Inc.		297,461		29,246
	Saia, Inc.1		66,090		28,962
	Waste Connections, Inc.		193,510		28,885
	Fortive Corp.		381,000		28,053
	Dun & Bradstreet Holdings, Inc.		2,339,500		27,372
	Safran SA		137,245		24,211
	FedEx Corp.		88,000		22,261
	XPO, Inc.1		243,764		21,351
	Vestis Corp.		999,932		21,139

64  American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)		Shares		Value (000)
Industrials	Paylocity Holding Corp.1		123,239	$	20,316
(continued)	Veralto Corp.		185,603		15,268
	Core & Main, Inc., Class A1		168,600		6,813
	Einride AB1,3,4		78,648		2,674
					4,437,390
Financials	Visa, Inc., Class A		2,789,473		726,239
7.58%	Bank of America Corp.		7,760,600		261,299
	Mastercard, Inc., Class A		610,368		260,328
	Fiserv, Inc.1		1,833,900		243,615
	KKR & Co., Inc.		2,616,216		216,753
	Blackstone, Inc.		1,007,500		131,902
	Apollo Asset Management, Inc.		1,286,147		119,856
	Block, Inc., Class A1		1,395,307		107,927
	Affirm Holdings, Inc., Class A1		1,999,051		98,233
	MSCI, Inc.		156,590		88,575
	Capital One Financial Corp.		648,500		85,031
	Toast, Inc., Class A1		4,300,521		78,528
	Marsh & McLennan Companies, Inc.		403,461		76,444
	Brookfield Corp., Class A		1,763,605		70,756
	UBS Group AG		1,535,000		47,675
	Aon PLC, Class A		155,700		45,312
	Progressive Corp.		271,528		43,249
	Blue Owl Capital, Inc., Class A		2,891,712		43,087
	Ryan Specialty Holdings, Inc., Class A1		870,000		37,427
	Ares Management Corp., Class A		310,500		36,925
	Arch Capital Group, Ltd.1		492,472		36,576
	Wells Fargo & Co.		593,000		29,187
	S&P Global, Inc.		64,900		28,590
	Nasdaq, Inc.		411,500		23,925
	Intercontinental Exchange, Inc.		127,000		16,311
	Trupanion, Inc.1		519,075		15,837
	Brookfield Asset Management, Ltd., Class A		250,000		10,043
					2,979,630
Energy	Halliburton Co.		11,600,000		419,340
4.17%	Canadian Natural Resources, Ltd. (CAD denominated)		5,941,700		389,268
	Schlumberger NV		5,206,000		270,920
	EOG Resources, Inc.		1,707,393		206,509
	EQT Corp.		2,798,000		108,171
	Tourmaline Oil Corp.		2,061,700		92,719
	Cenovus Energy, Inc. (CAD denominated)		4,589,800		76,482
	New Fortress Energy, Inc., Class A2		829,000		31,278
	ConocoPhillips		168,186		19,521
	MEG Energy Corp.1		830,000		14,827
	Equitrans Midstream Corp.		936,942		9,538
					1,638,573
Consumer staples	Dollar Tree Stores, Inc.1		2,084,201		296,061
3.76%	Performance Food Group Co.1		3,559,500		246,139
	Target Corp.		1,400,000		199,388
	Dollar General Corp.		1,453,612		197,619
	Costco Wholesale Corp.		287,855		190,007
	Kroger Co.		2,137,000		97,682
	Constellation Brands, Inc., Class A		264,013		63,825
	Philip Morris International, Inc.		614,113		57,776
	Monster Beverage Corp.1		835,498		48,133
	Molson Coors Beverage Co., Class B, restricted voting shares		556,523		34,065

American Funds Insurance Series  65

Growth Fund (continued)

Common stocks (continued)		Shares		Value (000)
Consumer staples	Keurig Dr Pepper, Inc.		903,000	$	30,088
(continued)	British American Tobacco PLC		429,990		12,548
	JUUL Labs, Inc., Class A1,3,4		2,711,477		2,901
					1,476,232
Materials	Wheaton Precious Metals Corp.		2,915,000		143,826
2.35%	Linde PLC		328,570		134,947
	Grupo México, SAB de CV, Series B		20,340,000		112,810
	Silgan Holdings, Inc.		2,388,500		108,079
	ATI, Inc.1		2,070,860		94,162
	CF Industries Holdings, Inc.		1,006,500		80,017
	Royal Gold, Inc.		599,000		72,455
	Franco-Nevada Corp.		340,400		37,704
	Glencore PLC		5,275,000		31,646
	Olin Corp.		550,660		29,708
	Mosaic Co.		830,420		29,671
	Albemarle Corp.		160,186		23,144
	Sherwin-Williams Co.		73,100		22,800
					920,969
Utilities	PG&E Corp.		9,227,065		166,364
0.68%	Constellation Energy Corp.		860,427		100,575
					266,939
Real estate	Zillow Group, Inc., Class C, nonvoting shares1		2,492,002		144,187
0.41%	CoStar Group, Inc.1		184,386		16,114
					160,301
	Total common stocks (cost: $19,611,054,000)				38,655,951
Preferred securities 0.29%
Information	Stripe, Inc., Series I, 6.00% noncumulative preferred shares1,3,4		2,763,342		70,520
technology	Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,3,4		52,656		1,344
0.27%	PsiQuantum Corp., Series D, preferred shares1,3,4		906,761		30,268
	Tipalti Solutions, Ltd., Series F, preferred shares1,3,4		406,310		3,129
					105,261
Industrials	ABL Space Systems Co., Series B2, 5.00% cumulative preferred shares1,3,4,5		153,713		5,027
0.02%	ABL Space Systems Co., Series C1, 5.00% cumulative preferred shares1,3,4,5		42,272		1,382
	Einride AB, Series C, preferred shares1,3,4		77,647		2,640
					9,049
	Total preferred securities (cost: $102,962,000)				114,310
Rights & warrants 0.00%
Information	Constellation Software, Inc., warrants, expire 3/31/20401,3		53,352		—	6
technology
0.00%
Industrials	ABL Space Systems Co., Series C-1, warrants, expire 12/13/20301,3,4		31,704		—	6
0.00%	Total rights & warrants (cost: $0)				—	6

66  American Funds Insurance Series

Growth Fund (continued)

Bonds, notes & other debt instruments 0.01%		Principal amount (000)		Value (000)
Corporate bonds, notes & loans 0.01%
Consumer	Royal Caribbean Cruises, Ltd. 5.50% 4/1/20287		USD5,576	$	5,508
discretionary	Total bonds, notes & other debt instruments (cost: $4,346,000)				5,508
0.01%
Short-term securities 1.55%		Shares
Money market investments 1.50%
	Capital Group Central Cash Fund 5.44%8,9		5,883,315		588,273
Money market investments purchased with collateral from securities on loan 0.05%
	Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%8,10		9,820,459		9,821
	Capital Group Central Cash Fund 5.44%8,9,10		50,329		5,032
	State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%8,10		4,850,125		4,850
					19,703
	Total short-term securities (cost: $607,964,000)				607,976
	Total investment securities 100.22% (cost: $20,326,326,000)				39,383,745
	Other assets less liabilities (0.22)%				(84,935	)
	Net assets 100.00%			$	39,298,810

Investments in affiliates9
	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (loss) (000)		Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interest income (000)
Short-term securities 1.51%
Money market investments 1.50%
Capital Group Central Cash Fund 5.44%8	$	1,142,555	$	4,221,017	$	4,775,408		$	315	$	(206	)	$	588,273	$	52,082
Money market investments purchased with collateral from securities on loan 0.01%
Capital Group Central Cash Fund 5.44%8,10		24,410				19,378	11							5,032		—	12
Total 1.51%								$	315	$	(206	)	$	593,305	$	52,082

American Funds Insurance Series  67

Growth Fund (continued)

Restricted securities4
	Acquisition date(s)		Cost (000)		Value (000)			Percent of net assets
Stripe, Inc., Series I, 6.00% noncumulative preferred shares1,3		3/15/2023	$	55,638	$	70,520			.18	%
Stripe, Inc., Class B1,3		5/6/2021		6,766		4,303			.01
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,3		3/15/2021		2,113		1,344			.00	13
Verily Life Sciences, LLC1,3		12/21/2018		37,000		31,351			.08
PsiQuantum Corp., Series D, preferred shares1,3		5/28/2021		23,781		30,268			.08
ABL Space Systems Co., Series B2, 5.00% cumulative preferred shares1,3,5		10/22/2021		10,452		5,027			.01
ABL Space Systems Co., Series C1, 5.00% cumulative preferred shares1,3,5		12/14/2023		1,382		1,382			.01
ABL Space Systems Co., Series C-1, warrants, expire 12/13/20301,3		12/14/2023		—		—	6		.00	13
Einride AB1,3		2/1/2023		2,674		2,674			.01
Einride AB, Series C, preferred shares1,3		11/23/2022		2,640		2,640			.00	13
Tipalti Solutions, Ltd., Series F, preferred shares1,3		12/1/2021		6,956		3,129			.01
JUUL Labs, Inc., Class A1,3		11/13/2023		43,768		2,901			.01
Total			$	193,170	$	155,539			.40	%

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 $21,365,000, which represented .05% 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 $155,539,000, which represented .40% 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  Amount less than one thousand.

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 $5,508,000, which represented .01% of the net assets of the fund.

⁸  Rate represents the seven-day yield at 12/31/2023.

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

¹⁰  Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

¹¹  Represents net activity. Refer to Note 5 for more information on securities lending.

¹²  Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

¹³  Amount less than .01%.

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

USD = U.S. dollars

Refer to the notes to financial statements.

68  American Funds Insurance Series

International Fund

Investment portfolio December 31, 2023

Common stocks 97.08%		Shares		Value (000)
Industrials	Airbus SE, non-registered shares		1,387,973	$	214,245
17.46%	Recruit Holdings Co., Ltd.		4,154,609		177,374
	Safran SA		714,612		126,061
	Siemens AG		500,792		93,934
	Melrose Industries PLC		12,204,660		88,179
	Techtronic Industries Co., Ltd.		6,920,500		82,774
	Ashtead Group PLC		971,740		67,332
	MTU Aero Engines AG		229,720		49,512
	NIBE Industrier AB, Class B		5,279,328		37,313
	DSV A/S		201,977		35,530
	International Container Terminal Services, Inc.		7,953,240		35,225
	Kingspan Group PLC		385,126		33,284
	Legrand SA		305,587		31,830
	AB Volvo, Class B		1,078,902		28,047
	Diploma PLC		599,545		27,312
	Rumo SA		4,163,005		19,634
	Shenzhen Inovance Technology Co., Ltd., Class A		1,843,417		16,396
	Grab Holdings, Ltd., Class A1		4,287,405		14,449
	Larsen & Toubro, Ltd.		324,571		13,739
	Thales SA		92,053		13,614
	DHL Group		253,300		12,547
	Airports of Thailand PCL, foreign registered shares		5,078,900		8,808
	ZTO Express (Cayman), Inc., Class A (ADR)		366,358		7,796
	Bureau Veritas SA		292,900		7,403
	Astra International Tbk PT		18,869,900		6,915
	TELUS International (Cda), Inc., subordinate voting shares1,2		526,752		4,519
					1,253,772
Information	Shopify, Inc., Class A, subordinate voting shares1		3,462,045		269,693
technology	SK hynix, Inc.		1,056,148		115,316
14.41%	Taiwan Semiconductor Manufacturing Co., Ltd.		5,561,000		107,024
	ASML Holding NV		107,488		81,155
	NICE, Ltd. (ADR)1		329,681		65,775
	Samsung Electronics Co., Ltd.		970,662		59,036
	SAP SE		332,301		51,116
	Constellation Software, Inc.		19,406		48,114
	Renesas Electronics Corp.1		2,574,000		46,196
	Disco Corp.		184,300		45,352
	NXP Semiconductors NV		173,200		39,781
	Fujitsu, Ltd.		154,200		23,279
	OBIC Co., Ltd.		114,500		19,662
	Lasertec Corp.		69,200		18,085
	Infosys, Ltd.		749,660		13,878
	Dassault Systemes SE		277,000		13,560
	Tata Consultancy Services, Ltd.		263,814		12,012
	Canva, Inc.1,3,4		4,819		5,140
					1,034,174
Health care	Novo Nordisk AS, Class B		2,895,071		299,451
12.02%	Daiichi Sankyo Co., Ltd.		9,339,308		258,553
	Grifols, SA, Class A, non-registered shares1		2,789,283		47,806
	Grifols, SA, Class B (ADR)1		793,690		9,175
	AstraZeneca PLC		296,157		39,887
	Sanofi		401,199		39,776
	Eurofins Scientific SE, non-registered shares		525,037		34,352
	HOYA Corp.		228,400		28,406
	WuXi AppTec Co., Ltd., Class H		2,289,733		23,412
	WuXi AppTec Co., Ltd., Class A		288,960		2,978
	Bayer AG		630,036		23,389
	Takeda Pharmaceutical Co., Ltd.		690,800		19,831

American Funds Insurance Series  69

International Fund (continued)

Common stocks (continued)		Shares		Value (000)
Health care	Insulet Corp.1		46,653	$	10,123
(continued)	bioMérieux SA		85,777		9,556
	Ambu AS, Class B, non-registered shares1		480,488		7,484
	WuXi Biologics (Cayman), Inc.1		1,732,166		6,543
	Siemens Healthineers AG		37,213		2,163
					862,885
Materials	Fortescue, Ltd.		12,796,750		253,123
11.77%	Glencore PLC		26,212,865		157,257
	Shin-Etsu Chemical Co., Ltd.		2,849,700		119,078
	First Quantum Minerals, Ltd.		11,403,572		93,377
	Ivanhoe Mines, Ltd., Class A1		4,152,270		40,268
	Ivanhoe Mines, Ltd., Class A1,4		3,675,281		35,642
	Vale SA (ADR), ordinary nominative shares		1,756,600		27,860
	Vale SA, ordinary nominative shares		161,800		2,565
	Arkema SA		249,484		28,380
	DSM-Firmenich AG		247,636		25,213
	Wacker Chemie AG		147,773		18,649
	Air Liquide SA		83,122		16,170
	Linde PLC		35,287		14,493
	BASF SE		208,760		11,241
	Antofagasta PLC		72,963		1,561
					844,877
Consumer	MercadoLibre, Inc.1		109,049		171,375
discretionary	adidas AG		413,125		84,004
11.34%	Evolution AB		699,962		83,776
	LVMH Moët Hennessy-Louis Vuitton SE		84,813		68,794
	Flutter Entertainment PLC1		357,914		63,033
	Flutter Entertainment PLC (CDI)1		17,996		3,187
	Ferrari NV (EUR denominated)		188,192		63,428
	Maruti Suzuki India, Ltd.		488,078		60,381
	Sony Group Corp.		587,500		55,668
	Entain PLC		4,112,405		51,945
	Compagnie Financière Richemont SA, Class A		278,839		38,461
	Dowlais Group PLC		12,204,660		16,572
	NEXT PLC		136,649		14,106
	InterContinental Hotels Group PLC		134,272		12,127
	Zalando SE, non-registered shares1		467,567		11,072
	Fast Retailing Co., Ltd.		33,500		8,306
	Hermès International		2,060		4,372
	Coupang, Inc., Class A1		205,714		3,331
					813,938
Financials	Kotak Mahindra Bank, Ltd.		7,259,052		166,328
11.32%	AIA Group, Ltd.		14,331,276		124,473
	NU Holdings, Ltd. / Cayman Islands, Class A1		11,870,233		98,879
	Aegon, Ltd.		11,756,834		68,152
	Banco Bilbao Vizcaya Argentaria, SA		6,624,400		60,357
	ING Groep NV		3,979,140		59,569
	HDFC Bank, Ltd.		1,814,987		37,234
	HDFC Bank, Ltd. (ADR)		207,750		13,942
	Bajaj Finserv, Ltd.		1,598,500		32,353
	Axis Bank, Ltd.		2,029,545		26,845
	Jio Financial Services, Ltd.1		8,958,436		25,045
	FinecoBank SpA		1,271,778		19,108
	B3 SA - Brasil, Bolsa, Balcao		5,967,300		17,746
	Bank Central Asia Tbk PT		23,381,700		14,261
	Bajaj Finance, Ltd.		151,942		13,363

70  American Funds Insurance Series

International Fund (continued)

Common stocks (continued)		Shares		Value (000)
Financials	Bank Mandiri (Persero) Tbk PT		27,858,000	$	10,928
(continued)	China Merchants Bank Co., Ltd., Class A		2,726,800		10,732
	ICICI Bank, Ltd.		485,000		5,800
	China Pacific Insurance (Group) Co., Ltd., Class H		2,236,800		4,506
	Futu Holdings, Ltd. (ADR)1		52,123		2,847
					812,468
Energy	Reliance Industries, Ltd.		7,221,202		224,099
7.73%	Canadian Natural Resources, Ltd. (CAD denominated)		2,200,639		144,174
	Cenovus Energy, Inc. (CAD denominated)		4,285,642		71,414
	TotalEnergies SE		703,124		47,762
	Neste OYJ		1,237,003		43,950
	Shell PLC (GBP denominated)		448,462		14,570
	Woodside Energy Group, Ltd.		429,900		9,107
					555,076
Communication	Bharti Airtel, Ltd.		11,630,448		144,080
services	Bharti Airtel, Ltd., interim shares		644,900		4,937
4.75%	Tencent Holdings, Ltd.		1,309,606		49,478
	Universal Music Group NV		1,717,633		49,049
	Informa PLC		3,630,108		36,039
	NetEase, Inc.		1,403,900		26,055
	Ubisoft Entertainment SA1		800,864		20,497
	Singapore Telecommunications, Ltd.		5,800,500		10,840
					340,975
Consumer staples	Danone SA		878,392		56,974
4.49%	Ajinomoto Co., Inc.		1,278,300		49,401
	Kweichow Moutai Co., Ltd., Class A		197,623		48,004
	Seven & i Holdings Co., Ltd.		1,139,200		45,118
	Treasury Wine Estates, Ltd.		3,953,315		28,956
	Nissin Foods Holdings Co., Ltd.		811,200		28,286
	Kobe Bussan Co., Ltd.		885,600		26,135
	JBS SA		4,012,623		20,511
	Diageo PLC		375,982		13,654
	Pernod Ricard SA		29,063		5,139
					322,178
Utilities	ENN Energy Holdings, Ltd.		6,953,828		51,119
1.24%	E.ON SE		1,101,028		14,770
	Engie SA		831,097		14,614
	SembCorp Industries, Ltd.		2,195,700		8,815
					89,318
Real estate	ESR Group, Ltd.		14,852,600		20,501
0.55%	Ayala Land, Inc.		18,147,800		11,290
	China Resources Mixc Lifestyle Services, Ltd.		2,250,400		7,986
					39,777
	Total common stocks (cost: $5,192,228,000)				6,969,438
Preferred securities 0.63%
Health care	Grifols, SA, Class B, nonvoting non-registered preferred shares1		2,274,930		26,429
0.37%

American Funds Insurance Series  71

International Fund (continued)

Preferred securities (continued)		Shares		Value (000)
Consumer	Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares		103,247	$	9,105
discretionary
0.13%
Financials	Itaú Unibanco Holding SA, preferred nominative shares		1,308,816		9,101
0.13%
Information	Canva, Inc., Series A, noncumulative preferred shares1,3,4		422		450
technology	Canva, Inc., Series A-3, noncumulative preferred shares1,3,4		18		19
0.00%	Canva, Inc., Series A-4, noncumulative preferred shares1,3,4		1		1
					470
	Total preferred securities (cost: $57,976,000)				45,105
Rights & warrants 0.00%
Information	Constellation Software, Inc., warrants, expire 3/31/20401,3		7,730		—	5
technology	Total rights & warrants (cost: $0)				—	5
0.00%
Short-term securities 2.81%
Money market investments 2.81%
	Capital Group Central Cash Fund 5.44%6,7		2,020,467		202,026
Money market investments purchased with collateral from securities on loan 0.00%
	Capital Group Central Cash Fund 5.44%6,7,8		467		47
	Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%6,8		29,171		29
	State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%6,8		1,069		1
					77
	Total short-term securities (cost: $202,102,000)				202,103
	Total investment securities 100.52% (cost: $5,452,306,000)				7,216,646
	Other assets less liabilities (0.52)%				(37,634	)
	Net assets 100.00%			$	7,179,012

Investments in affiliates7
	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)		Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interest income (000)
Short-term securities 2.81%
Money market investments 2.81%
Capital Group Central Cash Fund 5.44%6	$	306,023	$	1,078,215	$	1,182,222	$	57	$	(47	)	$	202,026	$	14,923

72  American Funds Insurance Series

International Fund (continued)

Investments in affiliates7 (continued)
	Value at 1/1/2023 (000)		Additions (000)	Reductions (000)			Net realized gain (loss) (000)		Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interest income (000)
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 5.44%6,8	$	422	$	$	375	9	$		$			$	47	$	—	10
Total 2.81%							$	57	$	(47	)	$	202,073	$	14,923
Restricted securities4

		Acquisition date(s)		Cost (000)		Value (000)		Percent of net assets
Ivanhoe Mines, Ltd., Class A1			12/18/2023	$	32,962	$	35,642		.49	%
Canva, Inc.1,3	8/26/2021-11/4/2021				8,215		5,140		.07
Canva, Inc., Series A, noncumulative preferred shares1,3			11/4/2021		719		450		.01
Canva, Inc., Series A-3, noncumulative preferred shares1,3			11/4/2021		31		19		.00	11
Canva, Inc., Series A-4, noncumulative preferred shares1,3			11/4/2021		2		1		.00	11
Total				$	41,929	$	41,252		.57	%

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 $82,000, which represented less than 0.01% 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 $41,252,000, which represented .57% of the net assets of the fund.

⁵  Amount less than one thousand.

⁶  Rate represents the seven-day yield at 12/31/2023.

⁷  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. 8Security 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.

¹¹  Amount less than .01%.

Key to abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

Refer to the notes to financial statements.

American Funds Insurance Series  73

New World Fund

Investment portfolio December 31, 2023

Common stocks 91.84%		Shares		Value (000)
Financials	Kotak Mahindra Bank, Ltd.		2,131,574	$	48,841
15.31%	HDFC Bank, Ltd.		1,826,456		37,469
	AIA Group, Ltd.		4,278,400		37,160
	Capitec Bank Holdings, Ltd.		248,887		27,496
	NU Holdings, Ltd. / Cayman Islands, Class A1		2,950,365		24,577
	Bank Central Asia Tbk PT		39,663,323		24,192
	B3 SA - Brasil, Bolsa, Balcao		7,116,559		21,164
	AU Small Finance Bank, Ltd.		1,808,005		17,096
	Banco Bilbao Vizcaya Argentaria, SA		1,750,272		15,947
	Mastercard, Inc., Class A		35,390		15,094
	Bank Mandiri (Persero) Tbk PT		36,715,900		14,403
	Axis Bank, Ltd.		1,069,420		14,145
	Ping An Insurance (Group) Company of China, Ltd., Class H		2,934,844		13,276
	XP, Inc., Class A		502,485		13,100
	ICICI Bank, Ltd. (ADR)		272,925		6,506
	ICICI Bank, Ltd.		451,697		5,402
	Visa, Inc., Class A		44,907		11,692
	Cholamandalam Investment and Finance Co., Ltd.		766,667		11,591
	Bajaj Finance, Ltd.		122,827		10,802
	Eurobank Ergasias Services and Holdings SA1		5,058,832		8,980
	Bank Rakyat Indonesia (Persero) Tbk PT		22,651,300		8,398
	Discovery, Ltd.		1,004,040		7,888
	Grupo Financiero Banorte, SAB de CV, Series O		751,619		7,558
	Bank of Baroda		2,694,572		7,470
	Erste Group Bank AG		183,121		7,430
	PagSeguro Digital, Ltd., Class A1		591,987		7,382
	Shriram Finance, Ltd.		293,006		7,216
	Bank of the Philippine Islands		3,413,998		6,395
	Industrial and Commercial Bank of China, Ltd., Class H		12,238,000		5,974
	Edenred SA		94,580		5,679
	National Bank of Greece SA1		816,245		5,664
	Canara Bank		1,038,030		5,450
	PB Fintech, Ltd.1		479,990		4,578
	Alpha Services and Holdings SA1		2,385,745		4,047
	Jio Financial Services, Ltd.1		1,424,671		3,983
	Max Financial Services, Ltd.1		276,426		3,167
	Brookfield Corp., Class A		77,870		3,124
	Moody’s Corp.		7,566		2,955
	DBS Group Holdings, Ltd.		116,173		2,935
	Bajaj Finserv, Ltd.		135,800		2,749
	Aon PLC, Class A		8,914		2,594
	BDO Unibank, Inc.		1,094,810		2,577
	East Money Information Co., Ltd., Class A		1,289,327		2,547
	S&P Global, Inc.		5,641		2,485
	China Pacific Insurance (Group) Co., Ltd., Class H		1,225,200		2,468
	BNP Paribas SA		30,335		2,102
	Hong Kong Exchanges and Clearing, Ltd.		58,600		2,005
	Euronet Worldwide, Inc.1		19,353		1,964
	Bank of Ningbo Co., Ltd., Class A		472,800		1,338
	China Merchants Bank Co., Ltd., Class H		378,500		1,318
	Prudential PLC		108,552		1,222
	China Construction Bank Corp., Class H		1,934,000		1,157
	Société Générale		38,740		1,033
	TISCO Financial Group PCL, foreign registered shares		314,900		912
	Akbank TAS		694,966		862
	Nedbank Group, Ltd.		61,587		727
	Postal Savings Bank of China Co., Ltd., Class H		1,166,752		556
	Banco BTG Pactual SA, units		53,912		415
	Moscow Exchange MICEX-RTS PJSC2		438,203		—	3
	Sberbank of Russia PJSC2		2,662,164		—	3
					517,257

74  American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)		Shares		Value (000)
Information	Microsoft Corp.		282,716	$	106,313
technology	Taiwan Semiconductor Manufacturing Co., Ltd.		4,183,269		80,509
14.98%	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		10,609		1,103
	Broadcom, Inc.		37,347		41,689
	ASML Holding NV		40,993		30,950
	NVIDIA Corp.		55,782		27,624
	Samsung Electronics Co., Ltd.		331,373		20,154
	SK hynix, Inc.		133,741		14,603
	Synopsys, Inc.1		26,054		13,415
	Tata Consultancy Services, Ltd.		262,250		11,941
	Apple, Inc.		60,046		11,561
	SAP SE		73,904		11,368
	ASM International NV		21,139		11,008
	Keyence Corp.		25,100		11,002
	Wolfspeed, Inc.1		229,036		9,965
	Infosys, Ltd. (ADR)		319,373		5,870
	Infosys, Ltd.		201,410		3,729
	Micron Technology, Inc.		96,870		8,267
	Capgemini SE		38,184		7,988
	Cognizant Technology Solutions Corp., Class A		103,802		7,840
	Disco Corp.		31,200		7,678
	Tokyo Electron, Ltd.		38,700		6,879
	Accenture PLC, Class A		19,032		6,679
	EPAM Systems, Inc.1		17,779		5,286
	MediaTek, Inc.		109,000		3,590
	Intel Corp.		71,015		3,568
	TE Connectivity, Ltd.		24,460		3,437
	ON Semiconductor Corp.1		39,439		3,294
	TDK Corp.		68,200		3,233
	Nokia Corp.		927,500		3,187
	Applied Materials, Inc.		17,561		2,846
	Xiamen Faratronic Co., Ltd., Class A		215,500		2,810
	Coforge, Ltd.		31,526		2,374
	Trimble, Inc.1		39,663		2,110
	E Ink Holdings, Inc.		316,000		2,021
	KLA Corp.		3,307		1,922
	Globant SA1		7,546		1,796
	NICE, Ltd. (ADR)1		8,744		1,744
	Atlassian Corp., Class A1		7,099		1,689
	Hamamatsu Photonics KK		32,400		1,328
	Kingdee International Software Group Co., Ltd.1		874,000		1,269
	Canva, Inc.1,2,4		385		411
					506,050
Industrials	Airbus SE, non-registered shares		334,120		51,574
12.75%	Safran SA		150,094		26,477
	Larsen & Toubro, Ltd.		593,280		25,113
	Shenzhen Inovance Technology Co., Ltd., Class A		2,162,474		19,234
	IMCD NV		110,227		19,233
	Copa Holdings, SA, Class A		174,459		18,547
	General Electric Co.		143,239		18,282
	International Container Terminal Services, Inc.		3,678,980		16,294
	DSV A/S		86,263		15,175
	Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		3,598,523		14,902
	Rumo SA		2,819,101		13,296
	Carrier Global Corp.		207,141		11,900
	Grupo Aeroportuario del Pacífico, SAB de CV, Class B		572,605		9,996
	Grupo Aeroportuario del Pacífico, SAB de CV, Class B (ADR)		9,870		1,729
	Caterpillar, Inc.		36,071		10,665
	Grab Holdings, Ltd., Class A1		2,987,396		10,068
	Techtronic Industries Co., Ltd.		832,500		9,957

American Funds Insurance Series  75

New World Fund (continued)

Common stocks (continued)		Shares		Value (000)
Industrials	Daikin Industries, Ltd.		60,900	$	9,893
(continued)	InPost SA1		694,225		9,597
	TransDigm Group, Inc.		8,345		8,442
	Astra International Tbk PT		20,769,500		7,611
	BAE Systems PLC		514,868		7,284
	Boeing Co.1		25,707		6,701
	CCR SA, ordinary nominative shares		2,253,183		6,558
	Siemens AG		34,068		6,390
	Contemporary Amperex Technology Co., Ltd., Class A		271,925		6,247
	Bharat Electronics, Ltd.		2,500,084		5,533
	Thales SA		37,275		5,513
	ZTO Express (Cayman), Inc., Class A (ADR)		250,247		5,325
	SMC Corp.		9,900		5,294
	Jiangsu Hengli Hydraulic Co., Ltd., Class A		640,864		4,936
	Mitsui & Co., Ltd.		125,000		4,657
	Wizz Air Holdings PLC1		156,622		4,395
	Interpump Group SpA		70,888		3,672
	RTX Corp.		37,311		3,139
	Schneider Electric SE		15,460		3,113
	ABB, Ltd.		66,329		2,948
	Legrand SA		27,553		2,870
	Epiroc AB, Class B		143,946		2,519
	TELUS International (Cda), Inc., subordinate voting shares1		284,781		2,443
	Bureau Veritas SA		92,816		2,346
	Centre Testing International Group Co., Ltd.		1,034,596		2,066
	MISUMI Group, Inc.		109,800		1,852
	Ingersoll-Rand, Inc.		21,259		1,644
	GT Capital Holdings, Inc.		116,310		1,239
	Hitachi, Ltd.		15,400		1,113
	Wuxi Lead Intelligent Equipment Co., Ltd., Class A		291,900		1,052
	Ayala Corp.		70,270		864
	Veralto Corp.		7,889		649
	Haitian International Holdings, Ltd.		197,146		487
					430,834
Health care	Novo Nordisk AS, Class B		877,364		90,750
11.84%	Eli Lilly and Co.		83,856		48,881
	Max Healthcare Institute, Ltd.		4,055,160		33,406
	Thermo Fisher Scientific, Inc.		54,516		28,937
	AstraZeneca PLC		202,378		27,257
	Abbott Laboratories		154,428		16,998
	BeiGene, Ltd. (ADR)1		70,132		12,649
	BeiGene, Ltd.1		42,200		588
	EssilorLuxottica SA		64,268		12,918
	Innovent Biologics, Inc.1		2,082,873		11,373
	Laurus Labs, Ltd.		2,185,717		11,286
	Rede D’Or Sao Luiz SA		1,732,143		10,205
	Jiangsu Hengrui Medicine Co., Ltd., Class A		1,560,188		9,937
	Revvity, Inc.		84,820		9,272
	Danaher Corp.		39,567		9,153
	Hypera SA, ordinary nominative shares		1,046,769		7,565
	WuXi AppTec Co., Ltd., Class H		410,200		4,194
	WuXi AppTec Co., Ltd., Class A		191,719		1,976
	Zoetis, Inc., Class A		27,822		5,491
	WuXi Biologics (Cayman), Inc.1		1,217,600		4,600
	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		109,100		4,477
	Straumann Holding AG		26,306		4,256
	Siemens Healthineers AG		66,725		3,877
	Zai Lab, Ltd. (ADR)1,5		140,032		3,827
	Legend Biotech Corp. (ADR)1		58,459		3,518
	GE HealthCare Technologies, Inc.		39,967		3,090

76  American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)		Shares		Value (000)
Health care	Pfizer, Inc.		100,008	$	2,879
(continued)	Align Technology, Inc.1		9,179		2,515
	Shionogi & Co., Ltd.		44,400		2,138
	Mettler-Toledo International, Inc.1		1,685		2,044
	Teva Pharmaceutical Industries, Ltd. (ADR)1		187,358		1,956
	Alcon, Inc.		22,320		1,748
	Asahi Intecc Co., Ltd.		82,100		1,664
	OdontoPrev SA		662,891		1,585
	Medtronic PLC		16,936		1,395
	Angelalign Technology, Inc.		99,606		720
	Bayer AG		13,918		517
	CanSino Biologics, Inc., Class H1,5		61,521		185
	Shandong Pharmaceutical Glass Co., Ltd., Class A		47,100		170
					399,997
Consumer	MercadoLibre, Inc.1		31,226		49,073
discretionary	LVMH Moët Hennessy-Louis Vuitton SE		58,326		47,310
10.47%	Midea Group Co., Ltd., Class A		3,754,668		28,911
	Eicher Motors, Ltd.		368,146		18,294
	Trip.com Group, Ltd. (ADR)1		459,378		16,542
	Hermès International		7,705		16,352
	Alibaba Group Holding, Ltd. (ADR)		105,344		8,165
	Alibaba Group Holding, Ltd.		695,972		6,726
	Galaxy Entertainment Group, Ltd.		2,627,000		14,683
	Evolution AB		96,324		11,529
	Jumbo SA		388,686		10,782
	Titan Co., Ltd.		204,564		9,029
	adidas AG		40,030		8,140
	YUM! Brands, Inc.		60,921		7,960
	Shenzhou International Group Holdings, Ltd.		696,700		7,149
	Marriott International, Inc., Class A		31,603		7,127
	NIKE, Inc., Class B		47,713		5,180
	Tesla, Inc.1		20,117		4,999
	Kering SA		11,078		4,916
	Ferrari NV (EUR denominated)		13,500		4,550
	Cie. Financière Richemont SA, Class A		31,696		4,372
	Amadeus IT Group SA, Class A, non-registered shares		60,231		4,320
	Airbnb, Inc., Class A1		31,507		4,289
	Naspers, Ltd., Class N		22,539		3,858
	Zhongsheng Group Holdings, Ltd.		1,581,500		3,814
	InterContinental Hotels Group PLC		35,617		3,217
	H World Group, Ltd. (ADR)		95,887		3,206
	Industria de Diseño Textil, SA		73,014		3,185
	Jubilant FoodWorks, Ltd.		451,187		3,060
	Li Ning Co., Ltd.		1,134,155		3,060
	Maruti Suzuki India, Ltd.		23,114		2,859
	China Tourism Group Duty Free Corp., Ltd., Class H		272,570		2,671
	Stellantis NV		104,093		2,438
	Melco Resorts & Entertainment, Ltd. (ADR)1		234,864		2,083
	Sands China, Ltd.1		696,400		2,032
	Aptiv PLC1		22,350		2,005
	General Motors Co.		47,313		1,699
	Booking Holdings, Inc.1		417		1,479
	Shangri-La Asia, Ltd.1		2,130,000		1,459
	BYD Co., Ltd., Class H		52,500		1,443
	IDP Education, Ltd.		98,395		1,339
	Tube Investments of India, Ltd.		31,096		1,322
	Magazine Luiza SA1		2,749,107		1,247
	Inchcape PLC		132,241		1,202
	Renault SA		28,126		1,151
	Flutter Entertainment PLC1		6,201		1,092

American Funds Insurance Series  77

New World Fund (continued)

Common stocks (continued)		Shares		Value (000)
Consumer	Gree Electric Appliances, Inc. of Zhuhai, Class A		132,946	$	603
discretionary	Cyrela Brazil Realty SA, ordinary nominative shares		91,635		450
(continued)	TVS Motor Co., Ltd.		17,427		424
	Foschini Group, Ltd. (The)		68,408		415
	Woolworths Holdings, Ltd.		90,404		357
	Americanas SA, ordinary nominative shares1		801,908		150
	Meituan, Class B1		5,521		58
					353,776
Materials	Vale SA (ADR), ordinary nominative shares		1,366,617		21,675
6.92%	Vale SA, ordinary nominative shares		1,151,624		18,261
	Freeport-McMoRan, Inc.		563,042		23,969
	Asian Paints, Ltd.		454,360		18,564
	Linde PLC		43,853		18,011
	Sika AG		51,876		16,950
	First Quantum Minerals, Ltd.		1,359,921		11,135
	Pidilite Industries, Ltd.		340,365		11,096
	Albemarle Corp.		61,201		8,842
	Barrick Gold Corp.		460,020		8,322
	Shin-Etsu Chemical Co., Ltd.		195,200		8,157
	Gerdau SA (ADR)		1,532,534		7,433
	Jindal Steel & Power, Ltd.		709,773		6,372
	LANXESS AG		203,269		6,363
	Givaudan SA		1,339		5,570
	Glencore PLC		789,909		4,739
	Wacker Chemie AG		30,792		3,886
	Arkema SA		33,368		3,796
	Nutrien, Ltd. (CAD denominated)		66,242		3,732
	CEMEX, SAB de CV (ADR), ordinary participation certificates, units1		468,502		3,631
	Loma Negra Compania Industrial Argentina SA (ADR)		409,335		2,902
	Shandong Sinocera Functional Material Co., Ltd., Class A		847,500		2,769
	Fresnillo PLC		350,361		2,646
	Amcor PLC (CDI)		225,193		2,177
	BASF SE		39,350		2,119
	Akzo Nobel NV		25,296		2,090
	Wheaton Precious Metals Corp.		38,312		1,890
	Grupo México, SAB de CV, Series B		217,217		1,205
	OCI NV		36,366		1,057
	China Jushi Co., Ltd., Class A		714,543		989
	Umicore SA		34,684		953
	Guangzhou Tinci Materials Technology Co., Ltd., Class A		263,900		932
	DSM-Firmenich AG		8,226		837
	Polymetal International PLC1		76,572		344
	Antofagasta PLC		12,230		262
	Alrosa PJSC2		1,123,215		—	3
					233,676
Communication	Meta Platforms, Inc., Class A1		108,519		38,411
services	Alphabet, Inc., Class C1		157,306		22,169
6.69%	Alphabet, Inc., Class A1		78,363		10,947
	Bharti Airtel, Ltd.		2,585,534		32,030
	Bharti Airtel, Ltd., interim shares		61,951		474
	Tencent Holdings, Ltd.		798,351		30,162
	MTN Group, Ltd.		3,574,653		22,548
	NetEase, Inc.		574,949		10,671
	NetEase, Inc. (ADR)		25,180		2,346
	América Móvil, SAB de CV, Class B (ADR)		573,318		10,618
	Telkom Indonesia (Persero) Tbk PT, Class B		38,470,300		9,874
	Telefónica, SA, non-registered shares		1,898,075		7,453
	Netflix, Inc.1		13,189		6,422

78  American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)		Shares		Value (000)
Communication	TIM SA		1,343,498	$	4,956
services	Singapore Telecommunications, Ltd.		1,997,800		3,733
(continued)	Vodafone Group PLC		4,232,067		3,676
	Informa PLC		288,172		2,861
	Telefônica Brasil SA, ordinary nominative shares		207,300		2,279
	Yandex NV, Class A1,2		129,388		1,985
	JCDecaux SE1		80,520		1,621
	Saudi Telecom Co., non-registered shares		54,371		586
					225,822
Consumer staples	Kweichow Moutai Co., Ltd., Class A		113,407		27,547
6.61%	ITC, Ltd.		3,838,302		21,288
	Varun Beverages, Ltd.		1,234,514		18,341
	Arca Continental, SAB de CV		1,157,120		12,634
	Bunge Global SA		122,076		12,324
	Nestlé SA		99,773		11,547
	JBS SA		2,159,116		11,037
	Monster Beverage Corp.1		188,504		10,860
	Constellation Brands, Inc., Class A		35,349		8,546
	Ajinomoto Co., Inc.		216,899		8,382
	Raia Drogasil SA, ordinary nominative shares		1,167,683		7,048
	Kao Corp.		169,000		6,945
	Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates		2,872,918		6,458
	Anheuser-Busch InBev SA/NV		93,931		6,069
	Carlsberg A/S, Class B		45,546		5,709
	Pernod Ricard SA		31,776		5,619
	Avenue Supermarts, Ltd.1		112,159		5,498
	DINO POLSKA SA, non-registered shares1		43,220		5,058
	Mondelez International, Inc., Class A		62,269		4,510
	British American Tobacco PLC		153,810		4,488
	Foshan Haitian Flavouring and Food Co., Ltd., Class A		695,796		3,719
	L’Oréal SA, non-registered shares		5,862		2,915
	Philip Morris International, Inc.		30,823		2,900
	Uni-Charm Corp.		63,600		2,298
	Dabur India, Ltd.		331,831		2,221
	Danone SA		31,931		2,071
	United Spirits, Ltd.		141,557		1,898
	Proya Cosmetics Co., Ltd., Class A		91,768		1,284
	Budweiser Brewing Co., APAC, Ltd.		573,900		1,071
	Wuliangye Yibin Co., Ltd., Class A		47,971		947
	Diageo PLC		24,169		878
	Reckitt Benckiser Group PLC		11,580		799
	Clicks Group, Ltd.		17,686		315
	X5 Retail Group NV (GDR)1,2		88,147		—	3
					223,224
Energy	Reliance Industries, Ltd.		918,465		28,503
3.11%	TotalEnergies SE		333,615		22,662
	New Fortress Energy, Inc., Class A5		276,960		10,450
	Baker Hughes Co., Class A		293,006		10,015
	Exxon Mobil Corp.		73,718		7,370
	Saudi Arabian Oil Co.		712,293		6,278
	Cheniere Energy, Inc.		31,889		5,444
	Schlumberger NV		72,952		3,796
	Chevron Corp.		23,220		3,464
	Shell PLC (GBP denominated)		76,198		2,476
	Borr Drilling, Ltd.1		166,505		1,226
	Borr Drilling, Ltd. (NOK denominated)1		161,906		1,207
	Woodside Energy Group, Ltd.		60,599		1,284
	INPEX Corp.5		42,400		571

American Funds Insurance Series  79

New World Fund (continued)

Common stocks (continued)		Shares		Value (000)
Energy	Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares		23,280	$	372
(continued)	Gazprom PJSC1,2		945,858		—	3
	Rosneft Oil Co. PJSC2		588,661		—	3
					105,118
Real estate	Macrotech Developers, Ltd.		2,207,035		27,122
1.97%	Fibra Uno Administración REIT, SA de CV		3,951,259		7,113
	ALLOS SA, ordinary nominative shares		1,250,769		6,768
	American Tower Corp. REIT		27,097		5,850
	KE Holdings, Inc., Class A (ADR)		318,916		5,170
	CK Asset Holdings, Ltd.		981,000		4,906
	China Resources Mixc Lifestyle Services, Ltd.		1,192,800		4,233
	ESR Group, Ltd.		2,513,600		3,469
	Longfor Group Holdings, Ltd.		1,173,846		1,883
	Ayala Land, Inc.		222,500		138
					66,652
Utilities	AES Corp.		619,432		11,924
1.19%	ENN Energy Holdings, Ltd.		1,609,205		11,830
	Equatorial Energia SA, ordinary nominative shares		1,259,296		9,256
	Power Grid Corporation of India, Ltd.		1,770,556		5,040
	Engie SA		93,656		1,647
	China Resources Gas Group, Ltd.		100,000		327
	China Gas Holdings, Ltd.		67,400		67
					40,091
	Total common stocks (cost: $2,144,852,000)				3,102,497
Preferred securities 0.66%
Financials	Itaú Unibanco Holding SA (ADR), preferred nominative shares		449,330		3,123
0.31%	Itaú Unibanco Holding SA, preferred nominative shares		315,302		2,192
	Banco Bradesco SA, preferred nominative shares		1,512,701		5,267
					10,582
Real estate	QuintoAndar, Ltd., Series E, preference shares1,2,4		32,657		5,091
0.19%	QuintoAndar, Ltd., Series E-1, preference shares1,2,4		8,400		1,309
					6,400
Consumer	Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares		41,073		3,622
discretionary	Getir BV, Series D, preferred shares1,2,4		7,768		468
0.12%					4,090
Information	Samsung Electronics Co., Ltd., nonvoting preferred shares		23,177		1,118
technology	Canva, Inc., Series A, noncumulative preferred shares1,2,4		34		36
0.03%	Canva, Inc., Series A-3, noncumulative preferred shares1,2,4		1		1
					1,155
Industrials	GOL Linhas Aéreas Inteligentes SA, preferred nominative shares1		129,359		234
0.01%	Total preferred securities (cost: $23,340,000)				22,461

80  American Funds Insurance Series

New World Fund (continued)

Rights & warrants 0.05%		Shares		Value (000)
Consumer	Midea Group Co., Ltd., Class A, warrants, expire 2/26/20241,6		128,407	$	989
discretionary
0.03%
Industrials	Centre Testing International Group Co., Ltd., Class A, warrants, expire 3/20/20241,6		425,100		849
0.02%	Total rights & warrants (cost: $2,099,000)				1,838
Convertible bonds & notes 0.01%		Principal amount (000)
Energy	Abu Dhabi National Oil Co., convertible notes, 0.70% 6/4/2024		USD200		195
0.01%	Total convertible bonds & notes (cost: $195,000)				195
Bonds, notes & other debt instruments 3.95%
Bonds & notes of governments & government agencies outside the U.S. 3.40%
	Abu Dhabi (Emirate of) 1.70% 3/2/20316		200		170
	Angola (Republic of) 9.50% 11/12/2025		400		394
	Angola (Republic of) 8.25% 5/9/2028		500		462
	Angola (Republic of) 8.00% 11/26/20296		445		396
	Angola (Republic of) 8.75% 4/14/20326		280		247
	Argentine Republic 1.00% 7/9/2029		32		13
	Argentine Republic 3.625% 7/9/2035 (4.125% on 7/9/2024)7		2,217		766
	Argentine Republic 4.25% 1/9/2038 (5.00% on 7/9/2024)7		1,091		434
	Argentine Republic 3.50% 7/9/2041 (4.875% on 7/9/2029)7		2,454		843
	Brazil (Federative Republic of) 0% 1/1/2024		BRL10,200		2,099
	Brazil (Federative Republic of) 10.00% 1/1/2027		10,669		2,205
	Brazil (Federative Republic of) 6.00% 5/15/20278		30,772		6,383
	Brazil (Federative Republic of) 10.00% 1/1/2031		8,986		1,828
	Brazil (Federative Republic of) 10.00% 1/1/2033		26,684		5,415
	Brazil (Federative Republic of) 6.00% 8/15/20508		1,672		365
	Chile (Republic of) 6.00% 4/1/2033		CLP1,170,000		1,398
	Chile (Republic of) 5.30% 11/1/2037		480,000		549
	Chile (Republic of) 4.34% 3/7/2042		USD350		314
	China (People’s Republic of), Series INBK, 2.89% 11/18/2031		CNY30,480		4,399
	China (People’s Republic of), Series INBK, 2.88% 2/25/2033		11,700		1,690
	China (People’s Republic of), Series INBK, 3.72% 4/12/2051		27,530		4,487
	China (People’s Republic of), Series INBK, 3.12% 10/25/2052		10,410		1,531
	Colombia (Republic of) 3.25% 4/22/2032		USD700		558
	Colombia (Republic of) 8.00% 11/14/2035		200		219
	Colombia (Republic of) 5.20% 5/15/2049		755		592
	Colombia (Republic of), Series B, 7.00% 3/26/2031		COP2,927,200		652
	Colombia (Republic of), Series B, 13.25% 2/9/2033		10,560,100		3,236
	Cote d’Ivoire (Republic of) 4.875% 1/30/2032		EUR150		140
	Czech Republic 1.25% 2/14/2025		CZK32,530		1,401
	Czech Republic 1.95% 7/30/2037		19,010		685
	Dominican Republic 8.625% 4/20/20276		USD575		603
	Dominican Republic 5.50% 2/22/20296		275		269
	Dominican Republic 11.375% 7/6/2029		DOP12,800		234
	Dominican Republic 7.05% 2/3/20316		USD150		158
	Dominican Republic 13.625% 2/3/2033		DOP9,000		189
	Dominican Republic 11.25% 9/15/2035		49,350		919
	Dominican Republic 5.875% 1/30/2060		USD1,725		1,496
	Dominican Republic 5.875% 1/30/20606		280		243
	Egypt (Arab Republic of) 6.375% 4/11/2031		EUR450		320
	Egypt (Arab Republic of) 8.50% 1/31/2047		USD400		250
	Egypt (Arab Republic of) 8.875% 5/29/2050		455		291
	Egypt (Arab Republic of) 8.75% 9/30/2051		500		317
	Egypt (Arab Republic of) 8.15% 11/20/20596		500		309

American Funds Insurance Series  81

New World Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
	Ethiopia (Federal Democratic Republic of) 6.625% 12/11/20249		USD440	$	299
	Gabonese Republic 7.00% 11/24/2031		300		251
	Ghana (Republic of) 7.75% 4/7/20296,9		1,125		495
	Ghana (Republic of) 8.125% 3/26/20329		1,280		566
	Honduras (Republic of) 6.25% 1/19/2027		1,365		1,314
	Honduras (Republic of) 5.625% 6/24/2030		678		606
	Honduras (Republic of) 5.625% 6/24/20306		281		251
	Hungary (Republic of) 6.25% 9/22/20326		330		353
	Hungary (Republic of), Series A, 6.75% 10/22/2028		HUF519,260		1,556
	India (Republic of) 6.54% 1/17/2032		INR81,680		944
	Indonesia (Republic of) 6.625% 2/17/2037		USD300		352
	Indonesia (Republic of) 7.125% 6/15/2038		IDR32,478,000		2,209
	Indonesia (Republic of), Series 95, 6.375% 8/15/2028		48,630,000		3,153
	Indonesia (Republic of), Series 82, 7.00% 9/15/2030		12,900,000		856
	Indonesia (Republic of), Series 96, 7.00% 2/15/2033		27,200,000		1,832
	International Bank for Reconstruction and Development 6.85% 4/24/2028		INR78,000		940
	Kenya (Republic of) 6.875% 6/24/2024		USD400		390
	Kenya (Republic of) 8.25% 2/28/20486		400		333
	Malaysia (Federation of), Series 0119, 3.906% 7/15/2026		MYR3,240		713
	Malaysia (Federation of), Series 0219, 3.885% 8/15/2029		2,095		460
	Malaysia (Federation of), Series 0419, 3.828% 7/5/2034		4,280		926
	Malaysia (Federation of), Series 0418, 4.893% 6/8/2038		7,106		1,699
	Malaysia (Federation of), Series 0519, 3.757% 5/22/2040		2,200		459
	Malaysia (Federation of), Series 0519, 4.638% 11/15/2049		1,030		235
	Malaysia (Federation of), Series 0120, 4.065% 6/15/2050		631		135
	Malaysia (Federation of), Series 022, 5.357% 5/15/2052		989		251
	MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028		USD940		969
	Mongolia (State of) 4.45% 7/7/2031		300		252
	Morocco (Kingdom of) 5.95% 3/8/20286		255		262
	Mozambique (Republic of) 9.00% 9/15/2031		1,300		1,111
	Oman (Sultanate of) 6.25% 1/25/20316		200		211
	Oman (Sultanate of) 6.75% 1/17/2048		285		299
	Panama (Republic of) 3.75% 4/17/2026		100		94
	Panama (Republic of) 6.875% 1/31/2036		410		410
	Panama (Republic of) 4.50% 4/16/2050		200		139
	Panama (Republic of) 6.853% 3/28/2054		590		554
	Panama (Republic of) 4.50% 1/19/2063		200		131
	Paraguay (Republic of) 4.95% 4/28/2031		320		313
	Peru (Republic of) 3.00% 1/15/2034		225		191
	Peru (Republic of) 6.55% 3/14/2037		1,070		1,195
	Peru (Republic of) 3.55% 3/10/2051		370		282
	Peru (Republic of) 2.78% 12/1/2060		100		63
	PETRONAS Capital, Ltd. 4.55% 4/21/20506		400		368
	Philippines (Republic of) 6.375% 10/23/2034		145		165
	Philippines (Republic of) 3.95% 1/20/2040		500		452
	Poland (Republic of) 4.875% 10/4/2033		560		569
	Poland (Republic of), Series 0726, 2.50% 7/25/2026		PLN7,680		1,839
	Qatar (State of) 4.50% 4/23/20286		USD450		456
	Romania 2.00% 1/28/2032		EUR1,375		1,179
	Romania 2.00% 4/14/2033		300		249
	Romania 5.125% 6/15/20486		USD500		430
	Senegal (Republic of) 4.75% 3/13/2028		EUR600		613
	South Africa (Republic of) 5.875% 4/20/2032		USD400		380
	South Africa (Republic of), Series R-213, 7.00% 2/28/2031		ZAR57,197		2,619
	South Africa (Republic of), Series R-2035, 8.875% 2/28/2035		100,363		4,639
	South Africa (Republic of), Series R-2040, 9.00% 1/31/2040		26,540		1,138
	South Africa (Republic of), Series R-2048, 8.75% 2/28/2048		42,450		1,712
	Sri Lanka (Democratic Socialist Republic of) 6.125% 6/3/2025		USD200		103
	Sri Lanka (Democratic Socialist Republic of) 6.85% 11/3/2025		950		492
	Sri Lanka (Democratic Socialist Republic of) 7.55% 3/28/2030		271		137
	Thailand (Kingdom of) 2.875% 12/17/2028		THB15,532		460

82  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)
	Thailand (Kingdom of) 3.45% 6/17/2043		THB18,658	$	569
	Tunisia (Republic of) 5.625% 2/17/2024		EUR1,820		1,944
	Tunisia (Republic of) 5.75% 1/30/2025		USD425		350
	Turkey (Republic of) 9.875% 1/15/2028		200		222
	Turkey (Republic of) 17.30% 7/19/2028		TRY27,700		761
	Turkey (Republic of) 11.875% 1/15/2030		USD500		630
	Turkey (Republic of) 17.80% 7/13/2033		TRY1,145		31
	Ukraine 8.994% 2/1/20269		USD600		180
	Ukraine 7.75% 9/1/20299		2,328		646
	Ukraine 9.75% 11/1/20309		900		261
	Ukraine 7.375% 9/25/20349		2,180		518
	United Mexican States 4.75% 3/8/2044		800		690
	United Mexican States 3.75% 4/19/2071		200		134
	United Mexican States, Series M, 7.50% 6/3/2027		MXN20,360		1,136
	United Mexican States, Series M20, 8.50% 5/31/2029		9,159		528
	United Mexican States, Series M, 7.75% 5/29/2031		83,380		4,583
	United Mexican States, Series M, 7.50% 5/26/2033		63,500		3,390
	United Mexican States, Series M30, 8.50% 11/18/2038		23,600		1,327
	United Mexican States, Series M, 8.00% 7/31/2053		20,070		1,050
	Venezuela (Bolivarian Republic of) 7.00% 12/1/20189		USD75		11
	Venezuela (Bolivarian Republic of) 7.75% 10/13/20199		930		132
	Venezuela (Bolivarian Republic of) 6.00% 12/9/20209		805		113
	Venezuela (Bolivarian Republic of) 9.00% 5/7/20239		800		126
	Venezuela (Bolivarian Republic of) 8.25% 10/13/20249		180		28
	Venezuela (Bolivarian Republic of) 9.25% 5/7/20289		230		40
	Venezuela (Bolivarian Republic of) 7.00% 3/31/20389		65		10
					114,933
Corporate bonds, notes & loans 0.55%
Energy	Oleoducto Central SA 4.00% 7/14/20276		255		237
0.15%	Oleoducto Central SA 4.00% 7/14/2027		200		186
	Petrobras Global Finance BV 6.85% 6/5/2115		314		296
	Petroleos Mexicanos 7.19% 9/12/2024		MXN22,000		1,239
	Petroleos Mexicanos 6.49% 1/23/2027		USD2,585		2,427
	PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030		200		181
	Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/20516		630		458
					5,024
Financials 0.09%	Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)7		800		712
	BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033)6,7		340		363
	CMB International Leasing Management, Ltd. 2.75% 8/12/2030		300		257
	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		548
	HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033)7		600		658
	HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)7		600		647
					3,185
Communication	América Móvil, SAB de CV, 9.50% 1/27/2031		MXN24,000		1,376
services	Axiata SPV5 (Labuan), Ltd. 3.064% 8/19/2050		USD357		247
0.08%	PLDT, Inc. 2.50% 1/23/2031		210		175
	Tencent Holdings, Ltd. 3.975% 4/11/2029		400		381
	Tencent Holdings, Ltd. 3.24% 6/3/20506		580		387
					2,566

American Funds Insurance Series  83

New World Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities	Aegea Finance SARL 9.00% 1/20/20316		USD275	$	293
0.07%	AES Panama Generation Holdings SRL 4.375% 5/31/20306		275		231
	Empresas Publicas de Medellin ESP 4.25% 7/18/20296		412		352
	State Grid Europe Development (2014) PLC 3.125% 4/7/2025		1,400		1,368
					2,244
Materials	Braskem Idesa SAPI 7.45% 11/15/2029		775		488
0.06%	Braskem Idesa SAPI 7.45% 11/15/20296		300		189
	Braskem Netherlands Finance BV 8.50% 1/12/20316		355		331
	CSN Resources SA 8.875% 12/5/20306		400		417
	GC Treasury Center Co., Ltd. 4.40% 3/30/20326		230		210
	Sasol Financing USA, LLC 5.875% 3/27/2024		500		497
					2,132
Consumer	Alibaba Group Holding, Ltd. 3.15% 2/9/2051		410		269
discretionary	Arcos Dorados BV 6.125% 5/27/2029		450		450
0.05%	Meituan 3.05% 10/28/20306		400		338
	MercadoLibre, Inc. 3.125% 1/14/2031		400		343
	Sands China, Ltd. 4.625% 6/18/2030		220		200
					1,600
Consumer staples	MARB BondCo PLC 3.95% 1/29/2031		520		423
0.03%	NBM US Holdings, Inc. 7.00% 5/14/20264		200		203
	NBM US Holdings, Inc. 6.625% 8/6/20294		420		412
					1,038
Health care 0.01%	Rede D’Or Finance SARL 4.50% 1/22/2030		480		435
Industrials	Mexico City Airport Trust 4.25% 10/31/2026		200		193
0.01%	Total corporate bonds, notes & loans				18,417
	Total bonds, notes & other debt instruments (cost: $135,928,000)				133,350
Short-term securities 4.04%		Shares
Money market investments 4.01%
	Capital Group Central Cash Fund 5.44%10,11		1,354,533		135,440

84  American Funds Insurance Series

New World Fund (continued)

				Value
Short-term securities (continued)		Shares		(000)
Money market investments purchased with collateral from securities on loan 0.03%
	State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%10,12		664,565	$	665
	Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%10,12		340,555		340
					1,005
	Total short-term securities (cost: $136,437,000)				136,445
	Total investment securities 100.55% (cost: $2,442,851,000)				3,396,786
	Other assets less liabilities (0.55)%				(18,499	)
	Net assets 100.00%			$	3,378,287

Futures contracts

Contracts	Type		Number of contracts		Expiration date		Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
2 Year U.S. Treasury Note Futures		Long		95		4/3/2024		USD19,562		$	194
10 Year Euro-Bund Futures		Short		19		3/11/2024		(2,878	)		(85	)
10 Year Ultra U.S. Treasury Note Futures		Short		34		3/28/2024		(4,012	)		(180	)
30 Year Ultra U.S. Treasury Bond Futures		Long		4		3/28/2024		534			50
										$	(21	)

Forward currency contracts

Contract amount				Counterparty	Settlement date		Unrealized appreciation (depreciation) at 12/31/2023 (000)
Currency purchased (000)		Currency sold (000)
IDR	14,580,000	USD	943	Citibank		1/5/2024	$	4
USD	941	IDR	14,580,000	Citibank		1/5/2024		(6	)
USD	2,710	EUR	2,497	Morgan Stanley		1/8/2024		(48	)
EUR	156	USD	168	Morgan Stanley		1/11/2024		4
BRL	13,005	USD	2,645	Citibank		1/12/2024		30
COP	540,787	USD	135	Morgan Stanley		1/12/2024		4
INR	36,577	USD	438	Standard Chartered Bank		1/12/2024		1
USD	17	CLP	15,136	Morgan Stanley		1/12/2024		—	3
IDR	1,205,515	USD	78	JPMorgan Chase		1/12/2024		—	3
USD	576	BRL	2,860	Citibank		1/12/2024		(13	)
USD	1,586	MXN	27,560	Citibank		1/12/2024		(32	)
HUF	504,380	USD	1,420	JPMorgan Chase		1/18/2024		30
CZK	21,025	USD	930	Barclays Bank PLC		1/18/2024		10
USD	61	ZAR	1,125	Bank of America		1/18/2024		—	3
USD	39	PLN	156	Goldman Sachs		1/18/2024		(1	)
USD	4,745	MYR	22,105	HSBC Bank		1/19/2024		(82	)
MXN	8,749	USD	503	JPMorgan Chase		1/22/2024		10
USD	1,560	ZAR	29,086	Goldman Sachs		1/22/2024		(27	)
USD	1,005	CNH	7,158	Morgan Stanley		1/23/2024		(2	)
TRY	30,935	USD	986	Barclays Bank PLC		3/7/2024		(2	)
CZK	18,535	USD	820	Barclays Bank PLC		6/10/2024		7
							$	(113	)

American Funds Insurance Series  85

New World Fund (continued)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Expiration date

Notional amount (000)

Value at 12/31/2023 (000)

Upfront premium paid (received) (000)

Unrealized appreciation (depreciation) at 12/31/2023 (000)

Receive

Pay

Rate

Payment frequency

Rate

Payment frequency

8.61%

28-day

28-day MXN-TIIE

28-day

8/3/2028

MXN43,530

$

—

3

$

—

$

—

3

Bilateral interest rate swaps

Receive			Pay								Notional amount (000)		Value at 12/31/2023 (000)			Upfront premium paid (received) (000)		Unrealized appreciation (depreciation) at 12/31/2023 (000)
Rate	Payment frequency		Rate		Payment frequency		Counterparty		Expiration date
10.535%		At maturity		BZDIOVER		At maturity		Barclays Bank PLC		1/2/2025		BRL6,315	$	—	3	$	—	$	—	3
10.775%		At maturity		BZDIOVER		At maturity		Barclays Bank PLC		1/2/2029		BRL4,534		36			—		36
11.175%		At maturity		BZDIOVER		At maturity		Bank of America		1/2/2031		BRL3,670		59			—		59
													$	95		$	—	$	95

Investments in affiliates¹³

	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (loss) (000)		Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interest income (000)
Short-term securities 4.01%
Money market investments 4.01%
Capital Group Central Cash Fund 5.44%10	$	167,328	$	395,833	$	427,726		$	17	$	(12	)	$	135,440	$	8,436
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 5.44%10		86				86	14							—		—	15
Total 4.01%								$	17	$	(12	)	$	135,440	$	8,436

Restricted securities⁴

	Acquisition date(s)		Cost (000)		Value (000)		Percent of net assets
QuintoAndar, Ltd., Series E, preference shares1,2		5/26/2021	$	5,258	$	5,091		.15	%
QuintoAndar, Ltd., Series E-1, preference shares1,2		12/20/2021		1,716		1,309		.04
NBM US Holdings, Inc. 6.625% 8/6/2029		7/8/2022		406		412		.01
NBM US Holdings, Inc. 7.00% 5/14/2026		5/16/2023		193		203		.01
Getir BV, Series D, preferred shares1,2		5/27/2021		3,500		468		.01
Canva, Inc.1,2		8/26/2021-11/4/2021		656		411		.01
Canva, Inc., Series A, noncumulative preferred shares1,2		11/4/2021		58		36		.00	16
Canva, Inc., Series A-3, noncumulative preferred shares1,2		11/4/2021		2		1		.00	16
Total			$	11,789	$	7,931		.23	%

86  American Funds Insurance Series

New World Fund (continued)

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  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 $7,931,000, which represented .23% of the net assets of the fund.

⁵  All or a portion of this security was on loan. The total value of all such securities was $1,705,000, which represented .05% 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 $11,746,000, which represented .35% 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  Rate represents the seven-day yield at 12/31/2023.

¹¹  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.

¹²  Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

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

¹⁴  Represents net activity. Refer to Note 5 for more information on securities lending.

¹⁵  Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

¹⁶  Amount less than .01%.

Key to abbreviation(s)

ADR = American Depositary Receipts

BRL = Brazilian reais

BZDIOVER = Overnight Brazilian Interbank Deposit Rate

CAD = Canadian dollars

CDI = CREST Depository Interest

CLP = Chilean pesos

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

CZK = Czech korunas

DOP = Dominican pesos

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

HUF = Hungarian forints

IDR = Indonesian rupiah

INR = Indian rupees

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

PLN = Polish zloty

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

THB = Thai baht

TIIE = Equilibrium Interbank Interest Rate

TRY = Turkish lira

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series  87

Washington Mutual Investors Fund

Investment portfolio December 31, 2023

				Value
Common stocks 96.62%		Shares		(000)
Information	Broadcom, Inc.		673,902	$	752,243
technology	Microsoft Corp.		1,781,641		669,968
22.22%	Intel Corp.		3,034,152		152,466
	Apple, Inc.		650,463		125,234
	ASML Holding NV (ADR)		142,242		107,666
	SAP SE (ADR)		448,458		69,327
	Applied Materials, Inc.		382,302		61,960
	Oracle Corp.		466,256		49,157
	Motorola Solutions, Inc.		151,290		47,367
	Salesforce, Inc.1		156,586		41,204
	KLA Corp.		70,506		40,985
	TE Connectivity, Ltd.		232,562		32,675
	Texas Instruments, Inc.		150,069		25,581
	Synopsys, Inc.1		44,863		23,100
	NVIDIA Corp.		34,574		17,122
	QUALCOMM, Inc.		113,667		16,440
	NetApp, Inc.		176,098		15,525
	ASM International NV (ADR)		28,085		14,582
	Cadence Design Systems, Inc.1		37,099		10,105
	Micron Technology, Inc.		73,428		6,266
	Analog Devices, Inc.		27,657		5,491
	Ciena Corp.1		17,550		790
					2,285,254
Health care	UnitedHealth Group, Inc.		636,287		334,986
16.55%	Eli Lilly and Co.		414,778		241,782
	CVS Health Corp.		1,885,093		148,847
	AbbVie, Inc.		907,930		140,702
	Johnson & Johnson		815,682		127,850
	Gilead Sciences, Inc.		1,201,856		97,362
	Pfizer, Inc.		3,207,424		92,342
	AstraZeneca PLC (ADR)		1,329,019		89,509
	Danaher Corp.		286,975		66,389
	Abbott Laboratories		573,627		63,139
	Vertex Pharmaceuticals, Inc.1		116,273		47,310
	Elevance Health, Inc.		96,492		45,502
	Humana, Inc.		85,246		39,026
	Bristol-Myers Squibb Co.		661,577		33,946
	Zoetis, Inc., Class A		116,162		22,927
	Regeneron Pharmaceuticals, Inc.1		25,319		22,237
	Novo Nordisk AS, Class B (ADR)		211,934		21,925
	Merck & Co., Inc.		185,136		20,184
	Thermo Fisher Scientific, Inc.		37,219		19,755
	Edwards Lifesciences Corp.1		171,851		13,104
	Molina Healthcare, Inc.1		36,224		13,088
					1,701,912
Financials	Marsh & McLennan Companies, Inc.		1,290,048		244,425
15.34%	JPMorgan Chase & Co.		944,283		160,623
	BlackRock, Inc.		187,768		152,430
	CME Group, Inc., Class A		627,688		132,191
	Visa, Inc., Class A		399,830		104,096
	Wells Fargo & Co.		1,637,522		80,599
	Mastercard, Inc., Class A		185,038		78,921
	Chubb, Ltd.		338,392		76,477
	KKR & Co., Inc.		703,107		58,252
	Blackstone, Inc.		439,169		57,496
	S&P Global, Inc.		112,953		49,758
	Discover Financial Services		401,650		45,146
	Capital One Financial Corp.		335,772		44,026

88  American Funds Insurance Series

Washington Mutual Investors Fund (continued)

				Value
Common stocks (continued)		Shares		(000)
Financials	Apollo Asset Management, Inc.		436,959	$	40,720
(continued)	Arthur J. Gallagher & Co.		170,435		38,327
	Citizens Financial Group, Inc.		965,149		31,985
	Intercontinental Exchange, Inc.		224,400		28,820
	Morgan Stanley		241,344		22,505
	Aon PLC, Class A		73,528		21,398
	Brookfield Asset Management, Ltd., Class A		409,288		16,441
	Canadian Imperial Bank of Commerce		302,696		14,572
	Nasdaq, Inc.		211,754		12,311
	Fifth Third Bancorp		354,128		12,214
	Carlyle Group, Inc. (The)		283,476		11,535
	Goldman Sachs Group, Inc.		29,888		11,530
	Fidelity National Information Services, Inc.		177,861		10,684
	Bank of America Corp.		306,789		10,330
	PNC Financial Services Group, Inc.		43,525		6,740
	MSCI, Inc.		6,167		3,488
					1,578,040
Industrials	Northrop Grumman Corp.		351,726		164,657
11.37%	Caterpillar, Inc.		402,809		119,099
	RTX Corp.		1,081,586		91,005
	Boeing Co.1		310,619		80,966
	L3Harris Technologies, Inc.		382,341		80,529
	Union Pacific Corp.		312,718		76,810
	CSX Corp.		2,060,446		71,436
	Paychex, Inc.		366,237		43,622
	Equifax, Inc.		162,406		40,161
	Carrier Global Corp.		650,884		37,393
	General Electric Co.		292,347		37,312
	ABB, Ltd. (ADR)		689,412		30,541
	Lockheed Martin Corp.		61,781		28,002
	Robert Half, Inc.		274,122		24,101
	Waste Connections, Inc.		142,559		21,280
	Southwest Airlines Co.		664,950		19,204
	Deere & Co.		42,130		16,847
	FedEx Corp.		61,071		15,449
	PACCAR, Inc.		157,552		15,385
	Veralto Corp.		177,588		14,608
	BAE Systems PLC (ADR)2		232,390		13,436
	TransUnion		180,183		12,380
	Republic Services, Inc.		71,086		11,723
	Huntington Ingalls Industries, Inc.		44,770		11,624
	Delta Air Lines, Inc.		284,973		11,464
	Rockwell Automation		36,352		11,287
	Waste Management, Inc.		59,620		10,678
	Johnson Controls International PLC		171,771		9,901
	Ingersoll-Rand, Inc.		125,733		9,724
	United Parcel Service, Inc., Class B		56,281		8,849
	HEICO Corp.		46,818		8,374
	Honeywell International, Inc.		29,331		6,151
	Broadridge Financial Solutions, Inc.		29,290		6,026
	RELX PLC (ADR)		143,296		5,683
	AMETEK, Inc.		21,299		3,512
					1,169,219
Consumer staples	Philip Morris International, Inc.		1,939,741		182,491
7.37%	Keurig Dr Pepper, Inc.		2,694,609		89,784
	Altria Group, Inc.		1,387,627		55,977
	Constellation Brands, Inc., Class A		225,408		54,492
	Target Corp.		374,188		53,292

American Funds Insurance Series  89

Washington Mutual Investors Fund (continued)

				Value
Common stocks (continued)		Shares		(000)
Consumer staples	Kraft Heinz Co. (The)		1,111,018	$	41,085
(continued)	Procter & Gamble Co.		259,069		37,964
	Archer Daniels Midland Co.		483,575		34,924
	Dollar General Corp.		192,400		26,157
	Mondelez International, Inc., Class A		357,273		25,877
	Sysco Corp.		291,351		21,307
	Nestlé SA (ADR)		181,561		20,994
	General Mills, Inc.		311,058		20,262
	Costco Wholesale Corp.		30,692		20,259
	Church & Dwight Co., Inc.		188,508		17,825
	British American Tobacco PLC (ADR)		590,373		17,292
	Danone (ADR)		882,590		11,430
	Reckitt Benckiser Group PLC (ADR)		686,906		9,438
	Kimberly-Clark Corp.		55,541		6,749
	Kenvue, Inc.		271,195		5,839
	Molson Coors Beverage Co., Class B, restricted voting shares		80,588		4,933
					758,371
Consumer	Home Depot, Inc.		548,384		190,042
discretionary	YUM! Brands, Inc.		800,802		104,633
6.40%	Darden Restaurants, Inc.		503,009		82,644
	NIKE, Inc., Class B		493,379		53,566
	TJX Companies, Inc.		440,315		41,306
	Tractor Supply Co.		175,327		37,701
	General Motors Co.		974,693		35,011
	Royal Caribbean Cruises, Ltd.1		223,599		28,954
	D.R. Horton, Inc.		122,223		18,575
	Marriott International, Inc., Class A		81,836		18,455
	Chipotle Mexican Grill, Inc.1		6,036		13,804
	Lennar Corp., Class A		90,363		13,468
	VF Corp.		416,792		7,836
	McDonald’s Corp.		25,001		7,413
	Polaris, Inc.		52,835		5,007
					658,415
Communication	Comcast Corp., Class A		5,641,013		247,359
services	Alphabet, Inc., Class C1		893,784		125,961
5.27%	Alphabet, Inc., Class A1		527,559		73,695
	Meta Platforms, Inc., Class A1		194,161		68,725
	Verizon Communications, Inc.		369,442		13,928
	Electronic Arts, Inc.		51,819		7,089
	Deutsche Telekom AG (ADR)		142,813		3,446
	Netflix, Inc.1		3,715		1,809
					542,012
Energy	Canadian Natural Resources, Ltd.		1,192,529		78,134
4.70%	Halliburton Co.		2,037,376		73,651
	Exxon Mobil Corp.		704,297		70,416
	EOG Resources, Inc.		543,873		65,781
	Chevron Corp.		424,166		63,269
	ConocoPhillips		408,052		47,363
	Baker Hughes Co., Class A		1,170,991		40,024
	TC Energy Corp.		584,882		22,863
	Pioneer Natural Resources Co.		99,515		22,379
					483,880

90  American Funds Insurance Series

Washington Mutual Investors Fund (continued)

				Value
Common stocks (continued)		Shares		(000)
Materials	Linde PLC		248,346	$	101,998
2.92%	Celanese Corp.		446,027		69,299
	Corteva, Inc.		801,391		38,403
	Mosaic Co.		645,357		23,059
	Nucor Corp.		122,250		21,276
	Rio Tinto PLC (ADR)		270,710		20,157
	LyondellBasell Industries NV		161,383		15,344
	Albemarle Corp.		46,965		6,786
	H.B. Fuller Co.		49,263		4,010
					300,332
Utilities	Constellation Energy Corp.		831,635		97,210
2.82%	Sempra		998,424		74,612
	FirstEnergy Corp.		941,705		34,523
	Southern Co. (The)		412,360		28,915
	CenterPoint Energy, Inc.		532,947		15,226
	Public Service Enterprise Group, Inc.		226,899		13,875
	Entergy Corp.		104,792		10,604
	NextEra Energy, Inc.		132,160		8,027
	CMS Energy Corp.		122,148		7,093
					290,085
Real estate	Extra Space Storage, Inc. REIT		348,775		55,919
1.66%	Welltower, Inc. REIT		538,213		48,531
	Prologis, Inc. REIT		225,747		30,092
	Equinix, Inc. REIT		27,238		21,937
	Regency Centers Corp. REIT		106,640		7,145
	Public Storage REIT		19,847		6,053
	American Tower Corp. REIT		5,524		1,193
					170,870
	Total common stocks (cost: $6,929,849,000)				9,938,390
Convertible stocks 0.03%
Financials 0.03%	Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026		54,000		3,045
	Total convertible stocks (cost: $2,700,000)				3,045
Short-term securities 3.30%
Money market investments 3.21%
	Capital Group Central Cash Fund 5.44%3,4		3,298,828		329,850

American Funds Insurance Series  91

Washington Mutual Investors Fund (continued)

				Value
Short-term securities (continued)		Shares		(000)
Money market investments purchased with collateral from securities on loan 0.09%
	State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%3,5		5,704,056	$	5,704
	Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%3,5		3,460,079		3,460
	Capital Group Central Cash Fund 5.44%3,4,5		6,289		629
					9,793
	Total short-term securities (cost: $339,619,000)				339,643
	Total investment securities 99.95% (cost: $7,272,168,000)				10,281,078
	Other assets less liabilities 0.05%				5,263
	Net assets 100.00%			$	10,286,341

Investments in affiliates4
										Net
								Net		unrealized					Dividend
	Value at							realized		appreciation			Value at		or interest
	1/1/2023		Additions		Reductions			gain (loss)		(depreciation)			12/31/2023		income
	(000)		(000)		(000)			(000)		(000)			(000)		(000)
Short-term securities 3.21%
Money market investments 3.21%
Capital Group Central Cash Fund 5.44%3	$	384,669	$	1,156,797	$	1,211,607		$	18	$	(27	)	$	329,850	$	18,395
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 5.44%3,5		6,338				5,709	6							629		—	7
Total 3.21%								$	18	$	(27	)	$	330,479	$	18,395

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 $10,510,000, which represented .10% 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 12/31/2023.

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 abbreviation(s)

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

92  American Funds Insurance Series

Capital World Growth and Income Fund

Investment portfolio December 31, 2023

Common stocks 96.15%		Shares		Value (000)
Information	Broadcom, Inc.		70,164	$	78,321
technology	Microsoft Corp.		198,265		74,556
20.38%	Taiwan Semiconductor Manufacturing Co., Ltd.		2,043,772		39,333
	ASML Holding NV		37,045		27,969
	Apple, Inc.		114,629		22,069
	Tokyo Electron, Ltd.		108,600		19,304
	Capgemini SE		53,532		11,199
	EPAM Systems, Inc.1		37,067		11,021
	Accenture PLC, Class A		30,585		10,733
	NVIDIA Corp.		15,646		7,748
	Salesforce, Inc.1		28,868		7,596
	Texas Instruments, Inc.		42,790		7,294
	Intel Corp.		110,871		5,571
	Shopify, Inc., Class A, subordinate voting shares1		65,759		5,123
	TE Connectivity, Ltd.		34,238		4,810
	Oracle Corp.		43,397		4,575
	MediaTek, Inc.		125,094		4,120
	Samsung Electronics Co., Ltd.		62,718		3,814
	Applied Materials, Inc.		19,822		3,213
	Seagate Technology Holdings PLC		36,560		3,121
	Synopsys, Inc.1		5,802		2,987
	Keyence Corp.		6,200		2,718
	Disco Corp.		10,500		2,584
	GlobalWafers Co., Ltd.		126,000		2,404
	Adobe, Inc.1		3,902		2,328
	Micron Technology, Inc.		23,777		2,029
	Constellation Software, Inc.		806		1,998
	Marvell Technology, Inc.		31,433		1,896
	Arista Networks, Inc.1		7,827		1,843
	Cognizant Technology Solutions Corp., Class A		23,563		1,780
	Advantech Co., Ltd.		121,098		1,465
	Infosys, Ltd.		71,189		1,318
	Fujitsu, Ltd.		8,200		1,238
	Delta Electronics, Inc.		74,000		754
	Wolfspeed, Inc.1		12,732		554
					379,386
Health care	UnitedHealth Group, Inc.		69,267		36,467
14.68%	Eli Lilly and Co.		49,803		29,031
	Abbott Laboratories		252,848		27,831
	Novo Nordisk AS, Class B		219,648		22,719
	Vertex Pharmaceuticals, Inc.1		40,704		16,562
	AstraZeneca PLC		117,552		15,832
	Gilead Sciences, Inc.		174,436		14,131
	Thermo Fisher Scientific, Inc.		20,116		10,677
	Sanofi		96,516		9,569
	Daiichi Sankyo Co., Ltd.		323,100		8,945
	Takeda Pharmaceutical Co., Ltd.		282,100		8,098
	Stryker Corp.		26,597		7,965
	Molina Healthcare, Inc.1		21,423		7,740
	Novartis AG		62,076		6,268
	GE HealthCare Technologies, Inc.		69,031		5,338
	Pfizer, Inc.		178,020		5,125
	Insulet Corp.1		16,471		3,574
	Catalent, Inc.1		73,662		3,310
	Medtronic PLC		32,125		2,647
	Siemens Healthineers AG		44,644		2,594
	DexCom, Inc.1		20,846		2,587
	AbbVie, Inc.		16,270		2,521
	Argenx SE (ADR)1		6,348		2,415
	EssilorLuxottica SA		11,735		2,359

American Funds Insurance Series  93

Capital World Growth and Income Fund (continued)

Common stocks (continued)		Shares		Value (000)
Health care	Centene Corp.1		31,520	$	2,339
(continued)	Zoetis, Inc., Class A		10,733		2,118
	Bayer AG		56,610		2,102
	CVS Health Corp.		24,600		1,942
	Penumbra, Inc.1		7,517		1,891
	CSL, Ltd.		8,354		1,629
	Eurofins Scientific SE, non-registered shares		19,671		1,287
	Cooper Companies, Inc.		3,356		1,270
	Regeneron Pharmaceuticals, Inc.1		1,238		1,087
	Lonza Group AG		2,498		1,051
	Coloplast AS, Class B		8,981		1,027
	agilon health, Inc.1		51,498		646
	Rede D’Or Sao Luiz SA		100,527		592
					273,286
Industrials	Airbus SE, non-registered shares		150,102		23,170
14.25%	General Electric Co.		153,728		19,620
	Carrier Global Corp.		261,966		15,050
	Recruit Holdings Co., Ltd.		309,450		13,211
	Safran SA		72,738		12,831
	BAE Systems PLC		858,837		12,151
	Siemens AG		60,353		11,320
	Melrose Industries PLC		1,494,729		10,799
	Boeing Co.1		40,830		10,643
	Caterpillar, Inc.		29,713		8,785
	Deere & Co.		20,613		8,243
	RTX Corp.		97,064		8,167
	TransDigm Group, Inc.		7,939		8,031
	Ryanair Holdings PLC (ADR)		57,867		7,717
	Bureau Veritas SA		239,183		6,045
	Mitsui & Co., Ltd.		151,100		5,630
	CSX Corp.		148,768		5,158
	Lockheed Martin Corp.		11,191		5,072
	Leonardo SpA		241,343		3,982
	Thales SA		26,123		3,864
	Compagnie de Saint-Gobain SA, non-registered shares		51,751		3,827
	DHL Group		75,772		3,753
	Techtronic Industries Co., Ltd.		284,500		3,403
	L3Harris Technologies, Inc.		15,884		3,346
	ASSA ABLOY AB, Class B		104,933		3,023
	Daikin Industries, Ltd.		18,500		3,005
	Eaton Corp. PLC		11,711		2,820
	Legrand SA		26,909		2,803
	Brenntag SE		28,545		2,621
	Ceridian HCM Holding, Inc.1		37,881		2,543
	International Consolidated Airlines Group SA (CDI)1		1,278,912		2,519
	Schneider Electric SE		12,244		2,465
	Weir Group PLC (The)		90,083		2,163
	ITOCHU Corp.		49,100		2,004
	RELX PLC		50,170		1,990
	Bunzl PLC		47,322		1,921
	Vinci SA		14,324		1,799
	Larsen & Toubro, Ltd.		41,020		1,736
	MTU Aero Engines AG		7,929		1,709
	Northrop Grumman Corp.		3,520		1,648
	Waste Connections, Inc.		10,782		1,609
	AB Volvo, Class B		60,165		1,564
	Adecco Group AG		29,714		1,462
	SMC Corp.		2,700		1,444
	Fortive Corp.		18,594		1,369
	Kingspan Group PLC		15,539		1,343

94  American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)		Shares		Value (000)
Industrials	Astra International Tbk PT		3,454,900	$	1,266
(continued)	Rentokil Initial PLC		222,930		1,266
	Atlas Copco AB, Class B		80,657		1,196
	SS&C Technologies Holdings, Inc.		17,953		1,097
	SECOM Co., Ltd.		14,700		1,057
					265,260
Financials	Zurich Insurance Group AG		31,405		16,419
10.13%	ING Groep NV		719,334		10,769
	AIA Group, Ltd.		1,211,999		10,527
	Kotak Mahindra Bank, Ltd.		426,501		9,772
	Mastercard, Inc., Class A		21,328		9,097
	B3 SA - Brasil, Bolsa, Balcao		2,822,884		8,395
	Blackstone, Inc.		54,808		7,175
	JPMorgan Chase & Co.		41,713		7,095
	HDFC Bank, Ltd.		287,762		5,903
	HDFC Bank, Ltd. (ADR)		8,872		596
	HDFC Life Insurance Co., Ltd.		644,764		5,007
	Chubb, Ltd.		21,537		4,867
	Discover Financial Services		38,873		4,369
	HSBC Holdings PLC		535,123		4,322
	Aon PLC, Class A		14,147		4,117
	KKR & Co., Inc.		46,697		3,869
	Fairfax Financial Holdings, Ltd., subordinate voting shares		3,786		3,493
	Banco Bilbao Vizcaya Argentaria, SA		352,065		3,208
	Ping An Insurance (Group) Company of China, Ltd., Class H		686,000		3,103
	Ping An Insurance (Group) Company of China, Ltd., Class A		18,400		104
	AXA SA		98,143		3,204
	Arthur J. Gallagher & Co.		14,065		3,163
	Great-West Lifeco, Inc.		94,903		3,141
	Axis Bank, Ltd.		227,713		3,012
	Citigroup, Inc.		56,927		2,928
	DNB Bank ASA		134,474		2,857
	Apollo Asset Management, Inc.		29,330		2,733
	Blue Owl Capital, Inc., Class A		171,427		2,554
	BNP Paribas SA		34,400		2,384
	Israel Discount Bank, Ltd., Class A		454,371		2,268
	Wells Fargo & Co.		45,686		2,249
	FinecoBank SpA		148,003		2,224
	S&P Global, Inc.		4,732		2,085
	Macquarie Group, Ltd.		16,025		1,997
	Postal Savings Bank of China Co., Ltd., Class H		4,106,383		1,959
	Morgan Stanley		20,428		1,905
	Visa, Inc., Class A		7,198		1,874
	MSCI, Inc.		3,289		1,860
	National Bank of Canada		24,270		1,850
	American International Group, Inc.		25,619		1,736
	KBC Groep NV		25,676		1,666
	DBS Group Holdings, Ltd.		64,600		1,632
	Bank Central Asia Tbk PT		2,572,100		1,569
	Capital One Financial Corp.		11,863		1,556
	Power Corporation of Canada, subordinate voting shares		52,836		1,511
	Bank Mandiri (Persero) Tbk PT		3,679,300		1,443
	Bank Rakyat Indonesia (Persero) Tbk PT		3,879,800		1,438
	Marsh & McLennan Companies, Inc.		6,884		1,304
	Brookfield Asset Management, Ltd., Class A (CAD denominated)		28,595		1,149
	Bajaj Finance, Ltd.		11,796		1,037
	East Money Information Co., Ltd., Class A		522,480		1,032
	Aegon, Ltd.		177,180		1,027
	Goldman Sachs Group, Inc.		1,974		762
	Worldline SA, non-registered shares1		33,292		578

American Funds Insurance Series  95

Capital World Growth and Income Fund (continued)

Common stocks (continued)		Shares		Value (000)
Financials	Jio Financial Services, Ltd.1		137,445	$	384
(continued)	China Merchants Bank Co., Ltd., Class H		58,403		203
	China Merchants Bank Co., Ltd., Class A		20,187		80
	Sberbank of Russia PJSC2		3,196,952		—	3
					188,561
Consumer	Home Depot, Inc.		77,904		26,998
discretionary	LVMH Moët Hennessy-Louis Vuitton SE		28,282		22,940
9.49%	Amazon.com, Inc.1		106,115		16,123
	Booking Holdings, Inc.1		2,793		9,907
	Restaurant Brands International, Inc.		73,585		5,749
	Restaurant Brands International, Inc. (CAD denominated)		39,823		3,112
	Industria de Diseño Textil, SA		175,656		7,661
	Flutter Entertainment PLC1		42,517		7,488
	Trip.com Group, Ltd. (ADR)1		183,682		6,614
	General Motors Co.		182,736		6,564
	Marriott International, Inc., Class A		26,798		6,043
	Chipotle Mexican Grill, Inc.1		2,526		5,777
	Compagnie Financière Richemont SA, Class A		41,368		5,706
	NEXT PLC		41,010		4,233
	Evolution AB		28,838		3,451
	InterContinental Hotels Group PLC		35,998		3,251
	Tesla, Inc.1		12,524		3,112
	Stellantis NV		130,395		3,057
	Shimano, Inc.		18,100		2,794
	Sands China, Ltd.1		947,600		2,765
	YUM! Brands, Inc.		19,184		2,507
	MercadoLibre, Inc.1		1,576		2,477
	Moncler SpA		35,808		2,208
	Darden Restaurants, Inc.		13,120		2,156
	Pan Pacific International Holdings Corp.		88,600		2,109
	Royal Caribbean Cruises, Ltd.1		15,976		2,069
	adidas AG		8,319		1,692
	Dowlais Group PLC		1,170,788		1,590
	Sony Group Corp.		13,000		1,232
	Kindred Group PLC (SDR)		118,007		1,092
	B&M European Value Retail SA		148,922		1,061
	Midea Group Co., Ltd., Class A		136,800		1,053
	Aristocrat Leisure, Ltd.		36,903		1,023
	Wynn Macau, Ltd.1,4		826,400		679
	Rivian Automotive, Inc., Class A1		17,822		418
					176,711
Consumer staples	Philip Morris International, Inc.		321,045		30,204
6.94%	Nestlé SA		114,618		13,266
	Ocado Group PLC1		843,850		8,108
	Imperial Brands PLC		349,351		8,028
	Kroger Co.		160,822		7,351
	Seven & i Holdings Co., Ltd.		170,580		6,756
	Ajinomoto Co., Inc.		156,800		6,060
	Keurig Dr Pepper, Inc.		151,155		5,036
	Kweichow Moutai Co., Ltd., Class A		20,400		4,955
	Bunge Global SA		48,845		4,931
	British American Tobacco PLC		144,145		4,206
	Danone SA		63,683		4,131
	Dollar Tree Stores, Inc.1		25,828		3,669
	Constellation Brands, Inc., Class A		14,282		3,453
	Arca Continental, SAB de CV		290,681		3,174
	Sysco Corp.		39,479		2,887
	Treasury Wine Estates, Ltd.		366,395		2,684

96  American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)		Shares		Value (000)
Consumer staples	ITC, Ltd.		431,642	$	2,394
(continued)	Kao Corp.		52,600		2,161
	JBS SA		293,900		1,502
	Mondelez International, Inc., Class A		16,148		1,170
	Wilmar International, Ltd.		388,100		1,047
	Costco Wholesale Corp.		1,252		826
	L’Oréal SA, non-registered shares		951		473
	Altria Group, Inc.		11,175		451
	Pernod Ricard SA		1,544		273
					129,196
Materials	Fortescue, Ltd.		1,248,155		24,689
6.75%	Vale SA, ordinary nominative shares		864,304		13,705
	Vale SA (ADR), ordinary nominative shares		583,381		9,253
	Glencore PLC		2,404,176		14,423
	Freeport-McMoRan, Inc.		198,575		8,453
	Linde PLC		20,204		8,298
	Rio Tinto PLC		107,006		7,947
	Air Liquide SA		32,823		6,385
	Air Liquide SA, bonus shares		6,397		1,245
	Air Products and Chemicals, Inc.		27,487		7,526
	BHP Group, Ltd. (CDI)		110,128		3,768
	Albemarle Corp.		23,323		3,370
	Evonik Industries AG		140,573		2,870
	Shin-Etsu Chemical Co., Ltd.		66,200		2,766
	Heidelberg Materials AG, non-registered shares		28,282		2,527
	Celanese Corp.		15,156		2,355
	Barrick Gold Corp. (CAD denominated)		116,258		2,100
	Akzo Nobel NV		24,491		2,024
	First Quantum Minerals, Ltd.		214,067		1,753
	Antofagasta PLC		10,775		230
					125,687
Communication	Alphabet, Inc., Class C1		134,233		18,918
services	Alphabet, Inc., Class A1		72,426		10,117
5.46%	Meta Platforms, Inc., Class A1		34,051		12,053
	Publicis Groupe SA		119,353		11,099
	Netflix, Inc.1		21,148		10,297
	Comcast Corp., Class A		141,196		6,191
	Bharti Airtel, Ltd.		483,563		5,991
	Bharti Airtel, Ltd., interim shares		13,994		107
	NetEase, Inc.		325,200		6,036
	Universal Music Group NV		128,677		3,674
	Take-Two Interactive Software, Inc.1		22,220		3,576
	Deutsche Telekom AG		147,718		3,547
	SoftBank Corp.		248,485		3,097
	Singapore Telecommunications, Ltd.		1,202,200		2,247
	Omnicom Group, Inc.		20,703		1,791
	Nippon Telegraph and Telephone Corp.		1,142,900		1,395
	Tencent Holdings, Ltd.		36,800		1,390
					101,526
Energy	Canadian Natural Resources, Ltd. (CAD denominated)		394,206		25,826
5.36%	EOG Resources, Inc.		88,533		10,708
	TC Energy Corp. (CAD denominated)4		231,575		9,046
	Cameco Corp. (CAD denominated)		139,501		6,015
	Cameco Corp.		43,262		1,864
	Cenovus Energy, Inc. (CAD denominated)		448,321		7,471
	TotalEnergies SE		92,664		6,295

American Funds Insurance Series  97

Capital World Growth and Income Fund (continued)

Common stocks (continued)		Shares		Value (000)
Energy	Tourmaline Oil Corp.		121,987	$	5,486
(continued)	Shell PLC (GBP denominated)		151,239		4,914
	ConocoPhillips		31,070		3,606
	Neste OYJ		97,388		3,460
	BP PLC		545,787		3,225
	Reliance Industries, Ltd.		98,490		3,057
	Suncor Energy, Inc.		73,457		2,353
	Baker Hughes Co., Class A		67,337		2,302
	Schlumberger NV		41,874		2,179
	Aker BP ASA		53,967		1,568
	Woodside Energy Group, Ltd. (CDI)		17,558		372
	Gazprom PJSC1,2		2,248,304		—	3
					99,747
Utilities	E.ON SE		392,643		5,267
2.32%	DTE Energy Co.		45,356		5,001
	Engie SA		206,078		3,624
	Engie SA, bonus shares		41,586		731
	Constellation Energy Corp.		32,494		3,798
	NextEra Energy, Inc.		61,544		3,738
	Edison International		48,108		3,439
	Iberdrola, SA, non-registered shares		240,500		3,145
	China Resources Gas Group, Ltd.		860,232		2,816
	Dominion Energy, Inc.		46,925		2,206
	FirstEnergy Corp.		56,740		2,080
	Duke Energy Corp.		20,996		2,037
	AES Corp.		72,241		1,391
	PG&E Corp.		74,196		1,338
	National Grid PLC		63,451		857
	ENN Energy Holdings, Ltd.		112,342		826
	Public Service Enterprise Group, Inc.		13,054		798
	Power Grid Corporation of India, Ltd.		17,766		51
					43,143
Real estate	American Tower Corp. REIT		9,206		1,987
0.39%	Prologis, Inc. REIT		12,837		1,711
	Longfor Group Holdings, Ltd.		829,738		1,331
	Iron Mountain, Inc. REIT		17,607		1,232
	China Resources Mixc Lifestyle Services, Ltd.		264,000		937
					7,198
	Total common stocks (cost: $1,215,451,000)				1,789,701
Preferred securities 0.05%
Health care 0.04%	Grifols, SA, Class B, nonvoting non-registered preferred shares1		59,790		695
Consumer	Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares		1,888		166
discretionary
0.01%
Financials	Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1
0.00%			5,512		16
	Total preferred securities (cost: $1,090,000)				877

98  American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Convertible bonds & notes 0.09%		Principal amount (000)		Value (000)
Consumer	Rivian Automotive, Inc., convertible notes, 3.625% 10/15/20305		USD1,404	$	1,731
discretionary	Total convertible bonds & notes (cost: $1,404,000)				1,731
0.09%
Bonds, notes & other debt instruments 0.22%
Corporate bonds, notes & loans 0.22%
Health care	Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024		1,600		1,596
0.14%	Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026		1,100		1,019
					2,615
Consumer	Royal Caribbean Cruises, Ltd. 5.50% 4/1/20285		390		385
discretionary	Royal Caribbean Cruises, Ltd. 8.25% 1/15/20295		151		161
0.04%	Royal Caribbean Cruises, Ltd. 9.25% 1/15/20295		125		134
					680
Financials	Lloyds Banking Group PLC 3.369% 12/14/2046 (5-year UST Yield Curve Rate T
0.03%	Note Constant Maturity + 1.50% on 12/14/2041)6		709		493
Energy	TransCanada Pipelines, Ltd. 5.10% 3/15/2049		210		201
0.01%	Total corporate bonds, notes & loans				3,989
	Total bonds, notes & other debt instruments (cost: $4,133,000)				3,989
Short-term securities 3.64%		Shares
Money market investments 2.41%
	Capital Group Central Cash Fund 5.44%7,8		449,482		44,944

		Weighted average yield at acquisition			Principal amount (000)
Bills & notes of governments & government agencies outside the U.S. 0.88%
	British Columbia (Province of) 1/23/2024		5.159	%		USD4,000	3,985
	KfW 1/3/20245		4.902			2,000	1,999
	Québec (Province of) 1/16/20245		4.821			10,500	10,472
							16,456

American Funds Insurance Series  99

Capital World Growth and Income Fund (continued)

Short-term securities (continued)		Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.35%
	Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%7,9		3,441,600	$	3,441
	State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%7,9		2,990,976		2,991
					6,432
	Total short-term securities (cost: $67,844,000)				67,832
	Total investment securities 100.15% (cost: $1,289,922,000)				1,864,130
	Other assets less liabilities (0.15)%				(2,795	)
	Net assets 100.00%			$	1,861,335

Investments in affiliates8
	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interest income (000)
Short-term securities 2.41%
Money market investments 2.41%
Capital Group Central Cash Fund 5.44%7	$	693	$	325,053	$	280,796		$	(2	)	$	(4	)	$	44,944	$	3,253
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 5.44%7		111				111	10								—		—	11
Total 2.41%								$	(2	)	$	(4	)	$	44,944	$	3,253

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 $7,091,000, which represented .38% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

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 $14,882,000, which represented .80% 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 12/31/2023.

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 abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

GBP = British pounds

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

USD = U.S. dollars

Refer to the notes to financial statements.

100   American Funds Insurance Series

Growth-Income Fund

Investment portfolio December 31, 2023

Common stocks 96.08%		Shares		Value (000)
Information	Microsoft Corp.		7,555,151	$	2,841,039
technology	Broadcom, Inc.		1,887,866		2,107,330
22.57%	Apple, Inc.		2,215,842		426,616
	Salesforce, Inc.1		1,035,168		272,394
	NVIDIA Corp.		547,975		271,368
	Accenture PLC, Class A		737,956		258,956
	Taiwan Semiconductor Manufacturing Co., Ltd.		11,073,000		213,105
	Intel Corp.		4,145,774		208,325
	Texas Instruments, Inc.		1,203,362		205,125
	Adobe, Inc.1		314,687		187,742
	Applied Materials, Inc.		1,156,623		187,454
	ServiceNow, Inc.1		246,889		174,425
	Seagate Technology Holdings PLC		1,740,851		148,616
	SK hynix, Inc.		1,326,567		144,842
	ASML Holding NV		76,467		57,734
	ASML Holding NV (ADR)		51,908		39,290
	Micron Technology, Inc.		1,077,000		91,911
	Samsung Electronics Co., Ltd.		1,375,000		83,627
	Analog Devices, Inc.		398,402		79,107
	KLA Corp.		116,000		67,431
	Arista Networks, Inc.1		267,484		62,995
	NICE, Ltd. (ADR)1		268,192		53,507
	Palo Alto Networks, Inc.1		177,962		52,477
	Cognizant Technology Solutions Corp., Class A		682,850		51,576
	MKS Instruments, Inc.		481,000		49,481
	Datadog, Inc., Class A1		365,800		44,401
	Snowflake, Inc., Class A1		190,552		37,920
	QUALCOMM, Inc.		225,964		32,681
					8,451,475
Industrials	General Electric Co.		6,137,203		783,291
15.70%	RTX Corp.		6,253,076		526,134
	Boeing Co.1		1,358,203		354,029
	TransDigm Group, Inc.		339,221		343,156
	Carrier Global Corp.		5,512,990		316,721
	Northrop Grumman Corp.		597,300		279,620
	Airbus SE, non-registered shares		1,651,892		254,983
	General Dynamics Corp.		848,975		220,453
	Woodward, Inc.		1,593,190		216,881
	Waste Connections, Inc.		1,368,127		204,220
	GFL Environmental, Inc., subordinate voting shares		5,893,152		203,373
	Automatic Data Processing, Inc.		830,713		193,531
	Safran SA		1,026,552		181,088
	Equifax, Inc.		712,542		176,205
	Waste Management, Inc.		955,836		171,190
	ITT, Inc.		1,244,379		148,479
	Lincoln Electric Holdings, Inc.		675,747		146,948
	TFI International, Inc.		975,343		132,627
	United Rentals, Inc.		183,000		104,936
	Old Dominion Freight Line, Inc.		245,487		99,503
	Union Pacific Corp.		398,000		97,757
	Concentrix Corp.		904,367		88,818
	L3Harris Technologies, Inc.		381,989		80,455
	United Airlines Holdings, Inc.1		1,946,966		80,332
	CSX Corp.		2,153,941		74,677
	Delta Air Lines, Inc.		1,415,000		56,925
	Ingersoll-Rand, Inc.		586,065		45,326
	Honeywell International, Inc.		211,376		44,328
	Rolls-Royce Holdings PLC1		11,470,564		43,685
	Canadian National Railway Co. (CAD denominated)		336,213		42,260
	Ceridian HCM Holding, Inc.1		561,543		37,691

American Funds Insurance Series  101

Growth-Income Fund (continued)

Common stocks (continued)		Shares		Value (000)
Industrials	FedEx Corp.		141,000	$	35,669
(continued)	TransUnion		389,312		26,750
	TELUS International (Cda), Inc., subordinate voting shares1		2,302,991		19,760
	Paychex, Inc.		162,204		19,320
	Otis Worldwide Corp.		186,851		16,718
	APi Group Corp.1		201,710		6,979
	Veralto Corp.		49,616		4,081
	Recruit Holdings Co., Ltd.		22,700		969
					5,879,868
Health care	Abbott Laboratories		6,854,314		754,454
12.72%	UnitedHealth Group, Inc.		1,402,895		738,582
	AbbVie, Inc.		3,390,005		525,349
	Eli Lilly and Co.		590,474		344,199
	GE HealthCare Technologies, Inc.		3,588,047		277,428
	Danaher Corp.		1,089,025		251,935
	Novo Nordisk AS, Class B		2,311,393		239,079
	Humana, Inc.		421,843		193,124
	Thermo Fisher Scientific, Inc.		360,602		191,404
	Bristol-Myers Squibb Co.		2,915,698		149,605
	Regeneron Pharmaceuticals, Inc.1		133,195		116,984
	Insulet Corp.1		465,534		101,012
	DexCom, Inc.1		773,261		95,954
	Vertex Pharmaceuticals, Inc.1		231,969		94,386
	Johnson & Johnson		582,266		91,264
	Revvity, Inc.		732,561		80,076
	IQVIA Holdings, Inc.1		345,000		79,826
	Takeda Pharmaceutical Co., Ltd.		2,667,554		76,578
	Zoetis, Inc., Class A		363,644		71,772
	AstraZeneca PLC (ADR)		721,200		48,573
	AstraZeneca PLC		42,384		5,708
	CVS Health Corp.		510,059		40,274
	Penumbra, Inc.1		150,905		37,959
	Gilead Sciences, Inc.		398,618		32,292
	Medtronic PLC		352,434		29,034
	Stryker Corp.		88,090		26,379
	BioMarin Pharmaceutical, Inc.1		215,280		20,757
	Elevance Health, Inc.		36,873		17,388
	Pfizer, Inc.		505,000		14,539
	Tandem Diabetes Care, Inc.1		462,699		13,687
	Vir Biotechnology, Inc.1		258,400		2,600
					4,762,201
Financials	Mastercard, Inc., Class A		1,665,449		710,331
11.75%	JPMorgan Chase & Co.		3,093,741		526,245
	Visa, Inc., Class A		1,333,993		347,305
	Marsh & McLennan Companies, Inc.		1,709,201		323,842
	Arthur J. Gallagher & Co.		1,280,242		287,901
	Wells Fargo & Co.		3,626,295		178,486
	KKR & Co., Inc.		2,047,409		169,628
	BlackRock, Inc.		202,957		164,760
	B3 SA - Brasil, Bolsa, Balcao		49,991,974		148,669
	Aon PLC, Class A		442,013		128,635
	Global Payments, Inc.		973,628		123,651
	FleetCor Technologies, Inc.1		420,507		118,839
	Fidelity National Information Services, Inc.		1,916,483		115,123
	Morgan Stanley		1,212,248		113,042
	S&P Global, Inc.		254,455		112,092
	Chubb, Ltd.		436,180		98,577
	Capital One Financial Corp.		680,359		89,209

102  American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)		Shares		Value (000)
Financials	State Street Corp.		1,077,260	$	83,445
(continued)	PNC Financial Services Group, Inc.		536,471		83,072
	Fiserv, Inc.1		536,700		71,295
	Blue Owl Capital, Inc., Class A		4,749,165		70,763
	TPG, Inc., Class A		1,347,552		58,174
	Power Corporation of Canada, subordinate voting shares2		1,690,000		48,326
	Berkshire Hathaway, Inc., Class B1		135,000		48,149
	American International Group, Inc.		704,000		47,696
	Webster Financial Corp.		877,623		44,548
	MSCI, Inc.		70,674		39,977
	Truist Financial Corp.		800,000		29,536
	Toast, Inc., Class A1		960,000		17,530
	CME Group, Inc., Class A		5,500		1,158
					4,400,004
Communication	Alphabet, Inc., Class C1		6,163,720		868,653
services	Alphabet, Inc., Class A1		5,066,514		707,742
8.91%	Meta Platforms, Inc., Class A1		2,767,054		979,427
	Netflix, Inc.1		569,720		277,385
	Comcast Corp., Class A		5,336,356		233,999
	Charter Communications, Inc., Class A1		372,695		144,859
	Take-Two Interactive Software, Inc.1		502,094		80,812
	T-Mobile US, Inc.		268,821		43,100
					3,335,977
Consumer	Amazon.com, Inc.1		5,509,938		837,180
discretionary	Royal Caribbean Cruises, Ltd.1		2,713,595		351,383
8.68%	Hilton Worldwide Holdings, Inc.		1,177,320		214,378
	Restaurant Brands International, Inc.		2,635,154		205,885
	Churchill Downs, Inc.		1,118,791		150,959
	Home Depot, Inc.		415,393		143,954
	InterContinental Hotels Group PLC		1,396,700		126,148
	Marriott International, Inc., Class A		529,000		119,295
	Wyndham Hotels & Resorts, Inc.		1,322,000		106,302
	Sony Group Corp.		1,045,100		99,028
	Burlington Stores, Inc.1		498,295		96,908
	Chipotle Mexican Grill, Inc.1		39,951		91,366
	NIKE, Inc., Class B		800,582		86,919
	Tapestry, Inc.		2,270,405		83,574
	General Motors Co.		2,110,902		75,824
	Tesla, Inc.1		284,057		70,583
	Entain PLC		5,237,408		66,155
	Hasbro, Inc.		1,275,621		65,133
	Darden Restaurants, Inc.		296,000		48,633
	Kering SA		101,695		45,130
	TJX Companies, Inc.		350,531		32,883
	YUM! Brands, Inc.		196,630		25,692
	Tractor Supply Co.		108,356		23,300
	LVMH Moët Hennessy-Louis Vuitton SE		26,750		21,698
	D.R. Horton, Inc.		139,598		21,216
	NVR, Inc.1		3,010		21,071
	CarMax, Inc.1		270,797		20,781
					3,251,378
Consumer staples	Philip Morris International, Inc.		6,293,669		592,108
5.31%	British American Tobacco PLC		9,603,749		280,259
	Mondelez International, Inc., Class A		2,366,739		171,423
	Dollar Tree Stores, Inc.1		1,105,278		157,005
	Molson Coors Beverage Co., Class B, restricted voting shares		2,294,249		140,431

American Funds Insurance Series  103

Growth-Income Fund (continued)

Common stocks (continued)		Shares		Value (000)
Consumer staples	General Mills, Inc.		1,946,800	$	126,814
(continued)	Constellation Brands, Inc., Class A		407,978		98,629
	Anheuser-Busch InBev SA/NV		1,339,531		86,542
	PepsiCo, Inc.		482,059		81,873
	Church & Dwight Co., Inc.		752,581		71,164
	Dollar General Corp.		359,463		48,869
	Archer Daniels Midland Co.		670,100		48,395
	Keurig Dr Pepper, Inc.		1,120,591		37,338
	Kraft Heinz Co. (The)		747,200		27,631
	Monster Beverage Corp.1		357,120		20,574
					1,989,055
Energy	Chevron Corp.		2,053,300		306,270
3.36%	Canadian Natural Resources, Ltd. (CAD denominated)		3,393,801		222,343
	ConocoPhillips		1,902,783		220,856
	TC Energy Corp.		1,909,381		74,638
	TC Energy Corp. (CAD denominated)2		1,886,151		73,678
	Baker Hughes Co., Class A		3,832,888		131,008
	Exxon Mobil Corp.		1,152,000		115,177
	EOG Resources, Inc.		620,310		75,027
	Cheniere Energy, Inc.		238,735		40,754
					1,259,751
Utilities	PG&E Corp.		18,475,450		333,112
3.24%	Edison International		2,689,330		192,260
	Constellation Energy Corp.		1,343,862		157,084
	DTE Energy Co.		1,088,879		120,060
	Sempra		1,460,000		109,106
	Engie SA		5,237,367		92,095
	CenterPoint Energy, Inc.		2,386,864		68,193
	AES Corp.		3,138,110		60,408
	NextEra Energy, Inc.		678,975		41,241
	Entergy Corp.		396,825		40,155
					1,213,714
Materials	Linde PLC		845,506		347,258
2.84%	Celanese Corp.		1,186,264		184,310
	Vale SA (ADR), ordinary nominative shares		4,804,026		76,192
	Vale SA, ordinary nominative shares		2,200,007		34,885
	Corteva, Inc.		2,059,775		98,704
	LyondellBasell Industries NV		927,067		88,146
	Freeport-McMoRan, Inc.		1,970,226		83,872
	Eastman Chemical Company		600,451		53,932
	Barrick Gold Corp.		2,373,000		42,928
	ATI, Inc.1		642,567		29,217
	Sherwin-Williams Co.		80,794		25,200
					1,064,644
Real estate	VICI Properties, Inc. REIT		6,276,604		200,098
1.00%	Equinix, Inc. REIT		216,511		174,376
					374,474
	Total common stocks (cost: $19,889,668,000)				35,982,541

104  American Funds Insurance Series

Growth-Income Fund (continued)

Convertible stocks 0.06%		Shares		Value (000)
Utilities	NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/20252		617,200	$	23,528
0.06%	Total convertible stocks (cost: $30,089,000)				23,528
Bonds, notes & other debt instruments 0.01%		Principal amount (000)
Corporate bonds, notes & loans 0.01%
Industrials	Boeing Co. 4.875% 5/1/2025		USD4,706		4,686
0.01%
Consumer	General Motors Financial Co., Inc. 4.30% 7/13/2025		160		157
discretionary	General Motors Financial Co., Inc. 5.25% 3/1/2026		827		828
0.00%					985
	Total corporate bonds, notes & loans				5,671
	Total bonds, notes & other debt instruments (cost: $5,631,000)				5,671
Short-term securities 4.10%		Shares
Money market investments 3.82%
	Capital Group Central Cash Fund 5.44%3,4		14,309,407		1,430,798
Money market investments purchased with collateral from securities on loan 0.28%
	State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%3,5		52,263,605		52,264
	Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%3,5		51,536,383		51,536
					103,800
	Total short-term securities (cost: $1,534,436,000)				1,534,598
	Total investment securities 100.25% (cost: $21,459,824,000)				37,546,338
	Other assets less liabilities (0.25)%				(94,362	)
	Net assets 100.00%			$	37,451,976

Investments in affiliates4
	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (loss) (000)		Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interest income (000)
Short-term securities 3.82%
Money market investments 3.82%
Capital Group Central Cash Fund 5.44%3	$	2,565,190	$	3,993,668	$	5,128,139		$	244	$	(165	)	$	1,430,798	$	99,540
Money market investments purchased with collateral from securities on loan 0.00%
Capital Group Central Cash Fund 5.44%3		40,231				40,231	6							—		—	7
Total 3.82%								$	244	$	(165	)	$	1,430,798	$	99,540

American Funds Insurance Series  105

Growth-Income 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 $110,228,000, which represented .29% 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 12/31/2023.

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 abbreviation(s)

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

106  American Funds Insurance Series

International Growth and Income Fund

Investment portfolio December 31, 2023

Common stocks 96.18%		Shares		Value (000)
Financials	AXA SA		138,382	$	4,517
18.81%	AIA Group, Ltd.		443,400		3,851
	Zurich Insurance Group AG		7,113		3,719
	HDFC Bank, Ltd.		175,185		3,594
	Edenred SA		49,245		2,957
	Resona Holdings, Inc.		465,400		2,357
	Ping An Insurance (Group) Company of China, Ltd., Class H		485,000		2,194
	Société Générale		79,986		2,133
	Tokio Marine Holdings, Inc.		77,600		1,937
	Hiscox, Ltd.		127,400		1,709
	HSBC Holdings PLC		194,805		1,573
	Tryg A/S		72,231		1,571
	DNB Bank ASA		71,566		1,520
	UniCredit SpA		55,985		1,519
	Euronext NV		16,509		1,434
	Hana Financial Group, Inc.		41,013		1,379
	KB Financial Group, Inc.		32,018		1,339
	Grupo Financiero Banorte, SAB de CV, Series O		130,866		1,316
	London Stock Exchange Group PLC		11,034		1,304
	Skandinaviska Enskilda Banken AB, Class A		90,617		1,247
	Banco Santander, SA		296,238		1,237
	Bank Hapoalim BM		114,194		1,023
	Prudential PLC		89,189		1,004
	Banco Bilbao Vizcaya Argentaria, SA		107,538		980
	Bank Mandiri (Persero) Tbk PT		2,466,316		967
	Erste Group Bank AG		23,067		936
	Aon PLC, Class A		2,820		821
	Deutsche Bank AG		57,584		786
	DBS Group Holdings, Ltd.		30,595		773
	Kotak Mahindra Bank, Ltd.		33,378		765
	Hang Seng Bank, Ltd.		56,000		651
	HDFC Life Insurance Co., Ltd.		79,609		618
	Industrial and Commercial Bank of China, Ltd., Class H		1,247,040		609
	United Overseas Bank, Ltd.		25,400		547
	Intesa Sanpaolo SpA		162,763		475
	Brookfield Corp., Class A (CAD denominated)		11,454		459
	B3 SA - Brasil, Bolsa, Balcao		153,280		456
	Israel Discount Bank, Ltd., Class A		91,166		455
	CaixaBank, SA, non-registered shares		110,211		453
	Dai-ichi Life Holdings, Inc.		20,300		431
	ICICI Bank, Ltd. (ADR)		16,651		397
	ICICI Securities, Ltd.		45,555		393
	Discovery, Ltd.		49,366		388
	Royal Bank of Canada		3,649		369
	XP, Inc., Class A		14,035		366
	Macquarie Group, Ltd.		2,794		348
	3i Group PLC		10,807		333
	Canara Bank		62,228		327
	East Money Information Co., Ltd., Class A		143,000		282
	Bank Leumi Le Israel BM		34,494		277
	Banca Generali SpA		5,868		218
	ING Groep NV		13,583		203
	ABN AMRO Bank NV		11,559		174
	AU Small Finance Bank, Ltd.		12,289		116
	Moscow Exchange MICEX-RTS PJSC1		346,177		—	2
	Sberbank of Russia PJSC1		476,388		—	2
					61,807

American Funds Insurance Series  107

International Growth and Income Fund (continued)

Common stocks (continued)		Shares		Value (000)
Industrials	Airbus SE, non-registered shares		41,650	$	6,429
14.09%	BAE Systems PLC		306,200		4,332
	ABB, Ltd.		59,465		2,643
	Ryanair Holdings PLC (ADR)		18,850		2,514
	CCR SA, ordinary nominative shares		809,554		2,356
	SMC Corp.		3,700		1,979
	TFI International, Inc.		7,959		1,082
	TFI International, Inc. (CAD denominated)		4,730		644
	RELX PLC		40,453		1,604
	Alliance Global Group, Inc.		7,597,100		1,545
	Daikin Industries, Ltd.		8,900		1,446
	Safran SA		7,110		1,254
	Rheinmetall AG, non-registered shares		3,629		1,150
	InPost SA3		75,547		1,044
	Epiroc AB, Class B		33,055		579
	Epiroc AB, Class A		19,194		385
	Canadian National Railway Co. (CAD denominated)		7,068		888
	ASSA ABLOY AB, Class B		29,850		860
	Siemens AG		4,578		859
	SITC International Holdings Co., Ltd.		450,659		777
	DSV A/S		4,398		774
	Thales SA		5,068		750
	Caterpillar, Inc.		2,250		665
	AB Volvo, Class B		23,908		621
	Bunzl PLC		15,283		620
	LIXIL Corp.		49,300		616
	Mitsui & Co., Ltd.		16,100		600
	Techtronic Industries Co., Ltd.		49,592		593
	BELIMO Holding AG		1,066		588
	Brenntag SE		6,166		566
	ITOCHU Corp.		12,500		510
	Adecco Group AG		10,196		502
	Hitachi, Ltd.		6,800		491
	DHL Group		9,199		456
	Interpump Group SpA		8,775		455
	Fluidra, SA, non-registered shares		21,306		444
	Diploma PLC		8,627		393
	Wizz Air Holdings PLC3		13,564		381
	Komatsu, Ltd.		14,200		370
	IMCD NV		1,944		339
	Melrose Industries PLC		45,397		328
	Rentokil Initial PLC		44,022		250
	Shenzhen Inovance Technology Co., Ltd., Class A		22,300		198
	VAT Group AG		324		163
	Polycab India, Ltd.		2,077		137
	Aalberts NV, non-registered shares		2,901		126
					46,306
Information	Taiwan Semiconductor Manufacturing Co., Ltd.		459,000		8,834
technology	ASML Holding NV		9,245		6,980
13.23%	MediaTek, Inc.		154,000		5,072
	Tokyo Electron, Ltd.		22,700		4,035
	Broadcom, Inc.		3,396		3,791
	Samsung Electronics Co., Ltd.		53,083		3,228
	SAP SE		12,689		1,952
	Sage Group PLC (The)		102,577		1,530
	Capgemini SE		7,022		1,469
	TDK Corp.		30,000		1,422
	Keyence Corp.		2,600		1,140
	ASM International NV		1,836		956
	Nokia Corp.		204,563		703

108  American Funds Insurance Series

International Growth and Income Fund (continued)

Common stocks (continued)		Shares		Value (000)
Information	ASMPT, Ltd.		64,100	$	608
technology	Kingdee International Software Group Co., Ltd.3		355,295		516
(continued)	Halma PLC		15,350		446
	Fujitsu, Ltd.		2,100		317
	eMemory Technology, Inc.		3,000		238
	Nomura Research Institute, Ltd.		5,300		153
	Vanguard International Semiconductor Corp.		32,000		85
					43,475
Consumer	Industria de Diseño Textil, SA		72,587		3,166
discretionary	Renault SA		73,429		3,005
10.02%	LVMH Moët Hennessy-Louis Vuitton SE		3,541		2,872
	Evolution AB		20,309		2,431
	InterContinental Hotels Group PLC		24,034		2,171
	Restaurant Brands International, Inc. (CAD denominated)		24,561		1,919
	Midea Group Co., Ltd., Class A		208,000		1,602
	MGM China Holdings, Ltd.3		1,130,000		1,432
	B&M European Value Retail SA		192,202		1,369
	Trip.com Group, Ltd. (ADR)3		25,788		928
	Trip.com Group, Ltd.3		9,700		349
	Sodexo SA		11,425		1,258
	Prosus NV, Class N		41,106		1,226
	Wynn Macau, Ltd.3,4		1,148,800		944
	Galaxy Entertainment Group, Ltd.		163,361		913
	adidas AG		3,951		803
	Valeo SA, non-registered shares		49,098		759
	Stellantis NV		30,498		714
	Paltac Corp.		21,500		681
	Bajaj Auto, Ltd.		7,919		646
	Sands China, Ltd.3		212,372		620
	D’Ieteren Group		2,653		519
	Amadeus IT Group SA, Class A, non-registered shares		7,139		512
	Coupang, Inc., Class A3		28,125		455
	Entain PLC		33,500		423
	Alibaba Group Holding, Ltd.		39,400		381
	Kering SA		586		260
	Nitori Holdings Co., Ltd.		1,500		200
	Compagnie Financière Richemont SA, Class A		1,280		177
	Dixon Technologies (India), Ltd.		1,572		124
	Balkrishna Industries, Ltd.		2,474		76
					32,935
Consumer staples	British American Tobacco PLC		134,175		3,915
9.20%	Philip Morris International, Inc.		38,181		3,592
	Nestlé SA		29,823		3,452
	Carlsberg A/S, Class B		18,674		2,341
	Arca Continental, SAB de CV		187,436		2,047
	Pernod Ricard SA		10,803		1,910
	Imperial Brands PLC		78,638		1,807
	KT&G Corp.		22,646		1,526
	Anheuser-Busch InBev SA/NV		22,220		1,436
	Kweichow Moutai Co., Ltd., Class A		5,690		1,382
	Ocado Group PLC3		138,301		1,329
	Asahi Group Holdings, Ltd.		34,600		1,288
	Carrefour SA, non-registered shares		68,172		1,248
	Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates		499,232		1,122

American Funds Insurance Series  109

International Growth and Income Fund (continued)

Common stocks (continued)		Shares		Value (000)
Consumer staples	L’Oréal SA, non-registered shares		1,843	$	916
(continued)	Danone SA		7,577		491
	Foshan Haitian Flavouring and Food Co., Ltd., Class A		76,424		408
					30,210
Health care	AstraZeneca PLC		65,264		8,790
8.82%	Novo Nordisk AS, Class B		79,261		8,198
	Sanofi		41,730		4,137
	EssilorLuxottica SA		7,429		1,493
	Bayer AG		32,532		1,208
	Grifols, SA, Class B (ADR)3		86,437		999
	Roche Holding AG, nonvoting non-registered shares		2,529		733
	HOYA Corp.		4,800		597
	Siemens Healthineers AG		10,271		597
	Genus PLC		20,030		554
	WuXi Biologics (Cayman), Inc.3		114,000		431
	Innovent Biologics, Inc.3		74,927		409
	Argenx SE (ADR)3		950		361
	BeiGene, Ltd. (ADR)3		1,113		201
	Hypera SA, ordinary nominative shares		27,159		196
	Max Healthcare Institute, Ltd.		9,259		76
	Euroapi SA3		1,412		9
					28,989
Communication	Publicis Groupe SA		41,181		3,830
services	Koninklijke KPN NV		1,073,578		3,696
6.42%	Nippon Telegraph and Telephone Corp.		1,766,400		2,156
	Tencent Holdings, Ltd.		45,500		1,719
	América Móvil, SAB de CV, Class B (ADR)		89,126		1,651
	Telefónica, SA, non-registered shares		387,831		1,523
	MTN Group, Ltd.		183,834		1,159
	Singapore Telecommunications, Ltd.		588,800		1,100
	BT Group PLC		654,350		1,028
	Universal Music Group NV		33,254		950
	Vodafone Group PLC		742,585		645
	KANZHUN, Ltd., Class A (ADR)		32,449		539
	SoftBank Corp.		34,400		429
	Deutsche Telekom AG		17,593		422
	NetEase, Inc.		14,000		260
					21,107
Energy	TotalEnergies SE		103,297		7,017
5.69%	BP PLC		436,280		2,578
	TC Energy Corp. (CAD denominated)4		53,457		2,088
	Cameco Corp. (CAD denominated)		36,600		1,578
	Canadian Natural Resources, Ltd. (CAD denominated)		17,750		1,163
	Schlumberger NV		21,694		1,129
	Saudi Arabian Oil Co.		109,424		965
	Woodside Energy Group, Ltd.		30,933		655
	Gaztransport & Technigaz SA		4,514		598
	Aker BP ASA		19,550		568
	Tourmaline Oil Corp.		7,638		344
	Sovcomflot PAO1		356,717		—	2
	Gazprom PJSC1,3		671,150		—	2
	LUKOIL Oil Co. PJSC1		9,706		—	2
					18,683

110  American Funds Insurance Series

International Growth and Income Fund (continued)

Common stocks (continued)		Shares		Value (000)
Materials	Vale SA, ordinary nominative shares		137,033	$	2,173
5.52%	Vale SA (ADR), ordinary nominative shares		107,385		1,703
	Barrick Gold Corp.		132,913		2,404
	Linde PLC		4,050		1,663
	Rio Tinto PLC		19,854		1,475
	Glencore PLC		221,566		1,329
	Air Liquide SA		4,786		931
	Shin-Etsu Chemical Co., Ltd.		21,700		907
	Fortescue, Ltd.		42,099		833
	Nutrien, Ltd. (CAD denominated)		14,024		790
	Asahi Kasei Corp.		97,900		724
	Holcim, Ltd.		8,678		682
	Sika AG		1,727		564
	Fresnillo PLC		70,963		536
	Grupo México, SAB de CV, Series B		86,163		478
	DSM-Firmenich AG		3,281		334
	Franco-Nevada Corp.		2,845		315
	Givaudan SA		72		300
	Alrosa PJSC1		53,607		—	2
					18,141
Utilities	Engie SA		165,341		2,907
2.44%	ENN Energy Holdings, Ltd.		167,659		1,233
	Brookfield Infrastructure Partners, LP		35,181		1,109
	SSE PLC		38,918		918
	Iberdrola, SA, non-registered shares		67,975		889
	Veolia Environnement SA		18,136		573
	National Grid PLC		28,837		389
					8,018
Real estate	CK Asset Holdings, Ltd.		352,000		1,760
1.94%	Prologis Property Mexico, SA de CV, REIT		268,990		1,279
	Mitsubishi Estate Co., Ltd.		66,100		908
	Link REIT		127,868		715
	Embassy Office Parks REIT3		148,284		579
	Embassy Office Parks REIT		6,972		27
	Longfor Group Holdings, Ltd.		357,242		573
	KE Holdings, Inc., Class A (ADR)		31,820		516
					6,357
	Total common stocks (cost: $274,711,000)				316,028
Preferred securities 0.18%
Information	Samsung Electronics Co., Ltd., nonvoting preferred shares		6,295		304
technology
0.09%
Materials	Gerdau SA, preferred nominative shares		62,582		303
0.09%	Total preferred securities (cost: $638,000)				607

American Funds Insurance Series  111

International Growth and Income Fund (continued)

Bonds, notes & other debt instruments 0.33%		Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. 0.33%
	Brazil (Federative Republic of) 10.00% 1/1/2033		BRL5,300	$	1,075
	Total bonds, notes & other debt instruments (cost: $926,000)				1,075
Short-term securities 3.68%			Shares
Money market investments 3.06%
	Capital Group Central Cash Fund 5.44%5,6		100,713		10,070
Money market investments purchased with collateral from securities on loan 0.62%
	Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%5,7		1,027,520		1,028
	State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%5,7		997,345		997
					2,025
	Total short-term securities (cost: $12,094,000)				12,095
	Total investment securities 100.37% (cost: $288,369,000)				329,805
	Other assets less liabilities (0.37)%				(1,225	)
	Net assets 100.00%			$	328,580

Investments in affiliates⁶

	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)		Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interest income (000)
Short-term securities 3.06%
Money market investments 3.06%
Capital Group Central Cash Fund 5.44%5	$	5,492	$	63,913	$	59,335	$	2	$	(2	)	$	10,070	$	658

¹  Value determined using significant unobservable inputs.

²  Amount less than one thousand.

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

⁴  All or a portion of this security was on loan. The total value of all such securities was $2,296,000, which represented .70% 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 12/31/2023.

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 abbreviation(s)

ADR = American Depositary Receipts

BRL = Brazilian reais

CAD = Canadian dollars

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

112  American Funds Insurance Series

Capital Income Builder

Investment portfolio December 31, 2023

Common stocks 76.36%		Shares		Value (000)
Financials	Zurich Insurance Group AG		28,525	$	14,913
13.30%	CME Group, Inc., Class A		65,239		13,739
	JPMorgan Chase & Co.		70,561		12,002
	Morgan Stanley		97,385		9,081
	BlackRock, Inc.		9,927		8,059
	DBS Group Holdings, Ltd.		311,106		7,860
	PNC Financial Services Group, Inc.		34,952		5,412
	ING Groep NV		344,497		5,157
	Blackstone, Inc.		35,913		4,702
	Citizens Financial Group, Inc.		137,512		4,557
	Münchener Rückversicherungs-Gesellschaft AG		10,560		4,373
	B3 SA - Brasil, Bolsa, Balcao		1,468,642		4,368
	AIA Group, Ltd.		477,953		4,151
	Power Corporation of Canada, subordinate voting shares1		144,624		4,136
	DNB Bank ASA		189,761		4,031
	KBC Groep NV		54,858		3,559
	American International Group, Inc.		46,102		3,123
	Webster Financial Corp.		60,863		3,089
	Wells Fargo & Co.		56,465		2,779
	Kaspi.kz JSC (GDR)2		21,756		2,002
	Kaspi.kz JSC (GDR)		5,504		507
	Great-West Lifeco, Inc.		73,004		2,417
	Swedbank AB, Class A		116,690		2,358
	Toronto-Dominion Bank (The) (CAD denominated)		34,422		2,224
	United Overseas Bank, Ltd.		101,900		2,193
	Hana Financial Group, Inc.		62,025		2,085
	East West Bancorp, Inc.		28,429		2,046
	360 ONE WAM, Ltd.		228,422		1,944
	National Bank of Canada		23,228		1,771
	Intact Financial Corp.		11,381		1,751
	Principal Financial Group, Inc.		22,030		1,733
	Skandinaviska Enskilda Banken AB, Class A		113,011		1,556
	EFG International AG		117,468		1,509
	Franklin Resources, Inc.		46,876		1,396
	State Street Corp.		17,390		1,347
	BNP Paribas SA		19,050		1,320
	Truist Financial Corp.		34,796		1,285
	Bank Central Asia Tbk PT		1,889,200		1,152
	TPG, Inc., Class A		25,970		1,121
	Western Union Co.		93,040		1,109
	Euronext NV		12,294		1,068
	Bank Mandiri (Persero) Tbk PT		2,720,000		1,067
	Patria Investments, Ltd., Class A		63,717		988
	UniCredit SpA		36,306		985
	Banco Santander, SA		217,744		909
	Citigroup, Inc.		17,383		894
	Ping An Insurance (Group) Company of China, Ltd., Class H		190,000		860
	Société Générale		29,067		775
	Vontobel Holding AG		11,229		728
	OneMain Holdings, Inc.		12,558		618
	Fidelity National Information Services, Inc.		10,115		608
	China Pacific Insurance (Group) Co., Ltd., Class H		277,950		560
	Capital One Financial Corp.		3,823		501
	Fukuoka Financial Group, Inc.		19,200		452
	Grupo Financiero Banorte, SAB de CV, Series O		42,207		424
	Bank of Montreal		4,117		407
	Houlihan Lokey, Inc., Class A		3,330		399
	Tokio Marine Holdings, Inc.		8,600		215
	Moscow Exchange MICEX-RTS PJSC3		875,002		—	4
	Sberbank of Russia PJSC3		204,176		—	4
					166,375

American Funds Insurance Series  113

Capital Income Builder (continued)

Common stocks (continued)		Shares		Value (000)
Health care	AbbVie, Inc.		158,048	$	24,493
9.86%	Abbott Laboratories		152,959		16,836
	Gilead Sciences, Inc.		193,923		15,710
	AstraZeneca PLC		83,272		11,215
	Amgen, Inc.		36,709		10,573
	Sanofi		98,371		9,753
	Bristol-Myers Squibb Co.		117,937		6,051
	Medtronic PLC		72,433		5,967
	UnitedHealth Group, Inc.		7,367		3,878
	CVS Health Corp.		46,221		3,650
	Roche Holding AG, nonvoting non-registered shares		11,785		3,416
	Takeda Pharmaceutical Co., Ltd.		105,625		3,032
	Johnson & Johnson		18,452		2,892
	Novartis AG		19,835		2,003
	GSK PLC		73,058		1,349
	EBOS Group, Ltd.		51,251		1,150
	Merck & Co., Inc.		8,309		906
	Pfizer, Inc.		17,187		495
					123,369
Information	Broadcom, Inc.		44,259		49,404
technology	Microsoft Corp.		67,314		25,313
9.35%	Taiwan Semiconductor Manufacturing Co., Ltd.		536,800		10,331
	Texas Instruments, Inc.		43,641		7,439
	Seagate Technology Holdings PLC		64,799		5,532
	KLA Corp.		5,687		3,306
	SAP SE		18,589		2,860
	TDK Corp.		47,700		2,261
	Tokyo Electron, Ltd.		12,600		2,240
	Samsung Electronics Co., Ltd.		29,153		1,773
	Analog Devices, Inc.		8,631		1,714
	GlobalWafers Co., Ltd.		88,938		1,697
	Intel Corp.		23,587		1,185
	Vanguard International Semiconductor Corp.		262,255		694
	BE Semiconductor Industries NV		3,224		486
	Capgemini SE		1,919		401
	SINBON Electronics Co., Ltd.		37,446		364
					117,000
Consumer staples	Philip Morris International, Inc.		294,556		27,712
9.15%	British American Tobacco PLC		386,906		11,291
	British American Tobacco PLC (ADR)		61,763		1,809
	Nestlé SA		84,337		9,761
	Imperial Brands PLC		337,751		7,762
	Mondelez International, Inc., Class A		95,679		6,930
	PepsiCo, Inc.		30,773		5,227
	ITC, Ltd.		797,505		4,423
	Danone SA		64,604		4,190
	General Mills, Inc.		47,612		3,101
	Anheuser-Busch InBev SA/NV		45,033		2,909
	Altria Group, Inc.		66,658		2,689
	Diageo PLC		70,366		2,555
	Dollar General Corp.		18,536		2,520
	Seven & i Holdings Co., Ltd.		63,600		2,519
	Procter & Gamble Co.		17,060		2,500
	Carlsberg A/S, Class B		19,656		2,464
	Kimberly-Clark Corp.		17,502		2,127
	Kenvue, Inc.		86,309		1,858
	Wilmar International, Ltd.		556,200		1,501
	Kao Corp.		34,700		1,426

114  American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)		Shares		Value (000)
Consumer staples	Pernod Ricard SA		6,104	$	1,079
(continued)	Kraft Heinz Co. (The)		27,009		999
	Asahi Group Holdings, Ltd.		24,500		912
	WH Group Ltd.		1,366,000		881
	Vector Group, Ltd.		74,669		842
	Sysco Corp.		10,859		794
	Molson Coors Beverage Co., Class B, restricted voting shares		8,796		538
	Scandinavian Tobacco Group A/S		24,914		433
	Viscofan, SA, non-registered shares		6,942		411
	Unilever PLC		5,254		254
	Reckitt Benckiser Group PLC		1,394		96
					114,513
Industrials	RTX Corp.		227,122		19,110
8.35%	Union Pacific Corp.		37,664		9,251
	BAE Systems PLC		569,696		8,060
	Siemens AG		40,877		7,667
	Honeywell International, Inc.		25,955		5,443
	RELX PLC		117,187		4,648
	Paychex, Inc.		36,521		4,350
	Canadian National Railway Co. (CAD denominated)		28,727		3,611
	DHL Group		70,834		3,509
	AB Volvo, Class B		124,232		3,229
	Marubeni Corp.		198,400		3,122
	Broadridge Financial Solutions, Inc.		14,364		2,955
	Singapore Technologies Engineering, Ltd.		977,500		2,876
	Trinity Industries, Inc.		93,524		2,487
	Automatic Data Processing, Inc.		10,472		2,440
	ITOCHU Corp.		57,900		2,363
	Vinci SA		16,934		2,127
	Carrier Global Corp.		34,200		1,965
	BOC Aviation, Ltd.		205,400		1,570
	Trelleborg AB, Class B		46,644		1,563
	Waste Management, Inc.		8,225		1,473
	SGS SA		16,071		1,388
	Illinois Tool Works, Inc.		5,274		1,381
	Compañia de Distribución Integral Logista Holdings, SA, non-registered shares		49,520		1,340
	Bureau Veritas SA		48,098		1,216
	FedEx Corp.		4,446		1,125
	Grupo Aeroportuario del Pacífico, SAB de CV, Class B		56,531		987
	General Dynamics Corp.		2,635		684
	United Parcel Service, Inc., Class B		4,107		646
	Airbus SE, non-registered shares		3,937		608
	L3Harris Technologies, Inc.		2,873		605
	Sulzer AG		4,630		473
	Epiroc AB, Class B		9,302		163
					104,435
Energy	Canadian Natural Resources, Ltd. (CAD denominated)		219,525		14,382
6.18%	TC Energy Corp. (CAD denominated)1		288,545		11,271
	TC Energy Corp.		17,158		671
	Exxon Mobil Corp.		88,978		8,896
	TotalEnergies SE		112,932		7,671
	Shell PLC (GBP denominated)		214,477		6,968
	Shell PLC (ADR)		8,450		556
	BP PLC		1,015,322		6,000
	Chevron Corp.		33,278		4,964
	EOG Resources, Inc.		37,495		4,535
	ConocoPhillips		30,282		3,515
	Equitrans Midstream Corp.		228,302		2,324

American Funds Insurance Series  115

Capital Income Builder (continued)

Common stocks (continued)		Shares		Value (000)
Energy	Schlumberger NV		39,352	$	2,048
(continued)	Neste OYJ		42,703		1,517
	DT Midstream, Inc.		14,667		804
	Enbridge, Inc. (CAD denominated)		16,876		608
	Baker Hughes Co., Class A		9,719		332
	Woodside Energy Group, Ltd. (CDI)		12,043		255
	Gazprom PJSC3,5		880,428		—	4
					77,317
Utilities	Engie SA		480,958		8,457
5.94%	Engie SA, bonus shares		36,900		649
	National Grid PLC		505,381		6,824
	E.ON SE		455,616		6,112
	SSE PLC		236,180		5,572
	Edison International		77,886		5,568
	DTE Energy Co.		50,037		5,517
	Duke Energy Corp.		49,391		4,793
	Dominion Energy, Inc.		97,164		4,567
	Iberdrola, SA, non-registered shares		348,441		4,557
	Sempra		53,881		4,026
	CenterPoint Energy, Inc.		117,976		3,371
	AES Corp.		158,867		3,058
	Southern Co. (The)		31,912		2,238
	Pinnacle West Capital Corp.		29,633		2,129
	NextEra Energy, Inc.		29,782		1,809
	Entergy Corp.		16,306		1,650
	Power Grid Corporation of India, Ltd.		361,599		1,029
	SembCorp Industries, Ltd.		239,800		963
	ENN Energy Holdings, Ltd.		99,100		728
	Power Assets Holdings, Ltd.		117,500		680
					74,297
Real estate	VICI Properties, Inc. REIT		555,713		17,716
4.82%	Equinix, Inc. REIT		7,347		5,917
	Public Storage REIT		16,002		4,881
	Extra Space Storage, Inc. REIT		28,682		4,599
	Crown Castle, Inc. REIT		29,333		3,379
	American Tower Corp. REIT		15,596		3,367
	Gaming and Leisure Properties, Inc. REIT		49,656		2,450
	Link REIT		369,948		2,069
	CK Asset Holdings, Ltd.		346,000		1,730
	Welltower, Inc. REIT		18,815		1,697
	Rexford Industrial Realty, Inc. REIT		28,946		1,624
	Sun Hung Kai Properties, Ltd.		146,355		1,575
	Prologis, Inc. REIT		10,708		1,427
	Kimco Realty Corp. REIT		62,930		1,341
	CTP NV		75,076		1,269
	Charter Hall Group REIT		153,613		1,251
	Mindspace Business Parks REIT		233,888		909
	Digital Realty Trust, Inc. REIT		6,331		852
	POWERGRID Infrastructure Investment Trust REIT		729,345		847
	Longfor Group Holdings, Ltd.		335,634		538
	Embassy Office Parks REIT		115,484		450
	Embassy Office Parks REIT5		11,725		46
	CubeSmart REIT		8,847		410
					60,344

116  American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)		Shares		Value (000)
Consumer	Home Depot, Inc.		24,477	$	8,483
discretionary	LVMH Moët Hennessy-Louis Vuitton SE		7,279		5,904
3.70%	Restaurant Brands International, Inc.		59,974		4,686
	Midea Group Co., Ltd., Class A		554,075		4,266
	YUM! Brands, Inc.		28,665		3,745
	McDonald’s Corp.		12,174		3,610
	Kering SA		7,967		3,536
	Industria de Diseño Textil, SA		67,115		2,927
	Darden Restaurants, Inc.		10,473		1,721
	NEXT PLC		15,809		1,632
	Bridgestone Corp.		33,300		1,375
	Galaxy Entertainment Group, Ltd.		216,000		1,207
	Tractor Supply Co.		4,485		964
	Hasbro, Inc.		10,899		557
	International Game Technology PLC		15,626		428
	OPAP SA		22,896		389
	Toyota Motor Corp.		20,400		374
	Inchcape PLC		31,417		286
	Kindred Group PLC (SDR)		24,452		226
	Compagnie Financière Richemont SA, Class A		106		15
					46,331
Communication	Comcast Corp., Class A		146,104		6,407
services	Nippon Telegraph and Telephone Corp.		3,589,500		4,382
3.14%	Verizon Communications, Inc.		115,704		4,362
	Singapore Telecommunications, Ltd.		1,940,300		3,626
	Koninklijke KPN NV		1,038,075		3,574
	América Móvil, SAB de CV, Class B (ADR)		183,587		3,400
	SoftBank Corp.		267,100		3,329
	Publicis Groupe SA		24,050		2,236
	TELUS Corp.		92,357		1,643
	Deutsche Telekom AG		57,458		1,380
	Warner Music Group Corp., Class A		34,867		1,248
	WPP PLC		120,630		1,147
	HKT Trust and HKT, Ltd., units		873,240		1,045
	Omnicom Group, Inc.		11,563		1,000
	Telkom Indonesia (Persero) Tbk PT, Class B		2,070,000		531
					39,310
Materials	Vale SA (ADR), ordinary nominative shares		272,978		4,329
2.57%	Vale SA, ordinary nominative shares		180,366		2,860
	Air Products and Chemicals, Inc.		17,795		4,872
	Rio Tinto PLC		61,101		4,538
	Linde PLC		9,409		3,864
	BHP Group, Ltd. (CDI)		64,930		2,222
	Evonik Industries AG		69,687		1,423
	International Flavors & Fragrances, Inc.		17,226		1,395
	UPM-Kymmene OYJ		28,069		1,056
	BASF SE		19,170		1,032
	Smurfit Kappa Group PLC		22,439		885
	Celanese Corp.		5,602		870
	Asahi Kasei Corp.		102,400		758
	WestRock Co.		17,595		730
	Gerdau SA (ADR)		133,973		650
	Fortescue, Ltd.		28,457		563
	Glencore PLC		23,221		139
					32,186
	Total common stocks (cost: $759,836,000)				955,477

American Funds Insurance Series  117

Capital Income Builder (continued)

Preferred securities 0.02%		Shares			Value (000)
Financials	Banco Bradesco SA, preferred nominative shares		72,312		$	252
0.02%	Total preferred securities (cost: $194,000)					252
Convertible stocks 0.19%
Utilities	NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/20251		45,239			1,724
0.19%	AES Corp., convertible preferred units, 6.875% 2/15/2024		8,659			659
	Total convertible stocks (cost: $2,926,000)					2,383
Bonds, notes & other debt instruments 16.71%			Principal amount (000)
Mortgage-backed obligations 8.29%
Federal agency	Fannie Mae Pool #695412 5.00% 6/1/20336		USD—	4		—	4
mortgage-backed	Fannie Mae Pool #AD3566 5.00% 10/1/20356		1			1
obligations	Fannie Mae Pool #931768 5.00% 8/1/20396		1			1
7.50%	Fannie Mae Pool #AC0794 5.00% 10/1/20396		5			5
	Fannie Mae Pool #932606 5.00% 2/1/20406		2			2
	Fannie Mae Pool #AE0311 3.50% 8/1/20406		8			7
	Fannie Mae Pool #AE1248 5.00% 6/1/20416		8			8
	Fannie Mae Pool #AJ1873 4.00% 10/1/20416		6			6
	Fannie Mae Pool #AE1274 5.00% 10/1/20416		6			6
	Fannie Mae Pool #AE1277 5.00% 11/1/20416		3			4
	Fannie Mae Pool #AE1283 5.00% 12/1/20416		2			2
	Fannie Mae Pool #AE1290 5.00% 2/1/20426		4			4
	Fannie Mae Pool #AT0300 3.50% 3/1/20436		1			1
	Fannie Mae Pool #AT3954 3.50% 4/1/20436		2			2
	Fannie Mae Pool #AY1829 3.50% 12/1/20446		2			2
	Fannie Mae Pool #BH3122 4.00% 6/1/20476		1			1
	Fannie Mae Pool #BJ5015 4.00% 12/1/20476		32			31
	Fannie Mae Pool #BK5232 4.00% 5/1/20486		18			17
	Fannie Mae Pool #BK6840 4.00% 6/1/20486		24			23
	Fannie Mae Pool #BK9743 4.00% 8/1/20486		8			7
	Fannie Mae Pool #BK9761 4.50% 8/1/20486		4			4
	Fannie Mae Pool #FM3280 3.50% 5/1/20496		34			32
	Fannie Mae Pool #FS5372 3.50% 7/1/20496		185			172
	Fannie Mae Pool #FS5313 3.50% 1/1/20506		2,118			1,973
	Fannie Mae Pool #CA5540 3.00% 4/1/20506		2,963			2,655
	Fannie Mae Pool #CA6309 3.00% 7/1/20506		344			312
	Fannie Mae Pool #CA6349 3.00% 7/1/20506		130			116
	Fannie Mae Pool #CA6740 3.00% 8/1/20506		89			80
	Fannie Mae Pool #CA7048 3.00% 9/1/20506		48			43
	Fannie Mae Pool #CA7052 3.00% 9/1/20506		14			13
	Fannie Mae Pool #CA7381 3.00% 10/1/20506		145			130
	Fannie Mae Pool #FM5166 3.00% 12/1/20506		92			82
	Fannie Mae Pool #BR4104 2.00% 1/1/20516		49			40
	Fannie Mae Pool #FM5509 3.00% 1/1/20516		140			125
	Fannie Mae Pool #CB0191 3.00% 4/1/20516		178			159
	Fannie Mae Pool #CB0193 3.00% 4/1/20516		21			19
	Fannie Mae Pool #FM7909 3.00% 6/1/20516		17			15
	Fannie Mae Pool #FM8477 3.00% 8/1/20516		125			112
	Fannie Mae Pool #CB2787 3.50% 12/1/20516		23			21
	Fannie Mae Pool #BV0790 3.50% 1/1/20526		96			88
	Fannie Mae Pool #FS0647 3.00% 2/1/20526		927			836
	Fannie Mae Pool #FS0752 3.00% 3/1/20526		530			469
	Fannie Mae Pool #CB3179 3.50% 3/1/20526		322			297
	Fannie Mae Pool #BW1289 5.50% 10/1/20526		127			128
	Fannie Mae Pool #BW1243 5.50% 10/1/20526		113			114
	Fannie Mae Pool #MA4842 5.50% 12/1/20526		171			172

118  American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency	Fannie Mae Pool #MA4919 5.50% 2/1/20536		USD111	$	111
mortgage-backed	Fannie Mae Pool #CB5986 5.00% 3/1/20536		97		96
obligations	Fannie Mae Pool #BX9827 5.00% 5/1/20536		5,466		5,409
(continued)	Fannie Mae Pool #FS4563 5.00% 5/1/20536		65		64
	Fannie Mae Pool #MA5010 5.50% 5/1/20536		295		296
	Fannie Mae Pool #MA5011 6.00% 5/1/20536		1,696		1,723
	Fannie Mae Pool #MA5039 5.50% 6/1/20536		361		363
	Fannie Mae Pool #CB6485 6.00% 6/1/20536		443		450
	Fannie Mae Pool #CB6486 6.00% 6/1/20536		276		281
	Fannie Mae Pool #CB6465 6.00% 6/1/20536		198		201
	Fannie Mae Pool #MA5071 5.00% 7/1/20536		362		358
	Fannie Mae Pool #BU4112 5.00% 7/1/20536		99		98
	Fannie Mae Pool #MA5072 5.50% 7/1/20536		1,200		1,206
	Fannie Mae Pool #MA5165 5.50% 10/1/20536		10		10
	Fannie Mae Pool #MA5167 6.50% 10/1/20536		2,892		2,965
	Fannie Mae Pool #MA5191 6.00% 11/1/20536		767		779
	Fannie Mae Pool #BF0142 5.50% 8/1/20566		360		373
	Fannie Mae Pool #BF0342 5.50% 1/1/20596		245		249
	Fannie Mae Pool #BM6737 4.50% 11/1/20596		615		600
	Fannie Mae Pool #BF0497 3.00% 7/1/20606		422		362
	Freddie Mac Pool #SC0149 2.00% 3/1/20416		72		62
	Freddie Mac Pool #RB0544 2.00% 6/1/20416		124		106
	Freddie Mac Pool #Q15874 4.00% 2/1/20436		1		1
	Freddie Mac Pool #G67711 4.00% 3/1/20486		211		204
	Freddie Mac Pool #Q55971 4.00% 5/1/20486		17		16
	Freddie Mac Pool #Q56175 4.00% 5/1/20486		15		14
	Freddie Mac Pool #Q55970 4.00% 5/1/20486		8		8
	Freddie Mac Pool #Q56599 4.00% 6/1/20486		24		23
	Freddie Mac Pool #Q57242 4.50% 7/1/20486		10		10
	Freddie Mac Pool #Q58411 4.50% 9/1/20486		46		45
	Freddie Mac Pool #Q58436 4.50% 9/1/20486		25		25
	Freddie Mac Pool #Q58378 4.50% 9/1/20486		17		17
	Freddie Mac Pool #ZT1704 4.50% 1/1/20496		1,109		1,099
	Freddie Mac Pool #RA3384 3.00% 8/1/20506		15		14
	Freddie Mac Pool #RA3506 3.00% 9/1/20506		147		132
	Freddie Mac Pool #RA5901 3.00% 9/1/20516		76		68
	Freddie Mac Pool #RA6347 3.00% 11/1/20516		155		139
	Freddie Mac Pool #SD8214 3.50% 5/1/20526		828		760
	Freddie Mac Pool #QE3580 3.50% 6/1/20526		480		440
	Freddie Mac Pool #QE4383 4.00% 6/1/20526		334		316
	Freddie Mac Pool #RA7556 4.50% 6/1/20526		874		848
	Freddie Mac Pool #SD1584 4.50% 9/1/20526		191		188
	Freddie Mac Pool #QE9222 5.00% 9/1/20526		648		642
	Freddie Mac Pool #QF0924 5.50% 9/1/20526		318		319
	Freddie Mac Pool #SD2948 5.50% 11/1/20526		118		119
	Freddie Mac Pool #SD2716 5.00% 4/1/20536		106		105
	Freddie Mac Pool #SD8316 5.50% 4/1/20536		595		598
	Freddie Mac Pool #SD8324 5.50% 5/1/20536		448		450
	Freddie Mac Pool #SD8329 5.00% 6/1/20536		35		34
	Freddie Mac Pool #SD8331 5.50% 6/1/20536		1,118		1,123
	Freddie Mac Pool #SD3175 6.00% 6/1/20536		92		94
	Freddie Mac Pool #RA9294 6.50% 6/1/20536		20		20
	Freddie Mac Pool #RA9289 6.50% 6/1/20536		16		17
	Freddie Mac Pool #RA9292 6.50% 6/1/20536		17		17
	Freddie Mac Pool #RA9288 6.50% 6/1/20536		15		16
	Freddie Mac Pool #RA9287 6.50% 6/1/20536		11		11
	Freddie Mac Pool #RA9290 6.50% 6/1/20536		8		8
	Freddie Mac Pool #RA9291 6.50% 6/1/20536		6		6
	Freddie Mac Pool #RA9295 6.50% 6/1/20536		4		4
	Freddie Mac Pool #SD8341 5.00% 7/1/20536		348		344
	Freddie Mac Pool #SD8342 5.50% 7/1/20536		2,453		2,464

American Funds Insurance Series  119

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency	Freddie Mac Pool #SD8362 5.50% 9/1/20536		USD19		$	20
mortgage-backed	Freddie Mac Pool #SD8367 5.50% 10/1/20536		29			30
obligations	Freddie Mac Pool #SD8369 6.50% 10/1/20536		1,703			1,746
(continued)	Freddie Mac Pool #SD8372 5.50% 11/1/20536		89			89
	Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/20336,7		160			160
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20566,7		105			96
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20566		217			199
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20566,7		212			194
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20576,7		90			79
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/20576		75			67
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20576		17			16
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/20586		921			822
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/20586		350			332
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20586		555			524
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/20586		16			15
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/20586		9			8
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20286		823			785
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/20296		1,171			1,082
	Government National Mortgage Assn. 4.00% 1/1/20546,8		321			307
	Government National Mortgage Assn. 5.50% 1/1/20546,8		610			615
	Government National Mortgage Assn. 6.00% 1/1/20546,8		25			25
	Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/20496		186			184
	Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/20526		3,194			3,049
	Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/20536		430			427
	Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/20536		1,148			1,139
	Government National Mortgage Assn. Pool #694836 5.75% 9/20/20596		—	4		—	4
	Government National Mortgage Assn. Pool #766525 4.70% 11/20/20626		—	4		—	4
	Government National Mortgage Assn. Pool #725893 5.20% 9/20/20646		—	4		—	4
	Uniform Mortgage-Backed Security 2.50% 1/1/20396,8		941			867
	Uniform Mortgage-Backed Security 2.50% 2/1/20396,8		767			707
	Uniform Mortgage-Backed Security 2.00% 1/1/20546,8		276			226
	Uniform Mortgage-Backed Security 2.50% 1/1/20546,8		91			78
	Uniform Mortgage-Backed Security 3.00% 1/1/20546,8		682			603
	Uniform Mortgage-Backed Security 3.50% 1/1/20546,8		1,707			1,566
	Uniform Mortgage-Backed Security 4.00% 1/1/20546,8		2,962			2,802
	Uniform Mortgage-Backed Security 4.50% 1/1/20546,8		2,041			1,979
	Uniform Mortgage-Backed Security 5.00% 1/1/20546,8		1,364			1,350
	Uniform Mortgage-Backed Security 5.50% 1/1/20546,8		9,725			9,767
	Uniform Mortgage-Backed Security 6.00% 1/1/20546,8		650			660
	Uniform Mortgage-Backed Security 6.50% 1/1/20546,8		1,058			1,084
	Uniform Mortgage-Backed Security 7.00% 1/1/20546,8		4,844			4,997
	Uniform Mortgage-Backed Security 4.50% 2/1/20546,8		200			194
	Uniform Mortgage-Backed Security 5.00% 2/1/20546,8		1,550			1,534
	Uniform Mortgage-Backed Security 5.50% 2/1/20546,8		4,250			4,269

120  American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency	Uniform Mortgage-Backed Security 6.00% 2/1/20546,8	USD	4,800	$	4,874
mortgage-backed	Uniform Mortgage-Backed Security 6.50% 2/1/20546,8		5,550		5,687
obligations	Uniform Mortgage-Backed Security 6.00% 3/1/20546,8		3,300		3,345
(continued)					93,856
Collateralized	Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20482,6,7		119		98
mortgage-backed	BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/20612,6,7		72		66
obligations (privately	BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/20612,6		83		75
originated)	Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20312,6,7		97		94
0.40%	Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20362,6,7		68		65
	CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20612,6,7		166		156
	Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/20602,6,7		9		8
	Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 6.087% 10/25/20412,6,7		1		1
	Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 7.737% 12/25/20422,6,7		37		38
	Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 7.237% 6/25/20432,6,7		383		387
	Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 7.037% 7/25/20432,6,7		139		140
	Finance of America Structured Securities Trust, Series 2019-JR3, Class A 2.00% 9/25/20692,6		57		61
	Finance of America Structured Securities Trust, Series 2019-JR4, Class A, 2.00% 11/25/20692,6		64		65
	Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/20512,6,7		109		90
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 7.337% 4/25/20422,6,7		85		86
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 7.537% 5/25/20422,6,7		15		15
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 7.487% 9/25/20422,6,7		25		25
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 9.037% 9/25/20422,6,7		64		67
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, (30-day Average USD-SOFR + 1.814%) 7.152% 1/25/20502,6,7		108		109
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (30-day Average USD-SOFR + 1.964%) 7.302% 2/25/20502,6,7		309		313
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (30-day Average USD-SOFR + 5.214%) 10.552% 6/27/20502,6,7		490		537
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (30-day Average USD-SOFR + 6.114%) 11.452% 8/25/20502,6,7		463		521
	Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/20392,6		186		178
	Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)2,6,9		175		174
	Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/20612,6,7		69		67
	Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)2,6,9		116		113
	Mello Warehouse Securitization Trust, Series 2021-3, Class A, (3-month USD CME Term SOFR + 0.965%) 6.32% 11/25/20552,6,7		202		201
	NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD CME Term SOFR + 0.865%) 6.22% 5/25/20552,6,7		243		243
	Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/20392,6		99		93
	Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20312,6,7		31		30
	Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/20562,6,7		5		5
	Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 7/25/20572,6,7		10		10
	Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/20572,6,7		31		30
	Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/20582,6,7		36		35
	Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/20582,6,7		19		18

American Funds Insurance Series  121

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized	Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20602,6		USD410	$	362
mortgage-backed	Treehouse Park Improvement Association No.1 9.75% 12/1/20332,3		100		93
obligations (privately	Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/20382,6		196		179
originated)	Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/20402,6		100		99
(continued)					4,947
Commercial	Bank Commercial Mortgage Trust, Series 2023-5YR1, Class A3, 6.26% 3/15/20566,7		287		298
mortgage-backed securities	BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 7.131% 5/15/20392,6,7		110		109
0.39%	BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 7.26% 4/15/20372,6,7		329		325
	BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 7.477% 6/15/20272,6,7		332		333
	BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 6.176% 9/15/20362,6,7		648		632
	BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.375% 10/15/20362,6,7		266		260
	BX Trust, Series 2021-ARIA, Class C, (1-month USD CME Term SOFR + 1.76%) 7.122% 10/15/20362,6,7		100		97
	BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 6.853% 4/15/20372,6,7		128		127
	BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 6.146% 6/15/20382,6,7		162		159
	BX Trust, Series 2021-SOAR, Class D, (1-month USD CME Term SOFR + 1.514%) 6.876% 6/15/20382,6,7		93		91
	BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 6.976% 11/15/20382,6,7		100		98
	BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 7.813% 8/15/20392,6,7		89		89
	BX Trust, Series 2023-VLT2, Class A, (1-month USD CME Term SOFR + 2.281%) 7.643% 6/15/20402,6,7		221		222
	Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20282,6,7		237		240
	DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/20432,6,7		574		571
	Extended Stay America Trust, Series 2021-ESH, Class A,
	(1-month USD CME Term SOFR + 1.194%) 6.556% 7/15/20382,6,7		93		93
	FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/20566		73		74
	FS Commercial Trust, Series 2023-4SZN, Class A, 7.066% 11/10/20392,6		187		195
	Great Wolf Trust, Series 2019-WOLF, Class A,
	(1-month USD CME Term SOFR + 1.348%) 6.252% 12/15/20362,6,7		24		24
	GS Mortgage Securities Trust, Series 2018-HULA, Class A,
	(1-month USD CME Term SOFR + 1.223%) 6.396% 7/15/20252,6,7		229		227
	Hawaii Hotel Trust, Series 2019-MAUI, Class A,
	(1-month USD CME Term SOFR + 1.264%) 6.559% 5/17/20382,6,7		300		298
	SREIT Trust, Series 2021-MFP, Class A,
	(1-month USD CME Term SOFR + 0.845%) 6.207% 11/15/20382,6,7		345		340
					4,902
	Total mortgage-backed obligations				103,705
U.S. Treasury bonds & notes 5.71%
U.S. Treasury	U.S. Treasury 0.625% 10/15/2024		10,550		10,204
5.65%	U.S. Treasury 2.125% 11/30/2024		1,860		1,815
	U.S. Treasury 3.875% 3/31/2025		5,877		5,827
	U.S. Treasury 4.625% 6/30/2025		4,793		4,805
	U.S. Treasury 4.00% 2/15/2026		2,621		2,610
	U.S. Treasury 0.75% 3/31/2026		1		1
	U.S. Treasury 0.75% 5/31/2026		3,850		3,556
	U.S. Treasury 1.875% 6/30/2026		4,855		4,606

122  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	U.S. Treasury 1.125% 10/31/2026		USD995	$	918
(continued)	U.S. Treasury 2.00% 11/15/202610		2,800		2,648
	U.S. Treasury 4.625% 11/15/2026		1,200		1,219
	U.S. Treasury 4.375% 12/15/2026		4,500		4,545
	U.S. Treasury 0.50% 4/30/2027		2,375		2,121
	U.S. Treasury 2.625% 5/31/2027		80		77
	U.S. Treasury 4.00% 2/29/2028		745		748
	U.S. Treasury 1.25% 3/31/2028		1,350		1,211
	U.S. Treasury 3.625% 3/31/2028		4		3
	U.S. Treasury 4.375% 11/30/2028		12,858		13,161
	U.S. Treasury 4.00% 2/28/2030		1,659		1,668
	U.S. Treasury 6.25% 5/15/2030		345		390
	U.S. Treasury 4.125% 11/15/2032		9		9
	U.S. Treasury 4.50% 11/15/2033		1,767		1,856
	U.S. Treasury 4.50% 8/15/2039		640		678
	U.S. Treasury 1.125% 5/15/204010		2,400		1,551
	U.S. Treasury 2.00% 11/15/2041		300		218
	U.S. Treasury 4.75% 11/15/2043		514		552
	U.S. Treasury 2.375% 5/15/2051		196		141
	U.S. Treasury 4.00% 11/15/2052		152		150
	U.S. Treasury 4.125% 8/15/205310		2,766		2,804
	U.S. Treasury 4.75% 11/15/2053		595		669
					70,761
U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.50% 4/15/202411		742		733
inflation-protected	Total U.S. Treasury bonds & notes				71,494
securities
0.06%
Corporate bonds, notes & loans 1.84%
Health care	Amgen, Inc. 5.507% 3/2/2026		30		30
0.32%	Amgen, Inc. 5.15% 3/2/2028		55		56
	Amgen, Inc. 4.05% 8/18/2029		100		98
	Amgen, Inc. 5.25% 3/2/2030		124		128
	Amgen, Inc. 4.20% 3/1/2033		133		127
	Amgen, Inc. 5.25% 3/2/2033		71		73
	Amgen, Inc. 5.60% 3/2/2043		105		109
	Amgen, Inc. 4.20% 2/22/2052		19		16
	Amgen, Inc. 4.875% 3/1/2053		25		23
	Amgen, Inc. 5.65% 3/2/2053		37		39
	Amgen, Inc. 5.75% 3/2/2063		85		89
	AstraZeneca Finance, LLC 4.875% 3/3/2028		35		36
	AstraZeneca PLC 3.375% 11/16/2025		200		196
	AstraZeneca PLC 3.00% 5/28/2051		11		8
	Baxter International, Inc. 3.132% 12/1/2051		25		17
	Centene Corp. 4.625% 12/15/2029		530		509
	Centene Corp. 3.375% 2/15/2030		179		161
	Centene Corp. 2.625% 8/1/2031		40		33
	CVS Health Corp. 5.125% 2/21/2030		50		51
	CVS Health Corp. 5.25% 2/21/2033		23		23
	CVS Health Corp. 5.30% 6/1/2033		24		25
	CVS Health Corp. 5.625% 2/21/2053		55		56
	Elevance Health, Inc. 4.75% 2/15/2033		16		16
	Eli Lilly and Co. 5.00% 2/27/2026		35		35
	Eli Lilly and Co. 4.875% 2/27/2053		23		24
	Eli Lilly and Co. 4.95% 2/27/2063		14		14
	Gilead Sciences, Inc. 1.65% 10/1/2030		8		7
	HCA, Inc. 2.375% 7/15/2031		18		15
	Humana, Inc. 3.70% 3/23/2029		12		12

American Funds Insurance Series  123

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care	Merck & Co., Inc. 1.70% 6/10/2027		USD118	$	108
(continued)	Merck & Co., Inc. 3.40% 3/7/2029		110		106
	Merck & Co., Inc. 4.50% 5/17/2033		35		35
	Merck & Co., Inc. 4.90% 5/17/2044		35		35
	Merck & Co., Inc. 5.00% 5/17/2053		18		18
	Molina Healthcare, Inc. 3.875% 5/15/20322		40		35
	Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033		13		13
	Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053		12		12
	Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030		8		7
	Regeneron Pharmaceuticals, Inc. 2.80% 9/15/2050		2		1
	Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026		270		260
	Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024		551		550
	Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026		650		602
	Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046		300		203
	Zoetis, Inc. 5.60% 11/16/2032		25		27
					4,038
Financials	AerCap Ireland Capital DAC 5.75% 6/6/2028		150		154
0.32%	AerCap Ireland Capital DAC 3.30% 1/30/2032		150		131
	American Express Co. 4.90% 2/13/2026		28		28
	American International Group, Inc. 5.125% 3/27/2033		17		17
	Aon Corp. 5.35% 2/28/2033		21		21
	Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028)9		31		32
	Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)9		231		188
	Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)9		118		118
	CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)2,9		200		204
	Charles Schwab Corp. (The) 5.853% 5/19/2034 (USD-SOFR + 2.50% on 5/19/2033)9		15		15
	Charles Schwab Corp. (The) 6.136% 8/24/2034 (USD-SOFR + 2.01% on 8/24/2033)9		40		42
	Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)9		35		30
	Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)9		50		52
	Corebridge Financial, Inc. 3.85% 4/5/2029		180		170
	Corebridge Financial, Inc. 3.90% 4/5/2032		32		29
	Corebridge Financial, Inc. 4.35% 4/5/2042		7		6
	Corebridge Financial, Inc. 4.40% 4/5/2052		49		41
	Danske Bank AS 4.298% 4/1/2028
	(1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)2,9		200		194
	Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)9		150		157
	Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028)9		150		158
	Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028)9		5		5
	Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)9		111		95
	Intercontinental Exchange, Inc. 4.60% 3/15/2033		18		18
	Intercontinental Exchange, Inc. 4.95% 6/15/2052		16		16
	JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)9		78		77
	JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)9		40		40
	JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028)9		35		37
	JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)9		259		211
	JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)9		17		15
	JPMorgan Chase & Co. 6.254% 10/23/2034 (USD-SOFR + 1.81% on 10/23/2033)9		55		60
	Mastercard, Inc. 4.875% 3/9/2028		31		32
	Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)9		25		25
	Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)9		20		19
	Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033)9		35		35
	Nasdaq, Inc. 5.35% 6/28/2028		20		21
	Nasdaq, Inc. 5.55% 2/15/2034		17		18
	Nasdaq, Inc. 5.95% 8/15/2053		8		9
	Nasdaq, Inc. 6.10% 6/28/2063		11		12
	Navient Corp. 5.00% 3/15/2027		150		145
	New York Life Global Funding 3.00% 1/10/20282		150		141

124  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 (continued)	PNC Financial Services Group, Inc. 5.812% 6/12/2026 (USD-SOFR + 1.322% on 6/12/2025)9		USD35	$	35
	PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028)9		50		51
	PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033)9		87		97
	Royal Bank of Canada 5.00% 2/1/2033		30		30
	State Street Corp. 4.857% 1/26/2026 (USD-SOFR + 0.604% on 1/26/2025)9		15		15
	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)9,12		38		—	4
	Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)9		10		10
	U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028)9		70		72
	U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)9 UBS Group AG 6.246% 9/22/2029		17		17
	(1-year UST Yield Curve Rate T Note Constant Maturity + 1.80% on 9/22/2028)2,9		200		209
	UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)2,9		374		349
	Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)9		45		45
	Wells Fargo & Co. 5.557% 7/25/2034 (USD-SOFR + 1.99% on 7/25/2033)9		84		86
	Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033)9		104		113
					3,947
Consumer	Advance Auto Parts, Inc. 3.90% 4/15/2030		18		16
discretionary	Advance Auto Parts, Inc. 3.50% 3/15/2032		12		10
0.27%	BMW US Capital, LLC 4.15% 4/9/20302		290		284
	BMW US Capital, LLC 3.70% 4/1/20322		25		23
	Daimler Trucks Finance North America, LLC 1.625% 12/13/20242		175		169
	Daimler Trucks Finance North America, LLC 5.15% 1/16/20262		150		151
	Daimler Trucks Finance North America, LLC 2.50% 12/14/20312		150		125
	Ford Motor Co. 4.75% 1/15/2043		130		107
	Ford Motor Co. 5.291% 12/8/2046		120		106
	Ford Motor Credit Co., LLC 2.30% 2/10/2025		200		192
	Ford Motor Credit Co., LLC 5.125% 6/16/2025		695		687
	Ford Motor Credit Co., LLC 2.70% 8/10/2026		306		284
	Ford Motor Credit Co., LLC 4.95% 5/28/2027		604		590
	Ford Motor Credit Co., LLC 6.798% 11/7/2028		200		209
	Grand Canyon University 4.125% 10/1/2024		200		189
	McDonald’s Corp. 3.60% 7/1/2030		12		11
	McDonald’s Corp. 4.60% 9/9/2032		3		3
	McDonald’s Corp. 4.95% 8/14/2033		3		3
	McDonald’s Corp. 5.15% 9/9/2052		10		10
	Toyota Motor Credit Corp. 5.40% 11/10/2025		228		232
					3,401
Energy	Apache Corp. 4.25% 1/15/2030		385		360
0.23%	BP Capital Markets America, Inc. 3.633% 4/6/2030		360		345
	Cenovus Energy, Inc. 5.40% 6/15/2047		44		42
	Columbia Pipelines Operating Co., LLC 5.927% 8/15/20302		9		9
	Columbia Pipelines Operating Co., LLC 6.497% 8/15/20432		5		5
	ConocoPhillips Co. 5.30% 5/15/2053		25		26
	Enbridge, Inc. 6.70% 11/15/2053		37		43
	Energy Transfer, LP 6.10% 12/1/2028		41		43
	Energy Transfer, LP 6.40% 12/1/2030		34		36
	Energy Transfer, LP 6.55% 12/1/2033		30		33
	Equinor ASA 2.375% 5/22/2030		365		326
	Exxon Mobil Corp. 2.995% 8/16/2039		200		161
	Exxon Mobil Corp. 3.452% 4/15/2051		25		20
	Kinder Morgan, Inc. 5.20% 6/1/2033		27		27

American Funds Insurance Series  125

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy	Kinder Morgan, Inc. 5.45% 8/1/2052		USD11	$	10
(continued)	MPLX, LP 4.95% 9/1/2032		20		20
	New Fortress Energy, Inc. 6.50% 9/30/20262		80		77
	NGL Energy Operating, LLC 7.50% 2/1/20262		80		81
	ONEOK, Inc. 5.55% 11/1/2026		15		15
	ONEOK, Inc. 5.65% 11/1/2028		19		20
	ONEOK, Inc. 3.10% 3/15/2030		42		38
	ONEOK, Inc. 5.80% 11/1/2030		11		11
	ONEOK, Inc. 6.05% 9/1/2033		88		93
	ONEOK, Inc. 7.15% 1/15/2051		97		112
	ONEOK, Inc. 6.625% 9/1/2053		91		102
	Petroleos Mexicanos 6.50% 1/23/2029		20		18
	Petroleos Mexicanos 8.75% 6/2/2029		177		172
	Shell International Finance BV 2.00% 11/7/2024		420		409
	TransCanada Pipelines, Ltd. 5.10% 3/15/2049		150		143
	TransCanada Trust 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)9,13		108		102
	Williams Companies, Inc. 5.30% 8/15/2052		40		39
					2,938
Communication	América Móvil, SAB de CV, 8.46% 12/18/2036		MXN1,300		66
services	AT&T, Inc. 3.50% 6/1/2041		USD75		60
0.20%	CCO Holdings, LLC 4.75% 2/1/20322		25		22
	CCO Holdings, LLC 4.25% 1/15/20342		175		142
	Charter Communications Operating, LLC 3.70% 4/1/2051		25		16
	Meta Platforms, Inc. 3.85% 8/15/2032		135		129
	Meta Platforms, Inc. 4.45% 8/15/2052		75		69
	Netflix, Inc. 4.875% 4/15/2028		150		152
	SBA Tower Trust 1.631% 11/15/20262		253		226
	Sprint Capital Corp. 6.875% 11/15/2028		325		352
	Sprint Capital Corp. 8.75% 3/15/2032		90		111
	T-Mobile USA, Inc. 3.875% 4/15/2030		625		593
	T-Mobile USA, Inc. 2.55% 2/15/2031		203		175
	T-Mobile USA, Inc. 6.00% 6/15/2054		69		76
	Verizon Communications, Inc. 1.75% 1/20/2031		142		117
	Walt Disney Co. (The) 4.625% 3/23/2040		120		117
	WarnerMedia Holdings, Inc. 5.05% 3/15/2042		47		41
	WarnerMedia Holdings, Inc. 5.141% 3/15/2052		88		76
					2,540
Utilities	AEP Transmission Co., LLC 3.80% 6/15/2049		45		36
0.19%	Consumers Energy Co. 4.625% 5/15/2033		50		50
	DTE Energy Co. 3.00% 3/1/2032		42		37
	Duke Energy Florida, LLC 5.95% 11/15/2052		25		27
	Edison International 4.125% 3/15/2028		132		128
	Edison International 5.25% 11/15/2028		55		55
	Edison International 6.95% 11/15/2029		25		27
	Electricité de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)2,9		200		224
	FirstEnergy Corp. 2.65% 3/1/2030		493		426
	FirstEnergy Corp. 2.25% 9/1/2030		107		90
	Florida Power & Light Co. 5.05% 4/1/2028		70		72
	Florida Power & Light Co. 5.10% 4/1/2033		35		36
	NiSource, Inc. 5.40% 6/30/2033		25		26
	Oncor Electric Delivery Co., LLC 5.65% 11/15/20332		25		27
	Pacific Gas and Electric Co. 2.95% 3/1/2026		97		92
	Pacific Gas and Electric Co. 3.75% 7/1/2028		105		98

126  American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities	Pacific Gas and Electric Co. 4.65% 8/1/2028		USD284	$	273
(continued)	Pacific Gas and Electric Co. 2.50% 2/1/2031		375		310
	Pacific Gas and Electric Co. 6.40% 6/15/2033		50		53
	PacifiCorp 5.50% 5/15/2054		50		49
	Southern California Edison Co. 3.60% 2/1/2045		206		160
	Union Electric Co. 3.90% 4/1/2052		25		21
	WEC Energy Group, Inc. 5.15% 10/1/2027		25		25
					2,342
Consumer staples	7-Eleven, Inc. 0.80% 2/10/20242		50		50
0.10%	7-Eleven, Inc. 1.30% 2/10/20282		14		12
	Altria Group, Inc. 3.70% 2/4/2051		5		3
	BAT Capital Corp. 4.70% 4/2/2027		105		104
	BAT Capital Corp. 6.343% 8/2/2030		9		9
	BAT Capital Corp. 6.421% 8/2/2033		38		40
	BAT Capital Corp. 7.079% 8/2/2043		31		33
	BAT Capital Corp. 4.54% 8/15/2047		82		63
	BAT Capital Corp. 4.758% 9/6/2049		121		96
	BAT Capital Corp. 7.081% 8/2/2053		69		74
	BAT International Finance PLC 4.448% 3/16/2028		150		148
	Constellation Brands, Inc. 5.00% 2/2/2026		50		50
	H.J. Heinz Co. 4.875% 10/1/2049		235		223
	J. M. Smucker Co. (The) 6.20% 11/15/2033		22		24
	J. M. Smucker Co. (The) 6.50% 11/15/2043		6		7
	J. M. Smucker Co. (The) 6.50% 11/15/2053		21		24
	Philip Morris International, Inc. 5.125% 11/17/2027		43		44
	Philip Morris International, Inc. 5.625% 11/17/2029		23		24
	Philip Morris International, Inc. 5.125% 2/15/2030		56		57
	Philip Morris International, Inc. 5.50% 9/7/2030		70		73
	Philip Morris International, Inc. 5.75% 11/17/2032		16		17
	Philip Morris International, Inc. 5.375% 2/15/2033		55		56
	Philip Morris International, Inc. 5.625% 9/7/2033		30		31
					1,262
Industrials	Boeing Co. 2.75% 2/1/2026		91		87
0.09%	Boeing Co. 3.625% 2/1/2031		280		260
	Boeing Co. 5.805% 5/1/2050		95		98
	Canadian Pacific Railway Co. 3.10% 12/2/2051		102		74
	Carrier Global Corp. 2.722% 2/15/2030		9		8
	Carrier Global Corp. 2.70% 2/15/2031		9		8
	Carrier Global Corp. 5.90% 3/15/20342		40		43
	Carrier Global Corp. 3.577% 4/5/2050		8		6
	Carrier Global Corp. 6.20% 3/15/20542		49		57
	CSX Corp. 4.75% 11/15/2048		50		48
	CSX Corp. 4.50% 11/15/2052		35		33
	L3Harris Technologies, Inc. 5.40% 7/31/2033		15		16
	L3Harris Technologies, Inc. 5.60% 7/31/2053		13		14
	Lockheed Martin Corp. 5.10% 11/15/2027		19		20
	Moog, Inc. 4.25% 12/9/20272		55		52
	Norfolk Southern Corp. 5.35% 8/1/2054		51		53
	Northrop Grumman Corp. 4.95% 3/15/2053		21		21
	Republic Services, Inc. 5.00% 4/1/2034		13		13
	RTX Corp. 6.00% 3/15/2031		35		37
	RTX Corp. 6.10% 3/15/2034		27		29
	RTX Corp. 6.40% 3/15/2054		22		25

American Funds Insurance Series  127

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials	Union Pacific Corp. 2.80% 2/14/2032		USD17	$	15
(continued)	Union Pacific Corp. 3.50% 2/14/2053		20		16
	Waste Management, Inc. 4.625% 2/15/2030		60		61
					1,094
Information	Broadcom, Inc. 4.00% 4/15/20292		3		3
technology	Broadcom, Inc. 4.15% 4/15/20322		11		10
0.06%	Broadcom, Inc. 3.137% 11/15/20352		2		2
	Broadcom, Inc. 3.75% 2/15/20512		91		72
	Lenovo Group, Ltd. 5.875% 4/24/2025		400		402
	Oracle Corp. 3.60% 4/1/2050		150		111
	ServiceNow, Inc. 1.40% 9/1/2030		130		107
					707
Materials	BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026		35		35
0.04%	BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028		35		36
	BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033		16		16
	BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033		7		7
	BHP Billiton Finance (USA), Ltd. 5.50% 9/8/2053		15		16
	Celanese US Holdings, LLC 6.35% 11/15/2028		36		38
	Celanese US Holdings, LLC 6.55% 11/15/2030		27		29
	Celanese US Holdings, LLC 6.379% 7/15/2032		10		11
	Celanese US Holdings, LLC 6.70% 11/15/2033		23		25
	Dow Chemical Co. (The) 3.60% 11/15/2050		75		58
	EIDP, Inc. 4.80% 5/15/2033		27		27
	International Flavors & Fragrances, Inc. 3.468% 12/1/20502		6		4
	LYB International Finance III, LLC 3.625% 4/1/2051		102		74
	NOVA Chemicals Corp. 8.50% 11/15/20282		10		11
	Nutrien, Ltd. 5.90% 11/7/2024		84		84
	South32 Treasury, Ltd. 4.35% 4/14/20322		10		9
					480
Real estate	American Tower Corp. 4.05% 3/15/2032		11		10
0.02%	Boston Properties, LP 2.45% 10/1/2033		7		5
	Boston Properties, LP 6.50% 1/15/2034		38		40
	Crown Castle, Inc. 5.00% 1/11/2028		54		54
	Equinix, Inc. 1.55% 3/15/2028		25		22
	Equinix, Inc. 3.20% 11/18/2029		144		133
	Equinix, Inc. 2.50% 5/15/2031		47		40
					304
	Total corporate bonds, notes & loans				23,053
Asset-backed obligations 0.79%
	ACHV ABS Trust, Series 2023-3PL, Class A, 6.60% 8/19/20302,6		29		29
	ACHV ABS Trust, Series 2023-3PL, Class B, 7.17% 8/19/20302,6		100		100
	Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/20272,6		13		12
	Affirm Asset Securitization Trust, Series 2023-A, Class A, 6.61% 1/18/20282,6		100		101
	American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75% 8/16/20276		100		98
	American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/20362,6		83		82
	American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/20522,6		85		83
	American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/20522,6		100		98
	AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 6.488% 12/18/20256,7		32		32
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20272,6		197		184

128  American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Asset-backed obligations (continued)
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/20272,6		USD100	$	95
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/20292,6		339		347
	Bankers Healthcare Group Securitization Trust, Series 2022-A, Class A, 1.71% 2/20/20352,6		35		34
	CarMax Auto Owner Trust, Series 2022-3, Class A2B,
	(30-day Average USD-SOFR + 0.77%) 6.108% 9/15/20256,7		24		25
	CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20602,6		351		324
	CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20602,6		87		75
	CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/20602,6		90		82
	CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/20602,6		90		74
	CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20612,6		316		283
	CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/20622,6		489		481
	CPS Auto Receivables Trust, Series 2023-A, Class A, 5.54% 3/16/20262,6		40		40
	Discover Card Execution Note Trust, Series 2023-A1, Class A, 4.31% 3/15/20286		326		324
	DriveTime Auto Owner Trust, Series 2023-1, Class A, 5.48% 4/15/20272,6		45		44
	First National Master Note Trust, Series 2023-1, Class A, 5.13% 4/16/20296		213		214
	FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/20392,6		131		126
	Ford Credit Auto Owner Trust, Series 2022-B, Class A2B,
	(30-day Average USD-SOFR + 0.60%) 5.938% 2/15/20256,7		6		6
	Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/20352,6		176		177
	Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/20362,6		181		185
	Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/20282,6		188		189
	GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20452,6		431		390
	GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/20462,6		77		68
	Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/20392,6		113		107
	Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/20402,6		422		389
	GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 5.938% 9/16/20256,7		23		23
	GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/20352,6		285		290
	GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/20352,6		184		192
	GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A3, 4.47% 2/16/20286		25		25
	GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A4, 4.43% 10/16/20286		48		48
	Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20252,6		247		238
	Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20252,6		100		96
	Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20272,6		268		243
	Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20272,6		100		90
	Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20272,6		100		90
	Hyundai Auto Receivables Trust, Series 2022-B, Class A2B,
	(30-day Average USD-SOFR + 0.58%) 5.918% 5/15/20256,7		24		24
	Hyundai Auto Receivables Trust, Series 2023-A, Class A3, 4.58% 4/15/20276		28		28
	Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48% 7/17/20286		28		28
	LAD Auto Receivables Trust, Series 2023-1, Class A2, 5.68% 10/15/20262,6		18		18
	Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/20282,6		70		70
	Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/20692,6		38		33
	Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20692,6		120		104
	Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20622,6		166		151
	Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20622,6		332		301
	Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD CME Term SOFR + 0.854%) 6.212% 4/20/20622,6,7		169		166
	New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20612,6		935		820
	OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 5/17/20272,6		100		98
	Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/20312,6		100		93
	PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/20272,6		100		98

American Funds Insurance Series  129

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Asset-backed obligations (continued)
	PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/20282,6		USD175	$	176
	Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/20266		134		134
	Santander Drive Auto Receivables Trust, Series 2023-1, Class A2, 5.36% 5/15/20266		21		21
	SFS Auto Receivables Securitization Trust, Series 2023-1, Class A2A,
	5.89% 3/22/20272,6		66		66
	SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/20532,6		57		50
	Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20332,6		139		128
	Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/20342,6,7		335		309
	Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B,
	(30-day Average USD-SOFR + 0.57%) 5.908% 8/15/20256,7		10		11
	Verizon Master Trust, Series 2022-7, Class A1A,
	5.23% 11/22/2027 (5.98% on 11/20/2024)6,9		451		451
	Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/20246		1		1
	Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A,
	3.36% 8/15/20252,6		45		45
	Westlake Automobile Receivables Trust, Series 2022-3, Class C, 5.49% 7/15/20262,6		80		80
	Westlake Automobile Receivables Trust, Series 2022-3, Class B, 5.99% 12/15/20272,6		100		100
					9,837
Bonds & notes of governments & government agencies outside the U.S. 0.06%
	Peru (Republic of) 2.783% 1/23/2031		190		166
	Portuguese Republic 5.125% 10/15/2024		18		18
	Qatar (State of) 4.50% 4/23/2028		200		203
	Saudi Arabia (Kingdom of) 3.625% 3/4/2028		200		194
	United Mexican States 3.25% 4/16/2030		200		181
					762
Municipals 0.02%
California	Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement
0.00%	Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		15		13
Illinois	G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033		225		223
0.02%	Total municipals				236
	Total bonds, notes & other debt instruments (cost: $211,777,000)				209,087
Investment funds 2.80%		Shares
	Capital Group Central Corporate Bond Fund14		4,123,855		34,970
	Total Investment funds (cost: $38,724,000)				34,970
Short-term securities 8.63%
Money market investments 7.34%
	Capital Group Central Cash Fund 5.44%14,15		917,878		91,779

130  American Funds Insurance Series

Capital Income Builder (continued)

Short-term securities (continued)		Shares		Value (000)
Money market investments purchased with collateral from securities on loan 1.29%
	State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%15,16		8,238,251	$	8,238
	Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%15,16		7,897,883		7,898
	Capital Group Central Cash Fund 5.44%14,15,16		587		59
					16,195
	Total short-term securities (cost: $107,970,000)				107,974
	Total investment securities 104.71% (cost: $1,121,427,000)				1,310,143
	Other assets less liabilities (4.71)%				(58,874	)
	Net assets 100.00%			$	1,251,269

Futures contracts

Contracts	Type		Number of contracts		Expiration date		Notional amount (000)		Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
2 Year U.S. Treasury Note Futures		Long		233		4/3/2024		USD47,978	$	476
5 Year U.S. Treasury Note Futures		Long		418		4/3/2024		45,468		1,038
10 Year U.S. Treasury Note Futures		Long		30		3/28/2024		3,387		111
10 Year Ultra U.S. Treasury Note Futures		Long		9		3/28/2024		1,062		47
20 Year U.S. Treasury Bond Futures		Long		13		3/28/2024		1,624		76
30 Year Ultra U.S. Treasury Bond Futures		Long		56		3/28/2024		7,481		708
									$	2,456

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

				Expiration date	Notional amount (000)	Value at 12/31/2023 (000)	Upfront premium paid (received) (000)	Unrealized appreciation
Receive		Pay
Rate	Payment frequency	Rate	Payment frequency					(depreciation) at 12/31/2023 (000)
4.8585%	Annual	U.S. EFFR	Annual	1/12/2024	USD4,037	$(1)	$—	$(1)
4.8615%	Annual	U.S. EFFR	Annual	1/12/2024	USD8,100	(2)	—	(2)
4.8674%	Annual	U.S. EFFR	Annual	1/12/2024	USD5,914	(2)	—	(2)
3.52647%	Annual	U.S. EFFR	Annual	6/16/2024	USD5,215	(41)	—	(41)
3.497%	Annual	U.S. EFFR	Annual	6/16/2024	USD5,600	(45)	—	(45)
3.5291%	Annual	U.S. EFFR	Annual	6/16/2024	USD5,635	(45)	—	(45)
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024	USD898	(7)	—	(7)
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024	USD4,100	(34)	—	(34)
SOFR	Annual	3.055%	Annual	4/6/2031	USD6,700	183	—	183
SOFR	Annual	2.91%	Annual	9/18/2050	USD592	48	—	48
						$54	$—	$54

American Funds Insurance Series  131

Capital Income Builder (continued)

Swap contracts (continued)

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Financing rate received	Payment frequency	Reference index	Expiration date	Notional amount17 (000)	Value at 12/31/202318 (000)	Upfront premium paid (received) (000)	Unrealized appreciation (depreciation) at 12/31/2023 (000)
5.00%	Quarterly	CDX.NA.HY.41	12/20/2028	USD6,088	$355	$(25)	$380

Investments in affiliates¹⁴

	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interest income (000)
Investment funds 2.80%
Capital Group Central Corporate Bond Fund	$	28,059	$	8,969	$	3,252		$	(735	)	$	1,929		$	34,970	$	1,338
Short-term securities 7.35%
Money market investments 7.34%
Capital Group Central Cash Fund 5.44%15		77,952		231,552		217,725			7			(7	)		91,779		4,771
Money market investments purchased with collateral from securities on loan 0.01%
Capital Group Central Cash Fund 5.44%15,16		1,712				1,653	19								59		—	20
Total short-term securities															91,838
Total 10.15%								$	(728	)	$	1,922		$	126,808	$	6,109

¹  All or a portion of this security was on loan. The total value of all such securities was $17,090,000, which represented 1.37% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

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 $22,845,000, which represented 1.83% of the net assets of the fund.

³  Value determined using significant unobservable inputs.

⁴  Amount less than one thousand.

⁵  Security did not produce income during the last 12 months.

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

⁷  Coupon rate may change periodically. 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.

⁸  Purchased on a TBA basis.

⁹  Step bond; coupon rate may change at a later date.

¹⁰  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,208,000, which represented .18% of the net assets of the fund.

¹¹  Index-linked bond whose principal amount moves with a government price index.

¹²  Scheduled interest and/or principal payment was not received.

¹³  Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

¹⁴  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

¹⁵  Rate represents the seven-day yield at 12/31/2023.

¹⁶  Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

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.

¹⁹  Represents net activity. Refer to Note 5 for more information on securities lending.

²⁰  Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

132  American Funds Insurance Series

Capital Income Builder (continued)

Key to abbreviation(s)

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

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.

American Funds Insurance Series  133

Asset Allocation Fund

Investment portfolio December 31, 2023

				Value
Common stocks 63.95%		Shares		(000)
Information	Broadcom, Inc.		1,116,318	$	1,246,090
technology	Microsoft Corp.		2,642,840		993,814
13.69%	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		3,470,426		360,924
	ASML Holding NV (ADR)		449,711		340,395
	Oracle Corp.		1,297,246		136,769
	Apple, Inc.		604,712		116,425
	TE Connectivity, Ltd.		656,000		92,168
	Salesforce, Inc.1		268,387		70,623
	Applied Materials, Inc.		426,300		69,090
	Synopsys, Inc.1		90,490		46,594
	MicroStrategy, Inc., Class A1		43,100		27,223
	Diebold Nixdorf, Inc.1,2		532,940		15,429
					3,515,544
Health care	UnitedHealth Group, Inc.		1,030,396		542,473
10.03%	Eli Lilly and Co.		717,860		418,455
	Vertex Pharmaceuticals, Inc.1		940,945		382,861
	Gilead Sciences, Inc.		4,559,000		369,325
	Thermo Fisher Scientific, Inc.		300,000		159,237
	Regeneron Pharmaceuticals, Inc.1		150,000		131,743
	Pfizer, Inc.		3,857,635		111,061
	Novo Nordisk AS, Class B		929,600		96,153
	AstraZeneca PLC		461,000		62,089
	AstraZeneca PLC (ADR)		190,000		12,796
	Alnylam Pharmaceuticals, Inc.1		261,834		50,118
	Centene Corp.1		675,000		50,092
	CVS Health Corp.		506,300		39,977
	Cooper Companies, Inc.		99,300		37,579
	Danaher Corp.		95,660		22,130
	Catalent, Inc.1		488,000		21,926
	Rotech Healthcare, Inc.1,3,4		184,138		19,334
	AbCellera Biologics, Inc.1,5		2,871,293		16,395
	Illumina, Inc.1		104,134		14,500
	Biogen, Inc.1		34,200		8,850
	Zoetis, Inc., Class A		42,300		8,349
					2,575,443
Financials	Apollo Asset Management, Inc.		2,630,627		245,148
8.38%	Aon PLC, Class A		735,000		213,900
	JPMorgan Chase & Co.		1,179,000		200,548
	Synchrony Financial		4,100,000		156,579
	Capital One Financial Corp.		1,070,000		140,298
	Ares Management Corp., Class A		1,015,403		120,752
	Mastercard, Inc., Class A		272,177		116,086
	Blue Owl Capital, Inc., Class A		7,085,161		105,569
	Blackstone, Inc.		737,500		96,553
	Arthur J. Gallagher & Co.		427,724		96,186
	Intercontinental Exchange, Inc.		719,487		92,404
	CME Group, Inc., Class A		361,000		76,027
	Wells Fargo & Co.		1,517,000		74,667
	Discover Financial Services		600,000		67,440
	Nasdaq, Inc.		962,300		55,948
	London Stock Exchange Group PLC		460,314		54,415
	Brookfield Corp., Class A		1,260,000		50,551
	Fifth Third Bancorp		1,217,000		41,974
	Visa, Inc., Class A		146,264		38,080
	Carlyle Group, Inc. (The)		814,688		33,150
	KKR & Co., Inc.		261,000		21,624
	RenaissanceRe Holdings, Ltd.		97,535		19,117
	Fiserv, Inc.1		115,266		15,312

134  American Funds Insurance Series

Asset Allocation Fund (continued)

				Value
Common stocks (continued)		Shares		(000)
Financials	Goldman Sachs Group, Inc.		30,100	$	11,612
(continued)	Islandsbanki hf.		9,555,235		7,797
	Sberbank of Russia PJSC3		8,880,000		—	6
					2,151,737
Industrials	Boeing Co.1		1,313,000		342,246
7.07%	L3Harris Technologies, Inc.		1,351,500		284,653
	Caterpillar, Inc.		618,000		182,724
	Northrop Grumman Corp.		310,000		145,123
	Southwest Airlines Co.		4,023,000		116,184
	CSX Corp.		2,693,817		93,395
	Airbus SE, non-registered shares		537,469		82,963
	TransDigm Group, Inc.		74,424		75,287
	Huntington Ingalls Industries, Inc.		284,500		73,868
	Union Pacific Corp.		279,386		68,623
	Deere & Co.		150,000		59,980
	Republic Services, Inc.		340,689		56,183
	Safran SA		312,100		55,056
	Lockheed Martin Corp.		91,466		41,456
	Cintas Corp.		64,200		38,691
	Carrier Global Corp.		587,000		33,723
	Quanta Services, Inc.		152,260		32,858
	Copart, Inc.1		464,000		22,736
	Veralto Corp.		126,099		10,373
					1,816,122
Consumer	Home Depot, Inc.		1,607,300		557,010
discretionary	Booking Holdings, Inc.1		107,243		380,415
7.03%	LVMH Moët Hennessy-Louis Vuitton SE		226,125		183,416
	General Motors Co.		4,000,000		143,680
	D.R. Horton, Inc.		870,000		132,223
	Darden Restaurants, Inc.		601,084		98,758
	Royal Caribbean Cruises, Ltd.1		734,400		95,097
	Tractor Supply Co.		218,000		46,877
	Compagnie Financière Richemont SA, Class A		329,286		45,419
	YUM! Brands, Inc.		277,000		36,193
	Marriott International, Inc., Class A		112,000		25,257
	Moncler SpA		395,000		24,358
	Restaurant Brands International, Inc.		271,440		21,208
	Advance Auto Parts, Inc.		249,443		15,223
	Party City Holdco, Inc.1,3		68,158		1,557
	Party City Holdco, Inc.1,2,3		681		15
					1,806,706
Communication	Meta Platforms, Inc., Class A1		1,506,000		533,064
services	Alphabet, Inc., Class C1		3,009,502		424,129
5.54%	Alphabet, Inc., Class A1		531,770		74,283
	Comcast Corp., Class A		5,301,533		232,472
	Take-Two Interactive Software, Inc.1		550,000		88,523
	Charter Communications, Inc., Class A1		184,000		71,517
					1,423,988
Consumer staples	Philip Morris International, Inc.		3,727,171		350,652
4.15%	Constellation Brands, Inc., Class A		663,689		160,447
	Altria Group, Inc.		2,838,200		114,493
	Archer Daniels Midland Co.		1,200,000		86,664
	Target Corp.		500,000		71,210
	Nestlé SA		516,000		59,720

American Funds Insurance Series  135

Asset Allocation Fund (continued)

				Value
Common stocks (continued)		Shares		(000)
Consumer staples	Costco Wholesale Corp.		89,700	$	59,209
(continued)	British American Tobacco PLC		1,080,000		31,517
	British American Tobacco PLC (ADR)5		882,000		25,834
	Dollar Tree Stores, Inc.1		287,000		40,768
	Mondelez International, Inc., Class A		440,000		31,869
	Dollar General Corp.		125,000		16,994
	Procter & Gamble Co.		105,500		15,460
					1,064,837
Materials	Royal Gold, Inc.		1,405,000		169,949
3.93%	Franco-Nevada Corp.		1,495,000		165,595
	Linde PLC		334,791		137,502
	Lundin Mining Corp.		14,980,000		122,549
	ATI, Inc.1		1,964,000		89,303
	Wheaton Precious Metals Corp.		1,780,000		87,825
	Nucor Corp.		500,000		87,020
	Mosaic Co.		1,381,012		49,344
	First Quantum Minerals, Ltd.		5,805,000		47,533
	Celanese Corp.		160,000		24,859
	Corteva, Inc.		511,606		24,516
	Venator Materials PLC1,3		563,403,768		2,890
					1,008,885
Energy	Canadian Natural Resources, Ltd. (CAD denominated)		6,940,400		454,697
3.41%	ConocoPhillips		1,324,000		153,677
	Halliburton Co.		2,534,613		91,626
	Schlumberger NV		833,500		43,376
	Noble Corp. PLC, Class A		611,675		29,458
	Exxon Mobil Corp.		233,835		23,379
	EOG Resources, Inc.		174,000		21,045
	TechnipFMC PLC		902,000		18,166
	Cenovus Energy, Inc. (CAD denominated)		928,000		15,464
	New Fortress Energy, Inc., Class A		408,780		15,423
	TC Energy Corp. (CAD denominated)5		205,000		8,008
	Altera Infrastructure, LP1,3		16,130		1,487
	Constellation Oil Services Holding SA, Class B-11,3		480,336		67
	Bighorn Permian Resources, LLC3		4,392		—	6
					875,873
Real estate	Extra Space Storage, Inc. REIT		655,530		105,101
0.60%	Crown Castle, Inc. REIT		435,600		50,177
					155,278
Utilities	Constellation Energy Corp.		138,666		16,209
0.12%	FirstEnergy Corp.		400,000		14,664
					30,873
	Total common stocks (cost: $10,347,476,000)				16,425,286
Preferred securities 0.00%
Industrials	ACR III LSC Holdings, LLC, Series B, preferred shares1,2,3		450		697
0.00%	Total preferred securities (cost: $465,000)				697

136  American Funds Insurance Series

Asset Allocation Fund (continued)

					Value
Rights & warrants 0.00%		Shares			(000)
Energy	Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/20711,3		4		$	—	6
0.00%	Total rights & warrants (cost: $0)					—	6
Convertible stocks 0.17%
Health care 0.17%	Carbon Health Technologies, Inc., Series D-2, 8.00% noncumulative convertible preferred shares3,4		4,955,500			43,608
	Total convertible stocks (cost: $50,000,000)					43,608
		Principal amount
Convertible bonds & notes 0.01%		(000)
Communication	DISH Network Corp., convertible notes, 3.375% 8/15/2026		USD4,000			2,140
services
0.01%	Total convertible bonds & notes (cost: $2,482,000)					2,140
Bonds, notes & other debt instruments 25.97%
Mortgage-backed obligations 9.23%
Federal agency	Fannie Mae Pool #AD7072 4.00% 6/1/20257		1			1
mortgage-backed	Fannie Mae Pool #AE3069 4.00% 9/1/20257		—	6		—	6
obligations	Fannie Mae Pool #AH0829 4.00% 1/1/20267		1			1
8.62%	Fannie Mae Pool #AH6431 4.00% 2/1/20267		107			105
	Fannie Mae Pool #AH5618 4.00% 2/1/20267		1			1
	Fannie Mae Pool #890329 4.00% 4/1/20267		14			14
	Fannie Mae Pool #MA1109 4.00% 5/1/20277		1			1
	Fannie Mae Pool #MA3653 3.00% 3/1/20297		10			10
	Fannie Mae Pool #AL8347 4.00% 3/1/20297		88			87
	Fannie Mae Pool #254767 5.50% 6/1/20337		174			179
	Fannie Mae Pool #555956 5.50% 12/1/20337		111			114
	Fannie Mae Pool #BN1085 4.00% 1/1/20347		355			351
	Fannie Mae Pool #929185 5.50% 1/1/20367		352			362
	Fannie Mae Pool #893641 6.00% 9/1/20367		559			582
	Fannie Mae Pool #893688 6.00% 10/1/20367		142			149
	Fannie Mae Pool #AS8554 3.00% 12/1/20367		5,393			5,025
	Fannie Mae Pool #907239 6.00% 12/1/20367		31			32
	Fannie Mae Pool #928031 6.00% 1/1/20377		53			55
	Fannie Mae Pool #888292 6.00% 3/1/20377		477			498
	Fannie Mae Pool #AD0249 5.50% 4/1/20377		92			95
	Fannie Mae Pool #190379 5.50% 5/1/20377		48			49
	Fannie Mae Pool #924952 6.00% 8/1/20377		705			736
	Fannie Mae Pool #888637 6.00% 9/1/20377		8			9
	Fannie Mae Pool #995674 6.00% 5/1/20387		273			286
	Fannie Mae Pool #AD0119 6.00% 7/1/20387		846			884
	Fannie Mae Pool #995224 6.00% 9/1/20387		7			7
	Fannie Mae Pool #AE0021 6.00% 10/1/20387		260			271
	Fannie Mae Pool #AL7164 6.00% 10/1/20387		180			187
	Fannie Mae Pool #889983 6.00% 10/1/20387		16			16
	Fannie Mae Pool #AD0095 6.00% 11/1/20387		600			627
	Fannie Mae Pool #AB0538 6.00% 11/1/20387		100			105
	Fannie Mae Pool #995391 6.00% 11/1/20387		12			12
	Fannie Mae Pool #AD0833 6.00% 1/1/20397		—	6		—	6
	Fannie Mae Pool #AL0309 6.00% 1/1/20407		55			57
	Fannie Mae Pool #AL0013 6.00% 4/1/20407		162			169
	Fannie Mae Pool #AL7228 6.00% 4/1/20417		210			219
	Fannie Mae Pool #AB4536 6.00% 6/1/20417		370			386
	Fannie Mae Pool #MA4387 2.00% 7/1/20417		7,039			6,032
	Fannie Mae Pool #MA4501 2.00% 12/1/20417		8,108			6,934

American Funds Insurance Series  137

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Mortgage-backed obligations (continued)
Federal agency	Fannie Mae Pool #FS0305 1.50% 1/1/20427		USD21,193	$	17,576
mortgage-backed	Fannie Mae Pool #MA4520 2.00% 1/1/20427		13,781		11,786
obligations	Fannie Mae Pool #AP2131 3.50% 8/1/20427		2,810		2,648
(continued)	Fannie Mae Pool #AU8813 4.00% 11/1/20437		1,942		1,890
	Fannie Mae Pool #AU9348 4.00% 11/1/20437		1,098		1,069
	Fannie Mae Pool #AU9350 4.00% 11/1/20437		923		899
	Fannie Mae Pool #AL8773 3.50% 2/1/20457		4,855		4,587
	Fannie Mae Pool #FM9416 3.50% 7/1/20457		8,026		7,494
	Fannie Mae Pool #AL8354 3.50% 10/1/20457		1,198		1,122
	Fannie Mae Pool #AL8522 3.50% 5/1/20467		2,526		2,372
	Fannie Mae Pool #BC7611 4.00% 5/1/20467		111		106
	Fannie Mae Pool #AS8310 3.00% 11/1/20467		339		310
	Fannie Mae Pool #BD9307 4.00% 11/1/20467		1,289		1,243
	Fannie Mae Pool #BD9699 3.50% 12/1/20467		1,442		1,347
	Fannie Mae Pool #BE1290 3.50% 2/1/20477		1,919		1,792
	Fannie Mae Pool #BM1179 3.00% 4/1/20477		428		390
	Fannie Mae Pool #256975 7.00% 10/1/20477		2		2
	Fannie Mae Pool #CA0770 3.50% 11/1/20477		1,394		1,302
	Fannie Mae Pool #257036 7.00% 11/1/20477		6		6
	Fannie Mae Pool #MA3211 4.00% 12/1/20477		2,408		2,326
	Fannie Mae Pool #MA3277 4.00% 2/1/20487		10		9
	Fannie Mae Pool #BK5255 4.00% 5/1/20487		10		9
	Fannie Mae Pool #FM3278 3.50% 11/1/20487		15,369		14,349
	Fannie Mae Pool #FM3280 3.50% 5/1/20497		2,090		1,943
	Fannie Mae Pool #CA4756 3.00% 12/1/20497		1,603		1,445
	Fannie Mae Pool #CA5968 2.50% 6/1/20507		5,176		4,477
	Fannie Mae Pool #CA6593 2.50% 8/1/20507		11,703		10,129
	Fannie Mae Pool #CA7052 3.00% 9/1/20507		363		324
	Fannie Mae Pool #CA7737 2.50% 11/1/20507		9,499		8,114
	Fannie Mae Pool #CA7599 2.50% 11/1/20507		1,481		1,282
	Fannie Mae Pool #FM4897 3.00% 11/1/20507		13,332		12,090
	Fannie Mae Pool #MA4237 2.00% 1/1/20517		6,339		5,215
	Fannie Mae Pool #CA8828 2.50% 2/1/20517		3,755		3,238
	Fannie Mae Pool #CB0290 2.00% 4/1/20517		4,564		3,748
	Fannie Mae Pool #CB0191 3.00% 4/1/20517		5,156		4,606
	Fannie Mae Pool #CB0193 3.00% 4/1/20517		620		554
	Fannie Mae Pool #FM7909 3.00% 6/1/20517		485		433
	Fannie Mae Pool #FM8453 3.00% 8/1/20517		4,511		4,055
	Fannie Mae Pool #CB1304 3.00% 8/1/20517		81		73
	Fannie Mae Pool #CB1810 3.00% 10/1/20517		155		137
	Fannie Mae Pool #CB2078 3.00% 11/1/20517		9,079		8,101
	Fannie Mae Pool #CB2286 2.50% 12/1/20517		16,170		13,898
	Fannie Mae Pool #CB2375 2.50% 12/1/20517		7,477		6,426
	Fannie Mae Pool #CB2319 2.50% 12/1/20517		183		158
	Fannie Mae Pool #BT9483 2.50% 12/1/20517		88		76
	Fannie Mae Pool #CB2372 2.50% 12/1/20517		87		75
	Fannie Mae Pool #BT9510 2.50% 12/1/20517		87		75
	Fannie Mae Pool #FS0182 3.00% 1/1/20527		11,836		10,565
	Fannie Mae Pool #BV3076 2.00% 2/1/20527		8,141		6,665
	Fannie Mae Pool #FS0647 3.00% 2/1/20527		61,935		55,889
	Fannie Mae Pool #BW2918 4.50% 6/1/20527		5,687		5,517
	Fannie Mae Pool #BW1192 4.50% 9/1/20527		713		692
	Fannie Mae Pool #CB4852 4.50% 10/1/20527		11,860		11,504
	Fannie Mae Pool #BX0097 4.50% 10/1/20527		920		894
	Fannie Mae Pool #FS5554 4.50% 11/1/20527		3,307		3,208
	Fannie Mae Pool #MA4842 5.50% 12/1/20527		2,737		2,754
	Fannie Mae Pool #MA4919 5.50% 2/1/20537		1,166		1,172
	Fannie Mae Pool #FS4563 5.00% 5/1/20537		841		833
	Fannie Mae Pool #MA5010 5.50% 5/1/20537		199		200
	Fannie Mae Pool #MA5038 5.00% 6/1/20537		50,001		49,486
	Fannie Mae Pool #MA5039 5.50% 6/1/20537		708		711

138  American Funds Insurance Series

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Mortgage-backed obligations (continued)
Federal agency	Fannie Mae Pool #CB6491 6.50% 6/1/20537		USD1,655	$	1,704
mortgage-backed	Fannie Mae Pool #CB6490 6.50% 6/1/20537		576		591
obligations	Fannie Mae Pool #CB6468 6.50% 6/1/20537		416		428
(continued)	Fannie Mae Pool #MA5071 5.00% 7/1/20537		3,838		3,798
	Fannie Mae Pool #MA5072 5.50% 7/1/20537		2,646		2,658
	Fannie Mae Pool #MA5139 6.00% 9/1/20537		25,023		25,414
	Fannie Mae Pool #MA5165 5.50% 10/1/20537		2,050		2,059
	Fannie Mae Pool #BM6736 4.50% 11/1/20597		10,738		10,472
	Fannie Mae Pool #BF0497 3.00% 7/1/20607		3,804		3,266
	Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/20417		22		24
	Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/20417		69		71
	Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/20367		33		28
	Freddie Mac Pool #C91912 3.00% 2/1/20377		9,837		9,176
	Freddie Mac Pool #G03978 5.00% 3/1/20387		391		398
	Freddie Mac Pool #G04553 6.50% 9/1/20387		43		45
	Freddie Mac Pool #G08347 4.50% 6/1/20397		59		59
	Freddie Mac Pool #RB5071 2.00% 9/1/20407		23,264		20,036
	Freddie Mac Pool #C03518 5.00% 9/1/20407		518		527
	Freddie Mac Pool #Q05807 4.00% 1/1/20427		1,476		1,440
	Freddie Mac Pool #Q23185 4.00% 11/1/20437		1,096		1,068
	Freddie Mac Pool #Q23190 4.00% 11/1/20437		724		706
	Freddie Mac Pool #760014 2.71% 8/1/20457,8		162		156
	Freddie Mac Pool #Q37988 4.00% 12/1/20457		5,032		4,862
	Freddie Mac Pool #G60344 4.00% 12/1/20457		4,426		4,276
	Freddie Mac Pool #Z40130 3.00% 1/1/20467		3,971		3,657
	Freddie Mac Pool #Q41090 4.50% 6/1/20467		199		198
	Freddie Mac Pool #Q41909 4.50% 7/1/20467		203		202
	Freddie Mac Pool #760015 2.597% 1/1/20477,8		402		383
	Freddie Mac Pool #Q46021 3.50% 2/1/20477		1,116		1,044
	Freddie Mac Pool #SI2002 4.00% 3/1/20487		2,112		2,035
	Freddie Mac Pool #RA3384 3.00% 8/1/20507		393		351
	Freddie Mac Pool #SD8106 2.00% 11/1/20507		31,091		25,589
	Freddie Mac Pool #SD7528 2.00% 11/1/20507		16,585		13,813
	Freddie Mac Pool #RA5288 2.00% 5/1/20517		28,629		23,516
	Freddie Mac Pool #SD7544 3.00% 7/1/20517		385		346
	Freddie Mac Pool #RA5782 2.50% 9/1/20517		9,569		8,244
	Freddie Mac Pool #SD7545 2.50% 9/1/20517		6,510		5,621
	Freddie Mac Pool #RA5971 3.00% 9/1/20517		6,330		5,679
	Freddie Mac Pool #QC6456 3.00% 9/1/20517		679		601
	Freddie Mac Pool #SD0734 3.00% 10/1/20517		169		152
	Freddie Mac Pool #RA6483 2.50% 12/1/20517		6,439		5,534
	Freddie Mac Pool #SD7552 2.50% 1/1/20527		2,249		1,937
	Freddie Mac Pool #SD0813 3.00% 1/1/20527		321		287
	Freddie Mac Pool #QD7089 3.50% 2/1/20527		1,025		945
	Freddie Mac Pool #SD7554 2.50% 4/1/20527		87		75
	Freddie Mac Pool #SD8214 3.50% 5/1/20527		51		47
	Freddie Mac Pool #QE4383 4.00% 6/1/20527		2,297		2,173
	Freddie Mac Pool #SD7556 3.00% 8/1/20527		1,327		1,188
	Freddie Mac Pool #QE7976 4.50% 8/1/20527		43,571		42,266
	Freddie Mac Pool #QE8579 4.50% 8/1/20527		192		186
	Freddie Mac Pool #QF0212 4.50% 9/1/20527		878		851
	Freddie Mac Pool #QE9497 4.50% 9/1/20527		219		212
	Freddie Mac Pool #SD1608 4.50% 9/1/20527		130		127
	Freddie Mac Pool #RA7938 5.00% 9/1/20527		1,237		1,227
	Freddie Mac Pool #QF1236 4.50% 10/1/20527		1,278		1,240
	Freddie Mac Pool #SD2465 4.50% 10/1/20527		87		84
	Freddie Mac Pool #SD8276 5.00% 12/1/20527		6,472		6,408
	Freddie Mac Pool #SD2716 5.00% 4/1/20537		1,362		1,349
	Freddie Mac Pool #RA8647 4.50% 5/1/20537		88		86
	Freddie Mac Pool #SD8329 5.00% 6/1/20537		438		434
	Freddie Mac Pool #SD8331 5.50% 6/1/20537		3,133		3,146

American Funds Insurance Series  139

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Mortgage-backed obligations (continued)
Federal agency	Freddie Mac Pool #RA9294 6.50% 6/1/20537		USD771	$	793
mortgage-backed	Freddie Mac Pool #RA9292 6.50% 6/1/20537		666		685
obligations	Freddie Mac Pool #RA9289 6.50% 6/1/20537		625		648
(continued)	Freddie Mac Pool #RA9288 6.50% 6/1/20537		609		633
	Freddie Mac Pool #RA9287 6.50% 6/1/20537		422		440
	Freddie Mac Pool #RA9290 6.50% 6/1/20537		321		331
	Freddie Mac Pool #RA9291 6.50% 6/1/20537		236		242
	Freddie Mac Pool #RA9295 6.50% 6/1/20537		173		181
	Freddie Mac Pool #SD8341 5.00% 7/1/20537		5,513		5,456
	Freddie Mac Pool #SD8342 5.50% 7/1/20537		9,508		9,549
	Freddie Mac Pool #SD8362 5.50% 9/1/20537		5,972		5,997
	Freddie Mac Pool #SD8367 5.50% 10/1/20537		7,573		7,607
	Freddie Mac Pool #SD4053 6.00% 10/1/20537		5,954		6,049
	Freddie Mac Pool #SD8372 5.50% 11/1/20537		26,429		26,542
	Freddie Mac, Series T041, Class 3A, 4.357% 7/25/20327,8		170		163
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20567,8		2,418		2,211
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/20567,8		1,047		962
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20567		4,712		4,335
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20567,8		4,629		4,236
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20577,8		847		747
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/20577		702		632
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20577		1,580		1,493
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/20577		1,808		1,615
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20587		8,382		7,904
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/20597		4,879		4,467
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20287		1,921		1,832
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/20297		3,807		3,617
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/20297		2,455		2,278
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/20297		2,394		2,207
	Government National Mortgage Assn. 2.50% 1/1/20547,9		4,700		4,112
	Government National Mortgage Assn. 3.00% 1/1/20547,9		48,057		43,517
	Government National Mortgage Assn. 4.00% 1/1/20547,9		14,284		13,639
	Government National Mortgage Assn. 2.50% 2/1/20547,9		9,300		8,157
	Government National Mortgage Assn. 3.00% 2/1/20547,9		14,606		13,250
	Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/20487		427		409
	Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/20487		298		295
	Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/20507		178		174
	Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/20507		7,518		6,370
	Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/20507		75,406		63,891
	Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/20517		1,522		1,505
	Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/20517		433		428
	Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/20527		158		138
	Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/20527		13,618		11,911
	Government National Mortgage Assn. Pool #MA8099 3.50% 6/20/20527		148		138
	Government National Mortgage Assn. Pool #MA8197 2.50% 8/20/20527		973		851
	Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/20527		725		675
	Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/20527		1,644		1,569

140  American Funds Insurance Series

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Mortgage-backed obligations (continued)
Federal agency	Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/20527		USD33,999	$	31,655
mortgage-backed	Government National Mortgage Assn. Pool #MA8485 2.50% 12/20/20527		2,488		2,178
obligations	Government National Mortgage Assn. Pool #MA8642 2.50% 2/20/20537		2,195		1,922
(continued)	Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/20537		3,224		3,146
	Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/20537		30,113		29,384
	Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/20637		2,085		1,591
	Uniform Mortgage-Backed Security 2.50% 1/1/20397,9		351		324
	Uniform Mortgage-Backed Security 2.50% 2/1/20397,9		287		264
	Uniform Mortgage-Backed Security 2.00% 1/1/20547,9		160,914		131,547
	Uniform Mortgage-Backed Security 2.50% 1/1/20547,9		253,330		215,548
	Uniform Mortgage-Backed Security 3.00% 1/1/20547,9		53,383		47,229
	Uniform Mortgage-Backed Security 3.50% 1/1/20547,9		87,799		80,556
	Uniform Mortgage-Backed Security 4.00% 1/1/20547,9		204,916		193,829
	Uniform Mortgage-Backed Security 4.50% 1/1/20547,9		95,383		92,469
	Uniform Mortgage-Backed Security 5.00% 1/1/20547,9		78,864		78,032
	Uniform Mortgage-Backed Security 5.50% 1/1/20547,9		49,170		49,385
	Uniform Mortgage-Backed Security 6.00% 1/1/20547,9		44,318		45,004
	Uniform Mortgage-Backed Security 6.50% 1/1/20547,9		29,606		30,343
	Uniform Mortgage-Backed Security 2.50% 2/1/20547,9		61,700		52,566
	Uniform Mortgage-Backed Security 3.50% 2/1/20547,9		50,493		46,374
	Uniform Mortgage-Backed Security 4.50% 2/1/20547,9		2,400		2,328
	Uniform Mortgage-Backed Security 5.00% 2/1/20547,9		45,300		44,840
	Uniform Mortgage-Backed Security 5.50% 2/1/20547,9		49,300		49,523
	Uniform Mortgage-Backed Security 6.00% 2/1/20547,9		33,000		33,509
	Uniform Mortgage-Backed Security 6.50% 2/1/20547,9		77,898		79,824
					2,212,790
Commercial	Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/20567		6,201		6,566
mortgage-backed	Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/20567,8		857		913
securities	Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/20637		2,909		2,480
0.48%	Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/20517		1,000		938
	Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/20537		2,960		2,471
	BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 6.065% 9/15/20342,7,8		5,711		5,588
	BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 6.176% 9/15/20362,7,8		4,505		4,394
	BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.375% 10/15/20362,7,8		7,968		7,797
	BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 6.773% 10/15/20362,7,8		5,968		5,783
	BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 6.146% 6/15/20382,7,8		6,998		6,892
	BX Trust, Series 2021-SOAR, Class B, (1-month USD CME Term SOFR + 0.984%) 6.346% 6/15/20382,7,8		1,264		1,240
	BX Trust, Series 2021-SOAR, Class C, (1-month USD CME Term SOFR + 1.214%) 6.576% 6/15/20382,7,8		1,141		1,119
	BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 6.326% 11/15/20382,7,8		5,254		5,185
	BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 6.352% 2/15/20392,7,8		4,834		4,749
	Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20282,7,8		3,606		3,656
	Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 4/10/20487		187		185
	Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/20507		4,735		4,605
	CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 11/15/20487		481		472
	DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/20402,7		3,677		3,799
	Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 6.556% 7/15/20382,7,8		1,469		1,457

American Funds Insurance Series  141

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed	Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 6.856% 7/15/20382,7,8		USD1,341	$	1,322
securities (continued)	Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 7.176% 7/15/20382,7,8		1,401		1,380
	Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/20402,7		3,795		3,073
	GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 4.936% 9/15/20382,7,8		1,355		1,320
	GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/20537		2,489		2,101
	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/20392,7		1,964		1,655
	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/20392,7		868		689
	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 1/5/20392,7,8		100		67
	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 3/5/20422,7		1,431		1,153
	LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD CME Term SOFR + 1.514%) 6.88% 10/15/20382,7,8		1,326		1,318
	Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/20392,7		13,772		12,184
	MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + 0.915%) 6.277% 4/15/20382,7,8		3,644		3,608
	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 12/15/20477		308		302
	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 4/15/20487		234		231
	SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/20412,7		2,194		1,817
	SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 6.207% 11/15/20382,7,8		4,601		4,529
	StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 6.362% 1/15/20392,7,8		10,709		10,493
	WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 8.151% 11/15/20272,7,8		6,379		6,394
					123,925
Collateralized	Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20482,7,8		925		760
mortgage-backed	Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/20682,7,8		865		866
obligations (privately originated)	Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 6.087% 10/25/20412,7,8		41		41
0.13%	Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/20372,7		4,016		3,718
	CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/20347		137		133
	Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/20692,7		1,975		2,197
	Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/20692,7		5,994		6,681
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (30-day Average USD-SOFR + 3.414%) 8.752% 10/25/20277,8		110		111
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 7.487% 9/25/20422,7,8		738		745
	Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/20262,7		4,017		3,634
	Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 11/25/20592,7,8		951		952
	MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/20347		285		276
	Mello Warehouse Securitization Trust, Series 2021-3, Class A, (3-month USD CME Term SOFR + 0.965%) 6.32% 11/25/20552,7,8		4,040		4,026

142  American Funds Insurance Series

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed	Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/20522,7,8		USD2,661	$	2,188
obligations (privately	Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/20632,7		3,101		2,946
originated) (continued)	Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027)2,7,10		3,286		3,320
					32,594
	Total mortgage-backed obligations				2,369,309
U.S. Treasury bonds & notes 7.76%
U.S. Treasury	U.S. Treasury 2.50% 5/15/2024		700		693
7.60%	U.S. Treasury 2.50% 5/31/2024		100,000		98,900
	U.S. Treasury 4.25% 9/30/2024		880		876
	U.S. Treasury 1.00% 12/15/2024		10,725		10,346
	U.S. Treasury 3.875% 4/30/2025		4,250		4,213
	U.S. Treasury 4.625% 6/30/2025		205,260		205,756
	U.S. Treasury 4.75% 7/31/2025		71,532		71,868
	U.S. Treasury 5.00% 10/31/2025		158,494		160,325
	U.S. Treasury 4.875% 11/30/2025		14,279		14,430
	U.S. Treasury 0.50% 2/28/2026		42,515		39,298
	U.S. Treasury 3.625% 5/15/2026		1,195		1,182
	U.S. Treasury 4.375% 8/15/2026		5,363		5,401
	U.S. Treasury 0.75% 8/31/2026		52		48
	U.S. Treasury 0.875% 9/30/2026		565		519
	U.S. Treasury 1.125% 10/31/2026		471		435
	U.S. Treasury 4.625% 11/15/2026		7,985		8,113
	U.S. Treasury 1.125% 2/28/2027		762		698
	U.S. Treasury 2.375% 5/15/2027		880		836
	U.S. Treasury 2.625% 5/31/2027		96,250		92,163
	U.S. Treasury 0.50% 6/30/2027		36,300		32,250
	U.S. Treasury 4.125% 9/30/2027		90,000		90,608
	U.S. Treasury 4.00% 2/29/2028		46,200		46,366
	U.S. Treasury 3.625% 3/31/2028		10		10
	U.S. Treasury 3.50% 4/30/2028		5,600		5,513
	U.S. Treasury 1.25% 9/30/2028		3,142		2,785
	U.S. Treasury 4.375% 11/30/2028		180,005		184,245
	U.S. Treasury 2.875% 4/30/2029		50,000		47,594
	U.S. Treasury 1.50% 2/15/2030		26,651		23,233
	U.S. Treasury 4.00% 2/28/2030		1,598		1,607
	U.S. Treasury 0.625% 5/15/2030		20,225		16,536
	U.S. Treasury 4.00% 7/31/2030		100,000		100,596
	U.S. Treasury 4.875% 10/31/2030		60,765		64,311
	U.S. Treasury 2.875% 5/15/2032		50,000		46,363
	U.S. Treasury 4.125% 11/15/2032		723		735
	U.S. Treasury 3.50% 2/15/2033		29,540		28,663
	U.S. Treasury 3.875% 8/15/2033		122,811		122,734
	U.S. Treasury 4.50% 11/15/2033		60,699		63,758
	U.S. Treasury 1.125% 5/15/2040		37,775		24,411
	U.S. Treasury 1.375% 11/15/2040		27,695		18,427
	U.S. Treasury 1.75% 8/15/2041		37,854		26,388
	U.S. Treasury 2.00% 11/15/2041		1,181		857
	U.S. Treasury 4.75% 11/15/2043		23,140		24,867
	U.S. Treasury 2.50% 2/15/2046		3,755		2,823
	U.S. Treasury 3.00% 5/15/2047		9,355		7,661
	U.S. Treasury 3.00% 2/15/2048		336		275
	U.S. Treasury 1.375% 8/15/2050		12,500		6,986
	U.S. Treasury 2.25% 2/15/2052		72,025		50,062
	U.S. Treasury 4.00% 11/15/205211		8,369		8,278

American Funds Insurance Series  143

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury	U.S. Treasury 3.625% 2/15/205311		USD125,000	$	115,733
(continued)	U.S. Treasury 3.625% 5/15/2053		22,676		21,023
	U.S. Treasury 4.125% 8/15/2053		48,194		48,847
					1,950,645
U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.25% 1/15/202512		25,980		25,225
inflation-protected	U.S. Treasury Inflation-Protected Security 0.375% 7/15/202512		4,800		4,652
securities	U.S. Treasury Inflation-Protected Security 0.125% 10/15/202512		4,032		3,878
0.16%	U.S. Treasury Inflation-Protected Security 0.125% 10/15/202612		8,445		8,022
					41,777
	Total U.S. Treasury bonds & notes				1,992,422
Corporate bonds, notes & loans 6.61%
Financials	AerCap Ireland Capital DAC 2.45% 10/29/2026		5,457		5,055
1.60%	AerCap Ireland Capital DAC 5.75% 6/6/2028		1,371		1,404
	AerCap Ireland Capital DAC 3.00% 10/29/2028		4,501		4,112
	AerCap Ireland Capital DAC 3.30% 1/30/2032		1,970		1,715
	AerCap Ireland Capital DAC 3.85% 10/29/2041		1,970		1,589
	AG Issuer, LLC 6.25% 3/1/20282		4,470		4,448
	AG TTMT Escrow Issuer, LLC 8.625% 9/30/20272		1,072		1,128
	AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)2,10		7,750		8,001
	Alliant Holdings Intermediate, LLC 4.25% 10/15/20272		2,100		2,020
	Alliant Holdings Intermediate, LLC 5.875% 11/1/20292		2,295		2,177
	Ally Financial, Inc. 8.00% 11/1/2031		3,000		3,276
	American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025)10		4,810		4,907
	American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030)10		2,686		2,914
	American International Group, Inc. 5.125% 3/27/2033		2,937		2,982
	AmWINS Group, Inc. 4.875% 6/30/20292		1,348		1,233
	Aretec Group, Inc. 7.50% 4/1/20292		1,250		1,127
	Banco Santander, SA 2.746% 5/28/2025		1,200		1,159
	Banco Santander, SA 5.147% 8/18/2025		1,400		1,392
	Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034
	(5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)10		2,428		2,160
	Bank of America Corp. 5.08% 1/20/2027 (USD-SOFR + 1.29% on 1/20/2026)10		2,250		2,246
	Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)10		1,565		1,434
	Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)10		2,500		2,609
	Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028)10		2,098		2,112
	Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)10		1,000		812
	Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)10		14,535		14,576
	Berkshire Hathaway, Inc. 3.125% 3/15/2026		500		487
	Block, Inc. 3.50% 6/1/2031		2,325		2,069
	Blue Owl Capital Corp. 4.00% 3/30/2025		102		99
	Blue Owl Capital Corp. 3.40% 7/15/2026		1,290		1,200
	Blue Owl Capital Corp. II 4.625% 11/26/20242		512		507
	Blue Owl Capital Corp. III 3.125% 4/13/2027		2,520		2,229
	Blue Owl Credit Income Corp. 4.70% 2/8/2027		2,500		2,364
	BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)2,10		3,062		2,835
	BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)2,10		2,829		2,463
	BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)2,10		400		339
	BPCE SA 5.15% 7/21/20242		3,710		3,679
	BPCE SA 1.00% 1/20/20262		3,000		2,763
	BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026)2,10		5,000		5,042
	BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)2,10		271		272
	CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)2,10		1,450		1,480
	Castlelake Aviation Finance DAC 5.00% 4/15/20272		3,370		3,170
	Chubb INA Holdings, Inc. 3.35% 5/3/2026		880		857
	Chubb INA Holdings, Inc. 4.35% 11/3/2045		400		377
	Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025)10		8,000		8,064

144  American Funds Insurance Series

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Corporate bonds, notes & loans (continued)
Financials	Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)10		USD3,254	$	2,900
(continued)	Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)10		1,475		1,527
	CME Group, Inc. 3.75% 6/15/2028		3,425		3,353
	Coinbase Global, Inc. 3.375% 10/1/20282		2,625		2,218
	Coinbase Global, Inc. 3.625% 10/1/20312		2,875		2,225
	Compass Group Diversified Holdings, LLC 5.25% 4/15/20292		820		776
	Compass Group Diversified Holdings, LLC 5.00% 1/15/20322		715		649
	Cooperatieve Rabobank UA 4.375% 8/4/2025		4,500		4,422
	Corebridge Financial, Inc. 3.50% 4/4/2025		642		626
	Corebridge Financial, Inc. 3.65% 4/5/2027		914		880
	Corebridge Financial, Inc. 3.85% 4/5/2029		621		586
	Corebridge Financial, Inc. 3.90% 4/5/2032		351		318
	Corebridge Financial, Inc. 4.35% 4/5/2042		203		172
	Corebridge Financial, Inc. 4.40% 4/5/2052		489		411
	Crédit Agricole SA 4.375% 3/17/20252		850		837
	Credit Suisse AG 3.625% 9/9/2024		1,500		1,480
	Credit Suisse AG 7.95% 1/9/2025		7,750		7,926
	Danske Bank AS 3.773% 3/28/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)2,10		6,000		5,970
	Deutsche Bank AG 7.146% 7/13/2027 (USD-SOFR + 2.52% on 7/13/2026)10		1,338		1,390
	Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)10		6,650		6,108
	Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)10		2,250		2,358
	Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028)10		750		790
	Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)10		300		263
	Deutsche Bank AG 7.079% 2/10/2034 (USD-SOFR + 3.65% on 2/10/2033)10		1,645		1,693
	DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025)2,10		7,750		7,828
	Fidelity National Information Services, Inc. 3.10% 3/1/2041		302		224
	Fiserv, Inc. 3.50% 7/1/2029		471		443
	Fiserv, Inc. 2.65% 6/1/2030		3,605		3,172
	Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)10		2,198		2,011
	Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)10		4,000		3,710
	Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD CME Term SOFR + 1.42% on 4/23/2028)10		390		371
	Goldman Sachs Group, Inc. 2.615% 4/22/2032 (USD-SOFR + 1.281% on 4/22/2031)10		2,323		1,951
	Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041)10		2,000		1,533
	GTCR W-2 Merger Sub, LLC 7.50% 1/15/20312		1,150		1,216
	Hightower Holding, LLC 6.75% 4/15/20292		870		791
	HSBC Holdings PLC 4.25% 3/14/2024		3,000		2,989
	HSBC Holdings PLC 2.633% 11/7/2025 (USD-SOFR + 1.402% on 11/7/2024)10		625		610
	HSBC Holdings PLC 3.973% 5/22/2030 (3-month USD CME Term SOFR + 1.872% on 5/22/2029)10		1,500		1,402
	HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)10		1,436		1,199
	HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)10		400		333
	HSBC Holdings PLC 6.254% 3/9/2034 (USD-SOFR + 2.39% on 3/9/2033)10		7,800		8,294
	Intercontinental Exchange, Inc. 2.65% 9/15/2040		7,425		5,544
	Intesa Sanpaolo SpA 5.017% 6/26/20242		1,730		1,713
	Intesa Sanpaolo SpA 3.875% 7/14/20272		300		280
	Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)2,10		4,600		4,995
	Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053)2,10		6,621		6,835
	JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026)10		2,975		2,735
	JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)10		1,017		939
	JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)10		383		347
	JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)10		4,000		3,942
	JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)10		3,740		3,743
	JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028)10		4,250		4,471
	JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)10		13,025		10,591
	JPMorgan Chase & Co. 5.35% 6/1/2034 (USD-SOFR + 1.845% on 6/1/2033)10		8,134		8,255

American Funds Insurance Series  145

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Corporate bonds, notes & loans (continued)
Financials	JPMorgan Chase & Co. 6.254% 10/23/2034 (USD-SOFR + 1.81% on 10/23/2033)10		USD1,452	$	1,575
(continued)	Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)10		1,222		1,125
	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)10		800		734
	Marsh & McLennan Companies, Inc. 3.875% 3/15/2024		820		817
	Marsh & McLennan Companies, Inc. 4.375% 3/15/2029		1,705		1,698
	Marsh & McLennan Companies, Inc. 4.90% 3/15/2049		719		698
	Marsh & McLennan Companies, Inc. 2.90% 12/15/2051		920		622
	Mastercard, Inc. 4.875% 3/9/2028		3,246		3,348
	Mastercard, Inc. 4.85% 3/9/2033		5,758		5,950
	Metropolitan Life Global Funding I 5.15% 3/28/20332		1,600		1,629
	MGIC Investment Corp. 5.25% 8/15/2028		1,175		1,145
	Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)10		2,450		2,428
	Morgan Stanley 3.125% 7/27/2026		325		311
	Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)10		425		427
	Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)10		4,458		4,486
	Morgan Stanley 5.449% 7/20/2029 (USD-SOFR + 1.63% on 7/20/2028)10		4,150		4,231
	Morgan Stanley 5.25% 4/21/2034 (USD-SOFR + 1.87% on 4/21/2033)10		2,500		2,501
	Nasdaq, Inc. 5.35% 6/28/2028		1,926		1,985
	Nasdaq, Inc. 5.55% 2/15/2034		4,870		5,062
	Nasdaq, Inc. 5.95% 8/15/2053		1,938		2,085
	Nasdaq, Inc. 6.10% 6/28/2063		411		445
	Navient Corp. 5.875% 10/25/2024		1,005		1,006
	Navient Corp. 6.75% 6/15/2026		300		305
	Navient Corp. 5.50% 3/15/2029		6,480		5,983
	Navient Corp. 11.50% 3/15/2031		4,860		5,328
	New York Life Global Funding 2.35% 7/14/20262		590		556
	New York Life Global Funding 4.55% 1/28/20332		1,263		1,246
	Northwestern Mutual Global Funding 1.75% 1/11/20272		2,500		2,289
	OneMain Finance Corp. 3.875% 9/15/2028		756		670
	Onemain Finance Corp. 7.875% 3/15/2030		2,565		2,643
	Osaic Holdings, Inc. 10.75% 8/1/20272		2,420		2,459
	Owl Rock Capital Corp. 3.75% 7/22/2025		2,874		2,754
	Oxford Finance, LLC 6.375% 2/1/20272		1,125		1,064
	PayPal Holdings, Inc. 2.65% 10/1/2026		662		629
	PayPal Holdings, Inc. 2.30% 6/1/2030		616		539
	PNC Financial Services Group, Inc. 3.90% 4/29/2024		2,000		1,989
	Power Finance Corp., Ltd. 5.25% 8/10/2028		383		384
	Power Finance Corp., Ltd. 6.15% 12/6/2028		350		366
	Power Finance Corp., Ltd. 4.50% 6/18/2029		554		537
	Power Finance Corp., Ltd. 3.95% 4/23/2030		1,213		1,123
	Prudential Financial, Inc. 4.35% 2/25/2050		2,205		1,958
	Prudential Financial, Inc. 3.70% 3/13/2051		755		598
	Rocket Mortgage, LLC 2.875% 10/15/20262		2,110		1,948
	Rocket Mortgage, LLC 3.625% 3/1/20292		1,505		1,364
	Royal Bank of Canada 1.15% 6/10/2025		4,711		4,468
	Ryan Specialty Group, LLC 4.375% 2/1/20302		270		251
	Starwood Property Trust, Inc. 4.375% 1/15/20272		2,180		2,057
	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)2,10		1,000		959
	Toronto-Dominion Bank (The) 2.65% 6/12/2024		625		617
	Toronto-Dominion Bank (The) 0.75% 9/11/2025		5,375		5,017
	Toronto-Dominion Bank (The) 1.25% 9/10/2026		2,425		2,216
	Toronto-Dominion Bank (The) 1.95% 1/12/2027		2,500		2,311
	Travelers Companies, Inc. 4.00% 5/30/2047		860		743
	Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028)10		1,677		1,812
	U.S. Bancorp 2.375% 7/22/2026		4,000		3,757
	UBS Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)2,10		1,568		1,534
	UBS Group AG 4.125% 9/24/20252		2,750		2,692
	UBS Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)2,10		1,250		1,189

146  American Funds Insurance Series

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Corporate bonds, notes & loans (continued)
Financials	UBS Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)2,10,13		USD800	$	755
(continued)	UniCredit SpA 4.625% 4/12/20272		625		611
	Wells Fargo & Co. 2.164% 2/11/2026 (3-month USD CME Term SOFR + 1.012% on 2/11/2025)10		8,000		7,703
	Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)10		4,337		4,140
	Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028)10		8,250		8,700
	Wells Fargo & Co. 5.557% 7/25/2034 (USD-SOFR + 1.99% on 7/25/2033)10		2,000		2,037
	Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033)10		8,250		8,980
	Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)10		2,149		1,935
	Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)10		3,000		2,891
	Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)10		3,325		2,708
	Westpac Banking Corp. 2.963% 11/16/2040		1,500		1,041
					411,393
Energy	Antero Midstream Partners, LP 5.375% 6/15/20292		2,170		2,089
0.75%	Antero Resources Corp. 7.625% 2/1/20292		955		981
	Ascent Resources Utica Holdings, LLC 7.00% 11/1/20262		2,000		2,016
	Ascent Resources Utica Holdings, LLC 5.875% 6/30/20292		1,270		1,183
	Borr IHC, Ltd. 10.00% 11/15/20282		1,318		1,377
	BP Capital Markets America, Inc. 2.772% 11/10/2050		681		456
	Callon Petroleum Co. 7.50% 6/15/20302		680		687
	Canadian Natural Resources, Ltd. 2.05% 7/15/2025		961		916
	Canadian Natural Resources, Ltd. 4.95% 6/1/2047		1,559		1,411
	Chesapeake Energy Corp. 5.875% 2/1/20292		2,240		2,198
	Chord Energy Corp. 6.375% 6/1/20262		960		961
	CITGO Petroleum Corp. 8.375% 1/15/20292		1,450		1,492
	Civitas Resources, Inc. 5.00% 10/15/20262		480		466
	Civitas Resources, Inc. 8.375% 7/1/20282		1,705		1,782
	Civitas Resources, Inc. 8.625% 11/1/20302		525		557
	Civitas Resources, Inc. 8.75% 7/1/20312		735		783
	CNX Midstream Partners, LP 4.75% 4/15/20302		1,055		949
	CNX Resources Corp. 7.25% 3/14/20272		1,725		1,743
	CNX Resources Corp. 6.00% 1/15/20292		2,675		2,568
	CNX Resources Corp. 7.375% 1/15/20312		553		557
	Columbia Pipelines Holding Co., LLC 6.544% 11/15/20532		4,324		4,768
	Columbia Pipelines Operating Co., LLC 6.036% 11/15/20332		1,215		1,273
	Comstock Resources, Inc. 5.875% 1/15/20302		450		391
	ConocoPhillips Co. 3.80% 3/15/2052		2,000		1,618
	ConocoPhillips Co. 5.30% 5/15/2053		1,015		1,044
	ConocoPhillips Co. 5.55% 3/15/2054		1,914		2,034
	Constellation Oil Services Holding SA 13.50% 6/30/20252,3		1,038		1,038
	Constellation Oil Services Holding SA 3.00% Cash 12/31/202614		445		324
	Diamond Foreign Asset Co. 8.50% 10/1/20302		575		588
	Diamondback Energy, Inc. 6.25% 3/15/2053		500		534
	Enbridge Energy Partners, LP 7.50% 4/15/2038		300		350
	Enbridge, Inc. 2.50% 1/15/2025		300		291
	Enbridge, Inc. 3.70% 7/15/2027		62		60
	Enbridge, Inc. 6.70% 11/15/2053		3,732		4,346
	Energy Transfer, LP 4.50% 4/15/2024		1,210		1,206
	Energy Transfer, LP 4.75% 1/15/2026		2,494		2,479
	Energy Transfer, LP 8.00% 4/1/20292		4,265		4,441
	Energy Transfer, LP 6.55% 12/1/2033		1,646		1,789
	Energy Transfer, LP 5.00% 5/15/2050		1,869		1,669
	Enterprise Products Operating, LLC 5.05% 1/10/2026		3,519		3,553
	Enterprise Products Operating, LLC 4.90% 5/15/2046		500		478
	EQM Midstream Partners, LP 6.50% 7/1/20272		1,090		1,111
	EQM Midstream Partners, LP 5.50% 7/15/2028		3,088		3,062

American Funds Insurance Series  147

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Corporate bonds, notes & loans (continued)
Energy	EQM Midstream Partners, LP 7.50% 6/1/20302		USD642	$	691
(continued)	EQM Midstream Partners, LP 4.75% 1/15/20312		1,635		1,524
	Equinor ASA 3.25% 11/10/2024		2,850		2,804
	Equinor ASA 3.00% 4/6/2027		4,000		3,827
	Equinor ASA 3.625% 9/10/2028		3,685		3,594
	Equinor ASA 4.25% 11/23/2041		2,000		1,848
	Exxon Mobil Corp. 2.019% 8/16/2024		643		631
	Exxon Mobil Corp. 2.44% 8/16/2029		1,963		1,787
	Exxon Mobil Corp. 3.452% 4/15/2051		1,000		785
	Genesis Energy, LP 6.25% 5/15/2026		1,805		1,805
	Genesis Energy, LP 8.00% 1/15/2027		4,612		4,692
	Genesis Energy, LP 7.75% 2/1/2028		470		472
	Genesis Energy, LP 8.25% 1/15/2029		720		741
	Genesis Energy, LP 8.875% 4/15/2030		934		967
	Halliburton Co. 3.80% 11/15/2025		6		6
	Harvest Midstream I, LP 7.50% 9/1/20282		850		846
	Hess Midstream Operations, LP 5.125% 6/15/20282		1,655		1,598
	Hess Midstream Operations, LP 4.25% 2/15/20302		960		884
	Hess Midstream Operations, LP 5.50% 10/15/20302		400		388
	Hilcorp Energy I, LP 6.00% 4/15/20302		350		340
	Hilcorp Energy I, LP 6.00% 2/1/20312		460		445
	Hilcorp Energy I, LP 8.375% 11/1/20332		925		981
	Jonah Energy, LLC 12.00% 11/5/20253		707		707
	Kinder Morgan, Inc. 5.20% 6/1/2033		8,803		8,755
	Kinder Morgan, Inc. 5.45% 8/1/2052		1,238		1,186
	Marathon Oil Corp. 4.40% 7/15/2027		1,005		981
	MPLX, LP 4.125% 3/1/2027		500		490
	MPLX, LP 2.65% 8/15/2030		4,273		3,690
	MPLX, LP 4.50% 4/15/2038		750		669
	MPLX, LP 4.70% 4/15/2048		1,101		951
	Nabors Industries, Inc. 9.125% 1/31/20302		1,020		1,025
	Nabors Industries, Ltd. 7.25% 1/15/20262		125		120
	New Fortress Energy, Inc. 6.75% 9/15/20252		1,460		1,450
	New Fortress Energy, Inc. 6.50% 9/30/20262		6,840		6,575
	NGL Energy Operating, LLC 7.50% 2/1/20262		11,590		11,715
	NGL Energy Partners, LP 6.125% 3/1/2025		3,922		3,917
	Noble Finance II, LLC 8.00% 4/15/20302		175		182
	Northern Oil and Gas, Inc. 8.75% 6/15/20312		605		631
	ONEOK, Inc. 5.55% 11/1/2026		989		1,007
	ONEOK, Inc. 5.65% 11/1/2028		1,279		1,325
	ONEOK, Inc. 5.80% 11/1/2030		384		399
	ONEOK, Inc. 6.05% 9/1/2033		2,649		2,808
	ONEOK, Inc. 6.625% 9/1/2053		4,011		4,494
	Parkland Corp. 4.625% 5/1/20302		1,035		953
	Petroleos Mexicanos 6.875% 10/16/2025		3,755		3,697
	Petroleos Mexicanos 5.35% 2/12/2028		1,870		1,623
	Pioneer Natural Resources Co. 2.15% 1/15/2031		1,669		1,419
	Plains All American Pipeline, LP 3.80% 9/15/2030		113		104
	Range Resources Corp. 8.25% 1/15/2029		810		839
	Range Resources Corp. 4.75% 2/15/20302		1,670		1,546
	Rockies Express Pipeline, LLC 4.95% 7/15/20292		2,689		2,574
	Southwestern Energy Co. 5.375% 3/15/2030		1,945		1,902
	Southwestern Energy Co. 4.75% 2/1/2032		960		889
	Sunoco, LP 7.00% 9/15/20282		1,675		1,729
	Sunoco, LP 4.50% 5/15/2029		1,050		977
	Sunoco, LP 4.50% 4/30/2030		1,255		1,163
	TotalEnergies Capital International SA 2.986% 6/29/2041		88		68
	TransCanada Pipelines, Ltd. 4.25% 5/15/2028		1,090		1,061
	TransCanada Pipelines, Ltd. 4.10% 4/15/2030		598		569
	TransCanada Pipelines, Ltd. 4.75% 5/15/2038		2,000		1,857
	TransCanada Pipelines, Ltd. 4.875% 5/15/2048		700		643

148  American Funds Insurance Series

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Corporate bonds, notes & loans (continued)
Energy	Valero Energy Corp. 4.00% 4/1/2029		USD4,000	$	3,853
(continued)	Venture Global Calcasieu Pass, LLC 4.125% 8/15/20312		840		741
	Venture Global LNG, Inc. 8.375% 6/1/20312		3,905		3,909
	Weatherford International, Ltd. 6.50% 9/15/20282		1,981		2,052
	Weatherford International, Ltd. 8.625% 4/30/20302		8,825		9,222
	Williams Companies, Inc. 3.50% 11/15/2030		1,094		1,002
					192,744
Consumer	Acushnet Co. 7.375% 10/15/20282		400		418
discretionary	Advance Auto Parts, Inc. 3.90% 4/15/2030		813		730
0.69%	Advance Auto Parts, Inc. 3.50% 3/15/2032		458		379
	Alibaba Group Holding, Ltd. 2.125% 2/9/2031		501		415
	Alibaba Group Holding, Ltd. 4.50% 11/28/2034		766		721
	Alibaba Group Holding, Ltd. 4.00% 12/6/2037		200		172
	Allied Universal Holdco, LLC 4.625% 6/1/20282		1,660		1,511
	Amazon.com, Inc. 2.70% 6/3/2060		2,765		1,831
	American Honda Finance Corp. 3.50% 2/15/2028		750		721
	Asbury Automotive Group, Inc. 4.625% 11/15/20292		2,115		1,960
	Atlas LuxCo 4 SARL 4.625% 6/1/20282		1,065		974
	Caesars Entertainment, Inc. 6.25% 7/1/20252		2,815		2,825
	Carnival Corp. 5.75% 3/1/20272		4,525		4,417
	Carnival Corp. 4.00% 8/1/20282		3,875		3,605
	Carnival Corp. 6.00% 5/1/20292		775		746
	Carnival Corp. 7.00% 8/15/20292		365		381
	Daimler Trucks Finance North America, LLC 5.20% 1/17/20252		2,437		2,437
	Daimler Trucks Finance North America, LLC 3.50% 4/7/20252		2,000		1,958
	Daimler Trucks Finance North America, LLC 5.15% 1/16/20262		1,783		1,789
	Daimler Trucks Finance North America, LLC 2.00% 12/14/20262		2,400		2,209
	Daimler Trucks Finance North America, LLC 3.65% 4/7/20272		450		434
	Daimler Trucks Finance North America, LLC 5.125% 1/19/20282		604		608
	Daimler Trucks Finance North America, LLC 2.375% 12/14/20282		1,350		1,203
	Fertitta Entertainment, LLC 4.625% 1/15/20292		3,580		3,252
	Fertitta Entertainment, LLC 6.75% 1/15/20302		1,790		1,574
	Ford Motor Co. 4.75% 1/15/2043		7,354		6,079
	Ford Motor Co. 5.291% 12/8/2046		5,006		4,416
	Ford Motor Credit Co., LLC 6.95% 3/6/2026		5,165		5,293
	Ford Motor Credit Co., LLC 6.80% 5/12/2028		2,845		2,974
	Ford Motor Credit Co., LLC 6.798% 11/7/2028		2,111		2,210
	Ford Motor Credit Co., LLC 7.20% 6/10/2030		15,000		15,992
	Ford Motor Credit Co., LLC 4.00% 11/13/2030		1,915		1,720
	Ford Motor Credit Co., LLC 7.122% 11/7/2033		1,425		1,536
	Gap, Inc. 3.625% 10/1/20292		486		416
	Gap, Inc. 3.875% 10/1/20312		323		266
	Hanesbrands, Inc. 4.875% 5/15/20262		2,700		2,606
	Hanesbrands, Inc. 9.00% 2/15/20312		370		363
	Hilton Domestic Operating Co., Inc. 4.00% 5/1/20312		1,885		1,729
	Hilton Grand Vacations Borrower, LLC 5.00% 6/1/20292		3,580		3,307
	Home Depot, Inc. 1.50% 9/15/2028		3,000		2,662
	Home Depot, Inc. 3.90% 12/6/2028		825		813
	Home Depot, Inc. 2.95% 6/15/2029		1,174		1,104
	Home Depot, Inc. 1.875% 9/15/2031		3,000		2,512
	Home Depot, Inc. 4.25% 4/1/2046		2,000		1,809
	Home Depot, Inc. 4.50% 12/6/2048		428		404
	Hyundai Capital America 1.00% 9/17/20242		3,025		2,929
	Hyundai Capital America 1.50% 6/15/20262		850		777
	Hyundai Capital America 1.65% 9/17/20262		3,075		2,796
	Hyundai Capital America 2.375% 10/15/20272		2,579		2,324
	Hyundai Capital America 2.10% 9/15/20282		3,075		2,690
	International Game Technology PLC 5.25% 1/15/20292		5,490		5,379

American Funds Insurance Series  149

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Corporate bonds, notes & loans (continued)
Consumer	KB Home 7.25% 7/15/2030		USD1,295	$	1,342
discretionary	Kontoor Brands, Inc. 4.125% 11/15/20292		910		824
(continued)	LCM Investments Holdings II, LLC 4.875% 5/1/20292		590		549
	LCM Investments Holdings II, LLC 8.25% 8/1/20312		765		799
	Light and Wonder International, Inc. 7.00% 5/15/20282		750		758
	Light and Wonder International, Inc. 7.25% 11/15/20292		2,240		2,296
	Lindblad Expeditions, LLC 6.75% 2/15/20272		775		772
	Lithia Motors, Inc. 3.875% 6/1/20292		2,900		2,622
	Lithia Motors, Inc. 4.375% 1/15/20312		1,025		933
	Marriott International, Inc. 4.90% 4/15/2029		1,207		1,216
	Marriott International, Inc. 2.75% 10/15/2033		2,500		2,064
	Marriott Ownership Resorts, Inc. 4.50% 6/15/20292		620		547
	McDonald’s Corp. 4.60% 9/9/2032		716		723
	McDonald’s Corp. 4.95% 8/14/2033		559		575
	Melco Resorts Finance, Ltd. 5.75% 7/21/20282		1,710		1,585
	Mercedes-Benz Finance North America, LLC 5.375% 11/26/20252		1,500		1,516
	NCL Corp., Ltd. 5.875% 2/15/20272		2,450		2,430
	NCL Corp., Ltd. 7.75% 2/15/20292		1,375		1,385
	Neiman Marcus Group, Ltd., LLC 7.125% 4/1/20262		1,345		1,294
	Party City Holdings, Inc. 12.00% PIK or 12.00% Cash 1/11/20292,14		1,191		1,164
	Penske Automotive Group, Inc. 3.75% 6/15/2029		1,375		1,225
	Royal Caribbean Cruises, Ltd. 4.25% 7/1/20262		3,120		3,016
	Royal Caribbean Cruises, Ltd. 5.375% 7/15/20272		4,520		4,477
	Royal Caribbean Cruises, Ltd. 5.50% 4/1/20282		650		642
	Royal Caribbean Cruises, Ltd. 8.25% 1/15/20292		1,408		1,497
	Sally Holdings, LLC 5.625% 12/1/2025		730		731
	Sands China, Ltd. 2.55% 3/8/2027		2,075		1,888
	Sonic Automotive, Inc. 4.625% 11/15/20292		3,035		2,766
	Sonic Automotive, Inc. 4.875% 11/15/20312		1,325		1,183
	Stellantis Finance US, Inc. 1.711% 1/29/20272		2,200		1,999
	Stellantis Finance US, Inc. 5.625% 1/12/20282		2,500		2,590
	Stellantis Finance US, Inc. 2.691% 9/15/20312		2,150		1,800
	Stellantis Finance US, Inc. 6.375% 9/12/20322		2,000		2,157
	Tempur Sealy International, Inc. 4.00% 4/15/20292		850		769
	Toyota Motor Credit Corp. 0.80% 1/9/2026		429		398
	Toyota Motor Credit Corp. 1.90% 1/13/2027		2,500		2,327
	Travel + Leisure Co. 4.50% 12/1/20292		2,100		1,883
	Travel + Leisure Co. 4.625% 3/1/20302		1,300		1,164
	Volkswagen Group of America Finance, LLC 4.625% 11/13/20252		3,845		3,803
	Wyndham Hotels & Resorts, Inc. 4.375% 8/15/20282		2,255		2,110
					176,195
Communication	Alphabet, Inc. 1.998% 8/15/2026		500		472
services	Alphabet, Inc. 1.90% 8/15/2040		375		260
0.66%	Alphabet, Inc. 2.25% 8/15/2060		265		164
	AT&T, Inc. 3.50% 9/15/2053		5,140		3,734
	CCO Holdings, LLC 4.75% 3/1/20302		2,658		2,433
	CCO Holdings, LLC 4.50% 8/15/20302		3,500		3,160
	CCO Holdings, LLC 4.25% 2/1/20312		4,286		3,751
	CCO Holdings, LLC 4.75% 2/1/20322		2,150		1,899
	CCO Holdings, LLC 4.50% 5/1/2032		2,868		2,460
	CCO Holdings, LLC 4.50% 6/1/20332		157		133
	CCO Holdings, LLC 4.25% 1/15/20342		116		94
	Charter Communications Operating, LLC 4.908% 7/23/2025		500		496
	Charter Communications Operating, LLC 5.25% 4/1/2053		3,750		3,146
	Comcast Corp. 2.35% 1/15/2027		4,000		3,757
	Comcast Corp. 4.80% 5/15/2033		2,416		2,447
	Comcast Corp. 2.887% 11/1/2051		2,571		1,741
	Comcast Corp. 5.35% 5/15/2053		1,490		1,543

150  American Funds Insurance Series

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Corporate bonds, notes & loans (continued)
Communication	Connect Finco SARL 6.75% 10/1/20262		USD1,675	$	1,666
services	CSC Holdings, LLC 3.375% 2/15/20312		1,875		1,370
(continued)	DIRECTV Financing, LLC 5.875% 8/15/20272		3,655		3,437
	DISH DBS Corp. 5.875% 11/15/2024		4,955		4,651
	DISH Network Corp. 11.75% 11/15/20272		5,000		5,223
	Embarq Corp. 7.995% 6/1/2036		7,384		4,624
	Fox Corp. 4.03% 1/25/2024		1,120		1,119
	Frontier Communications Holdings, LLC 5.875% 10/15/20272		1,565		1,513
	Frontier Communications Holdings, LLC 5.00% 5/1/20282		7,210		6,670
	Frontier Communications Holdings, LLC 6.75% 5/1/20292		4,400		3,939
	Frontier Communications Holdings, LLC 5.875% 11/1/2029		1,850		1,565
	Frontier Communications Holdings, LLC 6.00% 1/15/20302		1,900		1,623
	Frontier Communications Holdings, LLC 8.75% 5/15/20302		1,100		1,132
	Frontier Communications Holdings, LLC 8.625% 3/15/20312		1,000		1,020
	Gray Escrow II, Inc. 5.375% 11/15/20312		4,275		3,230
	Gray Television, Inc. 5.875% 7/15/20262		975		949
	Gray Television, Inc. 4.75% 10/15/20302		1,850		1,395
	Intelsat Jackson Holdings SA 6.50% 3/15/20302		5,516		5,268
	Ligado Networks, LLC 15.50% PIK 11/11/20232,14,15		5,837		1,116
	Ligado Networks, LLC, Term Loan, 17.50% PIK 11/11/20233,14,15,16		459		436
	Midas OpCo Holdings, LLC 5.625% 8/15/20292		3,205		2,952
	Netflix, Inc. 4.875% 4/15/2028		1,250		1,268
	Netflix, Inc. 5.875% 11/15/2028		2,175		2,295
	Netflix, Inc. 6.375% 5/15/2029		50		54
	Netflix, Inc. 5.375% 11/15/20292		25		26
	News Corp. 3.875% 5/15/20292		875		805
	Nexstar Media, Inc. 4.75% 11/1/20282		3,950		3,643
	SBA Tower Trust 1.631% 11/15/20262		8,707		7,783
	Scripps Escrow II, Inc. 3.875% 1/15/20292		2,325		2,059
	Sirius XM Radio, Inc. 4.00% 7/15/20282		3,575		3,309
	Sirius XM Radio, Inc. 4.125% 7/1/20302		950		848
	Sirius XM Radio, Inc. 3.875% 9/1/20312		3,827		3,279
	Take-Two Interactive Software, Inc. 3.30% 3/28/2024		123		122
	Take-Two Interactive Software, Inc. 4.00% 4/14/2032		2,438		2,316
	Tencent Holdings, Ltd. 2.39% 6/3/2030		566		483
	T-Mobile USA, Inc. 1.50% 2/15/2026		500		466
	T-Mobile USA, Inc. 2.05% 2/15/2028		325		293
	T-Mobile USA, Inc. 4.95% 3/15/2028		1,918		1,945
	T-Mobile USA, Inc. 4.80% 7/15/2028		4,000		4,036
	T-Mobile USA, Inc. 5.75% 1/15/2054		2,000		2,118
	T-Mobile USA, Inc. 6.00% 6/15/2054		4,666		5,122
	Univision Communications, Inc. 6.625% 6/1/20272		6,300		6,287
	Univision Communications, Inc. 8.00% 8/15/20282		300		310
	Univision Communications, Inc. 4.50% 5/1/20292		5,300		4,735
	Univision Communications, Inc. 7.375% 6/30/20302		725		724
	Verizon Communications, Inc. 2.55% 3/21/2031		410		354
	Verizon Communications, Inc. 2.355% 3/15/2032		2,944		2,450
	Verizon Communications, Inc. 5.05% 5/9/2033		3,696		3,772
	Verizon Communications, Inc. 2.875% 11/20/2050		2,453		1,670
	Virgin Media Secured Finance PLC 4.50% 8/15/20302		2,115		1,886
	VMED O2 UK Financing I PLC 4.25% 1/31/20312		4,525		3,957
	VMED O2 UK Financing I PLC 4.75% 7/15/20312		225		201
	Vodafone Group PLC 4.25% 9/17/2050		4,350		3,615
	WarnerMedia Holdings, Inc. 3.638% 3/15/2025		3,807		3,726
	WarnerMedia Holdings, Inc. 3.755% 3/15/2027		1,018		976
	WarnerMedia Holdings, Inc. 4.054% 3/15/2029		1,435		1,362
	WarnerMedia Holdings, Inc. 4.279% 3/15/2032		1,754		1,606

American Funds Insurance Series  151

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Corporate bonds, notes & loans (continued)
Communication	WarnerMedia Holdings, Inc. 5.05% 3/15/2042		USD500	$	441
services	WarnerMedia Holdings, Inc. 5.141% 3/15/2052		1,500		1,288
(continued)	Ziggo BV 4.875% 1/15/20302		725		648
					168,866
Health care	AbbVie, Inc. 3.80% 3/15/2025		206		203
0.66%	AbbVie, Inc. 2.95% 11/21/2026		1,445		1,386
	AdaptHealth, LLC 6.125% 8/1/20282		645		557
	AdaptHealth, LLC 4.625% 8/1/20292		1,870		1,446
	AdaptHealth, LLC 5.125% 3/1/20302		1,010		789
	Amgen, Inc. 5.25% 3/2/2030		1,244		1,279
	Amgen, Inc. 5.60% 3/2/2043		1,500		1,551
	Amgen, Inc. 5.65% 3/2/2053		878		924
	Amgen, Inc. 4.40% 2/22/2062		1,697		1,435
	Amgen, Inc. 5.75% 3/2/2063		258		271
	AstraZeneca Finance, LLC 1.75% 5/28/2028		1,871		1,675
	AstraZeneca Finance, LLC 2.25% 5/28/2031		742		640
	AstraZeneca PLC 3.375% 11/16/2025		1,140		1,115
	Bausch Health Companies, Inc. 5.50% 11/1/20252		6,275		5,746
	Bausch Health Companies, Inc. 4.875% 6/1/20282		7,450		4,496
	Baxter International, Inc. 1.322% 11/29/2024		7,109		6,849
	Baxter International, Inc. 1.915% 2/1/2027		4,739		4,344
	Baxter International, Inc. 2.272% 12/1/2028		3,180		2,849
	Bayer US Finance, LLC 6.125% 11/21/20262		6,047		6,150
	Bayer US Finance, LLC 6.25% 1/21/20292		3,451		3,530
	Becton, Dickinson and Co. 3.363% 6/6/2024		198		196
	Boston Scientific Corp. 3.45% 3/1/2024		313		312
	Centene Corp. 4.25% 12/15/2027		565		545
	Centene Corp. 4.625% 12/15/2029		1,265		1,214
	CHS / Community Health Systems, Inc. 5.625% 3/15/20272		1,255		1,168
	CHS / Community Health Systems, Inc. 5.25% 5/15/20302		3,675		3,079
	CVS Health Corp. 5.00% 1/30/2029		3,831		3,903
	CVS Health Corp. 5.30% 6/1/2033		4,018		4,125
	CVS Health Corp. 5.875% 6/1/2053		1,250		1,316
	Elevance Health, Inc. 2.375% 1/15/2025		818		795
	Elevance Health, Inc. 4.90% 2/8/2026		1,417		1,414
	Elevance Health, Inc. 4.75% 2/15/2033		811		812
	Elevance Health, Inc. 5.125% 2/15/2053		344		345
	Eli Lilly and Co. 3.375% 3/15/2029		1,353		1,302
	Eli Lilly and Co. 4.70% 2/27/2033		1,543		1,583
	Eli Lilly and Co. 4.875% 2/27/2053		447		463
	Gilead Sciences, Inc. 5.25% 10/15/2033		6,142		6,405
	Gilead Sciences, Inc. 5.55% 10/15/2053		5,288		5,734
	HCA, Inc. 3.375% 3/15/2029		804		742
	HCA, Inc. 3.625% 3/15/2032		1,000		895
	HCA, Inc. 4.375% 3/15/2042		1,500		1,269
	HCA, Inc. 4.625% 3/15/2052		1,450		1,235
	Jazz Securities DAC 4.375% 1/15/20292		1,975		1,841
	Medtronic Global Holdings S.C.A. 4.25% 3/30/2028		2,213		2,205
	Medtronic Global Holdings S.C.A. 4.50% 3/30/2033		4,000		4,003
	Merck & Co., Inc. 1.90% 12/10/2028		600		540
	Merck & Co., Inc. 2.75% 12/10/2051		1,103		759
	Molina Healthcare, Inc. 3.875% 11/15/20302		2,899		2,609
	Molina Healthcare, Inc. 3.875% 5/15/20322		3,855		3,373
	Novant Health, Inc. 3.168% 11/1/2051		3,750		2,628
	Novartis Capital Corp. 1.75% 2/14/2025		1,250		1,211
	Novartis Capital Corp. 2.00% 2/14/2027		2,386		2,236
	Owens & Minor, Inc. 4.50% 3/31/20292		5,065		4,473
	Owens & Minor, Inc. 6.625% 4/1/20302		1,495		1,429

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)
Health care	Par Pharmaceutical, Inc. 7.50% 4/1/20272		USD9,648	$	6,185
(continued)	Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028		1,750		1,750
	Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030		1,750		1,763
	Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033		503		504
	Pfizer Investment Enterprises Pte., Ltd. 5.11% 5/19/2043		1,500		1,496
	Radiology Partners, Inc., Term Loan,
	(1-month USD CME Term SOFR + 4.25%) 10.179% 7/9/20258,16		3,734		3,021
	RP Escrow Issuer, LLC 5.25% 12/15/20252		2,080		1,666
	Summa Health 3.511% 11/15/2051		1,655		1,189
	Tenet Healthcare Corp. 4.875% 1/1/2026		2,875		2,845
	Tenet Healthcare Corp. 4.25% 6/1/2029		2,060		1,920
	Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024		2,253		2,248
	Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026		17,790		16,485
	Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029		11,995		11,469
	Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046		3,550		2,408
					168,343
Industrials	AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20262		838		832
0.57%	Allison Transmission, Inc. 3.75% 1/30/20312		3,445		3,048
	Avis Budget Car Rental, LLC 5.75% 7/15/20272		1,025		983
	Avis Budget Car Rental, LLC 5.375% 3/1/20292		2,450		2,269
	Avolon Holdings Funding, Ltd. 3.95% 7/1/20242		1,587		1,566
	Avolon Holdings Funding, Ltd. 4.25% 4/15/20262		1,126		1,088
	Avolon Holdings Funding, Ltd. 4.375% 5/1/20262		1,975		1,913
	Boeing Co. 4.875% 5/1/2025		946		942
	Boeing Co. 3.10% 5/1/2026		251		241
	Boeing Co. 3.25% 2/1/2028		2,000		1,899
	Boeing Co. 5.15% 5/1/2030		1,100		1,120
	Boeing Co. 3.60% 5/1/2034		2,500		2,210
	Boeing Co. 5.805% 5/1/2050		2,500		2,591
	Bombardier, Inc. 7.125% 6/15/20262		3,181		3,169
	Bombardier, Inc. 7.875% 4/15/20272		8,570		8,580
	Bombardier, Inc. 7.50% 2/1/20292		1,025		1,043
	Brink’s Co. (The) 4.625% 10/15/20272		2,385		2,276
	BWX Technologies, Inc. 4.125% 4/15/20292		1,025		936
	Canadian Pacific Railway Co. 1.75% 12/2/2026		1,385		1,278
	Canadian Pacific Railway Co. 3.10% 12/2/2051		829		600
	Carrier Global Corp. 6.20% 3/15/20542		328		380
	Chart Industries, Inc. 7.50% 1/1/20302		1,347		1,410
	Clarivate Science Holdings Corp. 3.875% 7/1/20282		590		557
	Clarivate Science Holdings Corp. 4.875% 7/1/20292		520		489
	CoreLogic, Inc. 4.50% 5/1/20282		6,075		5,328
	Covanta Holding Corp. 4.875% 12/1/20292		1,035		906
	CSX Corp. 4.25% 3/15/2029		1,062		1,062
	CSX Corp. 2.50% 5/15/2051		1,125		728
	Honeywell International, Inc. 2.30% 8/15/2024		2,640		2,594
	Honeywell International, Inc. 1.35% 6/1/2025		5,947		5,683
	Honeywell International, Inc. 2.70% 8/15/2029		1,470		1,360
	Icahn Enterprises, LP 4.75% 9/15/2024		2,090		2,079
	Icahn Enterprises, LP 5.25% 5/15/2027		1,185		1,065
	Icahn Enterprises, LP 4.375% 2/1/2029		1,525		1,275
	L3Harris Technologies, Inc. 5.40% 7/31/2033		4,530		4,712
	L3Harris Technologies, Inc. 5.60% 7/31/2053		3,945		4,204
	Lockheed Martin Corp. 5.10% 11/15/2027		951		982
	Lockheed Martin Corp. 4.45% 5/15/2028		2,906		2,923
	Lockheed Martin Corp. 5.25% 1/15/2033		4,742		5,032
	Lockheed Martin Corp. 4.75% 2/15/2034		7,750		7,892
	Lockheed Martin Corp. 5.70% 11/15/2054		1,849		2,082
	Masco Corp. 1.50% 2/15/2028		774		678

American Funds Insurance Series  153

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials	Masco Corp. 2.00% 2/15/2031		USD497	$	409
(continued)	Masco Corp. 3.125% 2/15/2051		230		161
	Norfolk Southern Corp. 4.45% 3/1/2033		654		646
	Norfolk Southern Corp. 3.05% 5/15/2050		2,746		1,956
	Norfolk Southern Corp. 5.35% 8/1/2054		4,136		4,304
	Northrop Grumman Corp. 2.93% 1/15/2025		1,820		1,779
	Northrop Grumman Corp. 3.25% 1/15/2028		3,495		3,342
	Otis Worldwide Corp. 2.293% 4/5/2027		2,135		1,991
	Ritchie Bros. Holdings, Inc. 7.75% 3/15/20312		311		332
	RTX Corp. 5.15% 2/27/2033		2,669		2,721
	RTX Corp. 5.375% 2/27/2053		3,950		4,017
	RTX Corp. 6.40% 3/15/2054		8,559		9,916
	Spirit AeroSystems, Inc. 9.375% 11/30/20292		2,382		2,610
	Spirit AeroSystems, Inc. 9.75% 11/15/20302		1,730		1,862
	TK Elevator U.S. Newco, Inc. 5.25% 7/15/20272		2,000		1,966
	TransDigm, Inc. 6.25% 3/15/20262		2,476		2,474
	TransDigm, Inc. 5.50% 11/15/2027		2,200		2,157
	Triumph Group, Inc. 7.75% 8/15/2025		2,375		2,369
	Triumph Group, Inc. 9.00% 3/15/20282		3,227		3,435
	Union Pacific Corp. 2.40% 2/5/2030		2,414		2,151
	Union Pacific Corp. 2.95% 3/10/2052		1,000		710
	Union Pacific Corp. 3.839% 3/20/2060		546		446
	Union Pacific Corp. 3.799% 4/6/2071		545		431
	United Rentals (North America), Inc. 3.875% 2/15/2031		2,785		2,534
	United Rentals (North America), Inc. 3.75% 1/15/2032		215		190
	XPO, Inc. 7.125% 6/1/20312		800		829
					147,743
Materials	Alcoa Nederland Holding BV 4.125% 3/31/20292		491		456
0.44%	Anglo American Capital PLC 2.25% 3/17/20282		484		432
	Anglo American Capital PLC 2.625% 9/10/20302		2,500		2,129
	Anglo American Capital PLC 3.95% 9/10/20502		1,281		976
	ATI, Inc. 4.875% 10/1/2029		710		663
	ATI, Inc. 5.125% 10/1/2031		1,110		1,031
	Avient Corp. 7.125% 8/1/20302		855		890
	Ball Corp. 3.125% 9/15/2031		3,520		3,039
	BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2030		2,250		2,332
	BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033		1,108		1,134
	BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033		2,752		2,855
	BHP Billiton Finance (USA), Ltd. 5.50% 9/8/2053		2,250		2,457
	CAN-PACK Spolka Akcyjna 3.875% 11/15/20292		935		802
	Celanese US Holdings, LLC 6.165% 7/15/2027		3,500		3,591
	Celanese US Holdings, LLC 6.55% 11/15/2030		4,291		4,541
	Celanese US Holdings, LLC 6.70% 11/15/2033		2,306		2,502
	Cleveland-Cliffs, Inc. 5.875% 6/1/2027		9,000		8,978
	Cleveland-Cliffs, Inc. 4.625% 3/1/20292		2,525		2,346
	Cleveland-Cliffs, Inc. 6.75% 4/15/20302		2,275		2,310
	Cleveland-Cliffs, Inc. 4.875% 3/1/20312		775		702
	CVR Partners, LP 6.125% 6/15/20282		745		696
	Dow Chemical Co. (The) 3.60% 11/15/2050		1,328		1,028
	First Quantum Minerals, Ltd. 7.50% 4/1/20252		9,554		9,118
	First Quantum Minerals, Ltd. 6.875% 3/1/20262		4,925		4,415
	First Quantum Minerals, Ltd. 6.875% 10/15/20272		5,940		5,056
	FXI Holdings, Inc. 12.25% 11/15/20262		4,517		4,031
	FXI Holdings, Inc. 12.25% 11/15/20262		2,181		1,957
	Glencore Funding, LLC 4.125% 3/12/20242		945		942
	INEOS Finance PLC 6.75% 5/15/20282		1,985		1,952
	International Flavors & Fragrances, Inc. 1.832% 10/15/20272		5,400		4,737
	Kaiser Aluminum Corp. 4.625% 3/1/20282		2,495		2,311

154  American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials	Linde, Inc. 1.10% 8/10/2030		USD2,938	$	2,434
(continued)	LSB Industries, Inc. 6.25% 10/15/20282		860		817
	LYB International Finance III, LLC 2.25% 10/1/2030		1,198		1,027
	LYB International Finance III, LLC 4.20% 5/1/2050		1,186		947
	LYB International Finance III, LLC 3.625% 4/1/2051		2,537		1,850
	Methanex Corp. 5.125% 10/15/2027		6,305		6,166
	Mineral Resources, Ltd. 9.25% 10/1/20282		945		1,006
	Mineral Resources, Ltd. 8.50% 5/1/20302		1,525		1,592
	Mosaic Co. 4.05% 11/15/2027		1,050		1,025
	NOVA Chemicals Corp. 4.25% 5/15/20292		1,875		1,581
	Novelis Corp. 3.875% 8/15/20312		1,115		984
	SCIH Salt Holdings, Inc. 4.875% 5/1/20282		3,485		3,264
	SCIH Salt Holdings, Inc. 6.625% 5/1/20292		1,230		1,149
	Sherwin-Williams Co. 3.125% 6/1/2024		275		272
	Sherwin-Williams Co. 3.80% 8/15/2049		5,208		4,186
	South32 Treasury, Ltd. 4.35% 4/14/20322		1,401		1,264
	Venator Finance SARL, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 7.43% Cash 10/10/20288,14,16		1,124		1,123
	Warrior Met Coal, Inc. 7.875% 12/1/20282		2,212		2,204
	Westlake Corp. 4.375% 11/15/2047		500		418
					113,718
Real estate	Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026		315		306
0.36%	Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028		1,220		1,172
	Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029		1,940		1,708
	Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031		1,320		1,190
	Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033		4,095		3,191
	Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049		410		362
	American Tower Corp. 1.45% 9/15/2026		2,369		2,160
	American Tower Corp. 3.55% 7/15/2027		1,425		1,368
	American Tower Corp. 3.60% 1/15/2028		1,000		954
	American Tower Corp. 1.50% 1/31/2028		2,500		2,186
	American Tower Corp. 2.30% 9/15/2031		1,500		1,241
	American Tower Corp. 2.95% 1/15/2051		2,000		1,335
	Anywhere Real Estate Group, LLC 5.75% 1/15/20292		1,265		984
	Boston Properties, LP 6.50% 1/15/2034		2,223		2,347
	Essex Portfolio, LP 3.875% 5/1/2024		1,000		994
	Essex Portfolio, LP 3.50% 4/1/2025		6,825		6,671
	Extra Space Storage, LP 2.35% 3/15/2032		1,385		1,130
	GLP Capital, LP 3.35% 9/1/2024		1,263		1,247
	Host Hotels & Resorts, LP 4.50% 2/1/2026		355		349
	Howard Hughes Corp. (The) 5.375% 8/1/20282		1,450		1,396
	Howard Hughes Corp. (The) 4.125% 2/1/20292		2,340		2,089
	Howard Hughes Corp. (The) 4.375% 2/1/20312		3,520		3,059
	Invitation Homes Operating Partnership, LP 2.00% 8/15/2031		2,401		1,912
	Iron Mountain, Inc. 5.25% 7/15/20302		3,785		3,607
	Iron Mountain, Inc. 4.50% 2/15/20312		2,650		2,405
	Kennedy-Wilson, Inc. 4.75% 3/1/2029		4,045		3,382
	Kennedy-Wilson, Inc. 4.75% 2/1/2030		2,520		2,046
	Kennedy-Wilson, Inc. 5.00% 3/1/2031		2,260		1,798
	Ladder Capital Finance Holdings LLLP 4.25% 2/1/20272		3,842		3,624
	Ladder Capital Finance Holdings LLLP 4.75% 6/15/20292		2,205		1,991
	Park Intermediate Holdings, LLC 4.875% 5/15/20292		2,280		2,113
	Prologis, LP 4.875% 6/15/2028		2,357		2,389
	Prologis, LP 4.75% 6/15/2033		4,359		4,421
	Prologis, LP 5.125% 1/15/2034		2,000		2,066
	Prologis, LP 5.25% 6/15/2053		1,365		1,427
	Public Storage Operating Co. 1.85% 5/1/2028		2,490		2,238
	Public Storage Operating Co. 1.95% 11/9/2028		2,027		1,809

American Funds Insurance Series  155

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Corporate bonds, notes & loans (continued)
Real estate	Public Storage Operating Co. 2.30% 5/1/2031		USD719	$	618
(continued)	RHP Hotel Properties, LP 4.50% 2/15/20292		1,300		1,210
	RLJ Lodging Trust, LP 4.00% 9/15/20292		1,240		1,116
	Scentre Group Trust 1 3.50% 2/12/20252		3,075		3,010
	Scentre Group Trust 1 3.25% 10/28/20252		1,000		965
	Scentre Group Trust 1 3.75% 3/23/20272		2,430		2,332
	Service Properties Trust 4.50% 3/15/2025		1,385		1,354
	Service Properties Trust 5.25% 2/15/2026		510		496
	Service Properties Trust 4.75% 10/1/2026		1,265		1,182
	Service Properties Trust 4.95% 2/15/2027		595		539
	Service Properties Trust 5.50% 12/15/2027		655		600
	Service Properties Trust 8.625% 11/15/20312		775		812
	Sun Communities Operating, LP 2.30% 11/1/2028		1,845		1,616
	Sun Communities Operating, LP 2.70% 7/15/2031		876		731
	UDR, Inc. 2.95% 9/1/2026		760		722
					91,970
Information	Adobe, Inc. 1.90% 2/1/2025		366		355
technology	Analog Devices, Inc. 1.70% 10/1/2028		1,286		1,141
0.34%	Analog Devices, Inc. 2.10% 10/1/2031		1,212		1,032
	Analog Devices, Inc. 2.80% 10/1/2041		1,461		1,091
	Analog Devices, Inc. 2.95% 10/1/2051		1,955		1,400
	Broadcom, Inc. 1.95% 2/15/20282		1,407		1,263
	Broadcom, Inc. 2.60% 2/15/20332		2,524		2,081
	Broadcom, Inc. 3.469% 4/15/20342		193		168
	Cloud Software Group, Inc. 6.50% 3/31/20292		2,000		1,907
	Cloud Software Group, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.948% 3/30/20298,16		4,588		4,503
	CommScope Technologies, LLC 6.00% 6/15/20252		2,275		1,856
	CommScope Technologies, LLC 5.00% 3/15/20272		2,378		992
	CommScope, Inc. 6.00% 3/1/20262		4,290		3,828
	CommScope, Inc. 8.25% 3/1/20272		967		511
	CommScope, Inc. 7.125% 7/1/20282		908		432
	CommScope, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.72% 4/6/20268,16		2,045		1,831
	Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 12.86% 8/11/20282,8,16		20,375		21,012
	Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61% 9/13/20294,8,16		73		72
	Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713% 9/13/20294,8,16		2,647		2,607
	Hughes Satellite Systems Corp. 5.25% 8/1/2026		3,750		3,304
	Hughes Satellite Systems Corp. 6.625% 8/1/2026		3,803		3,002
	Intel Corp. 5.20% 2/10/2033		4,750		4,964
	Intel Corp. 5.70% 2/10/2053		3,250		3,517
	Intuit, Inc. 0.95% 7/15/2025		1,530		1,442
	Intuit, Inc. 1.35% 7/15/2027		1,395		1,259
	Microsoft Corp. 2.921% 3/17/2052		4,814		3,557
	NCR Atleos Corp. 9.50% 4/1/20292		2,694		2,865
	NCR Voyix Corp. 5.125% 4/15/20292		1,650		1,570
	Oracle Corp. 3.60% 4/1/2050		2,794		2,072
	Oracle Corp. 5.55% 2/6/2053		2,556		2,560
	Synaptics, Inc. 4.00% 6/15/20292		875		786
	Unisys Corp. 6.875% 11/1/20272		725		653
	Viasat, Inc. 5.625% 9/15/20252		825		805
	Viasat, Inc. 5.625% 4/15/20272		225		218

156  American Funds Insurance Series

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Corporate bonds, notes & loans (continued)
Information	Viasat, Inc. 6.50% 7/15/20282		USD1,275	$	1,049
technology	Viasat, Inc. 7.50% 5/30/20312		6,147		4,833
(continued)	Viavi Solutions, Inc. 3.75% 10/1/20292		725		636
	Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,4,10		1,005		1,023
					88,197
Consumer staples	7-Eleven, Inc. 0.80% 2/10/20242		1,700		1,690
0.29%	7-Eleven, Inc. 0.95% 2/10/20262		825		763
	7-Eleven, Inc. 1.30% 2/10/20282		2,500		2,189
	Anheuser-Busch InBev Worldwide, Inc. 4.35% 6/1/2040		2,500		2,338
	Anheuser-Busch InBev Worldwide, Inc. 4.60% 4/15/2048		290		275
	BAT Capital Corp. 6.343% 8/2/2030		1,191		1,251
	BAT Capital Corp. 6.421% 8/2/2033		1,290		1,351
	BAT Capital Corp. 7.079% 8/2/2043		3,825		4,066
	BAT Capital Corp. 4.54% 8/15/2047		940		723
	BAT Capital Corp. 7.081% 8/2/2053		4,250		4,548
	BAT International Finance PLC 5.931% 2/2/2029		5,376		5,589
	Central Garden & Pet Co. 4.125% 4/30/20312		1,395		1,234
	Coca-Cola Co. 1.00% 3/15/2028		940		829
	Conagra Brands, Inc. 1.375% 11/1/2027		4,615		4,053
	Constellation Brands, Inc. 3.60% 2/15/2028		625		600
	Constellation Brands, Inc. 2.25% 8/1/2031		1,487		1,250
	Coty, Inc. 4.75% 1/15/20292		1,680		1,604
	J. M. Smucker Co. (The) 5.90% 11/15/2028		2,662		2,801
	J. M. Smucker Co. (The) 6.20% 11/15/2033		1,734		1,892
	J. M. Smucker Co. (The) 6.50% 11/15/2043		256		286
	J. M. Smucker Co. (The) 6.50% 11/15/2053		899		1,038
	Kronos Acquisition Holdings, Inc. 5.00% 12/31/20262		2,990		2,918
	Lamb Weston Holdings, Inc. 4.125% 1/31/20302		2,210		2,039
	PepsiCo, Inc. 2.625% 10/21/2041		5,000		3,771
	PepsiCo, Inc. 3.625% 3/19/2050		777		652
	PepsiCo, Inc. 2.75% 10/21/2051		1,723		1,226
	Philip Morris International, Inc. 2.875% 5/1/2024		788		781
	Philip Morris International, Inc. 3.25% 11/10/2024		2,000		1,967
	Philip Morris International, Inc. 5.125% 11/17/2027		3,073		3,130
	Philip Morris International, Inc. 4.875% 2/15/2028		6,000		6,068
	Philip Morris International, Inc. 5.625% 11/17/2029		1,482		1,555
	Philip Morris International, Inc. 5.125% 2/15/2030		4,166		4,237
	Post Holdings, Inc. 4.625% 4/15/20302		2,886		2,658
	Prestige Brands, Inc. 3.75% 4/1/20312		1,115		976
	Reynolds American, Inc. 5.85% 8/15/2045		2,030		1,904
	Simmons Foods, Inc. 4.625% 3/1/20292		560		485
					74,737
Utilities	Ameren Corp. 2.50% 9/15/2024		969		948
0.25%	Calpine Corp. 3.75% 3/1/20312		1,975		1,735
	Commonwealth Edison Co. 4.35% 11/15/2045		1,085		951
	Commonwealth Edison Co. 3.85% 3/15/2052		2,600		2,106
	Duke Energy Indiana, LLC 3.25% 10/1/2049		850		618
	Duke Energy Progress, LLC 3.70% 10/15/2046		457		357
	Duke Energy Progress, LLC 2.50% 8/15/2050		202		127
	Duke Energy Progress, LLC 2.90% 8/15/2051		91		62
	Edison International 3.55% 11/15/2024		2,200		2,161
	EDP Finance BV 3.625% 7/15/20242		4,100		4,051
	Electricité de France SA 6.25% 5/23/20332		1,275		1,381
	Electricité de France SA 4.75% 10/13/20352		782		743

American Funds Insurance Series  157

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Corporate bonds, notes & loans (continued)
Utilities (continued)	Electricité de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)2,10		USD1,475	$	1,650
	Emera US Finance, LP 3.55% 6/15/2026		320		308
	Enel Américas SA 4.00% 10/25/2026		245		239
	Entergy Corp. 2.80% 6/15/2030		3,325		2,928
	FirstEnergy Corp. 3.40% 3/1/2050		2,250		1,588
	FirstEnergy Transmission, LLC 2.866% 9/15/20282		675		613
	MidAmerican Energy Co. 5.35% 1/15/2034		500		527
	MidAmerican Energy Co. 5.85% 9/15/2054		875		970
	NextEra Energy Capital Holdings, Inc. 6.051% 3/1/2025		650		656
	Oncor Electric Delivery Co., LLC 5.65% 11/15/20332		4,950		5,277
	Pacific Gas and Electric Co. 2.10% 8/1/2027		125		113
	Pacific Gas and Electric Co. 2.50% 2/1/2031		2,941		2,429
	Pacific Gas and Electric Co. 6.95% 3/15/2034		2,425		2,667
	Pacific Gas and Electric Co. 3.30% 8/1/2040		100		73
	Pacific Gas and Electric Co. 3.50% 8/1/2050		1,250		866
	PacifiCorp 4.125% 1/15/2049		4,000		3,245
	PG&E Corp. 5.00% 7/1/2028		3,750		3,651
	PG&E Corp. 5.25% 7/1/2030		3,400		3,283
	Public Service Electric and Gas Co. 3.60% 12/1/2047		548		442
	Public Service Electric and Gas Co. 3.15% 1/1/2050		2,451		1,815
	Southern California Edison Co. 2.85% 8/1/2029		4,450		4,060
	Southern California Edison Co. 6.00% 1/15/2034		2,500		2,745
	Southern California Edison Co. 5.75% 4/1/2035		675		704
	Southern California Edison Co. 5.35% 7/15/2035		3,000		3,113
	Southern California Edison Co. 4.00% 4/1/2047		264		216
	Venture Global Calcasieu Pass, LLC 3.875% 8/15/20292		1,030		936
	Virginia Electric & Power 2.40% 3/30/2032		2,575		2,169
	Xcel Energy, Inc. 2.60% 12/1/2029		1,131		1,014
					63,537
	Total corporate bonds, notes & loans				1,697,443
Asset-backed obligations 2.07%
	Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/20262,7		360		351
	Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD CME Term SOFR + 1.212%) 6.605% 1/15/20302,7,8		1,262		1,262
	Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD CME Term SOFR + 1.212%) 6.605% 10/16/20302,7,8		1,510		1,509
	American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75% 8/16/20277		12,228		12,026
	AmeriCredit Automobile Receivables Trust, Series 2023-1, Class A2A, 5.84% 10/19/20267		2,525		2,525
	Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD CME Term SOFR + 1.182%) 6.597% 1/22/20282,7,8		1,203		1,202
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/20252,7		1,550		1,546
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20272,7		20,244		18,904
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/20272,7		138		131
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/20272,7		11,617		10,580
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/20282,7		32,377		32,819
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/20292,7		5,535		5,664
	BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/20287		6,633		6,676

158  American Funds Insurance Series

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Asset-backed obligations (continued)
	Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD CME Term SOFR + 1.262%) 6.629% 11/20/20302,7,8		USD5,523	$	5,521
	Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/20332,7		360		340
	Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20372,7		4,545		3,946
	Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/20412,7		416		378
	Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD CME Term SOFR + 1.231%) 6.619% 7/27/20302,7,8		2,775		2,774
	CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20602,7		5,140		4,755
	CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20602,7		1,720		1,469
	CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20612,7		6,034		5,400
	Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, (1-month USD CME Term SOFR + 0.734%) 6.091% 4/22/20267,8		4,960		4,966
	Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1, 5.23% 12/8/20277		4,553		4,590
	CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/20452,7		1,255		1,124
	CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/20452,7		4,687		4,193
	CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/20452,7		1,005		903
	CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/20462,7		1,396		1,233
	Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/20332,7		1,958		1,987
	DriveTime Auto Owner Trust, Series 2022-3, Class A, 6.05% 10/15/20262,7		2,380		2,381
	DriveTime Auto Owner Trust, Series 2023-2, Class A, 5.88% 4/15/20272,7		2,456		2,458
	Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD CME Term SOFR + 1.242%) 6.635% 4/15/20282,7,8		3,288		3,287
	EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/20452,7		302		267
	Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 1/20/20282,7		3,382		3,327
	Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/20292,7		2,500		2,473
	Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/20292,7		4,434		4,449
	Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/20257		49		49
	FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/20372,7		5,942		5,510
	Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/20262,7		1,743		1,744
	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/20302,7		6,000		5,995
	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/20312,7		9,605		9,410
	Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/20312,7		8,861		8,565
	Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/20362,7		6,693		6,846
	GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20452,7		582		528
	GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/20452,7		234		212
	Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/20392,7		2,077		1,969
	Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/20402,7		8,727		8,039
	Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20402,7		10,941		10,047
	Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/20412,7		3,525		3,146
	Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/20412,7		5,247		4,712
	Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/20412,7		415		367
	GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/20267		1,774		1,787
	GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/20362,7		9,657		10,079
	GoldenTree Loan Opportunities XI, Ltd., CLO, Series 2015-11A, Class AR2, (3-month USD CME Term SOFR + 1.332%) 6.727% 1/18/20312,7,8		2,057		2,058
	Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 9.44% 6/25/20252,3,7		5,930		5,930
	Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20252,7		8,452		8,162
	Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20252,7		634		611
	Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/20252,7		405		390
	Hertz Vehicle Financing III, LLC, Series 2022-1A, Class A, 1.99% 6/25/20262,7		8,089		7,734
	Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/20262,7		8,390		8,176
	Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20272,7		5,565		5,047
	Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20272,7		685		620
	Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20272,7		429		385
	Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/20282,7		4,900		4,463
	Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/20282,7		4,960		4,734
	Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/20302,7		5,141		5,340
	Honda Auto Receivables Owner Trust, Series 2023-1, Class A2, 5.22% 10/21/20257		944		943
	Honda Auto Receivables Owner Trust, Series 2023-3, Class A2, 5.71% 3/18/20267		6,573		6,594
	Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/20277		1,141		1,143

American Funds Insurance Series  159

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Asset-backed obligations (continued)
	LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/20272,7		USD2,594	$	2,622
	Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD CME Term SOFR + 1.262%) 6.674% 7/21/20302,7,8		5,309		5,310
	Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD CME Term SOFR + 1.412%) 6.805% 4/15/20292,7,8		971		971
	Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 9/15/20272,7		2,531		2,517
	Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/20282,7		3,475		3,480
	Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20692,7		4,254		3,691
	Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/20702,7		5,155		4,475
	Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/20462,7		5,854		5,120
	Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/20622,7		8,110		7,284
	Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20622,7		4,640		4,204
	Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20622,7		7,858		7,142
	New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20612,7		23,051		20,209
	Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 6.61% 7/25/20302,7,8		1,573		1,571
	OCP CLO, Ltd., Series 2018-15A, Class A1, (3-month USD CME Term SOFR + 1.362%) 6.777% 7/20/20312,7,8		2,227		2,227
	Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD CME Term SOFR + 1.262%) 6.641% 11/25/20282,7,8		476		477
	Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD CME Term SOFR + 1.162%) 6.577% 4/20/20292,7,8		259		259
	Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD CME Term SOFR + 1.062%) 6.455% 10/15/20292,7,8		6,602		6,587
	Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD CME Term SOFR + 1.662%) 7.055% 10/15/20292,7,8		5,378		5,347
	PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/20282,7		5,912		5,945
	PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/16/20282,7		4,165		4,217
	PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/20367		2,725		2,586
	Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD CME Term SOFR + 1.202%) 6.595% 10/15/20302,7,8		4,061		4,054
	Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 12/15/20257		36		36
	Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/20267		462		462
	Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 8/17/20267		2,318		2,308
	Santander Drive Auto Receivables Trust, Series 2023-4, Class A2, 6.18% 2/16/20277		3,234		3,244
	Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/20287		5,062		5,136
	SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/20282,7		3,573		3,612
	SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%) 6.206% 1/15/20532,7,8		5,157		5,065
	SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/20462,7		3,199		2,765
	SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/20462,7		4,043		3,712
	Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/20412,7		3,871		3,297
	Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20332,7		1,637		1,506
	Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/20332,7		1,315		1,200
	Stratus Static CLO, Ltd., Series 2022-3, Class A, (3-month USD CME Term SOFR + 2.15%) 7.566% 10/20/20312,7,8		6,017		6,018
	SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/20752,7		2,396		2,231
	Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/20297		3,169		3,230
	TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20452,7		1,570		1,427
	Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/20452,7		700		635
	Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/20462,7		838		735
	Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/20462,7		2,415		2,159
	Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/20312,7		3,250		3,209
	Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 5/25/20332,7		8,337		7,917
	Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/20342,7,8		7,257		6,691
	Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/20287		5,253		5,294
	Toyota Auto Receivables Owner Trust, Series 2023-C, Class A4, 5.01% 2/15/20297		2,033		2,052
	Toyota Lease Owner Trust, Series 2023-A, Class A2, 5.30% 8/20/20252,7		2,978		2,974
	Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20452,7		9,257		8,240

160  American Funds Insurance Series

Asset Allocation Fund (continued)

		Principal amount		Value
Bonds, notes & other debt instruments (continued)		(000)		(000)
Asset-backed obligations (continued)
	Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/20462,7		USD1,641	$	1,432
	Verizon Master Trust, Series 2023-2, Class A, 4.89% 4/13/20287		8,460		8,438
	Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026)7,10		7,481		7,448
	Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/20312,7		8,981		9,057
	Westlake Automobile Receivables Trust, Series 2022-3, Class A2, 5.24% 7/15/20252,7		1,642		1,641
	Westlake Automobile Receivables Trust, Series 2023-1, Class A2A, 5.51% 6/15/20262,7		1,284		1,282
	Westlake Automobile Receivables Trust, Series 2023-2, Class A2A, 5.87% 7/15/20262,7		3,642		3,643
	Westlake Automobile Receivables Trust, Series 2023-2, Class A3, 5.80% 2/16/20272,7		3,504		3,516
	Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/20282,7		794		792
	Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/20282,7		2,794		2,809
	World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/20307		7,845		7,858
					532,117
Bonds & notes of governments & government agencies outside the U.S. 0.16%
	CPPIB Capital, Inc. 2.75% 11/2/20272		6,600		6,256
	European Investment Bank 0.75% 10/26/2026		6,194		5,648
	OMERS Finance Trust 3.50% 4/19/20322		4,315		3,981
	OMERS Finance Trust 4.00% 4/19/20522		4,315		3,552
	Panama (Republic of) 3.298% 1/19/2033		4,365		3,459
	Panama (Republic of) 4.50% 1/19/2063		1,035		680
	Peru (Republic of) 1.862% 12/1/2032		2,525		1,983
	Peru (Republic of) 2.78% 12/1/2060		3,775		2,362
	Qatar (State of) 3.375% 3/14/20242		2,315		2,305
	Qatar (State of) 4.00% 3/14/20292		745		740
	Qatar (State of) 4.817% 3/14/20492		750		732
	Swedish Export Credit Corp. 3.625% 9/3/2024		5,089		5,033
	United Mexican States 2.659% 5/24/2031		2,703		2,292
	United Mexican States 4.875% 5/19/2033		1,790		1,728
	United Mexican States 3.771% 5/24/2061		1,528		1,041
					41,792
Municipals 0.14%
California	Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.158% 6/1/2026		1,200		1,120
0.02%	Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.332% 6/1/2027		1,660		1,522
	Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		495		418
	Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.293% 6/1/2042		1,170		916
	Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.00% 6/1/2046		2,205		2,008
					5,984
Florida	Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027		5,335		4,833
0.04%	Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030		5,365		4,582
					9,415

American Funds Insurance Series  161

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Municipals (continued)
Guam 0.00%	A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 10/1/2036	USD	240	$	195
	A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 10/1/2043		315		243
					438
Illinois 0.01%	G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 6/1/2033		4,125		4,082
Minnesota 0.00%	Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 7/1/2038		15		15
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		2,674
	Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 3/15/2028		4,745		4,283
					6,957
Ohio 0.02%	Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031		5,050		4,427
South Carolina 0.00%	Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 7/1/2041		5		5
Wisconsin 0.02%	Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034		5,825		5,519
	Total municipals				36,842
	Total bonds, notes & other debt instruments (cost: $6,781,014,000)				6,669,925
Investment funds 5.47%		Shares
	Capital Group Central Corporate Bond Fund17		165,803,626		1,406,015
	Total Investment funds (cost: $1,573,126,000)				1,406,015
Short-term securities 9.42%
Money market investments 9.33%
	Capital Group Central Cash Fund 5.44%17,18		23,958,974		2,395,658

162  American Funds Insurance Series

Asset Allocation Fund (continued)

Short-term securities (continued)		Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.09%
	State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%18,19		11,357,036	$	11,357
	Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%18,19		9,369,717		9,370
	Capital Group Central Cash Fund 5.44%17,18,19		19,914		1,991
					22,718
	Total short-term securities (cost: $2,418,592,000)				2,418,376
	Total investment securities 104.99% (cost: $21,173,155,000)				26,966,047
	Other assets less liabilities (4.99)%				(1,280,717	)
	Net assets 100.00%			$	25,685,330

Futures contracts
Contracts	Type		Number of contracts		Expiration date		Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
2 Year U.S. Treasury Note Futures		Long		10,611		4/3/2024	USD	2,184,954		$	18,677
5 Year U.S. Treasury Note Futures		Long		6,817		4/3/2024		741,508			15,673
10 Year U.S. Treasury Note Futures		Long		393		3/28/2024		44,366			676
10 Year Ultra U.S. Treasury Note Futures		Short		4,627		3/28/2024		(546,058	)		(24,504	)
20 Year U.S. Treasury Bond Futures		Long		674		3/28/2024		84,208			2,161
30 Year Ultra U.S. Treasury Bond Futures		Short		526		3/28/2024		(70,270	)		(5,507	)
										$	7,176

Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive			Pay							Notional		Value at			Upfront premium paid		Unrealized appreciation (depreciation)
Rate	Payment frequency		Rate			Payment frequency		Expiration date		amount (000)		12/31/2023 (000)			(received) (000)		at 12/31/2023 (000)
4.1645%		Annual		SOFR			Annual		1/24/2025	USD	3,491	$	(20	)	$	—	$	(20	)
SOFR		Annual		3.16653	%		Annual		1/24/2033	USD	48,133		1,160			—		1,160
												$	1,140		$	—	$	1,140
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection

Financing rate received

Payment frequency

Reference index

Expiration date

Notional amount20 (000)

Value at 12/31/202321 (000)

Upfront premium paid (received) (000)

Unrealized appreciation (depreciation) at 12/31/2023 (000)

1.00%

Quarterly

CDX.NA.IG.41

12/20/2028

USD19,673

$

382

$

286

$

96

American Funds Insurance Series  163

Asset Allocation Fund (continued)

Investments in affiliates17
	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)			Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interest income (000)
Investment funds 5.47%
Capital Group Central Corporate Bond Fund	$	1,367,122	$	361,863	$	385,740		$	(79,020	)	$	141,790		$	1,406,015	$	49,749
Short-term securities 9.34%
Money market investments 9.33%
Capital Group Central Cash Fund 5.44%18		1,639,716		6,257,783		5,501,498			75			(418	)		2,395,658		124,804
Money market investments purchased with collateral from securities on loan 0.01%
Capital Group Central Cash Fund 5.44%18,19		12,622				10,631	22								1,991		—	23
Total short-term securities															2,397,649
Total 14.81%								$	(78,945	)	$	141,372		$	3,803,664	$	174,553

Restricted securities4
	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Carbon Health Technologies, Inc., Series D-2, 8.00%noncumulative convertible preferred shares3	7/9/2021	$	50,000	$	43,608		.17	%
Rotech Healthcare, Inc.1,3	8/22/2014		6,949		19,334		.08
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713% 9/13/20298,16	9/13/2023		2,596		2,607		.01
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61% 9/13/20298,16	9/13/2023-12/13/2023		70		72		.00	24
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,10	6/23/2023		971		1,023		.00	24
Total		$	60,586	$	66,644		.26	%

164  American Funds Insurance Series

Asset Allocation Fund (continued)

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

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 $1,274,651,000, which represented 4.96% of the net assets of the fund.

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 $66,644,000, which represented .26% of the net assets of the fund.

⁵  All or a portion of this security was on loan. The total value of all such securities was $24,156,000, which represented .09% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

⁶  Amount less than one thousand.

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

⁸  Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

⁹  Purchased on a TBA basis.

¹⁰  Step bond; coupon rate may change at a later date.

¹¹  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $19,019,000, which represented .07% of the net assets of the fund.

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

¹³  Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

¹⁴  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.

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

¹⁶  Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $34,605,000, which represented .13% of the net assets of the fund.

¹⁷  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

¹⁸  Rate represents the seven-day yield at 12/31/2023.

¹⁹  Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

²⁰  The maximum potential amount the fund may pay as a protection seller should a credit event occur.

²¹  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.

²²  Represents net activity. Refer to Note 5 for more information on securities lending.

²³  Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

²⁴  Amount less than .01%.

Key to abbreviation(s)
ADR = American Depositary Receipts	Fncg. = Financing
Agcy. = Agency	G.O. = General Obligation
AMT = Alternative Minimum Tax	LIBOR = London Interbank Offered Rate
Assn. = Association	PIK = Payment In Kind
Auth. = Authority	Ref. = Refunding
CAD = Canadian dollars	REIT = Real Estate Investment Trust
CLO = Collateralized Loan Obligations	Rev. = Revenue
CME = CME Group	SOFR = Secured Overnight Financing Rate
CMO = Collateralized Mortgage Obligations	TBA = To be announced
DAC = Designated Activity Company	USD = U.S. dollars
Fin. = Finance

Refer to the notes to financial statements.

American Funds Insurance Series  165

American Funds Global Balanced Fund

Investment portfolio December 31, 2023

Common stocks 61.63%		Shares		Value (000)
Information	Broadcom, Inc.		13,043	$	14,559
technology	Microsoft Corp.		31,994		12,031
11.56%	Accenture PLC, Class A		8,209		2,881
	Texas Instruments, Inc.		16,895		2,880
	GlobalWafers Co., Ltd.		101,000		1,927
	ServiceNow, Inc.1		2,692		1,902
	Taiwan Semiconductor Manufacturing Co., Ltd.		87,000		1,674
	Marvell Technology, Inc.		24,527		1,479
	Cognizant Technology Solutions Corp., Class A		18,178		1,373
	Intel Corp.		26,751		1,344
	TDK Corp.		18,600		882
	Apple, Inc.		3,844		740
	SK hynix, Inc.		6,055		661
	Seagate Technology Holdings PLC		3,768		322
	Infineon Technologies AG		6,896		288
					44,943
Health care	Abbott Laboratories		58,998		6,494
9.22%	Sanofi		51,879		5,143
	Gilead Sciences, Inc.		42,602		3,451
	Novo Nordisk AS, Class B		27,643		2,859
	UnitedHealth Group, Inc.		4,895		2,577
	AstraZeneca PLC		15,545		2,094
	Takeda Pharmaceutical Co., Ltd.		50,900		1,461
	Eli Lilly and Co.		2,380		1,387
	Molina Healthcare, Inc.1		3,701		1,337
	Eurofins Scientific SE, non-registered shares		17,767		1,163
	Stryker Corp.		3,652		1,094
	Medtronic PLC		12,398		1,021
	AbbVie, Inc.		5,825		903
	Thermo Fisher Scientific, Inc.		1,595		847
	Novartis AG		8,363		844
	GE HealthCare Technologies, Inc.		9,521		736
	BioMarin Pharmaceutical, Inc.1		6,101		588
	Merck KGaA		3,462		551
	Danaher Corp.		2,224		515
	Humana, Inc.		1,074		492
	Vertex Pharmaceuticals, Inc.1		752		306
					35,863
Industrials	RTX Corp.		65,310		5,495
8.40%	Carrier Global Corp.		72,631		4,173
	General Electric Co.		30,743		3,924
	Thales SA		18,350		2,714
	Safran SA		12,512		2,207
	Siemens AG		10,596		1,988
	General Dynamics Corp.		7,609		1,976
	BAE Systems PLC		137,641		1,947
	Honeywell International, Inc.		5,909		1,239
	CSX Corp.		34,575		1,199
	Melrose Industries PLC		110,742		800
	DHL Group		15,557		771
	Boeing Co.1		2,721		709
	United Rentals, Inc.		916		525
	Grupo Aeroportuario del Pacífico, SAB de CV, Class B		26,859		469
	Grupo Aeroportuario del Pacífico, SAB de CV, Class B (ADR)		13		2
	L3Harris Technologies, Inc.		2,038		429
	Singapore Technologies Engineering, Ltd.		124,000		365
	Airbus SE, non-registered shares		2,299		355
	Caterpillar, Inc.		1,174		347

166  American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Common stocks (continued)		Shares		Value (000)
Industrials	Waste Management, Inc.		1,847	$	331
(continued)	Astra International Tbk PT		894,600		328
	Element Fleet Management Corp.		18,337		298
	Trelleborg AB, Class B		1,639		55
					32,646
Financials	B3 SA - Brasil, Bolsa, Balcao		1,504,867		4,475
7.90%	ING Groep NV		221,402		3,314
	Zurich Insurance Group AG		5,617		2,937
	HDFC Bank, Ltd. (ADR)		28,148		1,889
	HDFC Bank, Ltd.		48,162		988
	AIA Group, Ltd.		263,400		2,288
	BlackRock, Inc.		2,648		2,150
	Kotak Mahindra Bank, Ltd.		71,295		1,634
	DBS Group Holdings, Ltd.		59,900		1,513
	Citigroup, Inc.		27,497		1,414
	JPMorgan Chase & Co.		4,864		827
	BNP Paribas SA		11,441		793
	Münchener Rückversicherungs-Gesellschaft AG		1,737		719
	Banco Santander, SA		157,435		657
	Aegon, Ltd.		112,560		653
	Banco Bilbao Vizcaya Argentaria, SA		69,231		631
	Bank Central Asia Tbk PT		1,028,600		627
	Great-West Lifeco, Inc.		17,824		590
	Capital One Financial Corp.		4,263		559
	KBC Groep NV		8,217		533
	Fairfax Financial Holdings, Ltd., subordinate voting shares		473		436
	FinecoBank SpA		28,790		433
	Ping An Insurance (Group) Company of China, Ltd., Class H		59,000		267
	Ping An Insurance (Group) Company of China, Ltd., Class A		11,400		65
	Mastercard, Inc., Class A		770		328
					30,720
Consumer staples	Philip Morris International, Inc.		37,932		3,569
5.61%	ITC, Ltd.		619,592		3,436
	Seven & i Holdings Co., Ltd.		69,400		2,749
	Imperial Brands PLC		115,025		2,643
	Nestlé SA		17,951		2,078
	Ajinomoto Co., Inc.		48,150		1,861
	British American Tobacco PLC		60,310		1,760
	Kao Corp.		31,600		1,298
	Pernod Ricard SA		4,980		881
	Heineken NV		6,766		688
	Alimentation Couche-Tard, Inc.		7,156		421
	Kweichow Moutai Co., Ltd., Class A		921		224
	Monster Beverage Corp.1		3,869		223
					21,831
Materials	Freeport-McMoRan, Inc.		91,591		3,899
4.57%	Linde PLC		7,564		3,107
	Air Products and Chemicals, Inc.		9,426		2,581
	Fortescue, Ltd.		113,507		2,245
	BHP Group, Ltd. (CDI)		55,722		1,906
	Evonik Industries AG		77,260		1,577
	Vale SA (ADR), ordinary nominative shares		57,603		914

American Funds Insurance Series  167

American Funds Global Balanced Fund (continued)

Common stocks (continued)		Shares		Value (000)
Materials	Celanese Corp.		4,587	$	713
(continued)	Air Liquide SA		2,397		466
	Sherwin-Williams Co.		1,150		359
					17,767
Energy	Canadian Natural Resources, Ltd. (CAD denominated)		113,969		7,466
3.70%	Shell PLC (GBP denominated)		48,992		1,592
	Neste OYJ		41,287		1,467
	TC Energy Corp. (CAD denominated)		32,426		1,267
	Chevron Corp.		7,285		1,087
	BP PLC		165,370		977
	Baker Hughes Co., Class A		9,285		317
	Woodside Energy Group, Ltd. (CDI)		9,976		211
					14,384
Communication	Meta Platforms, Inc., Class A1		13,044		4,617
services	Alphabet, Inc., Class A1		19,578		2,735
3.47%	Alphabet, Inc., Class C1		7,383		1,040
	Singapore Telecommunications, Ltd.		703,500		1,315
	Netflix, Inc.1		2,684		1,307
	TELUS Corp.		46,990		836
	Omnicom Group, Inc.		9,504		822
	Comcast Corp., Class A		18,675		819
					13,491
Consumer	LVMH Moët Hennessy-Louis Vuitton SE		2,325		1,886
discretionary	Home Depot, Inc.		4,682		1,623
3.23%	Ferrari NV		3,600		1,218
	Ferrari NV (EUR denominated)		1,201		405
	Compagnie Financière Richemont SA, Class A		7,729		1,066
	Amazon.com, Inc.1		6,696		1,017
	InterContinental Hotels Group PLC		11,004		994
	Royal Caribbean Cruises, Ltd.1		7,483		969
	Sony Group Corp.		6,100		578
	Hasbro, Inc.		11,264		575
	Restaurant Brands International, Inc.		6,229		487
	General Motors Co.		10,806		388
	Hilton Worldwide Holdings, Inc.		2,083		379
	adidas AG		1,644		334
	Airbnb, Inc., Class A1		2,358		321
	Zhongsheng Group Holdings, Ltd.		74,000		179
	Dowlais Group PLC		103,349		140
					12,559
Utilities	DTE Energy Co.		26,895		2,965
2.74%	E.ON SE		141,436		1,897
	Duke Energy Corp.		14,950		1,451
	Constellation Energy Corp.		11,857		1,386
	SembCorp Industries, Ltd.		271,100		1,088
	National Grid PLC		57,946		782
	Dominion Energy, Inc.		12,866		605
	ENN Energy Holdings, Ltd.		57,100		420
	Power Grid Corporation of India, Ltd.		14,958		43
					10,637

168  American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Common stocks (continued)		Shares		Value (000)
Real estate	CTP NV		96,081	$	1,624
1.23%	Equinix, Inc. REIT		1,833		1,476
	Embassy Office Parks REIT		310,600		1,212
	Sun Hung Kai Properties, Ltd.		42,500		457
					4,769
	Total common stocks (cost: $184,602,000)				239,610
Preferred securities 0.11%
Consumer discretionary 0.10%	Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares		4,221		372
Financials 0.01%	Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1		17,204		50
	Total preferred securities (cost: $408,000)				422
Convertible stocks 0.27%
Utilities 0.27%	NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/20252		27,300		1,041
	Total convertible stocks (cost: $1,321,000)				1,041

Bonds, notes & other debt instruments 31.04%		Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 14.75%
	Agricultural Development Bank of China 3.75% 1/25/2029	CNY	550	82
	Asian Development Bank 1.125% 6/10/2025	GBP	100	122
	Australia (Commonwealth of), Series 152, 2.75% 11/21/2028	AUD	310	203
	Australia (Commonwealth of), Series 157, 1.50% 6/21/2031		1,055	611
	Australia (Commonwealth of), Series 163, 1.00% 11/21/2031		150	82
	Australia (Commonwealth of), Series 166, 3.00% 11/21/2033		2,020	1,270
	Austria (Republic of) 0% 2/20/2031	EUR	660	613
	Belgium (Kingdom of), Series 97, 3.00% 6/22/2033		270	308
	Brazil (Federative Republic of) 10.00% 1/1/2025	BRL	900	185
	Brazil (Federative Republic of) 10.00% 1/1/2031		5,999	1,221
	Brazil (Federative Republic of) 10.00% 1/1/2033		6,221	1,262
	Brazil (Federative Republic of) 6.00% 8/15/20403		209	46
	Brazil (Federative Republic of) 6.00% 8/15/20503		1,510	335
	Brazil (Federative Republic of) 6.00% 8/15/20603		209	47
	Bulgaria (Republic of) 4.50% 1/27/2033	EUR	120	139
	Canada 3.00% 11/1/2024	CAD	320	238
	Canada 2.25% 6/1/2025		1,400	1,030
	Canada 0.25% 3/1/2026		246	173
	Canada 3.50% 3/1/2028		1,009	769
	Chile (Republic of) 5.80% 6/1/2024	CLP	230,000	260
	Chile (Republic of) 4.70% 9/1/2030		55,000	60
	China (People’s Republic of) 2.62% 6/25/2030	CNY	1,970	279
	China (People’s Republic of), Series INBK, 2.64% 1/15/2028		9,650	1,374
	China (People’s Republic of), Series INBK, 2.88% 2/25/2033		10,270	1,484
	China (People’s Republic of), Series INBK, 3.81% 9/14/2050		5,050	833
	China (People’s Republic of), Series INBK, 3.12% 10/25/2052		8,450	1,243
	China Development Bank Corp., Series 2008, 2.89% 6/22/2025		3,240	461
	China Development Bank Corp., Series 2004, 3.43% 1/14/2027		1,060	154
	China Development Bank Corp., Series 2009, 3.39% 7/10/2027		8,580	1,247
	China Development Bank Corp., Series 1805, 4.88% 2/9/2028		2,040	314
	Colombia (Republic of), Series B, 5.75% 11/3/2027	COP	1,872,100	428

American Funds Insurance Series  169

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
	Colombia (Republic of), Series B, 7.00% 3/26/2031	COP	218,300	$	49
	European Investment Bank 0.375% 9/15/2027	EUR	110		113
	European Investment Bank 0.25% 1/20/2032		860		795
	European Union 0% 7/6/2026		100		104
	European Union 0.25% 10/22/2026		50		52
	French Republic O.A.T. 0.75% 2/25/2028		640		666
	French Republic O.A.T. 0% 11/25/2030		1,320		1,246
	French Republic O.A.T. 2.00% 11/25/2032		610		649
	French Republic O.A.T. 3.25% 5/25/2045		160		185
	Germany (Federal Republic of) 2.50% 3/13/2025		845		929
	Germany (Federal Republic of) 0% 4/16/2027		950		982
	Germany (Federal Republic of) 0% 8/15/2031		780		746
	Germany (Federal Republic of) 0% 2/15/2032		540		510
	Germany (Federal Republic of) 1.70% 8/15/2032		674		729
	Germany (Federal Republic of) 2.30% 2/15/2033		510		578
	Germany (Federal Republic of) 1.00% 5/15/2038		280		263
	Germany (Federal Republic of) 0% 8/15/2050		380		234
	Germany (Federal Republic of) 0% 8/15/2052		20		12
	Greece (Hellenic Republic of) 3.45% 4/2/2024		110		122
	Greece (Hellenic Republic of) 3.375% 2/15/2025		50		56
	Greece (Hellenic Republic of) 3.875% 6/15/2028		640		747
	Greece (Hellenic Republic of) 1.50% 6/18/2030		190		194
	Greece (Hellenic Republic of) 1.75% 6/18/2032		790		795
	Greece (Hellenic Republic of) 4.25% 6/15/2033		535		648
	Greece (Hellenic Republic of) 1.875% 1/24/2052		636		504
	India (Republic of) 5.22% 6/15/2025	INR	12,720		149
	India (Republic of) 5.15% 11/9/2025		8,000		93
	Indonesia (Republic of), Series 64, 6.125% 5/15/2028	IDR	1,165,000		75
	Indonesia (Republic of), Series 95, 6.375% 8/15/2028		1,767,000		115
	Indonesia (Republic of), Series 71, 9.00% 3/15/2029		1,201,000		86
	Indonesia (Republic of), Series 78, 8.25% 5/15/2029		3,301,000		231
	Indonesia (Republic of), Series 87, 6.50% 2/15/2031		1,253,000		81
	Indonesia (Republic of), Series 96, 7.00% 2/15/2033		4,446,000		299
	Ireland (Republic of) 3.00% 10/18/2043	EUR	150		172
	Israel (State of) 2.875% 1/29/2024		200		221
	Israel (State of) 4.50% 1/17/2033	USD	200		190
	Italy (Republic of) 1.35% 4/1/2030	EUR	550		545
	Italy (Republic of) 4.40% 5/1/2033		1,200		1,412
	Italy (Republic of) 4.35% 11/1/2033		740		865
	Japan, Series 18, 0.10% 3/10/20243	JPY	22,300		160
	Japan, Series 19, 0.10% 9/10/20243		32,520		234
	Japan, Series 150, 0.005% 12/20/2026		84,950		602
	Japan, Series 346, 0.10% 3/20/2027		134,150		953
	Japan, Series 363, 0.10% 6/20/2031		56,000		388
	Japan, Series 365, 0.10% 12/20/2031		317,600		2,187
	Japan, Series 145, 1.70% 6/20/2033		59,800		467
	Japan, Series 152, 1.20% 3/20/2035		264,400		1,965
	Japan, Series 179, 0.50% 12/20/2041		50,500		312
	Japan, Series 42, 1.70% 3/20/2044		50,150		374
	Japan, Series 37, 0.60% 6/20/2050		26,950		150
	Japan, Series 74, 1.00% 3/20/2052		161,500		982
	Japan, Series 76, 1.40% 9/20/2052		80,350		538
	KfW 1.125% 7/4/2025	GBP	95		115
	Magyar Export-Import Bank 6.00% 5/16/2029	EUR	100		117
	Morocco (Kingdom of) 3.50% 6/19/2024		100		110
	Netherlands (Kingdom of the) 5.50% 1/15/2028		100		124
	Nova Scotia (Province of) 3.15% 12/1/2051	CAD	170		109
	Peru (Republic of) 2.392% 1/23/2026	USD	90		86
	Philippines (Republic of) 0.001% 4/12/2024	JPY	100,000		708
	Philippines (Republic of) 0.25% 4/28/2025	EUR	100		105
	Philippines (Republic of) 1.648% 6/10/2031	USD	200		165

170  American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
	Poland (Republic of), Series 1029, 2.75% 10/25/2029	PLN	410	$	93
	Portuguese Republic 0.475% 10/18/2030	EUR	230		223
	Portuguese Republic 3.50% 6/18/2038		230		266
	Romania 2.125% 3/7/2028		130		131
	Serbia (Republic of) 3.125% 5/15/2027		215		228
	Serbia (Republic of) 2.05% 9/23/2036		185		143
	South Africa (Republic of), Series R-2030, 8.00% 1/31/2030	ZAR	3,000		151
	South Africa (Republic of), Series R-214, 6.50% 2/28/2041		4,235		140
	South Africa (Republic of), Series R-2048, 8.75% 2/28/2048		11,100		448
	South Korea (Republic of), Series 2712, 2.375% 12/10/2027	KRW	348,590		263
	South Korea (Republic of), Series 3212, 4.25% 12/10/2032		1,831,500		1,537
	Spain (Kingdom of) 0% 1/31/2027	EUR	335		342
	Spain (Kingdom of) 0.80% 7/30/2027		490		510
	Spain (Kingdom of) 0.50% 10/31/2031		165		153
	Spain (Kingdom of) 3.15% 4/30/2033		317		356
	Spain (Kingdom of) 3.55% 10/31/2033		550		637
	Tunisia (Republic of) 5.625% 2/17/2024		290		310
	Ukraine 6.876% 5/21/20314,5	USD	250		58
	Ukraine 6.876% 5/21/20314		200		47
	United Kingdom 2.75% 9/7/2024	GBP	50		63
	United Kingdom 1.25% 7/22/2027		410		485
	United Kingdom 0.375% 10/22/2030		490		512
	United Kingdom 0.25% 7/31/2031		160		161
	United Kingdom 1.00% 1/31/2032		920		972
	United Kingdom 4.25% 6/7/2032		1,165		1,573
	United Kingdom 3.25% 1/22/2044		174		196
	United Kingdom 1.25% 7/31/2051		413		280
	United Mexican States, Series M, 5.75% 3/5/2026	MXN	12,150		662
	United Mexican States, Series M, 7.75% 11/23/2034		6,500		350
	United Mexican States, Series M, 8.00% 11/7/2047		5,120		270
	United Mexican States, Series M, 8.00% 7/31/2053		28,580		1,495
					57,321
Mortgage-backed obligations 5.47%
Federal agency	Fannie Mae Pool #FM6293 3.00% 1/1/20516	USD	2		1
mortgage-backed	Fannie Mae Pool #MA5071 5.00% 7/1/20536		27		27
obligations	Freddie Mac Pool #RB5071 2.00% 9/1/20406		745		641
4.95%	Freddie Mac Pool #QD3310 3.00% 12/1/20516		1		1
	Freddie Mac Pool #SD8276 5.00% 12/1/20526		476		471
	Freddie Mac Pool #SD8341 5.00% 7/1/20536		16		16
	Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/20336		580		554
	Government National Mortgage Assn. 6.50% 1/1/20546,7		1,175		1,203
	Government National Mortgage Assn. Pool #785607 2.50% 8/20/20516		302		260
	Government National Mortgage Assn. Pool #785659 2.50% 10/20/20516		108		93
	Government National Mortgage Assn. Pool #785813 2.50% 12/20/20516		143		123
	Uniform Mortgage-Backed Security 2.00% 1/1/20546,7		800		654
	Uniform Mortgage-Backed Security 2.50% 1/1/20546,7		3,384		2,879
	Uniform Mortgage-Backed Security 3.50% 1/1/20546,7		729		669
	Uniform Mortgage-Backed Security 4.00% 1/1/20546,7		1,049		992
	Uniform Mortgage-Backed Security 4.50% 1/1/20546,7		2,525		2,448
	Uniform Mortgage-Backed Security 5.00% 1/1/20546,7		2,791		2,762
	Uniform Mortgage-Backed Security 5.50% 1/1/20546,7		600		603
	Uniform Mortgage-Backed Security 6.00% 1/1/20546,7		950		965
	Uniform Mortgage-Backed Security 6.50% 1/1/20546,7		580		594
	Uniform Mortgage-Backed Security 7.00% 1/1/20546,7		1,140		1,176
	Uniform Mortgage-Backed Security 3.50% 2/1/20546,7		1,480		1,360
	Uniform Mortgage-Backed Security 6.00% 2/1/20546,7		750		762
					19,254

American Funds Insurance Series  171

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Other	Nykredit Realkredit AS, Series 01E, 1.50% 10/1/20376	DKK	468	$	63
mortgage-backed	Nykredit Realkredit AS, Series 01E, 1.50% 10/1/20406		1,206		160
securities	Nykredit Realkredit AS, Series 01E, 0.50% 10/1/20436		5,550		666
0.26%	Nykredit Realkredit AS, Series 01E, 0.50% 10/1/20506		474		52
	Nykredit Realkredit AS, Series CCE, 1.00% 10/1/20506		569		66
	Realkredit Danmark AS 1.00% 10/1/20536		188		21
					1,028
Collateralized mortgage-backed	Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 7.637% 5/25/20435,6,8	USD	196		200
obligations (privately originated)	Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 7.237% 6/25/20435,6,8		113		114
0.13%	Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 7.037% 7/25/20435,6,8		83		83
	Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/20405,6		108		107
					504
Commercial mortgage-backed	BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 6.176% 9/15/20365,6,8		150		146
securities 0.13%	BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.375% 10/15/20365,6,8		110		108
	Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20285,6,8		135		137
	Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/20285,6,8		100		103
					494
	Total mortgage-backed obligations				21,280
U.S. Treasury bonds & notes 5.47%
U.S. Treasury	U.S. Treasury 2.125% 11/30/2024		1,200		1,171
4.11%	U.S. Treasury 1.75% 3/15/2025		98		95
	U.S. Treasury 3.00% 7/15/2025		916		896
	U.S. Treasury 3.125% 8/15/2025		18		18
	U.S. Treasury 4.50% 11/15/2025		178		179
	U.S. Treasury 0.375% 11/30/2025		50		46
	U.S. Treasury 3.75% 4/15/2026		76		75
	U.S. Treasury 2.75% 4/30/2027		432		416
	U.S. Treasury 2.75% 7/31/2027		46		44
	U.S. Treasury 4.125% 9/30/2027		268		270
	U.S. Treasury 4.125% 10/31/2027		357		359
	U.S. Treasury 4.00% 2/29/2028		570		572
	U.S. Treasury 4.00% 6/30/2028		4,263		4,284
	U.S. Treasury 4.375% 8/31/2028		1,170		1,195
	U.S. Treasury 4.625% 9/30/2028		1,783		1,841
	U.S. Treasury 4.375% 11/30/2028		119		122
	U.S. Treasury 1.375% 11/15/2031		752		624
	U.S. Treasury 2.875% 5/15/2032		284		263
	U.S. Treasury 1.875% 2/15/20419		920		663
	U.S. Treasury 2.25% 5/15/20419		525		401
	U.S. Treasury 3.875% 5/15/2043		175		167
	U.S. Treasury 2.875% 11/15/2046		400		321
	U.S. Treasury 1.25% 5/15/2050		630		341
	U.S. Treasury 1.375% 8/15/2050		400		224
	U.S. Treasury 2.375% 5/15/20519		490		351
	U.S. Treasury 2.00% 8/15/20519		560		367

172  American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury	U.S. Treasury 2.25% 2/15/2052	USD	180	$	125
(continued)	U.S. Treasury 4.00% 11/15/2052		270		267
	U.S. Treasury 3.625% 2/15/2053		299		277
					15,974
U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.125% 7/15/20243		772		759
inflation-protected	U.S. Treasury Inflation-Protected Security 0.125% 10/15/20243		516		505
securities	U.S. Treasury Inflation-Protected Security 0.375% 7/15/20273		354		337
1.36%	U.S. Treasury Inflation-Protected Security 2.375% 10/15/20283		2,076		2,139
	U.S. Treasury Inflation-Protected Security 1.375% 7/15/20333		709		688
	U.S. Treasury Inflation-Protected Security 1.00% 2/15/20493		257		207
	U.S. Treasury Inflation-Protected Security 1.50% 2/15/20533,9		724		660
					5,295
	Total U.S. Treasury bonds & notes				21,269
Corporate bonds, notes & loans 5.00%
Financials 1.80%	AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028)10	EUR	200		189
	AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)5,10	USD	200		207
	Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028)10	EUR	200		228
	Bank of America Corp. 0.976% 4/22/2025 (USD-SOFR + 0.69% on 4/22/2024)10	USD	200		197
	Bank of America Corp. 1.319% 6/19/2026 (USD-SOFR + 1.15% on 6/19/2025)10		500		471
	Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028)10		161		162
	Barclays PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)10		475		473
	BPCE SA 4.50% 1/13/2033	EUR	100		116
	CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)5,10	USD	200		204
	Chubb INA Holdings, Inc. 3.35% 5/3/2026		10		10
	Chubb INA Holdings, Inc. 4.35% 11/3/2045		20		19
	Citigroup, Inc. 0.981% 5/1/2025 (USD-SOFR + 0.669% on 5/1/2024)10		103		101
	Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)10		110		104
	Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)10		29		28
	Commonwealth Bank of Australia 2.688% 3/11/20315		225		185
	Corebridge Financial, Inc. 3.90% 4/5/2032		59		53
	Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029)10	EUR	200		192
	Deutsche Bank AG 4.00% 6/24/2032 (3-month EUR-EURIBOR + 3.30% on 6/24/2027)10		100		107
	Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)10	USD	160		146
	Goldman Sachs Group, Inc. 4.017% 10/31/2038 (3-month USD CME Term SOFR + 1.635% on 10/31/2037)10		78		68
	HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025)10		200		196
	HSBC Holdings PLC 7.39% 11/03/2028 (USD-SOFR + 7.39% on 11/3/2027)10		360		386
	HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033)10		290		318
	ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032)10	EUR	100		122
	JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)10	USD	186		172
	JPMorgan Chase & Co. 4.493% 3/24/2031 (USD-SOFR + 3.79% on 3/24/2030)10		160		156
	Mastercard, Inc. 2.00% 11/18/2031		102		86
	Morgan Stanley 0.985% 12/10/2026 (USD-SOFR + 0.72% on 12/10/2025)10		200		184
	Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)10		126		116
	Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030)10		72		63
	Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)10	EUR	280		293
	NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029)10		175		167
	New York Life Insurance Co. 3.75% 5/15/20505	USD	23		18
	Nordea Bank ABP 3.60% 6/6/20255		200		196
	Royal Bank of Canada 1.20% 4/27/2026		175		162

American Funds Insurance Series  173

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)	UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)5,10	USD	450	$	447
	Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)10		210		201
	Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)10		400		367
	Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)10		100		90
					7,000
Utilities	Alabama Power Co. 3.00% 3/15/2052		250		175
0.86%	Cleveland Electric Illuminating Co. (The) 3.50% 4/1/20285		35		33
	CMS Energy Corp. 3.00% 5/15/2026		80		76
	Consumers Energy Co. 3.60% 8/15/2032		250		232
	Duke Energy Progress, LLC 3.70% 9/1/2028		75		73
	E.ON SE 1.625% 3/29/2031	EUR	240		240
	Edison International 4.125% 3/15/2028	USD	160		155
	Enel Américas SA 4.00% 10/25/2026		35		34
	Enel Finance International NV 1.875% 7/12/20285		200		175
	Entergy Louisiana, LLC 4.75% 9/15/2052		100		92
	Exelon Corp. 3.40% 4/15/2026		150		145
	Interstate Power and Light Co. 2.30% 6/1/2030		50		43
	NextEra Energy Operating Partners, LP 7.25% 1/15/20295		550		576
	Niagara Mohawk Power Corp. 3.508% 10/1/20245		85		83
	Pacific Gas and Electric Co. 2.95% 3/1/2026		25		24
	Pacific Gas and Electric Co. 2.10% 8/1/2027		100		90
	Pacific Gas and Electric Co. 3.00% 6/15/2028		140		128
	Pacific Gas and Electric Co. 4.65% 8/1/2028		114		110
	Pacific Gas and Electric Co. 4.55% 7/1/2030		31		30
	Pacific Gas and Electric Co. 2.50% 2/1/2031		600		495
	Pacific Gas and Electric Co. 3.25% 6/1/2031		50		43
	Pacific Gas and Electric Co. 3.50% 8/1/2050		137		95
	Xcel Energy, Inc. 3.35% 12/1/2026		216		208
					3,355
Communication	América Móvil, SAB de CV, 9.50% 1/27/2031	MXN	12,420		712
services	AT&T, Inc. 2.75% 6/1/2031	USD	165		145
0.51%	AT&T, Inc. 2.55% 12/1/2033		64		52
	AT&T, Inc. 4.30% 11/18/2034	EUR	100		117
	Comcast Corp. 0% 9/14/2026		100		102
	Deutsche Telekom International Finance BV 9.25% 6/1/2032	USD	45		58
	Orange 9.00% 3/1/203110		65		80
	Tencent Holdings, Ltd. 3.925% 1/19/2038		200		170
	T-Mobile USA, Inc. 2.05% 2/15/2028		200		181
	Verizon Communications, Inc. 0.375% 3/22/2029	EUR	140		134
	Verizon Communications, Inc. 0.75% 3/22/2032		100		91
	WarnerMedia Holdings, Inc. 5.05% 3/15/2042	USD	168		148
					1,990
Health care	Amgen, Inc. 1.90% 2/21/2025		40		39
0.46%	Amgen, Inc. 2.20% 2/21/2027		30		28
	Amgen, Inc. 4.20% 3/1/2033		280		266
	Amgen, Inc. 5.65% 3/2/2053		61		64
	AstraZeneca Finance, LLC 2.25% 5/28/2031		69		60
	Becton, Dickinson and Co. 3.734% 12/15/2024		10		10
	Becton, Dickinson and Co. 3.70% 6/6/2027		43		42
	Becton, Dickinson and Co. 4.298% 8/22/2032		320		309
	Cigna Group (The) 4.125% 11/15/2025		80		79
	EMD Finance, LLC 3.25% 3/19/20255		250		244
	Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033		197		198

174  American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care	Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053	USD	21	$	21
(continued)	Stryker Corp. 0.75% 3/1/2029	EUR	210		206
	Takeda Pharmaceutical Co., Ltd. 2.25% 11/21/2026		100		108
	UnitedHealth Group, Inc. 4.00% 5/15/2029	USD	135		133
					1,807
Energy	Ecopetrol SA 6.875% 4/29/2030		160		159
0.41%	Equinor ASA 3.70% 3/1/2024		50		50
	Halliburton Co. 3.80% 11/15/2025		2		2
	Kinder Morgan, Inc. 4.30% 6/1/2025		165		163
	ONEOK, Inc. 5.80% 11/1/2030		7		7
	ONEOK, Inc. 6.05% 9/1/2033		53		56
	Petroleos Mexicanos 4.875% 1/18/2024		10		10
	Petroleos Mexicanos 7.19% 9/12/2024	MXN	6,179		348
	Petroleos Mexicanos 4.25% 1/15/2025	USD	57		56
	Petroleos Mexicanos 6.875% 8/4/2026		211		205
	Petroleos Mexicanos 6.49% 1/23/2027		273		256
	Qatar Energy 3.125% 7/12/20415		270		208
	TransCanada Trust 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)10,11		58		55
					1,575
Consumer	Amazon.com, Inc. 2.80% 8/22/2024		45		44
discretionary	BMW US Capital, LLC 3.90% 4/9/20255		70		69
0.28%	Daimler Trucks Finance North America, LLC 3.65% 4/7/20275		150		145
	Hyundai Capital America 1.50% 6/15/20265		250		228
	Hyundai Capital America 2.375% 10/15/20275		109		98
	Royal Caribbean Cruises, Ltd. 5.50% 4/1/20285		185		183
	Royal Caribbean Cruises, Ltd. 8.25% 1/15/20295		70		74
	Royal Caribbean Cruises, Ltd. 9.25% 1/15/20295		59		64
	Stellantis Finance US, Inc. 2.691% 9/15/20315		200		168
	Toyota Motor Credit Corp. 3.375% 4/1/2030		33		31
					1,104
Consumer staples	Altria Group, Inc. 2.20% 6/15/2027	EUR	270		288
0.21%	Anheuser-Busch InBev Worldwide, Inc. 4.00% 4/13/2028	USD	100		99
	BAT Capital Corp. 3.215% 9/6/2026		62		59
	BAT Capital Corp. 4.70% 4/2/2027		67		66
	BAT Capital Corp. 3.557% 8/15/2027		105		100
	BAT Capital Corp. 3.462% 9/6/2029		75		69
	Philip Morris International, Inc. 5.75% 11/17/2032		110		116
					797
Industrials	Canadian Pacific Railway Co. 3.10% 12/2/2051		164		119
0.16%	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		48
	Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/20345		89		88
	MISC Capital Two (Labuan), Ltd. 3.75% 4/6/20275		200		193
	RTX Corp. 4.125% 11/16/2028		170		166
					631

American Funds Insurance Series  175

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information	Broadcom, Inc. 4.00% 4/15/20295		USD 21	$	20
technology	Broadcom, Inc. 4.15% 11/15/2030		70		67
0.16%	Broadcom, Inc. 3.419% 4/15/20335		53		47
	Broadcom, Inc. 3.137% 11/15/20355		15		12
	Lenovo Group, Ltd. 5.875% 4/24/2025		269		270
	Oracle Corp. 2.65% 7/15/2026		216		205
					621
Real estate	American Tower Corp. 0.875% 5/21/2029		EUR 130		126
0.11%	Equinix, Inc. 2.15% 7/15/2030		USD 176		149
	Essex Portfolio, LP 3.50% 4/1/2025		120		117
	Essex Portfolio, LP 3.375% 4/15/2026		40		39
					431
Materials	Celanese US Holdings, LLC 6.379% 7/15/2032		50		53
0.04%	Vale Overseas, Ltd. 3.75% 7/8/2030		94		87
					140
	Total corporate bonds, notes & loans				19,451
Asset-backed obligations 0.24%
	ACHV ABS Trust, Series 2023-4CP, Class B, 7.24% 11/25/20305,6		100		101
	Affirm, Inc., Series 2023-X1, Class A, 7.11% 11/15/20285,6		100		100
	American Credit Acceptance Receivables Trust, Series 2022-3, Class C, 4.86% 10/13/20285,6		26		26
	AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 6.488% 12/18/20256,8		48		49
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/20275,6		125		125
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/20295,6		148		152
	CarMax Auto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 6.108% 9/15/20256,8		31		31
	Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 5.938% 2/15/20256,8		9		9
	GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 5.938% 9/16/20256,8		36		36
	Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 5.918% 5/15/20256,8		29		29
	Prestige Auto Receivables Trust, Series 2023-1, Class A2, 5.88% 3/16/20265,6		57		57
	SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 6.888% 11/15/20525,6,8		94		94
	Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (30-day Average USD-SOFR + 0.57%) 5.908% 8/15/20256,8		16		16
	Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/20246		1		1
	Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/20255,6		17		17
	Westlake Automobile Receivables Trust, Series 2023-1, Class A2A, 5.51% 6/15/20265,6		76		75
	Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/20285,6		19		19
					937
Federal agency bonds & notes 0.07%
	Korea Development Bank 4.375% 2/15/2033		270		265

176  American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)					Principal amount (000)		Value (000)
Municipals 0.04%
Ohio 0.02%	Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048				USD	100	$	76
Texas 0.02%	Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052					80		60
	Total municipals							136
	Total bonds, notes & other debt instruments (cost: $124,493,000)							120,659
Investment funds 2.14%					Shares
	Capital Group Central Corporate Bond Fund12					983,660		8,341
	Total Investment funds (cost: $7,862,000)							8,341
Short-term securities 8.84%		Weighted average yield at acquisition			Principal amount (000)
Bills & notes of governments & government agencies outside the U.S. 3.45%
	Denmark (Kingdom of) 1/8/2024		5.149	%	USD	7,000		6,990
	Japan Treasury 2/20/2024		(0.103	)	JPY	230,900		1,638
	KfW 1/3/20245		4.902		USD	3,000		2,998
	Québec (Province of) 1/16/20245		4.821			1,800		1,795
								13,421
					Shares
Money market investments 3.34%
	Capital Group Central Cash Fund 5.44%12,13					129,760		12,974
					Principal amount (000)
Commercial paper 1.80%
	DNB Bank ASA 1/5/20245		5.123		USD	7,000		6,993
					Shares
Money market investments purchased with collateral from securities on loan 0.25%
	State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%13,14					498,946		499
	Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%13,14					463,125		463
								962
	Total short-term securities (cost: $34,443,000)							34,350
	Total investment securities 104.03% (cost: $353,129,000)							404,423
	Other assets less liabilities (4.03)%							(15,659	)
	Net assets 100.00%						$	388,764

American Funds Insurance Series  177

American Funds Global Balanced Fund (continued)

Futures contracts
Contracts	Type		Number of contracts		Expiration date		Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
10 Year Australian Government Bond Futures		Long		4		3/15/2024	USD	318		$	10
2 Year Euro-Schatz Futures		Long		12		3/11/2024		1,411			6
2 Year U.S. Treasury Note Futures		Long		51		4/3/2024		10,502			98
5 Year Euro-Bobl Futures		Long		40		3/11/2024		5,267			90
5 Year U.S. Treasury Note Futures		Long		74		4/3/2024		8,049			124
10 Year French Government Bond Futures		Long		10		3/11/2024		1,452			51
10 Year Italy Government Bond Futures		Short		2		3/11/2024		(263	)		(9	)
10 Year Euro-Bund Futures		Short		4		3/11/2024		(606	)		(18	)
10 Year Japanese Government Bond Futures		Short		6		3/20/2024		(6,243	)		(20	)
10 Year U.S. Treasury Note Futures		Long		24		3/28/2024		2,709			51
10 Year UK Gilt Futures		Long		13		3/28/2024		1,701			86
10 Year Canadian Government Bond Futures		Long		17		3/28/2024		1,593			1
10 Year Ultra U.S. Treasury Note Futures		Short		20		3/28/2024		(2,360	)		(102	)
20 Year U.S. Treasury Bond Futures		Long		3		3/28/2024		375			28
30 Year Euro-Buxl Futures		Short		5		3/11/2024		(782	)		(50	)
30 Year Ultra U.S. Treasury Bond Futures		Short		2		3/28/2024		(267	)		1
										$	347

Forward currency contracts
								Unrealized
Contract amount								appreciation
								(depreciation)
Currency purchased (000)		Currency sold (000)			Counterparty	Settlement date		at 12/31/2023 (000)
EUR	1,455		USD	1,579	Morgan Stanley		1/8/2024	$	28
SGD	160		USD	120	BNP Paribas		1/8/2024		1
CZK	2,000		USD	89	BNP Paribas		1/8/2024		—	15
USD	133		EUR	120	Goldman Sachs		1/8/2024		—	15
USD	208		EUR	190	Citibank		1/8/2024		(2	)
USD	378		MXN	6,580	Goldman Sachs		1/8/2024		(8	)
CNH	1,950		USD	272	BNP Paribas		1/9/2024		1
HUF	106,090		USD	304	JPMorgan Chase		1/9/2024		1
PLN	1,200		USD	303	JPMorgan Chase		1/9/2024		1
ZAR	5,500		USD	300	Morgan Stanley		1/9/2024		1
CNH	1,700		USD	239	UBS AG		1/9/2024		—	15
USD	93		CNH	660	Goldman Sachs		1/9/2024		—	15
USD	324		ZAR	6,130	UBS AG		1/9/2024		(11	)
EUR	610		USD	659	Morgan Stanley		1/11/2024		15
JPY	43,220		USD	304	Citibank		1/12/2024		4
USD	241		CLP	210,000	Morgan Stanley		1/12/2024		3
USD	292		IDR	4,500,000	Citibank		1/12/2024		(1	)
USD	59		COP	235,990	Morgan Stanley		1/12/2024		(2	)
USD	114		JPY	16,280	Standard Chartered Bank		1/12/2024		(2	)
USD	524		BRL	2,569	Standard Chartered Bank		1/12/2024		(5	)
USD	293		COP	1,187,960	Standard Chartered Bank		1/12/2024		(12	)
ILS	200		USD	55	BNP Paribas		1/18/2024		1
USD	594		AUD	905	BNP Paribas		1/18/2024		(23	)
EUR	1,210		USD	1,302	Goldman Sachs		1/19/2024		35
THB	23,940		USD	671	Citibank		1/19/2024		26
MYR	800		USD	172	HSBC Bank		1/19/2024		3
EUR	450		USD	495	BNP Paribas		1/19/2024		2
GBP	50		USD	63	Morgan Stanley		1/19/2024		1

178  American Funds Insurance Series

American Funds Global Balanced Fund (continued)

Forward currency contracts (continued)
								Unrealized
Contract amount								appreciation
								(depreciation)
Currency purchased (000)		Currency sold (000)			Counterparty	Settlement date		at 12/31/2023 (000)
GBP	100		USD	128	HSBC Bank		1/19/2024	$	—	15
USD	115		GBP	90	Goldman Sachs		1/19/2024		—	15
JPY	183,389		USD	1,257	Morgan Stanley		1/22/2024		49
CHF	270		USD	313	Morgan Stanley		1/22/2024		9
EUR	670		USD	733	Bank of America		1/22/2024		7
CAD	580		USD	432	BNP Paribas		1/22/2024		6
SEK	3,570		USD	351	Bank of America		1/22/2024		4
EUR	160		USD	176	HSBC Bank		1/22/2024		1
IDR	6,500,000		USD	421	UBS AG		1/22/2024		1
USD	370		KRW	477,420	Bank of America		1/22/2024		1
PLN	720		USD	182	Citibank		1/22/2024		1
USD	46		PLN	180	BNP Paribas		1/22/2024		—	15
EUR	203		CAD	300	HSBC Bank		1/22/2024		(2	)
USD	145		MXN	2,500	Standard Chartered Bank		1/22/2024		(2	)
USD	252		ZAR	4,660	UBS AG		1/22/2024		(2	)
USD	709		BRL	3,489	Citibank		1/22/2024		(8	)
USD	925		MXN	16,083	JPMorgan Chase		1/22/2024		(18	)
THB	17,850		USD	511	UBS AG		1/23/2024		9
DKK	800		USD	118	Citibank		1/23/2024		1
JPY	22,000		USD	156	Bank of New York Mellon		1/23/2024		1
CNH	900		USD	127	Citibank		1/23/2024		—	15
EUR	396		DKK	2,950	Citibank		1/23/2024		—	15
CNH	13,200		USD	1,856	Goldman Sachs		1/23/2024		(1	)
USD	262		MXN	4,500	Standard Chartered Bank		1/23/2024		(2	)
NZD	280		USD	174	Standard Chartered Bank		1/25/2024		3
USD	483		JPY	68,000	HSBC Bank		1/26/2024		(1	)
JPY	593,150		USD	4,153	Morgan Stanley		2/9/2024		82
USD	1,341		JPY	199,000	JPMorgan Chase		2/9/2024		(79	)
MXN	15,470		USD	860	Goldman Sachs		2/14/2024		43
USD	1,823		JPY	230,900	HSBC Bank		2/16/2024		173
JPY	230,900		USD	1,808	HSBC Bank		2/16/2024		(158	)
USD	1,809		JPY	230,900	HSBC Bank		2/20/2024		158
USD	483		BRL	2,410	Citibank		2/20/2024		(11	)
USD	610		BRL	3,000	Bank of America		2/29/2024		(4	)
								$	318

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

										Upfront		Unrealized
Receive		Pay								premium		appreciation
					Notional		Value at			paid		(depreciation)
	Payment		Payment	Expiration	amount		12/31/2023			(received)		at 12/31/2023
Rate	frequency	Rate	frequency	date	(000)		(000)			(000)		(000)
3.79165%	Annual	SOFR	Annual	1/13/2026		USD865	$	(5	)	$	—	$	(5	)
6.59%	28-day	28-day MXN-TIIE	28-day	6/25/2026		MXN2,000		(7	)		—		(7	)
6.585%	28-day	28-day MXN-TIIE	28-day	6/25/2026		MXN2,600		(9	)		—		(9	)
6.64%	28-day	28-day MXN-TIIE	28-day	6/25/2026		MXN3,200		(11	)		—		(11	)
6.6175%	28-day	28-day MXN-TIIE	28-day	6/25/2026		MXN8,600		(31	)		—		(31	)
6.633%	28-day	28-day MXN-TIIE	28-day	6/25/2026		MXN8,900		(32	)		—		(32	)
6.58%	28-day	28-day MXN-TIIE	28-day	6/25/2026		MXN11,300		(41	)		—		(41	)
7.59%	28-day	28-day MXN-TIIE	28-day	10/29/2026		MXN2,500		(6	)		—		(6	)

American Funds Insurance Series  179

American Funds Global Balanced Fund (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

													Upfront		Unrealized
													premium		appreciation
Receive			Pay					Notional		Value at			paid		(depreciation)
	Payment			Payment		Expiration		amount		12/31/2023			(received)		at 12/31/2023
Rate	frequency		Rate	frequency		date		(000)		(000)			(000)		(000)
7.62%		28-day	28-day MXN-TIIE		28-day		10/29/2026	MXN	3,701	$	(8	)	$	—	$	(8	)
7.52%		28-day	28-day MXN-TIIE		28-day		10/30/2026	MXN	7,639		(19	)		—		(19	)
9.07%		28-day	28-day MXN-TIIE		28-day		4/28/2027	MXN	20,400		4			—		4
4.98038%		Annual	SONIA		Annual		6/21/2028	GBP	1,715		137			—		137
4.96048%		Annual	SONIA		Annual		6/21/2028	GBP	850		67			—		67
SOFR		Annual	3.29015%		Annual		1/13/2030	USD	2,870		33			—		33
SONIA		Annual	4.34948%		Annual		6/21/2033	GBP	460		(50	)		—		(50	)
SONIA		Annual	4.36738%		Annual		6/21/2033	GBP	930		(103	)		—		(103	)
										$	(81	)	$	—	$	(81	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

											Upfront			Unrealized
											premium			appreciation
						Notional		Value at			paid			(depreciation)
Reference	Financing			Payment	Expiration	amount		12/31/2023			(received)			at 12/31/2023
index	rate paid			frequency	date	(000)		(000)			(000)			(000)
CDX.NA.IG.41		1.00	%	Quarterly	12/20/2028	USD	50	$	(1	)	$	—	15	$	(1	)

Centrally cleared credit default swaps on credit indices — sell protection

								Upfront		Unrealized
								premium		appreciation
				Notional		Value at		paid		(depreciation)
Financing	Payment	Reference	Expiration	amount16		12/31/202317		(received)		at 12/31/2023
rate received	frequency	index	date	(000)		(000)		(000)		(000)
1.00%	Quarterly	ITRX.EUR.IG.40	12/20/2028	EUR	5,235	$	113	$	102	$	11

Investments in affiliates¹²

										Net
							Net			unrealized					Dividend
	Value at						realized			appreciation			Value at		or interest
	1/1/2023		Additions		Reductions		gain (loss)			(depreciation)			12/31/2023		income
	(000)		(000)		(000)		(000)			(000)			(000)		(000)
Investment funds 2.14%
Capital Group Central Corporate Bond Fund	$	5,532	$	3,667	$	1,209	$	(77	)	$	428		$	8,341	$	219
Short-term securities 3.34%
Money market investments 3.34%
Capital Group Central Cash Fund 5.44%13		3,928		106,063		97,017		2			(2	)		12,974		1,251
Total 5.48%							$	(75	)	$	426		$	21,315	$	1,470

180  American Funds Insurance Series

American Funds Global Balanced 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 $1,039,000, which represented .27% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

³  Index-linked bond whose principal amount moves with a government price index.

⁴  Scheduled interest and/or principal payment was not received.

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 $17,573,000, which represented 4.52% of the net assets of the fund.

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

⁷  Purchased on a TBA basis.

⁸  Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

⁹  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $860,000, which represented .22% of the net assets of the fund.

¹⁰  Step bond; coupon rate may change at a later date.

¹¹  Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

¹²  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

¹³  Rate represents the seven-day yield at 12/31/2023.

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

¹⁵  Amount less than one thousand.

¹⁶  The maximum potential amount the fund may pay as a protection seller should a credit event occur.

¹⁷  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 abbreviation(s)

ADR = American Depositary Receipts

Assn. = Association

AUD = Australian dollars

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

CHF = Swiss francs

CLP = Chilean pesos

CME = CME Group

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

CZK = Czech korunas

DKK = Danish kroner

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

GBP = British pounds

HUF = Hungarian forints

IDR = Indonesian rupiah

ILS = Israeli shekels

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NZD = New Zealand dollars

PLN = Polish zloty

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

SEK = Swedish kronor

SGD = Singapore dollars

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

THB = Thai baht

TIIE = Equilibrium Interbank Interest Rate

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series  181

The Bond Fund of America

Investment portfolio December 31, 2023

Bonds, notes & other debt instruments 96.16%		Principal amount (000)		Value (000)
Mortgage-backed obligations 40.41%
Federal agency	Fannie Mae Pool #AB1068 4.50% 5/1/20251	USD	15	$	15
mortgage-backed	Fannie Mae Pool #256133 4.50% 1/1/20261		18		18
obligations	Fannie Mae Pool #AR3058 3.00% 1/1/20281		57		55
37.67%	Fannie Mae Pool #AS8018 3.00% 9/1/20311		36		35
	Fannie Mae Pool #BM4741 3.00% 4/1/20321		21		21
	Fannie Mae Pool #913966 6.00% 2/1/20371		33		34
	Fannie Mae Pool #945680 6.00% 9/1/20371		366		383
	Fannie Mae Pool #924866 4.765% 10/1/20371,2		138		135
	Fannie Mae Pool #988588 5.50% 8/1/20381		175		180
	Fannie Mae Pool #889982 5.50% 11/1/20381		788		812
	Fannie Mae Pool #AB1297 5.00% 8/1/20401		180		183
	Fannie Mae Pool #AH8144 5.00% 4/1/20411		775		779
	Fannie Mae Pool #AH9479 5.00% 4/1/20411		725		736
	Fannie Mae Pool #FM7365 2.00% 5/1/20411		153,419		131,585
	Fannie Mae Pool #AI1862 5.00% 5/1/20411		813		826
	Fannie Mae Pool #AI3510 5.00% 6/1/20411		445		452
	Fannie Mae Pool #AJ0704 5.00% 9/1/20411		374		380
	Fannie Mae Pool #AJ5391 5.00% 11/1/20411		255		259
	Fannie Mae Pool #MA4501 2.00% 12/1/20411		9,218		7,883
	Fannie Mae Pool #MA4540 2.00% 2/1/20421		2,424		2,071
	Fannie Mae Pool #AZ3904 4.00% 5/1/20451		40		39
	Fannie Mae Pool #FM9416 3.50% 7/1/20451		1,866		1,742
	Fannie Mae Pool #AL8522 3.50% 5/1/20461		807		757
	Fannie Mae Pool #BD1968 4.00% 7/1/20461		771		742
	Fannie Mae Pool #BD5477 4.00% 7/1/20461		132		127
	Fannie Mae Pool #BM5148 4.00% 10/1/20461		5,076		4,883
	Fannie Mae Pool #BE0592 4.00% 11/1/20461		305		290
	Fannie Mae Pool #BE8885 4.00% 3/1/20471		873		840
	Fannie Mae Pool #MA3058 4.00% 7/1/20471		38		37
	Fannie Mae Pool #CA0770 3.50% 11/1/20471		4,301		4,016
	Fannie Mae Pool #BJ1515 4.00% 11/1/20471		2,375		2,291
	Fannie Mae Pool #CA0706 4.00% 11/1/20471		82		79
	Fannie Mae Pool #BM4413 4.50% 12/1/20471		2,456		2,425
	Fannie Mae Pool #CA1189 3.50% 2/1/20481		1,284		1,201
	Fannie Mae Pool #BJ5749 4.00% 5/1/20481		16		15
	Fannie Mae Pool #BF0293 3.00% 7/1/20481		6,279		5,685
	Fannie Mae Pool #BF0318 3.50% 8/1/20481		5,045		4,690
	Fannie Mae Pool #BM5349 4.00% 9/1/20481		20,996		20,259
	Fannie Mae Pool #FM4891 3.50% 10/1/20481		19,101		17,834
	Fannie Mae Pool #BM4676 4.00% 10/1/20481		11		11
	Fannie Mae Pool #FM3280 3.50% 5/1/20491		487		453
	Fannie Mae Pool #CA3807 3.00% 7/1/20491		1,294		1,167
	Fannie Mae Pool #CA3806 3.00% 7/1/20491		838		760
	Fannie Mae Pool #FS5372 3.50% 7/1/20491		2,486		2,321
	Fannie Mae Pool #FM1262 4.00% 7/1/20491		20,647		19,845
	Fannie Mae Pool #FM0007 3.50% 9/1/20491		13,713		12,769
	Fannie Mae Pool #FM1589 3.50% 9/1/20491		3,846		3,581
	Fannie Mae Pool #FM1954 3.50% 11/1/20491		6,075		5,656
	Fannie Mae Pool #FS5313 3.50% 1/1/20501		28,571		26,613
	Fannie Mae Pool #CA5968 2.50% 6/1/20501		5,637		4,876
	Fannie Mae Pool #FM5507 3.00% 7/1/20501		16,520		14,897
	Fannie Mae Pool #CA6309 3.00% 7/1/20501		6,100		5,528
	Fannie Mae Pool #CA6349 3.00% 7/1/20501		1,909		1,705
	Fannie Mae Pool #CA6740 3.00% 8/1/20501		1,113		994
	Fannie Mae Pool #BQ1226 2.00% 9/1/20501		4,194		3,449
	Fannie Mae Pool #BP6715 2.00% 9/1/20501		1		1
	Fannie Mae Pool #FM4256 2.50% 9/1/20501		3,029		2,626
	Fannie Mae Pool #CA7028 2.50% 9/1/20501		1,023		887
	Fannie Mae Pool #CA7052 3.00% 9/1/20501		366		327
	Fannie Mae Pool #CA7325 2.00% 10/1/20501		4,782		3,991
	Fannie Mae Pool #FP0051 2.00% 10/1/20501		2,579		2,124

182  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	Fannie Mae Pool #CA7257 2.50% 10/1/20501		USD285	$	247
mortgage-backed	Fannie Mae Pool #CA7381 3.00% 10/1/20501		1,694		1,513
obligations	Fannie Mae Pool #CA7599 2.50% 11/1/20501		6,875		5,954
(continued)	Fannie Mae Pool #FM4897 3.00% 11/1/20501		17,342		15,727
	Fannie Mae Pool #MA4208 2.00% 12/1/20501		1,151		947
	Fannie Mae Pool #FM5166 3.00% 12/1/20501		1,150		1,027
	Fannie Mae Pool #MA4237 2.00% 1/1/20511		7,227		5,945
	Fannie Mae Pool #BR4104 2.00% 1/1/20511		5,747		4,726
	Fannie Mae Pool #FM6113 2.50% 1/1/20511		24,386		20,830
	Fannie Mae Pool #FM6293 3.00% 1/1/20511		72		64
	Fannie Mae Pool #BR2666 2.00% 2/1/20511		440		366
	Fannie Mae Pool #CA8828 2.50% 2/1/20511		5,886		5,076
	Fannie Mae Pool #FM6548 2.00% 3/1/20511		4,755		3,964
	Fannie Mae Pool #MA4282 2.50% 3/1/20511		1,431		1,225
	Fannie Mae Pool #MA4305 2.00% 4/1/20511		31		26
	Fannie Mae Pool #BR6309 2.50% 4/1/20511		4,497		3,837
	Fannie Mae Pool #MA4306 2.50% 4/1/20511		4,065		3,481
	Fannie Mae Pool #CB0191 3.00% 4/1/20511		3,452		3,084
	Fannie Mae Pool #CB0193 3.00% 4/1/20511		416		371
	Fannie Mae Pool #BR1035 2.00% 5/1/20511		18		15
	Fannie Mae Pool #FM7803 2.00% 6/1/20511		570		475
	Fannie Mae Pool #FM7909 3.00% 6/1/20511		324		289
	Fannie Mae Pool #FM7510 3.00% 6/1/20511		224		200
	Fannie Mae Pool #FM7957 2.50% 7/1/20511		17,109		14,724
	Fannie Mae Pool #CB0988 2.50% 7/1/20511		14,957		12,868
	Fannie Mae Pool #FM7900 2.50% 7/1/20511		496		428
	Fannie Mae Pool #FM8442 2.50% 8/1/20511		8,656		7,389
	Fannie Mae Pool #FS1057 2.50% 8/1/20511		171		146
	Fannie Mae Pool #CB1304 3.00% 8/1/20511		1,541		1,382
	Fannie Mae Pool #CB1527 2.50% 9/1/20511		1,181		1,011
	Fannie Mae Pool #FS4628 3.00% 10/1/20511		3,657		3,264
	Fannie Mae Pool #FS0965 2.00% 11/1/20511		145		119
	Fannie Mae Pool #FM9810 3.00% 11/1/20511		1,092		974
	Fannie Mae Pool #MA4493 2.50% 12/1/20511		433		368
	Fannie Mae Pool #CB2787 3.50% 12/1/20511		26		24
	Fannie Mae Pool #FS0454 3.00% 1/1/20521		1,116		996
	Fannie Mae Pool #BV3076 2.00% 2/1/20521		19,707		16,135
	Fannie Mae Pool #BV3023 2.00% 2/1/20521		12,616		10,325
	Fannie Mae Pool #CB2765 2.00% 2/1/20521		6,461		5,316
	Fannie Mae Pool #BV3083 2.00% 2/1/20521		815		667
	Fannie Mae Pool #FS0647 3.00% 2/1/20521		37,582		33,914
	Fannie Mae Pool #BV4172 2.00% 3/1/20521		4,095		3,349
	Fannie Mae Pool #BV4128 2.00% 3/1/20521		4,069		3,331
	Fannie Mae Pool #BV3101 2.00% 3/1/20521		2,240		1,833
	Fannie Mae Pool #BV4118 2.00% 3/1/20521		1,245		1,018
	Fannie Mae Pool #BV4169 2.00% 3/1/20521		932		763
	Fannie Mae Pool #FS1655 4.00% 4/1/20521		312		296
	Fannie Mae Pool #CB3597 3.50% 5/1/20521		480		441
	Fannie Mae Pool #BW1931 5.00% 6/1/20521		3,392		3,360
	Fannie Mae Pool #BT8262 5.00% 6/1/20521		1,421		1,408
	Fannie Mae Pool #FS3539 3.50% 7/1/20521		1,914		1,757
	Fannie Mae Pool #BW0959 5.00% 7/1/20521		3,197		3,165
	Fannie Mae Pool #MA4731 3.50% 9/1/20521		9,436		8,664
	Fannie Mae Pool #BW1192 4.50% 9/1/20521		289		280
	Fannie Mae Pool #BW8497 4.50% 9/1/20521		62		60
	Fannie Mae Pool #CB4852 4.50% 10/1/20521		56,256		54,571
	Fannie Mae Pool #BX0097 4.50% 10/1/20521		2,761		2,681
	Fannie Mae Pool #BW1289 5.50% 10/1/20521		3,312		3,335
	Fannie Mae Pool #BW1243 5.50% 10/1/20521		2,947		2,969
	Fannie Mae Pool #MA4820 6.50% 10/1/20521		236		243
	Fannie Mae Pool #BX1132 4.50% 11/1/20521		952		924

American Funds Insurance Series  183

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency	Fannie Mae Pool #BX5673 5.00% 12/1/20521		USD136		$	134
mortgage-backed	Fannie Mae Pool #MA4842 5.50% 12/1/20521		5,695			5,732
obligations	Fannie Mae Pool #CB5778 6.00% 12/1/20521		46			47
(continued)	Fannie Mae Pool #BX5927 4.00% 1/1/20531		315			298
	Fannie Mae Pool #MA4918 5.00% 2/1/20531		677			670
	Fannie Mae Pool #MA4919 5.50% 2/1/20531		8,818			8,861
	Fannie Mae Pool #BW5268 4.00% 3/1/20531		418			395
	Fannie Mae Pool #CB5986 5.00% 3/1/20531		162			160
	Fannie Mae Pool #BX7779 5.50% 3/1/20531		4,662			4,691
	Fannie Mae Pool #BX7949 6.00% 3/1/20531		1,022			1,038
	Fannie Mae Pool #MA4977 4.50% 4/1/20531		731			709
	Fannie Mae Pool #BX9041 5.00% 4/1/20531		96			95
	Fannie Mae Pool #BY0130 5.50% 4/1/20531		993			999
	Fannie Mae Pool #CB6033 6.00% 4/1/20531		22,229			22,623
	Fannie Mae Pool #FS4919 2.50% 5/1/20531		1,933			1,646
	Fannie Mae Pool #BX9827 5.00% 5/1/20531		64,824			64,153
	Fannie Mae Pool #FS4563 5.00% 5/1/20531		3,187			3,157
	Fannie Mae Pool #MA5010 5.50% 5/1/20531		6,876			6,906
	Fannie Mae Pool #BY1592 5.50% 5/1/20531		987			993
	Fannie Mae Pool #MA5011 6.00% 5/1/20531		8,693			8,830
	Fannie Mae Pool #MA5039 5.50% 6/1/20531		12,111			12,165
	Fannie Mae Pool #FS5192 5.50% 6/1/20531		7,842			7,893
	Fannie Mae Pool #CB6485 6.00% 6/1/20531		4,603			4,676
	Fannie Mae Pool #CB6486 6.00% 6/1/20531		2,863			2,914
	Fannie Mae Pool #CB6465 6.00% 6/1/20531		2,054			2,090
	Fannie Mae Pool #MA5071 5.00% 7/1/20531		51,368			50,831
	Fannie Mae Pool #BY4459 5.00% 7/1/20531		675			668
	Fannie Mae Pool #BU4112 5.00% 7/1/20531		99			98
	Fannie Mae Pool #MA5072 5.50% 7/1/20531		9,141			9,183
	Fannie Mae Pool #FS5749 6.50% 9/1/20531		20,790			21,312
	Fannie Mae Pool #MA5165 5.50% 10/1/20531		494			496
	Fannie Mae Pool #MA5166 6.00% 10/1/20531		176			178
	Fannie Mae Pool #MA5167 6.50% 10/1/20531		21,213			21,746
	Fannie Mae Pool #MA5190 5.50% 11/1/20531		5,502			5,526
	Fannie Mae Pool #MA5191 6.00% 11/1/20531		99,368			100,918
	Fannie Mae Pool #MA5192 6.50% 11/1/20531		26,581			27,248
	Fannie Mae Pool #BF0145 3.50% 3/1/20571		10,787			9,799
	Fannie Mae Pool #BF0264 3.50% 5/1/20581		8,204			7,452
	Fannie Mae Pool #BF0332 3.00% 1/1/20591		17,627			15,537
	Fannie Mae Pool #BF0497 3.00% 7/1/20601		20,676			17,746
	Fannie Mae Pool #BF0585 4.50% 12/1/20611		1,219			1,185
	Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/20251,2		—	3		—	3
	Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/20411		5			5
	Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/20411		16			17
	Fannie Mae, Series 2002-W1, Class 2A, 4.68% 2/25/20421,2		19			18
	Freddie Mac Pool #ZS8507 3.00% 11/1/20281		84			81
	Freddie Mac Pool #ZK7590 3.00% 1/1/20291		1,738			1,684
	Freddie Mac Pool #A15120 5.50% 10/1/20331		46			48
	Freddie Mac Pool #QN1073 3.00% 12/1/20341		35			33
	Freddie Mac Pool #G05196 5.50% 10/1/20381		44			46
	Freddie Mac Pool #G05267 5.50% 12/1/20381		33			34
	Freddie Mac Pool #G06020 5.50% 12/1/20391		63			65
	Freddie Mac Pool #G05860 5.50% 2/1/20401		230			238
	Freddie Mac Pool #RB5071 2.00% 9/1/20401		2,071			1,783
	Freddie Mac Pool #A93948 4.50% 9/1/20401		147			147
	Freddie Mac Pool #SC0149 2.00% 3/1/20411		6,177			5,314
	Freddie Mac Pool #G06868 4.50% 4/1/20411		157			157
	Freddie Mac Pool #RB0544 2.00% 6/1/20411		10,691			9,167
	Freddie Mac Pool #G06841 5.50% 6/1/20411		367			379
	Freddie Mac Pool #RB5138 2.00% 12/1/20411		2,423			2,072
	Freddie Mac Pool #RB5145 2.00% 2/1/20421		2,379			2,032

184  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	Freddie Mac Pool #RB5148 2.00% 3/1/20421		USD5,100	$	4,356
mortgage-backed	Freddie Mac Pool #Z40130 3.00% 1/1/20461		18,530		17,065
obligations	Freddie Mac Pool #ZT2100 3.00% 4/1/20471		101		92
(continued)	Freddie Mac Pool #SD0470 4.00% 11/1/20471		920		884
	Freddie Mac Pool #G08789 4.00% 11/1/20471		563		545
	Freddie Mac Pool #G61733 3.00% 12/1/20471		4,714		4,287
	Freddie Mac Pool #G67709 3.50% 3/1/20481		12,138		11,406
	Freddie Mac Pool #ZT2265 4.00% 8/1/20481		891		855
	Freddie Mac Pool #G61628 3.50% 9/1/20481		290		272
	Freddie Mac Pool #Q58494 4.00% 9/1/20481		1,238		1,193
	Freddie Mac Pool #ZN4842 3.50% 4/1/20491		697		650
	Freddie Mac Pool #RA1369 3.50% 9/1/20491		1,805		1,680
	Freddie Mac Pool #SD7508 3.50% 10/1/20491		9,887		9,222
	Freddie Mac Pool #QA4673 3.00% 11/1/20491		27,054		24,397
	Freddie Mac Pool #QB1368 2.50% 7/1/20501		5,424		4,702
	Freddie Mac Pool #RA3384 3.00% 8/1/20501		396		354
	Freddie Mac Pool #SI2077 2.00% 9/1/20501		2,081		1,715
	Freddie Mac Pool #SD8090 2.00% 9/1/20501		1,283		1,056
	Freddie Mac Pool #RA3506 3.00% 9/1/20501		1,915		1,710
	Freddie Mac Pool #SD7525 2.50% 10/1/20501		6,796		5,891
	Freddie Mac Pool #SD8106 2.00% 11/1/20501		1,326		1,091
	Freddie Mac Pool #RA3987 2.50% 11/1/20501		12,145		10,403
	Freddie Mac Pool #QB8605 2.00% 2/1/20511		477		397
	Freddie Mac Pool #SD8128 2.00% 2/1/20511		108		89
	Freddie Mac Pool #SD8134 2.00% 3/1/20511		78,386		64,383
	Freddie Mac Pool #RA5288 2.00% 5/1/20511		1,381		1,135
	Freddie Mac Pool #RA5267 3.00% 5/1/20511		1,244		1,106
	Freddie Mac Pool #SD1852 2.50% 6/1/20511		13,009		11,104
	Freddie Mac Pool #QC2817 2.50% 6/1/20511		2,624		2,257
	Freddie Mac Pool #SD7544 3.00% 7/1/20511		6,619		5,949
	Freddie Mac Pool #RA5836 2.50% 9/1/20511		18,045		15,505
	Freddie Mac Pool #RA5901 3.00% 9/1/20511		1,213		1,083
	Freddie Mac Pool #SD2880 3.00% 10/1/20511		7,324		6,535
	Freddie Mac Pool #SD0734 3.00% 10/1/20511		2,029		1,820
	Freddie Mac Pool #SD1385 2.50% 11/1/20511		1,541		1,328
	Freddie Mac Pool #RA6347 3.00% 11/1/20511		1,398		1,248
	Freddie Mac Pool #QD2025 3.50% 11/1/20511		1,112		1,020
	Freddie Mac Pool #QD3310 3.00% 12/1/20511		20		18
	Freddie Mac Pool #SD7552 2.50% 1/1/20521		10,186		8,774
	Freddie Mac Pool #SD0855 2.50% 1/1/20521		4,234		3,605
	Freddie Mac Pool #SD0813 3.00% 1/1/20521		4,475		4,013
	Freddie Mac Pool #QD7089 3.50% 2/1/20521		743		686
	Freddie Mac Pool #QD8207 2.00% 3/1/20521		2,691		2,203
	Freddie Mac Pool #QD8010 2.00% 3/1/20521		98		80
	Freddie Mac Pool #QD7603 2.00% 3/1/20521		6		5
	Freddie Mac Pool #SD8214 3.50% 5/1/20521		15,685		14,397
	Freddie Mac Pool #QE4855 3.50% 6/1/20521		67		61
	Freddie Mac Pool #QE4084 6.50% 6/1/20521		286		296
	Freddie Mac Pool #QE5698 5.00% 7/1/20521		2,103		2,084
	Freddie Mac Pool #SD7556 3.00% 8/1/20521		638		571
	Freddie Mac Pool #QE8579 4.50% 8/1/20521		78		76
	Freddie Mac Pool #QF0212 4.50% 9/1/20521		354		344
	Freddie Mac Pool #QF1205 4.50% 9/1/20521		293		284
	Freddie Mac Pool #QE9497 4.50% 9/1/20521		89		86
	Freddie Mac Pool #SD1608 4.50% 9/1/20521		53		51
	Freddie Mac Pool #SD2465 4.50% 10/1/20521		35		34
	Freddie Mac Pool #RA8059 5.50% 10/1/20521		6,689		6,736
	Freddie Mac Pool #SD1896 4.00% 11/1/20521		18,953		18,217
	Freddie Mac Pool #SD1894 4.00% 11/1/20521		6,509		6,260
	Freddie Mac Pool #QF2926 5.00% 11/1/20521		12,919		12,803
	Freddie Mac Pool #QF2692 5.00% 11/1/20521		3,602		3,569

American Funds Insurance Series  185

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency	Freddie Mac Pool #SD2948 5.50% 11/1/20521		USD2,347	$	2,362
mortgage-backed	Freddie Mac Pool #QF2862 6.50% 11/1/20521		62		64
obligations	Freddie Mac Pool #SD8280 6.50% 11/1/20521		48		49
(continued)	Freddie Mac Pool #SD2065 4.00% 12/1/20521		1,079		1,021
	Freddie Mac Pool #RA8200 4.00% 12/1/20521		688		651
	Freddie Mac Pool #SD8288 5.00% 1/1/20531		217		215
	Freddie Mac Pool #SD8298 4.50% 2/1/20531		16,569		16,073
	Freddie Mac Pool #QF7144 5.50% 2/1/20531		4,883		4,915
	Freddie Mac Pool #SD8314 4.50% 4/1/20531		213		206
	Freddie Mac Pool #SD2716 5.00% 4/1/20531		5,164		5,117
	Freddie Mac Pool #QG1268 5.00% 4/1/20531		665		658
	Freddie Mac Pool #SD8315 5.00% 4/1/20531		605		599
	Freddie Mac Pool #SD8316 5.50% 4/1/20531		12,989		13,049
	Freddie Mac Pool #QG1023 5.50% 4/1/20531		4,684		4,713
	Freddie Mac Pool #QG2977 4.00% 5/1/20531		211		200
	Freddie Mac Pool #RA8647 4.50% 5/1/20531		36		35
	Freddie Mac Pool #SD8324 5.50% 5/1/20531		9,582		9,624
	Freddie Mac Pool #QG3365 5.50% 5/1/20531		4,965		4,988
	Freddie Mac Pool #SD3369 5.50% 5/1/20531		2,775		2,792
	Freddie Mac Pool #QG5002 4.00% 6/1/20531		595		563
	Freddie Mac Pool #SD8329 5.00% 6/1/20531		1,661		1,644
	Freddie Mac Pool #SD8331 5.50% 6/1/20531		25,348		25,460
	Freddie Mac Pool #SD3083 6.00% 6/1/20531		3,386		3,443
	Freddie Mac Pool #RA9294 6.50% 6/1/20531		876		901
	Freddie Mac Pool #RA9292 6.50% 6/1/20531		756		778
	Freddie Mac Pool #RA9289 6.50% 6/1/20531		711		737
	Freddie Mac Pool #RA9288 6.50% 6/1/20531		692		720
	Freddie Mac Pool #RA9287 6.50% 6/1/20531		480		500
	Freddie Mac Pool #RA9290 6.50% 6/1/20531		365		377
	Freddie Mac Pool #RA9291 6.50% 6/1/20531		268		274
	Freddie Mac Pool #RA9295 6.50% 6/1/20531		197		206
	Freddie Mac Pool #QG6067 4.00% 7/1/20531		555		524
	Freddie Mac Pool #QG7958 4.00% 7/1/20531		67		64
	Freddie Mac Pool #SD8341 5.00% 7/1/20531		40,419		39,997
	Freddie Mac Pool #SD8342 5.50% 7/1/20531		57,146		57,390
	Freddie Mac Pool #QG8958 4.00% 8/1/20531		496		469
	Freddie Mac Pool #QG9629 4.00% 8/1/20531		407		384
	Freddie Mac Pool #SD8362 5.50% 9/1/20531		1,447		1,453
	Freddie Mac Pool #QH0474 6.00% 9/1/20531		30,265		30,737
	Freddie Mac Pool #QH1059 6.00% 9/1/20531		23,160		23,532
	Freddie Mac Pool #QH1296 6.00% 9/1/20531		17,404		17,680
	Freddie Mac Pool #QH0851 6.00% 9/1/20531		15,802		16,053
	Freddie Mac Pool #SD3825 6.50% 9/1/20531		314,121		322,008
	Freddie Mac Pool #SD8367 5.50% 10/1/20531		1,832		1,840
	Freddie Mac Pool #SD8368 6.00% 10/1/20531		29,800		30,265
	Freddie Mac Pool #SD8369 6.50% 10/1/20531		5,120		5,249
	Freddie Mac Pool #SD8372 5.50% 11/1/20531		6,368		6,395
	Freddie Mac Pool #SD8373 6.00% 11/1/20531		12,925		13,126
	Freddie Mac Pool #SD8385 6.50% 12/1/20531		6,399		6,560
	Freddie Mac Pool #SD8395 5.50% 1/1/20541		5,410		5,433
	Freddie Mac Pool #SD8396 6.00% 1/1/20541		16,744		17,006
	Freddie Mac, Series 3061, Class PN, 5.50% 11/15/20351		48		48
	Freddie Mac, Series 3318, Class JT, 5.50% 5/15/20371		114		116
	Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/20331,2		3,461		3,458
	Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/20361		108		92
	Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/20361		98		84
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20571		7,249		6,850
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20581		1,703		1,606

186  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	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20321		USD9,590	$	9,072
obligations	Government National Mortgage Assn. 3.00% 1/1/20541,4		411		372
(continued)	Government National Mortgage Assn. 4.00% 1/1/20541,4		4,000		3,819
	Government National Mortgage Assn. 5.50% 1/1/20541,4		53,595		53,988
	Government National Mortgage Assn. 6.00% 1/1/20541,4		25		25
	Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/20491		10,853		10,468
	Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/20491		30		30
	Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/20491		4,564		4,511
	Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/20501		10,089		9,485
	Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/20501		2,182		1,849
	Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/20501		3,795		3,216
	Government National Mortgage Assn. Pool #785607 2.50% 8/20/20511		9,007		7,765
	Government National Mortgage Assn. Pool #785575 2.50% 8/20/20511		3,263		2,807
	Government National Mortgage Assn. Pool #785659 2.50% 10/20/20511		3,239		2,777
	Government National Mortgage Assn. Pool #785813 2.50% 12/20/20511		4,995		4,318
	Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/20521		4,621		4,041
	Government National Mortgage Assn. Pool #785998 2.50% 3/20/20521		3,753		3,228
	Government National Mortgage Assn. Pool #MA8148 3.00% 7/20/20521		5,618		5,087
	Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/20521		24,576		22,882
	Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/20521		8,710		8,314
	Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/20521		3,826		3,652
	Government National Mortgage Assn. Pool #MA8799 4.50% 4/20/20531		3,843		3,750
	Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/20531		20,238		19,747
	Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/20531		3,516		3,491
	Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/20531		8,423		8,219
	Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/20531		13,750		13,417
	Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/20631		1,517		1,157
	Uniform Mortgage-Backed Security 2.00% 1/1/20391,4		3,499		3,138
	Uniform Mortgage-Backed Security 2.50% 1/1/20391,4		4,156		3,830
	Uniform Mortgage-Backed Security 2.00% 2/1/20391,4		2,346		2,090
	Uniform Mortgage-Backed Security 2.50% 2/1/20391,4		3,389		3,124
	Uniform Mortgage-Backed Security 2.00% 1/1/20541,4		100,436		82,107
	Uniform Mortgage-Backed Security 2.50% 1/1/20541,4		212,594		180,887
	Uniform Mortgage-Backed Security 3.00% 1/1/20541,4		87,960		77,821
	Uniform Mortgage-Backed Security 3.50% 1/1/20541,4		66,858		61,342
	Uniform Mortgage-Backed Security 4.00% 1/1/20541,4		154,909		146,528
	Uniform Mortgage-Backed Security 4.50% 1/1/20541,4		228,894		221,902
	Uniform Mortgage-Backed Security 5.00% 1/1/20541,4		22,426		22,189
	Uniform Mortgage-Backed Security 5.50% 1/1/20541,4		113,139		113,634
	Uniform Mortgage-Backed Security 6.00% 1/1/20541,4		17,798		18,073
	Uniform Mortgage-Backed Security 7.00% 1/1/20541,4		82,390		84,994
	Uniform Mortgage-Backed Security 3.50% 2/1/20541,4		26,140		24,008
	Uniform Mortgage-Backed Security 4.00% 2/1/20541,4		70,855		67,083
	Uniform Mortgage-Backed Security 4.50% 2/1/20541,4		44,700		43,361
	Uniform Mortgage-Backed Security 5.00% 2/1/20541,4		113,650		112,496
	Uniform Mortgage-Backed Security 5.50% 2/1/20541,4		51,000		51,231
	Uniform Mortgage-Backed Security 6.00% 2/1/20541,4		299,110		303,725
	Uniform Mortgage-Backed Security 6.50% 2/1/20541,4		3,500		3,587
	Uniform Mortgage-Backed Security 6.00% 3/1/20541,4		201,300		204,060
					4,146,468
Commercial	AMSR Trust, Series 2023-SFR2, Class A, 3.95% 6/17/20401,5		389		367
mortgage-backed securities	Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/20521		770		732
1.72%	Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/20521		100		94
	Bank Commercial Mortgage Trust, Series 2023-5YR1, Class A3, 6.26% 3/15/20561,2		3,500		3,633
	Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.315% 9/15/20561,2		684		723
	Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/20561,2		500		532
	Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2/15/20611		205		194

American Funds Insurance Series  187

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed	Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/20611		USD126	$	119
securities (continued)	Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 5/15/20611,2		2,444		2,362
	Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/20611		1,018		892
	Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/20631		295		252
	Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/20521		2,541		2,402
	Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/20531,2		781		751
	BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 7.131% 5/15/20391,2,5		8,575		8,539
	BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 7.26% 4/15/20371,2,5		3,822		3,773
	BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 7.477% 6/15/20271,2,5		8,476		8,505
	BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 6.176% 9/15/20361,2,5		14,727		14,364
	BX Trust, Series 2021-VOLT, Class B, (1-month USD CME Term SOFR + 1.064%) 6.426% 9/15/20361,2,5		570		556
	BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.375% 10/15/20361,2,5		5,292		5,179
	BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 6.773% 10/15/20361,2,5		995		964
	BX Trust, Series 2021-ARIA, Class C, (1-month USD CME Term SOFR + 1.76%) 7.122% 10/15/20361,2,5		996		964
	BX Trust, Series 2021-RISE, Class A, (1-month USD CME Term SOFR + 0.862%) 6.224% 11/15/20361,2,5		11,575		11,397
	BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 6.853% 4/15/20371,2,5		4,505		4,477
	BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 6.146% 6/15/20381,2,5		3,499		3,446
	BX Trust, Series 2021-SOAR, Class B, (1-month USD CME Term SOFR + 0.984%) 6.346% 6/15/20381,2,5		405		397
	BX Trust, Series 2021-SOAR, Class C, (1-month USD CME Term SOFR + 1.214%) 6.576% 6/15/20381,2,5		274		269
	BX Trust, Series 2021-SOAR, Class D, (1-month USD CME Term SOFR + 1.514%) 6.876% 6/15/20381,2,5		693		678
	BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 6.326% 11/15/20381,2,5		9,979		9,848
	BX Trust, Series 2021-ACNT, Class B, (1-month USD CME Term SOFR + 1.364%) 6.726% 11/15/20381,2,5		339		334
	BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 6.976% 11/15/20381,2,5		100		98
	BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 7.326% 11/15/20381,2,5		151		148
	BX Trust, Series 2022-GPA, Class A, (1-month USD CME Term SOFR + 2.165%) 7.532% 10/15/20391,2,5		3,198		3,206
	BX Trust, Series 2023-VLT2, Class A, (1-month USD CME Term SOFR + 2.281%) 7.643% 6/15/20401,2,5		3,891		3,903
	Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20281,2,5		19,044		19,310
	Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/20491		610		582
	Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 4/10/20471		350		346
	CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.231% 6/15/20571		1,137		1,108
	DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/20431,2,5		8,924		8,874
	DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/20401,5		966		998
	DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/10/20401,5		1,121		1,154
	DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.14% 9/10/20401,2,5		862		886
	Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/20491		200		186
	Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 6.556% 7/15/20381,2,5		2,688		2,666

188  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)
Commercial mortgage-backed	Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 6.856% 7/15/20381,2,5		USD613	$	604
securities (continued)	Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 7.176% 7/15/20381,2,5		836		824
	Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD CME Term SOFR + 2.364%) 7.726% 7/15/20381,2,5		640		630
	FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/20561		2,432		2,474
	Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A, 3.144% 12/10/20361,5		449		435
	FS Commercial Trust, Series 2023-4SZN, Class A, 7.066% 11/10/20391,5		1,212		1,261
	Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/20401,5		1,897		1,536
	Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD CME Term SOFR + 1.348%) 6.252% 12/15/20361,2,5		3,894		3,881
	GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/20501		400		369
	GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/20521		100		94
	GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/20531		1,536		1,296
	JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2/15/20471		2,107		2,095
	JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/20501		640		600
	JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/20501		240		223
	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/20391,5		7,867		6,630
	JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/20491,2		2,040		1,920
	MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + 0.915%) 6.277% 4/15/20381,2,5		142		141
	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/20471		5,166		5,098
	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/20481		410		396
	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/20491		245		233
	Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/20481		730		683
	SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/20411,5		4,065		3,367
	SREIT Trust, Series 2021-FLWR, Class A, (1-month USD CME Term SOFR + 0.691%) 6.053% 7/15/20361,2,5		9,351		9,186
	SREIT Trust, Series 2021-FLWR, Class B, (1-month USD CME Term SOFR + 1.04%) 6.402% 7/15/20361,2,5		1,000		981
	SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 6.207% 11/15/20381,2,5		8,362		8,231
	SREIT Trust, Series 2021-MFP, Class B, (1-month USD CME Term SOFR + 1.194%) 6.556% 11/15/20381,2,5		252		247
	SREIT Trust, Series 2021-MFP, Class C, (1-month USD CME Term SOFR + 1.443%) 6.805% 11/15/20381,2,5		135		132
	Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4, 3.789% 9/15/20481		2,373		2,300
	Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/20491		2,550		2,444
	Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/20521		1,019		916
	Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/20601		205		195
					189,630

American Funds Insurance Series  189

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized	Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20481,2,5		USD2,406	$	1,976
mortgage-backed	Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/20551,5		112		104
obligations (privately originated)	Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)1,5,6		5,355		4,965
1.02%	BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/20591,2,5		791		716
	BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/20591,2,5		443		423
	BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/20611,5		4,470		4,054
	Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20311,2,5		2,149		2,081
	Cascade Funding Mortgage Trust, Series 2023-HB12, Class A, 4.25% 4/25/20331,2,5		445		432
	Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20361,2,5		1,102		1,056
	CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20611,2,5		6,182		5,812
	Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/20601,2,5		182		166
	COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/20661,2,5		1,411		1,202
	Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1, (30-day Average USD-SOFR + 2.75%) 8.087% 5/25/20421,2,5		262		270
	Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 7.737% 12/25/20421,2,5		609		621
	Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 7.637% 5/25/20431,2,5		3,254		3,325
	Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 7.237% 6/25/20431,2,5		2,224		2,241
	Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 7.037% 7/25/20431,2,5		1,243		1,248
	Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/20371,5		1,545		1,430
	Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/20691,5		1,975		2,197
	Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/20691,5		2,498		2,784
	Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 7/25/20511,2,5		1,950		1,606
	Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 8/25/20511,2,5		1,817		1,495
	Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/20511,2,5		1,910		1,576
	Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/20511,2,5		2,985		2,459
	Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/20511,2,5		2,085		1,715
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 7.337% 4/25/20421,2,5		1,199		1,211
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 7.537% 5/25/20421,2,5		58		58
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 8.287% 6/25/20421,2,5		219		225
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 7.487% 9/25/20421,2,5		452		457
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 9.037% 9/25/20421,2,5		1,519		1,601
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (30-day Average USD-SOFR + 1.964%) 7.302% 2/25/20501,2,5		2,274		2,310
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (30-day Average USD-SOFR + 6.114%) 11.452% 8/25/20501,2,5		814		916
	GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/20661,2,5		3,050		2,652
	Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/20261,5		5,021		4,542
	Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 7/25/20511,2,5		833		686
	Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)1,5,6		3,090		3,072
	Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/20611,2,5		759		735
	Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)1,5,6		2,327		2,254
	Mello Warehouse Securitization Trust, Series 2021-3, Class A, (3-month USD CME Term SOFR + 0.965%) 6.32% 11/25/20551,2,5		16,160		16,103
	MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/20601,2,5		2,663		2,364
	PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/20561,2,5		3,280		2,750
	Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/20391,5		1,120		1,047

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)
Collateralized mortgage-backed	Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20311,2,5		USD1,555	$	1,502
obligations (privately originated)	Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20601,5		9,310		8,233
(continued)	Treehouse Park Improvement Association No.1 9.75% 12/1/20335,7		1,680		1,561
	Tricon Residential Trust, Series 2023-SFR2, Class A, 5.00% 12/17/20281,5		4,722		4,662
	Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/20381,5		5,033		4,595
	Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/20401,5		2,227		2,202
					111,692
	Total mortgage-backed obligations				4,447,790

Corporate bonds, notes & loans 31.70%
Financials	AerCap Ireland Capital DAC 1.65% 10/29/2024	1,568	1,514
9.85%	AerCap Ireland Capital DAC 6.50% 7/15/2025	1,798	1,822
	AerCap Ireland Capital DAC 1.75% 1/30/2026	2,841	2,640
	AerCap Ireland Capital DAC 2.45% 10/29/2026	10,289	9,531
	AerCap Ireland Capital DAC 6.45% 4/15/20275	3,994	4,138
	AerCap Ireland Capital DAC 5.75% 6/6/2028	4,065	4,164
	AerCap Ireland Capital DAC 3.00% 10/29/2028	9,124	8,335
	AerCap Ireland Capital DAC 3.30% 1/30/2032	7,869	6,851
	AerCap Ireland Capital DAC 3.40% 10/29/2033	3,939	3,385
	AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028)5,6	1,597	1,684
	Ally Financial, Inc. 5.125% 9/30/2024	1,500	1,489
	Ally Financial, Inc. 8.00% 11/1/2031	6,872	7,504
	American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025)6	604	616
	American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030)6	359	390
	American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033)6	4,565	4,559
	American International Group, Inc. 5.125% 3/27/2033	2,749	2,792
	Aon Corp. 5.35% 2/28/2033	1,083	1,111
	Banco Santander, SA 5.147% 8/18/2025	4,000	3,978
	Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)6	1,400	1,267
	Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)6	1,970	1,894
	Bank of America Corp. 5.08% 1/20/2027 (USD-SOFR + 1.29% on 1/20/2026)6	2,507	2,503
	Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)6	1,487	1,363
	Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027)6	4,295	3,981
	Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027)6	2,635	2,577
	Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028)6	9,480	9,545
	Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028)6	2,773	2,445
	Bank of America Corp. 2.592% 4/29/2031 (USD-SOFR + 2.15% on 4/29/2030)6	4,902	4,227
	Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)6	21,177	17,204
	Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)6	36,155	29,536
	Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)6	11,270	11,302
	Bank of America Corp. 5.872% 9/15/2034 (USD-SOFR + 1.84% on 9/15/2033)6	4,855	5,085
	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)5,6	4,850	4,907
	Bank of Montreal 5.30% 6/5/2026	1,370	1,384
	Bank of Nova Scotia (The) 5.25% 6/12/2028	1,370	1,392
	Barclays PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)6	4,525	4,509
	Barclays PLC 5.829% 5/9/2027 (USD-SOFR + 2.21% on 5/9/2026)6	2,085	2,104
	Barclays PLC 6.49% 9/13/2029 (USD-SOFR + 2.22% on 9/13/2028)6	980	1,021
	Barclays PLC 6.224% 5/9/2034 (USD-SOFR + 2.98% on 5/9/2033)6	3,530	3,663
	Barclays PLC 6.692% 9/13/2034 (USD-SOFR + 2.62% on 9/13/2033)6	420	449
	Block, Inc. 2.75% 6/1/2026	1,975	1,864
	Block, Inc. 3.50% 6/1/2031	825	734
	BNP Paribas SA 1.675% 6/30/2027 (USD-SOFR + 0.912% on 6/30/2026)5,6	3,200	2,933
	BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)5,6	13,134	12,158
	BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)5,6	3,594	3,129
	BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)5,6	5,650	4,783

American Funds Insurance Series  191

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials	BPCE SA 5.15% 7/21/20245		USD5,481	$	5,435
(continued)	BPCE SA 1.625% 1/14/20255		2,980		2,872
	BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)5,6		4,729		4,404
	BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026)5,6		2,150		2,168
	BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028)5,6		5,640		5,945
	BPCE SA 2.277% 1/20/2032 (USD-SOFR + 1.312% on 1/20/2031)5,6		250		200
	BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)5,6		6,195		6,226
	CaixaBank, SA 6.684% 9/13/2027 (USD-SOFR + 2.08% on 9/13/2026)5,6		980		1,005
	CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)5,6		3,650		3,726
	CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033)5,6		700		740
	Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025)6		2,430		2,403
	Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028)6		515		514
	Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028)6		2,445		2,509
	Charles Schwab Corp. (The) 6.196% 11/17/2029 (USD-SOFR + 1.878% on 11/17/2028)6		2,180		2,287
	Charles Schwab Corp. (The) 5.853% 5/19/2034 (USD-SOFR + 2.50% on 5/19/2033)6		1,776		1,834
	Charles Schwab Corp. (The) 6.136% 8/24/2034 (USD-SOFR + 2.01% on 8/24/2033)6		4,795		5,056
	China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031		526		427
	Chubb INA Holdings, Inc. 3.35% 5/3/2026		2,020		1,967
	Chubb INA Holdings, Inc. 4.35% 11/3/2045		2,015		1,896
	Citibank, NA 5.803% 9/29/2028		4,100		4,284
	Citigroup, Inc. 4.60% 3/9/2026		1,800		1,778
	Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)6		6,304		5,771
	Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)6		13,528		12,753
	Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)6		1,030		879
	Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032)6		3,090		2,780
	Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)6		995		1,065
	Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)6		140		145
	Corebridge Financial, Inc. 3.50% 4/4/2025		239		233
	Corebridge Financial, Inc. 3.65% 4/5/2027		3,913		3,766
	Corebridge Financial, Inc. 3.85% 4/5/2029		5,794		5,465
	Corebridge Financial, Inc. 3.90% 4/5/2032		3,964		3,586
	Corebridge Financial, Inc. 4.35% 4/5/2042		361		307
	Corebridge Financial, Inc. 4.40% 4/5/2052		651		547
	Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)5,6		4,450		4,224
	Crédit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026)5,6		2,450		2,257
	Credit Suisse AG 7.50% 2/15/2028		2,445		2,679
	Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026)5,6		2,990		2,699
	Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)5,6		2,975		2,885
	Deutsche Bank AG 0.898% 5/28/2024		2,500		2,456
	Deutsche Bank AG 3.70% 5/30/2024		5,150		5,098
	Deutsche Bank AG 3.961% 11/26/2025 (USD-SOFR + 2.581% on 11/26/2024)6		3,673		3,614
	Deutsche Bank AG 4.10% 1/13/2026		7,305		7,106
	Deutsche Bank AG 4.10% 1/13/2026		857		841
	Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)6		27,047		25,368
	Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)6		7,536		6,895
	Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)6		10,418		9,569
	Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)6		8,853		9,276
	Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028)6		4,775		5,030
	Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)6		4,550		3,996
	Deutsche Bank AG 3.729% 1/14/2032 (USD-SOFR + 2.757% on 1/14/2031)6		3,235		2,713
	Discover Financial Services 7.964% 11/2/2034 (USD-SOFR Index + 3.37% on 11/2/2033)6		1,015		1,130
	DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)5,6		1,200		1,095
	Eurobank SA 2.00% 5/5/2027 (1-year EUR Mid-Swap + 2.398% on 5/5/2026)6		EUR1,080		1,132
	Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027)6		1,440		1,482
	Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028)6		3,210		3,830
	Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028)6		USD205		214

192  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	Five Corners Funding Trust III 5.791% 2/15/20335		USD942	$	1,001
(continued)	Five Corners Funding Trust IV 5.997% 2/15/20535		360		390
	Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026)6		3,030		2,795
	Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)6		13,275		12,046
	Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)6		12,997		11,894
	Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)6		3,703		3,434
	Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)6		5,534		5,310
	Goldman Sachs Group, Inc. 4.482% 8/23/2028 (USD-SOFR + 1.725% on 8/23/2027)6		5,114		5,026
	Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD CME Term SOFR + 1.42% on 4/23/2028)6		7,324		6,958
	Goldman Sachs Group, Inc. 6.484% 10/24/2029 (USD-SOFR + 1.77% on 10/24/2028)6		1,950		2,070
	Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)6		10,662		9,156
	Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041)6		3,160		2,307
	Goldman Sachs Group, Inc. 5.30% junior subordinated perpetual bonds (3-month USD CME Term SOFR + 4.096% on 11/10/2026)6		1,750		1,714
	HSBC Holdings PLC 2.251% 11/22/2027 (USD-SOFR + 1.10% on 11/22/2026)6		5,270		4,839
	HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)6		14,232		12,433
	HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)6		5,250		4,385
	HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)6		4,463		3,710
	HSBC Holdings PLC 6.254% 3/9/2034 (USD-SOFR + 2.39% on 3/9/2033)6		2,100		2,233
	Huarong Finance 2017 Co., Ltd. 4.75% 4/27/2027		269		253
	Huarong Finance 2017 Co., Ltd. 4.25% 11/7/2027		3,206		2,931
	ING Groep NV 6.083% 9/11/2027 (USD-SOFR + 1.56% on 9/11/2026)6		1,680		1,716
	ING Groep NV 6.114% 9/11/2034 (USD-SOFR + 1.85% on 9/11/2033)6		840		882
	Intercontinental Exchange, Inc. 4.35% 6/15/2029		8,710		8,692
	Intercontinental Exchange, Inc. 4.60% 3/15/2033		4,601		4,583
	Intercontinental Exchange, Inc. 4.95% 6/15/2052		5,327		5,327
	Intesa Sanpaolo SpA 5.017% 6/26/20245		68,143		67,459
	Intesa Sanpaolo SpA 3.25% 9/23/20245		770		756
	Intesa Sanpaolo SpA 5.71% 1/15/20265		15,400		15,334
	Intesa Sanpaolo SpA 3.875% 7/14/20275		6,250		5,824
	Intesa Sanpaolo SpA 3.875% 1/12/20285		1,986		1,845
	Intesa Sanpaolo SpA 7.20% 11/28/20335		2,755		2,939
	Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053)5,6		5,100		5,265
	Iron Mountain Information Management Services, Inc. 5.00% 7/15/20325		705		647
	JPMorgan Chase & Co. 0.969% 6/23/2025 (USD-SOFR + 0.58% on 6/23/2024)6		5,870		5,734
	JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)6		2,435		2,345
	JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)6		3,272		3,220
	JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026)6		323		297
	JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)6		2,813		2,597
	JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)6		5,965		5,407
	JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026)6		1,400		1,441
	JPMorgan Chase & Co. 2.947% 2/24/2028 (USD-SOFR + 1.17% on 2/24/2027)6		9,282		8,737
	JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)6		14,951		14,963
	JPMorgan Chase & Co. 3.509% 1/23/2029 (3-month USD CME Term SOFR + 1.207% on 1/23/2028)6		9,600		9,103
	JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028)6		11,980		11,650
	JPMorgan Chase & Co. 5.299% 7/24/2029 (USD-SOFR + 1.45% on 7/24/2028)6		2,240		2,274
	JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028)6		55		58
	JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)6		1,126		916
	JPMorgan Chase & Co. 2.58% 4/22/2032 (USD-SOFR + 1.25% on 4/22/2031)6		3,727		3,154
	JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031)6		5,313		4,435
	JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)6		553		474
	JPMorgan Chase & Co. 5.35% 6/1/2034 (USD-SOFR + 1.845% on 6/1/2033)6		1,145		1,162
	JPMorgan Chase & Co. 6.254% 10/23/2034 (USD-SOFR + 1.81% on 10/23/2033)6		4,470		4,848
	Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)6		2,415		2,223

American Funds Insurance Series  193

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials	KBC Groep NV 5.796% 1/19/2029
(continued)	(1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028)5,6		USD1,375	$	1,399
	KBC Groep NV 6.324% 9/21/2034 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.05% on 9/21/2033)5,6		5,875		6,213
	Korea Exchange Bank 3.25% 3/30/20275		1,315		1,258
	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)6		2,675		2,582
	Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.48% on 8/7/2026)6		1,625		1,655
	Lloyds Banking Group PLC 5.871% 3/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 3/6/2028)6		2,705		2,773
	LPL Holdings, Inc. 6.75% 11/17/2028		3,646		3,889
	Marsh & McLennan Companies, Inc. 5.40% 9/15/2033		490		516
	Marsh & McLennan Companies, Inc. 5.70% 9/15/2053		222		242
	Mastercard, Inc. 4.85% 3/9/2033		287		297
	MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 (3-month USD-LIBOR + 3.96% on 12/1/2037)5,6,8		1,405		1,513
	MetLife, Inc. 3.60% 11/13/2025		3,490		3,429
	MetLife, Inc. 5.375% 7/15/2033		1,279		1,334
	Metropolitan Life Global Funding I 5.40% 9/12/20285		840		863
	Metropolitan Life Global Funding I 5.15% 3/28/20335		619		630
	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)6		2,960		2,855
	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)6		6,200		5,668
	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)6		2,225		2,027
	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)6		2,970		2,750
	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)6		2,945		2,865
	Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.38% on 2/22/2028)6		1,430		1,457
	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)6		763		775
	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)6		4,615		4,219
	Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.65% on 7/6/2028)6		1,701		1,751
	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)6		2,390		2,469
	Morgan Stanley 0.791% 1/22/2025 (USD-SOFR + 0.509% on 1/22/2024)6		3,065		3,056
	Morgan Stanley 2.72% 7/22/2025 (USD-SOFR + 1.152% on 7/22/2024)6		2,300		2,262
	Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)6		13,336		12,187
	Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)6		9,403		9,451
	Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)6		21,869		22,007
	Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031)6		85		68
	Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)6		11,777		9,617
	Morgan Stanley 2.511% 10/20/2032 (USD-SOFR + 1.20% on 10/20/2031)6		2,670		2,212
	Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033)6		11,543		11,720
	Morgan Stanley Bank, N.A. 5.882% 10/30/2026		2,775		2,855
	MSCI, Inc. 3.25% 8/15/20335		2,750		2,302
	Nasdaq, Inc. 5.35% 6/28/2028		553		570
	Nasdaq, Inc. 5.55% 2/15/2034		1,178		1,225
	Nasdaq, Inc. 5.95% 8/15/2053		307		330
	Nasdaq, Inc. 6.10% 6/28/2063		100		108
	NatWest Group PLC 5.847% 3/2/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 3/2/2026)6		3,555		3,588
	NatWest Group PLC 6.016% 3/2/2034 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 3/2/2033)6		1,140		1,198
	Navient Corp. 6.75% 6/25/2025		425		430

194  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	Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/20285		USD2,090	$	2,101
(continued)	Onemain Finance Corp. 7.125% 3/15/2026		250		255
	PayPal Holdings, Inc. 5.05% 6/1/2052		1,031		1,041
	PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028)6		4,896		5,004
	PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033)6		7,232		8,032
	Royal Bank of Canada 4.90% 1/12/2028		360		364
	Royal Bank of Canada 5.00% 2/1/2033		3,591		3,654
	Santander Holdings USA, Inc. 3.50% 6/7/2024		8,325		8,239
	Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028)6		5,100		5,274
	SMBC Aviation Capital Finance DAC 5.70% 7/25/20335		1,120		1,133
	Standard Chartered PLC 6.296% 7/6/2034 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.58% on 7/6/2033)5,6		562		591
	State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032)6		1,640		1,547
	State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033)6		6,337		6,386
	Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026		1,429		1,462
	Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027		1,100		1,017
	Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028		1,045		1,082
	Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033		373		394
	Sumitomo Mitsui Trust Bank, Ltd. 5.55% 9/14/20285		1,400		1,441
	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)6,9		1,530		21
	Swedbank AB 6.136% 9/12/20265		2,100		2,143
	Synchrony Financial 4.375% 3/19/2024		3,640		3,628
	Toronto-Dominion Bank (The) 1.95% 1/12/2027		1,060		980
	Toronto-Dominion Bank (The) 5.156% 1/10/2028		7,520		7,639
	Toronto-Dominion Bank (The) 5.523% 7/17/2028		3,480		3,585
	Travelers Companies, Inc. 2.55% 4/27/2050		623		410
	Travelers Companies, Inc. 5.45% 5/25/2053		163		176
	Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026)6		1,370		1,395
	Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028)6		2,605		2,568
	Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028)6		2,396		2,589
	Truist Financial Corp. 5.122% 1/26/2034 (USD-SOFR + 1.60% on 1/26/2033)6		2,750		2,665
	Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)6		1,223		1,248
	U.S. Bancorp 4.548% 7/22/2028 (USD-SOFR + 1.66% on 7/27/2027)6		2,440		2,405
	U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033)6		3,119		2,989
	U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)6		2,662		2,747
	UBS Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)5,6		850		832
	UBS Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)5,6		7,609		7,240
	UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)5,6		11,200		10,279
	UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)5,6		6,623		5,987
	UBS Group AG 6.442% 8/11/2028 (USD-SOFR + 3.70% on 8/11/2027)5,6		1,265		1,315
	UBS Group AG 6.246% 9/22/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.80% on 9/22/2028)5,6		2,655		2,772
	UBS Group AG 3.126% 8/13/2030 (3-month USD-LIBOR + 1.468% on 8/13/2029)5,6,8		1,202		1,074
	UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)5,6		9,636		8,981
	UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/11/2031)5,6		1,392		1,111
	UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)5,6		7,869		6,706
	UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on 2/11/2032)5,6		4,038		3,315
	UBS Group AG 6.537% 8/12/2033 (USD-SOFR + 3.92% on 8/12/2032)5,6		9,662		10,317
	UBS Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)5,6		5,000		6,150
	UniCredit SpA 4.625% 4/12/20275		1,395		1,364
	UniCredit SpA 5.861% 6/19/2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)5,6		16,130		15,798
	Vigorous Champion International, Ltd. 4.25% 5/28/2029		462		426
	Wells Fargo & Co. 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)6		3,524		3,456
	Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)6		6,615		6,314

American Funds Insurance Series  195

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials	Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)6		USD678	$	621
(continued)	Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)6		13,490		13,398
	Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028)6		2,545		2,600
	Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028)6		5,785		6,101
	Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033)6		19,316		19,411
	Wells Fargo & Co. 5.557% 7/25/2034 (USD-SOFR + 1.99% on 7/25/2033)6		188		192
	Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033)6		8,217		8,944
	Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)6		5,719		5,148
	Willis North America, Inc. 4.65% 6/15/2027		930		921
					1,083,809
Health care	Amgen, Inc. 5.507% 3/2/2026		725		725
4.05%	Amgen, Inc. 5.15% 3/2/2028		5,326		5,455
	Amgen, Inc. 4.05% 8/18/2029		7,429		7,277
	Amgen, Inc. 2.45% 2/21/2030		5,131		4,552
	Amgen, Inc. 5.25% 3/2/2030		2,854		2,935
	Amgen, Inc. 4.20% 3/1/2033		8,502		8,092
	Amgen, Inc. 5.25% 3/2/2033		7,992		8,197
	Amgen, Inc. 4.875% 3/1/2053		3,360		3,143
	Amgen, Inc. 4.40% 2/22/2062		196		166
	AstraZeneca Finance, LLC 1.75% 5/28/2028		897		803
	AstraZeneca Finance, LLC 4.90% 3/3/2030		66		68
	AstraZeneca Finance, LLC 2.25% 5/28/2031		1,159		1,000
	AstraZeneca Finance, LLC 4.875% 3/3/2033		2,520		2,607
	AstraZeneca PLC 4.00% 1/17/2029		5,920		5,848
	Bausch Health Companies, Inc. 4.875% 6/1/20285		830		501
	Baxter International, Inc. 2.539% 2/1/2032		3,906		3,277
	Bayer US Finance, LLC 6.25% 1/21/20295		2,302		2,355
	Bayer US Finance, LLC 6.375% 11/21/20305		4,478		4,611
	Bayer US Finance, LLC 6.50% 11/21/20335		1,395		1,443
	Bayer US Finance, LLC 6.875% 11/21/20535		578		616
	Bristol-Myers Squibb Co. 5.90% 11/15/2033		4,402		4,798
	Bristol-Myers Squibb Co. 2.55% 11/13/2050		2,113		1,341
	Bristol-Myers Squibb Co. 3.70% 3/15/2052		2,197		1,728
	Bristol-Myers Squibb Co. 6.25% 11/15/2053		1,740		1,993
	Centene Corp. 4.25% 12/15/2027		14,860		14,330
	Centene Corp. 2.45% 7/15/2028		12,410		11,062
	Centene Corp. 4.625% 12/15/2029		14,945		14,347
	Centene Corp. 3.375% 2/15/2030		15,718		14,122
	Centene Corp. 2.50% 3/1/2031		8,550		7,135
	Centene Corp. 2.625% 8/1/2031		2,510		2,085
	CVS Health Corp. 5.125% 2/21/2030		1,720		1,748
	CVS Health Corp. 5.25% 1/30/2031		960		985
	CVS Health Corp. 5.25% 2/21/2033		2,122		2,170
	CVS Health Corp. 5.30% 6/1/2033		2,393		2,457
	CVS Health Corp. 5.625% 2/21/2053		40		41
	CVS Health Corp. 5.875% 6/1/2053		4,897		5,157
	CVS Health Corp. 6.00% 6/1/2063		1,344		1,428
	Elevance Health, Inc. 2.375% 1/15/2025		1,534		1,490
	Elevance Health, Inc. 4.10% 5/15/2032		6,161		5,887
	Elevance Health, Inc. 4.75% 2/15/2033		887		888
	Elevance Health, Inc. 4.55% 5/15/2052		271		248
	Elevance Health, Inc. 5.125% 2/15/2053		784		786
	Eli Lilly and Co. 3.375% 3/15/2029		1,035		996
	Eli Lilly and Co. 4.70% 2/27/2033		5,162		5,296
	Eli Lilly and Co. 4.875% 2/27/2053		4,603		4,765
	Eli Lilly and Co. 4.95% 2/27/2063		144		149
	GE HealthCare Technologies, Inc. 5.65% 11/15/2027		4,895		5,069
	GE HealthCare Technologies, Inc. 5.857% 3/15/2030		207		218

196  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)
Health care	GE HealthCare Technologies, Inc. 5.905% 11/22/2032		USD7,896	$	8,426
(continued)	GE HealthCare Technologies, Inc. 6.377% 11/22/2052		215		250
	Gilead Sciences, Inc. 5.25% 10/15/2033		3,340		3,483
	Gilead Sciences, Inc. 5.55% 10/15/2053		4,978		5,398
	HCA, Inc. 5.20% 6/1/2028		4,165		4,210
	HCA, Inc. 2.375% 7/15/2031		2,233		1,841
	HCA, Inc. 3.625% 3/15/2032		2,400		2,147
	HCA, Inc. 4.625% 3/15/2052		226		192
	Johnson & Johnson 0.95% 9/1/2027		12,708		11,345
	Johnson & Johnson 2.10% 9/1/2040		670		477
	Johnson & Johnson 2.25% 9/1/2050		1,758		1,165
	Laboratory Corporation of America Holdings 1.55% 6/1/2026		773		714
	Laboratory Corporation of America Holdings 4.70% 2/1/2045		3,975		3,673
	Medtronic Global Holdings S.C.A. 4.50% 3/30/2033		1,485		1,486
	Merck & Co., Inc. 1.70% 6/10/2027		3,093		2,837
	Merck & Co., Inc. 4.90% 5/17/2044		380		385
	Merck & Co., Inc. 2.75% 12/10/2051		808		556
	Merck & Co., Inc. 5.00% 5/17/2053		895		921
	Merck & Co., Inc. 5.15% 5/17/2063		208		217
	Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028		1,375		1,375
	Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033		4,442		4,454
	Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053		3,747		3,828
	Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030		1,558		1,282
	Roche Holdings, Inc. 1.93% 12/13/20285		7,545		6,741
	Roche Holdings, Inc. 2.076% 12/13/20315		9,309		7,842
	Roche Holdings, Inc. 2.607% 12/13/20515		645		434
	Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026		13,390		12,886
	Teva Pharmaceutical Finance Netherlands III BV 7.125% 1/31/2025		45,000		45,427
	Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026		68,853		63,802
	Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028		26,824		27,441
	Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046		46,666		31,653
	Thermo Fisher Scientific, Inc. 5.086% 8/10/2033		985		1,027
	UnitedHealth Group, Inc. 3.75% 7/15/2025		5,410		5,334
	UnitedHealth Group, Inc. 2.00% 5/15/2030		466		403
	UnitedHealth Group, Inc. 4.20% 5/15/2032		1,664		1,629
	UnitedHealth Group, Inc. 3.05% 5/15/2041		1,300		1,017
	UnitedHealth Group, Inc. 4.25% 6/15/2048		960		859
	UnitedHealth Group, Inc. 3.25% 5/15/2051		572		434
	UnitedHealth Group, Inc. 4.95% 5/15/2062		69		68
	Zoetis, Inc. 5.60% 11/16/2032		1,063		1,140
					445,189
Utilities	AEP Texas, Inc. 3.45% 5/15/2051		1,380		990
4.03%	Alabama Power Co. 3.00% 3/15/2052		3,219		2,253
	Alfa Desarrollo SpA 4.55% 9/27/20515		999		781
	Baltimore Gas and Electric Co. 4.55% 6/1/2052		525		482
	Berkshire Hathaway Energy Co. 4.50% 2/1/2045		5,895		5,465
	Berkshire Hathaway Energy Co. 4.60% 5/1/2053		1,017		908
	Cleveland Electric Illuminating Co. (The) 3.50% 4/1/20285		2,400		2,250
	Comision Federal de Electricidad 4.688% 5/15/20295		3,655		3,444
	Connecticut Light and Power Co. (The) 2.05% 7/1/2031		1,775		1,474
	Consumers Energy Co. 4.625% 5/15/2033		3,500		3,496
	Consumers Energy Co. 3.10% 8/15/2050		939		692
	DTE Energy Co. 3.00% 3/1/2032		259		230
	Duke Energy Carolinas, LLC 5.35% 1/15/2053		332		341
	Duke Energy Corp. 3.75% 4/15/2024		3,826		3,806
	Duke Energy Florida, LLC 5.875% 11/15/2033		370		399
	Duke Energy Florida, LLC 3.40% 10/1/2046		5,669		4,259
	Duke Energy Florida, LLC 3.00% 12/15/2051		293		200

American Funds Insurance Series  197

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities	Duke Energy Florida, LLC 5.95% 11/15/2052		USD575	$	630
(continued)	Duke Energy Progress, LLC 3.70% 9/1/2028		3,750		3,644
	Duke Energy Progress, LLC 2.00% 8/15/2031		1,775		1,467
	Duke Energy Progress, LLC 2.50% 8/15/2050		644		406
	Edison International 4.95% 4/15/2025		175		174
	Edison International 5.75% 6/15/2027		3,181		3,251
	Edison International 4.125% 3/15/2028		4,219		4,079
	Edison International 5.25% 11/15/2028		4,350		4,381
	Edison International 6.95% 11/15/2029		2,425		2,634
	Electricité de France SA 5.70% 5/23/20285		675		699
	Electricité de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028)6		EUR2,800		2,757
	Electricité de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)5,6		USD1,025		1,147
	Emera US Finance, LP 0.833% 6/15/2024		600		585
	Emera US Finance, LP 2.639% 6/15/2031		4,400		3,615
	ENN Clean Energy International Investment, Ltd. 3.375% 5/12/20265		1,310		1,229
	Entergy Louisiana, LLC 4.20% 9/1/2048		6,325		5,268
	Entergy Louisiana, LLC 4.75% 9/15/2052		395		364
	FirstEnergy Corp. 1.60% 1/15/2026		20,066		18,678
	FirstEnergy Corp. 2.65% 3/1/2030		12,524		10,834
	FirstEnergy Corp. 2.25% 9/1/2030		12,602		10,629
	FirstEnergy Corp., Series B, 4.15% 7/15/2027		12,178		11,720
	FirstEnergy Transmission, LLC 2.866% 9/15/20285		4,000		3,631
	Florida Power & Light Co. 5.05% 4/1/2028		1,511		1,546
	Florida Power & Light Co. 4.40% 5/15/2028		1,655		1,659
	Florida Power & Light Co. 2.45% 2/3/2032		1,844		1,585
	Florida Power & Light Co. 5.10% 4/1/2033		7,431		7,675
	Florida Power & Light Co. 4.80% 5/15/2033		1,085		1,098
	Florida Power & Light Co. 5.30% 4/1/2053		1,255		1,315
	Georgia Power Co. 4.65% 5/16/2028		1,050		1,059
	Georgia Power Co. 4.95% 5/17/2033		1,845		1,861
	Georgia Power Co. 3.70% 1/30/2050		190		150
	Israel Electric Corp., Ltd. 4.25% 8/14/20285		10,190		9,563
	Israel Electric Corp., Ltd. 3.75% 2/22/20325		340		290
	Jersey Central Power & Light Co. 2.75% 3/1/20325		525		444
	Mid-Atlantic Interstate Transmission, LLC 4.10% 5/15/20285		425		411
	Mississippi Power Co. 4.25% 3/15/2042		5,020		4,289
	Monongahela Power Co. 3.55% 5/15/20275		1,700		1,629
	NextEra Energy Capital Holdings, Inc. 5.25% 2/28/2053		1,440		1,417
	NiSource, Inc. 5.40% 6/30/2033		650		671
	Oncor Electric Delivery Co., LLC 4.55% 9/15/2032		205		203
	Oncor Electric Delivery Co., LLC 5.65% 11/15/20335		2,650		2,825
	Pacific Gas and Electric Co. 3.40% 8/15/2024		2,000		1,967
	Pacific Gas and Electric Co. 3.15% 1/1/2026		27,543		26,430
	Pacific Gas and Electric Co. 2.95% 3/1/2026		10,850		10,284
	Pacific Gas and Electric Co. 3.30% 3/15/2027		5,645		5,282
	Pacific Gas and Electric Co. 3.30% 12/1/2027		9,512		8,886
	Pacific Gas and Electric Co. 3.00% 6/15/2028		2,542		2,319
	Pacific Gas and Electric Co. 3.75% 7/1/2028		13,075		12,258
	Pacific Gas and Electric Co. 4.65% 8/1/2028		7,900		7,592
	Pacific Gas and Electric Co. 6.10% 1/15/2029		3,760		3,894
	Pacific Gas and Electric Co. 4.55% 7/1/2030		35,449		33,794
	Pacific Gas and Electric Co. 2.50% 2/1/2031		21,597		17,836
	Pacific Gas and Electric Co. 6.15% 1/15/2033		518		538
	Pacific Gas and Electric Co. 6.40% 6/15/2033		11,554		12,169
	Pacific Gas and Electric Co. 6.95% 3/15/2034		1,582		1,740
	Pacific Gas and Electric Co. 3.30% 8/1/2040		9,898		7,260
	Pacific Gas and Electric Co. 3.75% 8/15/2042		106		79
	Pacific Gas and Electric Co. 4.75% 2/15/2044		336		281

198  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	Pacific Gas and Electric Co. 4.95% 7/1/2050		USD540	$	462
(continued)	Pacific Gas and Electric Co. 3.50% 8/1/2050		14,919		10,331
	Pacific Gas and Electric Co. 6.75% 1/15/2053		185		202
	PacifiCorp 4.15% 2/15/2050		475		386
	PacifiCorp 3.30% 3/15/2051		325		226
	PacifiCorp 2.90% 6/15/2052		111		72
	PacifiCorp 5.35% 12/1/2053		1,748		1,684
	PacifiCorp 5.50% 5/15/2054		4,363		4,291
	Public Service Company of Colorado 2.70% 1/15/2051		2,472		1,559
	Public Service Electric and Gas Co. 3.20% 5/15/2029		6,000		5,605
	Public Service Electric and Gas Co. 5.20% 8/1/2033		1,200		1,246
	Public Service Electric and Gas Co. 5.45% 8/1/2053		175		189
	Puget Energy, Inc. 3.65% 5/15/2025		300		293
	Southern California Edison Co. 4.90% 6/1/2026		1,375		1,382
	Southern California Edison Co. 4.20% 3/1/2029		10,726		10,526
	Southern California Edison Co. 2.85% 8/1/2029		6,945		6,336
	Southern California Edison Co. 2.50% 6/1/2031		5,044		4,325
	Southern California Edison Co. 5.95% 11/1/2032		1,100		1,182
	Southern California Edison Co. 5.75% 4/1/2035		4,549		4,747
	Southern California Edison Co. 5.35% 7/15/2035		6,450		6,692
	Southern California Edison Co. 5.625% 2/1/2036		7,051		7,198
	Southern California Edison Co. 5.55% 1/15/2037		3,844		3,858
	Southern California Edison Co. 5.95% 2/1/2038		5,121		5,378
	Southern California Edison Co. 3.60% 2/1/2045		2,417		1,882
	Southern California Edison Co. 4.00% 4/1/2047		9,334		7,629
	Southern California Edison Co. 3.65% 2/1/2050		14,600		11,323
	Southern California Edison Co. 3.65% 6/1/2051		623		470
	Southern California Edison Co. 3.45% 2/1/2052		515		376
	Southwestern Electric Power Co. 1.65% 3/15/2026		3,550		3,307
	Southwestern Electric Power Co. 3.25% 11/1/2051		2,270		1,534
	Union Electric Co. 2.15% 3/15/2032		3,175		2,634
	Virginia Electric & Power 2.30% 11/15/2031		1,700		1,430
	Virginia Electric & Power 2.40% 3/30/2032		2,575		2,169
	WEC Energy Group, Inc. 5.60% 9/12/2026		400		407
	Wisconsin Power and Light Co. 1.95% 9/16/2031		525		427
	Wisconsin Power and Light Co. 3.65% 4/1/2050		1,075		829
	Wisconsin Public Service Corp. 2.85% 12/1/2051		375		248
	Xcel Energy, Inc. 3.30% 6/1/2025		5,650		5,516
	Xcel Energy, Inc. 1.75% 3/15/2027		4,363		3,981
	Xcel Energy, Inc. 2.60% 12/1/2029		1,725		1,547
	Xcel Energy, Inc. 4.60% 6/1/2032		4,600		4,488
					443,958
Consumer	Alibaba Group Holding, Ltd. 4.00% 12/6/2037		200		172
discretionary	Allied Universal Holdco, LLC 4.625% 6/1/20285		335		305
3.49%	Amazon.com, Inc. 1.65% 5/12/2028		3,860		3,477
	Amazon.com, Inc. 3.45% 4/13/2029		600		582
	Amazon.com, Inc. 2.875% 5/12/2041		650		511
	Amazon.com, Inc. 3.10% 5/12/2051		5,705		4,246
	Amazon.com, Inc. 3.95% 4/13/2052		1,635		1,432
	Amazon.com, Inc. 3.25% 5/12/2061		4,100		3,012
	Amazon.com, Inc. 4.10% 4/13/2062		470		416
	Atlas LuxCo 4 SARL 4.625% 6/1/20285		255		233
	Bath & Body Works, Inc. 6.875% 11/1/2035		740		750
	BMW US Capital, LLC 3.45% 4/1/20275		1,075		1,035
	BMW US Capital, LLC 5.05% 8/11/20285		1,890		1,926
	BMW US Capital, LLC 3.70% 4/1/20325		1,350		1,259
	Daimler Trucks Finance North America, LLC 1.625% 12/13/20245		4,950		4,772
	Daimler Trucks Finance North America, LLC 3.65% 4/7/20275		3,567		3,440

American Funds Insurance Series  199

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer	Daimler Trucks Finance North America, LLC 5.40% 9/20/20285		USD832	$	849
discretionary	Daimler Trucks Finance North America, LLC 2.375% 12/14/20285		3,230		2,879
(continued)	Daimler Trucks Finance North America, LLC 2.50% 12/14/20315		8,174		6,787
	Daimler Trucks Finance North America, LLC 5.50% 9/20/20335		691		705
	Ford Motor Co. 3.25% 2/12/2032		620		516
	Ford Motor Credit Co., LLC 5.125% 6/16/2025		3,870		3,823
	Ford Motor Credit Co., LLC 6.95% 3/6/2026		855		876
	Ford Motor Credit Co., LLC 6.95% 6/10/2026		755		775
	Ford Motor Credit Co., LLC 2.70% 8/10/2026		200		185
	Ford Motor Credit Co., LLC 4.271% 1/9/2027		18,742		17,986
	Ford Motor Credit Co., LLC 4.95% 5/28/2027		485		474
	Ford Motor Credit Co., LLC 4.125% 8/17/2027		39,480		37,409
	Ford Motor Credit Co., LLC 3.815% 11/2/2027		3,990		3,728
	Ford Motor Credit Co., LLC 7.35% 11/4/2027		7,549		7,966
	Ford Motor Credit Co., LLC 6.80% 5/12/2028		2,030		2,122
	Ford Motor Credit Co., LLC 6.798% 11/7/2028		762		798
	Ford Motor Credit Co., LLC 2.90% 2/10/2029		1,065		934
	Ford Motor Credit Co., LLC 5.113% 5/3/2029		9,854		9,591
	Ford Motor Credit Co., LLC 7.35% 3/6/2030		10,668		11,469
	Ford Motor Credit Co., LLC 7.20% 6/10/2030		1,015		1,082
	Ford Motor Credit Co., LLC 7.122% 11/7/2033		688		742
	General Motors Co. 6.125% 10/1/2025		22,221		22,526
	General Motors Co. 5.40% 10/15/2029		781		795
	General Motors Co. 5.40% 4/1/2048		5,200		4,758
	General Motors Financial Co., Inc. 1.05% 3/8/2024		4,200		4,163
	General Motors Financial Co., Inc. 4.35% 4/9/2025		11,358		11,196
	General Motors Financial Co., Inc. 1.50% 6/10/2026		6,712		6,153
	General Motors Financial Co., Inc. 2.35% 2/26/2027		9,771		9,000
	General Motors Financial Co., Inc. 2.40% 4/10/2028		13,909		12,489
	General Motors Financial Co., Inc. 5.80% 6/23/2028		2,595		2,668
	General Motors Financial Co., Inc. 2.40% 10/15/2028		464		412
	General Motors Financial Co., Inc. 3.60% 6/21/2030		465		422
	General Motors Financial Co., Inc. 2.35% 1/8/2031		4,351		3,599
	General Motors Financial Co., Inc. 2.70% 6/10/2031		3,980		3,339
	General Motors Financial Co., Inc. 6.40% 1/9/2033		2,389		2,544
	Grand Canyon University 4.125% 10/1/2024		4,190		3,960
	Hanesbrands, Inc. 9.00% 2/15/20315		528		518
	Home Depot, Inc. 2.95% 6/15/2029		4,641		4,365
	Home Depot, Inc. 4.50% 12/6/2048		1,915		1,808
	Hyundai Capital America 3.40% 6/20/20245		8,180		8,084
	Hyundai Capital America 1.00% 9/17/20245		605		586
	Hyundai Capital America 2.65% 2/10/20255		11,383		11,051
	Hyundai Capital America 1.80% 10/15/20255		13,274		12,481
	Hyundai Capital America 6.25% 11/3/20255		825		838
	Hyundai Capital America 1.30% 1/8/20265		6,000		5,542
	Hyundai Capital America 5.50% 3/30/20265		705		709
	Hyundai Capital America 1.50% 6/15/20265		7,475		6,829
	Hyundai Capital America 1.65% 9/17/20265		7,275		6,615
	Hyundai Capital America 3.00% 2/10/20275		9,000		8,415
	Hyundai Capital America 2.375% 10/15/20275		7,543		6,798
	Hyundai Capital America 1.80% 1/10/20285		5,965		5,234
	Hyundai Capital America 5.60% 3/30/20285		1,385		1,407
	Hyundai Capital America 2.00% 6/15/20285		5,775		5,048
	Hyundai Capital America 5.68% 6/26/20285		2,590		2,642
	Hyundai Capital America 2.10% 9/15/20285		3,010		2,633
	Hyundai Capital America 6.10% 9/21/20285		2,655		2,761
	Hyundai Capital America 6.50% 1/16/20295		1,427		1,508
	Hyundai Capital America 5.80% 4/1/20305		2,398		2,472
	Hyundai Capital America 5.70% 6/26/20305		1,555		1,593
	Hyundai Capital Services, Inc. 1.25% 2/8/20265		3,695		3,397
	KIA Corp. 2.375% 2/14/20255		210		203

200  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	Marriott International, Inc. 5.75% 5/1/2025		USD190	$	191
discretionary	Marriott International, Inc. 5.00% 10/15/2027		4,470		4,526
(continued)	Marriott International, Inc. 4.90% 4/15/2029		653		658
	McDonald’s Corp. 2.125% 3/1/2030		2,482		2,170
	McDonald’s Corp. 3.60% 7/1/2030		1,014		962
	McDonald’s Corp. 4.60% 9/9/2032		304		307
	McDonald’s Corp. 4.95% 8/14/2033		238		245
	McDonald’s Corp. 4.45% 3/1/2047		3,535		3,238
	McDonald’s Corp. 3.625% 9/1/2049		2,938		2,358
	McDonald’s Corp. 5.15% 9/9/2052		509		518
	Nissan Motor Acceptance Co., LLC 2.75% 3/9/20285		3,167		2,797
	Sands China, Ltd. 2.55% 3/8/2027		2,368		2,154
	Stellantis Finance US, Inc. 1.711% 1/29/20275		5,486		4,985
	Stellantis Finance US, Inc. 5.625% 1/12/20285		825		855
	Stellantis Finance US, Inc. 2.691% 9/15/20315		5,119		4,286
	Stellantis Finance US, Inc. 6.375% 9/12/20325		8,490		9,156
	Toyota Motor Credit Corp. 3.375% 4/1/2030		4,954		4,658
	Toyota Motor Credit Corp. 4.55% 5/17/2030		1,625		1,636
	Toyota Motor Credit Corp. 5.55% 11/20/2030		690		727
	Travel + Leisure Co. 6.625% 7/31/20265		675		682
	Volkswagen Group of America Finance, LLC 2.85% 9/26/20245		546		535
	Volkswagen Group of America Finance, LLC 6.45% 11/16/20305		5,190		5,529
	Wynn Resorts Finance, LLC 5.125% 10/1/20295		410		387
					384,385

Industrials	ADT Security Corp. 4.125% 8/1/20295	510	470
2.68%	Air Lease Corp. 0.80% 8/18/2024	3,175	3,079
	Air Lease Corp. 2.875% 1/15/2026	10,172	9,695
	Air Lease Corp. 2.20% 1/15/2027	4,341	3,978
	Air Lease Corp. 5.30% 2/1/2028	3,725	3,769
	Air Lease Corp. 2.10% 9/1/2028	2,450	2,147
	Avolon Holdings Funding, Ltd. 3.95% 7/1/20245	12,514	12,350
	Avolon Holdings Funding, Ltd. 2.125% 2/21/20265	5,005	4,641
	Avolon Holdings Funding, Ltd. 3.25% 2/15/20275	4,594	4,252
	BNSF Funding Trust I, junior subordinated, 6.613% 12/15/2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)6,8	1,680	1,644
	Boeing Co. 1.95% 2/1/2024	5,206	5,189
	Boeing Co. 2.80% 3/1/2024	500	497
	Boeing Co. 4.875% 5/1/2025	31,869	31,736
	Boeing Co. 2.75% 2/1/2026	17,237	16,504
	Boeing Co. 2.196% 2/4/2026	17,876	16,894
	Boeing Co. 2.70% 2/1/2027	6,473	6,107
	Boeing Co. 5.04% 5/1/2027	14,350	14,483
	Boeing Co. 3.25% 2/1/2028	10,757	10,212
	Boeing Co. 3.25% 3/1/2028	1,925	1,809
	Boeing Co. 5.15% 5/1/2030	33,299	33,918
	Boeing Co. 3.625% 2/1/2031	3,677	3,417
	Boeing Co. 3.90% 5/1/2049	1,411	1,119
	Boeing Co. 5.805% 5/1/2050	986	1,022
	Canadian National Railway Co. 5.85% 11/1/2033	465	511
	Canadian National Railway Co. 6.125% 11/1/2053	137	164
	Canadian Pacific Railway Co. 1.75% 12/2/2026	1,066	984
	Canadian Pacific Railway Co. 3.10% 12/2/2051	2,286	1,654
	Carrier Global Corp. 5.80% 11/30/20255	240	243
	Carrier Global Corp. 2.722% 2/15/2030	292	261
	Carrier Global Corp. 2.70% 2/15/2031	292	255
	Carrier Global Corp. 5.90% 3/15/20345	1,345	1,455
	Carrier Global Corp. 3.377% 4/5/2040	14,710	11,847
	Carrier Global Corp. 3.577% 4/5/2050	138	108

American Funds Insurance Series  201

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials	Carrier Global Corp. 6.20% 3/15/20545		USD827	$	957
(continued)	CK Hutchison International (23), Ltd. 4.75% 4/21/20285		1,260		1,263
	CSX Corp. 4.10% 11/15/2032		1,886		1,835
	CSX Corp. 5.20% 11/15/2033		1,333		1,391
	CSX Corp. 4.50% 11/15/2052		4,470		4,154
	Dun & Bradstreet Corp. (The) 5.00% 12/15/20295		978		913
	General Dynamics Corp. 3.75% 5/15/2028		479		471
	General Dynamics Corp. 3.625% 4/1/2030		387		372
	Ingersoll-Rand, Inc. 5.40% 8/14/2028		801		826
	Ingersoll-Rand, Inc. 5.70% 8/14/2033		946		1,001
	L3Harris Technologies, Inc. 5.40% 7/31/2033		1,126		1,171
	MISC Capital Two (Labuan), Ltd. 3.75% 4/6/20275		2,690		2,592
	Norfolk Southern Corp. 5.05% 8/1/2030		1,734		1,777
	Norfolk Southern Corp. 5.35% 8/1/2054		1,458		1,517
	Northrop Grumman Corp. 3.25% 1/15/2028		10,845		10,370
	Northrop Grumman Corp. 4.70% 3/15/2033		4,259		4,298
	Northrop Grumman Corp. 4.95% 3/15/2053		2,459		2,439
	Republic Services, Inc. 2.375% 3/15/2033		1,635		1,368
	Republic Services, Inc. 5.00% 4/1/2034		15		15
	RTX Corp. 5.75% 11/8/2026		550		565
	RTX Corp. 3.125% 5/4/2027		4,551		4,330
	RTX Corp. 4.125% 11/16/2028		4,974		4,864
	RTX Corp. 5.75% 1/15/2029		410		429
	RTX Corp. 6.00% 3/15/2031		550		586
	RTX Corp. 2.375% 3/15/2032		451		376
	RTX Corp. 6.10% 3/15/2034		401		435
	RTX Corp. 2.82% 9/1/2051		665		440
	RTX Corp. 3.03% 3/15/2052		1,190		822
	RTX Corp. 6.40% 3/15/2054		1,006		1,166
	Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/20315		2,550		2,094
	Triton Container International, Ltd. 1.15% 6/7/20245		1,609		1,570
	Triton Container International, Ltd. 3.15% 6/15/20315		2,482		1,977
	Union Pacific Corp. 2.15% 2/5/2027		2,213		2,067
	Union Pacific Corp. 2.40% 2/5/2030		4,454		3,969
	Union Pacific Corp. 2.375% 5/20/2031		2,298		1,999
	Union Pacific Corp. 2.80% 2/14/2032		5,244		4,655
	Union Pacific Corp. 3.25% 2/5/2050		7,000		5,368
	Union Pacific Corp. 2.95% 3/10/2052		1,405		998
	United Rentals (North America), Inc. 5.50% 5/15/2027		2,500		2,507
	Veralto Corp. 5.50% 9/18/20265		350		355
	Veralto Corp. 5.35% 9/18/20285		2,450		2,509
	Veralto Corp. 5.45% 9/18/20335		1,680		1,741
	Waste Management, Inc. 1.50% 3/15/2031		419		343
	Waste Management, Inc. 4.15% 4/15/2032		688		672
	Waste Management, Inc. 4.875% 2/15/2034		2,830		2,888
					294,869
Energy	Antero Resources Corp. 5.375% 3/1/20305		280		269
2.45%	Apache Corp. 4.625% 11/15/2025		645		630
	Apache Corp. 4.25% 1/15/2030		2,465		2,306
	Baker Hughes Holdings, LLC 2.061% 12/15/2026		1,136		1,064
	BP Capital Markets America, Inc. 4.893% 9/11/2033		3,701		3,767
	BP Capital Markets America, Inc. 3.001% 3/17/2052		710		499
	Canadian Natural Resources, Ltd. 2.05% 7/15/2025		754		719
	Cenovus Energy, Inc. 5.375% 7/15/2025		2,763		2,769
	Cenovus Energy, Inc. 4.25% 4/15/2027		13,613		13,315
	Cenovus Energy, Inc. 2.65% 1/15/2032		2,969		2,462
	Cenovus Energy, Inc. 5.25% 6/15/2037		289		277
	Cenovus Energy, Inc. 5.40% 6/15/2047		8,809		8,336

202  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)
Energy	Cenovus Energy, Inc. 3.75% 2/15/2052		USD19	$	14
(continued)	Cheniere Energy Partners, LP 3.25% 1/31/2032		937		800
	Chevron Corp. 2.954% 5/16/2026		3,365		3,256
	Chevron Corp. 3.078% 5/11/2050		692		523
	Civitas Resources, Inc. 8.75% 7/1/20315		1,400		1,492
	Columbia Pipelines Holding Co., LLC 6.544% 11/15/20535		1,152		1,270
	Columbia Pipelines Operating Co., LLC 5.927% 8/15/20305		268		277
	Columbia Pipelines Operating Co., LLC 6.036% 11/15/20335		813		852
	Columbia Pipelines Operating Co., LLC 6.497% 8/15/20435		546		586
	ConocoPhillips Co. 3.80% 3/15/2052		15		12
	ConocoPhillips Co. 5.30% 5/15/2053		6,279		6,459
	ConocoPhillips Co. 5.55% 3/15/2054		1,708		1,815
	Devon Energy Corp. 4.50% 1/15/2030		5,197		4,994
	DT Midstream, Inc. 4.125% 6/15/20295		555		511
	Ecopetrol SA 4.625% 11/2/2031		270		229
	Ecopetrol SA 8.875% 1/13/2033		15,110		16,434
	Enbridge, Inc. 6.20% 11/15/2030		1,650		1,766
	Enbridge, Inc. 6.70% 11/15/2053		3,722		4,334
	Energy Transfer, LP 6.40% 12/1/2030		479		513
	Energy Transfer, LP 6.55% 12/1/2033		1,641		1,783
	Energy Transfer, LP 6.625% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.155% on 2/15/2028)6,8		500		419
	Energy Transfer, LP (3-month USD CME Term SOFR + 4.29%) 9.669% junior subordinated perpetual bonds2		7,850		7,548
	EQT Corp. 5.70% 4/1/2028		1,223		1,242
	EQT Corp. 7.25% 2/1/20306		7,500		8,058
	Equinor ASA 3.625% 9/10/2028		4,928		4,807
	Equinor ASA 3.125% 4/6/2030		20,000		18,790
	Equinor ASA 3.25% 11/18/2049		5,687		4,316
	Exxon Mobil Corp. 3.043% 3/1/2026		4,625		4,494
	Exxon Mobil Corp. 2.61% 10/15/2030		1,040		931
	Kinder Morgan, Inc. 5.20% 6/1/2033		871		866
	Occidental Petroleum Corp. 8.875% 7/15/2030		4,345		5,090
	Occidental Petroleum Corp. 6.60% 3/15/2046		478		518
	Odebrecht Drilling Services, LLC 7.50% 6/15/20305		6		6
	Odebrecht Oil & Gas Finance, Ltd. 0% perpetual bonds5		1,150		40
	Oleoducto Central SA 4.00% 7/14/20275		1,715		1,595
	Oleoducto Central SA 4.00% 7/14/2027		350		326
	ONEOK, Inc. 5.55% 11/1/2026		736		749
	ONEOK, Inc. 5.65% 11/1/2028		467		484
	ONEOK, Inc. 5.80% 11/1/2030		681		708
	ONEOK, Inc. 6.05% 9/1/2033		5,781		6,128
	ONEOK, Inc. 6.625% 9/1/2053		5,607		6,282
	Petroleos Mexicanos 4.875% 1/18/2024		1,563		1,560
	Petroleos Mexicanos 6.875% 10/16/2025		5,000		4,923
	Petroleos Mexicanos 6.49% 1/23/2027		20,653		19,393
	Petroleos Mexicanos 6.50% 3/13/2027		31,829		29,691
	Petroleos Mexicanos 6.50% 1/23/2029		2,404		2,123
	Petroleos Mexicanos 8.75% 6/2/2029		5,805		5,647
	Petroleos Mexicanos 5.95% 1/28/2031		648		518
	Petroleos Mexicanos 6.70% 2/16/2032		7,876		6,545
	Qatar Energy 2.25% 7/12/20315		22,020		18,773
	Qatar Energy 3.30% 7/12/20515		2,185		1,601
	Sabine Pass Liquefaction, LLC 5.75% 5/15/2024		856		856
	Shell International Finance BV 3.875% 11/13/2028		9,410		9,269
	Shell International Finance BV 2.75% 4/6/2030		377		345
	Southwestern Energy Co. 5.70% 1/23/20256		495		493
	TotalEnergies Capital International SA 3.455% 2/19/2029		885		854
	TransCanada Pipelines, Ltd. 4.10% 4/15/2030		1,578		1,502
	Western Midstream Operating, LP 3.10% 2/1/20256		2,782		2,709

American Funds Insurance Series  203

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy	Western Midstream Operating, LP 4.05% 2/1/20306		USD2,202	$	2,062
(continued)	Western Midstream Operating, LP 5.25% 2/1/20506		3,079		2,764
	Williams Companies, Inc. 4.30% 3/4/2024		595		594
					269,952
Communication	AT&T, Inc. 1.70% 3/25/2026		18,834		17,625
services	AT&T, Inc. 1.65% 2/1/2028		4,700		4,187
2.21%	AT&T, Inc. 4.30% 2/15/2030		15,940		15,622
	AT&T, Inc. 2.55% 12/1/2033		12,748		10,397
	AT&T, Inc. 5.40% 2/15/2034		629		649
	CCO Holdings, LLC 5.125% 5/1/20275		4,800		4,641
	CCO Holdings, LLC 4.75% 2/1/20325		1,265		1,117
	CCO Holdings, LLC 4.25% 1/15/20345		3,875		3,154
	Charter Communications Operating, LLC 2.80% 4/1/2031		6,057		5,113
	Charter Communications Operating, LLC 4.40% 4/1/2033		1,092		1,009
	Charter Communications Operating, LLC 5.75% 4/1/2048		5,000		4,444
	Charter Communications Operating, LLC 5.25% 4/1/2053		835		700
	Comcast Corp. 3.15% 2/15/2028		7,200		6,867
	Comcast Corp. 4.55% 1/15/2029		1,610		1,618
	Comcast Corp. 4.80% 5/15/2033		4,508		4,566
	Comcast Corp. 2.887% 11/1/2051		18		12
	Comcast Corp. 5.35% 5/15/2053		4,840		5,011
	Comcast Corp. 5.50% 5/15/2064		250		263
	Lumen Technologies, Inc. 4.00% 2/15/20275		6,756		4,366
	Netflix, Inc. 4.875% 4/15/2028		16,341		16,570
	Netflix, Inc. 5.875% 11/15/2028		14,365		15,159
	Netflix, Inc. 6.375% 5/15/2029		3,592		3,909
	Netflix, Inc. 5.375% 11/15/20295		12,140		12,555
	News Corp. 5.125% 2/15/20325		1,300		1,235
	SBA Tower Trust 1.631% 11/15/20265		6,741		6,026
	Sirius XM Radio, Inc. 4.00% 7/15/20285		675		625
	Sprint, LLC 7.625% 2/15/2025		1,305		1,329
	Tencent Holdings, Ltd. 2.39% 6/3/20305		10,000		8,527
	T-Mobile USA, Inc. 3.50% 4/15/2025		3,275		3,208
	T-Mobile USA, Inc. 2.25% 2/15/2026		2,388		2,264
	T-Mobile USA, Inc. 2.625% 4/15/2026		6,421		6,111
	T-Mobile USA, Inc. 3.75% 4/15/2027		5,000		4,851
	T-Mobile USA, Inc. 4.95% 3/15/2028		705		715
	T-Mobile USA, Inc. 4.80% 7/15/2028		175		177
	T-Mobile USA, Inc. 2.625% 2/15/2029		1,718		1,548
	T-Mobile USA, Inc. 2.40% 3/15/2029		1,058		950
	T-Mobile USA, Inc. 3.875% 4/15/2030		4,500		4,269
	T-Mobile USA, Inc. 2.875% 2/15/2031		15,783		13,924
	T-Mobile USA, Inc. 5.05% 7/15/2033		2,137		2,154
	T-Mobile USA, Inc. 5.75% 1/15/2034		730		775
	T-Mobile USA, Inc. 3.00% 2/15/2041		2,100		1,573
	T-Mobile USA, Inc. 6.00% 6/15/2054		1,520		1,669
	Verizon Communications, Inc. 4.329% 9/21/2028		1,539		1,523
	Verizon Communications, Inc. 1.75% 1/20/2031		9,144		7,525
	Verizon Communications, Inc. 2.55% 3/21/2031		5,047		4,353
	Verizon Communications, Inc. 2.355% 3/15/2032		2,775		2,309
	Verizon Communications, Inc. 3.40% 3/22/2041		1,085		864
	Verizon Communications, Inc. 3.55% 3/22/2051		1,520		1,172
	Verizon Communications, Inc. 3.875% 3/1/2052		3,155		2,559
	Vodafone Group PLC 4.25% 9/17/2050		3,050		2,534
	WarnerMedia Holdings, Inc. 3.428% 3/15/2024		6,552		6,518
	WarnerMedia Holdings, Inc. 3.638% 3/15/2025		3,056		2,991
	WarnerMedia Holdings, Inc. 3.755% 3/15/2027		3,685		3,532
	WarnerMedia Holdings, Inc. 4.054% 3/15/2029		596		566

204  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)
Communication	WarnerMedia Holdings, Inc. 4.279% 3/15/2032		USD112	$	103
services	WarnerMedia Holdings, Inc. 5.05% 3/15/2042		719		634
(continued)	WarnerMedia Holdings, Inc. 5.141% 3/15/2052		5,408		4,645
	ZipRecruiter, Inc. 5.00% 1/15/20305		490		428
					243,740
Consumer staples	7-Eleven, Inc. 1.80% 2/10/20315		2,923		2,377
1.55%	7-Eleven, Inc. 2.80% 2/10/20515		5,000		3,221
	Altria Group, Inc. 4.40% 2/14/2026		4,585		4,545
	Altria Group, Inc. 4.50% 5/2/2043		1,585		1,325
	Altria Group, Inc. 5.95% 2/14/2049		3,184		3,250
	Anheuser-Busch InBev Worldwide, Inc. 4.75% 1/23/2029		7,500		7,624
	Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049		4,715		5,074
	BAT Capital Corp. 3.557% 8/15/2027		9,271		8,854
	BAT Capital Corp. 2.259% 3/25/2028		2,353		2,107
	BAT Capital Corp. 6.343% 8/2/2030		2,210		2,322
	BAT Capital Corp. 4.742% 3/16/2032		2,675		2,568
	BAT Capital Corp. 6.421% 8/2/2033		6,375		6,676
	BAT Capital Corp. 4.39% 8/15/2037		812		681
	BAT Capital Corp. 7.079% 8/2/2043		1,323		1,406
	BAT Capital Corp. 4.54% 8/15/2047		10,760		8,279
	BAT Capital Corp. 4.758% 9/6/2049		15,972		12,684
	BAT Capital Corp. 5.65% 3/16/2052		120		108
	BAT Capital Corp. 7.081% 8/2/2053		3,769		4,033
	BAT International Finance PLC 3.95% 6/15/20255		16,879		16,540
	BAT International Finance PLC 1.668% 3/25/2026		4,070		3,782
	BAT International Finance PLC 4.448% 3/16/2028		2,925		2,879
	Conagra Brands, Inc. 5.30% 11/1/2038		436		427
	Conagra Brands, Inc. 5.40% 11/1/2048		37		36
	Constellation Brands, Inc. 3.50% 5/9/2027		7,500		7,230
	Constellation Brands, Inc. 4.35% 5/9/2027		890		883
	Constellation Brands, Inc. 2.25% 8/1/2031		1,487		1,250
	Constellation Brands, Inc. 4.75% 5/9/2032		1,978		1,972
	Constellation Brands, Inc. 4.90% 5/1/2033		2,807		2,826
	H.J. Heinz Co. 4.875% 10/1/2049		2,725		2,586
	Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031		3,110		2,695
	Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051		685		557
	J. M. Smucker Co. (The) 6.20% 11/15/2033		701		765
	J. M. Smucker Co. (The) 6.50% 11/15/2053		310		358
	JBS USA Lux SA 2.50% 1/15/2027		3,000		2,763
	JBS USA Lux SA 3.00% 2/2/2029		2,709		2,385
	JBS USA Lux SA 5.50% 1/15/2030		435		428
	JBS USA Lux SA 3.625% 1/15/2032		1,286		1,104
	JBS USA Lux SA 3.00% 5/15/2032		2,872		2,341
	JBS USA Lux SA 5.75% 4/1/2033		523		519
	PepsiCo, Inc. 1.95% 10/21/2031		4,763		4,047
	Philip Morris International, Inc. 4.875% 2/13/2026		2,508		2,517
	Philip Morris International, Inc. 5.25% 9/7/2028		2,800		2,882
	Philip Morris International, Inc. 5.125% 2/15/2030		982		999
	Philip Morris International, Inc. 5.50% 9/7/2030		4,565		4,735
	Philip Morris International, Inc. 5.375% 2/15/2033		1,644		1,687
	Philip Morris International, Inc. 4.875% 11/15/2043		4,407		4,145
	Reynolds American, Inc. 4.45% 6/12/2025		14,570		14,415
	Reynolds American, Inc. 5.85% 8/15/2045		1,395		1,308
	Walmart, Inc. 4.10% 4/15/2033		1,479		1,466
	Walmart, Inc. 4.50% 4/15/2053		1,277		1,242
					170,903

American Funds Insurance Series  205

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate	American Tower Corp. 3.65% 3/15/2027		USD1,375	$	1,324
0.82%	Boston Properties, LP 2.90% 3/15/2030		955		818
	Boston Properties, LP 3.25% 1/30/2031		463		398
	Boston Properties, LP 2.55% 4/1/2032		1,674		1,334
	Boston Properties, LP 2.45% 10/1/2033		1,335		1,017
	Boston Properties, LP 6.50% 1/15/2034		10,849		11,457
	Corp. Inmobiliaria Vesta, SAB de CV 3.625% 5/13/20315		395		340
	Corporate Office Properties, LP 2.00% 1/15/2029		1,139		950
	Corporate Office Properties, LP 2.75% 4/15/2031		1,547		1,252
	Corporate Office Properties, LP 2.90% 12/1/2033		564		441
	Crown Castle, Inc. 5.00% 1/11/2028		4,874		4,859
	Equinix, Inc. 2.90% 11/18/2026		2,762		2,625
	Equinix, Inc. 3.20% 11/18/2029		2,146		1,973
	Equinix, Inc. 2.50% 5/15/2031		3,390		2,880
	Equinix, Inc. 3.90% 4/15/2032		1,155		1,073
	Equinix, Inc. 3.40% 2/15/2052		436		320
	FibraSOMA 4.375% 7/22/20315		1,475		1,119
	Howard Hughes Corp. (The) 5.375% 8/1/20285		420		404
	Howard Hughes Corp. (The) 4.125% 2/1/20295		2,430		2,170
	Howard Hughes Corp. (The) 4.375% 2/1/20315		3,135		2,724
	Invitation Homes Operating Partnership, LP 2.30% 11/15/2028		767		681
	Invitation Homes Operating Partnership, LP 2.00% 8/15/2031		1,333		1,062
	Iron Mountain, Inc. 5.25% 3/15/20285		3,020		2,938
	Iron Mountain, Inc. 5.25% 7/15/20305		675		643
	Prologis, LP 4.875% 6/15/2028		1,040		1,054
	Prologis, LP 4.75% 6/15/2033		1,409		1,429
	Prologis, LP 5.125% 1/15/2034		6,175		6,378
	Prologis, LP 5.25% 6/15/2053		117		122
	Public Storage Operating Co. 2.30% 5/1/2031		2,920		2,511
	Scentre Group Trust 1 3.50% 2/12/20255		4,015		3,930
	Service Properties Trust 4.50% 3/15/2025		855		836
	Service Properties Trust 3.95% 1/15/2028		1,710		1,403
	Service Properties Trust 8.625% 11/15/20315		3,040		3,187
	VICI Properties, LP 4.375% 5/15/2025		670		659
	VICI Properties, LP 4.75% 2/15/2028		6,844		6,704
	VICI Properties, LP 4.95% 2/15/2030		5,515		5,357
	VICI Properties, LP 5.125% 5/15/2032		11,766		11,483
	VICI Properties, LP 5.625% 5/15/2052		550		528
					90,383
Information	Analog Devices, Inc. 2.10% 10/1/2031		270		230
technology	Analog Devices, Inc. 2.80% 10/1/2041		521		389
0.33%	Broadcom Corp. 3.875% 1/15/2027		5,966		5,825
	Broadcom, Inc. 4.00% 4/15/20295		609		588
	Broadcom, Inc. 4.15% 4/15/20325		630		594
	Broadcom, Inc. 3.469% 4/15/20345		9,934		8,647
	Broadcom, Inc. 3.137% 11/15/20355		847		696
	Broadcom, Inc. 4.926% 5/15/20375		2,879		2,788
	Oracle Corp. 1.65% 3/25/2026		4,867		4,541
	Oracle Corp. 3.60% 4/1/2050		75		56
	Oracle Corp. 3.95% 3/25/2051		4,064		3,188
	Oracle Corp. 5.55% 2/6/2053		1,684		1,686
	Salesforce, Inc. 1.95% 7/15/2031		4,590		3,923
	Salesforce, Inc. 2.70% 7/15/2041		414		317
	Salesforce, Inc. 2.90% 7/15/2051		2,442		1,748
	ServiceNow, Inc. 1.40% 9/1/2030		1,760		1,448
					36,664

206  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)
Materials	Air Products and Chemicals, Inc. 2.70% 5/15/2040		USD2,911	$	2,221
0.23%	BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026		1,225		1,232
	BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028		1,307		1,321
	BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033		303		310
	BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033		138		143
	BHP Billiton Finance (USA), Ltd. 5.50% 9/8/2053		911		995
	Braskem Netherlands Finance BV 7.25% 2/13/20335		700		590
	Celanese US Holdings, LLC 6.165% 7/15/2027		2,875		2,949
	Celanese US Holdings, LLC 6.35% 11/15/2028		495		520
	Celanese US Holdings, LLC 6.33% 7/15/2029		297		312
	Celanese US Holdings, LLC 6.55% 11/15/2030		465		492
	Celanese US Holdings, LLC 6.379% 7/15/2032		800		846
	Celanese US Holdings, LLC 6.70% 11/15/2033		1,031		1,119
	EIDP, Inc. 4.50% 5/15/2026		1,494		1,489
	EIDP, Inc. 4.80% 5/15/2033		4,070		4,116
	Methanex Corp. 5.125% 10/15/2027		510		499
	NOVA Chemicals Corp. 8.50% 11/15/20285		205		215
	NOVA Chemicals Corp. 4.25% 5/15/20295		425		358
	Nutrien, Ltd. 4.90% 3/27/2028		567		573
	Nutrien, Ltd. 5.80% 3/27/2053		402		431
	OCI NV 6.70% 3/16/20335		1,150		1,176
	POSCO 5.75% 1/17/20285		745		765
	Rio Tinto Finance (USA) PLC 5.00% 3/9/2033		440		457
	Rio Tinto Finance (USA) PLC 5.125% 3/9/2053		470		489
	South32 Treasury, Ltd. 4.35% 4/14/20325		1,271		1,147
					24,765
Municipals	Aeropuerto Internacional de Tocumen, SA 4.00% 8/11/20415		730		550
0.01%	Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/20615		565		431
					981
	Total corporate bonds, notes & loans				3,489,598
U.S. Treasury bonds & notes 16.55%
U.S. Treasury	U.S. Treasury 1.50% 2/29/2024		407		404
15.75%	U.S. Treasury 2.125% 2/29/2024		7,655		7,617
	U.S. Treasury 3.875% 3/31/2025		25,252		25,035
	U.S. Treasury 4.625% 6/30/2025		67,785		67,949
	U.S. Treasury 3.00% 7/15/2025		97,643		95,547
	U.S. Treasury 5.00% 9/30/2025		34,410		34,766
	U.S. Treasury 5.00% 10/31/2025		27,980		28,303
	U.S. Treasury 2.25% 11/15/2025		6,785		6,537
	U.S. Treasury 4.00% 12/15/2025		42,800		42,583
	U.S. Treasury 3.625% 5/15/2026		1,926		1,904
	U.S. Treasury 4.125% 6/15/2026		205		205
	U.S. Treasury 4.375% 8/15/2026		265		267
	U.S. Treasury 0.75% 8/31/2026		8,871		8,138
	U.S. Treasury 4.625% 11/15/2026		3,589		3,647
	U.S. Treasury 4.375% 12/15/2026		1,510		1,525
	U.S. Treasury 1.875% 2/28/2027		4,000		3,752
	U.S. Treasury 2.625% 5/31/2027		43,530		41,682
	U.S. Treasury 2.25% 11/15/2027		105,830		99,534
	U.S. Treasury 6.125% 11/15/2027		24,000		25,890
	U.S. Treasury 1.125% 2/29/2028		9,895		8,850
	U.S. Treasury 4.00% 2/29/2028		4,750		4,767
	U.S. Treasury 3.625% 3/31/2028		13		13
	U.S. Treasury 1.00% 7/31/2028		5,630		4,953
	U.S. Treasury 1.125% 8/31/2028		13,555		11,971
	U.S. Treasury 5.25% 11/15/2028		5,700		6,044

American Funds Insurance Series  207

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	U.S. Treasury 4.375% 11/30/2028		USD257,605		$	263,673
(continued)	U.S. Treasury 2.375% 5/15/2029		4,070			3,776
	U.S. Treasury 3.875% 12/31/2029		44,049			43,995
	U.S. Treasury 4.00% 2/28/2030		38,255			38,464
	U.S. Treasury 3.75% 5/31/2030		13,300			13,188
	U.S. Treasury 4.125% 8/31/2030		11,215			11,361
	U.S. Treasury 4.875% 10/31/2030		119,598			126,578
	U.S. Treasury 4.375% 11/30/2030		201			207
	U.S. Treasury 1.625% 5/15/2031		1,630			1,399
	U.S. Treasury 4.125% 11/15/2032		114			116
	U.S. Treasury 4.50% 11/15/2033		25,599			26,889
	U.S. Treasury 4.25% 5/15/203910		102,285			105,523
	U.S. Treasury 1.125% 5/15/204010		103,968			67,187
	U.S. Treasury 1.375% 11/15/2040		24,540			16,328
	U.S. Treasury 1.875% 2/15/2041		36,900			26,585
	U.S. Treasury 2.00% 11/15/2041		57			41
	U.S. Treasury 2.375% 2/15/2042		2,701			2,077
	U.S. Treasury 4.75% 11/15/2043		37,304			40,087
	U.S. Treasury 3.00% 2/15/2049		105,455			86,053
	U.S. Treasury 2.875% 5/15/2049		290			231
	U.S. Treasury 2.875% 5/15/2052		990			790
	U.S. Treasury 4.00% 11/15/2052		13,243			13,099
	U.S. Treasury 4.125% 8/15/205310		286,044			289,918
	U.S. Treasury 4.75% 11/15/2053		22,160			24,920
						1,734,368
U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.50% 4/15/202411		—	3		—	3
inflation-protected	U.S. Treasury Inflation-Protected Security 0.125% 7/15/202411		23,422			23,032
securities	U.S. Treasury Inflation-Protected Security 0.25% 1/15/202511		2,927			2,842
0.80%	U.S. Treasury Inflation-Protected Security 0.375% 7/15/202511		5,270			5,108
	U.S. Treasury Inflation-Protected Security 0.125% 10/15/202611		5,798			5,508
	U.S. Treasury Inflation-Protected Security 0.375% 7/15/202711		49,653			47,200
	U.S. Treasury Inflation-Protected Security 0.50% 1/15/202810,11		4,054			3,838
	U.S. Treasury Inflation-Protected Security 0.125% 2/15/205111		1			1
	U.S. Treasury Inflation-Protected Security 0.125% 2/15/205211		188			116
	U.S. Treasury Inflation-Protected Security 1.50% 2/15/205311		60			54
						87,699
	Total U.S. Treasury bonds & notes					1,822,067
Asset-backed obligations 5.02%
	ACHV ABS Trust, Series 2023-4CP, Class A, 6.81% 11/25/20301,5		542			543
	ACHV ABS Trust, Series 2023-4CP, Class B, 7.24% 11/25/20301,5		347			350
	Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/20261,5		231			224
	Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/20271,5		102			100
	Affirm, Inc., Series 2023-X1, Class A, 7.11% 11/15/20281,5		2,761			2,770
	Ally Auto Receivables Trust, Series 2023-1, Class A3, 5.46% 5/15/20281		505			511
	American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.40% 6/15/20261,5		1,773			1,766
	American Credit Acceptance Receivables Trust, Series 2022-3, Class B, 4.55% 10/13/20261,5		210			210
	American Credit Acceptance Receivables Trust, Series 2023-2, Class A, 5.89% 10/13/20261,5		683			683
	American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 3/15/20271,5		40			40
	American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 3/15/20271,5		806			792
	American Credit Acceptance Receivables Trust, Series 2023-4, Class B, 6.63% 2/14/20281,5		4,033			4,085

208  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)
	American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/20361,5		USD1,108	$	1,091
	American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/20521,5		2,719		2,637
	American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/20521,5		396		387
	AmeriCredit Automobile Receivables Trust, Series 2023-1, Class A2A, 5.84% 10/19/20261		1,076		1,076
	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 1/19/20271		997		963
	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/20271		1,109		1,039
	AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/20271		2,613		2,415
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/20251,5		1,378		1,374
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-2A, Class A, 3.35% 9/22/20251,5		2,210		2,184
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/20261,5		7,689		7,356
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20271,5		2,427		2,266
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/20271,5		623		590
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class C, 4.25% 2/20/20271,5		1,279		1,217
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/20271,5		3,445		3,137
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/20271,5		531		480
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/20271,5		193		173
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/20281,5		6,724		6,816
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/20291,5		5,059		5,177
	Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD CME Term SOFR + 1.262%) 6.629% 11/20/20301,2,5		407		406
	Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/20341,5		90		87
	Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/20341,5		269		246
	Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/20461,5		3,553		3,070
	Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/20461,5		412		343
	BMW Vehicle Owner Trust, Series 2023-A, Class A3, 5.47% 2/25/20281		213		215
	Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class A3, 6.51% 11/15/20271		881		892
	Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class B, 6.80% 8/15/20291		1,400		1,428
	CarMax Auto Owner Trust, Series 2023-2, Class A2A, 5.50% 6/15/20261		619		619
	CarMax Auto Owner Trust, Series 2021-1, Class C, 0.94% 12/15/20261		210		198
	CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28% 7/15/20271		206		194
	Carvana Auto Receivables Trust, Series 2023-N3, Class A, 6.41% 9/10/20271,5		242		243
	Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/20281,5		469		475
	Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/20281		130		122
	Carvana Auto Receivables Trust, Series 2023-P3, Class A4, 5.71% 7/10/20291,5		172		175
	Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20371,5		15,083		13,093
	Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/20371,5		5,863		4,911
	Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/20371,5		643		513
	Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/20411,5		502		456
	CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,5		18,497		17,110
	CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20601,5		1,921		1,641
	CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/20601,5		3,362		3,081
	CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/20601,5		364		298
	CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20611,5		5,994		5,365

American Funds Insurance Series  209

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Asset-backed obligations (continued)
	CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/20611,5		USD1,898	$	1,614
	CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/20621,5		14,984		14,763
	CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 8/15/20621,5		6,572		6,436
	Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/20351,5		1,169		1,182
	Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/20281,5		1,635		1,659
	Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/20301,5		799		817
	CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/20451,5		1,994		1,786
	CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/20451,5		4,124		3,705
	CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/20461,5		378		331
	CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/20261,5		419		417
	CPS Auto Receivables Trust, Series 2023-C, Class A, 6.13% 9/15/20261,5		456		457
	CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 12/15/20261,5		451		441
	CPS Auto Receivables Trust, Series 2023-B, Class A, 5.91% 8/16/20271,5		929		930
	CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88% 8/15/20281,5		2,111		2,083
	CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/20281,5		2,797		2,740
	CPS Auto Trust, Series 2023-D, Class A, 6.40% 6/15/20271,5		1,785		1,791
	Discover Card Execution Note Trust, Series 2023-A1, Class A, 4.31% 3/15/20281		8,396		8,343
	Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 6/15/20271		976		971
	Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 1/16/20291		4,053		3,889
	DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/20261,5		248		245
	DriveTime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 10/15/20261,5		353		349
	DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/20261,5		449		430
	DriveTime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2/16/20271,5		887		875
	DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/20271,5		832		793
	DriveTime Auto Owner Trust, Series 2023-2, Class A, 5.88% 4/15/20271,5		430		430
	DriveTime Auto Owner Trust, Series 2023-3, Class C, 6.40% 5/15/20291,5		819		828
	DriveTime Auto Owner Trust, Series 2023-3, Class D, 7.12% 5/15/20291,5		846		861
	EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/20451,5		368		326
	Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/20291,5		897		880
	Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/20291,5		1,057		1,046
	Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 3/17/20251,5		475		475
	Exeter Automobile Receivables Trust, Series 2023-1, Class A2, 5.61% 6/16/20251		63		63
	Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 8/15/20251,5		843		838
	Exeter Automobile Receivables Trust, Series 2023-3, Class A2, 6.11% 9/15/20251		164		164
	Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/20251		26		26
	Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 12/15/20251,5		352		347
	Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/20261		697		688
	Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 7/15/20261		577		570
	Exeter Automobile Receivables Trust, Series 2023-3, Class A3, 6.04% 7/15/20261		100		100
	Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65% 10/15/20261		2,470		2,458
	Exeter Automobile Receivables Trust, Series 2022-4A, Class B, 4.57% 1/15/20271		568		565
	Exeter Automobile Receivables Trust, Series 2023-5, Class A3, 6.32% 3/15/20271		1,709		1,725
	Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/20271		2,612		2,467
	Exeter Automobile Receivables Trust, Series 2023-3, Class B, 6.11% 9/15/20271		232		233
	Exeter Automobile Receivables Trust, Series 2023-5, Class B, 6.58% 4/17/20281		5,028		5,095
	Exeter Automobile Receivables Trust, Series 2023-3, Class C, 6.21% 6/15/20281		418		422
	Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/20281		271		263
	Exeter Automobile Receivables Trust, Series 2023-3, Class D, 6.68% 4/16/20291		758		766
	Exeter Automobile Receivables Trust, Series 2023-1, Class D, 6.69% 6/15/20291		462		466
	Exeter Automobile Receivables Trust, Series 2023-3, Class E, 9.98% 1/15/20311,5		1,014		1,051
	First National Master Note Trust, Series 2023-1, Class A, 5.13% 4/16/20291		1,184		1,189
	FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/20371,5		17,789		16,497
	FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 12/17/20381,5		1,378		1,254
	FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/20391,5		1,731		1,664
	Flagship Credit Auto Trust, Series 2023-3, Class A3, 5.44% 4/17/20281,5		561		563
	Flagship Credit Auto Trust, Series 2023-3, Class B, 5.64% 7/16/20291,5		312		314
	Flagship Credit Auto Trust, Series 2023-3, Class C, 6.01% 7/16/20291,5		454		456
	Flagship Credit Auto Trust, Series 2023-3, Class D, 6.58% 8/15/20291,5		307		306
	Ford Credit Auto Owner Trust, Series 2023-A, Class A2A, 5.14% 3/15/20261		1,954		1,950
	Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.23% 5/15/20281		765		772
	Ford Credit Auto Owner Trust, Series 2023-B, Class A4, 5.06% 2/15/20291		597		605

210  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)
	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/20301,5		USD2,180	$	2,178
	Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/20311,5		30,070		29,459
	Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/20311,5		1,619		1,565
	Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/20351,5		4,218		4,236
	Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/20281,5		5,833		5,852
	GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20451,5		1,760		1,595
	GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/20461,5		1,288		1,134
	GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/20461,5		143		120
	Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20401,5		2,446		2,246
	Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/20411,5		8,588		7,666
	Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/20411,5		2,399		2,154
	Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/20411,5		187		166
	GLS Auto Receivables Trust, Series 2023-2, Class A2, 5.70% 1/15/20271,5		560		559
	GLS Auto Receivables Trust, Series 2023-4, Class A3, 6.42% 6/15/20271,5		4,751		4,798
	GLS Auto Receivables Trust, Series 2023-3, Class B, 5.89% 1/18/20281,5		1,175		1,181
	GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/20291,5		561		567
	GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/20291,5		507		509
	GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/20261		807		813
	GM Financial Automobile Leasing Trust, Series 2023-3, Class A4, 5.44% 8/20/20271		101		102
	GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/20281		483		491
	GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A4, 5.34% 12/18/20281		320		326
	GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/20351,5		4,815		4,902
	GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/20351,5		2,703		2,815
	GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/20361,5		3,984		4,158
	GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/20281,5		1,600		1,621
	GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A, 5.34% 6/17/20301,5		948		970
	Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 9.44% 6/25/20251,5,7		8,590		8,590
	Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20251,5		12,703		12,267
	Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20251,5		1,171		1,128
	Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/20251,5		810		780
	Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/20271,5		330		332
	Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20271,5		17,770		16,117
	Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20271,5		1,264		1,143
	Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20271,5		859		771
	Hertz Vehicle Financing III, LLC, Series 2023-3, Class B, 6.53% 2/25/20281,5		396		404
	Hertz Vehicle Financing III, LLC, Series 2023-3, Class C, 7.26% 2/25/20281,5		585		595
	Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/20281,5		1,174		1,056
	Hertz Vehicle Financing III, LLC, Series 2022-5, Class D, 6.78% 9/25/20281,5		881		829
	Hertz Vehicle Financing III, LLC, Series 2023-4, Class B, 6.73% 3/25/20301,5		454		470
	Hertz Vehicle Financing III, LLC, Series 2023-4, Class C, 7.51% 3/25/20301,5		289		300
	Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/20271		342		343
	Honda Auto Receivables Owner Trust, Series 2023-1, Class A4, 4.38% 6/21/20291		188		190
	Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48% 4/17/20281		160		163
	Hyundai Auto Receivables Trust, Series 2023-B, Class A4, 5.31% 8/15/20291		160		163
	LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 8/17/20261,5		270		266
	LAD Auto Receivables Trust, Series 2023-1, Class A2, 5.68% 10/15/20261,5		1,135		1,134
	LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 11/16/20261,5		304		295
	LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/20271,5		654		650
	LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/20271,5		706		706
	LAD Auto Receivables Trust, Series 2023-2, Class A2, 5.93% 6/15/20271,5		1,733		1,735
	LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/20271,5		438		439
	LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/20271,5		1,622		1,640
	LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/20281,5		861		862
	LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/20281,5		615		614
	LAD Auto Receivables Trust, Series 2023-3, Class B, 6.09% 6/15/20281,5		848		860
	LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/20281,5		1,361		1,359

American Funds Insurance Series  211

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Asset-backed obligations (continued)
	LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/20281,5		USD3,223	$	3,281
	LAD Auto Receivables Trust, Series 2023-3, Class C, 6.43% 12/15/20281,5		714		727
	LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/20301,5		623		626
	LAD Auto Receivables Trust, Series 2023-3, Class D, 6.92% 12/16/20301,5		483		491
	LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/20311,5		123		122
	Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD CME Term SOFR + 1.262%) 6.674% 7/21/20301,2,5		862		862
	Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD CME Term SOFR + 1.412%) 6.805% 4/15/20291,2,5		241		241
	Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3, 5.95% 11/15/20281		1,050		1,080
	Merchants Fleet Funding, LLC, Series 2023-1, Class A, 7.21% 5/20/20361,5		1,398		1,413
	Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/20281,7,12		1,006		1,009
	Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/20281,7,12		150		150
	Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/20281,5		3,155		3,160
	Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20691,5		3,390		2,942
	Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/20691,5		2,139		1,845
	Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/20701,5		773		671
	Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/20461,5		4,056		3,548
	Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/20621,5		243		219
	Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20621,5		4,235		3,838
	Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20621,5		9,668		8,787
	Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD CME Term SOFR + 0.854%) 6.212% 4/20/20621,2,5		3,126		3,077
	New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20611,5		50,765		44,506
	Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 6.61% 7/25/20301,2,5		245		245
	Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93% 3/15/20281		598		613
	Oportun Funding, LLC, Series 2021-A, Class A, 1.21% 3/8/20281,5		122		117
	Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD CME Term SOFR + 1.162%) 6.577% 4/20/20291,2,5		151		151
	PFS Financing Corp., Series 2021-B, Class A, 0.775% 8/17/20261,5		7,884		7,640
	PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/20271,5		1,721		1,692
	PFS Financing Corp., Series 2023-D, Class A, (30-day Average USD-SOFR + 1.15%) 6.488% 8/16/20271,2,5		1,393		1,394
	PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/20281,5		1,710		1,736
	PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/20281,5		4,558		4,583
	PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/16/20281,5		909		920
	Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 8/15/20251,5		915		911
	Prestige Auto Receivables Trust, Series 2023-1, Class A2, 5.88% 3/16/20261,5		204		204
	Prestige Auto Receivables Trust, Series 2023-2, Class B, 6.64% 12/15/20271,5		5,088		5,165
	Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD CME Term SOFR + 1.364%) 6.72% 7/25/20511,2,5		324		322
	Santander Drive Auto Receivables Trust, Series 2023-2, Class A2, 5.87% 3/16/20261		238		238
	Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/20261		377		375
	Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/20261		1,274		1,252
	Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/20271		917		906
	Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/20271		1,802		1,736
	Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 9/15/20271		672		666
	Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/20271		2,236		2,137
	Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/20281		856		843
	Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/20281		700		710
	SFS Auto Receivables Securitization Trust, Series 2023-1, Class A2A, 5.89% 3/22/20271,5		1,845		1,848
	SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/20281,5		624		631
	SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/20291,5		361		366
	SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/20461,5		2,459		2,130
	SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/20461,5		453		382
	SMB Private Education Loan Trust, Series 2023-C, Class A1A, 5.67% 11/15/20521,5		865		871

212  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)
	SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 6.888% 11/15/20521,2,5		USD956	$	958
	SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/20461,5		2,217		1,916
	SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/20461,5		2,712		2,489
	Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/20411,5		365		311
	Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20331,5		821		755
	Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/20331,5		925		844
	SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/20751,5		1,677		1,562
	Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/20291		6,025		6,141
	TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20451,5		2,563		2,329
	Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/20451,5		1,056		987
	Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/20451,5		1,944		1,762
	Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/20461,5		5,610		4,926
	Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2/20/20461,5		313		273
	Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/20461,5		4,720		4,220
	TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/20451,5		3,932		3,534
	TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/20461,5		118		100
	Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/20311,5		6,000		5,925
	Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20451,5		9,323		8,298
	Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/20461,5		3,208		2,799
	Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/20461,5		312		269
	Verizon Master Trust, Series 2023-2, Class A, 4.89% 4/13/20281		1,215		1,212
	Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/20311,5		5,380		5,425
	Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 11/17/20251,5		40		40
	Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2/17/20261,5		3,023		2,975
	Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 7/15/20261,5		18		18
	Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 7/15/20261,5		2,181		2,143
	Westlake Automobile Receivables Trust, Series 2023-2, Class A2A, 5.87% 7/15/20261,5		136		136
	Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/20261,5		1,446		1,376
	Westlake Automobile Receivables Trust, Series 2023-2, Class A3, 5.80% 2/16/20271,5		1,799		1,805
	Westlake Automobile Receivables Trust, Series 2023-3, Class A3, 5.82% 5/17/20271,5		3,420		3,439
	Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/20271,5		3,052		3,088
	Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/20281,5		1,175		1,181
	Westlake Automobile Receivables Trust, Series 2023-3, Class C, 6.02% 9/15/20281,5		2,219		2,228
	Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/20291,5		1,236		1,238
	World Omni Auto Receivables Trust, Series 2023-C, Class A3, 5.15% 11/15/20281		290		293
	World Omni Auto Receivables Trust, Series 2023-C, Class A4, 5.03% 11/15/20291		232		234
					552,395
Municipals 1.42%
California	G.O. Bonds, Series 2009, 7.50% 4/1/2034		2,100		2,552
0.02%	Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		450		380
					2,932
Illinois 1.33%	City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.),
	Series 2010-C, 6.319% 11/1/2029		65		65
	City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 12/1/2039		31,050		29,426
	City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 12/1/2040		8,945		8,579
	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		2,300
	G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033		107,000		105,974
					146,344

American Funds Insurance Series  213

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Municipals (continued)
Texas 0.03%	Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052		USD4,075	$	3,071
Wisconsin 0.04%	Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034		4,560		4,320
	Total municipals				156,667
Bonds & notes of governments & government agencies outside the U.S. 0.96%
	Chile (Republic of) 4.00% 1/31/2052		580		478
	Colombia (Republic of) 7.50% 2/2/2034		2,530		2,677
	Dominican Republic 5.95% 1/25/20275		8,100		8,147
	Dominican Republic 7.05% 2/3/20315		680		716
	Greece (Hellenic Republic of) 1.50% 6/18/2030		EUR10,830		11,050
	Greece (Hellenic Republic of) 0.75% 6/18/2031		9,600		9,078
	Greece (Hellenic Republic of) 4.25% 6/15/2033		23,825		28,874
	Indonesia (Republic of) 6.625% 2/15/2034		IDR11,783,000		766
	Indonesia (Republic of), Series 96, 7.00% 2/15/2033		43,391,000		2,922
	Indonesia (Republic of), Series 68, 8.375% 3/15/2034		53,026,000		3,852
	Indonesia Asahan Aluminium (Persero) PT 5.80% 5/15/20505		USD1,150		1,119
	Paraguay (Republic of) 5.00% 4/15/2026		960		954
	Poland (Republic of) 5.75% 11/16/2032		555		600
	Poland (Republic of) 4.875% 10/4/2033		830		844
	Portuguese Republic 5.125% 10/15/2024		24,775		24,753
	Qatar (State of) 4.50% 4/23/20285		5,100		5,167
	Qatar (State of) 5.103% 4/23/20485		3,400		3,450
					105,447
Federal agency bonds & notes 0.10%
	Fannie Mae 2.125% 4/24/2026		11,910		11,385
	Total bonds, notes & other debt instruments (cost: $10,781,545,000)				10,585,349
Common stocks 0.00%		Shares
Energy	FORESEA Holding SA, Class C, nonvoting shares5,13		555		14
0.00%	FORESEA Holding SA, Class B5,13		61		1
	Total common stocks (cost: $8,000)				15
Short-term securities 19.70%
Money market investments 19.70%
	Capital Group Central Cash Fund 5.44%14,15		21,685,475		2,168,331
	Total short-term securities (cost: $2,168,297,000)				2,168,331
	Total investment securities 115.86% (cost: $12,949,850,000)				12,753,695
	Other assets less liabilities (15.86)%				(1,745,781	)
	Net assets 100.00%			$	11,007,914

214  American Funds Insurance Series

The Bond Fund of America (continued)

Futures contracts
Contracts	Type		Number of contracts		Expiration date		Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
30 Day Federal Funds Futures		Long		1		5/1/2024		USD396		$	1
3 Month SOFR Futures		Short		4,914		3/20/2024		(1,162,683	)		222
3 Month SOFR Futures		Short		13		9/18/2024		(3,103	)		(11	)
2 Year U.S. Treasury Note Futures		Long		8,681		4/3/2024		1,787,540			15,145
5 Year U.S. Treasury Note Futures		Long		14,104		4/3/2024		1,534,141			29,630
10 Year French Government Bond Futures		Long		448		3/11/2024		65,041			2,271
10 Year Euro-Bund Futures		Short		427		3/11/2024		(64,684	)		(1,914	)
10 Year Japanese Government Bond Futures		Short		106		3/20/2024		(110,293	)		(388	)
10 Year U.S. Treasury Note Futures		Long		8,749		3/28/2024		987,680			25,113
10 Year Ultra U.S. Treasury Note Futures		Short		417		3/28/2024		(49,213	)		56
20 Year U.S. Treasury Bond Futures		Short		5,626		3/28/2024		(702,898	)		(48,703	)
30 Year Ultra U.S. Treasury Bond Futures		Long		3,092		3/28/2024		413,072			36,848
										$	58,270

Forward currency contracts
								Unrealized
Contract amount								appreciation
								(depreciation)
Currency purchased (000)		Currency sold (000)			Counterparty	Settlement date		at 12/31/2023 (000)
USD	4,190		EUR	3,861	Morgan Stanley		1/8/2024	$	(74	)
USD	12,682		EUR	11,740	Citibank		1/9/2024		(285	)
EUR	1,418		USD	1,531	Morgan Stanley		1/11/2024		35
USD	56,925		EUR	52,030	Bank of America		1/22/2024		(572	)
								$	(896	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

										Upfront		Unrealized
Receive		Pay								premium		appreciation
					Notional		Value at			paid		(depreciation)
	Payment		Payment	Expiration	amount		12/31/2023			(received)		at 12/31/2023
Rate	frequency	Rate	frequency	date	(000)		(000)			(000)		(000)
4.8585%	Annual	U.S. EFFR	Annual	1/12/2024		USD65,416	$	(17	)	$	—	$	(17	)
4.8674%	Annual	U.S. EFFR	Annual	1/12/2024		USD95,844		(24	)		—		(24	)
4.8615%	Annual	U.S. EFFR	Annual	1/12/2024		USD130,900		(34	)		—		(34	)
3.497%	Annual	U.S. EFFR	Annual	6/16/2024		USD27,000		(218	)		—		(218	)
3.52647%	Annual	U.S. EFFR	Annual	6/16/2024		USD72,532		(575	)		—		(575	)
3.5291%	Annual	U.S. EFFR	Annual	6/16/2024		USD78,378		(621	)		—		(621	)
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024		USD4,154		(34	)		—		(34	)
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024		USD19,800		(165	)		—		(165	)
4.8195%	Annual	SOFR	Annual	9/1/2025		USD42,100		363			—		363
4.9035%	Annual	SOFR	Annual	9/14/2025		USD42,065		444			—		444
4.4555%	Annual	SOFR	Annual	12/6/2025		USD95,750		601			—		601
3.998%	Annual	SOFR	Annual	12/4/2028		USD40,040		811			—		811
SOFR	Annual	3.8275%	Annual	9/1/2033		USD9,600		(270	)		—		(270	)

American Funds Insurance Series  215

The Bond Fund of America (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

												Upfront		Unrealized
												premium		appreciation
Receive			Pay				Notional		Value at			paid		(depreciation)
	Payment			Payment	Expiration		amount		12/31/2023			(received)		at 12/31/2023
Rate	frequency		Rate	frequency	date		(000)		(000)			(000)		(000)
SOFR		Annual	3.997%	Annual		9/14/2033		USD9,615	$	(405	)	$	—	$	(405	)
SOFR		Annual	3.2975%	Annual		3/8/2051		USD39,095		499			—		499
									$	355		$	—	$	355

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

											Upfront			Unrealized
											premium			appreciation
						Notional		Value at			paid			(depreciation)
Reference	Financing			Payment	Expiration	amount		12/31/2023			(received)			at 12/31/2023
index	rate paid			frequency	date	(000)		(000)			(000)			(000)
CDX.NA.IG.41		1.00	%	Quarterly	12/20/2028		USD4,979	$	(97	)	$	(59	)	$	(38	)
CDX.NA.HY.41		5.00	%	Quarterly	12/20/2028		50,708		(2,958	)		(1,527	)		(1,431	)
								$	(3,055	)	$	(1,586	)	$	(1,469	)

Investments in affiliates¹⁵

									Net
							Net		unrealized					Dividend
	Value at						realized		appreciation			Value at		or interest
	1/1/2023		Additions		Reductions		gain (loss)		(depreciation)			12/31/2023		income
	(000)		(000)		(000)		(000)		(000)			(000)		(000)
Short-term securities 19.70%
Money market investments 19.70%
Capital Group Central Cash Fund 5.44%14	$	1,425,720	$	5,625,174	$	4,882,543	$	145	$	(165	)	$	2,168,331	$	103,521

Restricted securities¹²

							Percent
	Acquisition		Cost		Value		of net
	date(s)		(000)		(000)		assets
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/20281,7		12/6/2022	$	1,006	$	1,009		.01	%
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/20281,7		12/6/2022		150		150		.00	16
Total			$	1,156	$	1,159		.01	%

216  American Funds Insurance Series

The Bond Fund of America (continued)

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

²  Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

³  Amount less than one thousand.

⁴  Purchased on a TBA basis.

⁵  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 $1,427,458,000, which represented 12.97% of the net assets of the fund.

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

⁷  Value determined using significant unobservable inputs.

⁸  Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

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 $63,649,000, which represented .58% of the net assets of the fund.

¹¹  Index-linked bond whose principal amount moves with a government price index.

¹²  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 $1,159,000, which represented .01% of the net assets of the fund.

¹³  Security did not produce income during the last 12 months.

¹⁴  Rate represents the seven-day yield at 12/31/2023.

¹⁵  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

¹⁶  Amount less than .01%.

Key to abbreviation(s)

Assn. = Association

Auth. = Authority

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

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

LIBOR = London Interbank Offered Rate

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  217

Capital World Bond Fund

Investment portfolio December 31, 2023

Bonds, notes & other debt instruments 92.41%		Principal amount (000)		Value (000)
Euros	AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028)1		EUR2,800	$	2,640
22.02%	Albania (Republic of) 5.90% 6/9/2028		800		905
	Alpha Bank SA 5.50% 6/11/2031 (5-year EUR Mid-Swap + 5.823% on 6/11/2026)1		680		732
	Altria Group, Inc. 3.125% 6/15/2031		800		803
	American Honda Finance Corp. 1.95% 10/18/2024		560		609
	American Tower Corp. 0.45% 1/15/2027		2,525		2,552
	American Tower Corp. 0.875% 5/21/2029		1,470		1,417
	Anheuser-Busch InBev SA/NV 1.125% 7/1/2027		2,000		2,087
	AT&T, Inc. 1.60% 5/19/2028		2,350		2,439
	AT&T, Inc. 4.30% 11/18/2034		260		304
	Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028)1		2,100		2,397
	Banco de Sabadell, SA 5.50% 9/8/2029 (1-year EUR-ICE Swap EURIBOR + 2.40% on 9/8/2028)1		700		805
	Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)1,2		5,000		5,563
	Banque Federative du Credit Mutuel 3.875% 6/16/2032 (5-year EUR Mid-Swap + 2.20% on 6/16/2027)1		2,800		3,059
	Baxter International, Inc. 1.30% 5/15/2029		2,000		1,987
	Belgium (Kingdom of), Series 97, 3.00% 6/22/2033		1,530		1,745
	Belgium (Kingdom of) 3.30% 6/22/2054		880		992
	BPCE SA 1.00% 4/1/2025		2,900		3,104
	BPCE SA 4.50% 1/13/2033		1,400		1,628
	British American Tobacco PLC 3.00% subordinated perpetual bonds (5-year EUR Mid-Swap + 3.372% on 12/27/2026)1		2,400		2,375
	Bulgaria (Republic of) 4.375% 5/13/2031		900		1,046
	Bulgaria (Republic of) 4.50% 1/27/2033		865		1,005
	CaixaBank, SA 2.25% 4/17/2030 (5-year EUR Annual (vs. 6-month EUR-EURIBOR) + 1.68% on 4/17/2025)1		3,800		4,054
	Celanese US Holdings, LLC 4.777% 7/19/2026		235		264
	Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029)1		2,100		2,018
	Deutsche Bank AG 4.00% 6/24/2032 (3-month EUR-EURIBOR + 3.30% on 6/24/2027)1		700		745
	Deutsche Telekom International Finance BV 7.50% 1/24/2033		200		297
	Dow Chemical Co. (The) 0.50% 3/15/2027		1,110		1,123
	E.ON SE 1.625% 3/29/2031		810		809
	Egypt (Arab Republic of) 5.625% 4/16/2030		300		212
	Electricité de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028)1		1,400		1,379
	Equinor ASA 1.375% 5/22/2032		3,650		3,565
	Eurobank Ergasias Services and Holdings SA 10.00% 12/6/2032 (5-year EUR Mid-Swap + 7.588% on 12/6/2027)1		1,240		1,537
	Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027)1		100		103
	Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028)1		420		501
	European Investment Bank 0.25% 1/20/2032		4,900		4,531
	European Investment Bank 1.50% 6/15/2032		1,000		1,018
	European Investment Bank 2.875% 1/12/2033		4,500		5,079
	European Union 0.25% 10/22/2026		610		635
	European Union 0% 7/4/2031		705		646
	European Union 0% 7/4/2035		220		177
	European Union 0.20% 6/4/2036		1,500		1,207
	European Union 0.70% 7/6/2051		3,000		1,889
	Finland (Republic of) 3.00% 9/15/2033		2,740		3,139
	Finland (Republic of) 2.75% 4/15/2038		380		419
	French Republic O.A.T. 0.75% 2/25/2028		4,500		4,682
	French Republic O.A.T. 0% 11/25/2030		19,550		18,459
	French Republic O.A.T. 0% 5/25/2032		2,120		1,917
	French Republic O.A.T. 2.00% 11/25/2032		4,260		4,535
	French Republic O.A.T. 3.00% 5/25/2033		1,920		2,206
	French Republic O.A.T. 0.50% 5/25/2040		2,080		1,593
	French Republic O.A.T. 0.75% 5/25/2052		2,850		1,807

218  American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Euros	French Republic O.A.T. 3.00% 5/25/2054		EUR2,140	$	2,323
(continued)	Germany (Federal Republic of) 2.50% 3/13/2025		6,245		6,868
	Germany (Federal Republic of) 0% 4/11/2025		2,100		2,240
	Germany (Federal Republic of) 0% 10/9/2026		6,060		6,313
	Germany (Federal Republic of) 0% 4/16/2027		32,700		33,811
	Germany (Federal Republic of) 1.30% 10/15/2027		6,380		6,876
	Germany (Federal Republic of) 0% 2/15/2030		13,340		13,143
	Germany (Federal Republic of) 0% 8/15/2030		6,285		6,135
	Germany (Federal Republic of) 0% 8/15/2031		12,600		12,045
	Germany (Federal Republic of) 1.70% 8/15/2032		2,381		2,575
	Germany (Federal Republic of) 1.00% 5/15/2038		1,175		1,104
	Germany (Federal Republic of) 0% 8/15/2050		1,200		739
	Goldman Sachs Group, Inc. 3.375% 3/27/20252		5,000		5,511
	Greece (Hellenic Republic of) 3.875% 6/15/2028		11,590		13,531
	Greece (Hellenic Republic of) 1.50% 6/18/2030		2,020		2,061
	Greece (Hellenic Republic of) 0.75% 6/18/2031		700		662
	Greece (Hellenic Republic of) 1.75% 6/18/2032		4,730		4,762
	Greece (Hellenic Republic of) 3.90% 1/30/2033		3,200		3,767
	Greece (Hellenic Republic of) 4.25% 6/15/2033		985		1,194
	Greece (Hellenic Republic of) 4.375% 7/18/2038		2,330		2,836
	Greece (Hellenic Republic of) 1.875% 1/24/2052		7,918		6,280
	ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032)1		1,200		1,459
	Ireland (Republic of) 3.00% 10/18/2043		2,010		2,310
	Israel (State of) 2.875% 1/29/2024		1,180		1,303
	Italy (Republic of) 1.85% 7/1/2025		17,700		19,212
	Italy (Republic of) 1.35% 4/1/2030		7		7
	JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)1,2		3,208		3,229
	KfW 0.125% 6/30/2025		590		626
	Magyar Export-Import Bank 6.00% 5/16/2029		1,430		1,679
	Metropolitan Life Global Funding I 0.55% 6/16/20272		2,000		2,030
	Morgan Stanley 2.103% 5/8/2026 (3-month EUR-EURIBOR + 0.904% on 5/8/2025)1		580		626
	Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)1		1,535		1,607
	Morocco (Kingdom of) 3.50% 6/19/2024		1,400		1,543
	Morocco (Kingdom of) 1.50% 11/27/2031		1,920		1,701
	National Bank of Greece SA 8.00% 1/3/2034 (5-year EUR-ICE Swap EURIBOR + 4.646% on 1/3/2029)1		600		708
	NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029)1		2,725		2,596
	PepsiCo, Inc. 0.75% 10/14/2033		2,000		1,811
	Philippines (Republic of) 0.25% 4/28/2025		875		922
	Portuguese Republic 0.475% 10/18/2030		1,610		1,564
	Portuguese Republic 3.50% 6/18/2038		3,140		3,638
	Quebec (Province of) 0.25% 5/5/2031		920		849
	Quebec (Province of) 0.50% 1/25/2032		1,155		1,066
	Romania 2.125% 3/7/2028		1,440		1,447
	Romania 3.75% 2/7/2034		530		506
	Serbia (Republic of) 1.50% 6/26/2029		2,363		2,209
	Shell International Finance BV 1.50% 4/7/2028		2,000		2,091
	Spain (Kingdom of) 1.45% 4/30/2029		1,890		1,972
	Spain (Kingdom of) 1.25% 10/31/2030		1,295		1,302
	Spain (Kingdom of) 0.50% 10/31/2031		1,247		1,160
	Spain (Kingdom of) 3.15% 4/30/2033		3,647		4,098
	Spain (Kingdom of) 3.55% 10/31/2033		8,440		9,770
	Spain (Kingdom of) 3.90% 7/30/2039		530		621
	Spain (Kingdom of) 1.90% 10/31/2052		1,010		773
	State Grid Overseas Investment (2016), Ltd. 1.375% 5/2/2025		441		471
	State Grid Overseas Investment (2016), Ltd. 2.125% 5/2/2030		200		197
	Stryker Corp. 0.25% 12/3/2024		480		513
	Stryker Corp. 0.75% 3/1/2029		980		964
	Stryker Corp. 1.00% 12/3/2031		450		421

American Funds Insurance Series  219

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Euros	TotalEnergies SE 1.75% junior subordinated perpetual bonds
(continued)	(5-year EUR-EURIBOR + 1.765% on 4/4/2024)1		EUR2,000	$	2,190
	Toyota Motor Credit Corp. 0.125% 11/5/2027		1,850		1,835
	Tunisia (Republic of) 5.625% 2/17/2024		8,219		8,779
	Ukraine 6.75% 6/20/20283		3,119		851
	Ukraine 6.75% 6/20/20283		1,225		334
	Ukraine 4.375% 1/27/20323		2,705		627
					339,133
Japanese yen	Japan, Series 18, 0.10% 3/10/20244		JPY1,095,934		7,839
6.54%	Japan, Series 19, 0.10% 9/10/20244		477,068		3,437
	Japan, Series 346, 0.10% 3/20/2027		777,900		5,523
	Japan, Series 352, 0.10% 9/20/2028		1,006,900		7,104
	Japan, Series 356, 0.10% 9/20/2029		2,220,800		15,621
	Japan, Series 116, 2.20% 3/20/2030		576,100		4,570
	Japan, Series 362, 0.10% 3/20/2031		737,200		5,122
	Japan, Series 152, 1.20% 3/20/2035		608,450		4,523
	Japan, Series 21, 2.30% 12/20/2035		720,000		5,962
	Japan, Series 162, 0.60% 9/20/2037		1,966,150		13,276
	Japan, Series 179, 0.50% 12/20/2041		196,950		1,218
	Japan, Series 182, 1.10% 9/20/2042		619,850		4,226
	Japan, Series 37, 0.60% 6/20/2050		694,500		3,862
	Japan, Series 73, 0.70% 12/20/2051		1,568,700		8,813
	Japan, Series 74, 1.00% 3/20/2052		246,100		1,496
	Japan, Series 79, 1.20% 6/20/2053		274,400		1,743
	Philippines (Republic of) 0.001% 4/12/2024		900,000		6,371
					100,706
British pounds	American Honda Finance Corp. 0.75% 11/25/2026		GBP1,420		1,638
4.62%	Asian Development Bank 1.125% 6/10/2025		740		899
	KfW 1.125% 7/4/2025		1,165		1,413
	Lloyds Bank PLC 7.625% 4/22/2025		655		856
	Quebec (Province of) 2.25% 9/15/2026		1,870		2,268
	United Kingdom 0.125% 1/30/2026		425		504
	United Kingdom 1.25% 7/22/2027		3,060		3,622
	United Kingdom 4.25% 12/7/2027		5,910		7,767
	United Kingdom 1.625% 10/22/2028		8,070		9,526
	United Kingdom 4.75% 12/7/2030		6,920		9,553
	United Kingdom 0.25% 7/31/2031		11,850		11,944
	United Kingdom 1.00% 1/31/2032		7,120		7,523
	United Kingdom 4.25% 6/7/2032		3,010		4,063
	United Kingdom 0.625% 7/31/2035		210		190
	United Kingdom 3.75% 1/29/2038		3,015		3,772
	United Kingdom 0.875% 1/31/2046		4,917		3,351
	United Kingdom 3.75% 10/22/2053		1,870		2,226
					71,115
Chinese yuan	China (People’s Republic of), Series INBK, 2.44% 10/15/2027		CNY38,940		5,506
renminbi	China (People’s Republic of), Series INBK, 2.75% 2/17/2032		59,810		8,545
3.78%	China (People’s Republic of), Series INBK, 2.88% 2/25/2033		22,240		3,212
	China (People’s Republic of), Series 1910, 3.86% 7/22/2049		81,080		13,395
	China (People’s Republic of), Series INBK, 3.81% 9/14/2050		66,960		11,040
	China (People’s Republic of), Series INBK, 3.53% 10/18/2051		45,510		7,172
	China (People’s Republic of), Series INBK, 3.12% 10/25/2052		42,610		6,267
	China Development Bank Corp., Series 1814, 4.15% 10/26/2025		20,900		3,047
					58,184

220  American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Brazilian reais	Brazil (Federative Republic of) 6.00% 8/15/20244		BRL14,095	$	2,893
2.72%	Brazil (Federative Republic of) 10.00% 1/1/2025		1,700		350
	Brazil (Federative Republic of) 10.00% 1/1/2029		12,400		2,548
	Brazil (Federative Republic of) 10.00% 1/1/2031		52,681		10,718
	Brazil (Federative Republic of) 10.00% 1/1/2033		94,878		19,254
	Brazil (Federative Republic of) 6.00% 8/15/20404		1,966		432
	Brazil (Federative Republic of) 6.00% 8/15/20504		23,510		5,211
	Brazil (Federative Republic of) 6.00% 8/15/20604		1,966		437
					41,843
Mexican pesos	América Móvil, SAB de CV, 9.50% 1/27/2031		MXN115,680		6,630
2.36%	Petroleos Mexicanos 7.19% 9/12/2024		66,159		3,726
	United Mexican States, Series M, 7.50% 6/3/2027		251,720		14,049
	United Mexican States, Series M30, 8.50% 11/18/2038		21,100		1,186
	United Mexican States, Series M, 8.00% 11/7/2047		7,830		412
	United Mexican States, Series M, 8.00% 7/31/2053		198,770		10,397
					36,400
Canadian dollars	Canada 3.50% 3/1/2028		CAD25,228		19,239
2.17%	Canada 3.25% 12/1/2033		15,230		11,630
	Canada 2.75% 12/1/2048		3,500		2,500
					33,369
South Korean won	South Korea (Republic of), Series 2503, 1.50% 3/10/2025		KRW5,183,670		3,940
1.93%	South Korea (Republic of), Series 2709, 3.125% 9/10/2027		4,513,500		3,499
	South Korea (Republic of), Series 2712, 2.375% 12/10/2027		5,158,930		3,889
	South Korea (Republic of), Series 2803, 3.25% 3/10/2028		3,998,100		3,113
	South Korea (Republic of), Series 3106, 2.00% 6/10/2031		2,131,440		1,525
	South Korea (Republic of), Series 3212, 4.25% 12/10/2032		16,434,880		13,794
					29,760
Australian dollars	Australia (Commonwealth of), Series 157, 1.50% 6/21/2031		AUD6,610		3,826
1.82%	Australia (Commonwealth of), Series 163, 1.00% 11/21/2031		5,789		3,182
	Australia (Commonwealth of), Series 166, 3.00% 11/21/2033		9,735		6,120
	Australia (Commonwealth of), Series 167, 3.75% 5/21/2034		14,605		9,770
	Australia (Commonwealth of), Series 168, 3.50% 12/21/2034		7,810		5,095
					27,993
Indonesian rupiah	Indonesia (Republic of), Series 84, 7.25% 2/15/2026		IDR22,733,000		1,497
1.49%	Indonesia (Republic of), Series 64, 6.125% 5/15/2028		20,866,000		1,339
	Indonesia (Republic of), Series 95, 6.375% 8/15/2028		92,831,000		6,019
	Indonesia (Republic of), Series 71, 9.00% 3/15/2029		26,010,000		1,869
	Indonesia (Republic of), Series 82, 7.00% 9/15/2030		2,930,000		195
	Indonesia (Republic of), Series 96, 7.00% 2/15/2033		148,811,000		10,022
	Indonesia (Republic of), Series 68, 8.375% 3/15/2034		27,353,000		1,987
					22,928
South African rand	South Africa (Republic of), Series R-2030, 8.00% 1/31/2030		ZAR30,120		1,518
0.59%	South Africa (Republic of), Series R-214, 6.50% 2/28/2041		49,100		1,624
	South Africa (Republic of), Series R-2048, 8.75% 2/28/2048		147,415		5,945
					9,087

American Funds Insurance Series  221

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Danish kroner	Nykredit Realkredit AS, Series 01E, 0.50% 10/1/20435		DKK52,535	$	6,306
0.43%	Realkredit Danmark AS 1.00% 10/1/20535		2,630		302
					6,608
New Zealand dollars	New Zealand 4.50% 5/15/2030		NZD10,208		6,559
0.42%
Malaysian	Malaysia (Federation of), Series 0519, 3.757% 5/22/2040		MYR10,588		2,207
ringgits
0.14%
Chilean pesos	Chile (Republic of) 1.50% 3/1/20264		CLP846,536		936
0.13%	Chile (Republic of) 5.00% 10/1/2028		955,000		1,065
					2,001
Colombian pesos	Colombia (Republic of), Series B, 7.00% 3/26/2031		COP1,185,800		264
0.10%	Colombia (Republic of), Series B, 7.25% 10/26/2050		7,150,600		1,345
					1,609
Indian rupees	India (Republic of) 5.15% 11/9/2025		INR96,010		1,116
0.07%
Polish zloty	Poland (Republic of), Series 1029, 2.75% 10/25/2029		PLN4,900		1,112
0.07%
Romanian leu	Romania 4.75% 2/24/2025		RON5,000		1,094
0.07%
Norwegian kroner	Norway (Kingdom of) 2.125% 5/18/2032		NOK6,615		598
0.04%
Ukrainian hryvnia	Ukraine 15.50% 10/2/2024		UAH3,848		83
0.01%	Ukraine 19.50% 1/15/2025		1,954		42
					125
U.S. dollars	7-Eleven, Inc. 0.95% 2/10/20266		USD520		481
40.89%	7-Eleven, Inc. 1.30% 2/10/20286		2,180		1,909
	ACHV ABS Trust, Series 2023-4CP, Class B, 7.24% 11/25/20305,6		763		770
	Advance Auto Parts, Inc. 5.95% 3/9/2028		45		45
	AerCap Ireland Capital DAC 2.45% 10/29/2026		2,102		1,947
	Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/20616		660		503
	Affirm, Inc., Series 2023-X1, Class A, 7.11% 11/15/20285,6		344		345
	AG Issuer, LLC 6.25% 3/1/20286		295		294
	AG TTMT Escrow Issuer, LLC 8.625% 9/30/20276		103		108
	AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028)1,6		1,147		1,210
	Alabama Power Co. 3.00% 3/15/2052		980		686
	Albertsons Companies, Inc. 3.50% 3/15/20296		140		127
	Alcoa Nederland Holding BV 4.125% 3/31/20296		75		70
	Alfa Desarrollo SpA 4.55% 9/27/2051		476		372
	Alliant Holdings Intermediate, LLC 6.75% 10/15/20276		290		289
	Alliant Holdings Intermediate, LLC 5.875% 11/1/20296		120		114
	Alliant Holdings Intermediate, LLC 7.00% 1/15/20316		70		74

222  American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. dollars	Allied Universal Holdco, LLC 9.75% 7/15/20276		USD155	$	152
(continued)	Allied Universal Holdco, LLC 6.00% 6/1/20296		300		245
	Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/20296		200		204
	Amazon.com, Inc. 1.50% 6/3/2030		2,040		1,729
	American Credit Acceptance Receivables Trust, Series 2022-3, Class C, 4.86% 10/13/20285,6		241		239
	American Electric Power Co., Inc. 1.00% 11/1/2025		250		232
	American Express Co. 3.375% 5/3/2024		4,202		4,171
	Amgen, Inc. 2.20% 2/21/2027		445		414
	Amgen, Inc. 5.25% 3/2/2030		981		1,009
	Amgen, Inc. 5.25% 3/2/2033		2,687		2,756
	Amgen, Inc. 5.65% 3/2/2053		1,284		1,352
	AmWINS Group, Inc. 4.875% 6/30/20296		135		123
	Anglo American Capital PLC 3.95% 9/10/20506		521		397
	Angola (Republic of) 9.50% 11/12/2025		1,610		1,584
	Anywhere Real Estate Group, LLC 5.75% 1/15/20296		110		86
	Anywhere Real Estate Group, LLC 5.25% 4/15/20306		115		86
	ARD Finance SA 6.50% Cash 6/30/20276,7		210		98
	Aretec Group, Inc. 7.50% 4/1/20296		245		221
	Aretec Group, Inc. 10.00% 8/15/20306		50		53
	Argentine Republic 0.75% 7/9/2030 (1.75% on 7/9/2027)1		1,921		775
	Argentine Republic 3.625% 7/9/2035 (4.125% on 7/9/2024)1		3,025		1,045
	Asbury Automotive Group, Inc. 5.00% 2/15/20326		55		50
	Ascensus, Inc., Term Loan, (1-month USD CME Term SOFR + 6.50%) 12.176% 8/2/20298,9		120		116
	Ascent Resources Utica Holdings, LLC 8.25% 12/31/20286		160		161
	Ascent Resources Utica Holdings, LLC 5.875% 6/30/20296		55		51
	AssuredPartners, Inc. 7.00% 8/15/20256		120		120
	AssuredPartners, Inc. 5.625% 1/15/20296		365		341
	AT&T, Inc. 3.50% 9/15/2053		2,070		1,504
	ATI, Inc. 7.25% 8/15/2030		60		62
	Atkore, Inc. 4.25% 6/1/20316		25		22
	Atlantic Aviation FBO, Inc., Term Loan, (3-month USD CME Term SOFR + 2.75%) 8.22% 9/22/20288,9		147		147
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/20275,6		1,817		1,822
	Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/20295,6		996		1,019
	B&G Foods, Inc. 5.25% 4/1/2025		23		23
	B&G Foods, Inc. 5.25% 9/15/2027		210		191
	B&G Foods, Inc. 8.00% 9/15/20286		25		26
	Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/20565,9		219		233
	Bank of America Corp. 2.456% 10/22/2025 (3-month USD CME Term SOFR + 1.132% on 10/22/2024)1		847		825
	Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)1		6,260		6,020
	Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)1		2,695		2,470
	Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)1		4,040		3,300
	Barclays PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)1		1,390		1,385
	BAT Capital Corp. 2.789% 9/6/2024		1,150		1,127
	BAT Capital Corp. 3.215% 9/6/2026		955		914
	BAT Capital Corp. 3.557% 8/15/2027		1,545		1,475
	BAT Capital Corp. 3.462% 9/6/2029		1,150		1,060
	Bath & Body Works, Inc. 6.625% 10/1/20306		120		123
	Bath & Body Works, Inc. 6.875% 11/1/2035		75		76
	Bausch Health Americas, Inc. 9.25% 4/1/20266		80		73
	Bausch Health Companies, Inc. 5.50% 11/1/20256		75		69
	Bausch Health Companies, Inc. 5.25% 2/15/20316		114		50
	Beasley Mezzanine Holdings, LLC 8.625% 2/1/20266		30		20
	Becton, Dickinson and Co. 4.298% 8/22/2032		320		309
	Berkshire Hathaway Energy Co. 4.60% 5/1/2053		117		104
	Bidvest Group (UK) PLC 3.625% 9/23/2026		500		465

American Funds Insurance Series  223

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. dollars	BIP-V Chinook Holdco, LLC 5.50% 6/15/20316		USD400	$	380
(continued)	Blue Racer Midstream, LLC 7.625% 12/15/20256		65		66
	BMC Software, Inc., Term Loan, (1-month USD CME Term SOFR + 5.50%) 10.97% 2/27/20268,9		25		25
	BMW US Capital, LLC 3.90% 4/9/20256		900		890
	BMW US Capital, LLC 4.15% 4/9/20306		900		883
	BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)1,6		700		609
	BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)1,6		1,275		1,079
	Boeing Co. 5.15% 5/1/2030		2,855		2,908
	Boeing Co. 3.625% 2/1/2031		1,127		1,047
	Bombardier, Inc. 7.125% 6/15/20266		47		47
	Bombardier, Inc. 6.00% 2/15/20286		50		49
	Boxer Parent Co., Inc. 9.125% 3/1/20266		160		161
	Boyd Gaming Corp. 4.75% 6/15/20316		45		41
	Boyne USA, Inc. 4.75% 5/15/20296		107		101
	BPCE SA 5.15% 7/21/20246		1,800		1,785
	Braskem Netherlands Finance BV 4.50% 1/31/2030		721		560
	Braskem Netherlands Finance BV 8.50% 1/12/20316		525		489
	Braskem Netherlands Finance BV 8.50% 1/12/2031		509		474
	British Columbia (Province of) 4.20% 7/6/2033		1,240		1,225
	Broadcom, Inc. 4.00% 4/15/20296		250		241
	Broadcom, Inc. 3.419% 4/15/20336		698		613
	Broadcom, Inc. 3.469% 4/15/20346		48		42
	Broadcom, Inc. 3.137% 11/15/20356		185		152
	Broadcom, Inc. 3.75% 2/15/20516		926		729
	Brookfield Property REIT, Inc. 5.75% 5/15/20266		95		92
	Brookfield Property REIT, Inc. 4.50% 4/1/20276		50		45
	BWX Technologies, Inc. 4.125% 4/15/20296		175		160
	BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 6.176% 9/15/20365,6,9		1,310		1,278
	BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.375% 10/15/20365,6,9		989		968
	Caesars Entertainment, Inc. 4.625% 10/15/20296		15		14
	Caesars Entertainment, Inc. 7.00% 2/15/20306		74		76
	CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)1,6		2,150		2,195
	California Resources Corp. 7.125% 2/1/20266		100		101
	Callon Petroleum Co. 7.50% 6/15/20306		15		15
	Canadian Pacific Railway Co. 3.10% 12/2/2051		1,378		997
	CAN-PACK Spolka Akcyjna 3.875% 11/15/20296		90		77
	Carnival Corp. 6.00% 5/1/20296		100		96
	CCO Holdings, LLC 5.125% 5/1/20276		125		121
	CCO Holdings, LLC 4.75% 3/1/20306		135		124
	CCO Holdings, LLC 4.50% 8/15/20306		255		230
	CCO Holdings, LLC 4.25% 2/1/20316		155		136
	CCO Holdings, LLC 4.50% 6/1/20336		162		137
	CCO Holdings, LLC 4.25% 1/15/20346		70		57
	Centene Corp. 2.45% 7/15/2028		40		36
	Centene Corp. 4.625% 12/15/2029		195		187
	Centene Corp. 2.50% 3/1/2031		65		54
	Central Garden & Pet Co. 4.125% 10/15/2030		74		67
	Central Garden & Pet Co. 4.125% 4/30/20316		110		97
	CFG Investments, Ltd., Series 2023-1, Class A, 8.56% 7/25/20345,6		925		937
	Charter Communications Operating, LLC 3.75% 2/15/2028		2,650		2,504
	Cheniere Energy Partners, LP 3.25% 1/31/2032		26		22
	Chesapeake Energy Corp. 5.875% 2/1/20296		115		113
	Chesapeake Energy Corp. 6.75% 4/15/20296		30		30
	Chubb INA Holdings, Inc. 3.35% 5/3/2026		195		190
	Chubb INA Holdings, Inc. 4.35% 11/3/2045		425		400
	Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20285,6,9		1,240		1,257
	Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/20285,6,9		805		829

224  American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. dollars	Civitas Resources, Inc. 8.75% 7/1/20316		USD90	$	96
(continued)	Clarios Global, LP 6.25% 5/15/20266		44		44
	Clarios Global, LP 8.50% 5/15/20276		90		90
	Clarivate Science Holdings Corp. 3.875% 7/1/20286		45		42
	Clarivate Science Holdings Corp. 4.875% 7/1/20296		5		5
	Cleveland-Cliffs, Inc. 4.875% 3/1/20316		100		91
	Cloud Software Group, Inc. 6.50% 3/31/20296		235		224
	Cloud Software Group, Inc. 9.00% 9/30/20296		175		166
	Cloud Software Group, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.948% 3/30/20298,9		100		98
	CMS Energy Corp. 3.875% 3/1/2024		100		100
	CMS Energy Corp. 3.00% 5/15/2026		1,200		1,148
	CNX Resources Corp. 7.25% 3/14/20276		240		243
	Coinbase Global, Inc. 3.375% 10/1/20286		55		46
	Coinbase Global, Inc. 3.625% 10/1/20316		85		66
	Colombia (Republic of) 3.875% 4/25/2027		350		335
	Colombia (Republic of) 8.00% 11/14/2035		445		488
	Comcast Corp. 4.80% 5/15/2033		4,100		4,153
	Commonwealth Bank of Australia 2.688% 3/11/20316		4,650		3,828
	CommScope Technologies, LLC 6.00% 6/15/20256		160		131
	CommScope, Inc. 6.00% 3/1/20266		53		47
	CommScope, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.72% 4/6/20268,9		25		22
	Compass Group Diversified Holdings, LLC 5.25% 4/15/20296		307		290
	Compass Group Diversified Holdings, LLC 5.00% 1/15/20326		65		59
	Comstock Resources, Inc. 6.75% 3/1/20296		95		87
	Comstock Resources, Inc. 5.875% 1/15/20306		65		56
	Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 7.637% 5/25/20435,6,9		1,656		1,692
	Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) 8.887% 5/25/20435,6,9		804		857
	Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1,
	(30-day Average USD-SOFR + 1.90%) 7.237% 6/25/20435,6,9		1,034		1,042
	Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (30-day Average USD-SOFR + 3.10%) 8.437% 6/25/20435,6,9		305		319
	Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 7.037% 7/25/20435,6,9		784		788
	ConocoPhillips Co. 5.30% 5/15/2053		761		783
	Constellation Oil Services Holding SA 3.00% Cash 12/31/20267		1,127		820
	Constellium SE 3.75% 4/15/20296		125		114
	Consumers Energy Co. 3.60% 8/15/2032		1,600		1,484
	Corebridge Financial, Inc. 3.90% 4/5/2032		748		677
	CoreLogic, Inc. 4.50% 5/1/20286		339		297
	CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 11.97% 6/4/20298,9		65		59
	Corporate Office Properties, LP 2.75% 4/15/2031		1,212		981
	Coty, Inc. 4.75% 1/15/20296		125		119
	Coty, Inc. 6.625% 7/15/20306		95		98
	Covanta Holding Corp. 4.875% 12/1/20296		25		22
	CPS Auto Receivables Trust, Series 2022-C, Class B, 4.88% 4/15/20305,6		333		330
	Crédit Agricole SA 4.375% 3/17/20256		1,100		1,083
	Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)1,6		2,675		2,539
	Crescent Energy Finance, LLC 9.25% 2/15/20286		178		185
	Crown Castle, Inc. 2.50% 7/15/2031		767		640
	CSX Corp. 3.80% 4/15/2050		75		61
	CVR Partners, LP 6.125% 6/15/20286		65		61
	Daimler Trucks Finance North America, LLC 3.65% 4/7/20276		725		699
	Darling Ingredients, Inc. 6.00% 6/15/20306		165		165
	Deluxe Corp. 8.00% 6/1/20296		20		18
	Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)1		850		797
	Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)1		1,160		1,061
	Deutsche Telekom International Finance BV 9.25% 6/1/2032		930		1,207

American Funds Insurance Series  225

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. dollars	Diamond Sports Group, LLC 6.625% 8/15/20273,6		USD310	$	16
(continued)	Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 12.86% 8/11/20286,8,9		326		337
	DIRECTV Financing, LLC 5.875% 8/15/20276		50		47
	DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 10.65% 8/2/20278,9		92		92
	DISH DBS Corp. 5.25% 12/1/20266		15		13
	DISH Network Corp. 11.75% 11/15/20276		260		272
	Dominican Republic 5.50% 1/27/20256		1,375		1,370
	Dominican Republic 8.625% 4/20/20276		225		236
	Dominican Republic 6.40% 6/5/20496		813		768
	Dun & Bradstreet Corp. (The) 5.00% 12/15/20296		47		44
	Ecopetrol SA 6.875% 4/29/2030		1,445		1,434
	Edison International 4.125% 3/15/2028		2,390		2,311
	Edison International 5.25% 11/15/2028		1,522		1,533
	Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2027)1		100		93
	Electricité de France SA 4.875% 9/21/20386		795		737
	Electricité de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)1,6		300		336
	Element Solutions, Inc. 3.875% 9/1/20286		105		97
	Endo Luxembourg Finance Co. I SARL 6.125% 4/1/20296		205		131
	Enel Finance International NV 1.375% 7/12/20266		1,248		1,137
	Enel Finance International NV 1.875% 7/12/20286		1,227		1,072
	Energy Transfer, LP 8.00% 4/1/20296		98		102
	Enfragen Energia Sur SA 5.375% 12/30/2030		1,329		1,039
	Entergy Corp. 0.90% 9/15/2025		750		698
	Entergy Louisiana, LLC 4.75% 9/15/2052		1,275		1,174
	Enviri Corp. 5.75% 7/31/20276		145		135
	EQM Midstream Partners, LP 6.50% 7/1/20276		225		229
	EQM Midstream Partners, LP 7.50% 6/1/20306		45		48
	EQM Midstream Partners, LP 6.50% 7/15/2048		40		41
	Equinix, Inc. 1.80% 7/15/2027		1,145		1,037
	Equinix, Inc. 2.15% 7/15/2030		3,216		2,727
	EquipmentShare.com, Inc. 9.00% 5/15/20286		90		93
	Exeter Automobile Receivables Trust, Series 2023-5, Class B, 6.58% 4/17/20285		78		79
	Export-Import Bank of Korea 5.125% 1/11/2033		1,175		1,222
	Fair Isaac Corp. 4.00% 6/15/20286		15		14
	Fannie Mae Pool #FM6293 3.00% 1/1/20515		69		61
	Fannie Mae Pool #CB0046 3.00% 4/1/20515		1,786		1,585
	Fannie Mae Pool #CB4852 4.50% 10/1/20525		7,668		7,438
	Fannie Mae Pool #MA4919 5.50% 2/1/20535		110		111
	Fannie Mae Pool #MA5010 5.50% 5/1/20535		19		19
	Fannie Mae Pool #MA5039 5.50% 6/1/20535		67		67
	Fannie Mae Pool #MA5071 5.00% 7/1/20535		5,542		5,484
	Fannie Mae Pool #MA5072 5.50% 7/1/20535		250		251
	Fannie Mae Pool #MA5165 5.50% 10/1/20535		968		973
	Fertitta Entertainment, LLC 4.625% 1/15/20296		25		23
	Fertitta Entertainment, LLC 6.75% 1/15/20306		25		22
	Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713% 9/13/20292,8,9		97		95
	Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61% 9/13/20292,8,9		3		3
	First Quantum Minerals, Ltd. 6.875% 3/1/20266		325		291
	First Quantum Minerals, Ltd. 6.875% 10/15/20276		1,795		1,528
	First Quantum Minerals, Ltd. 8.625% 6/1/20316		775		658
	First Student Bidco, Inc. 4.00% 7/31/20296		45		39
	FirstEnergy Corp., Series B, 4.15% 7/15/2027		1,800		1,732

226  American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. dollars	FirstEnergy Transmission, LLC 2.866% 9/15/20286		USD2,325	$	2,110
(continued)	Ford Motor Co. 6.10% 8/19/2032		30		30
	Ford Motor Credit Co., LLC 3.81% 1/9/2024		290		290
	Ford Motor Credit Co., LLC 4.95% 5/28/2027		300		293
	Ford Motor Credit Co., LLC 3.815% 11/2/2027		200		187
	Ford Motor Credit Co., LLC 7.35% 11/4/2027		200		211
	Ford Motor Credit Co., LLC 2.90% 2/16/2028		200		180
	Ford Motor Credit Co., LLC 4.00% 11/13/2030		125		112
	Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/20335		3,975		3,795
	Freddie Mac Pool #RB5071 2.00% 9/1/20405		3,835		3,303
	Freddie Mac Pool #RB5111 2.00% 5/1/20415		6,067		5,202
	Freddie Mac Pool #QD3310 3.00% 12/1/20515		19		17
	Freddie Mac Pool #SD8214 3.50% 5/1/20525		5,026		4,613
	Freddie Mac Pool #QE6084 5.00% 7/1/20525		1,120		1,110
	Freddie Mac Pool #SD8276 5.00% 12/1/20525		3,687		3,650
	Freddie Mac Pool #SD8331 5.50% 6/1/20535		296		297
	Freddie Mac Pool #SD8341 5.00% 7/1/20535		3,203		3,170
	Freddie Mac Pool #SD8342 5.50% 7/1/20535		786		789
	Freddie Mac Pool #SD8362 5.50% 9/1/20535		2,835		2,847
	Freddie Mac Pool #SD8367 5.50% 10/1/20535		3,586		3,602
	Freddie Mac Pool #SD8372 5.50% 11/1/20535		12,518		12,571
	Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average USD-SOFR + 2.90%) 8.237% 4/25/20425,6,9		441		454
	FXI Holdings, Inc. 12.25% 11/15/20266		497		444
	Gartner, Inc. 3.75% 10/1/20306		70		62
	General Motors Financial Co., Inc. 1.05% 3/8/2024		725		719
	Genesis Energy, LP 8.00% 1/15/2027		125		127
	Genesis Energy, LP 8.25% 1/15/2029		25		26
	Genesis Energy, LP 8.875% 4/15/2030		38		39
	GeoPark, Ltd. 5.50% 1/17/2027		2,780		2,464
	Georgia (Republic of) 2.75% 4/22/20266		400		376
	Gilead Sciences, Inc. 5.25% 10/15/2033		1,342		1,399
	Gilead Sciences, Inc. 5.55% 10/15/2053		1,155		1,252
	Go Daddy Operating Co., LLC 3.50% 3/1/20296		65		59
	Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)1		1,080		980
	Goldman Sachs Group, Inc. 1.992% 1/27/2032 (USD-SOFR + 1.09% on 1/27/2031)1		769		622
	Government National Mortgage Assn. Pool #785607 2.50% 8/20/20515		2,766		2,384
	Government National Mortgage Assn. Pool #785659 2.50% 10/20/20515		995		853
	Government National Mortgage Assn. Pool #785813 2.50% 12/20/20515		4,812		4,160
	Government National Mortgage Assn. 6.50% 1/1/20545,10		10,325		10,571
	Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/20635		777		593
	State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052		1,780		1,341
	Gray Escrow II, Inc. 5.375% 11/15/20316		30		23
	Group 1 Automotive, Inc. 4.00% 8/15/20286		115		107
	Grupo Energia Bogota SA ESP 4.875% 5/15/20306		660		625
	GTCR W-2 Merger Sub, LLC 7.50% 1/15/20316		25		26
	Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 9.106% 3/8/20308,9		39		39
	Harvest Midstream I, LP 7.50% 9/1/20286		25		25
	HCA, Inc. 5.625% 9/1/2028		120		123
	HealthEquity, Inc. 4.50% 10/1/20296		80		74
	Hess Midstream Operations, LP 5.50% 10/15/20306		14		14
	Hightower Holding, LLC 6.75% 4/15/20296		235		214
	Hilcorp Energy I, LP 6.00% 4/15/20306		105		102
	Hilcorp Energy I, LP 6.00% 2/1/20316		25		24
	Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030		25		24
	Hilton Domestic Operating Co., Inc. 4.00% 5/1/20316		115		105
	Honduras (Republic of) 6.25% 1/19/2027		653		628
	Howard Hughes Corp. (The) 5.375% 8/1/20286		275		265
	Howard Hughes Corp. (The) 4.125% 2/1/20296		195		174
	Howard Hughes Corp. (The) 4.375% 2/1/20316		120		104

American Funds Insurance Series  227

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. dollars	Howmet Aerospace, Inc. 5.95% 2/1/2037		USD95	$	99
(continued)	HSBC Holdings PLC 2.633% 11/7/2025 (USD-SOFR + 1.402% on 11/7/2024)1		305		297
	HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025)1		4,172		4,088
	HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027)1		1,700		1,676
	HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)1		921		766
	HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033)1		2,000		2,195
	HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)1		1,200		1,295
	HUB International, Ltd. 7.00% 5/1/20266		304		306
	HUB International, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.662% 6/20/20308,9		19		19
	Hyundai Capital America 0.875% 6/14/20246		1,200		1,173
	Hyundai Capital America 1.50% 6/15/20266		2,375		2,170
	Hyundai Capital America 1.65% 9/17/20266		269		245
	Hyundai Capital America 2.00% 6/15/20286		600		524
	Hyundai Capital America 6.50% 1/16/20296		132		139
	Icahn Enterprises, LP 6.375% 12/15/2025		35		34
	Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/20306		500		505
	Ingles Markets, Inc. 4.00% 6/15/20316		190		168
	Intesa Sanpaolo SpA 5.017% 6/26/20246		3,270		3,237
	Intesa Sanpaolo SpA 7.00% 11/21/20256		225		231
	Iron Mountain Information Management Services, Inc. 5.00% 7/15/20326		55		50
	Iron Mountain, Inc. 5.25% 7/15/20306		235		224
	Israel (State of) 3.375% 1/15/2050		1,470		1,048
	Israel (State of) 3.875% 7/3/2050		795		617
	JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026)1		1,243		1,143
	JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)1		58		47
	Kantar Group, LLC, Term Loan B2, (6-month USD CME Term SOFR + 4.50%) 10.108% 12/4/20268,9		64		63
	KB Home 6.875% 6/15/2027		50		52
	Kennedy-Wilson, Inc. 4.75% 3/1/2029		110		92
	Kennedy-Wilson, Inc. 4.75% 2/1/2030		245		199
	Korea Development Bank 4.375% 2/15/2028		2,100		2,091
	Korea Development Bank 4.375% 2/15/2033		2,010		1,973
	Korea Electric Power Corp. 5.375% 7/31/20266		1,290		1,305
	Kronos Acquisition Holdings, Inc. 5.00% 12/31/20266		85		83
	Kronos Acquisition Holdings, Inc. 7.00% 12/31/20276		125		119
	LAD Auto Receivables Trust, Series 2023-1, Class A2, 5.68% 10/15/20265,6		157		157
	LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/20275,6		651		651
	LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/20285,6		194		197
	Lamar Media Corp. 3.75% 2/15/2028		135		127
	Lamb Weston Holdings, Inc. 4.125% 1/31/20306		140		129
	Lamb Weston Holdings, Inc. 4.375% 1/31/20326		30		27
	LCM Investments Holdings II, LLC 4.875% 5/1/20296		110		102
	LCM Investments Holdings II, LLC 8.25% 8/1/20316		40		42
	Levi Strauss & Co. 3.50% 3/1/20316		115		100
	LGI Homes, Inc. 8.75% 12/15/20286		155		165
	Light and Wonder International, Inc. 7.00% 5/15/20286		20		20
	Lindblad Expeditions, LLC 6.75% 2/15/20276		5		5
	Live Nation Entertainment, Inc. 4.75% 10/15/20276		130		125
	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		6,419
	LSB Industries, Inc. 6.25% 10/15/20286		140		133
	Marriott International, Inc. 2.75% 10/15/2033		5		4
	Marriott Ownership Resorts, Inc. 4.50% 6/15/20296		45		40
	Marsh & McLennan Companies, Inc. 5.70% 9/15/2053		282		307
	Mastercard, Inc. 2.00% 11/18/2031		600		506
	Medline Borrower, LP 5.25% 10/1/20296		40		38
	Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 8.47% 10/23/20288,9		54		55
	Meituan 2.125% 10/28/2025		1,730		1,628
	Methanex Corp. 5.125% 10/15/2027		55		54

228  American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. dollars	Methanex Corp. 5.25% 12/15/2029		USD5	$	5
(continued)	MGM Resorts International 5.50% 4/15/2027		90		89
	Midas OpCo Holdings, LLC 5.625% 8/15/20296		115		106
	Mileage Plus Holdings, LLC 6.50% 6/20/20276		73		74
	Mineral Resources, Ltd. 8.00% 11/1/20276		155		159
	Mineral Resources, Ltd. 9.25% 10/1/20286		85		91
	Minerva Luxembourg SA 8.875% 9/13/2033		2,575		2,727
	MISC Capital Two (Labuan), Ltd. 3.75% 4/6/20276		1,736		1,673
	Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/20285,6		761		762
	Mission Lane Credit Card Master Trust, Series 2023-A, Class B, 8.15% 7/17/20285,6		225		225
	Molina Healthcare, Inc. 4.375% 6/15/20286		80		76
	Molina Healthcare, Inc. 3.875% 11/15/20306		75		67
	Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)1		2,164		1,995
	Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031)1		1,433		1,145
	Mozambique (Republic of) 9.00% 9/15/2031		940		803
	MSCI, Inc. 3.875% 2/15/20316		125		114
	MSCI, Inc. 3.625% 11/1/20316		210		185
	MSCI, Inc. 3.25% 8/15/20336		33		28
	MSWF Commercial Mortgage Trust, Series 2023-2, Class A5, 6.014% 12/15/20565,9		336		363
	MTN (Mauritius) Investments, Ltd. 6.50% 10/13/2026		460		465
	Murphy Oil USA, Inc. 4.75% 9/15/2029		48		46
	MV24 Capital BV 6.748% 6/1/2034		1,129		1,058
	Nabors Industries, Inc. 7.375% 5/15/20276		55		54
	Nabors Industries, Inc. 9.125% 1/31/20306		160		161
	Nasdaq, Inc. 5.95% 8/15/2053		113		122
	Nationstar Mortgage Holdings, Inc. 5.125% 12/15/20306		135		122
	Navient Corp. 5.00% 3/15/2027		45		43
	Navient Corp. 4.875% 3/15/2028		145		135
	NBM US Holdings, Inc. 7.00% 5/14/20262		1,525		1,543
	NCR Atleos, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 10.206% 3/27/20298,9		50		50
	NCR Voyix Corp. 5.25% 10/1/20306		15		14
	Neiman Marcus Group, Ltd., LLC 7.125% 4/1/20266		85		82
	Netflix, Inc. 4.875% 4/15/2028		45		46
	Netflix, Inc. 4.875% 6/15/20306		225		228
	New Fortress Energy, Inc. 6.75% 9/15/20256		50		50
	New Fortress Energy, Inc. 6.50% 9/30/20266		255		245
	New York Life Global Funding 1.20% 8/7/20306		2,725		2,188
	Newell Brands, Inc. 5.20% 4/1/2026		80		79
	Nexstar Media, Inc. 4.75% 11/1/20286		165		152
	NFP Corp. 6.875% 8/15/20286		105		107
	NGL Energy Operating, LLC 7.50% 2/1/20266		215		217
	Niagara Mohawk Power Corp. 3.508% 10/1/20246		180		177
	Norfolk Southern Corp. 5.35% 8/1/2054		496		516
	Northern Oil and Gas, Inc. 8.125% 3/1/20286		150		152
	NorthRiver Midstream Finance, LP 5.625% 2/15/20266		105		102
	NOVA Chemicals Corp. 5.25% 6/1/20276		20		19
	Novelis Corp. 4.75% 1/30/20306		80		75
	Novelis Corp. 3.875% 8/15/20316		20		18
	NuStar Logistics, LP 5.625% 4/28/2027		80		80
	Occidental Petroleum Corp. 6.375% 9/1/2028		194		204
	OCP SA 3.75% 6/23/2031		500		431
	Oleoducto Central SA 4.00% 7/14/2027		630		586
	ONEOK, Inc. 5.80% 11/1/2030		69		72
	ONEOK, Inc. 6.05% 9/1/2033		514		545
	ONEOK, Inc. 6.625% 9/1/2053		290		325
	Open Text Corp. 3.875% 2/15/20286		25		23
	Option Care Health, Inc. 4.375% 10/31/20296		25		23
	Oracle Corp. 2.65% 7/15/2026		2,327		2,207
	Oracle Corp. 3.25% 11/15/2027		1,880		1,786
	Oracle Corp. 3.95% 3/25/2051		22		17
	Orange 9.00% 3/1/20311		2,434		3,004

American Funds Insurance Series  229

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. dollars	Osaic Holdings, Inc. 10.75% 8/1/20276		USD256	$	260
(continued)	Pacific Gas and Electric Co. 3.15% 1/1/2026		3,000		2,879
	Pacific Gas and Electric Co. 4.65% 8/1/2028		542		521
	Pacific Gas and Electric Co. 6.40% 6/15/2033		1,500		1,580
	Pacific Gas and Electric Co. 3.30% 8/1/2040		6,850		5,025
	PacifiCorp 4.15% 2/15/2050		225		183
	PacifiCorp 3.30% 3/15/2051		150		104
	PacifiCorp 2.90% 6/15/2052		55		35
	PacifiCorp 5.35% 12/1/2053		525		506
	PacifiCorp 5.50% 5/15/2054		680		669
	Panama (Republic of) 3.75% 4/17/2026		465		438
	Panama (Republic of) 6.40% 2/14/2035		850		832
	Park Intermediate Holdings, LLC 4.875% 5/15/20296		65		60
	Party City Holdings, Inc. 12.00% PIK or 12.00% Cash 1/11/20296,7		1		1
	Performance Food Group, Inc. 5.50% 10/15/20276		11		11
	Permian Resources Operating, LLC 7.00% 1/15/20326		25		26
	Peru (Republic of) 2.392% 1/23/2026		500		477
	Petroleos Mexicanos 4.875% 1/18/2024		1,776		1,773
	Petroleos Mexicanos 4.25% 1/15/2025		261		255
	Petroleos Mexicanos 6.875% 10/16/2025		660		650
	Petroleos Mexicanos 6.875% 8/4/2026		638		620
	Petroleos Mexicanos 6.49% 1/23/2027		3,219		3,023
	Petroleos Mexicanos 6.84% 1/23/2030		681		591
	Petroleos Mexicanos 6.70% 2/16/2032		779		647
	Petrorio Luxembourg SARL 6.125% 6/9/2026		910		894
	Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033		2,128		2,134
	Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053		188		192
	PG&E Corp. 5.00% 7/1/2028		145		141
	PG&E Corp. 5.25% 7/1/2030		175		169
	Philip Morris International, Inc. 5.125% 11/17/2027		315		321
	Philip Morris International, Inc. 5.625% 11/17/2029		420		441
	Philip Morris International, Inc. 2.10% 5/1/2030		634		544
	Philip Morris International, Inc. 5.75% 11/17/2032		1,554		1,632
	Philip Morris International, Inc. 5.375% 2/15/2033		1,382		1,418
	Post Holdings, Inc. 5.625% 1/15/20286		85		84
	Post Holdings, Inc. 5.50% 12/15/20296		80		77
	Post Holdings, Inc. 4.625% 4/15/20306		444		409
	Prestige Auto Receivables Trust, Series 2023-1, Class A2, 5.88% 3/16/20265,6		526		525
	Procter & Gamble Co. 3.00% 3/25/2030		338		317
	PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.466% on 3/24/2027)1		1,535		1,364
	Qatar Energy 3.125% 7/12/20416		2,895		2,231
	Qatar Energy 3.30% 7/12/20516		2,942		2,155
	Radiology Partners, Inc. 9.25% 2/1/20286		245		126
	Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 10.179% 7/9/20258,9		10		8
	Range Resources Corp. 4.75% 2/15/20306		145		134
	Real Hero Merger Sub 2, Inc. 6.25% 2/1/20296		25		22
	RHP Hotel Properties, LP 7.25% 7/15/20286		80		83
	RHP Hotel Properties, LP 4.50% 2/15/20296		90		84
	RLJ Lodging Trust, LP 4.00% 9/15/20296		25		22
	Roller Bearing Company of America, Inc. 4.375% 10/15/20296		20		19
	Royal Caribbean Cruises, Ltd. 5.375% 7/15/20276		40		40
	Royal Caribbean Cruises, Ltd. 5.50% 4/1/20286		75		74
	Royal Caribbean Cruises, Ltd. 9.25% 1/15/20296		160		172
	Royal Caribbean Cruises, Ltd. 7.25% 1/15/20306		4		4
	RP Escrow Issuer, LLC 5.25% 12/15/20256		190		152
	Ryan Specialty Group, LLC 4.375% 2/1/20306		45		42
	Sands China, Ltd. 3.50% 8/8/2031		495		415
	Santander Holdings USA, Inc. 3.244% 10/5/2026		3,750		3,535
	Sasol Financing USA, LLC 5.875% 3/27/2024		6,165		6,133
	Sasol Financing USA, LLC 4.375% 9/18/2026		1,085		1,012

230  American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. dollars	Sasol Financing USA, LLC 8.75% 5/3/20292		USD310	$	317
(continued)	Scentre Group Trust 1 3.50% 2/12/20256		210		206
	Scentre Group Trust 1 3.75% 3/23/20276		110		106
	Scientific Games Holdings, LP 6.625% 3/1/20306		46		44
	SCIH Salt Holdings, Inc. 4.875% 5/1/20286		115		108
	Sealed Air Corp. 6.125% 2/1/20286		180		182
	Serbia (Republic of) 6.25% 5/26/20286		740		759
	Service Properties Trust 8.625% 11/15/20316		60		63
	ServiceNow, Inc. 1.40% 9/1/2030		1,830		1,505
	Simmons Foods, Inc. 4.625% 3/1/20296		160		139
	Sirius XM Radio, Inc. 3.125% 9/1/20266		50		47
	Sirius XM Radio, Inc. 4.00% 7/15/20286		195		180
	Sirius XM Radio, Inc. 4.125% 7/1/20306		39		35
	Sirius XM Radio, Inc. 3.875% 9/1/20316		111		95
	SK hynix, Inc. 3.00% 9/17/2024		1,602		1,575
	SK hynix, Inc. 1.50% 1/19/2026		563		519
	SM Energy Co. 6.50% 7/15/2028		45		45
	SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 6.888% 11/15/20525,6,9		733		735
	Sonic Automotive, Inc. 4.625% 11/15/20296		45		41
	Sonic Automotive, Inc. 4.875% 11/15/20316		20		18
	Southern California Edison Co. 2.85% 8/1/2029		200		182
	Southern California Edison Co. 3.65% 2/1/2050		1,700		1,318
	Southwestern Energy Co. 5.375% 3/15/2030		120		117
	Southwestern Energy Co. 4.75% 2/1/2032		90		83
	Spirit AeroSystems, Inc. 9.375% 11/30/20296		17		19
	Spirit AeroSystems, Inc. 9.75% 11/15/20306		60		65
	Sprint, LLC 7.625% 3/1/2026		130		136
	Stellantis Finance US, Inc. 1.711% 1/29/20276		1,500		1,363
	Stellantis Finance US, Inc. 5.625% 1/12/20286		2,560		2,652
	Stellantis Finance US, Inc. 2.691% 9/15/20316		453		379
	Stericycle, Inc. 3.875% 1/15/20296		110		100
	Sunoco, LP 4.50% 5/15/2029		290		270
	Sunoco, LP 4.50% 4/30/2030		35		32
	Surgery Center Holdings, Inc. 10.00% 4/15/20276		103		104
	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)1,3		12		—	11
	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)1,6		400		384
	Talen Energy Supply, LLC 8.625% 6/1/20306		94		100
	Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.869% 5/17/20308,9		45		45
	Tencent Holdings, Ltd. 3.24% 6/3/20506		3,450		2,304
	Tenet Healthcare Corp. 6.125% 10/1/2028		25		25
	Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024		2,789		2,782
	Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.948% 9/29/20288,9		243		238
	Tierra Mojada Luxembourg II SARL 5.75% 12/1/2040		465		420
	T-Mobile USA, Inc. 2.40% 3/15/2029		1,079		969
	T-Mobile USA, Inc. 5.65% 1/15/2053		1,400		1,459
	Toyota Motor Credit Corp. 3.375% 4/1/2030		453		426
	TransDigm, Inc. 6.25% 3/15/20266		65		65
	TransDigm, Inc. 5.50% 11/15/2027		45		44
	TransDigm, Inc. 4.875% 5/1/2029		80		75
	TransDigm, Inc. 6.875% 12/15/20306		85		88
	Transocean Poseidon, Ltd. 6.875% 2/1/20276		56		56
	Transocean Titan Financing, Ltd. 8.375% 2/1/20286		102		106
	Transocean, Inc. 8.75% 2/15/20306		38		40
	Transocean, Inc. 6.80% 3/15/2038		35		28
	Treehouse Park Improvement Association No.1 9.75% 12/1/20336,12		100		93
	Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/20405,6		379		374

American Funds Insurance Series  231

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. dollars	Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/20405,6		USD251	$	245
(continued)	Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/20405,6		100		97
	Triumph Group, Inc. 9.00% 3/15/20286		71		76
	State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048		1,410		1,064
	U.S. Treasury 3.625% 3/31/2028		20		20
	U.S. Treasury 4.375% 11/30/2028		6,800		6,960
	U.S. Treasury 4.50% 11/15/2033		10,782		11,325
	U.S. Treasury 1.125% 5/15/204013		6,190		4,000
	U.S. Treasury 1.75% 8/15/204113		4,650		3,242
	U.S. Treasury 4.75% 11/15/2043		1,425		1,531
	U.S. Treasury 3.00% 8/15/204813		5,045		4,118
	U.S. Treasury 4.125% 8/15/205313		19,558		19,823
	U.S. Treasury Inflation-Protected Security 2.375% 10/15/20284,13		18,013		18,560
	U.S. Treasury Inflation-Protected Security 1.375% 7/15/20334		6,321		6,137
	U.S. Treasury Inflation-Protected Security 0.125% 2/15/20514		3,344		2,084
	U.S. Treasury Inflation-Protected Security 1.50% 2/15/20534		6,371		5,801
	UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)1,6		2,265		2,249
	UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 9.988% 5/4/20268,9		75		75
	UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.764% 5/3/20278,9		75		75
	Ukraine 7.75% 9/1/20243		6,210		1,938
	Ukraine 6.876% 5/21/20313		1,269		296
	Uniform Mortgage-Backed Security 2.00% 1/1/20395,10		1,841		1,651
	Uniform Mortgage-Backed Security 2.00% 2/1/20395,10		1,234		1,100
	Uniform Mortgage-Backed Security 2.00% 1/1/20545,10		2,470		2,019
	Uniform Mortgage-Backed Security 2.50% 1/1/20545,10		24,460		20,812
	Uniform Mortgage-Backed Security 3.00% 1/1/20545,10		5,222		4,620
	Uniform Mortgage-Backed Security 3.50% 1/1/20545,10		9,033		8,288
	Uniform Mortgage-Backed Security 4.00% 1/1/20545,10		8,840		8,362
	Uniform Mortgage-Backed Security 4.50% 1/1/20545,10		16,943		16,425
	Uniform Mortgage-Backed Security 5.00% 1/1/20545,10		19,966		19,755
	Uniform Mortgage-Backed Security 5.50% 1/1/20545,10		10,146		10,190
	Uniform Mortgage-Backed Security 6.00% 1/1/20545,10		10,805		10,972
	Uniform Mortgage-Backed Security 6.50% 1/1/20545,10		6,655		6,821
	Uniform Mortgage-Backed Security 7.00% 1/1/20545,10		13,150		13,566
	Uniform Mortgage-Backed Security 3.50% 2/1/20545,10		18,339		16,843
	Uniform Mortgage-Backed Security 6.00% 2/1/20545,10		6,750		6,854
	United Mexican States 6.338% 5/4/2053		425		434
	United Natural Foods, Inc. 6.75% 10/15/20286		85		69
	United Rentals (North America), Inc. 3.875% 2/15/2031		130		118
	Univision Communications, Inc. 4.50% 5/1/20296		250		223
	US Foods, Inc. 4.625% 6/1/20306		35		33
	Vail Resorts, Inc. 6.25% 5/15/20256		120		119
	Valvoline, Inc. 3.625% 6/15/20316		85		73
	Venator Finance SARL, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 7.43% Cash 10/10/20287,8,9		48		48
	Venture Global Calcasieu Pass, LLC 3.875% 8/15/20296		35		32
	Venture Global Calcasieu Pass, LLC 6.25% 1/15/20306		31		31
	Venture Global Calcasieu Pass, LLC 4.125% 8/15/20316		110		97
	Venture Global LNG, Inc. 8.125% 6/1/20286		80		81
	Veralto Corp. 5.35% 9/18/20286		2,900		2,970
	VICI Properties, LP 4.375% 5/15/2025		1,563		1,537
	Vital Energy, Inc. 9.75% 10/15/2030		40		41
	VZ Secured Financing BV 5.00% 1/15/20326		200		171
	W&T Offshore, Inc. 11.75% 2/1/20266		55		57
	WarnerMedia Holdings, Inc. 5.05% 3/15/2042		1,928		1,701
	Warrior Met Coal, Inc. 7.875% 12/1/20286		71		71
	WASH Multifamily Acquisition, Inc. 5.75% 4/15/20266		320		308
	WEA Finance, LLC 3.75% 9/17/20246		535		526
	Weatherford International, Ltd. 6.50% 9/15/20286		38		39
	Weatherford International, Ltd. 8.625% 4/30/20306		93		97

232  American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. dollars (continued)	Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)1		USD5,788	$	5,525
	Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)1		1,600		1,440
	WESCO Distribution, Inc. 7.125% 6/15/20256		180		181
	WESCO Distribution, Inc. 7.25% 6/15/20286		200		206
	Western Midstream Operating, LP 3.10% 2/1/20251		85		83
	Western Midstream Operating, LP 5.25% 2/1/20501		80		72
	Westlake Automobile Receivables Trust, Series 2023-1, Class A2A, 5.51% 6/15/20265,6		992		991
	Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/20285,6		278		277
	Westlake Automobile Receivables Trust, Series 2023-1, Class B, 5.41% 1/18/20285,6		60		60
	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		1,250		1,205
	WeWork Companies, LLC 6.00% PIK and 5.00% Cash 8/15/20273,6,7		37		8
	WeWork Companies, LLC 8.00% PIK and 7.00% Cash 8/15/20273,6,7		31		11
	WMG Acquisition Corp. 3.75% 12/1/20296		110		100
	WMG Acquisition Corp. 3.875% 7/15/20306		135		122
	WMG Acquisition Corp. 3.00% 2/15/20316		80		69
	Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)1,2,12		105		107
	Wynn Las Vegas, LLC 5.50% 3/1/20256		110		109
	Wynn Resorts Finance, LLC 7.125% 2/15/20316		43		45
	Yahoo Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 10.97% 9/1/20278,9		95		93
	Ziggo Bond Co. BV 5.125% 2/28/20306		200		167
	Ziggo BV 4.875% 1/15/20306		300		268
					629,873
	Total bonds, notes & other debt instruments (cost: $1,470,776,000)				1,423,420
Convertible bonds & notes 0.08%
U.S. dollars	Abu Dhabi National Oil Co., convertible notes, 0.70% 6/4/2024		1,200		1,173
0.08%	Total convertible bonds & notes (cost: $1,171,000)				1,173
Preferred securities 0.00%		Shares
U.S. dollars	ACR III LSC Holdings, LLC, Series B, preferred shares6,12,14		48		74
0.00%	Total preferred securities (cost: $50,000)				74
Common stocks 0.05%
U.S. dollars	Diebold Nixdorf, Inc.6,14		8,912		258
0.05%	Constellation Oil Services Holding SA, Class B-112,14		1,214,969		170
	Venator Materials PLC12,14		31,972,955		164
	Altera Infrastructure, LP12,14		1,441		133
	Party City Holdco, Inc.12,14		80		2
	Party City Holdco, Inc.6,12,14		1		—	11
	Bighorn Permian Resources, LLC12		531		—	11
	Total common stocks (cost: $1,438,000)				727
Investment funds 3.42%
	Capital Group Central Corporate Bond Fund15		6,213,739		52,692
	Total investment funds (cost: $49,062,000)				52,692

American Funds Insurance Series  233

Capital World Bond Fund (continued)

Short-term securities 13.02%		Shares		Value (000)
Money market investments 11.51%
	Capital Group Central Cash Fund 5.44%15,16		1,773,180	$	177,300

		Weighted average yield at acquisition			Principal amount (000)
Bills & notes of governments & government agencies outside the U.S. 1.51%
	Japan Treasury 2/20/2024		(0.103	)%		JPY3,277,100		23,247
	Total short-term securities (cost: $201,752,000)							200,547
	Total investment securities 108.98% (cost: $1,724,249,000)							1,678,633
	Other assets less liabilities (8.98)%							(138,292	)
	Net assets 100.00%						$	1,540,341

Futures contracts

Contracts	Type	Number of contracts		Expiration date		Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
10 Year Australian Government Bond Futures	Long		30		3/15/2024		USD2,385		$	73
3 Year Australian Government Bond Futures	Short		1		3/18/2024		(73	)		(1	)
2 Year Euro-Schatz Futures	Long		26		3/11/2024		3,058			13
2 Year U.S. Treasury Note Futures	Long		1,259		4/3/2024		259,246			2,109
5 Year Euro-Bobl Futures	Short		61		3/11/2024		(8,032	)		(20	)
5 Year U.S. Treasury Note Futures	Long		1,305		4/3/2024		141,949			3,201
10 Year Italy Government Bond Futures	Long		88		3/11/2024		11,575			365
10 Year French Government Bond Futures	Long		58		3/11/2024		8,420			294
10 Year Euro-Bund Futures	Short		89		3/11/2024		(13,482	)		(339	)
10 Year Japanese Government Bond Futures	Short		30		3/20/2024		(31,215	)		(107	)
10 Year UK Gilt Futures	Long		189		3/28/2024		24,729			1,251
10 Year Ultra U.S. Treasury Note Futures	Short		193		3/28/2024		(22,777	)		(1,021	)
10 Year U.S. Treasury Note Futures	Short		301		3/28/2024		(33,980	)		(786	)
20 Year U.S. Treasury Bond Futures	Long		39		3/28/2024		4,873			370
30 Year Euro-Buxl Futures	Long		26		3/11/2024		4,068			324
30 Year Ultra U.S. Treasury Bond Futures	Long		31		3/28/2024		4,141			176
									$	5,902

Forward currency contracts

Contract amount							Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date		at 12/31/2023 (000)
CHF	2,790	USD	3,200	Standard Chartered Bank		1/8/2024	$	121
SGD	1,400	USD	1,050	BNP Paribas		1/8/2024		11
CZK	18,000	USD	803	BNP Paribas		1/8/2024		1
PLN	18,110	EUR	4,175	Bank of New York Mellon		1/8/2024		(9	)
CZK	47,290	EUR	1,923	Citibank		1/8/2024		(10	)
USD	735	NOK	7,930	Citibank		1/8/2024		(45	)
USD	6,366	GBP	5,040	UBS AG		1/8/2024		(59	)
USD	20,322	MXN	353,363	Goldman Sachs		1/8/2024		(453	)

234  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 12/31/2023 (000)
CNH	194,180	USD	27,128	BNP Paribas		1/9/2024	$	146
CNH	19,260	USD	2,682	Citibank		1/9/2024		24
PLN	11,105	USD	2,808	JPMorgan Chase		1/9/2024		14
HUF	981,675	USD	2,817	JPMorgan Chase		1/9/2024		8
ZAR	54,000	USD	2,941	Morgan Stanley		1/9/2024		8
EUR	7,361	PLN	31,970	HSBC Bank		1/9/2024		6
DKK	46,980	EUR	6,303	Citibank		1/9/2024		(1	)
USD	2,583	ZAR	48,870	UBS AG		1/9/2024		(86	)
USD	14,529	DKK	100,190	BNP Paribas		1/9/2024		(317	)
EUR	380	USD	410	Morgan Stanley		1/11/2024		9
USD	994	GBP	790	Goldman Sachs		1/11/2024		(13	)
JPY	2,411,633	USD	16,447	HSBC Bank		1/12/2024		696
COP	13,562,304	USD	3,379	Morgan Stanley		1/12/2024		110
USD	9,836	KRW	12,642,244	Citibank		1/12/2024		77
BRL	24,165	USD	4,914	Citibank		1/12/2024		55
JPY	399,890	USD	2,810	Citibank		1/12/2024		33
COP	2,800,000	USD	689	Standard Chartered Bank		1/12/2024		31
USD	304	CLP	264,710	Morgan Stanley		1/12/2024		4
USD	10,273	IDR	158,602,850	Citibank		1/12/2024		(30	)
USD	4,434	KRW	5,846,230	Citibank		1/12/2024		(79	)
USD	8,795	BRL	43,165	Standard Chartered Bank		1/12/2024		(82	)
USD	3,347	COP	13,562,304	Morgan Stanley		1/12/2024		(142	)
ILS	4,200	USD	1,131	Citibank		1/18/2024		29
AUD	1,830	USD	1,250	Citibank		1/18/2024		(2	)
HUF	1,284,310	EUR	3,343	Goldman Sachs		1/18/2024		(2	)
USD	3,464	AUD	5,150	Goldman Sachs		1/18/2024		(49	)
USD	2,293	HUF	818,090	BNP Paribas		1/18/2024		(58	)
USD	7,302	AUD	11,120	BNP Paribas		1/18/2024		(280	)
THB	360,570	USD	10,106	Citibank		1/19/2024		398
EUR	8,610	USD	9,267	Goldman Sachs		1/19/2024		247
JPY	600,980	USD	4,131	Citibank		1/19/2024		146
JPY	849,560	USD	5,912	HSBC Bank		1/19/2024		134
MYR	2,580	USD	554	HSBC Bank		1/19/2024		10
THB	37,000	USD	1,084	Citibank		1/19/2024		(6	)
USD	936	NZD	1,530	UBS AG		1/19/2024		(32	)
USD	4,020	NZD	6,561	Standard Chartered Bank		1/19/2024		(128	)
EUR	15,550	USD	17,013	Bank of America		1/22/2024		171
CAD	11,563	USD	8,616	BNP Paribas		1/22/2024		113
EUR	7,700	USD	8,457	Standard Chartered Bank		1/22/2024		52
SEK	45,500	USD	4,467	Bank of America		1/22/2024		49
MXN	27,010	USD	1,553	JPMorgan Chase		1/22/2024		31
IDR	95,556,480	USD	6,192	UBS AG		1/22/2024		15
PLN	4,740	USD	1,198	Citibank		1/22/2024		6
PLN	20,540	EUR	4,727	UBS AG		1/22/2024		(6	)
INR	438,850	USD	5,276	HSBC Bank		1/22/2024		(9	)
USD	1,550	ZAR	28,640	UBS AG		1/22/2024		(12	)
USD	2,655	BRL	13,000	JPMorgan Chase		1/22/2024		(17	)
USD	3,352	MXN	58,010	Standard Chartered Bank		1/22/2024		(49	)
EUR	5,100	CAD	7,531	HSBC Bank		1/22/2024		(50	)
USD	6,363	BRL	31,307	Citibank		1/22/2024		(72	)
THB	262,300	USD	7,508	UBS AG		1/23/2024		135
DKK	27,100	USD	3,979	Citibank		1/23/2024		39
USD	2,816	GBP	2,210	Citibank		1/23/2024		(2	)
CNH	269,257	USD	37,868	Goldman Sachs		1/23/2024		(13	)
USD	5,551	JPY	781,000	HSBC Bank		1/26/2024		(13	)
JPY	9,051,388	USD	63,378	Morgan Stanley		2/9/2024		1,246
USD	12,322	JPY	1,828,000	JPMorgan Chase		2/9/2024		(729	)

American Funds Insurance Series  235

Capital World Bond Fund (continued)

Forward currency contracts (continued)

Contract amount							Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date		at 12/31/2023 (000)
MXN	112,690	USD	6,267	Goldman Sachs		2/14/2024	$	316
USD	25,879	JPY	3,277,100	HSBC Bank		2/16/2024		2,457
JPY	3,277,100	USD	25,661	HSBC Bank		2/16/2024		(2,239	)
USD	25,676	JPY	3,277,100	HSBC Bank		2/20/2024		2,240
USD	5,303	BRL	26,176	Bank of America		2/20/2024		(58	)
USD	4,334	BRL	21,630	Citibank		2/20/2024		(96	)
USD	5,344	BRL	26,300	Bank of America		2/29/2024		(37	)
USD	2,680	BRL	13,400	Citibank		3/7/2024		(60	)
TRY	36,550	USD	1,168	BNP Paribas		3/11/2024		(10	)
							$	3,833

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay				Notional		Value at			Upfront premium paid		Unrealized appreciation (depreciation)
Rate	Payment frequency	Rate	Payment frequency	Expiration date		amount (000)		12/31/2023 (000)			(received) (000)		at 12/31/2023 (000)
2.628%	Annual	SONIA	Annual		7/28/2024		GBP21,600	$	(390	)	$	—	$	(390	)
6.255%	28-day	28-day MXN-TIIE	28-day		5/22/2026		MXN47,800		(192	)		—		(192	)
6.19%	28-day	28-day MXN-TIIE	28-day		5/22/2026		MXN48,400		(197	)		—		(197	)
6.16%	28-day	28-day MXN-TIIE	28-day		6/9/2026		MXN58,800		(244	)		—		(244	)
6.5375%	28-day	28-day MXN-TIIE	28-day		6/17/2026		MXN14,000		(51	)		—		(51	)
6.50%	28-day	28-day MXN-TIIE	28-day		6/17/2026		MXN13,900		(52	)		—		(52	)
6.47%	28-day	28-day MXN-TIIE	28-day		6/17/2026		MXN14,200		(53	)		—		(53	)
6.55%	28-day	28-day MXN-TIIE	28-day		6/17/2026		MXN43,000		(157	)		—		(157	)
6.55%	28-day	28-day MXN-TIIE	28-day		6/18/2026		MXN14,100		(52	)		—		(52	)
6.50%	28-day	28-day MXN-TIIE	28-day		6/18/2026		MXN27,800		(104	)		—		(104	)
6.64%	28-day	28-day MXN-TIIE	28-day		6/25/2026		MXN62,600		(223	)		—		(223	)
6.633%	28-day	28-day MXN-TIIE	28-day		6/25/2026		MXN172,500		(615	)		—		(615	)
7.59%	28-day	28-day MXN-TIIE	28-day		10/29/2026		MXN28,900		(67	)		—		(67	)
7.62%	28-day	28-day MXN-TIIE	28-day		10/29/2026		MXN43,375		(99	)		—		(99	)
7.52%	28-day	28-day MXN-TIIE	28-day		10/30/2026		MXN89,445		(216	)		—		(216	)
9.40%	28-day	28-day MXN-TIIE	28-day		2/16/2028		MXN259,800		368			—		368
4.98038%	Annual	SONIA	Annual		6/21/2028		GBP15,850		1,263			—		1,263
4.96048%	Annual	SONIA	Annual		6/21/2028		GBP7,810		614			—		614
4.1239%	Annual	SONIA	Annual		12/5/2028		GBP13,165		551			—		551
SOFR	Annual	3.29015%	Annual		1/13/2030		USD11,280		131			—		131
SOFR	Annual	3.4705%	Annual		2/10/2030		USD16,910		31			—		31
SONIA	Annual	4.34948%	Annual		6/21/2033		GBP4,240		(460	)		—		(460	)
SONIA	Annual	4.36738%	Annual		6/21/2033		GBP8,600		(949	)		—		(949	)
								$	(1,163	)	$	—	$	(1,163	)

236  American Funds Insurance Series

Capital World Bond Fund (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Bilateral interest rate swaps

Receive

Pay

Notional

Value at

Upfront premium paid

Unrealized appreciation (depreciation)

Rate

Payment frequency

Rate

Payment frequency

Counterparty

Expiration date

amount (000)

12/31/2023 (000)

(received) (000)

at 12/31/2023 (000)

11.18%

At maturity

BZDIOVER

At maturity

Goldman Sachs

1/4/2027

BRL30,865

$

278

$

—

$

278

Centrally cleared credit default swaps on credit indices — sell protection

Financing rate received	Payment frequency	Reference index	Expiration date		Notional amount17 (000)		Value at 12/31/202318 (000)		Upfront premium paid (received) (000)		Unrealized appreciation (depreciation) at 12/31/2023 (000)
1.00%	Quarterly	CDX.NA.IG.41		12/20/2028		USD42,427	$	824	$	585	$	239
5.00%	Quarterly	CDX.NA.HY.41		12/20/2028		19,325		1,128		915		213
1.00%	Quarterly	ITRX.EUR.IG.40		12/20/2028		EUR32,310		696		630		66
							$	2,648	$	2,130	$	518

Investments in affiliates¹⁵

	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)		Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interest income (000)
Investment funds 3.42%
Capital Group Central Corporate Bond Fund	$	48,676	$	1,983	$	—	$	—	$	2,033		$	52,692	$	1,983
Short-term securities 11.51%
Money market investments 11.51%
Capital Group Central Cash Fund 5.44%16		167		876,837		699,695		6		(15	)		177,300		7,090
Total 14.93%							$	6	$	2,018		$	229,992	$	9,073

Restricted securities²

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)1	5/19/2020	$	5,937	$	5,563		.36	%
Goldman Sachs Group, Inc. 3.375% 3/27/2025	5/19/2020		5,585		5,511		.36
JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)1	5/19/2020		3,404		3,229		.21
Metropolitan Life Global Funding I 0.55% 6/16/2027	12/11/2023		1,957		2,030		.13
NBM US Holdings, Inc. 7.00% 5/14/2026	5/17/2023-5/19/2023		1,476		1,543		.10
Sasol Financing USA, LLC 8.75% 5/3/2029	7/18/2023		309		317		.02
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)1,12	6/23/2023		101		107		.01

American Funds Insurance Series  237

Capital World Bond Fund (continued)

Restricted securities² (continued)

	Acquisition date(s)		Cost (000)		Value (000)		Percent of net assets
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713% 9/13/20298,9		9/13/2023	$	95	$	95		.00	%19
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61% 9/13/20298,9		9/13/2023-12/13/2023		3		3		.00	19
Total			$	18,867	$	18,398		1.19	%

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 $18,398,000, which represented 1.19% 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  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 $109,560,000, which represented 7.11% of the net assets of the fund.

⁷  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.

⁸  Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,802,000, 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  Purchased on a TBA basis.

¹¹  Amount less than one thousand.

¹²  Value determined using significant unobservable inputs.

¹³  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $12,774,000, which represented .83% of the net assets of the fund.

¹⁴  Security did not produce income during the last 12 months.

¹⁵  Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

¹⁶  Rate represents the seven-day yield at 12/31/2023.

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.

¹⁹  Amount less than .01%.

Key to abbreviation(s)

Assn. = Association

AUD = Australian dollars

BRL = Brazilian reais

BZDIOVER = Overnight Brazilian Interbank Deposit Rate

CAD = Canadian dollars

CHF = Swiss francs

CLP = Chilean pesos

CME = CME Group

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

CZK = Czech korunas

DAC = Designated Activity Company

DKK = Danish kroner

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

GBP = British pounds

HUF = Hungarian forints

ICE = Intercontinental Exchange, Inc.

IDR = Indonesian rupiah

ILS = Israeli shekels

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

NZD = New Zealand dollars

PIK = Payment In Kind

PLN = Polish zloty

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

RON = Romanian leu

SEK = Swedish kronor

SGD = Singapore dollars

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

THB = Thai baht

TIIE = Equilibrium Interbank Interest Rate

TRY = Turkish lira

UAH = Ukrainian hryvnia

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

238  American Funds Insurance Series

American High-Income Trust

Investment portfolio December 31, 2023

Bonds, notes & other debt instruments 88.89%		Principal amount (000)		Value (000)
Corporate bonds, notes & loans 88.47%
Energy	Aethon United BR, LP 8.25% 2/15/20261		USD435	$	438
15.14%	Antero Midstream Partners, LP 5.375% 6/15/20291		570		549
	Antero Resources Corp. 7.625% 2/1/20291		244		251
	Antero Resources Corp. 5.375% 3/1/20301		130		125
	Ascent Resources Utica Holdings, LLC 7.00% 11/1/20261		2,040		2,056
	Ascent Resources Utica Holdings, LLC 9.00% 11/1/20271		170		214
	Ascent Resources Utica Holdings, LLC 8.25% 12/31/20281		271		273
	Ascent Resources Utica Holdings, LLC 5.875% 6/30/20291		1,385		1,290
	BIP-V Chinook Holdco, LLC 5.50% 6/15/20311		1,210		1,148
	Blue Racer Midstream, LLC 7.625% 12/15/20251		496		503
	Borr IHC, Ltd. 10.00% 11/15/20281		1,970		2,059
	Borr IHC, Ltd. 10.375% 11/15/20301		545		564
	California Resources Corp. 7.125% 2/1/20261		390		396
	Callon Petroleum Co. 7.50% 6/15/20301		1,665		1,681
	Cheniere Energy Partners, LP 4.50% 10/1/2029		58		56
	Cheniere Energy, Inc. 4.625% 10/15/2028		1,041		1,017
	Chesapeake Energy Corp. 5.50% 2/1/20261		790		784
	Chesapeake Energy Corp. 5.875% 2/1/20291		2,055		2,016
	Chesapeake Energy Corp. 6.75% 4/15/20291		755		763
	Chord Energy Corp. 6.375% 6/1/20261		190		190
	CITGO Petroleum Corp. 6.375% 6/15/20261		375		374
	CITGO Petroleum Corp. 8.375% 1/15/20291		1,410		1,451
	Civitas Resources, Inc. 5.00% 10/15/20261		905		879
	Civitas Resources, Inc. 8.375% 7/1/20281		530		554
	Civitas Resources, Inc. 8.625% 11/1/20301		730		775
	Civitas Resources, Inc. 8.75% 7/1/20311		2,987		3,184
	CNX Midstream Partners, LP 4.75% 4/15/20301		280		252
	CNX Resources Corp. 7.25% 3/14/20271		1,168		1,180
	CNX Resources Corp. 6.00% 1/15/20291		1,804		1,732
	CNX Resources Corp. 7.375% 1/15/20311		911		918
	Comstock Resources, Inc. 6.75% 3/1/20291		805		737
	Comstock Resources, Inc. 5.875% 1/15/20301		1,130		982
	Constellation Oil Services Holding SA 3.00% Cash 12/31/20262		3,201		2,328
	Continental Resources, Inc. 5.75% 1/15/20311		365		364
	Crescent Energy Finance, LLC 7.25% 5/1/20261		500		504
	Crescent Energy Finance, LLC 9.25% 2/15/20281		1,498		1,555
	Devon Energy Corp. 5.875% 6/15/2028		202		204
	Devon Energy Corp. 4.50% 1/15/2030		493		474
	DT Midstream, Inc. 4.125% 6/15/20291		1,408		1,297
	DT Midstream, Inc. 4.375% 6/15/20311		307		277
	Encino Acquisition Partners Holdings, LLC 8.50% 5/1/20281		250		247
	Energean Israel Finance, Ltd. 5.875% 3/30/20311		1,025		868
	Energy Transfer, LP 6.00% 2/1/20291		55		56
	Energy Transfer, LP 8.00% 4/1/20291		1,295		1,348
	EQM Midstream Partners, LP 4.125% 12/1/2026		87		84
	EQM Midstream Partners, LP 7.50% 6/1/20271		270		278
	EQM Midstream Partners, LP 6.50% 7/1/20271		1,910		1,946
	EQM Midstream Partners, LP 5.50% 7/15/2028		881		873
	EQM Midstream Partners, LP 4.50% 1/15/20291		835		790
	EQM Midstream Partners, LP 7.50% 6/1/20301		338		364
	EQM Midstream Partners, LP 4.75% 1/15/20311		1,690		1,575
	EQM Midstream Partners, LP 6.50% 7/15/2048		1,115		1,144
	EQT Corp. 5.00% 1/15/2029		170		169
	EQT Corp. 3.625% 5/15/20311		290		259
	Genesis Energy, LP 6.25% 5/15/2026		320		320
	Genesis Energy, LP 8.00% 1/15/2027		3,115		3,169
	Genesis Energy, LP 7.75% 2/1/2028		87		87
	Genesis Energy, LP 8.25% 1/15/2029		1,480		1,524
	Genesis Energy, LP 8.875% 4/15/2030		1,110		1,149
	Harbour Energy PLC 5.50% 10/15/20261		1,545		1,512
	Harvest Midstream I, LP 7.50% 9/1/20281		1,717		1,709

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)
Energy	Hess Midstream Operations, LP 5.125% 6/15/20281		USD156	$	151
(continued)	Hess Midstream Operations, LP 4.25% 2/15/20301		1,430		1,317
	Hess Midstream Operations, LP 5.50% 10/15/20301		400		388
	Hilcorp Energy I, LP 6.25% 11/1/20281		145		145
	Hilcorp Energy I, LP 5.75% 2/1/20291		985		952
	Hilcorp Energy I, LP 6.00% 4/15/20301		922		895
	Hilcorp Energy I, LP 6.00% 2/1/20311		938		908
	Hilcorp Energy I, LP 6.25% 4/15/20321		935		901
	Hilcorp Energy I, LP 8.375% 11/1/20331		2,238		2,374
	Jonah Energy, LLC 12.00% 11/5/20253		852		852
	Matador Resources Co. 6.875% 4/15/20281		425		431
	Mesquite Energy, Inc. 7.25% 2/15/20231,4		739		59
	Murphy Oil Corp. 6.375% 7/15/2028		243		244
	Murphy Oil USA, Inc. 3.75% 2/15/20311		820		715
	Nabors Industries, Inc. 7.375% 5/15/20271		1,615		1,584
	Nabors Industries, Inc. 9.125% 1/31/20301		1,275		1,281
	Nabors Industries, Ltd. 7.25% 1/15/20261		350		337
	Neptune Energy Bondco PLC 6.625% 5/15/20251		1,250		1,240
	New Fortress Energy, Inc. 6.75% 9/15/20251		1,720		1,708
	New Fortress Energy, Inc. 6.50% 9/30/20261		5,155		4,956
	New Fortress Energy, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 10.39% 10/30/20285,6		270		267
	NGL Energy Operating, LLC 7.50% 2/1/20261		8,280		8,369
	NGL Energy Partners, LP 6.125% 3/1/2025		1,964		1,962
	NGL Energy Partners, LP 7.50% 4/15/2026		875		871
	Noble Finance II, LLC 8.00% 4/15/20301		485		505
	Northern Oil and Gas, Inc. 8.125% 3/1/20281		1,985		2,012
	Northern Oil and Gas, Inc. 8.75% 6/15/20311		1,215		1,267
	NuStar Logistics, LP 6.00% 6/1/2026		286		286
	Occidental Petroleum Corp. 6.625% 9/1/2030		390		415
	Occidental Petroleum Corp. 6.125% 1/1/2031		465		483
	Occidental Petroleum Corp. 6.45% 9/15/2036		245		260
	Occidental Petroleum Corp. 6.20% 3/15/2040		290		300
	Occidental Petroleum Corp. 6.60% 3/15/2046		305		331
	Parkland Corp. 4.625% 5/1/20301		440		405
	PDC Energy, Inc. 5.75% 5/15/2026		600		599
	Permian Resources Operating, LLC 6.875% 4/1/20271		455		455
	Permian Resources Operating, LLC 8.00% 4/15/20271		58		60
	Permian Resources Operating, LLC 9.875% 7/15/20311		1,030		1,146
	Permian Resources Operating, LLC 7.00% 1/15/20321		395		408
	Petroleos Mexicanos 4.875% 1/18/2024		223		223
	Petroleos Mexicanos 6.875% 10/16/2025		350		345
	Petroleos Mexicanos 8.75% 6/2/2029		732		712
	Petrorio Luxembourg SARL 6.125% 6/9/20261		320		314
	Range Resources Corp. 4.875% 5/15/2025		362		358
	Range Resources Corp. 8.25% 1/15/2029		825		855
	Range Resources Corp. 4.75% 2/15/20301		970		898
	Rockies Express Pipeline, LLC 4.95% 7/15/20291		375		359
	Seadrill Finance, Ltd. 8.375% 8/1/20301		930		971
	Sitio Royalties Operating Partnership, LP 7.875% 11/1/20281		350		363
	Southwestern Energy Co. 5.375% 3/15/2030		1,690		1,652
	Southwestern Energy Co. 4.75% 2/1/2032		570		528
	Suburban Propane Partners, LP 5.00% 6/1/20311		335		304
	Sunoco, LP 6.00% 4/15/2027		547		549
	Sunoco, LP 5.875% 3/15/2028		290		290
	Sunoco, LP 7.00% 9/15/20281		1,645		1,698
	Sunoco, LP 4.50% 5/15/2029		1,970		1,832
	Sunoco, LP 4.50% 4/30/2030		1,955		1,812
	Tallgrass Energy Partners, LP 7.50% 10/1/20251		85		85
	Targa Resources Partners, LP 6.50% 7/15/2027		133		135
	Targa Resources Partners, LP 6.875% 1/15/2029		915		946

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)
Energy	Targa Resources Partners, LP 5.50% 3/1/2030		USD327	$	327
(continued)	Targa Resources Partners, LP 4.875% 2/1/2031		695		676
	Transocean Aquila, Ltd. 8.00% 9/30/20281		575		584
	Transocean Poseidon, Ltd. 6.875% 2/1/20271		527		525
	Transocean Titan Financing, Ltd. 8.375% 2/1/20281		1,032		1,071
	Transocean, Inc. 11.50% 1/30/20271		245		256
	Transocean, Inc. 8.75% 2/15/20301		503		525
	Transocean, Inc. 6.80% 3/15/2038		540		434
	USA Compression Partners, LP 6.875% 4/1/2026		646		644
	USA Compression Partners, LP 6.875% 9/1/2027		247		244
	Valaris, Ltd. 8.375% 4/30/20301		450		461
	Venture Global Calcasieu Pass, LLC 6.25% 1/15/20301		195		194
	Venture Global Calcasieu Pass, LLC 4.125% 8/15/20311		2,250		1,985
	Venture Global Calcasieu Pass, LLC 3.875% 11/1/20331		1,690		1,434
	Venture Global LNG, Inc. 8.125% 6/1/20281		710		718
	Venture Global LNG, Inc. 9.50% 2/1/20291		405		429
	Venture Global LNG, Inc. 8.375% 6/1/20311		1,000		1,001
	Vital Energy, Inc. 10.125% 1/15/2028		250		257
	Vital Energy, Inc. 9.75% 10/15/2030		555		576
	W&T Offshore, Inc. 11.75% 2/1/20261		355		365
	Weatherford International, Ltd. 6.50% 9/15/20281		1,486		1,539
	Weatherford International, Ltd. 8.625% 4/30/20301		3,721		3,888
	Western Midstream Operating, LP 3.10% 2/1/20257		450		438
	Western Midstream Operating, LP 3.95% 6/1/2025		65		63
	Western Midstream Operating, LP 4.50% 3/1/2028		239		231
	Western Midstream Operating, LP 5.25% 2/1/20507		545		489
					132,287
Consumer	Acushnet Co. 7.375% 10/15/20281		470		491
discretionary	Advance Auto Parts, Inc. 1.75% 10/1/2027		199		171
11.71%	Advance Auto Parts, Inc. 5.95% 3/9/2028		345		344
	Advance Auto Parts, Inc. 3.90% 4/15/2030		1,076		966
	Advance Auto Parts, Inc. 3.50% 3/15/2032		593		491
	Allied Universal Holdco, LLC 6.625% 7/15/20261		8		8
	Allied Universal Holdco, LLC 9.75% 7/15/20271		731		717
	Allied Universal Holdco, LLC 4.625% 6/1/20281		1,190		1,083
	Allied Universal Holdco, LLC 6.00% 6/1/20291		1,310		1,069
	Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/20291		904		924
	Asbury Automotive Group, Inc. 4.625% 11/15/20291		1,545		1,432
	Asbury Automotive Group, Inc. 5.00% 2/15/20321		1,310		1,192
	Atlas LuxCo 4 SARL 4.625% 6/1/20281		280		256
	Bath & Body Works, Inc. 6.875% 11/1/2035		1,306		1,324
	Bath & Body Works, Inc. 6.75% 7/1/2036		875		882
	Boyd Gaming Corp. 4.75% 12/1/2027		441		425
	Boyd Gaming Corp. 4.75% 6/15/20311		345		317
	Boyne USA, Inc. 4.75% 5/15/20291		650		612
	Caesars Entertainment, Inc. 6.25% 7/1/20251		1,085		1,089
	Caesars Entertainment, Inc. 4.625% 10/15/20291		499		451
	Caesars Entertainment, Inc. 7.00% 2/15/20301		1,065		1,093
	Caesars Resort Collection, LLC 5.75% 7/1/20251		345		345
	Carnival Corp. 5.75% 3/1/20271		1,445		1,411
	Carnival Corp. 4.00% 8/1/20281		3,425		3,187
	Carnival Corp. 6.00% 5/1/20291		4,636		4,464
	Carnival Corp. 7.00% 8/15/20291		635		663
	Carnival Corp. 10.50% 6/1/20301		1,564		1,712
	Carvana Co. 12.00% PIK 12/1/20281,2		125		106
	Clarios Global, LP 6.25% 5/15/20261		140		140
	Clarios Global, LP 8.50% 5/15/20271		315		317
	Dana, Inc. 4.50% 2/15/2032		120		105

American Funds Insurance Series  241

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer	Everi Holdings, Inc. 5.00% 7/15/20291		USD95	$	86
discretionary	Fertitta Entertainment, LLC 4.625% 1/15/20291		1,405		1,276
(continued)	Fertitta Entertainment, LLC 6.75% 1/15/20301		3,870		3,402
	First Student Bidco, Inc. 4.00% 7/31/20291		1,365		1,185
	First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.00%) 8.61% 7/21/20285,6		218		217
	Ford Motor Co. 3.25% 2/12/2032		210		175
	Ford Motor Co. 6.10% 8/19/2032		600		605
	Ford Motor Credit Co., LLC 2.30% 2/10/2025		280		269
	Ford Motor Credit Co., LLC 3.375% 11/13/2025		665		637
	Ford Motor Credit Co., LLC 6.95% 6/10/2026		1,319		1,354
	Ford Motor Credit Co., LLC 4.542% 8/1/2026		660		639
	Ford Motor Credit Co., LLC 2.70% 8/10/2026		390		361
	Ford Motor Credit Co., LLC 4.271% 1/9/2027		900		864
	Ford Motor Credit Co., LLC 4.125% 8/17/2027		200		190
	Ford Motor Credit Co., LLC 3.815% 11/2/2027		880		822
	Ford Motor Credit Co., LLC 2.90% 2/16/2028		300		270
	Ford Motor Credit Co., LLC 6.80% 5/12/2028		330		345
	Ford Motor Credit Co., LLC 5.113% 5/3/2029		300		292
	Ford Motor Credit Co., LLC 7.20% 6/10/2030		700		746
	Ford Motor Credit Co., LLC 4.00% 11/13/2030		770		691
	Ford Motor Credit Co., LLC 7.122% 11/7/2033		815		879
	Gap, Inc. 3.625% 10/1/20291		170		146
	Gap, Inc. 3.875% 10/1/20311		108		89
	Group 1 Automotive, Inc. 4.00% 8/15/20281		380		353
	Hanesbrands, Inc. 4.875% 5/15/20261		714		689
	Hanesbrands, Inc. 9.00% 2/15/20311		1,375		1,349
	Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 9.106% 3/8/20305,6		990		990
	Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030		408		396
	Hilton Domestic Operating Co., Inc. 4.00% 5/1/20311		1,045		958
	Hilton Grand Vacations Borrower, LLC 5.00% 6/1/20291		591		546
	Hyundai Capital America 1.65% 9/17/20261		70		64
	International Game Technology PLC 6.50% 2/15/20251		201		201
	International Game Technology PLC 4.125% 4/15/20261		465		452
	International Game Technology PLC 5.25% 1/15/20291		2,620		2,567
	KB Home 6.875% 6/15/2027		330		343
	KB Home 7.25% 7/15/2030		330		342
	Kontoor Brands, Inc. 4.125% 11/15/20291		370		335
	LCM Investments Holdings II, LLC 4.875% 5/1/20291		4,735		4,404
	LCM Investments Holdings II, LLC 8.25% 8/1/20311		1,835		1,917
	Levi Strauss & Co. 3.50% 3/1/20311		830		720
	LGI Homes, Inc. 8.75% 12/15/20281		445		474
	Light and Wonder International, Inc. 7.00% 5/15/20281		735		743
	Light and Wonder International, Inc. 7.25% 11/15/20291		960		984
	Light and Wonder International, Inc. 7.50% 9/1/20311		445		464
	Lindblad Expeditions, LLC 6.75% 2/15/20271		205		204
	Lithia Motors, Inc. 3.875% 6/1/20291		1,090		986
	Lithia Motors, Inc. 4.375% 1/15/20311		830		755
	M.D.C. Holdings, Inc. 6.00% 1/15/2043		573		534
	Marriott Ownership Resorts, Inc. 4.50% 6/15/20291		1,370		1,209
	Melco Resorts Finance, Ltd. 5.75% 7/21/20281		595		552
	Merlin Entertainments PLC 5.75% 6/15/20261		492		487
	MGM Resorts International 5.50% 4/15/2027		200		199
	Motel 6 Operating, LP, Term Loan B, (3-month USD CME Term SOFR + 5.00%) 10.465% 9/9/20265,6		227		227
	NCL Corp., Ltd. 3.625% 12/15/20241		300		292
	NCL Corp., Ltd. 5.875% 3/15/20261		405		396
	NCL Corp., Ltd. 5.875% 2/15/20271		830		823
	NCL Corp., Ltd. 7.75% 2/15/20291		360		363
	Neiman Marcus Group, Ltd., LLC 7.125% 4/1/20261		1,650		1,587

242  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	Ontario Gaming GTA, LP, Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.598% 8/1/20305,6		USD425	$	427
(continued)	Party City Holdings, Inc. 0% 10/12/20283		500		—	8
	Party City Holdings, Inc. 12.00% PIK or 12.00% Cash 1/11/20291,2		2,206		2,156
	PENN Entertainment, Inc. 5.625% 1/15/20271		660		640
	PENN Entertainment, Inc. 4.125% 7/1/20291		15		13
	Premier Entertainment Sub, LLC 5.625% 9/1/20291		200		160
	QVC, Inc. 4.85% 4/1/2024		1,935		1,917
	QVC, Inc. 4.45% 2/15/2025		580		545
	Raising Canes Restaurants, LLC 9.375% 5/1/20291		335		358
	Resorts World Las Vegas, LLC 4.625% 4/16/20299		300		262
	RHP Hotel Properties, LP 7.25% 7/15/20281		492		512
	Royal Caribbean Cruises, Ltd. 4.25% 7/1/20261		1,090		1,053
	Royal Caribbean Cruises, Ltd. 5.50% 8/31/20261		715		708
	Royal Caribbean Cruises, Ltd. 5.375% 7/15/20271		1,365		1,352
	Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028		1,700		1,569
	Royal Caribbean Cruises, Ltd. 5.50% 4/1/20281		795		785
	Royal Caribbean Cruises, Ltd. 8.25% 1/15/20291		1,775		1,887
	Royal Caribbean Cruises, Ltd. 9.25% 1/15/20291		1,010		1,087
	Royal Caribbean Cruises, Ltd. 7.25% 1/15/20301		553		578
	Sally Holdings, LLC 5.625% 12/1/2025		935		936
	Scientific Games Holdings, LP 6.625% 3/1/20301		805		762
	Scientific Games Holdings, LP, Term Loan B, (3-month USD CME Term SOFR + 3.50%) 8.914% 4/4/20295,6		499		499
	Service Corp. International 4.00% 5/15/2031		170		152
	Sonic Automotive, Inc. 4.625% 11/15/20291		1,735		1,581
	Sonic Automotive, Inc. 4.875% 11/15/20311		2,525		2,253
	Tempur Sealy International, Inc. 4.00% 4/15/20291		95		86
	Travel + Leisure Co. 4.50% 12/1/20291		490		439
	Universal Entertainment Corp. 8.75% 12/11/20241		3,510		3,778
	Vail Resorts, Inc. 6.25% 5/15/20251		367		366
	Valvoline, Inc. 4.25% 2/15/20301		353		351
	Valvoline, Inc. 3.625% 6/15/20311		600		513
	WASH Multifamily Acquisition, Inc. 5.75% 4/15/20261		1,245		1,199
	Wyndham Hotels & Resorts, Inc. 4.375% 8/15/20281		910		852
	Wynn Resorts Finance, LLC 5.125% 10/1/20291		482		455
	Wynn Resorts Finance, LLC 7.125% 2/15/20311		247		258
	ZF North America Capital, Inc. 4.75% 4/29/20251		300		297
	ZF North America Capital, Inc. 7.125% 4/14/20301		250		267
					102,285
Communication	Altice France Holding SA 10.50% 5/15/20271		880		571
services	Altice France SA 5.125% 7/15/20291		1,677		1,307
11.47%	CCO Holdings, LLC 5.50% 5/1/20261		102		101
	CCO Holdings, LLC 5.00% 2/1/20281		786		753
	CCO Holdings, LLC 5.375% 6/1/20291		360		340
	CCO Holdings, LLC 6.375% 9/1/20291		300		296
	CCO Holdings, LLC 4.75% 3/1/20301		3,521		3,222
	CCO Holdings, LLC 4.50% 8/15/20301		3,029		2,735
	CCO Holdings, LLC 4.25% 2/1/20311		3,093		2,707
	CCO Holdings, LLC 4.75% 2/1/20321		2,504		2,211
	CCO Holdings, LLC 4.50% 5/1/2032		878		753
	CCO Holdings, LLC 4.50% 6/1/20331		1,543		1,308
	CCO Holdings, LLC 4.25% 1/15/20341		2,321		1,889
	Charter Communications Operating, LLC 5.25% 4/1/2053		400		336
	Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/20281		570		492
	Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/20291		315		262
	Cogent Communications Group, Inc. 3.50% 5/1/20261		690		661
	Connect Finco SARL 6.75% 10/1/20261		1,100		1,094

American Funds Insurance Series  243

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication	Consolidated Communications, Inc. 5.00% 10/1/20281		USD225	$	185
services	CSC Holdings, LLC 6.50% 2/1/20291		600		530
(continued)	Diamond Sports Group, LLC 5.375% 8/15/20261,4		503		26
	Diamond Sports Group, LLC 6.625% 8/15/20271,4		1,056		55
	DIRECTV Financing, LLC 5.875% 8/15/20271		3,021		2,841
	DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 10.65% 8/2/20275,6		1,487		1,493
	DISH DBS Corp. 5.875% 11/15/2024		7,815		7,335
	DISH DBS Corp. 7.75% 7/1/2026		1,365		952
	DISH Network Corp. 11.75% 11/15/20271		5,840		6,101
	Embarq Corp. 7.995% 6/1/2036		3,624		2,269
	Frontier Communications Holdings, LLC 5.875% 10/15/20271		985		952
	Frontier Communications Holdings, LLC 5.00% 5/1/20281		2,960		2,738
	Frontier Communications Holdings, LLC 6.75% 5/1/20291		3,070		2,748
	Frontier Communications Holdings, LLC 5.875% 11/1/2029		725		614
	Frontier Communications Holdings, LLC 6.00% 1/15/20301		750		641
	Frontier Communications Holdings, LLC 8.75% 5/15/20301		710		731
	Frontier Communications Holdings, LLC 8.625% 3/15/20311		185		189
	Gray Escrow II, Inc. 5.375% 11/15/20311		2,240		1,693
	Gray Television, Inc. 5.875% 7/15/20261		1,988		1,936
	Gray Television, Inc. 7.00% 5/15/20271		1,873		1,782
	Gray Television, Inc. 4.75% 10/15/20301		717		541
	iHeartCommunications, Inc. 5.25% 8/15/20271		640		509
	iHeartCommunications, Inc. 4.75% 1/15/20281		250		193
	Intelsat Jackson Holdings SA 6.50% 3/15/20301		645		616
	Lamar Media Corp. 3.75% 2/15/2028		61		57
	Lamar Media Corp. 4.875% 1/15/2029		300		291
	Lamar Media Corp. 4.00% 2/15/2030		260		239
	Lamar Media Corp. 3.625% 1/15/2031		160		142
	Level 3 Financing, Inc. 3.75% 7/15/20291		550		234
	Ligado Networks, LLC 15.50% PIK 11/11/20231,2,4		2,558		489
	Ligado Networks, LLC, Term Loan, 17.50% PIK 11/11/20232,3,4,5		281		267
	Likewize Corp. 9.75% 10/15/20251		140		142
	Midas OpCo Holdings, LLC 5.625% 8/15/20291		2,880		2,652
	News Corp. 3.875% 5/15/20291		1,495		1,376
	Nexstar Media, Inc. 5.625% 7/15/20271		324		314
	Nexstar Media, Inc. 4.75% 11/1/20281		3,355		3,094
	Scripps Escrow II, Inc. 3.875% 1/15/20291		680		602
	Sirius XM Radio, Inc. 3.125% 9/1/20261		2,080		1,956
	Sirius XM Radio, Inc. 4.00% 7/15/20281		2,885		2,670
	Sirius XM Radio, Inc. 5.50% 7/1/20291		95		92
	Sirius XM Radio, Inc. 4.125% 7/1/20301		1,322		1,180
	Sirius XM Radio, Inc. 3.875% 9/1/20311		3,433		2,941
	Sprint Capital Corp. 6.875% 11/15/2028		316		343
	Sprint Capital Corp. 8.75% 3/15/2032		716		885
	Sprint, LLC 7.625% 3/1/2026		480		502
	TEGNA, Inc. 5.00% 9/15/2029		366		336
	T-Mobile USA, Inc. 3.375% 4/15/2029		860		800
	Univision Communications, Inc. 5.125% 2/15/20251		740		738
	Univision Communications, Inc. 6.625% 6/1/20271		3,335		3,328
	Univision Communications, Inc. 8.00% 8/15/20281		2,235		2,307
	Univision Communications, Inc. 4.50% 5/1/20291		5,262		4,701
	Univision Communications, Inc. 7.375% 6/30/20301		2,235		2,231
	Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 9.598% 6/24/20295,6		69		69
	UPC Broadband Finco BV 4.875% 7/15/20311		430		379
	Virgin Media Secured Finance PLC 4.50% 8/15/20301		590		526
	VMED O2 UK Financing I PLC 4.25% 1/31/20311		2,375		2,077
	VZ Secured Financing BV 5.00% 1/15/20321		600		513
	WMG Acquisition Corp. 3.75% 12/1/20291		1,450		1,322

244  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)
Communication	WMG Acquisition Corp. 3.875% 7/15/20301		USD580	$	525
services	WMG Acquisition Corp. 3.00% 2/15/20311		225		193
(continued)	Ziggo BV 4.875% 1/15/20301		1,150		1,027
					100,248
Materials	Alcoa Nederland Holding BV 5.50% 12/15/20271		510		498
8.89%	ArcelorMittal SA 6.80% 11/29/2032		315		341
	ArcelorMittal SA 7.00% 10/15/2039		488		529
	ArcelorMittal SA 6.75% 3/1/2041		755		801
	ARD Finance SA 6.50% Cash 6/30/20271,2		422		198
	Ardagh Metal Packaging Finance PLC 4.00% 9/1/20291		1,290		1,094
	Ardagh Packaging Finance PLC 5.25% 8/15/20271		700		545
	Arsenal AIC Parent, LLC 8.00% 10/1/20301		355		371
	Arsenal AIC Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.856% 8/18/20305,6		354		356
	ATI, Inc. 4.875% 10/1/2029		690		644
	ATI, Inc. 7.25% 8/15/2030		375		391
	ATI, Inc. 5.125% 10/1/2031		1,110		1,031
	Avient Corp. 7.125% 8/1/20301		335		349
	Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/20311		240		252
	Axalta Coating Systems, LLC 4.75% 6/15/20271		460		447
	Ball Corp. 6.875% 3/15/2028		465		483
	Ball Corp. 6.00% 6/15/2029		350		358
	Ball Corp. 2.875% 8/15/2030		160		137
	Ball Corp. 3.125% 9/15/2031		1,320		1,140
	CAN-PACK Spolka Akcyjna 3.875% 11/15/20291		1,300		1,116
	Cleveland-Cliffs, Inc. 6.75% 3/15/20261		372		374
	Cleveland-Cliffs, Inc. 7.00% 3/15/2027		297		298
	Cleveland-Cliffs, Inc. 5.875% 6/1/2027		2,563		2,557
	Cleveland-Cliffs, Inc. 4.625% 3/1/20291		1,906		1,771
	Cleveland-Cliffs, Inc. 6.75% 4/15/20301		550		558
	Cleveland-Cliffs, Inc. 4.875% 3/1/20311		2,240		2,028
	Consolidated Energy Finance SA 5.625% 10/15/20281		355		301
	CSN Resources SA 8.875% 12/5/20301		400		417
	CVR Partners, LP 6.125% 6/15/20281		1,480		1,382
	Element Solutions, Inc. 3.875% 9/1/20281		410		378
	First Quantum Minerals, Ltd. 7.50% 4/1/20251		3,283		3,133
	First Quantum Minerals, Ltd. 6.875% 3/1/20261		3,061		2,744
	First Quantum Minerals, Ltd. 6.875% 10/15/20271		6,525		5,554
	First Quantum Minerals, Ltd. 8.625% 6/1/20311		400		340
	Freeport-McMoRan, Inc. 4.25% 3/1/2030		437		411
	Freeport-McMoRan, Inc. 5.45% 3/15/2043		411		401
	FXI Holdings, Inc. 12.25% 11/15/20261		9,072		8,097
	FXI Holdings, Inc. 12.25% 11/15/20261		5,873		5,271
	INEOS Finance PLC 6.75% 5/15/20281		500		492
	Kaiser Aluminum Corp. 4.625% 3/1/20281		638		591
	LABL, Inc. 10.50% 7/15/20271		655		629
	LABL, Inc. 5.875% 11/1/20281		730		663
	LABL, Inc. 9.50% 11/1/20281		162		164
	LABL, Inc. 8.25% 11/1/20291		715		604
	LSB Industries, Inc. 6.25% 10/15/20281		2,145		2,037
	Mauser Packaging Solutions Holding Co. 7.875% 8/15/20261		382		389
	Mauser Packaging Solutions Holding Co. 9.25% 4/15/20271		625		614
	Methanex Corp. 5.125% 10/15/2027		2,710		2,650
	Methanex Corp. 5.25% 12/15/2029		462		445
	Methanex Corp. 5.65% 12/1/2044		465		407
	Mineral Resources, Ltd. 8.125% 5/1/20271		138		140
	Mineral Resources, Ltd. 8.00% 11/1/20271		1,674		1,719
	Mineral Resources, Ltd. 9.25% 10/1/20281		1,960		2,087

American Funds Insurance Series  245

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials	Mineral Resources, Ltd. 8.50% 5/1/20301		USD630	$	658
(continued)	NOVA Chemicals Corp. 4.875% 6/1/20241		760		754
	NOVA Chemicals Corp. 5.25% 6/1/20271		1,431		1,343
	NOVA Chemicals Corp. 8.50% 11/15/20281		630		661
	NOVA Chemicals Corp. 4.25% 5/15/20291		1,555		1,311
	Novelis Corp. 3.25% 11/15/20261		690		650
	Novelis Corp. 4.75% 1/30/20301		478		450
	Novelis Corp. 3.875% 8/15/20311		987		871
	Olin Corp. 5.625% 8/1/2029		200		197
	Olin Corp. 5.00% 2/1/2030		180		172
	Olympus Water US Holding Corp. 9.75% 11/15/20281		1,225		1,302
	Owens-Brockway Glass Container, Inc. 6.375% 8/15/20251		265		267
	Rain Carbon, Inc. 12.25% 9/1/20291		128		125
	SCIH Salt Holdings, Inc. 4.875% 5/1/20281		660		618
	SCIH Salt Holdings, Inc. 6.625% 5/1/20291		1,085		1,014
	Scotts Miracle-Gro Co. 4.50% 10/15/2029		184		164
	Scotts Miracle-Gro Co. 4.375% 2/1/2032		415		351
	Smyrna Ready Mix Concrete, LLC 8.875% 11/15/20311		275		289
	Summit Materials, LLC 6.50% 3/15/20271		360		360
	Summit Materials, LLC 5.25% 1/15/20291		755		731
	Summit Materials, LLC 7.25% 1/15/20311		385		406
	Trident TPI Holdings, Inc. 12.75% 12/31/20281		470		503
	Trivium Packaging Finance BV 5.50% 8/15/20261		330		324
	Trivium Packaging Finance BV 8.50% 8/15/20271		1,113		1,093
	Tronox, Inc. 4.625% 3/15/20291		1,090		966
	Venator Finance SARL, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 7.43% Cash 10/10/20282,5,6		793		792
	Warrior Met Coal, Inc. 7.875% 12/1/20281		623		621
					77,720
Health care	AdaptHealth, LLC 6.125% 8/1/20281		535		462
8.63%	AdaptHealth, LLC 4.625% 8/1/20291		985		761
	AdaptHealth, LLC 5.125% 3/1/20301		1,105		863
	AthenaHealth Group, Inc. 6.50% 2/15/20301		640		581
	Avantor Funding, Inc. 4.625% 7/15/20281		1,930		1,867
	Bausch + Lomb Corp., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.71% 5/10/20275,6		454		450
	Bausch Health Americas, Inc. 9.25% 4/1/20261		809		741
	Bausch Health Americas, Inc. 8.50% 1/31/20271		501		276
	Bausch Health Companies, Inc. 5.50% 11/1/20251		4,520		4,139
	Bausch Health Companies, Inc. 9.00% 12/15/20251		1,256		1,175
	Bausch Health Companies, Inc. 6.125% 2/1/20271		245		166
	Bausch Health Companies, Inc. 5.75% 8/15/20271		1,095		707
	Bausch Health Companies, Inc. 5.00% 1/30/20281		982		446
	Bausch Health Companies, Inc. 4.875% 6/1/20281		3,390		2,046
	Bausch Health Companies, Inc. 7.25% 5/30/20291		340		156
	Bausch Health Companies, Inc. 5.25% 1/30/20301		1,732		800
	Bausch Health Companies, Inc. 5.25% 2/15/20311		3,682		1,608
	Bausch Health Companies, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.706% 2/1/20275,6		360		295
	Catalent Pharma Solutions, Inc. 5.00% 7/15/20271		290		280
	Catalent Pharma Solutions, Inc. 3.125% 2/15/20291		340		298
	Catalent Pharma Solutions, Inc. 3.50% 4/1/20301		1,248		1,087
	Catalent Pharma Solutions, Inc., Term Loan B4, (1-month USD CME Term SOFR + 3.50%) 8.36% 2/22/20285,6		332		332
	Centene Corp. 4.25% 12/15/2027		344		332
	Centene Corp. 2.45% 7/15/2028		595		530
	Centene Corp. 4.625% 12/15/2029		1,785		1,714
	Centene Corp. 3.375% 2/15/2030		217		195

246  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	Centene Corp. 3.00% 10/15/2030		USD295	$	256
(continued)	Centene Corp. 2.50% 3/1/2031		1,125		939
	Centene Corp. 2.625% 8/1/2031		825		685
	Charles River Laboratories International, Inc. 4.25% 5/1/20281		186		177
	Charles River Laboratories International, Inc. 3.75% 3/15/20291		680		623
	CHS / Community Health Systems, Inc. 5.625% 3/15/20271		1,140		1,061
	CHS / Community Health Systems, Inc. 5.25% 5/15/20301		1,620		1,357
	CHS / Community Health Systems, Inc. 4.75% 2/15/20311		1,020		803
	CHS / Community Health Systems, Inc. 10.875% 1/15/20321		185		194
	Endo DAC 6.875% 10/15/20241		520		334
	Endo DAC 9.50% 7/31/20271,4		311		22
	Endo DAC 6.00% 6/30/20281,4		2,313		165
	Endo Luxembourg Finance Co. I SARL 6.125% 4/1/20291		525		336
	Fortrea Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 9.106% 7/1/20305,6		985		985
	Grifols SA 4.75% 10/15/20281		630		572
	HCA, Inc. 5.625% 9/1/2028		1,300		1,331
	HCA, Inc. 3.50% 9/1/2030		180		163
	HCA, Inc. 4.625% 3/15/2052		233		198
	HCA, Inc. 7.50% 11/15/2095		250		283
	Hologic, Inc. 3.25% 2/15/20291		415		377
	IQVIA, Inc. 5.00% 10/15/20261		823		816
	IQVIA, Inc. 6.50% 5/15/20301		555		570
	Jazz Securities DAC 4.375% 1/15/20291		261		243
	Mallinckrodt International Finance SA 14.75% 11/14/20281		284		310
	Medline Borrower, LP 3.875% 4/1/20291		340		308
	Medline Borrower, LP 5.25% 10/1/20291		1,760		1,661
	Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 8.47% 10/23/20285,6		421		423
	Molina Healthcare, Inc. 4.375% 6/15/20281		1,055		999
	Molina Healthcare, Inc. 3.875% 11/15/20301		3,034		2,731
	Molina Healthcare, Inc. 3.875% 5/15/20321		2,400		2,100
	Option Care Health, Inc. 4.375% 10/31/20291		290		262
	Owens & Minor, Inc. 4.50% 3/31/20291		1,495		1,320
	Owens & Minor, Inc. 6.625% 4/1/20301		1,950		1,864
	Par Pharmaceutical, Inc. 7.50% 4/1/20271		5,505		3,529
	Radiology Partners, Inc. 9.25% 2/1/20281		1,873		963
	Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 10.179% 7/9/20255,6		1,827		1,478
	RP Escrow Issuer, LLC 5.25% 12/15/20251		1,711		1,371
	Select Medical Corp. 6.25% 8/15/20261		554		557
	Star Parent, Inc. 9.00% 10/1/20301		560		591
	Surgery Center Holdings, Inc. 10.00% 4/15/20271		244		247
	Team Health Holdings, Inc. 6.375% 2/1/20251		244		205
	Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 10.633% 3/2/20275,6		273		209
	Tenet Healthcare Corp. 4.875% 1/1/2026		2,155		2,132
	Tenet Healthcare Corp. 6.25% 2/1/2027		500		503
	Tenet Healthcare Corp. 5.125% 11/1/2027		265		259
	Tenet Healthcare Corp. 4.625% 6/15/2028		435		415
	Tenet Healthcare Corp. 6.125% 10/1/2028		885		883
	Tenet Healthcare Corp. 4.25% 6/1/2029		1,765		1,645
	Tenet Healthcare Corp. 4.375% 1/15/2030		1,045		970
	Tenet Healthcare Corp. 6.125% 6/15/2030		25		25
	Tenet Healthcare Corp. 6.75% 5/15/20311		1,270		1,300
	Tenet Healthcare Corp. 6.875% 11/15/2031		100		103
	Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024		627		625
	Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026		2,169		2,010
	Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027		945		906
	Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028		813		832
	Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029		5,640		5,393

American Funds Insurance Series  247

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care	Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029		USD400	$	432
(continued)	Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031		554		605
	Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046		602		408
					75,371
Financials	AG Issuer, LLC 6.25% 3/1/20281		2,431		2,419
7.96%	AG TTMT Escrow Issuer, LLC 8.625% 9/30/20271		1,317		1,386
	Alliant Holdings Intermediate, LLC 4.25% 10/15/20271		660		635
	Alliant Holdings Intermediate, LLC 6.75% 10/15/20271		1,801		1,796
	Alliant Holdings Intermediate, LLC 5.875% 11/1/20291		1,590		1,508
	Alliant Holdings Intermediate, LLC 7.00% 1/15/20311		660		697
	AmWINS Group, Inc. 4.875% 6/30/20291		1,380		1,262
	Aretec Group, Inc. 7.50% 4/1/20291		3,168		2,855
	Aretec Group, Inc. 10.00% 8/15/20301		985		1,048
	Ascensus, Inc., Term Loan, (1-month USD CME Term SOFR + 6.50%) 12.176% 8/2/20295,6		1,245		1,202
	AssuredPartners, Inc. 5.625% 1/15/20291		365		341
	Block, Inc. 2.75% 6/1/2026		1,760		1,661
	Block, Inc. 3.50% 6/1/2031		1,740		1,548
	Blue Owl Capital Corp. 3.40% 7/15/2026		290		270
	Blue Owl Capital Corp. III 3.125% 4/13/2027		600		531
	Blue Owl Credit Income Corp. 4.70% 2/8/2027		800		756
	Bread Financial Holdings, Inc. 9.75% 3/15/20291		215		223
	BroadStreet Partners, Inc. 5.875% 4/15/20291		575		537
	Castlelake Aviation Finance DAC 5.00% 4/15/20271		835		785
	Coinbase Global, Inc. 3.375% 10/1/20281		1,895		1,601
	Coinbase Global, Inc. 3.625% 10/1/20311		1,825		1,413
	Compass Group Diversified Holdings, LLC 5.25% 4/15/20291		4,260		4,029
	Compass Group Diversified Holdings, LLC 5.00% 1/15/20321		1,230		1,116
	Credit Acceptance Corp. 9.25% 12/15/20281		285		304
	Enova International, Inc. 11.25% 12/15/20281		285		294
	GTCR (AP) Finance, Inc. 8.00% 5/15/20271		607		614
	GTCR W Merger Sub, LLC, Term Loan B, (1-month USD CME Term SOFR + 3.00%) 8.334% 9/20/20305,6		475		477
	GTCR W-2 Merger Sub, LLC 7.50% 1/15/20311		2,055		2,173
	Hightower Holding, LLC 6.75% 4/15/20291		1,280		1,164
	HUB International, Ltd. 7.00% 5/1/20261		1,745		1,754
	HUB International, Ltd. 5.625% 12/1/20291		240		229
	HUB International, Ltd. 7.25% 6/15/20301		997		1,054
	HUB International, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.662% 6/20/20305,6		647		651
	Iron Mountain Information Management Services, Inc. 5.00% 7/15/20321		1,035		950
	JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)7		160		141
	LPL Holdings, Inc. 4.375% 5/15/20311		715		648
	Macquarie Airfinance Holdings, Ltd. 8.125% 3/30/20291		355		371
	MGIC Investment Corp. 5.25% 8/15/2028		525		512
	MSCI, Inc. 4.00% 11/15/20291		555		522
	MSCI, Inc. 3.875% 2/15/20311		1,260		1,153
	MSCI, Inc. 3.625% 11/1/20311		1,066		939
	MSCI, Inc. 3.25% 8/15/20331		959		803
	Navient Corp. 5.875% 10/25/2024		1,295		1,296
	Navient Corp. 6.75% 6/25/2025		550		557
	Navient Corp. 6.75% 6/15/2026		640		651
	Navient Corp. 5.00% 3/15/2027		2,883		2,786
	Navient Corp. 4.875% 3/15/2028		550		512
	Navient Corp. 5.50% 3/15/2029		2,280		2,105
	Navient Corp. 9.375% 7/25/2030		300		315
	Navient Corp. 11.50% 3/15/2031		2,540		2,784
	Navient Corp. 5.625% 8/1/2033		1,478		1,215

248  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)
Financials	NFP Corp. 6.875% 8/15/20281		USD1,170	$	1,190
(continued)	Onemain Finance Corp. 7.125% 3/15/2026		1,335		1,361
	Onemain Finance Corp. 5.375% 11/15/2029		120		112
	Onemain Finance Corp. 7.875% 3/15/2030		915		943
	Osaic Holdings, Inc. 10.75% 8/1/20271		4,111		4,177
	Osaic Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.856% 8/17/20285,6		355		357
	Owl Rock Capital Corp. 3.75% 7/22/2025		600		575
	Oxford Finance, LLC 6.375% 2/1/20271		1,753		1,659
	PennyMac Financial Services, Inc. 7.875% 12/15/20291		355		366
	Rocket Mortgage, LLC 2.875% 10/15/20261		520		480
	Ryan Specialty Group, LLC 4.375% 2/1/20301		815		757
	Starwood Property Trust, Inc. 4.375% 1/15/20271		660		623
	USI, Inc. 7.50% 1/15/20321		320		328
					69,521
Industrials	AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20261		629		625
7.56%	ADT Security Corp. 4.125% 8/1/20291		200		184
	Allison Transmission, Inc. 3.75% 1/30/20311		1,235		1,092
	American Airlines, Inc. 8.50% 5/15/20291		415		438
	Aramark Services, Inc. 5.00% 4/1/20251		140		139
	Ashtead Capital, Inc. 5.50% 8/11/20321		400		395
	Atkore, Inc. 4.25% 6/1/20311		820		733
	Avis Budget Car Rental, LLC 5.75% 7/15/20271		885		849
	Avis Budget Car Rental, LLC 5.375% 3/1/20291		1,325		1,227
	Avolon Holdings Funding, Ltd. 5.25% 5/15/20241		660		657
	Avolon Holdings Funding, Ltd. 2.528% 11/18/20271		2,098		1,861
	Bombardier, Inc. 7.125% 6/15/20261		2,254		2,245
	Bombardier, Inc. 7.875% 4/15/20271		2,297		2,300
	Bombardier, Inc. 6.00% 2/15/20281		910		888
	Bombardier, Inc. 7.50% 2/1/20291		1,212		1,233
	Bombardier, Inc. 8.75% 11/15/20301		690		735
	Bombardier, Inc. 7.45% 5/1/20341		115		131
	Brand Industrial Services, Inc. 10.375% 8/1/20301		430		455
	Brand Industrial Services, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 10.877% 8/1/20305,6		229		229
	Brink’s Co. (The) 4.625% 10/15/20271		719		686
	BWX Technologies, Inc. 4.125% 6/30/20281		165		153
	BWX Technologies, Inc. 4.125% 4/15/20291		630		576
	Chart Industries, Inc. 7.50% 1/1/20301		523		547
	Clarivate Science Holdings Corp. 3.875% 7/1/20281		1,070		1,010
	Clarivate Science Holdings Corp. 4.875% 7/1/20291		985		925
	Clean Harbors, Inc. 4.875% 7/15/20271		766		751
	Clean Harbors, Inc. 6.375% 2/1/20311		116		118
	CoreLogic, Inc. 4.50% 5/1/20281		4,369		3,832
	CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 11.97% 6/4/20295,6		660		594
	Covanta Holding Corp. 4.875% 12/1/20291		1,105		967
	Covanta Holding Corp. 5.00% 9/1/2030		1,455		1,242
	Covanta Holding Corp., Term Loan B, (3-month USD CME Term SOFR + 3.00%) 8.36% 11/30/20285,6		230		231
	Covanta Holding Corp., Term Loan C, (3-month USD CME Term SOFR + 3.00%) 8.36% 11/30/20285,6		14		14
	Dun & Bradstreet Corp. (The) 5.00% 12/15/20291		1,235		1,153
	Enviri Corp. 5.75% 7/31/20271		395		369
	EquipmentShare.com, Inc. 9.00% 5/15/20281		2,060		2,122
	Herc Holdings, Inc. 5.50% 7/15/20271		200		198
	Hertz Corp. (The) 5.00% 12/1/20291		820		674
	Icahn Enterprises, LP 4.75% 9/15/2024		1,195		1,188

American Funds Insurance Series  249

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials	Icahn Enterprises, LP 6.375% 12/15/2025		USD461	$	453
(continued)	Icahn Enterprises, LP 6.25% 5/15/2026		662		632
	Icahn Enterprises, LP 5.25% 5/15/2027		579		521
	Icahn Enterprises, LP 9.75% 1/15/20291		415		424
	Icahn Enterprises, LP 4.375% 2/1/2029		675		564
	Masonite International Corp. 3.50% 2/15/20301		530		460
	Maxim Crane Works Holdings Capital, LLC 11.50% 9/1/20281		450		467
	Mileage Plus Holdings, LLC 6.50% 6/20/20271		2,300		2,308
	Moog, Inc. 4.25% 12/9/20271		395		373
	Mueller Water Products, Inc. 4.00% 6/15/20291		275		251
	PGT Innovations, Inc. 4.375% 10/1/20291		450		449
	Pike Corp. 8.625% 1/31/20311		350		368
	Pitney Bowes, Inc. 6.875% 3/15/20271		600		561
	PM General Purchaser, LLC 9.50% 10/1/20281		1,360		1,381
	Prime Security Services Borrower, LLC 3.375% 8/31/20271		475		441
	Ritchie Bros. Holdings, Inc. 6.75% 3/15/20281		581		599
	Ritchie Bros. Holdings, Inc. 7.75% 3/15/20311		1,053		1,124
	Roller Bearing Company of America, Inc. 4.375% 10/15/20291		110		102
	Sabre GLBL, Inc. 8.625% 6/1/20271		50		46
	Seagate HDD Cayman 8.25% 12/15/20291		190		205
	Seagate HDD Cayman 8.50% 7/15/20311		455		494
	Sensata Technologies, Inc. 3.75% 2/15/20311		500		441
	SkyMiles IP, Ltd. 4.75% 10/20/20281		440		433
	Spirit AeroSystems, Inc. 4.60% 6/15/2028		2,068		1,832
	Spirit AeroSystems, Inc. 9.375% 11/30/20291		981		1,075
	Spirit AeroSystems, Inc. 9.75% 11/15/20301		1,930		2,077
	Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.25%) 9.633% 1/15/20275,6		613		616
	SRS Distribution, Inc. 4.625% 7/1/20281		480		456
	Stericycle, Inc. 5.375% 7/15/20241		585		584
	Stericycle, Inc. 3.875% 1/15/20291		615		559
	Titan International, Inc. 7.00% 4/30/2028		750		751
	TK Elevator Holdco GmbH 7.625% 7/15/20281		470		462
	TK Elevator U.S. Newco, Inc. 5.25% 7/15/20271		1,495		1,470
	TransDigm, Inc. 5.50% 11/15/2027		1,030		1,010
	TransDigm, Inc. 6.75% 8/15/20281		575		589
	TransDigm, Inc. 6.875% 12/15/20301		355		366
	Triumph Group, Inc. 7.75% 8/15/2025		390		389
	Triumph Group, Inc. 9.00% 3/15/20281		3,429		3,650
	United Rentals (North America), Inc. 6.00% 12/15/20291		115		117
	United Rentals (North America), Inc. 3.875% 2/15/2031		720		655
	United Rentals (North America), Inc. 3.75% 1/15/2032		505		447
	WESCO Distribution, Inc. 7.25% 6/15/20281		580		597
	XPO, Inc. 7.125% 6/1/20311		533		552
	XPO, Inc. 7.125% 2/1/20321		925		955
					66,072
Information	Black Knight InfoServ, LLC 3.625% 9/1/20281		410		389
technology 5.84%	BMC Software, Inc., Term Loan, (1-month USD CME Term SOFR + 5.50%) 10.97% 2/27/20265,6		720		721
	Booz Allen Hamilton, Inc. 3.875% 9/1/20281		60		57
	Booz Allen Hamilton, Inc. 4.00% 7/1/20291		580		544
	Boxer Parent Co., Inc. 7.125% 10/2/20251		180		181
	Boxer Parent Co., Inc. 9.125% 3/1/20261		240		241
	Cloud Software Group, Inc. 6.50% 3/31/20291		1,205		1,149
	Cloud Software Group, Inc. 9.00% 9/30/20291		4,325		4,114
	Cloud Software Group, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.948% 3/30/20295,6		1,027		1,008
	CommScope Technologies, LLC 6.00% 6/15/20251		2,239		1,827

250  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	CommScope Technologies, LLC 5.00% 3/15/20271		USD750	$	313
technology	CommScope, Inc. 6.00% 3/1/20261		1,518		1,354
(continued)	CommScope, Inc. 8.25% 3/1/20271		652		345
	CommScope, Inc. 7.125% 7/1/20281		309		147
	CommScope, Inc. 4.75% 9/1/20291		110		74
	CommScope, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.72% 4/6/20265,6		578		518
	Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 12.86% 8/11/20281,5,6		10,385		10,709
	Entegris Escrow Corp. 4.75% 4/15/20291		370		357
	Fair Isaac Corp. 4.00% 6/15/20281		855		810
	Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61% 9/13/20295,6,9		100		99
	Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713% 9/13/20295,6,9		3,656		3,601
	Gartner, Inc. 4.50% 7/1/20281		1,253		1,189
	Gartner, Inc. 3.625% 6/15/20291		19		17
	Gartner, Inc. 3.75% 10/1/20301		776		687
	Go Daddy Operating Co., LLC 5.25% 12/1/20271		245		240
	Go Daddy Operating Co., LLC 3.50% 3/1/20291		345		313
	Hughes Satellite Systems Corp. 5.25% 8/1/2026		770		678
	Hughes Satellite Systems Corp. 6.625% 8/1/2026		1,000		789
	Imola Merger Corp. 4.75% 5/15/20291		300		285
	McAfee Corp. 7.375% 2/15/20301		865		791
	MicroStrategy, Inc. 6.125% 6/15/20281		325		316
	NCR Atleos Corp. 9.50% 4/1/20291		2,120		2,254
	NCR Atleos, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 10.206% 3/27/20295,6		355		355
	NCR Voyix Corp. 5.125% 4/15/20291		1,759		1,674
	Open Text Corp. 3.875% 2/15/20281		645		600
	Open Text Corp. 3.875% 12/1/20291		610		548
	Oracle Corp. 5.55% 2/6/2053		390		391
	RingCentral, Inc. 8.50% 8/15/20301		215		220
	Rocket Software, Inc. 6.50% 2/15/20291		455		396
	Synaptics, Inc. 4.00% 6/15/20291		375		337
	Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.948% 9/29/20285,6		1,244		1,219
	UKG, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.764% 5/4/20265,6		461		462
	UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 9.988% 5/4/20265,6		672		676
	UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.764% 5/3/20275,6		590		593
	Unisys Corp. 6.875% 11/1/20271		975		879
	Viasat, Inc. 5.625% 9/15/20251		745		727
	Viasat, Inc. 5.625% 4/15/20271		50		48
	Viasat, Inc. 6.50% 7/15/20281		735		604
	Viasat, Inc. 7.50% 5/30/20311		1,859		1,462
	Viavi Solutions, Inc. 3.75% 10/1/20291		230		202
	Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,7,9		3,110		3,164
	Xerox Holdings Corp. 5.50% 8/15/20281		435		393
					51,067
Real estate	Anywhere Real Estate Group, LLC 5.75% 1/15/20291		1,008		784
4.97%	Anywhere Real Estate Group, LLC 5.25% 4/15/20301		977		730
	Brookfield Property REIT, Inc. 5.75% 5/15/20261		1,574		1,529
	Brookfield Property REIT, Inc. 4.50% 4/1/20271		574		517
	Cushman & Wakefield U.S. Borrower, LLC 8.875% 9/1/20311		360		382

American Funds Insurance Series  251

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)	Cushman & Wakefield U.S. Borrower, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.00%) 9.356% 1/31/20305,6		USD295	$	295
	Forestar Group, Inc. 3.85% 5/15/20261		465		443
	Forestar Group, Inc. 5.00% 3/1/20281		92		89
	Greystar Real Estate Partners, LLC 7.75% 9/1/20301		425		446
	HAT Holdings I, LLC 8.00% 6/15/20271		425		443
	Howard Hughes Corp. (The) 5.375% 8/1/20281		1,327		1,277
	Howard Hughes Corp. (The) 4.125% 2/1/20291		2,478		2,212
	Howard Hughes Corp. (The) 4.375% 2/1/20311		2,788		2,423
	Iron Mountain, Inc. 4.875% 9/15/20271		1,616		1,578
	Iron Mountain, Inc. 5.25% 3/15/20281		1,214		1,181
	Iron Mountain, Inc. 5.00% 7/15/20281		367		353
	Iron Mountain, Inc. 7.00% 2/15/20291		210		216
	Iron Mountain, Inc. 5.25% 7/15/20301		2,630		2,506
	Iron Mountain, Inc. 4.50% 2/15/20311		1,535		1,393
	Kennedy-Wilson, Inc. 4.75% 3/1/2029		2,240		1,873
	Kennedy-Wilson, Inc. 4.75% 2/1/2030		2,695		2,188
	Kennedy-Wilson, Inc. 5.00% 3/1/2031		1,970		1,567
	Ladder Capital Finance Holdings LLLP 5.25% 10/1/20251		650		642
	Ladder Capital Finance Holdings LLLP 4.25% 2/1/20271		1,410		1,330
	Ladder Capital Finance Holdings LLLP 4.75% 6/15/20291		765		691
	MPT Operating Partnership, LP 5.00% 10/15/2027		1,198		980
	MPT Operating Partnership, LP 3.50% 3/15/2031		239		150
	Park Intermediate Holdings, LLC 4.875% 5/15/20291		820		760
	RHP Hotel Properties, LP 4.50% 2/15/20291		660		614
	RLJ Lodging Trust, LP 3.75% 7/1/20261		160		152
	RLJ Lodging Trust, LP 4.00% 9/15/20291		800		720
	Service Properties Trust 4.50% 3/15/2025		420		410
	Service Properties Trust 5.25% 2/15/2026		117		114
	Service Properties Trust 4.75% 10/1/2026		945		883
	Service Properties Trust 4.95% 2/15/2027		1,134		1,028
	Service Properties Trust 5.50% 12/15/2027		350		321
	Service Properties Trust 3.95% 1/15/2028		1,560		1,280
	Service Properties Trust 4.95% 10/1/2029		2,029		1,682
	Service Properties Trust 4.375% 2/15/2030		415		323
	Service Properties Trust 8.625% 11/15/20311		3,185		3,339
	VICI Properties, LP 5.625% 5/1/20241		447		446
	VICI Properties, LP 3.50% 2/15/20251		261		254
	VICI Properties, LP 4.625% 6/15/20251		620		609
	VICI Properties, LP 4.25% 12/1/20261		462		445
	VICI Properties, LP 3.875% 2/15/20291		650		598
	VICI Properties, LP 4.625% 12/1/20291		90		85
	VICI Properties, LP 4.125% 8/15/20301		93		85
	WeWork Companies, LLC 6.00% PIK and 5.00% Cash 8/15/20271,2,4		2,239		470
	WeWork Companies, LLC 8.00% PIK and 7.00% Cash 8/15/20271,2,4		1,784		616
					43,452
Consumer staples	Albertsons Companies, Inc. 3.25% 3/15/20261		240		227
4.24%	Albertsons Companies, Inc. 4.625% 1/15/20271		900		875
	Albertsons Companies, Inc. 3.50% 3/15/20291		2,113		1,921
	Albertsons Companies, Inc. 4.875% 2/15/20301		465		446
	B&G Foods, Inc. 5.25% 4/1/2025		183		180
	B&G Foods, Inc. 5.25% 9/15/2027		1,383		1,258
	B&G Foods, Inc. 8.00% 9/15/20281		655		689
	BJ’s Wholesale Club, Term Loan B, (3-month USD CME Term SOFR + 2.00%) 7.36% 2/5/20295,6		222		224
	Central Garden & Pet Co. 4.125% 10/15/2030		915		833
	Central Garden & Pet Co. 4.125% 4/30/20311		880		779
	Coty, Inc. 5.00% 4/15/20261		700		689

252  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 staples	Coty, Inc. 6.50% 4/15/20261		USD460	$	460
(continued)	Coty, Inc. 4.75% 1/15/20291		2,310		2,205
	Coty, Inc. 6.625% 7/15/20301		1,135		1,167
	Darling Ingredients, Inc. 6.00% 6/15/20301		1,570		1,572
	Energizer Holdings, Inc. 4.375% 3/31/20291		815		730
	H.J. Heinz Co. 3.875% 5/15/2027		275		270
	H.J. Heinz Co. 4.375% 6/1/2046		26		23
	Ingles Markets, Inc. 4.00% 6/15/20311		990		875
	Kronos Acquisition Holdings, Inc. 5.00% 12/31/20261		2,293		2,238
	Kronos Acquisition Holdings, Inc. 7.00% 12/31/20271		3,275		3,131
	Lamb Weston Holdings, Inc. 4.125% 1/31/20301		2,280		2,104
	Lamb Weston Holdings, Inc. 4.375% 1/31/20321		305		279
	Nestle Skin Health SA, Term Loan B3, (1-month USD CME Term SOFR + 3.50%) 8.948% 10/1/20265,6		776		781
	Performance Food Group, Inc. 5.50% 10/15/20271		705		695
	Performance Food Group, Inc. 4.25% 8/1/20291		483		443
	Post Holdings, Inc. 5.625% 1/15/20281		1,199		1,189
	Post Holdings, Inc. 5.50% 12/15/20291		451		435
	Post Holdings, Inc. 4.625% 4/15/20301		3,355		3,090
	Post Holdings, Inc. 4.50% 9/15/20311		1,145		1,028
	Prestige Brands, Inc. 5.125% 1/15/20281		778		756
	Prestige Brands, Inc. 3.75% 4/1/20311		1,275		1,116
	Simmons Foods, Inc. 4.625% 3/1/20291		693		600
	TreeHouse Foods, Inc. 4.00% 9/1/2028		1,600		1,418
	United Natural Foods, Inc. 6.75% 10/15/20281		2,333		1,892
	US Foods, Inc. 4.625% 6/1/20301		510		476
					37,094
Utilities	AmeriGas Partners, LP 5.75% 5/20/2027		302		294
2.06%	Calpine Corp. 4.50% 2/15/20281		150		143
	Calpine Corp. 5.125% 3/15/20281		518		497
	Calpine Corp. 3.75% 3/1/20311		500		439
	DPL, Inc. 4.125% 7/1/2025		555		542
	Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)7,10		1,155		1,135
	Enfragen Energia Sur SA 5.375% 12/30/2030		200		156
	FirstEnergy Corp. 2.25% 9/1/2030		980		827
	FirstEnergy Corp. 7.375% 11/15/2031		337		398
	FirstEnergy Corp. 3.40% 3/1/2050		530		374
	FirstEnergy Corp. 5.10% 7/15/2047		185		170
	FirstEnergy Transmission, LLC 4.55% 4/1/20491		100		87
	NextEra Energy Operating Partners, LP 4.25% 7/15/20241		122		121
	NRG Energy, Inc. 3.625% 2/15/20311		110		95
	Pacific Gas and Electric Co. 3.45% 7/1/2025		300		290
	Pacific Gas and Electric Co. 3.30% 3/15/2027		195		182
	Pacific Gas and Electric Co. 5.45% 6/15/2027		335		338
	Pacific Gas and Electric Co. 3.75% 7/1/2028		10		9
	Pacific Gas and Electric Co. 4.55% 7/1/2030		213		203
	Pacific Gas and Electric Co. 2.50% 2/1/2031		393		325
	Pacific Gas and Electric Co. 3.25% 6/1/2031		107		93
	Pacific Gas and Electric Co. 3.30% 8/1/2040		280		205
	Pacific Gas and Electric Co. 3.50% 8/1/2050		1,220		845
	PG&E Corp. 5.00% 7/1/2028		2,755		2,682
	PG&E Corp. 5.25% 7/1/2030		3,580		3,457
	Talen Energy Supply, LLC 8.625% 6/1/20301		2,327		2,474

American Funds Insurance Series  253

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)	Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.869% 5/17/20305,6		USD284	$	286
	Venture Global Calcasieu Pass, LLC 3.875% 8/15/20291		1,190		1,081
	Vistra Operations Co., LLC 3.55% 7/15/20241		231		228
					17,976
	Total corporate bonds, notes & loans				773,093
U.S. Treasury bonds & notes 0.31%
U.S. Treasury	U.S. Treasury 3.875% 8/15/2033		925		924
0.31%	U.S. Treasury 3.625% 5/15/205311		315		292
	U.S. Treasury 4.125% 8/15/205311		1,470		1,490
	Total U.S. Treasury bonds & notes				2,706
Mortgage-backed obligations 0.08%
Collateralized mortgage-backed obligations 0.08%	Treehouse Park Improvement Association No.1 9.75% 12/1/20331,3		712		661
Bonds & notes of governments & government agencies outside the U.S. 0.03%
	Argentine Republic 1.00% 7/9/2029		310		125
	Argentine Republic 0.75% 7/9/2030 (1.75% on 7/9/2027)7		410		165
					290
	Total bonds, notes & other debt instruments (cost: $800,280,000)				776,750
Convertible bonds & notes 0.06%
Communication	DISH Network Corp., convertible notes, 3.375% 8/15/2026		925		495
services	Total convertible bonds & notes (cost: $816,000)				495
0.06%
Common stocks 6.02%		Shares
Health care	Rotech Healthcare, Inc.3,9,12		201,793		21,188
2.44%	Mallinckrodt PLC12		3,631		140
					21,328
Energy	Chesapeake Energy Corp.		29,829		2,295
0.94%	Ascent Resources - Utica, LLC, Class A3,9		62,978		2,161
	Weatherford International12		10,059		984
	California Resources Corp.		17,202		941
	Altera Infrastructure, LP3,12		9,127		841
	Constellation Oil Services Holding SA, Class B-13,12		3,449,949		483
	Mesquite Energy, Inc.3,12		3,558		201
	Diamond Offshore Drilling, Inc.12		13,372		174
	Exxon Mobil Corp.		739		74
	Bighorn Permian Resources, LLC3		2,894		—	8
					8,154
Information technology 0.93%	Diebold Nixdorf, Inc.1,12		281,243		8,142

254  American Funds Insurance Series

American High-Income Trust (continued)

Common stocks (continued)		Shares		Value (000)
Utilities	Talen Energy Corp.12		109,720	$	7,022
0.86%	PG&E Corp.		28,786		519
					7,541
Consumer	Party City Holdco, Inc.3,12		126,254		2,883
discretionary	Party City Holdco, Inc.1,3,12		1,260		29
0.51%	NMG Parent, LLC12		9,965		1,096
	MYT Holding Co., Class B3,12		608,846		457
					4,465
Materials 0.26%	Venator Materials PLC3,12		444,512,082		2,280
Financials 0.04%	Navient Corp.		20,000		372
Communication	Intelsat SA12		8,182		235
services	iHeartMedia, Inc., Class A12		22,639		61
0.04%					296
	Total common stocks (cost: $37,300,000)				52,578
Preferred securities 0.34%
Industrials	ACR III LSC Holdings, LLC, Series B, preferred shares1,3,12		1,022		1,582
0.18%
Consumer	MYT Holdings, LLC, Series A, 10.00% preferred shares12		2,095,904		1,363
discretionary	Total preferred securities (cost: $2,933,000)				2,945
0.16%
Rights & warrants 0.02%
Consumer	NMG Parent, LLC, warrants, expire 9/24/202712		27,111		217
discretionary	Total rights & warrants (cost: $164,000)				217
0.02%
Short-term securities 3.10%
Money market investments 3.10%
	Capital Group Central Cash Fund 5.44%13,14		271,165		27,114
	Total short-term securities (cost: $27,116,000)				27,114
	Total investment securities 98.43% (cost: $868,609,000)				860,099
	Other assets less liabilities 1.57%				13,746
	Net assets 100.00%			$	873,845

American Funds Insurance Series  255

American High-Income Trust (continued)

Futures contracts

									Value and
									unrealized
									appreciation
						Notional			(depreciation)
		Number of		Expiration		amount			at 12/31/2023
Contracts	Type	contracts		date		(000)			(000)
2 Year U.S. Treasury Note Futures	Long		27		4/3/2024		USD5,560		$	55
5 Year U.S. Treasury Note Futures	Long		23		4/3/2024		2,502			59
10 Year Ultra U.S. Treasury Note Futures	Short		8		3/28/2024		(944	)		(42	)
10 Year U.S. Treasury Note Futures	Short		14		3/28/2024		(1,581	)		(51	)
30 Year Ultra U.S. Treasury Bond Futures	Short		1		3/28/2024		(134	)		(12	)
									$	9

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices – buy protection

Upfront

Unrealized

premium

appreciation

Notional

Value at

paid

(depreciation)

Reference

Financing

Payment

Expiration

amount

12/31/2023

(received)

at 12/31/2023

index

rate paid

frequency

date

(000)

(000)

(000)

(000)

CDX.NA.HY.41

5.00

%

Quarterly

12/20/2028

USD12,563

$

(733

)

$

(753

)

$

20

Investments in affiliates¹⁴

									Net
							Net		unrealized					Dividend
	Value at						realized		appreciation			Value at		or interest
	1/1/2023		Additions		Reductions		gain (loss)		(depreciation)			12/31/2023		income
	(000)		(000)		(000)		(000)		(000)			(000)		(000)
Short-term securities 3.10%
Money market investments 3.10%
Capital Group Central Cash Fund 5.44%13	$	38,565	$	197,949	$	209,399	$	8	$	(9	)	$	27,114	$	1,630

Restricted securities⁹

						Percent
	Acquisition	Cost		Value		of net
	date(s)	(000)		(000)		assets
Rotech Healthcare, Inc.3,12	9/26/2013	$	4,331	$	21,188		2.43	%
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713% 9/13/20295,6	9/13/2023		3,585		3,601		.41
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61% 9/13/20295,6	9/13/2023-12/13/2023		97		99		.01
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,7	6/23/2023		3,005		3,164		.36
Ascent Resources - Utica, LLC, Class A3	11/15/2016		302		2,161		.25
Resorts World Las Vegas, LLC 4.625% 4/16/2029	8/11/2023		254		262		.03
Total		$	11,574	$	30,475		3.49	%

256  American Funds Insurance Series

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 $584,486,000, which represented 66.89% of the net assets of the fund.

²  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.

³  Value determined using significant unobservable inputs.

⁴  Scheduled interest and/or principal payment was not received.

⁵  Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $35,694,000, which represented 4.08% of the net assets of the fund.

⁶  Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

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

⁸  Amount less than one thousand.

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 $30,475,000, which represented 3.49% of the net assets of the fund.

¹⁰  Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

¹¹  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $539,000, which represented .06% of the net assets of the fund.

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

¹³  Rate represents the seven-day yield at 12/31/2023.

¹⁴  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(s)

CME = CME Group

DAC = Designated Activity Company

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.

American Funds Insurance Series  257

American Funds Mortgage Fund (continued)

Investment portfolio December 31, 2023

Bonds, notes & other debt instruments 94.93%		Principal amount (000)		Value (000)
Mortgage-backed obligations 91.57%
Federal agency	Fannie Mae Pool #695412 5.00% 6/1/20331	USD	—2		$—2
mortgage-backed	Fannie Mae Pool #AD3566 5.00% 10/1/20351		1		1
obligations 89.10%	Fannie Mae Pool #256583 5.00% 12/1/20361		30		30
	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 #MA4232 2.00% 1/1/20411		144		124
	Fannie Mae Pool #BQ7816 1.50% 4/1/20411		247		205
	Fannie Mae Pool #BR0986 1.50% 5/1/20411		327		271
	Fannie Mae Pool #AE1248 5.00% 6/1/20411		8		8
	Fannie Mae Pool #MA4387 2.00% 7/1/20411		18		15
	Fannie Mae Pool #MA4388 2.50% 7/1/20411		82		73
	Fannie Mae Pool #MA4447 2.50% 10/1/20411		174		155
	Fannie Mae Pool #FM9117 2.50% 10/1/20411		99		88
	Fannie Mae Pool #AJ1873 4.00% 10/1/20411		6		6
	Fannie Mae Pool #AE1274 5.00% 10/1/20411		6		6
	Fannie Mae Pool #AE1277 5.00% 11/1/20411		3		4
	Fannie Mae Pool #MA4501 2.00% 12/1/20411		341		292
	Fannie Mae Pool #MA4502 2.50% 12/1/20411		196		174
	Fannie Mae Pool #AE1283 5.00% 12/1/20411		2		2
	Fannie Mae Pool #MA4521 2.50% 1/1/20421		246		219
	Fannie Mae Pool #MA4540 2.00% 2/1/20421		489		418
	Fannie Mae Pool #AE1290 5.00% 2/1/20421		4		4
	Fannie Mae Pool #MA4570 2.00% 3/1/20421		111		95
	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		339		317
	Fannie Mae Pool #FS3767 2.00% 4/1/20471		28		23
	Fannie Mae Pool #BH3122 4.00% 6/1/20471		1		1
	Fannie Mae Pool #BJ5015 4.00% 12/1/20471		32		30
	Fannie Mae Pool #BK5232 4.00% 5/1/20481		18		17
	Fannie Mae Pool #BK6840 4.00% 6/1/20481		24		23
	Fannie Mae Pool #BK9743 4.00% 8/1/20481		8		7
	Fannie Mae Pool #BK9761 4.50% 8/1/20481		4		4
	Fannie Mae Pool #FM3280 3.50% 5/1/20491		89		83
	Fannie Mae Pool #CA5496 3.00% 4/1/20501		1,118		1,009
	Fannie Mae Pool #CA5968 2.50% 6/1/20501		49		42
	Fannie Mae Pool #FS3745 2.00% 8/1/20501		19		16
	Fannie Mae Pool #CA6593 2.50% 8/1/20501		281		244
	Fannie Mae Pool #FM4256 2.50% 9/1/20501		367		318
	Fannie Mae Pool #CA7052 3.00% 9/1/20501		5		4
	Fannie Mae Pool #CA7257 2.50% 10/1/20501		115		99
	Fannie Mae Pool #BQ3005 2.50% 10/1/20501		72		62
	Fannie Mae Pool #CA8108 2.00% 12/1/20501		146		121
	Fannie Mae Pool #MA4208 2.00% 12/1/20501		12		10
	Fannie Mae Pool #FM6113 2.50% 1/1/20511		1,595		1,362
	Fannie Mae Pool #FM5940 2.00% 2/1/20511		1,668		1,371
	Fannie Mae Pool #CA8820 2.00% 2/1/20511		377		311
	Fannie Mae Pool #CB0290 2.00% 4/1/20511		110		90
	Fannie Mae Pool #MA4305 2.00% 4/1/20511		1		1
	Fannie Mae Pool #CB0041 3.00% 4/1/20511		196		176
	Fannie Mae Pool #FM7687 3.00% 6/1/20511		249		223
	Fannie Mae Pool #FS3744 2.00% 7/1/20511		56		46
	Fannie Mae Pool #FM7957 2.50% 7/1/20511		167		143
	Fannie Mae Pool #FM7900 2.50% 7/1/20511		26		22
	Fannie Mae Pool #FM8038 3.00% 7/1/20511		296		265
	Fannie Mae Pool #FM8247 2.50% 8/1/20511		238		205
	Fannie Mae Pool #CB1527 2.50% 9/1/20511		420		360
	Fannie Mae Pool #FS0965 2.00% 11/1/20511		3		2
	Fannie Mae Pool #FM9492 2.50% 11/1/20511		434		374

258  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	Fannie Mae Pool #FM9694 2.50% 11/1/20511		USD211	$	182
mortgage-backed	Fannie Mae Pool #FM9810 3.00% 11/1/20511		84		75
obligations (continued)	Fannie Mae Pool #CB2286 2.50% 12/1/20511		391		336
	Fannie Mae Pool #FM9804 2.50% 12/1/20511		228		196
	Fannie Mae Pool #FM9976 3.00% 12/1/20511		91		82
	Fannie Mae Pool #CB2544 3.00% 1/1/20521		263		234
	Fannie Mae Pool #FS0454 3.00% 1/1/20521		86		77
	Fannie Mae Pool #BV3080 2.00% 2/1/20521		421		344
	Fannie Mae Pool #BV3076 2.00% 2/1/20521		136		111
	Fannie Mae Pool #FS5851 4.00% 7/1/20521		1,195		1,131
	Fannie Mae Pool #BW1289 5.50% 10/1/20521		42		42
	Fannie Mae Pool #BW1243 5.50% 10/1/20521		37		38
	Fannie Mae Pool #MA4840 4.50% 12/1/20521		474		459
	Fannie Mae Pool #BX5673 5.00% 12/1/20521		99		98
	Fannie Mae Pool #MA4919 5.50% 2/1/20531		94		94
	Fannie Mae Pool #FS3759 6.00% 2/1/20531		118		122
	Fannie Mae Pool #MA4978 5.00% 4/1/20531		6,911		6,840
	Fannie Mae Pool #CB6106 6.50% 4/1/20531		78		81
	Fannie Mae Pool #MA5008 4.50% 5/1/20531		46		45
	Fannie Mae Pool #FS4563 5.00% 5/1/20531		53		53
	Fannie Mae Pool #MA5010 5.50% 5/1/20531		62		62
	Fannie Mae Pool #MA5011 6.00% 5/1/20531		315		320
	Fannie Mae Pool #MA5038 5.00% 6/1/20531		549		543
	Fannie Mae Pool #FS5192 5.50% 6/1/20531		941		947
	Fannie Mae Pool #MA5039 5.50% 6/1/20531		69		70
	Fannie Mae Pool #MA5040 6.00% 6/1/20531		436		443
	Fannie Mae Pool #MA5071 5.00% 7/1/20531		404		400
	Fannie Mae Pool #MA5072 5.50% 7/1/20531		181		182
	Fannie Mae Pool #CB6853 4.50% 8/1/20531		98		95
	Fannie Mae Pool #MA5136 4.50% 9/1/20531		583		566
	Fannie Mae Pool #MA5139 6.00% 9/1/20531		4,319		4,387
	Fannie Mae Pool #MA5165 5.50% 10/1/20531		1,972		1,981
	Fannie Mae Pool #MA5166 6.00% 10/1/20531		429		436
	Fannie Mae Pool #MA5191 6.00% 11/1/20531		1,824		1,853
	Fannie Mae Pool #MA5249 7.00% 1/1/20541		65		67
	Fannie Mae Pool #BF0379 3.50% 4/1/20591		133		120
	Fannie Mae Pool #BF0481 3.50% 6/1/20601		149		136
	Fannie Mae Pool #BF0497 3.00% 7/1/20601		49		42
	Fannie Mae Pool #BF0585 4.50% 12/1/20611		51		50
	Freddie Mac Pool #ZA1922 5.00% 2/1/20261		1		1
	Freddie Mac Pool #ZS8950 5.00% 10/1/20291		2		1
	Freddie Mac Pool #A18781 5.00% 3/1/20341		556		566
	Freddie Mac Pool #RB5113 1.50% 6/1/20411		2,206		1,829
	Freddie Mac Pool #RB5115 2.50% 6/1/20411		313		279
	Freddie Mac Pool #RB5122 2.50% 8/1/20411		862		768
	Freddie Mac Pool #RB5138 2.00% 12/1/20411		94		80
	Freddie Mac Pool #RB5145 2.00% 2/1/20421		87		74
	Freddie Mac Pool #RB5148 2.00% 3/1/20421		553		472
	Freddie Mac Pool #Q15874 4.00% 2/1/20431		1		1
	Freddie Mac Pool #760014 2.71% 8/1/20451,3		287		277
	Freddie Mac Pool #Q47615 3.50% 4/1/20471		17		15
	Freddie Mac Pool #Q52069 3.50% 11/1/20471		25		23
	Freddie Mac Pool #Q55971 4.00% 5/1/20481		17		16
	Freddie Mac Pool #Q56175 4.00% 5/1/20481		15		14
	Freddie Mac Pool #Q55970 4.00% 5/1/20481		8		8
	Freddie Mac Pool #Q56599 4.00% 6/1/20481		24		23
	Freddie Mac Pool #Q58411 4.50% 9/1/20481		46		45
	Freddie Mac Pool #Q58436 4.50% 9/1/20481		25		25
	Freddie Mac Pool #Q58378 4.50% 9/1/20481		17		17
	Freddie Mac Pool #RA1339 3.00% 9/1/20491,4		1,408		1,264
	Freddie Mac Pool #QA2748 3.50% 9/1/20491		17		16

American Funds Insurance Series  259

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency	Freddie Mac Pool #SD7512 3.00% 2/1/20501		USD147	$	132
mortgage-backed	Freddie Mac Pool #QB1368 2.50% 7/1/20501		447		388
obligations (continued)	Freddie Mac Pool #RA3384 3.00% 8/1/20501		5		5
	Freddie Mac Pool #SI2062 2.00% 9/1/20501		188		154
	Freddie Mac Pool #SI2080 2.00% 10/1/20501		196		161
	Freddie Mac Pool #SD8106 2.00% 11/1/20501		535		440
	Freddie Mac Pool #RA3987 2.50% 11/1/20501		204		175
	Freddie Mac Pool #RA4352 2.00% 1/1/20511		329		272
	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		305		251
	Freddie Mac Pool #SD7544 3.00% 7/1/20511		77		69
	Freddie Mac Pool #QC7626 3.00% 9/1/20511		238		213
	Freddie Mac Pool #SD0734 3.00% 10/1/20511		85		76
	Freddie Mac Pool #RA6406 2.00% 11/1/20511		76		62
	Freddie Mac Pool #SD1385 2.50% 11/1/20511		62		54
	Freddie Mac Pool #SD7552 2.50% 1/1/20521		41		35
	Freddie Mac Pool #SD0813 3.00% 1/1/20521		18		16
	Freddie Mac Pool #RA6598 3.50% 1/1/20521		183		169
	Freddie Mac Pool #SD7550 3.00% 2/1/20521		371		334
	Freddie Mac Pool #SD0873 3.50% 2/1/20521,4		1,079		1,006
	Freddie Mac Pool #QD7089 3.50% 2/1/20521		8		7
	Freddie Mac Pool #SD1450 2.50% 3/1/20521,4		3,162		2,725
	Freddie Mac Pool #SD7553 3.00% 3/1/20521		300		269
	Freddie Mac Pool #SD8214 3.50% 5/1/20521		383		352
	Freddie Mac Pool #QF0213 4.50% 9/1/20521		1,204		1,168
	Freddie Mac Pool #RA7938 5.00% 9/1/20521		670		664
	Freddie Mac Pool #QF0924 5.50% 9/1/20521		238		240
	Freddie Mac Pool #RA8059 5.50% 10/1/20521		112		113
	Freddie Mac Pool #SD1895 4.50% 11/1/20521		376		372
	Freddie Mac Pool #SD8280 6.50% 11/1/20521		824		847
	Freddie Mac Pool #SD8288 5.00% 1/1/20531		44		44
	Freddie Mac Pool #SD8315 5.00% 4/1/20531		124		123
	Freddie Mac Pool #SD2716 5.00% 4/1/20531		88		87
	Freddie Mac Pool #SD8316 5.50% 4/1/20531		99		99
	Freddie Mac Pool #SD8322 4.50% 5/1/20531		244		236
	Freddie Mac Pool #SD8324 5.50% 5/1/20531		88		89
	Freddie Mac Pool #SD8329 5.00% 6/1/20531		28		28
	Freddie Mac Pool #SD8331 5.50% 6/1/20531		376		377
	Freddie Mac Pool #RA9279 6.00% 6/1/20531		69		70
	Freddie Mac Pool #RA9283 6.00% 6/1/20531		64		66
	Freddie Mac Pool #RA9281 6.00% 6/1/20531		42		43
	Freddie Mac Pool #RA9284 6.00% 6/1/20531		30		31
	Freddie Mac Pool #SD8341 5.00% 7/1/20531		234		231
	Freddie Mac Pool #SD8342 5.50% 7/1/20531		1,175		1,180
	Freddie Mac Pool #SD8350 6.00% 8/1/20531,4		6,212		6,309
	Freddie Mac Pool #RA9857 6.00% 9/1/20531		1,073		1,090
	Freddie Mac Pool #SD4053 6.00% 10/1/20531		732		744
	Freddie Mac Pool #SD8368 6.00% 10/1/20531		518		526
	Freddie Mac Pool #SD8369 6.50% 10/1/20531		145		149
	Freddie Mac Pool #SD8373 6.00% 11/1/20531		769		781
	Freddie Mac Pool #SD8395 5.50% 1/1/20541		495		497
	Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/20301		300		300
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20561,3		93		85
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/20561		86		72
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20561		176		162
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20561,3		125		115

260  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	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/20571		USD22	$	19
obligations (continued)	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20571		103		97
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/20581		29		26
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/20581		17		15
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/20281		237		227
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20281		13		12
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-3, Class AC, 2.00% 11/25/20301		326		282
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-1, Class AC, 2.25% 5/26/20311		339		299
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-2, Class AD, 2.00% 7/25/20311		283		245
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20321		310		294
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-2, Class AC, 2.00% 9/27/20601		336		292
	Government National Mortgage Assn. 3.00% 1/1/20541,5		113		102
	Government National Mortgage Assn. 4.00% 1/1/20541,5		334		319
	Government National Mortgage Assn. 5.50% 1/1/20541,5		274		276
	Government National Mortgage Assn. 6.00% 1/1/20541,5		10		10
	Government National Mortgage Assn. 6.50% 1/1/20541,5		310		317
	Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/20341		649		628
	Government National Mortgage Assn. Pool #AD0028 3.75% 7/20/20381		255		246
	Government National Mortgage Assn. Pool #004410 4.00% 4/20/20391		51		50
	Government National Mortgage Assn. Pool #AH5897 3.75% 7/20/20391		507		489
	Government National Mortgage Assn. Pool #783690 6.00% 9/20/20391		74		78
	Government National Mortgage Assn. Pool #004823 4.00% 10/20/20401		79		77
	Government National Mortgage Assn. Pool #005104 5.00% 6/20/20411		163		164
	Government National Mortgage Assn. Pool #005142 4.50% 8/20/20411		11		11
	Government National Mortgage Assn. Pool #005165 6.50% 8/20/20411		81		81
	Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/20421		124		114
	Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/20421		191		180
	Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/20431		87		83
	Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/20441		895		868
	Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/20501		94		80
	Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/20501		39		34
	Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/20501		84		71
	Government National Mortgage Assn. Pool #785575 2.50% 8/20/20511		1,021		878
	Government National Mortgage Assn. Pool #785659 2.50% 10/20/20511		89		77
	Government National Mortgage Assn. Pool #786706 2.50% 12/20/20511		560		493
	Government National Mortgage Assn. Pool #786502 2.50% 2/20/20521		348		303
	Government National Mortgage Assn. Pool #786647 2.50% 3/20/20521		191		167
	Government National Mortgage Assn. Pool #786701 2.50% 3/20/20521		165		144
	Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/20521		250		219
	Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/20521		5		5
	Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/20531		470		459
	Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/20531		15		15
	Government National Mortgage Assn. Pool #AN1825 4.595% 6/20/20651		97		96
	Government National Mortgage Assn. Pool #AO0461 4.617% 8/20/20651		33		33
	Government National Mortgage Assn. Pool #AO0409 4.588% 12/20/20651		56		55
	Government National Mortgage Assn. Pool #AO0385 4.468% 1/20/20661		362		356
	Government National Mortgage Assn. Pool #725897 5.20% 1/20/20661		1		1
	Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/20631		210		160
	Uniform Mortgage-Backed Security 2.50% 1/1/20391,5		193		178
	Uniform Mortgage-Backed Security 2.50% 2/1/20391,5		157		145

American Funds Insurance Series  261

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency	Uniform Mortgage-Backed Security 4.00% 2/1/20391,5		USD125	$	123
mortgage-backed	Uniform Mortgage-Backed Security 2.50% 1/1/20541,5		3,249		2,764
obligations (continued)	Uniform Mortgage-Backed Security 3.00% 1/1/20541,5		1,900		1,681
	Uniform Mortgage-Backed Security 3.50% 1/1/20541,5		2,602		2,387
	Uniform Mortgage-Backed Security 4.00% 1/1/20541,5		1,300		1,230
	Uniform Mortgage-Backed Security 4.50% 1/1/20541,5		4,652		4,510
	Uniform Mortgage-Backed Security 5.00% 1/1/20541,5		630		624
	Uniform Mortgage-Backed Security 5.50% 1/1/20541,5		728		731
	Uniform Mortgage-Backed Security 6.00% 1/1/20541,5		355		360
	Uniform Mortgage-Backed Security 6.50% 1/1/20541,5		3,570		3,659
	Uniform Mortgage-Backed Security 7.00% 1/1/20541,5		1,155		1,191
	Uniform Mortgage-Backed Security 4.50% 2/1/20541,5		600		582
	Uniform Mortgage-Backed Security 5.00% 2/1/20541,5		900		891
	Uniform Mortgage-Backed Security 5.50% 2/1/20541,5		250		251
	Uniform Mortgage-Backed Security 6.00% 2/1/20541,5		1,100		1,117
	Uniform Mortgage-Backed Security 6.50% 2/1/20541,5		1,000		1,025
					96,042
Commercial mortgage-backed	BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 7.131% 5/15/20391,3,6		100		100
securities 1.65%	BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 7.477% 6/15/20271,3,6		100		100
	BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.375% 10/15/20361,3,6		891		872
	BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 6.853% 4/15/20371,3,6		128		127
	Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20281,3,6		379		384
	Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 6.556% 7/15/20381,3,6		93		93
	Intown 2022-Stay Mortgage Trust, Series 2022-STAY, Class A, (1-month USD CME Term SOFR + 2.489%) 7.812% 8/15/20391,3		100		100
					1,776
Collateralized	Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20311,3,6		67		65
mortgage-backed	Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20361,3,6		106		101
obligations (privately	CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20611,3,6		162		152
originated) 0.82%	COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/20661,3,6		74		63
	GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/20661,3,6		25		22
	GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A4, 2.50% 10/25/20521,3,6		203		167
	Legacy Mortgage Asset Trust, Series 2020-GS5, Class A1, 6.25% 6/25/2060 (7.25% on 8/26/2024)1,6,7		98		98
	Mill City Mortgage Trust, Series 15-1, Class M2, 3.72% 6/25/20561,3,6		9		9
	Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/20521,3,6		131		108
	Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20311,3,6		44		42
	Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/20551,3,6		59		58
					885
	Total mortgage-backed obligations				98,703
U.S. Treasury bonds & notes 1.89%
U.S. Treasury 1.60%	U.S. Treasury 0.125% 1/15/2024		75		75
	U.S. Treasury 4.25% 5/31/2025		25		25
	U.S. Treasury 4.00% 2/15/2026		50		50
	U.S. Treasury 4.125% 7/31/2028		1,250		1,263

262  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	U.S. Treasury 1.875% 2/15/2032		USD10	$	9
(continued)	U.S. Treasury 1.875% 2/15/2041		365		263
	U.S. Treasury 1.875% 11/15/2051		65		41
					1,726
U.S. Treasury inflation-	U.S. Treasury Inflation-Protected Security 0.50% 4/15/20248		315		311
protected securities 0.29%	Total U.S. Treasury bonds & notes				2,037
Asset-backed obligations 1.47%
	Citizens Auto Receivables Trust, Series 2023-2, Class A2A, 6.09% 10/15/20261,6		84		84
	Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/20361,6		257		263
	Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20251,6		86		83
	LAD Auto Receivables Trust, Series 2023-2, Class A2, 5.93% 6/15/20271,6		96		96
	Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/20691,6		95		83
	Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20691,6		180		156
	Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20621,6		152		138
	Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD CME Term SOFR + 0.854%) 6.212% 4/20/20621,3,6		124		122
	New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20611,6		100		88
	Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/20291		122		124
	Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/20361,6		100		101
	Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/20281		243		245
					1,583
	Total bonds, notes & other debt instruments (cost: $102,205,000)				102,323

Short-term securities 21.64%		Weighted average yield at acquisition
Commercial paper 14.53%
	Atlantic Asset Securitization, LLC 1/2/20246		5.310	%	700	700
	Cisco Systems, Inc. 1/8/20246		5.320		2,000	1,997
	Coca-Cola Co. 1/11/20246		5.300		1,800	1,797
	Eli Lilly and Co. 1/16/20246		5.360		1,300	1,296
	Honeywell International, Inc. 1/11/20246		5.300		1,400	1,397
	Microsoft Corp. 1/10/20246		5.370		2,000	1,996
	Nestlé Finance International, Ltd. 1/18/20246		5.300		1,100	1,097
	Paccar Financial Corp. 1/18/2024		5.390		2,000	1,994
	Prudential Funding, LLC 1/22/2024		5.340		1,400	1,395
	Wal-Mart Stores, Inc. 1/8/20246		5.031		2,000	1,997
						15,666

American Funds Insurance Series  263

American Funds Mortgage Fund (continued)

Short-term securities (continued)		Weighted average yield at acquisition			Principal amount (000)		Value (000)
Federal agency bills & notes 7.11%
	Federal Home Loan Bank 1/5/2024		5.352	%		USD2,500	$	2,499
	Federal Home Loan Bank 1/19/2024		5.340			2,000		1,995
	Federal Home Loan Bank 3/15/2024		5.245			1,200		1,187
	Federal Home Loan Bank 2/16/2024		5.203			2,000		1,986
	Total short-term securities (cost: $23,340,000)							23,333
	Total investment securities 116.57% (cost: $125,545,000)							125,656
	Other assets less liabilities (16.57)%							(17,865	)
	Net assets 100.00%						$	107,791

Futures contracts

Contracts	Type		Number of contracts		Expiration date		Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
2 Year U.S. Treasury Note Futures		Long		266		4/3/2024		USD54,773		$	514
5 Year U.S. Treasury Note Futures		Long		134		4/3/2024		14,576			296
10 Year U.S. Treasury Note Futures		Long		134		3/28/2024		15,127			493
10 Year Ultra U.S. Treasury Note Futures		Long		9		3/28/2024		1,062			46
20 Year U.S. Treasury Bond Futures		Short		59		3/28/2024		(7,371	)		(564	)
30 Year Ultra U.S. Treasury Bond Futures		Long		17		3/28/2024		2,271			215
										$	1,000

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

													Upfront		Unrealized
													premium		appreciation
Receive			Pay					Notional		Value at			paid		(depreciation)
	Payment			Payment		Expiration		amount		12/31/2023			(received)		at 12/31/2023
Rate	frequency		Rate	frequency		date		(000)		(000)			(000)		(000)
4.8585%		Annual	U.S. EFFR		Annual		1/12/2024		USD1,156	$		—2	$	—	$		—2
4.8615%		Annual	U.S. EFFR		Annual		1/12/2024		USD2,400		(1	)		—		(1	)
4.8674%		Annual	U.S. EFFR		Annual		1/12/2024		USD1,694		(1	)		—		(1	)
SOFR		Annual	3.41%		Annual		7/28/2045		USD1,300		12			—		12
										$	10		$	—	$	10

264  American Funds Insurance Series

American Funds Mortgage Fund (continued)

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 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $929,000, which represented .86% of the net assets of the fund.

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 $16,052,000, which represented 14.89% 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.

Key to abbreviation(s)

Assn. = Association

CME = CME Group

EFFR = Effective Federal Funds 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  265

Ultra-Short Bond Fund

Investment portfolio December 31, 2023

Short-term securities 103.53%		Weighted average yield at acquisition			Principal amount (000)		Value (000)
Commercial paper 78.02%
	Alberta (Province of) 2/21/20241		5.453	%		USD10,000	$	9,920
	British Columbia (Province of) 1/11/2024		5.324			9,800		9,781
	British Columbia (Province of) 1/19/2024		5.340			1,450		1,446
	Cabot Trail Funding, LLC. 1/2/20241		5.350			4,200		4,198
	Canadian Imperial Bank of Commerce 1/25/20241		5.390			8,600		8,565
	Chariot Funding, LLC 1/2/20241		5.430			8,000		7,995
	Chariot Funding, LLC 1/8/20241		5.390			4,000		3,994
	CHARTA, LLC 1/16/20241		5.500			9,000		8,976
	Cisco Systems, Inc. 1/8/20241		5.320			12,600		12,582
	Coca-Cola Co. 1/11/20241		5.300			10,100		10,081
	DBS Bank, Ltd. 1/17/20241		5.444			12,350		12,315
	Eli Lilly and Co. 1/16/20241		5.370			5,000		4,987
	Eli Lilly and Co. 1/23/20241		5.350			3,000		2,989
	Eli Lilly and Co. 2/6/20241		5.370			5,000		4,971
	Estée Lauder Companies, Inc. 1/22/20241		5.390			8,800		8,769
	Export Development Canada 2/12/2024		5.419			12,000		11,920
	FMS Wertmanagement 1/22/20241		5.320			8,300		8,271
	Honeywell International, Inc. 1/11/20241		5.300			11,300		11,278
	Linde, Inc. 1/5/2024		5.310			5,200		5,195
	Microsoft Corp. 1/10/20241		5.370			10,000		9,982
	Microsoft Corp. 1/29/20241		5.330			4,000		3,982
	National Bank of Canada 1/30/20241		5.520			5,100		5,076
	Nestlé Finance International, Ltd. 1/18/20241		5.300			4,000		3,988
	Novartis Finance Corp. 1/8/20241		5.310			12,000		11,982
	Oesterreich Kontrollbank 1/22/2024		5.400			12,000		11,957
	Ontario (Province of) 2/1/2024		5.350			2,400		2,388
	Ontario (Province of) 1/30/2024		5.340			10,000		9,953
	Oversea-Chinese Banking Corp., Ltd. 1/24/20241		5.484			10,000		9,961
	Paccar Financial Corp. 1/4/2024		5.400			12,000		11,989
	Paccar Financial Corp. 1/18/2024		5.390			2,000		1,994
	Pfizer, Inc. 2/27/20241		5.370			8,300		8,226
	Pfizer, Inc. 3/5/20241		5.360			2,000		1,980
	Procter & Gamble Co. 1/2/20241		5.350			11,300		11,293
	Prudential Funding, LLC 1/22/2024		5.340			4,000		3,986
	Starbird Funding Corp. 2/13/20241		5.540			12,000		11,917
	The Netherlands (State of) 1/24/20241		5.400			12,000		11,954
	Wal-Mart Stores, Inc. 1/8/20241		5.031			10,000		9,985
								290,826
U.S. Treasury bills 17.33%
	U.S. Treasury 1/2/2024		5.290			20,000		20,000
	U.S. Treasury 2/27/2024		4.925			25,000		24,795
	U.S. Treasury 3/5/2024		5.114			20,000		19,818
								64,613

266 American Funds Insurance Series

Ultra-Short Bond Fund (continued)

Short-term securities (continued)		Weighted average yield at acquisition			Principal amount (000)		Value (000)
Federal agency bills & notes 8.18%
	Federal Farm Credit Banks 1/26/2024		5.280	%		USD6,400	$	6,377
	Federal Home Loan Bank 1/5/2024		5.352			5,500		5,497
	Federal Home Loan Bank 1/19/2024		5.282			10,000		9,974
	Federal Home Loan Bank 2/16/2024		5.203			5,000		4,966
	Federal Home Loan Bank 2/21/2024		5.261			3,700		3,672
								30,486
	Total short-term securities (cost: $386,032,000)							385,925
	Total investment securities 103.53% (cost: $386,032,000)							385,925
	Other assets less liabilities (3.53)%							(13,171	)
	Net assets 100.00%						$	372,754

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 $220,218,000, which represented 59.08% of the net assets of the fund.

Key to abbreviation(s)

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 267

U.S. Government Securities Fund

Investment portfolio December 31, 2023

Bonds, notes & other debt instruments 95.68%		Principal amount (000)			Value (000)
Mortgage-backed obligations 64.26%
Federal agency	Fannie Mae Pool #406607 6.50% 8/1/20241		USD1		$	1
mortgage-backed	Fannie Mae Pool #735070 6.50% 10/1/20241		—	2		—	2
obligations	Fannie Mae Pool #745316 6.50% 2/1/20261		26			27
64.26%	Fannie Mae Pool #AL9870 6.50% 2/1/20281		28			29
	Fannie Mae Pool #257431 6.50% 10/1/20281		1			1
	Fannie Mae Pool #695412 5.00% 6/1/20331		—	2		—	2
	Fannie Mae Pool #AD3566 5.00% 10/1/20351		3			3
	Fannie Mae Pool #MA2588 4.00% 4/1/20361		571			559
	Fannie Mae Pool #MA2746 4.00% 9/1/20361		1,240			1,213
	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		10			11
	Fannie Mae Pool #888698 7.00% 10/1/20371		12			13
	Fannie Mae Pool #970343 6.00% 2/1/20381		13			13
	Fannie Mae Pool #931768 5.00% 8/1/20391		5			5
	Fannie Mae Pool #AC0794 5.00% 10/1/20391		19			19
	Fannie Mae Pool #932606 5.00% 2/1/20401		8			8
	Fannie Mae Pool #MA4204 2.00% 12/1/20401		5,253			4,525
	Fannie Mae Pool #FM7365 2.00% 5/1/20411		31,097			26,672
	Fannie Mae Pool #AI1862 5.00% 5/1/20411		318			323
	Fannie Mae Pool #AI3510 5.00% 6/1/20411		174			177
	Fannie Mae Pool #AE1248 5.00% 6/1/20411		32			32
	Fannie Mae Pool #AJ0704 5.00% 9/1/20411		146			148
	Fannie Mae Pool #AJ1873 4.00% 10/1/20411		24			23
	Fannie Mae Pool #AJ5391 5.00% 11/1/20411		100			101
	Fannie Mae Pool #AE1277 5.00% 11/1/20411		14			14
	Fannie Mae Pool #MA4501 2.00% 12/1/20411		2,731			2,336
	Fannie Mae Pool #AE1283 5.00% 12/1/20411		9			9
	Fannie Mae Pool #MA4540 2.00% 2/1/20421		1,260			1,077
	Fannie Mae Pool #AE1290 5.00% 2/1/20421		17			17
	Fannie Mae Pool #MA4570 2.00% 3/1/20421		819			699
	Fannie Mae Pool #AT0300 3.50% 3/1/20431		5			4
	Fannie Mae Pool #AT3954 3.50% 4/1/20431		8			7
	Fannie Mae Pool #AT7161 3.50% 6/1/20431		35			33
	Fannie Mae Pool #AY1829 3.50% 12/1/20441		7			7
	Fannie Mae Pool #BE5017 3.50% 2/1/20451		59			55
	Fannie Mae Pool #FM9416 3.50% 7/1/20451		4,071			3,801
	Fannie Mae Pool #BE8740 3.50% 5/1/20471		49			46
	Fannie Mae Pool #BE8742 3.50% 5/1/20471		16			15
	Fannie Mae Pool #BH2846 3.50% 5/1/20471		8			7
	Fannie Mae Pool #BH2848 3.50% 5/1/20471		6			6
	Fannie Mae Pool #BH2847 3.50% 5/1/20471		3			3
	Fannie Mae Pool #BH3122 4.00% 6/1/20471		5			5
	Fannie Mae Pool #BJ5015 4.00% 12/1/20471		126			122
	Fannie Mae Pool #BM3788 3.50% 3/1/20481		2,923			2,742
	Fannie Mae Pool #BJ4901 3.50% 3/1/20481		37			35
	Fannie Mae Pool #BK5232 4.00% 5/1/20481		71			69
	Fannie Mae Pool #BK6840 4.00% 6/1/20481		96			93
	Fannie Mae Pool #BK9743 4.00% 8/1/20481		31			30
	Fannie Mae Pool #BK9761 4.50% 8/1/20481		15			15
	Fannie Mae Pool #FM3280 3.50% 5/1/20491		1,057			983
	Fannie Mae Pool #FM1062 3.50% 6/1/20491		401			376
	Fannie Mae Pool #BJ8411 3.50% 8/1/20491		100			94
	Fannie Mae Pool #CA4151 3.50% 9/1/20491		520			489
	Fannie Mae Pool #FM1443 3.50% 9/1/20491		297			277
	Fannie Mae Pool #FM2179 3.00% 1/1/20501		3,292			2,966
	Fannie Mae Pool #CA6349 3.00% 7/1/20501		391			349
	Fannie Mae Pool #CA6593 2.50% 8/1/20501		848			734
	Fannie Mae Pool #CA6740 3.00% 8/1/20501		223			199
	Fannie Mae Pool #CA7052 3.00% 9/1/20501		30			27
	Fannie Mae Pool #BQ3005 2.50% 10/1/20501		534			456

268 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	Fannie Mae Pool #CA7257 2.50% 10/1/20501		USD177	$	154
mortgage-backed	Fannie Mae Pool #CA7381 3.00% 10/1/20501		339		303
obligations	Fannie Mae Pool #CA7739 2.50% 11/1/20501		1,780		1,534
(continued)	Fannie Mae Pool #MA4208 2.00% 12/1/20501		214		176
	Fannie Mae Pool #FM5166 3.00% 12/1/20501		230		205
	Fannie Mae Pool #MA4237 2.00% 1/1/20511		75		62
	Fannie Mae Pool #FM6548 2.00% 3/1/20511		1,015		847
	Fannie Mae Pool #CB0290 2.00% 4/1/20511		876		720
	Fannie Mae Pool #MA4305 2.00% 4/1/20511		10		8
	Fannie Mae Pool #BR1035 2.00% 5/1/20511		6		5
	Fannie Mae Pool #FM7687 3.00% 6/1/20511		5,141		4,617
	Fannie Mae Pool #BR2095 2.50% 7/1/20511		1,524		1,303
	Fannie Mae Pool #FM7900 2.50% 7/1/20511		181		156
	Fannie Mae Pool #CB1527 2.50% 9/1/20511		655		561
	Fannie Mae Pool #FS0965 2.00% 11/1/20511		47		39
	Fannie Mae Pool #FM9810 3.00% 11/1/20511		336		300
	Fannie Mae Pool #CB2286 2.50% 12/1/20511		1,180		1,014
	Fannie Mae Pool #FM9976 3.00% 12/1/20511		769		694
	Fannie Mae Pool #CB2544 3.00% 1/1/20521		2,212		1,975
	Fannie Mae Pool #FS0454 3.00% 1/1/20521		343		306
	Fannie Mae Pool #BV3076 2.00% 2/1/20521		717		587
	Fannie Mae Pool #FS0523 2.50% 2/1/20521		188		162
	Fannie Mae Pool #FS0647 3.00% 2/1/20521		3,539		3,194
	Fannie Mae Pool #CB3774 4.00% 6/1/20521		3,034		2,871
	Fannie Mae Pool #FS2159 5.00% 6/1/20521		60		59
	Fannie Mae Pool #BV2558 5.00% 6/1/20521		52		51
	Fannie Mae Pool #FS3539 3.50% 7/1/20521		1,914		1,757
	Fannie Mae Pool #BW7327 4.50% 8/1/20521		2,992		2,902
	Fannie Mae Pool #FS2489 5.00% 8/1/20521		56		55
	Fannie Mae Pool #BW1192 4.50% 9/1/20521		736		714
	Fannie Mae Pool #FS4611 5.00% 9/1/20521		9,574		9,488
	Fannie Mae Pool #BW9458 4.50% 10/1/20521		984		955
	Fannie Mae Pool #BX0097 4.50% 10/1/20521		920		894
	Fannie Mae Pool #FS5994 5.00% 10/1/20521		9,369		9,284
	Fannie Mae Pool #BX1004 5.00% 10/1/20521		5,201		5,153
	Fannie Mae Pool #BW1289 5.50% 10/1/20521		713		718
	Fannie Mae Pool #BW1243 5.50% 10/1/20521		634		639
	Fannie Mae Pool #CB4917 5.50% 10/1/20521		100		101
	Fannie Mae Pool #MA4820 6.50% 10/1/20521		241		247
	Fannie Mae Pool #MA4840 4.50% 12/1/20521		2,847		2,762
	Fannie Mae Pool #BX6121 6.00% 1/1/20531		2,544		2,586
	Fannie Mae Pool #MA4919 5.50% 2/1/20531		404		406
	Fannie Mae Pool #FS3759 6.00% 2/1/20531		887		920
	Fannie Mae Pool #BX6803 6.00% 3/1/20531		997		1,013
	Fannie Mae Pool #CB5919 6.00% 3/1/20531		968		984
	Fannie Mae Pool #MA4979 5.50% 4/1/20531		3,057		3,075
	Fannie Mae Pool #CB6106 6.50% 4/1/20531		458		475
	Fannie Mae Pool #MA5010 5.50% 5/1/20531		531		534
	Fannie Mae Pool #MA5011 6.00% 5/1/20531		2,214		2,248
	Fannie Mae Pool #MA5039 5.50% 6/1/20531		4,434		4,454
	Fannie Mae Pool #FS5192 5.50% 6/1/20531		3,278		3,299
	Fannie Mae Pool #CB6485 6.00% 6/1/20531		3,424		3,479
	Fannie Mae Pool #FS4933 6.00% 6/1/20531		2,331		2,371
	Fannie Mae Pool #CB6486 6.00% 6/1/20531		2,130		2,168
	Fannie Mae Pool #MA5040 6.00% 6/1/20531		1,783		1,811
	Fannie Mae Pool #CB6465 6.00% 6/1/20531		1,528		1,555
	Fannie Mae Pool #MA5070 4.50% 7/1/20531		3,121		3,027
	Fannie Mae Pool #CB6719 4.50% 7/1/20531		395		384
	Fannie Mae Pool #MA5072 5.50% 7/1/20531		13,941		14,006
	Fannie Mae Pool #MA5073 6.00% 7/1/20531		2,043		2,075
	Fannie Mae Pool #CB6853 4.50% 8/1/20531		492		477

American Funds Insurance Series 269

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency	Fannie Mae Pool #MA5139 6.00% 9/1/20531		USD73,874		$	75,026
mortgage-backed	Fannie Mae Pool #FS5749 6.50% 9/1/20531		8,508			8,722
obligations	Fannie Mae Pool #MA5165 5.50% 10/1/20531		24,975			25,084
(continued)	Fannie Mae Pool #MA5191 6.00% 11/1/20531		16,841			17,104
	Fannie Mae Pool #MA5192 6.50% 11/1/20531		24,222			24,830
	Fannie Mae Pool #MA5249 7.00% 1/1/20541		1,535			1,584
	Fannie Mae Pool #BF0497 3.00% 7/1/20601		1,316			1,130
	Fannie Mae Pool #BF0585 4.50% 12/1/20611		422			410
	Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/20251,3		—	2		—	2
	Fannie Mae, Series 2001-4, Class NA, 9.00% 10/25/20251,3		—	2		—	2
	Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/20241,3		62			61
	Freddie Mac Pool #ZS8907 6.50% 10/1/20261		1			1
	Freddie Mac Pool #ZA2024 6.50% 9/1/20271		1			1
	Freddie Mac Pool #1H1354 6.328% 11/1/20361,3		41			42
	Freddie Mac Pool #C03518 5.00% 9/1/20401		253			257
	Freddie Mac Pool #G06459 5.00% 5/1/20411		568			578
	Freddie Mac Pool #RB5138 2.00% 12/1/20411		731			625
	Freddie Mac Pool #RB5145 2.00% 2/1/20421		715			610
	Freddie Mac Pool #RB5148 2.00% 3/1/20421		1,690			1,443
	Freddie Mac Pool #RB5154 2.50% 4/1/20421		10,298			9,161
	Freddie Mac Pool #Q15874 4.00% 2/1/20431		3			3
	Freddie Mac Pool #Q17696 3.50% 4/1/20431		25			23
	Freddie Mac Pool #Q19133 3.50% 6/1/20431		28			27
	Freddie Mac Pool #Q23190 4.00% 11/1/20431		139			135
	Freddie Mac Pool #Q28558 3.50% 9/1/20441		180			169
	Freddie Mac Pool #760014 2.71% 8/1/20451,3		243			235
	Freddie Mac Pool #Q47615 3.50% 4/1/20471		45			42
	Freddie Mac Pool #Q52069 3.50% 11/1/20471		68			64
	Freddie Mac Pool #SD0470 4.00% 11/1/20471		6,600			6,345
	Freddie Mac Pool #Q54701 3.50% 3/1/20481		48			45
	Freddie Mac Pool #Q54709 3.50% 3/1/20481		48			45
	Freddie Mac Pool #Q54700 3.50% 3/1/20481		36			34
	Freddie Mac Pool #Q54781 3.50% 3/1/20481		34			32
	Freddie Mac Pool #Q54782 3.50% 3/1/20481		27			25
	Freddie Mac Pool #Q54699 3.50% 3/1/20481		20			19
	Freddie Mac Pool #Q54831 3.50% 3/1/20481		14			13
	Freddie Mac Pool #Q54698 3.50% 3/1/20481		14			13
	Freddie Mac Pool #G67711 4.00% 3/1/20481		1,265			1,223
	Freddie Mac Pool #Q55971 4.00% 5/1/20481		66			64
	Freddie Mac Pool #Q56175 4.00% 5/1/20481		60			58
	Freddie Mac Pool #Q56590 3.50% 6/1/20481		25			23
	Freddie Mac Pool #Q56589 3.50% 6/1/20481		16			15
	Freddie Mac Pool #Q56599 4.00% 6/1/20481		96			93
	Freddie Mac Pool #ZT2265 4.00% 8/1/20481		6,317			6,062
	Freddie Mac Pool #Q58411 4.50% 9/1/20481		183			181
	Freddie Mac Pool #Q58436 4.50% 9/1/20481		101			99
	Freddie Mac Pool #Q58378 4.50% 9/1/20481		68			67
	Freddie Mac Pool #ZT0522 4.50% 9/1/20481		19			19
	Freddie Mac Pool #QA0284 3.50% 6/1/20491		164			154
	Freddie Mac Pool #QA2748 3.50% 9/1/20491		47			44
	Freddie Mac Pool #RA1463 3.50% 10/1/20491		357			335
	Freddie Mac Pool #RA1580 3.50% 10/1/20491		184			173
	Freddie Mac Pool #RA3384 3.00% 8/1/20501		32			29
	Freddie Mac Pool #RA3506 3.00% 9/1/20501		393			351
	Freddie Mac Pool #SD8106 2.00% 11/1/20501		2,106			1,733
	Freddie Mac Pool #RA3987 2.50% 11/1/20501		2,042			1,749
	Freddie Mac Pool #SD8128 2.00% 2/1/20511		35			29
	Freddie Mac Pool #SD8134 2.00% 3/1/20511		58			48
	Freddie Mac Pool #RA5288 2.00% 5/1/20511		2,237			1,837
	Freddie Mac Pool #RA5267 3.00% 5/1/20511		276			246
	Freddie Mac Pool #SD7544 3.00% 7/1/20511		154			138

270  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	Freddie Mac Pool #QC7626 3.00% 9/1/20511		USD2,078	$	1,855
mortgage-backed	Freddie Mac Pool #RA5901 3.00% 9/1/20511		227		203
obligations	Freddie Mac Pool #SD0726 2.50% 10/1/20511		9,473		8,173
(continued)	Freddie Mac Pool #RA6406 2.00% 11/1/20511		463		379
	Freddie Mac Pool #SD1385 2.50% 11/1/20511		490		422
	Freddie Mac Pool #RA6347 3.00% 11/1/20511		311		277
	Freddie Mac Pool #SD7552 2.50% 1/1/20521		308		265
	Freddie Mac Pool #SD0813 3.00% 1/1/20521		145		130
	Freddie Mac Pool #SD7550 3.00% 2/1/20521		3,117		2,808
	Freddie Mac Pool #SD0873 3.50% 2/1/20521		12,612		11,758
	Freddie Mac Pool #QD7089 3.50% 2/1/20521		185		171
	Freddie Mac Pool #8D0226 2.546% 5/1/20521,3		472		421
	Freddie Mac Pool #SD8214 3.50% 5/1/20521		8,218		7,543
	Freddie Mac Pool #QE8579 4.50% 8/1/20521		198		192
	Freddie Mac Pool #QE8282 5.00% 8/1/20521		806		799
	Freddie Mac Pool #QE7647 5.00% 8/1/20521		54		53
	Freddie Mac Pool #SD1496 5.00% 8/1/20521		49		49
	Freddie Mac Pool #QF0212 4.50% 9/1/20521		906		879
	Freddie Mac Pool #QE9497 4.50% 9/1/20521		226		219
	Freddie Mac Pool #SD1608 4.50% 9/1/20521		134		130
	Freddie Mac Pool #RA7938 5.00% 9/1/20521		11,114		11,025
	Freddie Mac Pool #SD3782 4.50% 10/1/20521		3,566		3,459
	Freddie Mac Pool #SD8257 4.50% 10/1/20521		3,453		3,349
	Freddie Mac Pool #SD2465 4.50% 10/1/20521		90		87
	Freddie Mac Pool #SD1895 4.50% 11/1/20521		1,174		1,161
	Freddie Mac Pool #QF2560 4.50% 11/1/20521		983		954
	Freddie Mac Pool #SD2948 5.50% 11/1/20521		2,193		2,207
	Freddie Mac Pool #SD8281 6.50% 12/1/20521		5,255		5,398
	Freddie Mac Pool #SD8316 5.50% 4/1/20531		996		1,001
	Freddie Mac Pool #QG1653 6.00% 4/1/20531		966		982
	Freddie Mac Pool #QG0259 6.00% 4/1/20531		479		486
	Freddie Mac Pool #RA8647 4.50% 5/1/20531		91		89
	Freddie Mac Pool #SD8324 5.50% 5/1/20531		1,084		1,089
	Freddie Mac Pool #SD3369 5.50% 5/1/20531		628		632
	Freddie Mac Pool #SD8325 6.00% 5/1/20531		8,647		8,785
	Freddie Mac Pool #QG3763 6.00% 5/1/20531		2,003		2,035
	Freddie Mac Pool #SD2979 6.50% 5/1/20531		307		318
	Freddie Mac Pool #SD8331 5.50% 6/1/20531		2,875		2,888
	Freddie Mac Pool #SD8332 6.00% 6/1/20531		17,450		17,725
	Freddie Mac Pool #SD3175 6.00% 6/1/20531		4,431		4,503
	Freddie Mac Pool #SD3083 6.00% 6/1/20531		2,216		2,253
	Freddie Mac Pool #QG5227 6.00% 6/1/20531		946		961
	Freddie Mac Pool #RA9279 6.00% 6/1/20531		482		491
	Freddie Mac Pool #RA9283 6.00% 6/1/20531		452		461
	Freddie Mac Pool #RA9281 6.00% 6/1/20531		297		301
	Freddie Mac Pool #RA9284 6.00% 6/1/20531		208		216
	Freddie Mac Pool #RA9294 6.50% 6/1/20531		2,606		2,680
	Freddie Mac Pool #RA9292 6.50% 6/1/20531		2,251		2,314
	Freddie Mac Pool #RA9289 6.50% 6/1/20531		2,114		2,190
	Freddie Mac Pool #RA9288 6.50% 6/1/20531		2,059		2,140
	Freddie Mac Pool #RA9287 6.50% 6/1/20531		1,426		1,486
	Freddie Mac Pool #RA9290 6.50% 6/1/20531		1,085		1,120
	Freddie Mac Pool #RA9291 6.50% 6/1/20531		795		815
	Freddie Mac Pool #RA9295 6.50% 6/1/20531		586		613
	Freddie Mac Pool #SD8342 5.50% 7/1/20531		25,511		25,620
	Freddie Mac Pool #SD8343 6.00% 7/1/20531		28,170		28,609
	Freddie Mac Pool #SD8350 6.00% 8/1/20531		24,225		24,603
	Freddie Mac Pool #SD8362 5.50% 9/1/20531		818		822
	Freddie Mac Pool #SD3857 6.00% 9/1/20531		44,159		44,867
	Freddie Mac Pool #RA9857 6.00% 9/1/20531		2,444		2,484
	Freddie Mac Pool #SD3825 6.50% 9/1/20531		116		119

American Funds Insurance Series  271

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency	Freddie Mac Pool #SD8366 5.00% 10/1/20531		USD15,824	$	15,658
mortgage-backed	Freddie Mac Pool #SD8367 5.50% 10/1/20531		1,029		1,033
obligations	Freddie Mac Pool #SD4053 6.00% 10/1/20531		5,760		5,852
(continued)	Freddie Mac Pool #SD8369 6.50% 10/1/20531		15,824		16,223
	Freddie Mac Pool #SD8370 4.50% 11/1/20531		766		743
	Freddie Mac Pool #SD8372 5.50% 11/1/20531		3,606		3,622
	Freddie Mac Pool #SD8381 4.50% 12/1/20531		850		825
	Freddie Mac Pool #SD8393 4.50% 1/1/20541		180		175
	Freddie Mac Pool #SD8395 5.50% 1/1/20541		2,251		2,261
	Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 9/25/20241		1,363		1,343
	Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/20301		3,875		3,877
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20561,3		4,135		3,781
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/20561		780		668
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/20561		317		266
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20561		4,164		3,830
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20561,3		3,772		3,451
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/20571		856		728
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20571,3		1,220		1,075
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20571		442		417
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/20571		3,861		3,449
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50% 11/26/20571		216		205
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/20581		702		626
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/20581		504		477
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20581		1,895		1,787
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/20581		680		606
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/20581		366		327
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/20591		1,629		1,491
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/20281		3,815		3,667
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20281		16,486		15,722
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/20291		4,271		3,938
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/20301		1,199		1,066
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/20301		435		358
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20321		4,176		3,950
	Government National Mortgage Assn. 3.00% 1/1/20541,4		435		394
	Government National Mortgage Assn. 4.00% 1/1/20541,4		9,190		8,775
	Government National Mortgage Assn. 5.50% 1/1/20541,4		1,905		1,919
	Government National Mortgage Assn. 6.00% 1/1/20541,4		20		20
	Government National Mortgage Assn. Pool #782365 6.00% 7/15/20381		72		75
	Government National Mortgage Assn. Pool #700778 5.50% 10/15/20381		17		17

272  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	Government National Mortgage Assn. Pool #004269 6.50% 10/20/20381		USD145	$	155
mortgage-backed	Government National Mortgage Assn. Pool #698668 5.50% 11/15/20381		27		28
obligations	Government National Mortgage Assn. Pool #698406 5.00% 7/15/20391		172		174
(continued)	Government National Mortgage Assn. Pool #783690 6.00% 9/20/20391		74		78
	Government National Mortgage Assn. Pool #783689 5.50% 2/20/20401		2,191		2,261
	Government National Mortgage Assn. Pool #783688 5.00% 6/20/20411		758		780
	Government National Mortgage Assn. Pool #783687 4.50% 12/20/20411		514		509
	Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/20421		17		16
	Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/20501		868		736
	Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/20501		763		646
	Government National Mortgage Assn. Pool #785575 2.50% 8/20/20511		5,178		4,454
	Government National Mortgage Assn. Pool #MA7534 2.50% 8/20/20511		2,241		1,961
	Government National Mortgage Assn. Pool #785659 2.50% 10/20/20511		732		628
	Government National Mortgage Assn. Pool #786706 2.50% 12/20/20511		3,980		3,499
	Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/20521		93		82
	Government National Mortgage Assn. Pool #786502 2.50% 2/20/20521		3,370		2,937
	Government National Mortgage Assn. Pool #786647 2.50% 3/20/20521		1,826		1,593
	Government National Mortgage Assn. Pool #786701 2.50% 3/20/20521		1,175		1,024
	Government National Mortgage Assn. Pool #785998 2.50% 3/20/20521		803		690
	Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/20521		1,000		875
	Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/20521		3,000		2,793
	Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/20531		60		60
	Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/20531		6,682		6,520
	Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/20531		2,999		2,927
	Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/20531		1,247		1,216
	Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/20631		437		334
	Uniform Mortgage-Backed Security 2.00% 1/1/20391,4		668		599
	Uniform Mortgage-Backed Security 2.50% 1/1/20391,4		1,253		1,155
	Uniform Mortgage-Backed Security 5.00% 1/1/20391,4		780		785
	Uniform Mortgage-Backed Security 2.00% 2/1/20391,4		448		399
	Uniform Mortgage-Backed Security 2.50% 2/1/20391,4		1,022		942
	Uniform Mortgage-Backed Security 4.00% 2/1/20391,4		920		903
	Uniform Mortgage-Backed Security 2.00% 1/1/20541,4		3,607		2,949
	Uniform Mortgage-Backed Security 2.50% 1/1/20541,4		7,886		6,710
	Uniform Mortgage-Backed Security 3.00% 1/1/20541,4		4,728		4,183
	Uniform Mortgage-Backed Security 3.50% 1/1/20541,4		42,426		38,926
	Uniform Mortgage-Backed Security 4.00% 1/1/20541,4		19,928		18,850
	Uniform Mortgage-Backed Security 4.50% 1/1/20541,4		18,542		17,975
	Uniform Mortgage-Backed Security 5.00% 1/1/20541,4		11,694		11,570
	Uniform Mortgage-Backed Security 5.50% 1/1/20541,4		944		948
	Uniform Mortgage-Backed Security 6.00% 1/1/20541,4		145		147
	Uniform Mortgage-Backed Security 6.50% 1/1/20541,4		3,996		4,095
	Uniform Mortgage-Backed Security 7.00% 1/1/20541,4		19,822		20,448
	Uniform Mortgage-Backed Security 4.50% 2/1/20541,4		2,400		2,328
	Uniform Mortgage-Backed Security 5.00% 2/1/20541,4		13,550		13,412
	Uniform Mortgage-Backed Security 5.50% 2/1/20541,4		1,250		1,256
	Uniform Mortgage-Backed Security 6.50% 2/1/20541,4		77,359		79,272
	Total mortgage-backed obligations				979,319
U.S. Treasury bonds & notes 26.35%
U.S. Treasury	U.S. Treasury 1.75% 7/31/2024		12,875		12,632
24.27%	U.S. Treasury 3.00% 7/31/2024		1,470		1,453
	U.S. Treasury 4.125% 1/31/2025		2,906		2,888
	U.S. Treasury 2.00% 2/15/2025		890		864
	U.S. Treasury 4.625% 2/28/2025		30,265		30,251
	U.S. Treasury 3.875% 3/31/2025		4,970		4,927
	U.S. Treasury 3.875% 4/30/2025		4,615		4,574
	U.S. Treasury 2.75% 5/15/2025		7,459		7,283
	U.S. Treasury 4.625% 6/30/2025		2,150		2,155
	U.S. Treasury 3.125% 8/15/2025		390		382

American Funds Insurance Series  273

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	U.S. Treasury 3.50% 9/15/2025		USD28,000	$	27,597
(continued)	U.S. Treasury 3.00% 9/30/2025		2,235		2,184
	U.S. Treasury 4.625% 3/15/2026		11,050		11,149
	U.S. Treasury 4.50% 7/15/2026		10,366		10,465
	U.S. Treasury 4.625% 9/15/2026		10,209		10,352
	U.S. Treasury 4.375% 12/15/2026		8,511		8,596
	U.S. Treasury 1.25% 12/31/2026		8,665		8,003
	U.S. Treasury 0.50% 4/30/2027		3,700		3,305
	U.S. Treasury 3.625% 5/31/2028		20,650		20,438
	U.S. Treasury 4.00% 6/30/2028		6,907		6,941
	U.S. Treasury 1.00% 7/31/2028		970		853
	U.S. Treasury 4.125% 7/31/2028		17,685		17,870
	U.S. Treasury 4.375% 11/30/2028		16,020		16,397
	U.S. Treasury 2.625% 7/31/2029		9,309		8,723
	U.S. Treasury 3.75% 6/30/2030		32,030		31,760
	U.S. Treasury 4.125% 8/31/2030		670		679
	U.S. Treasury 4.625% 9/30/2030		1,290		1,345
	U.S. Treasury 2.75% 8/15/2032		8,095		7,418
	U.S. Treasury 3.50% 2/15/2033		14,341		13,915
	U.S. Treasury 3.875% 8/15/2033		14,670		14,661
	U.S. Treasury 4.50% 8/15/20395		13,655		14,466
	U.S. Treasury 4.625% 2/15/2040		90		96
	U.S. Treasury 1.125% 5/15/2040		3,350		2,165
	U.S. Treasury 3.875% 5/15/2043		820		784
	U.S. Treasury 2.50% 2/15/2045		4,850		3,680
	U.S. Treasury 2.50% 2/15/2046		3,900		2,932
	U.S. Treasury 2.50% 5/15/2046		1,585		1,189
	U.S. Treasury 2.875% 11/15/2046		2,700		2,167
	U.S. Treasury 3.00% 2/15/2049		300		245
	U.S. Treasury 1.25% 5/15/20505		18,640		10,082
	U.S. Treasury 1.375% 8/15/2050		4,330		2,420
	U.S. Treasury 1.625% 11/15/20505		26,165		15,635
	U.S. Treasury 1.875% 2/15/2051		5,892		3,749
	U.S. Treasury 2.375% 5/15/2051		6,280		4,496
	U.S. Treasury 2.00% 8/15/2051		5,226		3,423
	U.S. Treasury 1.875% 11/15/2051		3,164		2,006
	U.S. Treasury 3.00% 8/15/2052		895		734
	U.S. Treasury 4.00% 11/15/2052		1,199		1,186
	U.S. Treasury 4.75% 11/15/2053		7,450		8,378
					369,893
U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.50% 4/15/20246		3,528		3,485
inflation-protected	U.S. Treasury Inflation-Protected Security 0.125% 4/15/20256		2,221		2,143
securities	U.S. Treasury Inflation-Protected Security 0.375% 7/15/20256		2,300		2,230
2.08%	U.S. Treasury Inflation-Protected Security 0.125% 10/15/20266		10,802		10,261
	U.S. Treasury Inflation-Protected Security 0.125% 4/15/20276		2,797		2,629
	U.S. Treasury Inflation-Protected Security 0.125% 7/15/20316		1,033		920
	U.S. Treasury Inflation-Protected Security 0.125% 1/15/20326		3,212		2,825
	U.S. Treasury Inflation-Protected Security 2.125% 2/15/20416		133		138
	U.S. Treasury Inflation-Protected Security 0.75% 2/15/20425,6		1,423		1,158
	U.S. Treasury Inflation-Protected Security 0.625% 2/15/20436		1,659		1,301
	U.S. Treasury Inflation-Protected Security 1.00% 2/15/20496		306		247
	U.S. Treasury Inflation-Protected Security 0.125% 2/15/20506		348		228
	U.S. Treasury Inflation-Protected Security 0.125% 2/15/20516		5,046		3,144
	U.S. Treasury Inflation-Protected Security 0.125% 2/15/20526		1,507		930
					31,639
	Total U.S. Treasury bonds & notes				401,532

274  American Funds Insurance Series

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Federal agency bonds & notes 5.07%
	Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026		USD223	$	216
	Fannie Mae 7.125% 1/15/2030		2,000		2,326
	Federal Home Loan Bank 3.25% 11/16/2028		6,500		6,335
	Federal Home Loan Bank 5.50% 7/15/2036		300		337
	Private Export Funding Corp. 3.55% 1/15/2024		3,190		3,187
	Private Export Funding Corp. 1.40% 7/15/2028		3,000		2,677
	Tennessee Valley Authority 0.75% 5/15/2025		3,700		3,514
	Tennessee Valley Authority 2.875% 2/1/2027		5,000		4,820
	Tennessee Valley Authority 4.65% 6/15/2035		1,780		1,816
	Tennessee Valley Authority 5.88% 4/1/2036		875		1,000
	Tennessee Valley Authority, Series A, 4.625% 9/15/2060		250		246
	Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033		796		742
	U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 6/30/2025		14,779		14,373
	U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026		1,597		1,656
	U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 8/1/2024		2,250		2,219
	U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 8/1/2025		2,640		2,574
	U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026		2,625		2,543
	U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027		11,482		11,050
	U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028		3,856		3,688
	U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029		2,650		2,515
	U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030		2,482		2,365
	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		2,198
	U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033		2,059		1,938
	U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034		651		612
					77,297
	Total bonds, notes & other debt instruments (cost: $1,485,170,000)				1,458,148

Short-term securities 16.21%		Weighted average yield at acquisition
Commercial paper 14.25%
	Atlantic Asset Securitization, LLC 1/2/20247		5.310	%	7,800	7,796
	Canadian Imperial Bank of Commerce 1/25/20247		5.380		4,400	4,382
	Chariot Funding, LLC 1/2/20247		5.430		18,000	17,989
	CRC Funding, LLC 1/17/20247		5.510		30,000	29,915
	Eli Lilly and Co. 1/10/20247		5.380		6,600	6,589
	Eli Lilly and Co. 1/16/20247		5.360		15,000	14,960
	Honeywell International, Inc. 1/11/20247		5.300		10,800	10,779
	Kaiser Foundation Hospitals 1/3/2024		5.450		15,000	14,989
	Microsoft Corp. 1/10/20247		5.370		18,000	17,968
	Microsoft Corp. 1/29/20247		5.330		10,000	9,955
	Nestlé Finance International, Ltd. 1/18/20247		5.300		2,700	2,692
	Ontario (Province of) 2/1/2024		5.350		2,200	2,189
	Paccar Financial Corp. 1/4/2024		5.310		3,000	2,997

American Funds Insurance Series  475

U.S. Government Securities Fund (continued)

Short-term securities (continued)		Weighted average yield at acquisition			Principal amount (000)		Value (000)
Commercial paper (continued)
	Paccar Financial Corp. 1/5/2024		5.410	%		USD10,000	$	9,990
	Paccar Financial Corp. 1/18/2024		5.390			10,000		9,970
	Pfizer, Inc. 2/27/20247		5.370			13,900		13,776
	Procter & Gamble Co. 1/22/20247		5.380			15,000		14,947
	Prudential Funding, LLC 1/22/2024		5.340			5,500		5,481
	Thunder Bay Funding, LLC 2/6/20247		5.466			20,000		19,884
								217,248
Federal agency bills & notes 1.96%
	Federal Home Loan Bank 1/26/2024		5.320			15,000		14,945
	Federal Home Loan Bank 2/16/2024		5.203			15,000		14,899
	Total short-term securities (cost: $247,180,000)							247,092
Options purchased (equity style) 0.04%
	Options purchased (equity style)*							577
	Total options purchased (equity style) (cost: $321,000)							577
	Total investment securities 111.93% (cost: $1,732,671,000)							1,705,817
	Total options written (0.06)%†							(824	)
	Other assets less liabilities (11.87)%							(180,964	)
	Net assets 100.00%						$	1,524,029

* Options purchased (equity style)
Options on futures
Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 12/31/2023 (000)
Call
3 Month SOFR Futures Option		261		USD65,250		USD96.00		6/14/2024	$	576
Put
3 Month SOFR Futures Option		140		USD35,000		USD94.31		3/15/2024		1
3 Month SOFR Futures Option		75		18,750		94.38		3/15/2024		—	2
									$	1
									$	577

276  American Funds Insurance Series

U.S. Government Securities Fund (continued)

†Options written (equity style)
Options on futures
Description	Number of contracts		Notional amount (000)			Exercise price		Expiration date		Value at 12/31/2023 (000)
Call
3 Month SOFR Futures Option		261		USD(65,250	)		USD96.00		6/14/2024	$	(632	)
5 Year U.S. Treasury Note Futures Option		42		(4,200	)		106.50		2/23/2024		(102	)
5 Year U.S. Treasury Note Futures Option		23		(2,300	)		107.00		2/23/2024		(47	)
10 Year U.S. Treasury Note Futures Option		15		(1,500	)		113.25		1/26/2024		(11	)
										$	(792	)
Put
3 Month SOFR Futures Option		140		USD(35,000	)		USD94.06		3/15/2024		(1	)
3 Month SOFR Futures Option		75		(18,750	)		94.13		3/15/2024		—	2
5 Year U.S. Treasury Note Futures Option		42		(4,200	)		106.50		2/23/2024		(8	)
5 Year U.S. Treasury Note Futures Option		23		(2,300	)		107.00		2/23/2024		(6	)
10 Year U.S. Treasury Note Futures Option		15		(1,500	)		113.25		1/26/2024		(17	)
										$	(32	)
										$	(824	)

Futures contracts
Contracts	Type		Number of contracts		Expiration date		Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
30 Day Federal Funds Futures		Short		592		2/1/2024		USD(233,544	)	$	(171	)
3 Month SOFR Futures		Short		529		3/20/2024		(125,165	)		5,889
3 Month SOFR Futures		Short		256		3/19/2025		(61,613	)		1,563
2 Year U.S. Treasury Note Futures		Long		4,163		4/3/2024		857,220			7,984
5 Year U.S. Treasury Note Futures		Long		2,683		4/3/2024		291,839			6,513
10 Year U.S. Treasury Note Futures		Long		1,339		3/28/2024		151,161			4,426
10 Year Ultra U.S. Treasury Note Futures		Short		431		3/28/2024		(50,865	)		(1,919	)
20 Year U.S. Treasury Bond Futures		Short		827		3/28/2024		(103,323	)		(7,200	)
30 Year Ultra U.S. Treasury Bond Futures		Long		153		3/28/2024		20,440			1,733
										$	18,818

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay						Value at			Upfront premium paid		Unrealized appreciation (depreciation)
Rate	Payment frequency	Rate	Payment frequency	Expiration date		Notional amount (000)		12/31/2023 (000)			(received) (000)		at 12/31/2023 (000)
4.8585%	Annual	U.S. EFFR	Annual		1/12/2024		USD17,898	$	(5	)	$	—	$	(5	)
4.8674%	Annual	U.S. EFFR	Annual		1/12/2024		USD26,222		(7	)		—		(7	)
4.8615%	Annual	U.S. EFFR	Annual		1/12/2024		USD35,800		(9	)		—		(9	)
0.241%	Annual	U.S. EFFR	Annual		3/1/2024		USD119,400		(1,033	)		—		(1,033	)
U.S. EFFR	Annual	0.11%	Annual		5/18/2024		USD97,600		1,926			—		1,926

American Funds Insurance Series  277

U.S. Government Securities Fund (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay						Value at			Upfront premium paid		Unrealized appreciation (depreciation)
Rate	Payment frequency	Rate	Payment frequency	Expiration date		Notional amount (000)		12/31/2023 (000)			(received) (000)		at 12/31/2023 (000)
3.497%	Annual	U.S. EFFR	Annual		6/16/2024		USD24,000	$	(194	)	$	—	$	(194	)
3.4585%	Annual	U.S. EFFR	Annual		6/17/2024		USD3,698		(30	)		—		(30	)
3.4325%	Annual	U.S. EFFR	Annual		6/17/2024		USD17,700		(148	)		—		(148	)
U.S. EFFR	Annual	0.126%	Annual		6/25/2025		USD20,100		1,211			—		1,211
U.S. EFFR	Annual	0.1275%	Annual		6/25/2025		USD20,100		1,210			—		1,210
U.S. EFFR	Annual	0.106%	Annual		6/30/2025		USD22,492		1,370			—		1,370
SOFR	Annual	3.916%	Annual		7/11/2025		USD46,800		316			—		316
4.912%	Annual	SOFR	Annual		8/24/2025		USD14,030		137			—		137
4.8189%	Annual	SOFR	Annual		8/25/2025		USD14,010		116			—		116
4.8195%	Annual	SOFR	Annual		9/1/2025		USD10,300		89			—		89
4.27%	Annual	SOFR	Annual		2/16/2026		USD9,620		47			—		47
4.265%	Annual	SOFR	Annual		2/16/2026		USD4,777		23			—		23
4.3035%	Annual	SOFR	Annual		2/17/2026		USD2,874		16			—		16
4.2515%	Annual	SOFR	Annual		2/17/2026		USD2,847		13			—		13
4.2675%	Annual	SOFR	Annual		2/17/2026		USD2,771		13			—		13
4.3005%	Annual	SOFR	Annual		2/17/2026		USD1,989		11			—		11
4.288%	Annual	SOFR	Annual		2/17/2026		USD2,021		11			—		11
3.45%	Annual	SOFR	Annual		2/1/2028		USD12,500		(72	)		—		(72	)
3.47%	Annual	SOFR	Annual		2/2/2028		USD11,600		(58	)		—		(58	)
4.28%	Annual	SOFR	Annual		2/29/2028		USD1,660		44			—		44
4.269%	Annual	SOFR	Annual		2/29/2028		USD1,700		44			—		44
U.S. EFFR	Annual	0.5385%	Annual		3/26/2030		USD49,000		7,909			—		7,909
3.18%	Annual	SOFR	Annual		4/17/2030		USD2,600		(47	)		—		(47	)
3.275%	Annual	SOFR	Annual		4/18/2030		USD2,600		(33	)		—		(33	)
3.353%	Annual	SOFR	Annual		4/19/2030		USD2,600		(22	)		—		(22	)
3.342%	Annual	SOFR	Annual		4/19/2030		USD2,600		(23	)		—		(23	)
3.344%	Annual	SOFR	Annual		4/20/2030		USD2,600		(23	)		—		(23	)
3.128%	Annual	SOFR	Annual		4/28/2030		USD2,600		(55	)		—		(55	)
3.285%	Annual	SOFR	Annual		5/1/2030		USD2,500		(30	)		—		(30	)
3.259%	Annual	SOFR	Annual		5/1/2030		USD2,600		(35	)		—		(35	)
3.186%	Annual	SOFR	Annual		5/9/2030		USD2,600		(46	)		—		(46	)
3.215%	Annual	SOFR	Annual		5/10/2030		USD2,500		(40	)		—		(40	)
3.29%	Annual	SOFR	Annual		5/19/2030		USD3,100		(37	)		—		(37	)
3.31%	Annual	SOFR	Annual		6/9/2030		USD26,800		(290	)		—		(290	)
U.S. EFFR	Annual	0.666%	Annual		11/19/2030		USD15,500		2,604			—		2,604
SOFR	Annual	4.1615%	Annual		5/15/2033		USD800		(43	)		—		(43	)
SOFR	Annual	4.15%	Annual		5/15/2033		USD880		(47	)		—		(47	)
4.0135%	Annual	SOFR	Annual		8/21/2033		USD1,185		51			—		51
SOFR	Annual	4.061%	Annual		8/24/2033		USD3,230		(152	)		—		(152	)
SOFR	Annual	3.9519%	Annual		8/25/2033		USD3,225		(123	)		—		(123	)
SOFR	Annual	3.8275%	Annual		9/1/2033		USD2,300		(65	)		—		(65	)
SOFR	Annual	3.175%	Annual		2/1/2038		USD16,000		333			—		333
3.065%	Annual	SOFR	Annual		4/7/2040		USD12,300		(684	)		—		(684	)
SOFR	Annual	3.045%	Annual		7/27/2050		USD3,600		209			—		209
SOFR	Annual	2.85282%	Annual		12/6/2052		USD540		48			—		48
SOFR	Annual	2.93542%	Annual		12/6/2052		USD550		41			—		41
SOFR	Annual	3.01413%	Annual		1/12/2053		USD1,402		83			—		83
SOFR	Annual	3.02%	Annual		1/12/2053		USD1,400		81			—		81
SOFR	Annual	2.974%	Annual		4/17/2053		USD800		53			—		53
SOFR	Annual	3.044%	Annual		4/18/2053		USD800		43			—		43
SOFR	Annual	3.0875%	Annual		4/19/2053		USD800		36			—		36
SOFR	Annual	3.1035%	Annual		4/19/2053		USD800		34			—		34
SOFR	Annual	3.0895%	Annual		4/20/2053		USD800		36			—		36

278  American Funds Insurance Series

U.S. Government Securities Fund (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay						Value at		Upfront premium paid		Unrealized appreciation (depreciation)
Rate	Payment frequency	Rate	Payment frequency	Expiration date		Notional amount (000)		12/31/2023 (000)		(received) (000)		at 12/31/2023 (000)
SOFR	Annual	2.9405%	Annual		4/28/2053		USD800	$	58	$	—	$	58
SOFR	Annual	3.0535%	Annual		5/1/2053		USD1,600		83		—		83
SOFR	Annual	3.085%	Annual		5/9/2053		USD900		41		—		41
SOFR	Annual	3.1135%	Annual		5/10/2053		USD800		32		—		32
SOFR	Annual	3.1605%	Annual		5/19/2053		USD1,000		32		—		32
								$	15,053	$	—	$	15,053

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  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $11,225,000, which represented .74% of the net assets of the fund.

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

⁷  Acquired in a transaction exempt from registration under Rule 144A or, 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 $171,631,000, which represented 11.26% of the net assets of the fund.

Key to abbreviation(s)
Assn. = Association	TBA = To be announced
EFFR = Effective Federal Funds Rate	USD = U.S. dollars
SOFR = Secured Overnight Financing Rate

Refer to the notes to financial statements.

American Funds Insurance Series  279

Managed Risk Growth Fund

Investment portfolio December 31, 2023

Growth funds 84.94%		Shares		Value (000)
	American Funds Insurance Series – Growth Fund, Class 1		4,336,234	$	431,195
	Total growth funds (cost: $347,460,000)				431,195
Fixed income funds 10.00%
	American Funds Insurance Series – The Bond Fund of America, Class 1		5,319,568		50,749
	Total fixed income funds (cost: $50,860,000)				50,749
Short-term securities 4.81%
	State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%1		24,428,666		24,429
	Total short-term securities (cost: $24,429,000)				24,429
Options purchased (equity style) 0.19%
	Options purchased (equity style)*				968
	Total options purchased (cost: $2,305,000)				968
	Total investment securities 99.94% (cost: $425,054,000)				507,341
	Other assets less liabilities 0.06%				294
	Net assets 100.00%			$	507,635

* Options purchased (equity style)

Equity index options

Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 12/31/2023 (000)
Put
S&P 500 Index		90		USD42,928		USD3,225.00		3/15/2024	$	15
S&P 500 Index		75		35,774		3,250.00		3/15/2024		14
S&P 500 Index		30		14,310		3,275.00		3/15/2024		6
S&P 500 Index		40		19,079		3,300.00		3/15/2024		8
S&P 500 Index		45		21,464		3,325.00		3/15/2024		9
S&P 500 Index		35		16,694		3,350.00		3/15/2024		8
S&P 500 Index		195		93,012		3,300.00		6/21/2024		203
S&P 500 Index		30		14,309		3,325.00		6/21/2024		31
S&P 500 Index		135		64,393		3,375.00		6/21/2024		151
S&P 500 Index		10		4,770		3,400.00		6/21/2024		11
S&P 500 Index		130		62,008		3,450.00		6/21/2024		161
S&P 500 Index		110		52,468		3,475.00		6/21/2024		141
S&P 500 Index		25		11,925		3,500.00		6/21/2024		33
S&P 500 Index		40		19,079		3,625.00		6/21/2024		64
S&P 500 Index		40		19,079		3,675.00		6/21/2024		69
S&P 500 Index		25		11,925		3,700.00		6/21/2024		44
									$	968

280 American Funds Insurance Series

Managed Risk Growth Fund (continued)

Futures contracts

Contracts	Type		Number of contracts		Expiration date		Notional amount (000)		Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
S&P 500 E-mini Index Futures		Long		54		3/1/2024		USD13,014	$	390
5 Year U.S. Treasury Note Futures		Long		38		3/1/2024		4,133		91
									$	481

Investments in affiliates²

	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)		Value at 12/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 84.94%
American Funds Insurance Series – Growth Fund, Class 1	$	387,467	$	115,721	$	182,699	$	(24,865	)	$	135,571	$	431,195	$	2,382	$	22,902
Fixed income funds 10.00%
American Funds Insurance Series – The Bond Fund of America, Class 1		34,197		47,522		31,210		(1,135	)		1,375		50,749		1,775		—
Total 94.94%							$	(26,000	)	$	136,946	$	481,944	$	4,157	$	22,902

¹  Rate represents the seven-day yield at 12/31/2023.

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.

American Funds Insurance Series 281

Managed Risk International Fund

Investment portfolio December 31, 2023

Growth funds 84.89%		Shares		Value (000)
	American Funds Insurance Series – International Fund, Class 1		6,023,958	$	105,419
	Total growth funds (cost: $94,553,000)				105,419
Fixed income funds 9.99%
	American Funds Insurance Series – The Bond Fund of America, Class 1		1,300,536		12,408
	Total fixed income funds (cost: $12,401,000)				12,408
Short-term securities 4.89%
	State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%1		6,067,219		6,067
	Total short-term securities (cost: $6,067,000)				6,067
Options purchased (equity style) 0.26%
	Options purchased (equity style)*				324
	Total options purchased (cost: $514,000)				324
	Total investment securities 100.03% (cost: $113,535,000)				124,218
	Other assets less liabilities (0.03)%				(36	)
	Net assets 100.00%			$	124,182

* Options purchased (equity style)

Equity index options

Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 12/31/2023 (000)
Puti
Shares MSCI EAFE ETF		1,200		USD9,042		USD54.00		3/15/2024	$	18
iShares MSCI EAFE ETF		400		3,014		56.00		3/15/2024		7
iShares MSCI EAFE ETF		2,600		19,591		52.00		6/21/2024		38
iShares MSCI EAFE ETF		140		1,055		53.00		6/21/2024		2
iShares MSCI EAFE ETF		1,330		10,022		54.00		6/21/2024		27
iShares MSCI EAFE ETF		1,200		9,042		55.00		6/21/2024		28
iShares MSCI EAFE ETF		1,590		11,981		56.00		6/21/2024		42
iShares MSCI EAFE ETF		750		5,651		57.00		6/21/2024		23
iShares MSCI EAFE ETF		2,100		15,823		59.00		6/21/2024		63
iShares MSCI EAFE ETF		1,500		11,302		60.00		9/20/2024		76
									$	324

282 American Funds Insurance Series

Managed Risk International Fund (continued)

Futures contracts

Contracts	Type		Number of contracts		Expiration date		Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
MSCI EAFE Index Futures		Long		21		3/1/2024		USD2,365		$	(2	)
5 Year U.S. Treasury Note Futures		Long		11		3/1/2024		1,197			26
S&P 500 E-mini Index Futures		Short		3		3/1/2024		(723	)		(24	)
Mini MSCI Emerging Market Index Futures		Short		17		3/1/2024		(879	)		(39	)
										$	(39	)

Investments in affiliates²

	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)		Value at 12/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 84.89%
American Funds Insurance Series – International Fund, Class 1	$	106,435	$	22,843	$	38,620	$	(9,073	)	$	23,834	$	105,419	$	1,596	$	—
Fixed income funds 9.99%
American Funds Insurance Series – The Bond Fund of America, Class 1		12,527		6,151		6,443		(560	)		733		12,408		440		—
Total 94.88%							$	(9,633	)	$	24,567	$	117,827	$	2,036	$	—

¹  Rate represents the seven-day yield at 12/31/2023.

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.

American Funds Insurance Series 283

Managed Risk Washington Mutual Investors Fund

Investment portfolio December 31, 2023

Growth-and-income funds 84.94%		Shares		Value (000)
	American Funds Insurance Series – Washington Mutual Investors Fund, Class 1		19,004,155	$	275,370
	Total growth-and-income funds (cost: $252,721,000)				275,370
Fixed income funds 10.00%
	American Funds Insurance Series – U.S. Government Securities Fund, Class 1		3,270,350		32,409
	Total fixed income funds (cost: $33,482,000)				32,409
Short-term securities 4.86%
	State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%1		15,763,506		15,764
	Total short-term securities (cost: $15,764,000)				15,764
Options purchased (equity style) 0.15%
	Options purchased (equity style)*				482
	Total options purchased (cost: $1,510,000)				482
	Total investment securities 99.95% (cost: $303,477,000)				324,025
	Other assets less liabilities 0.05%				166
	Net assets 100.00%			$	324,191

* Options purchased (equity style)

Equity index options

Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 12/31/2023 (000)
Put
S&P 500 Index		245		USD116,861		USD3,250.00		3/15/2024	$	45
S&P 500 Index		30		14,309		3,325.00		3/15/2024		6
S&P 500 Index		15		7,155		3,350.00		3/15/2024		3
S&P 500 Index		20		9,540		3,375.00		3/15/2024		4
S&P 500 Index		150		71,547		3,300.00		6/21/2024		156
S&P 500 Index		20		9,540		3,325.00		6/21/2024		21
S&P 500 Index		100		47,698		3,375.00		6/21/2024		111
S&P 500 Index		20		9,540		3,400.00		6/21/2024		23
S&P 500 Index		20		9,540		3,450.00		6/21/2024		25
S&P 500 Index		10		4,770		3,525.00		6/21/2024		14
S&P 500 Index		10		4,770		3,575.00		6/21/2024		15
S&P 500 Index		10		4,770		3,625.00		6/21/2024		16
S&P 500 Index		25		11,924		3,675.00		6/21/2024		43
									$	482

284 American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund (continued)

Futures contracts

Contracts	Type		Number of contracts		Expiration date		Notional amount (000)		Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
S&P 500 E-mini Index Futures		Long		32		3/1/2024		USD7,712	$	256
5 Year U.S. Treasury Note Futures		Long		27		3/1/2024		2,937		65
									$	321

Investments in affiliates²

	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)(000)(000)		Net realized gain (loss)			Net unrealized appreciation (depreciation)		Value at 12/31/2023 (000)		Dividend income (000)(000)		Capital gain distributions received
Growth-and-income funds 84.94%
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1	$	274,603	$	39,245	$	74,805	$	(11,248	)	$	47,575	$	275,370	$	5,506	$	2,476
Fixed income funds 10.00%
American Funds Insurance Series – U.S. Government Securities Fund, Class 1		32,319		13,964		13,647		(1,563	)		1,336		32,409		1,234		—
Total 94.94%							$	(12,811	)	$	48,911	$	307,779	$	6,740	$	2,476

¹  Rate represents the seven-day yield at 12/31/2023.

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.

American Funds Insurance Series 285

Managed Risk Growth-Income Fund

Investment portfolio December 31, 2023

Growth-and-income funds 79.99%		Shares		Value (000)
	American Funds Insurance Series – Growth-Income Fund, Class 1		29,524,557	$	1,749,625
	Total growth-and-income funds (cost: $1,578,467,000)				1,749,625
Fixed income funds 15.00%
	American Funds Insurance Series – The Bond Fund of America, Class 1		34,388,650		328,068
	Total fixed income funds (cost: $336,782,000)				328,068
Short-term securities 4.72%
	State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%1		103,209,305		103,209
	Total short-term securities (cost: $103,209,000)				103,209
Options purchased (equity style) 0.21%
	Options purchased (equity style)*				4,657
	Total options purchased (cost: $16,130,000)				4,657
	Total investment securities 99.92% (cost: $2,034,588,000)				2,185,559
	Other assets less liabilities 0.08%				1,697
	Net assets 100.00%			$	2,187,256

* Options purchased (equity style)

Equity index options

Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 12/31/2023 (000)
Put
S&P 500 Index		3,030		USD1,445,259		USD3,250.00		3/15/2024	$	553
S&P 500 Index		75		35,774		3,300.00		3/15/2024		15
S&P 500 Index		335		159,789		3,325.00		3/15/2024		69
S&P 500 Index		145		69,163		3,350.00		3/15/2024		32
S&P 500 Index		90		42,929		3,375.00		3/15/2024		20
S&P 500 Index		1,600		763,173		3,300.00		6/21/2024		1,664
S&P 500 Index		330		157,404		3,325.00		6/21/2024		342
S&P 500 Index		990		472,213		3,375.00		6/21/2024		1,104
S&P 500 Index		120		57,238		3,450.00		6/21/2024		149
S&P 500 Index		15		7,155		3,475.00		6/21/2024		19
S&P 500 Index		90		42,928		3,525.00		6/21/2024		123
S&P 500 Index		40		19,079		3,575.00		6/21/2024		59
S&P 500 Index		40		19,079		3,625.00		6/21/2024		64
S&P 500 Index		165		78,702		3,675.00		6/21/2024		284
S&P 500 Index		90		42,928		3,700.00		6/21/2024		160
									$	4,657

286 American Funds Insurance Series

Managed Risk Growth-Income Fund (continued)

Futures contracts

Contracts	Type		Number of contracts		Expiration date		Notional amount (000)		Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
S&P 500 E-mini Index Futures		Long		276		3/1/2024		USD66,516	$	1,908
5 Year U.S. Treasury Note Futures		Long		58		3/1/2024		6,309		140
									$	2,048

Investments in affiliates²

	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)		Value at 12/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 79.99%
American Funds Insurance Series – Growth-Income Fund, Class 1	$	1,677,875	$	268,733	$	484,598	$	37,121		$	250,494	$	1,749,625	$	26,154	$	89,386
Fixed income funds 15.00%
American Funds Insurance Series – The Bond Fund of America, Class 1		314,614		120,092		110,905		(20,722	)		24,989		328,068		11,642		—
Total 94.99%							$	16,399		$	275,483	$	2,077,693	$	37,796	$	89,386

¹  Rate represents the seven-day yield at 12/31/2023.

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.

American Funds Insurance Series 287

Managed Risk Asset Allocation Fund

Investment portfolio December 31, 2023

Asset allocation funds 95.07%		Shares		Value (000)
	American Funds Insurance Series – Asset Allocation Fund, Class 1		83,800,992	$	1,999,492
	Total asset allocation funds (cost: $1,962,465,000)				1,999,492
Short-term securities 4.92%
	State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%1		103,363,250		103,363
	Total short-term securities (cost: $103,363,000)				103,363
Options purchased (equity style) 0.03%
	Options purchased (equity style)*				693
	Total options purchased (cost: $1,504,000)				693
	Total investment securities 100.02% (cost: $2,067,332,000)				2,103,548
	Other assets less liabilities (0.02)%				(352	)
	Net assets 100.00%			$	2,103,196

* Options purchased (equity style)

Equity index options

Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 12/31/2023 (000)
Put
S&P 500 Index		90		USD42,928		USD3,250.00		3/15/2024	$	17
S&P 500 Index		50		23,849		3,425.00		3/15/2024		12
S&P 500 Index		150		71,547		3,300.00		6/21/2024		156
S&P 500 Index		30		14,310		3,325.00		6/21/2024		31
S&P 500 Index		140		66,778		3,375.00		6/21/2024		156
S&P 500 Index		20		9,540		3,400.00		6/21/2024		23
S&P 500 Index		155		73,932		3,450.00		6/21/2024		192
S&P 500 Index		15		7,155		3,575.00		6/21/2024		22
S&P 500 Index		15		7,155		3,625.00		6/21/2024		24
S&P 500 Index		35		16,694		3,675.00		6/21/2024		60
									$	693

Futures contracts

Contracts	Type		Number of contracts		Expiration date		Notional amount (000)		Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
5 Year U.S. Treasury Note Futures		Long		420		3/1/2024		USD45,685	$	1,013
S&P 500 E-mini Index Futures		Long		49		3/1/2024		11,809		392
									$	1,405

288  American Funds Insurance Series

Managed Risk Asset Allocation Fund (continued)

Investments in affiliates²

	Value at 1/1/2023 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)		Net unrealized appreciation (depreciation) (000)		Value at 12/31/2023 (000)		Dividend income (000)		Capital gain distributions received (000)
Asset allocation funds 95.07%
American Funds Insurance Series – Asset Allocation Fund, Class 1	$	2,084,270	$	231,311	$	463,691	$	19,951	$	127,651	$	1,999,492	$	47,446	$	77,368

¹  Rate represents the seven-day yield at 12/31/2023.

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.

American Funds Insurance Series  289

Financial statements

Statements of assets and liabilities at December 31, 2023

			Global
	Global		Small						New
	Growth		Capitalization		Growth		International		World
	Fund		Fund		Fund		Fund		Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	7,410,185	$	3,077,136	$	38,790,440	$	7,014,573	$	3,261,346
Affiliated issuers		295,088		137,455		593,305		202,073		135,440
Cash		677		210		902		98		1,309
Cash collateral received for securities on loan		—		853		2,189		9		112
Cash collateral pledged for futures contracts		—		—		—		—		227
Cash collateral pledged for swap contracts		—		—		—		—		167
Cash denominated in currencies other than U.S. dollars		206		282		710		635		667
Unrealized appreciation on open forward currency contracts		—		—		—		—		100
Bilateral swaps, at value		—		—		—		—		95
Receivables for:
Sales of investments		490		1,938		11,650		102		1,982
Sales of fund’s shares		1,109		301		13,300		2,290		1,338
Dividends and interest		9,191		2,212		19,399		10,700		6,539
Closed forward currency contracts		—		—		—		—		18
Variation margin on futures contracts		—		—		—		—		45
Variation margin on centrally cleared swap contracts		—								3
Securities lending income		6		125		16		3		3
Other		206		47		117		291		113
		7,717,158		3,220,559		39,432,028		7,230,774		3,409,504
Liabilities:
Collateral for securities on loan		—		8,535		21,892		86		1,117
Unrealized depreciation on open forward currency contracts		—		—		—		—		213
Unrealized depreciation on unfunded commitments*		—		—		—		—		—
Options written, at value		—		—		—		—		—
Payables for:
Purchases of investments		1,406		1,449		9,048		11,405		5,680
Repurchases of fund’s shares		17,952		5,291		83,137		6,860		4,039
Investment advisory services		2,338		1,568		10,122		2,837		1,421
Insurance administrative fees		433		171		2,147		250		467
Services provided by related parties		1,072		530		5,410		966		410
Trustees’ deferred compensation		95		59		527		179		45
Closed forward currency contracts		—		—		—		—		114
Variation margin on futures contracts		—		—		—		—		2
Variation margin on centrally cleared swap contracts		—		—		—		—		4
Non-U.S. taxes		3,614		18,354		887		29,059		17,629
Other		66		46		48		120		76
Commitments and contingencies*		26,976		36,003		133,218		51,762		31,217
Net assets at December 31, 2023	$	7,690,182	$	3,184,556	$	39,298,810	$	7,179,012	$	3,378,287
Net assets consist of:
Capital paid in on shares of beneficial interest	$	4,420,294	$	2,408,999	$	19,227,288	$	5,986,970	$	2,440,206
Total distributable earnings (accumulated loss)		3,269,888		775,557		20,071,522		1,192,042		938,081
Net assets at December 31, 2023	$	7,690,182	$	3,184,556	$	39,298,810	$	7,179,012	$	3,378,287
Investment securities on loan, at value	$	19,320	$	30,423	$	21,365	$	82	$	1,705
Investment securities, at cost
Unaffiliated issuers		4,384,591		2,387,792		19,733,033		5,250,234		2,307,420
Affiliated issuers		295,100		132,190		593,293		202,072		135,431
Cash denominated in currencies other than U.S. dollars, at cost		206		279		710		636		668
Premiums received on options written		—		—		—		—		—

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

290 American Funds Insurance Series

Financial statements (continued)
Statements of assets and liabilities at December 31, 2023 (continued)	(dollars in thousands)

	Washington		Capital				International
	Mutual		World Growth		Growth-		Growth		Capital
	Investors		and Income		Income		and Income		Income
	Fund		Fund		Fund		Fund		Builder
Assets:
Investment securities, at value:
Unaffiliated issuers	$	9,950,599	$	1,819,186	$	36,115,540	$	319,735	$	1,183,335
Affiliated issuers		330,479		44,944		1,430,798		10,070		126,808
Cash		492		629		14,851		68		596
Cash collateral received for securities on loan		1,088		715		11,533		225		1,799
Cash collateral pledged for futures contracts		—		—		—		—		—
Cash collateral pledged for swap contracts		—		—		—		—		—
Cash denominated in currencies other than U.S. dollars		—		577		2		106		332
Unrealized appreciation on open forward currency contracts		—		—		—		—		—
Bilateral swaps, at value		—		—		—		—		—
Receivables for:
Sales of investments		10,876		4,727		42,645		5		24,257
Sales of fund’s shares		2,609		366		3,768		94		1,091
Dividends and interest		15,645		3,455		51,289		1,175		5,199
Closed forward currency contracts		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		65
Variation margin on centrally cleared swap contracts		—		—		—		—		29
Securities lending income		14		4		22		1		6
Other		17		108		291		5		77
		10,311,819		1,874,711		37,670,739		331,484		1,343,594
Liabilities:
Collateral for securities on loan		10,881		7,147		115,333		2,250		17,994
Unrealized depreciation on open forward currency contracts		—		—		—		—		—
Unrealized depreciation on unfunded commitments*		—		—		—		—		—
Options written, at value		—		—		—		—		—
Payables for:
Purchases of investments		2,814		1,470		34,091		81		71,213
Repurchases of fund’s shares		7,503		2,876		54,035		98		1,650
Investment advisory services		2,009		566		7,889		127		227
Insurance administrative fees		794		140		1,207		86		342
Services provided by related parties		1,135		313		4,058		72		150
Trustees’ deferred compensation		114		27		574		14		9
Closed forward currency contracts		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		33
Variation margin on centrally cleared swap contracts		—		—		—		—		25
Non-U.S. taxes		224		819		1,508		170		674
Other		4		18		68		6		8
Commitments and contingencies*		25,478		13,376		218,763		2,904		92,325
Net assets at December 31, 2023	$	10,286,341	$	1,861,335	$	37,451,976	$	328,580	$	1,251,269
Net assets consist of:
Capital paid in on shares of beneficial interest	$	7,170,355	$	1,361,420	$	19,460,384	$	311,613	$	1,075,724
Total distributable earnings (accumulated loss)		3,115,986		499,915		17,991,592		16,967		175,545
Net assets at December 31, 2023	$	10,286,341	$	1,861,335	$	37,451,976	$	328,580	$	1,251,269
Investment securities on loan, at value	$	10,510	$	7,091	$	110,228	$	2,296	$	17,090
Investment securities, at cost
Unaffiliated issuers		6,941,713		1,244,974		20,029,188		278,300		990,869
Affiliated issuers		330,455		44,948		1,430,636		10,069		130,558
Cash denominated in currencies other than U.S. dollars, at cost		—		578		2		106		332
Premiums received on options written		—		—		—		—		—

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 291

Financial statements (continued)
Statements of assets and liabilities at December 31, 2023 (continued)	(dollars in thousands)

			American
			Funds
	Asset		Global		The Bond			Capital			American
	Allocation		Balanced		Fund			World Bond			High-Income
	Fund		Fund		of America			Fund			Trust
Assets:
Investment securities, at value:
Unaffiliated issuers	$	23,162,383	$	383,108	$	10,585,364		$	1,448,641		$	832,985
Affiliated issuers		3,803,664		21,315		2,168,331			229,992			27,114
Cash		1,820		160		157			123			676
Cash collateral received for securities on loan		2,524		107		—			—			—
Cash collateral pledged for futures contracts		—		—		—			—			92
Cash collateral pledged for swap contracts		—		—		—			—			151
Cash denominated in currencies other than U.S. dollars		1,427		76		1			119			949
Unrealized appreciation on open forward currency contracts		—		672		35			9,188			—
Bilateral swaps, at value		—		—		—			278			—
Receivables for:
Sales of investments		402,570		2,867		1,363,779			30,804			730
Sales of fund’s shares		1,187		102		4,887			1,290			219
Dividends and interest		91,759		1,794		83,411			14,611			12,832
Closed forward currency contracts		—		27		—			213			—
Variation margin on futures contracts		2,625		66		4,317			547			6
Variation margin on centrally cleared swap contracts		90		27		687			282			11
Securities lending income		25		2		—			—			—
Other		437		32		26			238			2
		27,470,511		410,355		14,210,995			1,736,326			875,767
Liabilities:
Collateral for securities on loan		25,242		1,069		—			—			—
Unrealized depreciation on open forward currency contracts		—		354		931			5,355			—
Unrealized depreciation on unfunded commitments*		3		—		—			—	†		4
Options written, at value		—		—		—			—			—
Payables for:
Purchases of investments		1,727,865		18,832		3,187,501			185,688			1,214
Repurchases of fund’s shares		18,513		553		8,205			1,175			255
Investment advisory services		5,715		141		1,494			549			193
Insurance administrative fees		3,441		77		712			34			60
Services provided by related parties		2,733		69		1,083			220			157
Trustees’ deferred compensation		340		4		140			28			32
Closed forward currency contracts		—		174		—			1,748			—
Variation margin on futures contracts		127		76		2,624			761			—
Variation margin on centrally cleared swap contracts		21		18		367			284			7
Non-U.S. taxes		1,159		217		18			79			—
Other		22		7		6			64			—
Commitments and contingencies*		1,785,181		21,591		3,203,081			195,985			1,922
Net assets at December 31, 2023	$	25,685,330	$	388,764	$	11,007,914		$	1,540,341		$	873,845
Net assets consist of:
Capital paid in on shares of beneficial interest	$	18,661,978	$	340,521	$	12,500,028		$	1,776,957		$	1,206,031
Total distributable earnings (accumulated loss)		7,023,352		48,243		(1,492,114	)		(236,616	)		(332,186	)
Net assets at December 31, 2023	$	25,685,330	$	388,764	$	11,007,914		$	1,540,341		$	873,845
Investment securities on loan, at value	$	24,156	$	1,039	$	—		$	—		$	—
Investment securities, at cost
Unaffiliated issuers		17,202,164		332,291		10,781,553			1,497,871			841,494
Affiliated issuers		3,970,991		20,838		2,168,297			226,378			27,115
Cash denominated in currencies other than U.S. dollars, at cost		1,416		76		1			119			923
Premiums received on options written		—		—		—			—			—

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

292 American Funds Insurance Series

Financial statements (continued)
Statements of assets and liabilities at December 31, 2023 (continued)	(dollars in thousands)

	American						U.S.			Managed			Managed
	Funds						Government			Risk			Risk
	Mortgage			Ultra-Short			Securities			Growth			International
	Fund			Bond Fund			Fund			Fund			Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	125,656		$	385,925		$	1,705,817		$	25,397		$	6,391
Affiliated issuers		—			—			—			481,944			117,827
Cash		2,653			9,121			40,117			—			—
Cash collateral received for securities on loan		—			—			—			—			—
Cash collateral pledged for futures contracts		—			—			—			690			71
Cash collateral pledged for swap contracts		—			—			—			—			—
Cash denominated in currencies other than U.S. dollars		—			—			—			—			—
Unrealized appreciation on open forward currency contracts		—			—			—			—			—
Bilateral swaps, at value		—			—			—			—			—
Receivables for:
Sales of investments		12,583			—			119,306			592			78
Sales of fund’s shares		85			2,904			491			—			10
Dividends and interest		373			39			8,842			111			25
Closed forward currency contracts		—			—			—			—			—
Variation margin on futures contracts		56			—			953			3			22
Variation margin on centrally cleared swap contracts		9			—			477			—			—
Securities lending income		—			—			—			—			—
Other		1			—			—			—			—
		141,416			397,989			1,876,003			508,737			124,424
Liabilities:
Collateral for securities on loan		—			—			—			—			—
Unrealized depreciation on open forward currency contracts		—			—			—			—			—
Unrealized depreciation on unfunded commitments*		—			—			—			—			—
Options written, at value		—			—			824			—			—
Payables for:
Purchases of investments		33,520			24,795			349,161			44			86
Repurchases of fund’s shares		24			230			850			577			23
Investment advisory services		16			82			224			42			10
Insurance administrative fees		28			36			113			300			75
Services provided by related parties		21			80			306			101			25
Trustees’ deferred compensation		3			12			45			5			2
Closed forward currency contracts		—			—			—			—			—
Variation margin on futures contracts		10			—			110			33			21
Variation margin on centrally cleared swap contracts		3			—			340			—			—
Non-U.S. taxes		—			—			—			—			—
Other		—			—	*		1			—			—
Commitments and contingencies*		33,625			25,235			351,974			1,102			242
Net assets at December 31, 2023	$	107,791		$	372,754		$	1,524,029		$	507,635		$	124,182
Net assets consist of:
Capital paid in on shares of beneficial interest	$	118,822		$	369,575		$	1,779,673		$	535,193		$	150,466
Total distributable earnings (accumulated loss)		(11,031	)		3,179			(255,644	)		(27,558	)		(26,284	)
Net assets at December 31, 2023	$	107,791		$	372,754		$	1,524,029		$	507,635		$	124,182
Investment securities on loan, at value	$	—		$	—		$	—		$	—		$	—
Investment securities, at cost
Unaffiliated issuers		125,545			386,032			1,732,671			26,734			6,581
Affiliated issuers		—			—			—			398,320			106,954
Cash denominated in currencies other than U.S. dollars, at cost		—			—			—			—			—
Premiums received on options written		—			—			481			—			—

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 293

Financial statements (continued)
Statements of assets and liabilities at December 31, 2023 (continued)	(dollars in thousands)

	Managed Risk			Managed		Managed
	Washington			Risk		Risk
	Mutual			Growth-		Asset
	Investors			Income		Allocation
	Fund			Fund		Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	16,246		$	107,866	$	104,056
Affiliated issuers		307,779			2,077,693		1,999,492
Cash		—			—		—
Cash collateral received for securities on loan		—			—		—
Cash collateral pledged for futures contracts		415			3,338		1,166
Cash collateral pledged for swap contracts		—			—		—
Cash denominated in currencies other than U.S. dollars		—			—		—
Unrealized appreciation on open forward currency contracts		—			—		—
Bilateral swaps, at value		—			—		—
Receivables for:
Sales of investments		253			7,481		1,313
Sales of fund’s shares		1			13		161
Dividends and interest		71			472		468
Closed forward currency contracts		—			—		—
Variation margin on futures contracts		2			5		36
Variation margin on centrally cleared swap contracts		—			—		—
Securities lending income		—			—		—
Other		—			—		—
		324,767			2,196,868		2,106,692
Liabilities:
Collateral for securities on loan		—			—		—
Unrealized depreciation on open forward currency contracts		—			—		—
Unrealized depreciation on unfunded commitments*		—			—		—
Options written, at value		—			—		—
Payables for:
Purchases of investments		24			—		—
Repurchases of fund’s shares		242			7,887		1,543
Investment advisory services		27			183		177
Insurance administrative fees		194			1,298		1,279
Services provided by related parties		66			57		436
Trustees’ deferred compensation		4			18		31
Closed forward currency contracts		—			—		—
Variation margin on futures contracts		19			169		30
Variation margin on centrally cleared swap contracts		—			—		—
Non-U.S. taxes		—			—		—
Other		—			—		—
Commitments and contingencies*		576			9,612		3,496
Net assets at December 31, 2023	$	324,191		$	2,187,256	$	2,103,196
Net assets consist of:
Capital paid in on shares of beneficial interest	$	340,685		$	2,029,898	$	2,032,231
Total distributable earnings (accumulated loss)		(16,494	)		157,358		70,965
Net assets at December 31, 2023	$	324,191		$	2,187,256	$	2,103,196
Investment securities on loan, at value	$	—		$	—	$	—
Investment securities, at cost
Unaffiliated issuers		17,274			119,339		104,867
Affiliated issuers		286,203			1,915,249		1,962,465
Cash denominated in currencies other than U.S. dollars, at cost		—			—		—
Premiums received on options written		—			—		—

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

294 American Funds Insurance Series

Financial statements (continued)
Statements of assets and liabilities at December 31, 2023 (continued)	(dollars and shares in thousands, except per-share amounts)

				Global
		Global		Small						New
		Growth		Capitalization		Growth		International		World
		Fund		Fund		Fund		Fund		Fund
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets	$	3,418,477	$	1,001,137	$	17,382,394	$	3,353,223	$	1,778,087
	Shares outstanding		100,780		53,924		174,798		191,642		69,772
	Net asset value per share	$	33.92	$	18.57	$	99.44	$	17.50	$	25.48
Class 1A:	Net assets	$	17,621	$	5,224	$	279,413	$	12,159	$	10,382
	Shares outstanding		522		285		2,838		698		409
	Net asset value per share	$	33.74	$	18.31	$	98.46	$	17.41	$	25.36
Class 2:	Net assets	$	3,522,408	$	1,878,462	$	17,878,990	$	3,381,831	$	802,751
	Shares outstanding		105,326		107,368		182,074		194,242		31,897
	Net asset value per share	$	33.44	$	17.50	$	98.20	$	17.41	$	25.17
Class 3:	Net assets					$	236,105	$	16,515
	Shares outstanding		Not applicable		Not applicable		2,348		941		Not applicable
	Net asset value per share					$	100.54	$	17.56
Class 4:	Net assets	$	731,676	$	299,733	$	3,521,908	$	415,284	$	787,067
	Shares outstanding		22,118		17,164		36,803		24,239		31,546
	Net asset value per share	$	33.08	$	17.46	$	95.70	$	17.13	$	24.95

		Washington		Capital				International
		Mutual		World Growth		Growth-		Growth		Capital
		Investors		and Income		Income		and Income		Income
		Fund		Fund		Fund		Fund		Builder
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets	$	6,020,084	$	579,605	$	22,318,720	$	15,315	$	659,875
	Shares outstanding		415,494		41,845		376,644		1,516		56,740
	Net asset value per share	$	14.49	$	13.85	$	59.26	$	10.10	$	11.63
Class 1A:	Net assets	$	23,218	$	7,099	$	35,564	$	6,265	$	10,418
	Shares outstanding		1,609		515		604		638		897
	Net asset value per share	$	14.43	$	13.77	$	58.88	$	9.83	$	11.62
Class 2:	Net assets	$	2,898,715	$	1,039,966	$	12,894,253	$	164,333	$	14,935
	Shares outstanding		203,946		75,301		221,178		16,727		1,285
	Net asset value per share	$	14.21	$	13.81	$	58.30	$	9.82	$	11.62
Class 3:	Net assets					$	141,816
	Shares outstanding		Not applicable		Not applicable		2,387		Not applicable		Not applicable
	Net asset value per share					$	59.40
Class 4:	Net assets	$	1,344,324	$	234,665	$	2,061,623	$	142,667	$	566,041
	Shares outstanding		95,611		17,438		35,957		14,760		48,785
	Net asset value per share	$	14.06	$	13.46	$	57.34	$	9.67	$	11.60

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 295

Financial statements (continued)
Statements of assets and liabilities at December 31, 2023 (continued)	(dollars and shares in thousands, except per-share amounts)

				American
				Funds
		Asset		Global		The Bond		Capital		American
		Allocation		Balanced		Fund		World Bond		High-Income
		Fund		Fund		of America		Fund		Trust
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets	$	15,555,068	$	97,560	$	6,907,965	$	665,253	$	223,148
	Shares outstanding		651,900		7,887		724,190		65,462		24,966
	Net asset value per share	$	23.86	$	12.37	$	9.54	$	10.16	$	8.94
Class 1A:	Net assets	$	32,203	$	2,759	$	258,248	$	1,464	$	2,613
	Shares outstanding		1,357		224		27,264		145		294
	Net asset value per share	$	23.74	$	12.30	$	9.47	$	10.08	$	8.90
Class 2:	Net assets	$	4,260,925	$	160,175	$	2,879,288	$	817,156	$	532,796
	Shares outstanding		181,115		13,016		306,439		81,456		61,048
	Net asset value per share	$	23.53	$	12.31	$	9.40	$	10.03	$	8.73
Class 3:	Net assets	$	29,979							$	8,335
	Shares outstanding		1,255		Not applicable		Not applicable		Not applicable		927
	Net asset value per share	$	23.90							$	8.99
Class 4:	Net assets	$	5,807,155	$	128,270	$	962,413	$	56,468	$	106,953
	Shares outstanding		248,834		10,598		102,937		5,718		10,972
	Net asset value per share	$	23.34	$	12.10	$	9.35	$	9.88	$	9.75

		American				U.S.		Managed		Managed
		Funds				Government		Risk		Risk
		Mortgage		Ultra-Short		Securities		Growth		International
		Fund		Bond Fund		Fund		Fund		Fund
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets	$	16,797	$	40,359	$	257,469
	Shares outstanding		1,780		3,556		25,987		Not applicable		Not applicable
	Net asset value per share	$	9.44	$	11.35	$	9.91
Class 1A:	Net assets	$	1,877	$	119	$	4,825
	Shares outstanding		201		10		489		Not applicable		Not applicable
	Net asset value per share	$	9.32	$	11.35	$	9.87
Class 2:	Net assets	$	43,847	$	272,475	$	1,073,139
	Shares outstanding		4,693		24,818		109,738		Not applicable		Not applicable
	Net asset value per share	$	9.34	$	10.98	$	9.78
Class 3:	Net assets			$	4,266	$	5,896
	Shares outstanding		Not applicable		383		593		Not applicable		Not applicable
	Net asset value per share			$	11.13	$	9.94
Class 4:	Net assets	$	45,270	$	55,535	$	182,700
	Shares outstanding		4,907		5,027		18,699		Not applicable		Not applicable
	Net asset value per share	$	9.23	$	11.05	$	9.77
Class P1:	Net assets							$	12,545	$	1,934
	Shares outstanding		Not applicable		Not applicable		Not applicable		1,155		231
	Net asset value per share							$	10.86	$	8.36
Class P2:	Net assets							$	495,090	$	122,248
	Shares outstanding		Not applicable		Not applicable		Not applicable		46,151		14,699
	Net asset value per share							$	10.73	$	8.32

Refer to the end of the statements of assets and liabilities for footnotes.

Refer to the notes to financial statements.

296 American Funds Insurance Series

Financial statements (continued)
Statements of assets and liabilities at December 31, 2023 (continued)	(dollars and shares in thousands, except per-share amounts)

		Managed Risk		Managed		Managed
		Washington		Risk		Risk
		Mutual		Growth-		Asset
		Investors		Income		Allocation
		Fund		Fund		Fund
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class P1:	Net assets	$	2,681	$	1,909,950	$	10,061
	Shares outstanding		255		152,381		846
	Net asset value per share	$	10.50	$	12.53	$	11.90
Class P2:	Net assets	$	321,510	$	277,306	$	2,093,135
	Shares outstanding		30,820		22,271		181,595
	Net asset value per share	$	10.43	$	12.45	$	11.53

^*  Refer to Note 5 for further information on unfunded commitments.

^†  Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series 297

Financial statements (continued)
Statements of operations for the year ended December 31, 2023	(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. taxes*):
Dividends:
Unaffiliated issuers	$	95,291		$	30,245		$	295,616		$	113,636		$	54,024
Affiliated issuers		14,357			7,198			52,082			14,923			8,436
		109,648			37,443			347,698			128,559			62,460
Interest from unaffiliated issuers		412			20			1,471			35			8,977
European Union withholding tax reclaims		695			—			386			11,142			269
Interest from European Union withholding tax reclaims		144			—			17			649			—
Securities lending income (net of fees)		179			1,244			652			160			63
		111,078			38,707			350,224			140,545			71,769
Fees and expenses*:
Investment advisory services		34,394			19,616			109,748			33,259			18,755
Distribution services		10,078			5,182			48,375			9,193			3,822
Insurance administrative services		1,672			705			7,920			1,011			1,881
Transfer agent services		2			1			8			2			1
Administrative services		2,172			910			10,528			2,087			975
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		89			38			423			88			40
Registration statement and prospectus		30			11			153			33			16
Trustees’ compensation		29			13			141			27			13
Auditing and legal		95			104			116			108			126
Custodian		490			429			372			929			699
Other		5			44			19			6			47
Total fees and expenses before waivers/reimbursement		49,056			27,053			177,803			46,743			26,375
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		7,965			1,516			—			—			2,275
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		7,965			1,516			—			—			2,275
Total fees and expenses after waivers/reimbursement		41,091			25,537			177,803			46,743			24,100
Net investment income		69,987			13,170			172,421			93,802			47,669
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss)* on:
Investments in:
Unaffiliated issuers		229,370			110,287			1,076,133			(163,688	)		20,228
Affiliated issuers		90			34			315			57			17
Options written		—			—			—			—			—
Futures contracts		—			—			—			—			461
Forward currency contracts		—			—			—			—			(182	)
Swap contracts		—			—			—			—			92
Currency transactions		395			(209	)		(771	)		(2,626	)		(6	)
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		229,855			110,112			1,075,677			(166,257	)		20,610
Net unrealized appreciation (depreciation)* on:
Investments in:
Unaffiliated issuers		1,184,453			335,037			10,184,610			1,105,976			413,899
Affiliated issuers		(38	)		4,113			(206	)		(47	)		(12	)
Options written		—			—			—			—			—
Futures contracts		—			—			—			—			(114	)
Forward currency contracts		—			—			—			—			(63	)
Swap contracts		—			—			—			—			93
Currency translations		(669	)		51			153			217			33
		1,183,746			339,201			10,184,557			1,106,146			413,836
Net realized gain (loss) and unrealized appreciation (depreciation)		1,413,601			449,313			11,260,234			939,889			434,446
Net increase (decrease) in net assets resulting from operations	$	1,483,588		$	462,483		$	11,432,655		$	1,033,691		$	482,115

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

298 American Funds Insurance Series

Financial statements (continued)
Statements of operations for the year ended December 31, 2023 (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. taxes*):
Dividends:
Unaffiliated issuers	$	208,224		$	39,884		$	553,651		$	9,317		$	34,076
Affiliated issuers		18,395			3,253			99,540			658			6,109
		226,619			43,137			653,191			9,975			40,185
Interest from unaffiliated issuers		13			839			343			80			5,886
European Union withholding tax reclaims		—			212			266			397			—
Interest from European Union withholding tax reclaims		—			12			14			25			—
Securities lending income (net of fees)		485			51			537			24			115
		227,117			44,251			654,351			10,501			46,186
Fees and expenses*:
Investment advisory services		36,236			8,437			88,400			1,504			4,183
Distribution services		9,924			3,024			34,945			736			1,389
Insurance administrative services		3,057			531			4,588			344			1,379
Transfer agent services		2			—	†		8			—	†		—	†
Administrative services		2,907			533			10,406			94			352
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		90			19			412			7			15
Registration statement and prospectus		103			8			154			2			9
Trustees’ compensation		39			7			138			1			4
Auditing and legal		64			85			119			81			78
Custodian		269			137			437			64			91
Other		5			3			18			—	†		2
Total fees and expenses before waivers/reimbursement		52,696			12,784			139,625			2,833			7,502
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		13,564			1,954			—			31			1,640
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		13,564			1,954			—			31			1,640
Total fees and expenses after waivers/reimbursement		39,132			10,830			139,625			2,802			5,862
Net investment income		187,985			33,421			514,726			7,699			40,324
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss)* on:
Investments in:
Unaffiliated issuers		89,681			5,344			1,802,577			(111	)		3,435
Affiliated issuers		18			(2	)		244			2			(728	)
Options written		—			—			—			—			—
Futures contracts		—			—			—			—			(4,166	)
Forward currency contracts		—			—			—			2			—
Swap contracts		—			—			—			—			1,572
Currency transactions		10			(20	)		(670	)		97			129
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		89,709			5,322			1,802,151			(10	)		242
Net unrealized appreciation (depreciation)* on:
Investments in:
Unaffiliated issuers		1,300,468			302,302			5,849,541			38,269			59,943
Affiliated issuers		(27	)		(4	)		(165	)		(2	)		1,922
Options written		—			—			—			—			—
Futures contracts		—			—			—			—			2,535
Forward currency contracts		—			—			—			(5	)		—
Swap contracts		—			—			—			—			(1,039	)
Currency translations		14			(118	)		309			(64	)		(14	)
		1,300,455			302,180			5,849,685			38,198			63,347
Net realized gain (loss) and unrealized appreciation (depreciation)		1,390,164			307,502			7,651,836			38,188			63,589
Net increase (decrease) in net assets resulting from operations	$	1,578,149		$	340,923		$	8,166,562		$	45,887		$	103,913

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 299

Financial statements (continued)
Statements of operations for the year ended December 31, 2023 (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
Investment income:
Income (net of non-U.S. taxes*):
Dividends:
Unaffiliated issuers	$	296,325		$	6,464		$	—		$	19		$	1,073
Affiliated issuers		174,553			1,470			103,521			9,073			1,630
		470,878			7,934			103,521			9,092			2,703
Interest from unaffiliated issuers		220,351			3,983			355,169			46,607			59,401
European Union withholding tax reclaims		313			8			—			—			—
Interest from European Union withholding tax reclaims		18			—	†		—			—			—
Securities lending income (net of fees)		407			13			—			—			—
		691,967			11,938			458,690			55,699			62,104
Fees and expenses*:
Investment advisory services		66,138			1,670			37,190			6,294			3,387
Distribution services		24,242			690			9,241			2,019			1,539
Insurance administrative services		13,816			303			2,730			136			227
Transfer agent services		6			—	†		2			—	†		—	†
Administrative services		7,440			112			3,170			438			252
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		278			8			128			20			14
Registration statement and prospectus		110			2			46			4			4
Trustees’ compensation		100			2			42			6			3
Auditing and legal		94			70			61			55			56
Custodian		236			106			126			241			25
Other		15			3			6			1			11
Total fees and expenses before waivers/reimbursement		112,475			2,966			52,742			9,214			5,518
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		—			37			20,074			—			1,174
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		—			37			20,074			—			1,174
Total fees and expenses after waivers/reimbursement		112,475			2,929			32,668			9,214			4,344
Net investment income		579,492			9,009			426,022			46,485			57,760
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss)* on:
Investments in:
Unaffiliated issuers		1,319,289			(5,022	)		(381,455	)		(73,895	)		(32,546	)
Affiliated issuers		(78,945	)		(75	)		145			6			8
Options written		—			—			—			—			—
Futures contracts		(72,113	)		(107	)		(169,252	)		(3,487	)		105
Forward currency contracts		—			(1,387	)		1,833			(19,300	)		—
Swap contracts		(5,784	)		(1,041	)		(5,695	)		(8,570	)		(813	)
Currency transactions		591			(82	)		(240	)		(471	)		(46	)
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		1,163,038			(7,714	)		(554,664	)		(105,717	)		(33,292	)
Net unrealized appreciation (depreciation)* on:
Investments in:
Unaffiliated issuers		1,452,482			45,246			596,287			128,248			72,998
Affiliated issuers		141,372			426			(165	)		2,018			(9	)
Options written		—			—			—			—			—
Futures contracts		8,342			720			65,223			9,889			97
Forward currency contracts		—			(218	)		(4,543	)		(720	)		—
Swap contracts		2,859			938			(3,181	)		10,132			174
Currency translations		371			14			(44	)		(193	)		57
		1,605,426			47,126			653,577			149,374			73,317
Net realized gain (loss) and unrealized appreciation (depreciation)		2,768,464			39,412			98,913			43,657			40,025
Net increase (decrease) in net assets resulting from operations	$	3,347,956		$	48,421		$	524,935		$	90,142		$	97,785

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

300 American Funds Insurance Series

Financial statements (continued)
Statements of operations for the year ended December 31, 2023 (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. taxes*):
Dividends:
Unaffiliated issuers	$	—		$	—		$	—		$	899		$	245
Affiliated issuers		—			—			—			4,157			2,036
		—			—			—			5,056			2,281
Interest from unaffiliated issuers		5,050			20,383			63,997			—			—
European Union withholding tax reclaims		—			—			—			—			—
Interest from European Union withholding tax reclaims		—			—			—			—			—
Securities lending income (net of fees)		—			—			—			—			—
		5,050			20,383			63,997			5,056			2,281
Fees and expenses*:
Investment advisory services		303			1,026			4,432			720			186
Distribution services		218			888			3,125			1,174			305
Insurance administrative services		112			167			472			1,200			309
Transfer agent services		—	†		—	†		—	†		—	†		—	†
Administrative services		31			120			451			—			—
Accounting and administrative services		—			—			—			32			27
Reports to shareholders		6			9			21			—			—
Registration statement and prospectus		2			3			7			8			6
Trustees’ compensation		—	†		2			6			2			—	†
Auditing and legal		47			45			49			17			17
Custodian		19			1			37			51			46
Other		—	†		—	†		1			9			—	†
Total fees and expenses before waivers/reimbursement		738			2,261			8,601			3,213			896
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		123			—			1,803			240			62
Miscellaneous fee reimbursement		—			—			—			—			59
Total waivers/reimbursement of fees and expenses		123			—			1,803			240			121
Total fees and expenses after waivers/reimbursement		615			2,261			6,798			2,973			775
Net investment income		4,435			18,122			57,199			2,083			1,506
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss)* on:
Investments in:
Unaffiliated issuers		(2,757	)		—			(48,985	)		(3,861	)		(1,109	)
Affiliated issuers		—			—			—			(26,000	)		(9,633	)
Options written		—			—			19			—			—
Futures contracts		(1,723	)		—			(42,489	)		(23,442	)		(6,868	)
Forward currency contracts		—			—			—			—			—
Swap contracts		802			—			(4,725	)		—			—
Currency transactions		—			—			—			342			56
Capital gain distributions received from affiliated issuers		—			—			—			22,902			—
		(3,678	)		—			(96,180	)		(30,059	)		(17,554	)
Net unrealized appreciation (depreciation)* on:
Investments in:
Unaffiliated issuers		2,715			(50	)		53,554			(326	)		40
Affiliated issuers		—			—			—			136,946			24,567
Options written		—			—			(343	)		—			—
Futures contracts		1,075			—			21,994			(7,004	)		(1,050	)
Forward currency contracts		—			—			—			—			—
Swap contracts		(780	)		—			6,257			—			—
Currency translations		—			—			—			—			—
		3,010			(50	)		81,462			129,616			23,557
Net realized gain (loss) and unrealized appreciation (depreciation)		(668	)		(50	)		(14,718	)		99,557			6,003
Net increase (decrease) in net assets resulting from operations	$	3,767		$	18,072		$	42,481		$	101,640		$	7,509

Refer to the end of the statements of operations for footnotes.

Refer to the notes to financial statements.

American Funds Insurance Series 301

Financial statements (continued)
Statements of operations for the year ended December 31, 2023 (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. taxes*):
Dividends:
Unaffiliated issuers	$	670		$	4,559		$	4,694
Affiliated issuers		6,740			37,796			47,446
		7,410			42,355			52,140
Interest from unaffiliated issuers		—			—			—
European Union withholding tax reclaims		—			—			—
Interest from European Union withholding tax reclaims		—			—			—
Securities lending income (net of fees)		—			—			—
		7,410			42,355			52,140
Fees and expenses*:
Investment advisory services		476			3,185			3,163
Distribution services		786			673			5,253
Insurance administrative services		793			5,308			5,272
Transfer agent services		—	†		—	†		—	†
Administrative services		—			—			—
Accounting and administrative services		29			50			47
Reports to shareholders		—			—			—
Registration statement and prospectus		7			20			24
Trustees’ compensation		1			9			9
Auditing and legal		17			19			20
Custodian		50			75			76
Other		—	†		1			1
Total fees and expenses before waivers/reimbursement		2,159			9,340			13,865
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		159			1,062			1,054
Miscellaneous fee reimbursement		8			—			—
Total waivers/reimbursement of fees and expenses		167			1,062			1,054
Total fees and expenses after waivers/reimbursement		1,992			8,278			12,811
Net investment income		5,418			34,077			39,329
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss)* on:
Investments in:
Unaffiliated issuers		(3,516	)		(37,878	)		(4,444	)
Affiliated issuers		(12,811	)		16,399			19,951
Options written		—			—			—
Futures contracts		(8,790	)		(43,903	)		(46,392	)
Forward currency contracts		—			—			—
Swap contracts		—			—			—
Currency transactions		113			743			557
Capital gain distributions received from affiliated issuers		2,476			89,386			77,368
		(22,528	)		24,747			47,040
Net unrealized appreciation (depreciation)* on:
Investments in:
Unaffiliated issuers		(48	)		(497	)		693
Affiliated issuers		48,911			275,483			127,651
Options written		—			—			—
Futures contracts		(2,281	)		(14,603	)		(12,177	)
Forward currency contracts		—			—			—
Swap contracts		—			—			—
Currency translations		—			—			—
		46,582			260,383			116,167
Net realized gain (loss) and unrealized appreciation (depreciation)		24,054			285,130			163,207
Net increase (decrease) in net assets resulting from operations	$	29,472		$	319,207		$	202,536

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

† Amount less than one thousand.

Refer to the notes to financial statements.

302 American Funds Insurance Series

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,
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income (loss)	$	69,987		$	63,824		$	13,170		$	1,656		$	172,421		$	165,240
Net realized gain (loss)		229,855			553,121			110,112			25,952			1,075,677			1,854,075
Net unrealized appreciation (depreciation)		1,183,746			(2,976,944	)		339,201			(1,292,504	)		10,184,557			(15,238,596	)
Net increase (decrease) in net assets resulting from operations		1,483,588			(2,359,999	)		462,483			(1,264,896	)		11,432,655			(13,219,281	)
Distributions paid to shareholders		(620,422	)		(892,563	)		(48,426	)		(1,091,116	)		(2,137,413	)		(5,140,514	)
Net capital share transactions		(108,638	)		597,636			(172,404	)		721,994			(892,780	)		3,850,397
Total increase (decrease) in net assets		754,528			(2,654,926	)		241,653			(1,634,018	)		8,402,462			(14,509,398	)
Net assets:
Beginning of year		6,935,654			9,590,580			2,942,903			4,576,921			30,896,348			45,405,746
End of year	$	7,690,182		$	6,935,654		$	3,184,556		$	2,942,903		$	39,298,810		$	30,896,348

	International Fund						New World Fund						Washington Mutual Investors Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income (loss)	$	93,802		$	132,306		$	47,669		$	44,512		$	187,985		$	197,559
Net realized gain (loss)		(166,257	)		(377,954	)		20,610			(3,390	)		89,709			73,811
Net unrealized appreciation (depreciation)		1,106,146			(1,582,846	)		413,836			(970,379	)		1,300,455			(1,207,065	)
Net increase (decrease) in net assets resulting from operations		1,033,691			(1,828,494	)		482,115			(929,257	)		1,578,149			(935,695	)
Distributions paid to shareholders		(97,498	)		(1,146,487	)		(49,443	)		(357,382	)		(280,747	)		(2,416,808	)
Net capital share transactions		(476,762	)		265,209			(138,169	)		(77,021	)		(454,761	)		1,331,066
Total increase (decrease) in net assets		459,431			(2,709,772	)		294,503			(1,363,660	)		842,641			(2,021,437	)
Net assets:
Beginning of year		6,719,581			9,429,353			3,083,784			4,447,444			9,443,700			11,465,137
End of year	$	7,179,012		$	6,719,581		$	3,378,287		$	3,083,784		$	10,286,341		$	9,443,700

Refer to the end of the statements of changes in net assets for footnote.

Refer to the notes to financial statements.

American Funds Insurance Series 303

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,
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income (loss)	$	33,421		$	40,174		$	514,726		$	505,414		$	7,699		$	9,759
Net realized gain (loss)		5,322			(82,728	)		1,802,151			1,820,825			(10	)		(25,298	)
Net unrealized appreciation (depreciation)		302,180			(336,781	)		5,849,685			(9,143,503	)		38,198			(40,719	)
Net increase (decrease) in net assets resulting from operations		340,923			(379,335	)		8,166,562			(6,817,264	)		45,887			(56,258	)
Distributions paid to shareholders		(33,998	)		(454,298	)		(2,341,589	)		(3,956,410	)		(7,633	)		(154,047	)
Net capital share transactions		(170,988	)		175,376			(1,355,964	)		804,156			(10,671	)		132,760
Total increase (decrease) in net assets		135,937			(658,257	)		4,469,009			(9,969,518	)		27,583			(77,545	)
Net assets:
Beginning of year		1,725,398			2,383,655			32,982,967			42,952,485			300,997			378,542
End of year	$	1,861,335		$	1,725,398		$	37,451,976		$	32,982,967		$	328,580		$	300,997

	Capital Income Builder						Asset Allocation Fund						American Funds Global Balanced Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income (loss)	$	40,324		$	34,471		$	579,492		$	529,656		$	9,009		$	6,810
Net realized gain (loss)		242			(7,752	)		1,163,038			911,950			(7,714	)		40,249
Net unrealized appreciation (depreciation)		63,347			(109,594	)		1,605,426			(5,491,758	)		47,126			(113,780	)
Net increase (decrease) in net assets resulting from operations		103,913			(82,875	)		3,347,956			(4,050,152	)		48,421			(66,721	)
Distributions paid to shareholders		(34,911	)		(31,988	)		(1,526,238	)		(3,253,724	)		(50,940	)		(2,232	)
Net capital share transactions		43,201			109,402			(936,962	)		1,398,530			23,523			(30,663	)
Total increase (decrease) in net assets		112,203			(5,461	)		884,756			(5,905,346	)		21,004			(99,616	)
Net assets:
Beginning of year		1,139,066			1,144,527			24,800,574			30,705,920			367,760			467,376
End of year	$	1,251,269		$	1,139,066		$	25,685,330		$	24,800,574		$	388,764		$	367,760

Refer to the end of the statements of changes in net assets for footnote.

Refer to the notes to financial statements.

304 American Funds Insurance Series

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,
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income (loss)	$	426,022		$	331,906		$	46,485		$	37,525		$	57,760		$	51,837
Net realized gain (loss)		(554,664	)		(826,910	)		(105,717	)		(191,130	)		(33,292	)		(26,443	)
Net unrealized appreciation (depreciation)		653,577			(1,048,389	)		149,374			(188,581	)		73,317			(118,693	)
Net increase (decrease) in net assets resulting from operations		524,935			(1,543,393	)		90,142			(342,186	)		97,785			(93,299	)
Distributions paid to shareholders		(382,616	)		(462,954	)		—			(30,830	)		(58,266	)		(67,772	)
Net capital share transactions		644,513			(959,150	)		(31,695	)		(230,098	)		2,772			(59,810	)
Total increase (decrease) in net assets		786,832			(2,965,497	)		58,447			(603,114	)		42,291			(220,881	)
Net assets:
Beginning of year		10,221,082			13,186,579			1,481,894			2,085,008			831,554			1,052,435
End of year	$	11,007,914		$	10,221,082		$	1,540,341		$	1,481,894		$	873,845		$	831,554

	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,
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income (loss)	$	4,435		$	1,712		$	18,122		$	4,946		$	57,199		$	45,209
Net realized gain (loss)		(3,678	)		(8,753	)		—	*		—	*		(96,180	)		(136,848	)
Net unrealized appreciation (depreciation)		3,010			(5,029	)		(50	)		(59	)		81,462			(110,189	)
Net increase (decrease) in net assets resulting from operations		3,767			(12,070	)		18,072			4,887			42,481			(201,828	)
Distributions paid to shareholders		(3,960	)		(1,793	)		(17,531	)		(2,237	)		(55,687	)		(60,476	)
Net capital share transactions		18,941			(231,492	)		(60,048	)		96,950			36,513			(402,273	)
Total increase (decrease) in net assets		18,748			(245,355	)		(59,507	)		99,600			23,307			(664,577	)
Net assets:
Beginning of year		89,043			334,398			432,261			332,661			1,500,722			2,165,299
End of year	$	107,791		$	89,043		$	372,754		$	432,261		$	1,524,029		$	1,500,722

Refer to the end of the statements of changes in net assets for footnote.

Refer to the notes to financial statements.

American Funds Insurance Series 305

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,
	2023			2022			2023			2022			2023			2022
Operations:
Net investment income (loss)	$	2,083		$	1,038		$	1,506		$	1,885		$	5,418		$	5,383
Net realized gain (loss)		(30,059	)		31,786			(17,554	)		9,474			(22,528	)		86,734
Net unrealized appreciation (depreciation)		129,616			(181,950	)		23,557			(36,471	)		46,582			(125,509	)
Net increase (decrease) in net assets resulting from operations		101,640			(149,126	)		7,509			(25,112	)		29,472			(33,392	)
Distributions paid to shareholders		(111,683	)		(90,246	)		(10,852	)		(4,275	)		(47,987	)		(14,671	)
Net capital share transactions		63,436			97,021			1,591			(6,014	)		19,234			(1,502	)
Total increase (decrease) in net assets		53,393			(142,351	)		(1,752	)		(35,401	)		719			(49,565	)
Net assets:
Beginning of year		454,242			596,593			125,934			161,335			323,472			373,037
End of year	$	507,635		$	454,242		$	124,182		$	125,934		$	324,191		$	323,472

	Managed Risk Growth-Income Fund						Managed Risk Asset Allocation Fund
	Year ended December 31,						Year ended December 31,
	2023			2022			2023			2022
Operations:
Net investment income (loss)	$	34,077		$	29,534		$	39,329		$	33,407
Net realized gain (loss)		24,747			246,288			47,040			232,971
Net unrealized appreciation (depreciation)		260,383			(718,267	)		116,167			(652,457	)
Net increase (decrease) in net assets resulting from operations		319,207			(442,445	)		202,536			(386,079	)
Distributions paid to shareholders		(297,374	)		(99,803	)		(287,115	)		(138,964	)
Net capital share transactions		63,979			(23,880	)		(1,697	)		(104,505	)
Total increase (decrease) in net assets		85,812			(566,128	)		(86,276	)		(629,548	)
Net assets:
Beginning of year		2,101,444			2,667,572			2,189,472			2,819,020
End of year	$	2,187,256		$	2,101,444		$	2,103,196		$	2,189,472

* Amount less than one thousand.

Refer to the notes to financial statements.

306 American Funds Insurance Series

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 40 different funds (“the funds”), including 23 funds in the series covered in this report. The other 17 funds in the series are covered in separate reports. Twelve 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 – 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.

American Funds Insurance Series  307

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.

308  American Funds Insurance Series

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

American Funds Insurance Series  309

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, 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 “Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The 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 Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. 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. The Committee reports 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.

Classifications – The series’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities.

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The tables on the following pages present the funds’ valuation levels as of December 31, 2023 (dollars in thousands):

310  American Funds Insurance Series

Global Growth Fund
	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	1,419,560	$	716,633	$	—		$	2,136,193
Health care		677,242		553,206		—			1,230,448
Consumer discretionary		692,051		451,489		—			1,143,540
Financials		395,032		461,732		—	*		856,764
Industrials		190,481		426,357		—			616,838
Consumer staples		246,873		133,308		—			380,181
Communication services		259,923		79,590		—			339,513
Materials		220,874		106,904		—			327,778
Energy		180,544		74,490		—	*		255,034
Utilities		15,330		—		—			15,330
Real estate		4,940		—		—			4,940
Preferred securities		—		103,626		—			103,626
Short-term securities		295,088		—		—			295,088
Total	$	4,597,938	$	3,107,335	$	—	*	$	7,705,273

* Amount less than one thousand.

Global Small Capitalization Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Industrials	$	202,893	$	480,073	$	—	$	682,966
Consumer discretionary		396,692		155,297		—		551,989
Information technology		304,784		200,995		991		506,770
Health care		330,649		161,010		—		491,659
Financials		109,152		211,218		—		320,370
Materials		45,145		113,681		—		158,826
Communication services		52,354		60,173		—		112,527
Real estate		42,927		68,801		—		111,728
Energy		32,978		23,384		—		56,362
Utilities		14,810		29,350		—		44,160
Consumer staples		17,479		13,221		—		30,700
Preferred securities		—		—		22,521		22,521
Rights & warrants		—		3,878		—		3,878
Short-term securities		120,135		—		—		120,135
Total	$	1,669,998	$	1,521,081	$	23,512	$	3,214,591

American Funds Insurance Series  311

Growth Fund
	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	7,847,400	$	390,278	$	4,303		$	8,241,981
Communication services		7,074,099		—		—			7,074,099
Consumer discretionary		5,416,269		494,678		—			5,910,947
Health care		5,289,688		227,851		31,351			5,548,890
Industrials		4,144,154		290,562		2,674			4,437,390
Financials		2,931,955		47,675		—			2,979,630
Energy		1,638,573		—		—			1,638,573
Consumer staples		1,460,783		12,548		2,901			1,476,232
Materials		889,323		31,646		—			920,969
Utilities		266,939		—		—			266,939
Real estate		160,301		—		—			160,301
Preferred securities		—		—		114,310			114,310
Rights & warrants		—		—		—	*		—	*
Bonds, notes & other debt instruments		—		5,508		—			5,508
Short-term securities		607,976		—		—			607,976
Total	$	37,727,460	$	1,500,746	$	155,539		$	39,383,745

* Amount less than one thousand.

International Fund
	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Industrials	$	26,764	$	1,227,008	$	—		$	1,253,772
Information technology		423,363		605,671		5,140			1,034,174
Health care		19,298		843,587		—			862,885
Materials		211,640		633,237		—			844,877
Consumer discretionary		174,706		639,232		—			813,938
Financials		115,668		696,800		—			812,468
Energy		215,588		339,488		—			555,076
Communication services		—		340,975		—			340,975
Consumer staples		—		322,178		—			322,178
Utilities		—		89,318		—			89,318
Real estate		—		39,777		—			39,777
Preferred securities		—		44,635		470			45,105
Rights & warrants		—		—		—	*		—	*
Short-term securities		202,103		—		—			202,103
Total	$	1,389,130	$	5,821,906	$	5,610		$	7,216,646

* Amount less than one thousand.

312  American Funds Insurance Series

New World Fund
	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	99,031	$	418,226	$	—	*	$	517,257
Information technology		268,018		237,621		411			506,050
Industrials		109,530		321,304		—			430,834
Health care		152,605		247,392		—			399,997
Consumer discretionary		113,807		239,969		—			353,776
Materials		113,091		120,585		—	*		233,676
Communication services		90,913		132,924		1,985			225,822
Consumer staples		58,232		164,992		—	*		223,224
Energy		42,137		62,981		—	*		105,118
Real estate		18,133		48,519		—			66,652
Utilities		11,924		28,167		—			40,091
Preferred securities		3,123		12,433		6,905			22,461
Rights & warrants		—		1,838		—			1,838
Convertible bonds & notes		—		195		—			195
Bonds, notes & other debt instruments		—		133,350		—			133,350
Short-term securities		136,445		—		—			136,445
Total	$	1,216,989	$	2,170,496	$	9,301		$	3,396,786

	Other investments†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	244		$	—		$	—	$	244
Unrealized appreciation on open forward currency contracts		—			100			—		100
Unrealized appreciation on bilateral interest rate swaps		—			95			—		95
Liabilities:
Unrealized depreciation on futures contracts		(265	)		—			—		(265	)
Unrealized depreciation on open forward currency contracts		—			(213	)		—		(213	)
Unrealized depreciation on centrally cleared interest rate swaps		—			—			—		—
Unrealized depreciation on bilateral interest rate swaps		—			—			—		—
Total	$	(21	)	$	(18	)	$	—	$	(39	)

* Amount less than one thousand.

† Futures contracts, forward currency contracts and interest rate swaps are not included in the fund’s investment portfolio.

Washington Mutual Investors Fund

As of December 31, 2023, all of the fund’s investment securities were classified as Level 1.

American Funds Insurance Series  313

Capital World Growth and Income Fund
	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	261,166	$	118,220	$	—		$	379,386
Health care		189,214		84,072		—			273,286
Industrials		110,918		154,342		—			265,260
Financials		79,038		109,523		—	*		188,561
Consumer discretionary		99,626		77,085		—			176,711
Consumer staples		63,152		66,044		—			129,196
Materials		43,108		82,579		—			125,687
Communication services		62,943		38,583		—			101,526
Energy		76,856		22,891		—	*		99,747
Utilities		25,826		17,317		—			43,143
Real estate		4,930		2,268		—			7,198
Preferred securities		16		861		—			877
Convertible bonds & notes		—		1,731		—			1,731
Bonds, notes & other debt instruments		—		3,989		—			3,989
Short-term securities		51,376		16,456		—			67,832
Total	$	1,068,169	$	795,961	$	—	*	$	1,864,130

* Amount less than one thousand.

Growth-Income Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	7,952,167	$	499,308	$	—	$	8,451,475
Industrials		5,399,143		480,725		—		5,879,868
Health care		4,440,836		321,365		—		4,762,201
Financials		4,251,335		148,669		—		4,400,004
Communication services		3,335,977		—		—		3,335,977
Consumer discretionary		2,893,219		358,159		—		3,251,378
Consumer staples		1,622,254		366,801		—		1,989,055
Energy		1,259,751		—		—		1,259,751
Utilities		1,121,619		92,095		—		1,213,714
Materials		1,029,759		34,885		—		1,064,644
Real estate		374,474		—		—		374,474
Convertible stocks		23,528		—		—		23,528
Bonds, notes & other debt instruments		—		5,671		—		5,671
Short-term securities		1,534,598		—		—		1,534,598
Total	$	35,238,660	$	2,307,678	$	—	$	37,546,338

314  American Funds Insurance Series

International Growth and Income Fund
	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	3,728	$	58,079	$	—	*	$	61,807
Industrials		5,793		40,513		—			46,306
Information technology		3,791		39,684		—			43,475
Consumer discretionary		3,302		29,633		—			32,935
Consumer staples		6,761		23,449		—			30,210
Health care		1,561		27,428		—			28,989
Communication services		2,190		18,917		—			21,107
Energy		6,302		12,381		—	*		18,683
Materials		7,353		10,788		—	*		18,141
Utilities		1,109		6,909		—			8,018
Real estate		1,795		4,562		—			6,357
Preferred securities		—		607		—			607
Bonds, notes & other debt instruments		—		1,075		—			1,075
Short-term securities		12,095		—		—			12,095
Total	$	55,780	$	274,025	$	—	*	$	329,805

* Amount less than one thousand.

Capital Income Builder
	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	93,718	$	72,657	$	—	*	$	166,375
Health care		91,451		31,918		—			123,369
Information technology		93,893		23,107		—			117,000
Consumer staples		59,646		54,867		—			114,513
Industrials		58,513		45,922		—			104,435
Energy		54,906		22,411		—	*		77,317
Utilities		38,726		35,571		—			74,297
Real estate		49,660		10,684		—			60,344
Consumer discretionary		24,194		22,137		—			46,331
Communication services		18,060		21,250		—			39,310
Materials		16,710		15,476		—			32,186
Preferred securities		—		252		—			252
Convertible stocks		2,383		—		—			2,383
Bonds, notes & other debt instruments:
Mortgage-backed obligations		—		103,612		93			103,705
U.S. Treasury bonds & notes		—		71,494		—			71,494
Corporate bonds, notes & loans		—		23,053		—			23,053
Asset-backed obligations		—		9,837		—			9,837
Bonds & notes of governments & government agencies outside the U.S.		—		762		—			762
Municipals		—		236		—			236
Investment funds		34,970		—		—			34,970
Short-term securities		107,974		—		—			107,974
Total	$	744,804	$	565,246	$	93		$	1,310,143

Refer to the end of the tables for footnotes.

American Funds Insurance Series  315

	Other investments†
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	2,456	$	—		$	—	$	2,456
Unrealized appreciation on centrally cleared interest rate swaps		—		231			—		231
Unrealized appreciation on centrally cleared credit default swaps		—		380			—		380
Liabilities:
Unrealized depreciation on centrally cleared interest rate swaps		—		(177	)		—		(177	)
Total	$	2,456	$	434		$	—	$	2,890

* 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:
Information technology	$	3,515,544	$	—	$	—		$	3,515,544
Health care		2,397,867		158,242		19,334			2,575,443
Financials		2,089,525		62,212		—	*		2,151,737
Industrials		1,678,103		138,019		—			1,816,122
Consumer discretionary		1,551,941		253,193		1,572			1,806,706
Communication services		1,423,988		—		—			1,423,988
Consumer staples		973,600		91,237		—			1,064,837
Materials		1,005,995		—		2,890			1,008,885
Energy		874,319		—		1,554			875,873
Real estate		155,278		—		—			155,278
Utilities		30,873		—		—			30,873
Preferred securities		—		—		697			697
Rights & warrants		—		—		—	*		—	*
Convertible stocks		—		—		43,608			43,608
Convertible bonds & notes		—		2,140		—			2,140
Bonds, notes & other debt instruments:
Mortgage-backed obligations		—		2,369,309		—			2,369,309
U.S. Treasury bonds & notes		—		1,992,422		—			1,992,422
Corporate bonds, notes & loans		—		1,694,239		3,204			1,697,443
Asset-backed obligations		—		526,187		5,930			532,117
Bonds & notes of governments & government agencies outside the U.S.		—		41,792		—			41,792
Municipals		—		36,842		—			36,842
Investment funds		1,406,015		—		—			1,406,015
Short-term securities		2,418,376		—		—			2,418,376
Total	$	19,521,424	$	7,365,834	$	78,789		$	26,966,047

	Other investments†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	37,187		$	—		$	—	$	37,187
Unrealized appreciation on centrally cleared interest rate swaps		—			1,160			—		1,160
Unrealized appreciation on centrally cleared credit default swaps		—			96			—		96
Liabilities:
Unrealized depreciation on futures contracts		(30,011	)		—			—		(30,011	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(20	)		—		(20	)
Total	$	7,176		$	1,236		$	—	$	8,412

* Amount less than one thousand.

^†  Futures contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

316  American Funds Insurance Series

American Funds Global Balanced Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	39,511	$	5,432	$	—	$	44,943
Health care		21,748		14,115		—		35,863
Industrials		21,116		11,530		—		32,646
Financials		8,193		22,527		—		30,720
Consumer staples		4,213		17,618		—		21,831
Materials		11,573		6,194		—		17,767
Energy		10,137		4,247		—		14,384
Communication services		12,176		1,315		—		13,491
Consumer discretionary		6,977		5,582		—		12,559
Utilities		6,407		4,230		—		10,637
Real estate		1,476		3,293		—		4,769
Preferred securities		50		372		—		422
Convertible stocks		1,041		—		—		1,041
Bonds, notes & other debt instruments:
Bonds & notes of governments & government agencies outside the U.S.		—		57,321		—		57,321
Mortgage-backed obligations		—		21,280		—		21,280
U.S. Treasury bonds & notes		—		21,269		—		21,269
Corporate bonds, notes & loans		—		19,451		—		19,451
Asset-backed obligations		—		937		—		937
Federal agency bonds & notes		—		265		—		265
Municipals		—		136		—		136
Investment funds		8,341		—		—		8,341
Short-term securities		13,936		20,414		—		34,350
Total	$	166,895	$	237,528	$	—	$	404,423

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	546		$	—		$	—	$	546
Unrealized appreciation on open forward currency contracts		—			672			—		672
Unrealized appreciation on centrally cleared interest rate swaps		—			241			—		241
Unrealized appreciation on centrally cleared credit default swaps		—			11			—		11
Liabilities:
Unrealized depreciation on futures contracts		(199	)		—			—		(199	)
Unrealized depreciation on open forward currency contracts		—			(354	)		—		(354	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(322	)		—		(322	)
Unrealized depreciation on centrally cleared credit default swaps		—			(1	)		—		(1	)
Total	$	347		$	247		$	—	$	594

* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

American Funds Insurance Series  317

The Bond Fund of America
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—	$	4,446,229	$	1,561	$	4,447,790
Corporate bonds, notes & loans		—		3,489,598		—		3,489,598
U.S. Treasury bonds & notes		—		1,822,067		—		1,822,067
Asset-backed obligations		—		542,646		9,749		552,395
Municipals		—		156,667		—		156,667
Bonds & notes of governments & government agencies outside the U.S.		—		105,447		—		105,447
Federal agency bonds & notes		—		11,385		—		11,385
Common stocks		—		15		—		15
Short-term securities		2,168,331		—		—		2,168,331
Total	$	2,168,331	$	10,574,054	$	11,310	$	12,753,695

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	109,286		$	—		$	—	$	109,286
Unrealized appreciation on open forward currency contracts		—			35			—		35
Unrealized appreciation on centrally cleared interest rate swaps		—			2,718			—		2,718
Liabilities:
Unrealized depreciation on futures contracts		(51,016	)		—			—		(51,016	)
Unrealized depreciation on open forward currency contracts		—			(931	)		—		(931	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(2,363	)		—		(2,363	)
Unrealized depreciation on centrally cleared credit default swaps		—			(1,469	)		—		(1,469	)
Total	$	58,270		$	(2,010	)	$	—	$	56,260

* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

318  American Funds Insurance Series

Capital World Bond Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Euros	$	—	$	339,133	$	—	$	339,133
Japanese yen		—		100,706		—		100,706
British pounds		—		71,115		—		71,115
Chinese yuan renminbi		—		58,184		—		58,184
Brazilian reais		—		41,843		—		41,843
Mexican pesos		—		36,400		—		36,400
Canadian dollars		—		33,369		—		33,369
South Korean won		—		29,760		—		29,760
Australian dollars		—		27,993		—		27,993
Indonesian rupiah		—		22,928		—		22,928
South African rand		—		9,087		—		9,087
Danish kroner		—		6,608		—		6,608
New Zealand dollars		—		6,559		—		6,559
Malaysian ringgits		—		2,207		—		2,207
Chilean pesos		—		2,001		—		2,001
Colombian pesos		—		1,609		—		1,609
Indian rupees		—		1,116		—		1,116
Polish zloty		—		1,112		—		1,112
Romanian leu		—		1,094		—		1,094
Norwegian kroner		—		598		—		598
Ukrainian hryvnia		—		125		—		125
U.S. dollars		—		629,673		200		629,873
Convertible bonds & notes		—		1,173		—		1,173
Preferred securities		—		—		74		74
Common stocks		258		—		469		727
Investment funds		52,692		—		—		52,692
Short-term securities		177,300		23,247		—		200,547
Total	$	230,250	$	1,447,640	$	743	$	1,678,633

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	8,176		$	—		$	—	$	8,176
Unrealized appreciation on open forward currency contracts		—			9,188			—		9,188
Unrealized appreciation on centrally cleared interest rate swaps		—			2,958			—		2,958
Unrealized appreciation on bilateral interest rate swaps		—			278			—		278
Unrealized appreciation on centrally cleared credit default swaps		—			518			—		518
Liabilities:
Unrealized depreciation on futures contracts		(2,274	)		—			—		(2,274	)
Unrealized depreciation on open forward currency contracts		—			(5,355	)		—		(5,355	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(4,121	)		—		(4,121	)
Total	$	5,902		$	3,466		$	—	$	9,368

* Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

American Funds Insurance Series  319

American High-Income Trust
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—	$	768,810	$	4,283	$	773,093
U.S. Treasury bonds & notes		—		2,706		—		2,706
Mortgage-backed obligations		—		—		661		661
Bonds & notes of governments & government agencies outside the U.S.		—		290		—		290
Convertible bonds & notes		—		495		—		495
Common stocks		20,584		1,471		30,523		52,578
Preferred securities		—		1,363		1,582		2,945
Rights & warrants		—		217		—		217
Short-term securities		27,114		—		—		27,114
Total	$	47,698	$	775,352	$	37,049	$	860,099

	Other investments1
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	114		$	—	$	—	$	114
Unrealized appreciation on centrally cleared credit default swaps		—			20		—		20
Liabilities:
Unrealized depreciation on futures contracts		(105	)		—		—		(105	)
Total	$	9		$	20	$	—	$	29

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, 2023 (dollars in thousands):

	Beginning		Transfers							Net					Transfers			Ending
	value at		into							realized			Unrealized		out of			value at
	1/1/2023		Level 32		Purchases		Sales			loss3			appreciation3		Level 32			12/31/2023
Investment securities	$	34,480	$	457	$	13,803	$	(5,838	)	$	(7,424	)	$	6,257	$	(4,686	)	$	37,049
Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2023																		$	(2,129	)

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.

320  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 12/31/2023		Valuation techniques	Unobservable inputs	Range (if applicable)		Weighted average*		Impact to valuation from an increase in input†
			Estimated	Expected proceeds		Not applicable		Not applicable		Not applicable
			recovery value	Discount for uncertainty		5%		5%		Decrease
				Transaction price		Not applicable		Not applicable		Not applicable
			Transaction	Net adjustment (decrease) based
Bonds, notes & other debt instruments	$	4,944		on movement of market		5%		5%		Decrease
				comparables
			Expected	Expected proceeds		Not applicable		Not applicable		Not applicable
			proceeds
			Yield Analysis	Yield		10.1%		10.1%		Decrease
				Expected proceeds		Not applicable		Not applicable		Not applicable
			Estimated	Discount for uncertainty		20%		20%		Decrease
			recovery value
				Vendor price		Not applicable		Not applicable		Not applicable
				EV/EBITDA multiple		5.7x - 8.0x		6.8x		Increase
Common stocks		30,523	Market comparable companies	Discount to EV/EBITDA multiple		11%		11%		Decrease
				EV/EBITDA less CapEx multiple		10.5x		10.5x		Increase
				Price/Book Value multiple		0.6x		0.6x		Increase
				DLOM		13% - 17%		15%		Decrease
			Indicative market quotation	Broker quote		Not applicable		Not applicable		Not applicable
			Market	EV/EBITDA multiple		4.0x		4.0x		Increase
Preferred securities		1,582	comparable
			companies	DLOM		15%		15%		Decrease
Total	$	37,049

^*  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 Mortgage Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—	$	98,703	$	—	$	98,703
U.S. Treasury bonds & notes		—		2,037		—		2,037
Asset-backed obligations		—		1,583		—		1,583
Short-term securities		—		23,333		—		23,333
Total	$	—	$	125,656	$	—	$	125,656

American Funds Insurance Series  321

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	1,564		$	—		$	—	$	1,564
Unrealized appreciation on centrally cleared interest rate swaps		—			12			—		12
Liabilities:
Unrealized depreciation on futures contracts		(564	)		—			—		(564	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(2	)		—		(2	)
Total	$	1,000		$	10		$	—	$	1,010

^*  Futures contracts and interest rate swaps are not included in the fund’s investment portfolio.

Ultra-Short Bond Fund

As of December 31, 2023, 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	$	—	$	979,319	$	—	$	979,319
U.S. Treasury bonds & notes		—		401,532		—		401,532
Federal agency bonds & notes		—		77,297		—		77,297
Short-term securities		—		247,092		—		247,092
Options purchased on futures (equity style)		577		—		—		577
Total	$	577	$	1,705,240	$	—	$	1,705,817

				Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	28,108		$	—		$	—	$	28,108
Unrealized appreciation on centrally cleared interest rate swaps		—			18,404			—		18,404
Liabilities:
Value of options written		(824	)		—			—		(824	)
Unrealized depreciation on futures contracts		(9,290	)		—			—		(9,290	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(3,351	)		—		(3,351	)
Total	$	17,994		$	15,053		$	—	$	33,047

^*  Options written, futures contracts and interest rate swaps are not included in the fund’s investment portfolio.

Managed Risk Growth Fund

As of December 31, 2023, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund
	Investment securities
	Level 1		Level 2		Level 3		Total
Assets
Growth funds	$	105,419	$	—	$	—	$	105,419
Fixed income funds		12,408		—		—		12,408
Short-term securities		6,067		—		—		6,067
Options purchased (equity style)		299		25		—		324
Total	$	124,193	$	25	$	—	$	124,218

322  American Funds Insurance Series

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	26		$	—	$	—	$	26
Liabilities:
Unrealized depreciation on futures contracts		(65	)		—		—		(65	)
Total	$	(39	)	$	—	$	—	$	(39	)

* Futures contracts are not included in the fund’s investment portfolio.

Managed Risk Washington Mutual Investors Fund

As of December 31, 2023, all of the fund’s investments were classified as Level 1.

Managed Risk Growth-Income Fund

As of December 31, 2023, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

As of December 31, 2023, 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; changes in inflation rates; 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), bank failures 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. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.

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.

American Funds Insurance Series  323

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., and securities tied economically to countries 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 are domiciled, operate or generate revenue or to which the securities are tied economically. 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.

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, more vulnerable to market manipulation, and 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, more vulnerable to market manipulation, and 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.

324  American Funds Insurance Series

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 of debt securities that may be prepaid at any time, such as mortgage-or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change 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 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.

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 or receivables 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.

American Funds Insurance Series  325

Investing in future delivery contracts – A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund’s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

Investing in inflation-linked bonds – The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates – i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation-linked bonds may also reduce a fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

Investing in securities backed by the U.S. government – Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.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 or total return 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.

326  American Funds Insurance Series

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 does 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 determining the overall asset allocation of the fund or choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

Management – The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Underlying fund risks – Because the managed risk funds’ investments consist of investments in underlying funds, the managed risk funds’ risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

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.

American Funds Insurance Series  327

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.

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 Growth Fund	$	19,320	$	—	$	21,524	$	—
Global Small Capitalization Fund		30,423		8,535		23,751		7,682
Growth Fund		21,365		21,892		—		19,703
International Fund		82		86		—		77
New World Fund		1,705		1,117		656		1,005
Washington Mutual Investors Fund		10,510		10,881		—		9,793
Capital World Growth and Income Fund		7,091		7,147		501		6,432
Growth-Income Fund		110,228		115,333		—		103,800
International Growth and Income Fund		2,296		2,250		225		2,025
Capital Income Builder		17,090		17,994		—		16,195
Asset Allocation Fund		24,156		25,242		—		22,718
American Funds Global Balanced Fund		1,039		1,069		—		962

328  American Funds Insurance Series

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 of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund’s portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the financial highlights tables.

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, 2023, the maximum exposure from these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $1,303,000, $31,000 and $1,032,000, respectively, which would represent less than 0.01% for Asset Allocation Fund and Capital World Bond Fund and 0.12% for American High-Income Trust, respectively, of the net assets of each fund should such commitments become due. Unrealized depreciation on these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust of $3,000, less than $1,000 and $4,000, respectively, is disclosed as unrealized depreciation on unfunded commitments in each fund’s statement of assets and liabilities. Unrealized depreciation is included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers in each fund’s statement of operations.

Option contracts – Some of the funds have entered into option contracts, which give the purchaser 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 reference instrument underlying the option (or the cash value of the instrument or index underlying the option) at a specified exercise price. The writer of an option has the obligation, upon exercise of the option, to cash settle or deliver the underlying instrument or index upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying instrument or index and pay the exercise price (in the case of a put).

By purchasing a put option, the fund obtains the right (but not the obligation) to sell the instrument underlying the option (or to deliver the cash value of the instrument or index underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying instrument (or the cash value of the index underlying the option) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying instrument or index with risk limited to the cost of the option if the price of the underlying instrument or index falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying instrument or index does not rise sufficiently to offset the cost of the option.

American Funds Insurance Series  329

The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option’s underlying instrument or index if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option’s underlying instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.

Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, 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 asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in each fund’s statement of assets and liabilities. For futures style options, on a daily basis for both purchased and written options, the fund pays or receives variation margin based on the premium paid and the daily fluctuation in market value, and records variation margin in the statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. For purchased options, the net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments in unaffiliated issuers in each fund’s statement of operations, and from futures style options are recorded in options purchased (futures style) in each fund’s statement of operations. For written options, the net realized gains or losses and net unrealized appreciation or depreciation are recorded in options written in each fund’s statement of operations.

Option contracts can take different forms. Some of the funds have entered into the following types of options contracts:

Options on equity indexes – As part of their managed risk strategy, the managed risk 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.

Options on futures – One of the funds has entered into options on future contracts to seek to manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. An option on a futures contract gives the purchaser of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date.

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.

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.

330  American Funds Insurance Series

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.

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.

American Funds Insurance Series  331

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 on futures

Options on equity indexes

Futures contracts

Forward currency contracts

Interest rate swaps

Credit default swaps

New World Fund

Not applicable

Not applicable

$

28,095

$

15,017

$

4,663

2,230

1

Capital Income Builder

Not applicable

Not applicable

108,346

Not applicable

46,969

6,193

Asset Allocation Fund

Not applicable

Not applicable

3,357,201

Not applicable

396,718

28,501

Global Balanced Fund

Not applicable

Not applicable

40,168

36,810

30,526

1,936

The Bond Fund of America

Not applicable

Not applicable

6,797,857

94,777

797,750

126,431

Capital World Bond Fund

Not applicable

Not applicable

597,982

530,575

315,943

68,094

American High-Income Trust

Not applicable

Not applicable

10,724

Not applicable

Not applicable

11,361

American Funds Mortgage Fund

Not applicable

Not applicable

76,325

Not applicable

6,633

Not applicable

U.S. Government Securities Fund

$140,800

Not applicable

2,329,186

Not applicable

761,456

Not applicable

Managed Risk Growth Fund

Not applicable

382,855

81,657

Not applicable

Not applicable

Not applicable

Managed Risk International Fund

Not applicable

81,835

8,782

Not applicable

Not applicable

Not applicable

Managed Risk Washington Mutual

Investors Fund

Not applicable

314,374

16,284

Not applicable

Not applicable

Not applicable

Managed Risk Growth-Income Fund

Not applicable

3,388,886

163,141

Not applicable

Not applicable

Not applicable

Managed Risk Asset Allocation Fund

Not applicable

333,293

115,565

Not applicable

Not applicable

Not applicable

¹  No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.

The following tables identify the location and fair value amounts on 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, 2023 (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 appreciation2	$	244	Unrealized depreciation2	$	265
Forward currency		Currency	Unrealized appreciation on open forward currency contracts		100	Unrealized depreciation on open forward currency contracts		213
Forward currency		Currency	Receivables for closed forward currency contracts		18	Payables for closed forward currency contracts		114
Swap (bilateral)		Interest	Bilateral swaps, at value		95	Bilateral swaps, at value		—
				$	457		$	592

Refer to the end of the tables for footnotes.

332  American Funds Insurance Series

		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	$	461		Net unrealized depreciation on futures contracts	$	(114	)
Forward currency	Currency	Net realized loss on forward currency contracts		(182	)	Net unrealized depreciation on forward currency contracts		(63	)
Swap	Interest	Net realized gain on swap contracts		95		Net unrealized appreciation on swap contracts		95
Swap	Credit	Net realized loss on swap contracts		(3	)	Net unrealized depreciation on swap contracts		(2	)
			$	371			$	(84	)
International Growth and Income Fund
		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Forward currency	Currency	Net realized gain on forward currency contracts	$	2		Net unrealized depreciation on forward currency contracts	$	(5	)
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 appreciation2	$	2,456		Unrealized depreciation2	$	—
Swap (centrally cleared)	Interest	Unrealized appreciation2		231		Unrealized depreciation2		177
Swap (centrally cleared)	Credit	Unrealized appreciation2		380		Unrealized depreciation2		—
			$	3,067			$	177
		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 loss on futures contracts	$	(4,166	)	Net unrealized appreciation on futures contracts	$	2,535
Swap	Interest	Net realized gain on swap contracts		1,408		Net unrealized depreciation on swap contracts		(1,466	)
Swap	Credit	Net realized gain on swap contracts		164		Net unrealized appreciation on swap contracts		427
			$	(2,594	)		$	1,496

Refer to the end of the tables for footnotes.

American Funds Insurance Series  333

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 appreciation2	$	37,187		Unrealized depreciation2	$	30,011
Swap (centrally cleared)	Interest	Unrealized appreciation2		1,160		Unrealized depreciation2		20
Swap (centrally cleared)	Credit	Unrealized appreciation2		96		Unrealized depreciation2		—
			$	38,443			$	30,031
		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 loss on futures contracts	$	(72,113	)	Net unrealized appreciation on futures contracts	$	8,342
Swap	Interest	Net realized loss on swap contracts		(3,172	)	Net unrealized appreciation on swap contracts		1,140
Swap	Credit	Net realized loss on swap contracts		(2,612	)	Net unrealized appreciation on swap contracts		1,719
			$	(77,897	)		$	11,201
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 appreciation2	$	546		Unrealized depreciation2	$	199
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		672		Unrealized depreciation on open forward currency contracts		354
Forward currency	Currency	Receivables for closed forward currency contracts		27		Payables for closed forward currency contracts		174
Swap (centrally cleared)	Interest	Unrealized appreciation2		241		Unrealized depreciation2		322
Swap (centrally cleared)	Credit	Unrealized appreciation2		11		Unrealized depreciation2		1
			$	1,497			$	1,050
		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 loss on futures contracts	$	(107	)	Net unrealized appreciation on futures contracts	$	720
Forward currency	Currency	Net realized loss on forward currency contracts		(1,387	)	Net unrealized depreciation on forward currency contracts		(218	)
Swap	Interest	Net realized loss on swap contracts		(992	)	Net unrealized appreciation on swap contracts		935
Swap	Credit	Net realized loss on swap contracts		(49	)	Net unrealized appreciation on swap contracts		3
			$	(2,535	)		$	1,440

Refer to the end of the tables for footnotes.

334  American Funds Insurance Series

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 appreciation2	$	109,286		Unrealized depreciation2	$	51,016
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		35		Unrealized depreciation on open forward currency contracts		931
Swap (centrally cleared)	Interest	Unrealized appreciation2		2,718		Unrealized depreciation2		2,363
Swap (centrally cleared)	Credit	Unrealized appreciation2		—		Unrealized depreciation2		1,469
			$	112,039			$	55,779
		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 loss on futures contracts	$	(169,252	)	Net unrealized appreciation on futures contracts	$	65,223
Forward currency	Currency	Net realized gain on forward currency contracts		1,833		Net unrealized depreciation on forward currency contracts		(4,543	)
Swap	Interest	Net realized gain on swap contracts		9,818		Net unrealized depreciation on swap contracts		(8,721	)
Swap	Credit	Net realized loss on swap contracts		(15,513	)	Net unrealized appreciation on swap contracts		5,540
			$	(173,114	)		$	57,499

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 appreciation2	$	8,176	Unrealized depreciation2	$	2,274
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		9,188	Unrealized depreciation on open forward currency contracts		5,355
Forward currency	Currency	Receivables for closed forward currency contracts		213	Payables for closed forward currency contracts		1,748
Swap (centrally cleared)	Interest	Unrealized appreciation2		2,958	Unrealized depreciation2		4,121
Swap (bilateral)	Interest	Bilateral swaps, at value		278	Bilateral swaps, at value		—
Swap (centrally cleared)	Credit	Unrealized appreciation2		518	Unrealized depreciation2		—
			$	21,331		$	13,498

Refer to the end of the tables for footnotes.

American Funds Insurance Series  335

		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 loss on futures contracts	$	(3,487	)	Net unrealized appreciation on futures contracts	$	9,889
Forward currency	Currency	Net realized loss on forward currency contracts		(19,300	)	Net unrealized depreciation on forward currency contracts		(720	)
Swap	Interest	Net realized loss on swap contracts		(9,887	)	Net unrealized appreciation on swap contracts		10,081
Swap	Credit	Net realized gain on swap contracts		1,317		Net unrealized appreciation on swap contracts		51
			$	(31,357	)		$	19,301
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 appreciation2	$	114		Unrealized depreciation2	$	105
Swap (centrally cleared)	Credit	Unrealized appreciation2		20		Unrealized depreciation2		—
			$	134			$	105
		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	$	105		Net unrealized appreciation on futures contracts	$	97
Swap	Credit	Net realized loss on swap contracts		(813	)	Net unrealized appreciation on swap contracts		174
			$	(708	)		$	271
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 appreciation2	$	1,564		Unrealized depreciation2	$	564
Swap (centrally cleared)	Interest	Unrealized appreciation2		12		Unrealized depreciation2		2
			$	1,576			$	566
		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 loss on futures contracts	$	(1,723	)	Net unrealized appreciation on futures contracts	$	1,075
Swap	Interest	Net realized gain on swap contracts		802		Net unrealized depreciation on swap contracts		(780	)
			$	(921	)		$	295

Refer to the end of the tables for footnotes.

336  American Funds Insurance Series

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
Options purchased (equity style)	Interest	Investment securities from unaffiliated issuers	$	577		Investment securities from unaffiliated issuers	$	—
Options written (equity style)	Interest	Options written, at value		—		Options written, at value		824
Futures	Interest	Unrealized appreciation2		28,108		Unrealized depreciation2		9,290
Swap (centrally cleared)	Interest	Unrealized appreciation2		18,404		Unrealized depreciation2		3,351
			$	47,089			$	13,465
		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased (equity style)	Interest	Net realized gain on investments in unaffiliated issuers	$	46		Net unrealized appreciation on investments in unaffiliated issuers	$	256
Options written	Interest	Net realized gain on options written		19		Net unrealized depreciation on options written		(343	)
Futures	Interest	Net realized loss on futures contracts		(42,489	)	Net unrealized appreciation on futures contracts		21,994
Swap	Interest	Net realized loss on swap contracts		(4,725	)	Net unrealized appreciation on swap contracts		6,257
			$	(47,149	)		$	28,164

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	$	968		Investment securities from unaffiliated issuers3	$	—
Futures	Equity	Unrealized appreciation2		390		Unrealized depreciation2		—
Futures	Interest	Unrealized appreciation2		91		Unrealized depreciation2		—
				1,449				—
		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(3,861	)	Net unrealized depreciation on investments in unaffiliated issuers	$	(326	)
Futures	Currency	Net realized loss on futures contracts		(246	)	Net realized appreciation on futures contracts		14
Futures	Equity	Net realized loss on futures contracts		(19,054	)	Net realized depreciation on futures contracts		(7,156	)
Futures	Interest	Net realized loss on futures contracts		(4,142	)	Net realized appreciation on futures contracts		138
				(27,303	)			(7,330	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series  337

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	$	324		Investment securities from unaffiliated issuers3	$	—
Futures	Equity	Unrealized appreciation2		—		Unrealized depreciation2		65
Futures	Interest	Unrealized appreciation2		26		Unrealized depreciation2		—
			$	350			$	65
		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(1,109	)	Net unrealized appreciation on investments in unaffiliated issuers	$	40
Futures	Equity	Net realized loss on futures contracts		(6,136	)	Net realized depreciation on futures contracts		(1,089	)
Futures	Interest	Net realized loss on futures contracts		(732	)	Net realized appreciation on futures contracts		39
			$	(7,977	)		$	(1,010	)

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	$	482		Investment securities from unaffiliated issuers3	$	—
Futures	Equity	Unrealized appreciation2		256		Unrealized depreciation2		—
Futures	Interest	Unrealized appreciation2		65		Unrealized depreciation2		—
			$	803			$	—
		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(3,516	)	Net unrealized depreciation on investments in unaffiliated issuers	$	(48	)
Futures	Currency	Net realized loss on futures contracts		(106	)	Net realized depreciation on futures contracts		(63	)
Futures	Equity	Net realized loss on futures contracts		(7,724	)	Net realized depreciation on futures contracts		(2,364	)
Futures	Interest	Net realized loss on futures contracts		(960	)	Net realized appreciation on futures contracts		146
			$	(12,306	)		$	(2,329	)

Refer to the end of the tables for footnotes.

338  American Funds Insurance Series

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	$	4,657		Investment securities from unaffiliated issuers3	$	—
Futures	Equity	Unrealized appreciation2		1,908		Unrealized depreciation2		—
Futures	Interest	Unrealized appreciation2		140		Unrealized depreciation2		—
			$	6,705			$	—
		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(37,878	)	Net unrealized depreciation on investments in unaffiliated issuers	$	(497	)
Futures	Currency	Net realized loss on futures contracts		(1,110	)	Net realized depreciation on futures contracts		(359	)
Futures	Equity	Net realized loss on futures contracts		(38,266	)	Net realized depreciation on futures contracts		(14,561	)
Futures	Interest	Net realized loss on futures contracts		(4,527	)	Net realized appreciation on futures contracts		317
			$	(81,771	)		$	(15,100	)

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	$	693		Investment securities from unaffiliated issuers3	$	—
Futures	Equity	Unrealized appreciation2		392		Unrealized depreciation2		—
Futures	Interest	Unrealized appreciation2		1,013		Unrealized depreciation2		—
			$	2,098			$	—
		Net realized gain (loss)				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(4,444	)	Net unrealized appreciation on investments in unaffiliated issuers	$	693
Futures	Currency	Net realized loss on futures contracts		(765	)	Net realized depreciation on futures contracts		(149	)
Futures	Equity	Net realized loss on futures contracts		(40,978	)	Net realized depreciation on futures contracts		(13,203	)
Futures	Interest	Net realized loss on futures contracts		(4,649	)	Net realized appreciation on futures contracts		1,175
			$	(50,836	)		$	(11,484	)

²  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.

³  Includes options purchased as reported in each fund’s investment portfolio.

339  American Funds Insurance Series

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 option contracts, 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 options on equity indexes, options on futures, 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 and bilateral swaps, 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 and bilateral swaps have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting”). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The tables on the following pages present each fund’s forward currency contracts and bilateral swaps 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, 2023, if close-out netting was exercised (dollars in thousands):

New World Fund

	Gross amounts recognized in the statement of assets and liabilities		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty			Available to offset			Non-cash collateral*		Cash collateral*		Net amount
Assets:
Bank of America	$	59	$	—		$	—	$	—	$	59
Barclays Bank PLC		53		(2	)		—		—		51
Citibank		52		(52	)		—		—		—
JPMorgan Chase		40		—			—		—		40
Morgan Stanley		8		(8	)		—		—		—
Standard Chartered Bank		1		—			—		—		1
Total	$	213	$	(62	)	$	—	$	—	$	151
Liabilities:
Barclays Bank PLC	$	2	$	(2	)	$	—	$	—	$	—
Citibank		165		(52	)		—		—		113
Goldman Sachs		28		—			—		—		28
HSBC Bank		82		—			—		—		82
Morgan Stanley		50		(8	)		—		—		42
Total	$	327	$	(62	)	$	—	$	—	$	265

Refer to the end of the tables for footnote.

340  American Funds Insurance Series

American Funds Global Balanced Fund

	Gross amounts recognized in the statement of assets and liabilities		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty			Available to offset			Non-cash collateral*			Cash collateral*		Net amount
Assets:
Bank of America	$	29	$	(11	)	$	—		$	—	$	18
Bank of New York Mellon		1		—			—			—		1
BNP Paribas		11		(11	)		—			—		—
Citibank		42		(42	)		—			—		—
Goldman Sachs		78		(9	)		—			—		69
HSBC Bank		335		(161	)		(174	)		—		—
JPMorgan Chase		2		(2	)		—			—		—
Morgan Stanley		188		(2	)		—			—		186
Standard Chartered Bank		3		(3	)		—			—		—
UBS AG		10		(10	)		—			—		—
Total	$	699	$	(251	)	$	(174	)	$	—	$	274
Liabilities:
Bank of America	$	11	$	(11	)	$	—		$	—	$	—
BNP Paribas		23		(11	)		—			—		12
Citibank		189		(42	)		—			—		147
Goldman Sachs		9		(9	)		—			—		—
HSBC Bank		161		(161	)		—			—		—
JPMorgan Chase		97		(2	)		—			—		95
Morgan Stanley		2		(2	)		—			—		—
Standard Chartered Bank		23		(3	)		—			—		20
UBS AG		13		(10	)		—			—		3
Total	$	528	$	(251	)	$	—		$	—	$	277

The Bond Fund of America

	Gross amounts recognized in the statement of assets and liabilities		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty			Available to offset			Non-cash collateral*			Cash collateral*		Net amount
Assets:
Morgan Stanley	$	35	$	(35	)	$	—		$	—	$	—
Liabilities:
Bank of America	$	572	$	—		$	(572	)	$	—	$	—
Citibank		285		—			(261	)		—		24
Morgan Stanley		74		(35	)		—			—		39
Total	$	931	$	(35	)	$	(833	)	$	—	$	63

Refer to the end of the tables for footnote.

American Funds Insurance Series  341

Capital World Bond Fund

	Gross amounts recognized in the statement of assets and liabilities		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty			Available to offset			Non-cash collateral*			Cash collateral*			Net amount
Assets:
Bank of America	$	345	$	(95	)	$	(250	)	$	—		$	—
BNP Paribas		271		(271	)		—			—			—
Citibank		895		(895	)		—			—			—
Goldman Sachs		841		(530	)		—			(310	)		1
HSBC Bank		5,543		(2,311	)		—			(3,230	)		2
JPMorgan Chase		53		(53	)		—			—			—
Morgan Stanley		1,377		(142	)		—			(740	)		495
Standard Chartered Bank		204		(204	)		—			—			—
UBS AG		150		(150	)		—			—			—
Total	$	9,679	$	(4,651	)	$	(250	)	$	(4,280	)	$	498
Liabilities:
Bank of America	$	95	$	(95	)	$	—		$	—		$	—
Bank of New York Mellon		9		—			—			—			9
BNP Paribas		665		(271	)		(394	)		—			—
Citibank		2,151		(895	)		(1,256	)		—			—
Goldman Sachs		530		(530	)		—			—			—
HSBC Bank		2,311		(2,311	)		—			—			—
JPMorgan Chase		746		(53	)		(520	)		—			173
Morgan Stanley		142		(142	)		—			—			—
Standard Chartered Bank		259		(204	)		—			—			55
UBS AG		195		(150	)		—			—			45
Total	$	7,103	$	(4,651	)	$	(2,170	)	$	—		$	282

* Collateral is shown on a settlement basis.

6. Taxation and distributions

Federal income taxation – Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to 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, 2023, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.

Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

342  American Funds Insurance Series

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, 2023, 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	$	695	$	23	$	144
Growth Fund		386		3		16
International Fund		11,142		52		649
New World Fund		269		3		—
Capital World Growth and Income Fund		212		6		12
Growth-Income Fund		266		15		14
International Growth and Income Fund		397		2		25
Asset Allocation Fund		313		2		18
American Funds Global Balanced Fund		8		—		—	*

* Amount less than one thousand.

The reclaims and interest are included in dividend income and interest income, respectively, 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. The funds generally 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; 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.

Additional tax basis disclosures for each fund as of December 31, 2023, 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	$	49,194		$	64,690		$	95,057		$	16,271		$	12,831		$	41,555
Undistributed long-term capital gains		226,821			72,052			977,737			—			15,882			87,738
Capital loss carryforward*		—			—			—			(540,672	)		—			—
Gross unrealized appreciation on investments		3,208,984			843,921			19,851,835			2,080,435			1,058,231			3,148,891
Gross unrealized depreciation on investments		(212,187	)		(185,767	)		(852,697	)		(335,527	)		(130,381	)		(162,104	)
Net unrealized appreciation (depreciation) on investments		2,996,797			658,154			18,999,138			1,744,908			927,850			2,986,787
Cost of investments		4,708,476			2,556,437			20,384,607			5,471,738			2,468,897			7,294,291
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		1			(2	)		13			—			—			—

Refer to the end of the tables for footnote.

American Funds Insurance Series  343

	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	$	7,472		$	158,609		$	1,604		$	16,757		$	128,322		$	1,794
Undistributed long-term capital gains		—			1,734,565			—			—			1,145,873			—
Capital loss carryforward*		(69,742	)		—			(23,775	)		(25,818	)		—			(3,502	)
Capital loss carryforward utilized		2,434			—			53			2,422			—			—
Gross unrealized appreciation on investments		626,444			16,595,947			62,303			223,042			6,602,025			64,172
Gross unrealized depreciation on investments		(63,664	)		(497,248	)		(23,030	)		(37,893	)		(833,010	)		(13,761	)
Net unrealized appreciation (depreciation) on investments		562,780			16,098,699			39,273			185,149			5,769,015			50,411
Cost of investments		1,301,350			21,447,639			290,532			1,127,909			21,205,158			354,511
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		(1	)		(1	)		—			(11	)		(2	)		1

	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	$	75,445		$	2,620		$	9,868		$	855		$	3,298		$	11,745
Capital loss carryforward*		(1,359,397	)		(186,363	)		(331,897	)		(11,994	)		(1	)		(254,504	)
Gross unrealized appreciation on investments		241,914			53,290			43,905			2,347			10			46,896
Gross unrealized depreciation on investments		(439,016	)		(99,954	)		(53,417	)		(2,237	)		(117	)		(59,327	)
Net unrealized appreciation (depreciation) on investments		(197,102	)		(46,664	)		(9,512	)		110			(107	)		(12,431	)
Cost of investments		13,008,643			1,732,535			870,393			126,556			386,032			1,751,296
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		1			(36	)		1			—			—			—

	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	$	2,419		$	1,560		$	5,147		$	30,091		$	36,425
Undistributed long-term capital gains		—			—			—			28,787			28,917
Capital loss carryforward*		(12,281	)		(13,949	)		(17,511	)		—			—
Gross unrealized appreciation on investments		85,072			11,102			23,676			182,631			38,432
Gross unrealized depreciation on investments		(102,768	)		(24,997	)		(27,806	)		(84,152	)		(32,809	)
Net unrealized appreciation (depreciation) on investments		(17,696	)		(13,895	)		(4,130	)		98,479			5,623
Cost of investments		525,518			138,074			328,476			2,089,128			2,099,330

* 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.

344  American Funds Insurance Series

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Fund

	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	36,245	$	238,315	$	274,560	$	39,498	$	361,119	$	400,617
Class 1A		148		1,195		1,343		141		1,617		1,758
Class 2		30,048		259,863		289,911		32,689		386,947		419,636
Class 4		4,681		49,927		54,608		4,312		66,240		70,552
Total	$	71,122	$	549,300	$	620,422	$	76,640	$	815,923	$	892,563
Global Small Capitalization Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	4,595	$	11,794	$	16,389	$	47,544	$	285,173	$	332,717
Class 1A		12		59		71		209		1,252		1,461
Class 2		4,713		23,554		28,267		94,748		568,298		663,046
Class 4		76		3,623		3,699		13,417		80,475		93,892
Total	$	9,396	$	39,030	$	48,426	$	155,918	$	935,198	$	1,091,116
Growth Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	93,186	$	861,352	$	954,538	$	319,915	$	1,912,725	$	2,232,640
Class 1A		926		13,243		14,169		3,677		23,411		27,088
Class 2		58,531		924,799		983,330		311,929		2,152,577		2,464,506
Class 3		883		11,837		12,720		4,207		28,163		32,370
Class 4		5,132		167,524		172,656		43,665		340,245		383,910
Total	$	158,658	$	1,978,755	$	2,137,413	$	683,393	$	4,457,121	$	5,140,514
International Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	50,154	$	—	$	50,154	$	94,903	$	448,918	$	543,821
Class 1A		150		—		150		281		1,398		1,679
Class 2		42,608		—		42,608		86,539		450,228		536,767
Class 3		219		—		219		431		2,195		2,626
Class 4		4,367		—		4,367		9,244		52,350		61,594
Total	$	97,498	$	—	$	97,498	$	191,398	$	955,089	$	1,146,487

American Funds Insurance Series  345

New World Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	28,772	$	—	$	28,772	$	60,201	$	129,123	$	189,324
Class 1A		146		—		146		317		724		1,041
Class 2		11,303		—		11,303		26,575		61,661		88,236
Class 4		9,222		—		9,222		22,718		56,063		78,781
Total	$	49,443	$	—	$	49,443	$	109,811	$	247,571	$	357,382
Washington Mutual Investors Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	118,356	$	52,370	$	170,726	$	351,097	$	1,068,126	$	1,419,223
Class 1A		338		194		532		3,359		10,665		14,024
Class 2		51,574		26,108		77,682		173,751		551,636		725,387
Class 4		20,772		11,035		31,807		61,406		196,768		258,174
Total	$	191,040	$	89,707	$	280,747	$	589,613	$	1,827,195	$	2,416,808
Capital World Growth and Income Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	11,646	$	—	$	11,646	$	32,166	$	109,599	$	141,765
Class 1A		125		—		125		337		1,188		1,525
Class 2		18,495		—		18,495		57,060		205,827		262,887
Class 4		3,732		—		3,732		10,246		37,875		48,121
Total	$	33,998	$	—	$	33,998	$	99,809	$	354,489	$	454,298
Growth-Income Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	327,645	$	1,077,919	$	1,405,564	$	597,601	$	1,754,172	$	2,351,773
Class 1A		440		1,649		2,089		784		2,464		3,248
Class 2		164,035		642,837		806,872		328,556		1,071,265		1,399,821
Class 3		1,848		6,857		8,705		3,597		11,428		15,025
Class 4		22,003		96,356		118,359		41,526		145,017		186,543
Total	$	515,971	$	1,825,618	$	2,341,589	$	972,064	$	2,984,346	$	3,956,410
International Growth and Income Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	394	$	—	$	394	$	397	$	6,104	$	6,501
Class 1A		151		—		151		147		2,108		2,255
Class 2		3,949		—		3,949		4,951		81,276		86,227
Class 4		3,139		—		3,139		3,387		55,677		59,064
Total	$	7,633	$	—	$	7,633	$	8,882	$	145,165	$	154,047

346  American Funds Insurance Series

Capital Income Builder
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	19,561	$	—	$	19,561	$	17,636	$	—	$	17,636
Class 1A		290		—		290		270		—		270
Class 2		410		—		410		354		—		354
Class 4		14,650		—		14,650		13,728		—		13,728
Total	$	34,911	$	—	$	34,911	$	31,988	$	—	$	31,988
Asset Allocation Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	364,001	$	578,217	$	942,218	$	476,426	$	1,525,081	$	2,001,507
Class 1A		663		1,038		1,701		708		2,098		2,806
Class 2		91,196		163,182		254,378		124,332		440,697		565,029
Class 3		644		1,097		1,741		845		2,914		3,759
Class 4		111,055		215,145		326,200		142,374		538,249		680,623
Total	$	567,559	$	958,679	$	1,526,238	$	744,685	$	2,509,039	$	3,253,724
American Funds Global Balanced Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	1,780	$	11,386	$	13,166	$	72	$	498	$	570
Class 1A		43		310		353		2		13		15
Class 2		2,558		18,886		21,444		123		850		973
Class 4		1,750		14,227		15,977		85		589		674
Total	$	6,131	$	44,809	$	50,940	$	282	$	1,950	$	2,232
The Bond Fund of America
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	246,119	$	—	$	246,119	$	235,158	$	60,668	$	295,826
Class 1A		8,577		—		8,577		7,470		1,700		9,170
Class 2		97,823		—		97,823		98,333		27,763		126,096
Class 4		30,097		—		30,097		24,749		7,113		31,862
Total	$	382,616	$	—	$	382,616	$	365,710	$	97,244	$	462,954
Capital World Bond Fund
	Year ended December 31, 2023						Year ended December 31, 2022
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
Class 1A		—		—		—		3		20		23
Class 2		—		—		—		2,087		13,752		15,839
Class 4		—		—		—		120		945		1,065
Total	$	—	$	—	$	—	$	4,361	$	26,469	$	30,830

American Funds Insurance Series  347

American High-Income Trust
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	15,308	$	—	$	15,308	$	18,444		$	—	$	18,444
Class 1A		171		—		171		100			—		100
Class 2		36,274		—		36,274		42,707			—		42,707
Class 3		556		—		556		694			—		694
Class 4		5,957		—		5,957		5,827			—		5,827
Total	$	58,266	$	—	$	58,266	$	67,772		$	—	$	67,772
American Funds Mortgage Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	656	$	—	$	656	$	15		$	—	$	15
Class 1A		71		—		71		37			—		37
Class 2		1,633		—		1,633		995			—		995
Class 4		1,600		—		1,600		746			—		746
Total	$	3,960	$	—	$	3,960	$	1,793		$	—	$	1,793
Ultra-Short Bond Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	1,981	$	—	$	1,981	$	348		$	—	$	348
Class 1A		5		—		5		—	†		—		—	†
Class 2		12,823		—		12,823		1,570			—		1,570
Class 3		198		—		198		26			—		26
Class 4		2,524		—		2,524		293			—		293
Total	$	17,531	$	—	$	17,531	$	2,237		$	—	$	2,237
U.S. Government Securities Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	9,817	$	—	$	9,817	$	10,360		$	—	$	10,360
Class 1A		171		—		171		153			—		153
Class 2		39,205		—		39,205		42,631			—		42,631
Class 3		219		—		219		292			—		292
Class 4		6,275		—		6,275		7,040			—		7,040
Total	$	55,687	$	—	$	55,687	$	60,476		$	—	$	60,476

Refer to the end of the tables for footnote.

348  American Funds Insurance Series

Managed Risk Growth Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	129	$	2,315	$	2,444	$	162	$	1,634	$	1,796
Class P2		5,596		103,643		109,239		6,629		81,821		88,450
Total	$	5,725	$	105,958	$	111,683	$	6,791	$	83,455	$	90,246
Managed Risk International Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	29	$	127	$	156	$	69	$	—	$	69
Class P2		1,939		8,757		10,696		4,206		—		4,206
Total	$	1,968	$	8,884	$	10,852	$	4,275	$	—	$	4,275
Managed Risk Washington Mutual Investors Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	58	$	363	$	421	$	127	$	—	$	127
Class P2		5,936		41,630		47,566		14,544		—		14,544
Total	$	5,994	$	41,993	$	47,987	$	14,671	$	—	$	14,671
Managed Risk Growth-Income Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	30,230	$	230,056	$	260,286	$	43,232	$	44,484	$	87,716
Class P2		3,723		33,365		37,088		5,626		6,461		12,087
Total	$	33,953	$	263,421	$	297,374	$	48,858	$	50,945	$	99,803
Managed Risk Asset Allocation Fund
	Year ended December 31, 2023						Year ended December 31, 2022
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	164	$	851	$	1,015	$	176	$	254	$	430
Class P2		38,569		247,531		286,100		51,616		86,918		138,534
Total	$	38,733	$	248,382	$	287,115	$	51,792	$	87,172	$	138,964

^†  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.

American Funds Insurance Series  349

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.

Investment advisory services waivers — CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the year ended December 31, 2023, total investment advisory services fees waived by CRMC were $54,733,000. 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:

							Net asset level				For the			For the
	Rates						(in billions)				year ended December 31,			year ended December 31,
	Beginning			Ending			In excess				2023,			2023,
Fund	with			with			Up to		of		before waiver			after waiver
Global Growth Fund		.475	%		.435	%	$	15.0	$	15.0		.475	%		.365	%
Global Small Capitalization Fund		.647			.615			15.0		15.0		.647			.597
Growth Fund		.500			.275			.6		44.0		.313			.313
International Fund		.478			.430			15.0		21.0		.478			.478
New World Fund		.577			.510			15.0		15.0		.577			.507
Washington Mutual Investors Fund		.374			.350			15.0		15.0		.374			.234
Capital World Growth and Income Fund		.475			.435			15.0		15.0		.475			.365
Growth-Income Fund		.500			.217			.6		44.0		.255			.255
International Growth and Income Fund		.478			.450			15.0		15.0		.478			.468
Capital Income Builder		.357			.330			15.0		15.0		.357			.217
Asset Allocation Fund		.500			.236			.6		34.0		.267			.267
American Funds Global Balanced Fund		.446			.420			15.0		15.0		.446			.436
The Bond Fund of America		.352			.320			15.0		15.0		.352			.162
Capital World Bond Fund		.431			.360			15.0		15.0		.431			.431
American High-Income Trust		.404			.386			15.0		15.0		.404			.264
American Funds Mortgage Fund		.295			.280			15.0		15.0		.295			.175
Ultra-Short Bond Fund		.257			.242			15.0		15.0		.257			.257
U.S. Government Securities Fund		.295			.280			15.0		15.0		.295			.175
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

350  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

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	958
Class 1A	$	—	$	40		5
Class 2		8,446		Not applicable		1,013
Class 4		1,632		1,632		196
Total class-specific expenses	$	10,078	$	1,672	$	2,172
Growth Fund
			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	4,634
Class 1A	$	—	$	592		71
Class 2		40,663		Not applicable		4,880
Class 3		384		Not applicable		64
Class 4		7,328		7,328		879
Total class-specific expenses	$	48,375	$	7,920	$	10,528

Global Small Capitalization Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	286
Class 1A	$	—	$	12		2
Class 2		4,489		Not applicable		539
Class 4		693		693		83
Total class-specific expenses	$	5,182	$	705	$	910
International Fund
			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	979
Class 1A	$	—	$	28		3
Class 2		8,181		Not applicable		982
Class 3		29		Not applicable		5
Class 4		983		983		118
Total class-specific expenses	$	9,193	$	1,011	$	2,087

American Funds Insurance Series  351

New World Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	513
Class 1A	$	—	$	24		3
Class 2		1,965		Not applicable		236
Class 4		1,857		1,857		223
Total class-specific expenses	$	3,822	$	1,881	$	975
Capital World Growth and Income Fund
			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	168
Class 1A	$	—	$	16		2
Class 2		2,509		Not applicable		301
Class 4		515		515		62
Total class-specific expenses	$	3,024	$	531	$	533
International Growth and Income Fund
			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	4
Class 1A	$	—	$	14		2
Class 2		406		Not applicable		49
Class 4		330		330		39
Total class-specific expenses	$	736	$	344	$	94
Asset Allocation Fund
			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	4,520
Class 1A	$	—	$	71		9
Class 2		10,446		Not applicable		1,253
Class 3		51		Not applicable		9
Class 4		13,745		13,745		1,649
Total class-specific expenses	$	24,242	$	13,816	$	7,440
The Bond Fund of America
			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	1,990
Class 1A	$	—	$	594		71
Class 2		7,105		Not applicable		853
Class 4		2,136		2,136		256
Total class-specific expenses	$	9,241	$	2,730	$	3,170

Refer to the end of the tables for footnote.

Washington Mutual Investors Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	1,704
Class 1A	$	—	$	95		12
Class 2		6,962		Not applicable		836
Class 4		2,962		2,962		355
Total class-specific expenses	$	9,924	$	3,057	$	2,907
Growth-Income Fund
			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	6,192
Class 1A	$	—	$	79		9
Class 2		30,198		Not applicable		3,624
Class 3		238		Not applicable		40
Class 4		4,509		4,509		541
Total class-specific expenses	$	34,945	$	4,588	$	10,406
Capital Income Builder
			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	182
Class 1A	$	—	$	25		3
Class 2		35		Not applicable		4
Class 4		1,354		1,354		163
Total class-specific expenses	$	1,389	$	1,379	$	352
American Funds Global Balanced Fund
			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	29
Class 1A	$	—	$	7		1
Class 2		394		Not applicable		47
Class 4		296		296		35
Total class-specific expenses	$	690	$	303	$	112
Capital World Bond Fund
			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	196
Class 1A	$	—	$	3		—	*
Class 2		1,886		Not applicable		226
Class 4		133		133		16
Total class-specific expenses	$	2,019	$	136	$	438

352  American Funds Insurance Series

American High-Income Trust

			Insurance
	Distribution		administrative			Administrative
Share class	services		services			services
Class 1		Not applicable		Not applicable		$	66
Class 1A	$	—	$	6			1
Class 2		1,303		Not applicable			156
Class 3		15		Not applicable			2
Class 4		221		221			27
Total class-specific expenses	$	1,539	$	227		$	252
Ultra-Short Bond Fund
			Insurance
	Distribution		administrative			Administrative
Share class	services		services			services
Class 1		Not applicable		Not applicable		$	13
Class 1A	$	—	$	—	*		—	*
Class 2		713		Not applicable			86
Class 3		8		Not applicable			1
Class 4		167		167			20
Total class-specific expenses	$	888	$	167		$	120

American Funds Mortgage Fund

			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	4
Class 1A	$	—	$	4		1
Class 2		111		Not applicable		13
Class 4		107		108		13
Total class-specific expenses	$	218	$	112	$	31
U.S. Government Securities Fund
			Insurance
	Distribution		administrative		Administrative
Share class	services		services		services
Class 1		Not applicable		Not applicable	$	74
Class 1A	$	—	$	11		1
Class 2		2,652		Not applicable		318
Class 3		11		Not applicable		2
Class 4		462		461		56
Total class-specific expenses	$	3,125	$	472	$	451

Managed Risk Growth Fund

			Insurance
	Distribution		administrative
Share class	services		services
Class P1		Not applicable	$	26
Class P2	$	1,174		1,174
Total class-specific expenses	$	1,174	$	1,200
Managed Risk Washington Mutual Investors Fund
			Insurance
	Distribution		administrative
Share class	services		services
Class P1		Not applicable	$	7
Class P2	$	786		786
Total class-specific expenses	$	786	$	793

Managed Risk International Fund

			Insurance
	Distribution		administrative
Share class	services		services
Class P1		Not applicable	$	4
Class P2	$	305		305
Total class-specific expenses	$	305	$	309
Managed Risk Growth-Income Fund
			Insurance
	Distribution		administrative
Share class	services		services
Class P1		Not applicable	$	4,635
Class P2	$	673		673
Total class-specific expenses	$	673	$	5,308

Managed Risk Asset Allocation Fund

			Insurance
	Distribution		administrative
Share class	services		services
Class P1		Not applicable	$	19
Class P2	$	5,253		5,253
Total class-specific expenses	$	5,253	$	5,272

* Amount less than one thousand.

American Funds Insurance Series  353

Miscellaneous fee reimbursements — CRMC reimbursed a portion of miscellaneous fees and expenses for Managed Risk International Fund and Managed Risk Washington Mutual Investors Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the year ended December 31, 2023, total fees and expenses reimbursed by CRMC were $67,000. 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 increase in the value of the deferred amounts as follows (dollars in thousands):

				Increase in value of			Total trustees’
Fund	Current fees			deferred amounts			compensation
Global Growth Fund	$	20		$	9		$	29
Global Small Capitalization Fund		9			4			13
Growth Fund		96			45			141
International Fund		19			8			27
New World Fund		9			4			13
Washington Mutual Investors Fund		27			12			39
Capital World Growth and Income Fund		5			2			7
Growth-Income Fund		96			42			138
International Growth and Income Fund		1			—	*		1
Capital Income Builder		3			1			4
Asset Allocation Fund		70			30			100
American Funds Global Balanced Fund		2			—	*		2
The Bond Fund of America		29			13			42
Capital World Bond Fund		4			2			6
American High-Income Trust		2			1			3
American Funds Mortgage Fund		—	*		—	*		—	*
Ultra-Short Bond Fund		1			1			2
U.S. Government Securities Fund		4			2			6
Managed Risk Growth Fund		1			1			2
Managed Risk International Fund		—	*		—	*		—	*
Managed Risk Washington Mutual Investors Fund		1			—	*		1
Managed Risk Growth-Income Fund		6			3			9
Managed Risk Asset Allocation Fund		6			3			9

* 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.

354  American Funds Insurance Series

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of December 31, 2023 (dollars in thousands):

					Net
					realized
Fund	Purchases		Sales		gain (loss)
Global Growth Fund	$	143,889	$	87,197	$	9,634
Global Small Capitalization Fund		9,942		11,693		8,672
Growth Fund		166,584		358,497		10,310
International Fund		73,650		21,674		(3,753	)
New World Fund		16,926		33,734		1,554
Washington Mutual Investors Fund		116,301		58,777		5,903
Capital World Growth and Income Fund		21,985		18,869		1,020
Growth-Income Fund		423,580		508,767		105,610
International Growth and Income Fund		4,805		6,338		607
Capital Income Builder		9,847		11,526		127
Asset Allocation Fund		214,958		673,480		132,916
American Funds Global Balanced Fund		4,519		1,414		(220	)
American High-Income Trust		—		398		270

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, 2023.

American Funds Insurance Series  355

10. Capital share transactions

Capital share transactions in each fund were as follows (dollars and shares in thousands):

Global Growth Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	192,718		6,033	$	274,560		8,748	$	(540,248	)		(16,855	)	$	(72,970	)		(2,074	)
Class 1A		2,158		68		1,343		43		(2,107	)		(66	)		1,394			45
Class 2		39,498		1,245		289,912		9,380		(438,910	)		(13,838	)		(109,500	)		(3,213	)
Class 4		95,674		3,056		54,608		1,787		(77,844	)		(2,499	)		72,438			2,344
Total net increase (decrease)	$	330,048		10,402	$	620,423		19,958	$	(1,059,109	)		(33,258	)	$	(108,638	)		(2,898	)
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

Global Small Capitalization Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	91,477		5,345	$	16,333		935	$	(152,565	)		(8,792	)	$	(44,755	)		(2,512	)
Class 1A		781		46		71		4		(530	)		(31	)		322			19
Class 2		39,394		2,481		28,267		1,715		(197,235	)		(11,995	)		(129,574	)		(7,799	)
Class 4		34,683		2,137		3,699		225		(36,779	)		(2,285	)		1,603			77
Total net increase (decrease)	$	166,335		10,009	$	48,370		2,879	$	(387,109	)		(23,103	)	$	(172,404	)		(10,215	)
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

Refer to the end of the tables for footnotes.

356  American Funds Insurance Series

Growth Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	1,126,344		13,031	$	952,995		11,055	$	(2,473,911	)		(28,345	)	$	(394,572	)		(4,259	)
Class 1A		39,167		473		14,169		166		(24,617	)		(280	)		28,719			359
Class 2		378,332		4,358		983,331		11,587		(2,226,251	)		(25,522	)		(864,588	)		(9,577	)
Class 3		2,841		32		12,720		146		(23,828	)		(268	)		(8,267	)		(90	)
Class 4		479,958		5,642		172,656		2,092		(306,686	)		(3,644	)		345,928			4,090
Total net increase (decrease)	$	2,026,642		23,536	$	2,135,871		25,046	$	(5,055,293	)		(58,059	)	$	(892,780	)		(9,477	)
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

International Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	116,405		7,036	$	50,154		3,024	$	(410,379	)		(24,700	)	$	(243,820	)		(14,640	)
Class 1A		1,488		90		150		9		(1,420	)		(86	)		218			13
Class 2		132,534		7,999		42,608		2,582		(397,669	)		(24,084	)		(222,527	)		(13,503	)
Class 3		199		12		219		13		(1,551	)		(92	)		(1,133	)		(67	)
Class 4		41,507		2,540		4,367		269		(55,374	)		(3,413	)		(9,500	)		(604	)
Total net increase (decrease)	$	292,133		17,677	$	97,498		5,897	$	(866,393	)		(52,375	)	$	(476,762	)		(28,801	)
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

Refer to the end of the tables for footnotes.

American Funds Insurance Series  357

New World Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	86,114		3,585	$	28,772		1,188	$	(174,819	)		(7,226	)	$	(59,933	)		(2,453	)
Class 1A		1,115		47		146		6		(1,025	)		(43	)		236			10
Class 2		59,693		2,497		11,303		473		(136,698	)		(5,745	)		(65,702	)		(2,775	)
Class 4		71,676		3,024		9,222		389		(93,668	)		(3,971	)		(12,770	)		(558	)
Total net increase (decrease)	$	218,598		9,153	$	49,443		2,056	$	(406,210	)		(16,985	)	$	(138,169	)		(5,776	)
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	)

Washington Mutual Investors Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	277,677		21,465	$	170,023		12,648	$	(697,429	)		(52,419	)	$	(249,729	)		(18,306	)
Class 1A		9,396		729		532		40		(54,463	)		(4,239	)		(44,535	)		(3,470	)
Class 2		33,904		2,614		77,682		5,899		(358,013	)		(27,290	)		(246,427	)		(18,777	)
Class 4		156,923		12,161		31,807		2,442		(102,800	)		(7,983	)		85,930			6,620
Total net increase (decrease)	$	477,900		36,969	$	280,044		21,029	$	(1,212,705	)		(91,931	)	$	(454,761	)		(33,933	)
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

Capital World Growth and Income Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	65,556		5,277	$	11,348		873	$	(143,262	)		(11,299	)	$	(66,358	)		(5,149	)
Class 1A		755		60		126		9		(615	)		(50	)		266			19
Class 2		13,750		1,078		18,495		1,427		(147,991	)		(11,668	)		(115,746	)		(9,163	)
Class 4		31,436		2,536		3,732		296		(24,318	)		(1,970	)		10,850			862
Total net increase (decrease)	$	111,497		8,951	$	33,701		2,605	$	(316,186	)		(24,987	)	$	(170,988	)		(13,431	)
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

Refer to the end of the tables for footnotes.

358  American Funds Insurance Series

Growth-Income Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	479,730		9,041	$	1,404,035		26,362	$	(2,739,803	)		(50,914	)	$	(856,038	)		(15,511	)
Class 1A		4,149		77		2,090		40		(4,268	)		(80	)		1,971			37
Class 2		112,392		2,119		806,872		15,426		(1,545,914	)		(29,027	)		(626,650	)		(11,482	)
Class 3		280		5		8,705		163		(14,068	)		(259	)		(5,083	)		(91	)
Class 4		187,357		3,563		118,358		2,303		(175,879	)		(3,369	)		129,836			2,497
Total net increase (decrease)	$	783,908		14,805	$	2,340,060		44,294	$	(4,479,932	)		(83,649	)	$	(1,355,964	)		(24,550	)
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

International Growth and Income Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	3,526		363	$	394		41	$	(3,717	)		(387	)	$	203			17
Class 1A		1,556		164		151		17		(992	)		(105	)		715			76
Class 2		3,978		424		3,950		423		(25,662	)		(2,748	)		(17,734	)		(1,901	)
Class 4		24,171		2,625		3,138		342		(21,164	)		(2,297	)		6,145			670
Total net increase (decrease)	$	33,231		3,576	$	7,633		823	$	(51,535	)		(5,537	)	$	(10,671	)		(1,138	)
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

Refer to the end of the tables for footnotes.

American Funds Insurance Series  359

Capital Income Builder

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended December 31, 2023
Class 1	$	77,581		6,983	$	19,561		1,773	$	(60,168	)		(5,393	)	$	36,974		3,363
Class 1A		524		47		290		26		(737	)		(66	)		77		7
Class 2		1,719		155		410		37		(1,019	)		(92	)		1,110		100
Class 4		50,560		4,553		14,650		1,330		(60,170	)		(5,412	)		5,040		471
Total net increase (decrease)	$	130,384		11,738	$	34,911		3,166	$	(122,094	)		(10,963	)	$	43,201		3,941
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

Asset Allocation Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	315,966		14,009	$	942,218		42,101	$	(1,956,417	)		(86,110	)	$	(698,233	)		(30,000	)
Class 1A		6,331		281		1,702		77		(4,607	)		(204	)		3,426			154
Class 2		42,695		1,904		254,377		11,536		(565,941	)		(25,320	)		(268,869	)		(11,880	)
Class 3		436		19		1,741		78		(2,528	)		(111	)		(351	)		(14	)
Class 4		217,843		9,818		326,200		14,919		(516,978	)		(23,318	)		27,065			1,419
Total net increase (decrease)	$	583,271		26,031	$	1,526,238		68,711	$	(3,046,471	)		(135,063	)	$	(936,962	)		(40,321	)
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

Refer to the end of the tables for footnotes.

360  American Funds Insurance Series

American Funds Global Balanced Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	24,292		2,019	$	13,166		1,134	$	(35,782	)		(2,948	)	$	1,676			205
Class 1A		85		7		353		31		(220	)		(18	)		218			20
Class 2		4,268		348		21,444		1,856		(22,190	)		(1,820	)		3,522			384
Class 4		14,257		1,202		15,977		1,406		(12,127	)		(1,019	)		18,107			1,589
Total net increase (decrease)	$	42,902		3,576	$	50,940		4,427	$	(70,319	)		(5,805	)	$	23,523			2,198
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	)

The Bond Fund of America

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	988,201		104,121	$	244,526		26,118	$	(784,964	)		(82,958	)	$	447,763			47,281
Class 1A		47,994		5,083		8,577		923		(22,212	)		(2,334	)		34,359			3,672
Class 2		129,127		13,768		97,823		10,606		(228,846	)		(24,571	)		(1,896	)		(197	)
Class 4		200,494		21,589		30,097		3,279		(66,304	)		(7,144	)		164,287			17,724
Total net increase (decrease)	$	1,365,816		144,561	$	381,023		40,926	$	(1,102,326	)		(117,007	)	$	644,513			68,480
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	)

Capital World Bond Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	41,684		4,293	$	—		—	$	(80,001	)		(8,267	)	$	(38,317	)		(3,974	)
Class 1A		206		21		—		—		(169	)		(17	)		37			4
Class 2		88,520		9,189		—		—		(82,729	)		(8,647	)		5,791			542
Class 4		7,131		757		—		—		(6,337	)		(672	)		794			85
Total net increase (decrease)	$	137,541		14,260	$	—		—	$	(169,236	)		(17,603	)	$	(31,695	)		(3,343	)
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	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series  361

American High-Income Trust

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	4,239		480	$	15,199		1,751	$	(30,729	)		(3,495	)	$	(11,291	)		(1,264	)
Class 1A		1,264		146		171		20		(180	)		(20	)		1,255			146
Class 2		12,480		1,448		36,273		4,277		(61,378	)		(7,129	)		(12,625	)		(1,404	)
Class 3		178		20		556		64		(1,269	)		(144	)		(535	)		(60	)
Class 4		55,861		5,819		5,958		629		(35,851	)		(3,767	)		25,968			2,681
Total net increase (decrease)	$	74,022		7,913	$	58,157		6,741	$	(129,407	)		(14,555	)	$	2,772			99
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	)

American Funds Mortgage Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	15,434		1,633	$	656		71	$	(274	)		(29	)	$	15,816			1,675
Class 1A		494		53		71		8		(343	)		(37	)		222			24
Class 2		1,572		168		1,634		178		(5,679	)		(604	)		(2,473	)		(258	)
Class 4		11,209		1,208		1,600		177		(7,433	)		(812	)		5,376			573
Total net increase (decrease)	$	28,709		3,062	$	3,961		434	$	(13,729	)		(1,482	)	$	18,941			2,014
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	)

Refer to the end of the tables for footnotes.

362  American Funds Insurance Series

Ultra-Short Bond Fund

					Reinvestments of												Net increase
	Sales*				distributions						Repurchases*						(decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	15,301		1,322	$	1,981			175		$	(27,332	)		(2,377	)	$	(10,050	)		(880	)
Class 1A		104		9		5			—	†		—			—			109			9
Class 2		49,580		4,448		12,823			1,169			(87,341	)		(7,830	)		(24,938	)		(2,213	)
Class 3		319		28		198			17			(579	)		(51	)		(62	)		(6	)
Class 4		32,945		2,924		2,524			229			(60,576	)		(5,393	)		(25,107	)		(2,240	)
Total net increase (decrease)	$	98,249		8,731	$	17,531			1,590		$	(175,828	)		(15,651	)	$	(60,048	)		(5,330	)
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

U.S. Government Securities Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class 1	$	55,970		5,604	$	9,373		959	$	(47,478	)		(4,765	)	$	17,865			1,798
Class 1A		1,646		166		171		18		(905	)		(92	)		912			92
Class 2		89,575		9,065		39,206		4,068		(104,906	)		(10,680	)		23,875			2,453
Class 3		185		19		219		22		(967	)		(97	)		(563	)		(56	)
Class 4		58,408		5,912		6,275		651		(70,259	)		(7,138	)		(5,576	)		(575	)
Total net increase (decrease)	$	205,784		20,766	$	55,244		5,718	$	(224,515	)		(22,772	)	$	36,513			3,712
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	)

Managed Risk Growth Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended December 31, 2023
Class P1	$	2,318		221	$	2,445		252	$	(1,380	)		(131	)	$	3,383		342
Class P2		15,188		1,407		109,238		11,379		(64,373	)		(6,069	)		60,053		6,717
Total net increase (decrease)	$	17,506		1,628	$	111,683		11,631	$	(65,753	)		(6,200	)	$	63,436		7,059
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

Refer to the end of the tables for footnotes.

American Funds Insurance Series  363

Managed Risk International Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class P1	$	282		34	$	156		19	$	(230	)		(27	)	$	208			26
Class P2		3,795		459		10,696		1,309		(13,108	)		(1,539	)		1,383			229
Total net increase (decrease)	$	4,077		493	$	10,852		1,328	$	(13,338	)		(1,566	)	$	1,591			255
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	)

Managed Risk Washington Mutual Investors Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class P1	$	158		15	$	422		43	$	(478	)		(47	)	$	102			11
Class P2		12,514		1,194		47,565		4,928		(40,947	)		(3,988	)		19,132			2,134
Total net increase (decrease)	$	12,672		1,209	$	47,987		4,971	$	(41,425	)		(4,035	)	$	19,234			2,145
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	)

Managed Risk Growth-Income Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class P1	$	30,902		2,476	$	260,286		22,694	$	(233,754	)		(19,325	)	$	57,434			5,845
Class P2		7,934		662		37,088		3,259		(38,477	)		(3,190	)		6,545			731
Total net increase (decrease)	$	38,836		3,138	$	297,374		25,953	$	(272,231	)		(22,515	)	$	63,979			6,576
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	)

Refer to the end of the tables for footnotes.

364  American Funds Insurance Series

Managed Risk Asset Allocation Fund

					Reinvestments of										Net increase
	Sales*				distributions				Repurchases*						(decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2023
Class P1	$	3,002		267	$	1,016		92	$	(1,021	)		(88	)	$	2,997			271
Class P2		18,885		1,651		286,099		26,654		(309,678	)		(27,225	)		(4,694	)		1,080
Total net increase (decrease)	$	21,887		1,918	$	287,115		26,746	$	(310,699	)		(27,313	)	$	(1,697	)		1,351
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	)

* Includes exchanges between share classes of the fund.

† Amount less than one thousand.

11. Ownership concentration

At December 31, 2023, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 18% and 16% 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 19% 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, 2023 (dollars in thousands):

			Global									Washington
	Global		Small							New		Mutual
	Growth		Capitalization		Growth		International			World		Investors
	Fund		Fund		Fund		Fund			Fund		Fund
Purchases of investment securities*	$	2,041,318	$	1,037,010	$	7,688,452	$	1,852,081		$	1,098,366	$	2,745,722
Sales of investment securities*		2,714,602		1,264,868		9,960,001		2,232,740			1,207,581		3,224,191
Non-U.S. taxes paid on dividend income		5,618		1,841		7,240		7,965			4,897		1,532
Non-U.S. taxes paid on interest income		—		—		—		—			56		—
Non-U.S. taxes paid (refunded) on realized gains		2,565		3,485		—		7,086			3,729		—
Non-U.S. taxes provided on unrealized appreciation		3,034		19,329		—		28,578			17,416		—
	Capital											American
	World				International							Funds
	Growth		Growth-		Growth		Capital			Asset		Global
	and Income		Income		and Income		Income			Allocation		Balanced
	Fund		Fund		Fund		Builder			Fund		Fund
Purchases of investment securities*	$	491,865	$	8,645,420	$	113,162	$	1,437,820		$	33,439,898	$	342,317
Sales of investment securities*		656,676		10,727,201		126,104		1,353,129			35,747,744		338,990
Non-U.S. taxes paid on dividend income		2,246		8,682		721		1,585			6,504		419
Non-U.S. taxes paid on interest income		—		—		—		—	†		—		8
Non-U.S. taxes paid (refunded) on realized gains		547		—		46		332			2,160		129
Non-U.S. taxes provided on unrealized appreciation		676		—		126		556			—		191

Refer to the end of the tables for footnotes.

American Funds Insurance Series  365

								American				U.S.
	The Bond		Capital			American		Funds		Ultra-Short		Government
	Fund		World Bond			High-Income		Mortgage		Bond		Securities
	of America		Fund			Trust		Fund		Fund		Fund
Purchases of investment securities*	$	47,551,731	$	3,062,821		$	303,911	$	1,032,074	$	—	$	9,720,267
Sales of investment securities*		45,967,967		2,845,562			321,979		1,005,972		—		9,479,577
Non-U.S. taxes paid on interest income		21		110			—		—		—		—
Non-U.S. taxes paid (refunded) on realized gains		17		(7	)		—		—		—		—
Non-U.S. taxes provided on unrealized appreciation		—		116			—		—		—		—

					Managed
					Risk		Managed		Managed
	Managed		Managed		Washington		Risk		Risk
	Risk		Risk		Mutual		Growth-		Asset
	Growth		International		Investors		Income		Allocation
	Fund		Fund		Fund		Fund		Fund
Purchases of investment securities*	$	163,243	$	28,994	$	53,209	$	388,825	$	231,311
Sales of investment securities*		213,909		45,063		88,452		595,503		463,691

* Excludes short-term securities and U.S. government obligations, if any.

† Amount less than one thousand.

366  American Funds Insurance Series

Financial highlights

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	30.18	$	.36	$	6.30		$	6.66		$	(.37	)	$	(2.55	)	$	(2.92	)	$	33.92		22.91	%	$	3,418		.52	%		.41	%		1.13	%
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
Class 1A:
12/31/2023		30.04		.28		6.26			6.54			(.29	)		(2.55	)		(2.84	)		33.74		22.60			18		.77			.66			.88
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
Class 2:
12/31/2023		29.79		.28		6.21			6.49			(.29	)		(2.55	)		(2.84	)		33.44		22.60			3,522		.77			.66			.88
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
Class 4:
12/31/2023		29.51		.20		6.14			6.34			(.22	)		(2.55	)		(2.77	)		33.08		22.29			732		1.02			.91			.63
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

Refer to the end of the tables for footnotes.

American Funds Insurance Series  367

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	16.22	$	.11		$	2.53		$	2.64		$	(.08	)	$	(.21	)	$	(.29	)	$	18.57		16.45	%	$	1,001		.70	%		.65	%		.63	%
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
Class 1A:
12/31/2023		16.00		.06			2.50			2.56			(.04	)		(.21	)		(.25	)		18.31		16.15			5		.95			.90			.38
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
Class 2:
12/31/2023		15.30		.06			2.39			2.45			(.04	)		(.21	)		(.25	)		17.50		16.17			1,879		.95			.90			.38
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
Class 4:
12/31/2023		15.28		.02			2.37			2.39			—	4		(.21	)		(.21	)		17.46		15.79			300		1.20			1.15			.13
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	)

Refer to the end of the tables for footnotes.

368  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 gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	76.29	$	.57		$	28.16		$	28.73		$	(.54	)	$	(5.04	)	$	(5.58	)	$	99.44		38.81	%	$	17,382		.35	%		.65	%
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
Class 1A:
12/31/2023		75.61		.35			27.88			28.23			(.34	)		(5.04	)		(5.38	)		98.46		38.47			280		.60			.40
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
Class 2:
12/31/2023		75.41		.35			27.80			28.15			(.32	)		(5.04	)		(5.36	)		98.20		38.49			17,879		.60			.40
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
Class 3:
12/31/2023		77.09		.42			28.45			28.87			(.38	)		(5.04	)		(5.42	)		100.54		38.56			236		.53			.47
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
Class 4:
12/31/2023		73.64		.13			27.12			27.25			(.15	)		(5.04	)		(5.19	)		95.70		38.13			3,522		.85			.15
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

Refer to the end of the tables for footnotes.

American Funds Insurance Series  369

Financial highlights (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	15.31	$	.25	$	2.20		$	2.45		$	(.26	)	$	—		$	(.26	)	$	17.50		16.12	%	$	3,353		.53	%		1.50	%
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
Class 1A:
12/31/2023		15.23		.21		2.19			2.40			(.22	)		—			(.22	)		17.41		15.85			12		.78			1.24
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
Class 2:
12/31/2023		15.23		.21		2.19			2.40			(.22	)		—			(.22	)		17.41		15.84			3,382		.78			1.24
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
Class 3:
12/31/2023		15.35		.22		2.22			2.44			(.23	)		—			(.23	)		17.56		15.99			17		.71			1.32
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
Class 4:
12/31/2023		14.99		.16		2.16			2.32			(.18	)		—			(.18	)		17.13		15.56			415		1.03			.99
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

Refer to the end of the tables for footnotes.

370  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		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	22.30	$	.40	$	3.19		$	3.59		$	(.41	)	$	—		$	(.41	)	$	25.48		16.22	%	$	1,778		.64	%		.57	%		1.64	%
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
Class 1A:
12/31/2023		22.19		.33		3.20			3.53			(.36	)		—			(.36	)		25.36		15.98			10		.89			.82			1.38
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
Class 2:
12/31/2023		22.02		.33		3.17			3.50			(.35	)		—			(.35	)		25.17		15.99			803		.89			.82			1.39
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
Class 4:
12/31/2023		21.84		.27		3.14			3.41			(.30	)		—			(.30	)		24.95		15.67			787		1.14			1.07			1.14
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

Refer to the end of the tables for footnotes.

American Funds Insurance Series  371

Financial highlights (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	12.69	$	.28	$	1.92		$	2.20		$	(.28	)	$	(.12	)	$	(.40	)	$	14.49		17.66	%	$	6,020		.41	%		.27	%		2.07	%
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
Class 1A:
12/31/2023		12.61		.23		1.92			2.15			(.21	)		(.12	)		(.33	)		14.43		17.29			23		.66			.52			1.77
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
Class 2:
12/31/2023		12.46		.24		1.88			2.12			(.25	)		(.12	)		(.37	)		14.21		17.29			2,899		.66			.52			1.82
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
Class 4:
12/31/2023		12.34		.20		1.86			2.06			(.22	)		(.12	)		(.34	)		14.06		16.97			1,344		.91			.77			1.58
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

Refer to the end of the tables for footnotes.

372  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		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	11.67	$	.27	$	2.19		$	2.46		$	(.28	)	$	—		$	(.28	)	$	13.85		21.22	%	$	579		.52	%		.41	%		2.08	%
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
Class 1A:
12/31/2023		11.61		.23		2.18			2.41			(.25	)		—			(.25	)		13.77		20.87			7		.77			.66			1.83
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
Class 2:
12/31/2023		11.64		.23		2.18			2.41			(.24	)		—			(.24	)		13.81		20.88			1,040		.77			.66			1.83
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
Class 4:
12/31/2023		11.35		.19		2.14			2.33			(.22	)		—			(.22	)		13.46		20.65			235		1.02			.91			1.57
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

Refer to the end of the tables for footnotes.

American Funds Insurance Series  373

Financial highlights (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	50.21	$	.86	$	11.96		$	12.82		$	(.88	)	$	(2.89	)	$	(3.77	)	$	59.26		26.47	%	$	22,319		.29	%		1.60	%
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
Class 1A:
12/31/2023		49.93		.72		11.87			12.59			(.75	)		(2.89	)		(3.64	)		58.88		26.12			35		.54			1.35
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
Class 2:
12/31/2023		49.46		.72		11.75			12.47			(.74	)		(2.89	)		(3.63	)		58.30		26.14			12,894		.54			1.35
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
Class 3:
12/31/2023		50.33		.77		11.97			12.74			(.78	)		(2.89	)		(3.67	)		59.40		26.23			142		.47			1.42
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
Class 4:
12/31/2023		48.72		.57		11.57			12.14			(.63	)		(2.89	)		(3.52	)		57.34		25.82			2,062		.79			1.10
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

Refer to the end of the tables for footnotes.

374  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		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	8.94	$	.27	$	1.15		$	1.42		$	(.26	)	$	—		$	(.26	)	$	10.10		16.08	%	$	15		.56	%		.55	%		2.82	%
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
Class 1A:
12/31/2023		8.70		.24		1.13			1.37			(.24	)		—			(.24	)		9.83		15.92			6		.81			.80			2.54
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
Class 2:
12/31/2023		8.70		.24		1.12			1.36			(.24	)		—			(.24	)		9.82		15.76			165		.81			.80			2.54
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
Class 4:
12/31/2023		8.56		.21		1.12			1.33			(.22	)		—			(.22	)		9.67		15.66			143		1.06			1.05			2.29
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

Refer to the end of the tables for footnotes.

American Funds Insurance Series  375

Financial highlights (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	10.99	$	.41	$	.59		$	1.00		$	(.36	)	$	—	$	(.36	)	$	11.63		9.28	%	$	660		.40	%		.26	%		3.68	%
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
Class 1A:
12/31/2023		10.98		.38		.59			.97			(.33	)		—		(.33	)		11.62		9.01			10		.65			.51			3.42
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
Class 2:
12/31/2023		10.98		.38		.59			.97			(.33	)		—		(.33	)		11.62		9.01			15		.65			.51			3.43
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
Class 4:
12/31/2023		10.96		.35		.59			.94			(.30	)		—		(.30	)		11.60		8.75			566		.90			.76			3.18
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

Refer to the end of the tables for footnotes.

376  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		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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
Asset Allocation Fund
Class 1:
12/31/2023	$	22.20	$	.57	$	2.54		$	3.11		$	(.56	)	$	(.89	)	$	(1.45	)	$	23.86		14.55	%	$	15,555		.30	%		2.49	%
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
Class 1A:
12/31/2023		22.10		.51		2.53			3.04			(.51	)		(.89	)		(1.40	)		23.74		14.32			32		.55			2.25
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
Class 2:
12/31/2023		21.91		.50		2.52			3.02			(.51	)		(.89	)		(1.40	)		23.53		14.27			4,261		.55			2.24
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
Class 3:
12/31/2023		22.23		.53		2.55			3.08			(.52	)		(.89	)		(1.41	)		23.90		14.37			30		.48			2.31
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
Class 4:
12/31/2023		21.75		.44		2.49			2.93			(.45	)		(.89	)		(1.34	)		23.34		14.02			5,807		.80			1.99
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

Refer to the end of the tables for footnotes.

American Funds Insurance Series  377

Financial highlights (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	12.55	$	.33	$	1.29		$	1.62		$	(.23	)	$	(1.57	)	$	(1.80	)	$	12.37		14.05	%	$	98		.53	%		.52	%		2.67	%
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
Class 1A:
12/31/2023		12.49		.29		1.30			1.59			(.21	)		(1.57	)		(1.78	)		12.30		13.77			3		.78			.77			2.42
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
Class 2:
12/31/2023		12.49		.30		1.29			1.59			(.20	)		(1.57	)		(1.77	)		12.31		13.83			160		.78			.77			2.42
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
Class 4:
12/31/2023		12.32		.26		1.27			1.53			(.18	)		(1.57	)		(1.75	)		12.10		13.45			128		1.03			1.02			2.17
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

Refer to the end of the tables for footnotes.

378  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		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	9.41	$	.39	$	.09		$	.48		$	(.35	)	$	—		$	(.35	)	$	9.54		5.21	%	$	6,908		.39	%		.20	%		4.15	%
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
Class 1A:
12/31/2023		9.35		.37		.08			.45			(.33	)		—			(.33	)		9.47		4.89			258		.64			.45			3.90
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
Class 2:
12/31/2023		9.27		.36		.10			.46			(.33	)		—			(.33	)		9.40		5.02			2,879		.64			.45			3.89
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
Class 4:
12/31/2023		9.23		.34		.09			.43			(.31	)		—			(.31	)		9.35		4.72			963		.89			.70			3.66
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

Refer to the end of the tables for footnotes.

American Funds Insurance Series  379

Financial highlights (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	9.55	$	.32	$	.29		$	.61		$	—		$	—		$	—		$	10.16		6.39	%	$	665		.48	%		.48	%		3.33	%
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
Class 1A:
12/31/2023		9.50		.30		.28			.58			—			—			—			10.08		6.11			1		.73			.73			3.08
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
Class 2:
12/31/2023		9.45		.29		.29			.58			—			—			—			10.03		6.14			817		.73			.73			3.08
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
Class 4:
12/31/2023		9.33		.27		.28			.55			—			—			—			9.88		5.89			57		.98			.98			2.84
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

Refer to the end of the tables for footnotes.

380  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		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	8.53	$	.63	$	.43		$	1.06		$	(.65	)	$	—	$	(.65	)	$	8.94		12.69	%	$	223		.45	%		.31	%		7.10	%
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
Class 1A:
12/31/2023		8.51		.61		.41			1.02			(.63	)		—		(.63	)		8.90		12.40			3		.70			.56			6.90
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
Class 2:
12/31/2023		8.35		.59		.41			1.00			(.62	)		—		(.62	)		8.73		12.45			533		.70			.56			6.85
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
Class 3:
12/31/2023		8.58		.61		.43			1.04			(.63	)		—		(.63	)		8.99		12.54			8		.63			.49			6.91
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
Class 4:
12/31/2023		9.26		.63		.46			1.09			(.60	)		—		(.60	)		9.75		12.18			107		.95			.81			6.62
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

Refer to the end of the tables for footnotes.

American Funds Insurance Series  381

Financial highlights (continued)

			Income (loss) 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:
12/31/2023	$	9.45	$	.45	$	(.08	)	$	.37		$	(.38	)	$	—		$	(.38	)	$	9.44		4.03	%	$	17		.41	%		.29	%		4.76	%
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
Class 1A:
12/31/2023		9.34		.41		(.07	)		.34			(.36	)		—			(.36	)		9.32		3.72			2		.65			.53			4.38
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
Class 2:
12/31/2023		9.36		.41		(.07	)		.34			(.36	)		—			(.36	)		9.34		3.68			44		.64			.52			4.35
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
Class 4:
12/31/2023		9.25		.38		(.06	)		.32			(.34	)		—			(.34	)		9.23		3.51			45		.90			.78			4.12
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

Refer to the end of the tables for footnotes.

382  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 gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of 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:
12/31/2023	$	11.35	$	.55		$	.01		$	.56		$	(.56	)	$	—	$	(.56	)	$	11.35		4.94	%	$	40			.30	%		4.81	%
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
Class 1A:
12/31/2023		11.35		.54			—			.54			(.54	)		—		(.54	)		11.35		4.79			—	6		.53			4.69
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
Class 2:
12/31/2023		11.00		.51			—	4		.51			(.53	)		—		(.53	)		10.98		4.64			273			.55			4.56
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
Class 3:
12/31/2023		11.14		.52			.01			.53			(.54	)		—		(.54	)		11.13		4.75			4			.48			4.64
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
Class 4:
12/31/2023		11.05		.48			.01			.49			(.49	)		—		(.49	)		11.05		4.44			56			.80			4.28
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

Refer to the end of the tables for footnotes.

American Funds Insurance Series  383

Financial highlights (continued)

			Income (loss) 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:
12/31/2023	$	9.99	$	.40	$	(.09	)	$	.31		$	(.39	)	$	—		$	(.39	)	$	9.91		3.21	%	$	257		.33	%		.21	%		4.05	%
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
Class 1A:
12/31/2023		9.96		.38		(.10	)		.28			(.37	)		—			(.37	)		9.87		2.88			5		.58			.46			3.83
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
Class 2:
12/31/2023		9.87		.37		(.09	)		.28			(.37	)		—			(.37	)		9.78		2.89			1,073		.58			.46			3.80
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
Class 3:
12/31/2023		10.02		.39		(.10	)		.29			(.37	)		—			(.37	)		9.94		3.00			6		.51			.39			3.85
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
Class 4:
12/31/2023		9.86		.35		(.10	)		.25			(.34	)		—			(.34	)		9.77		2.62			183		.83			.71			3.54
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

Refer to the end of the tables for footnotes.

384  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 gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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 (loss) to average net assets2
Managed Risk Growth Fund
Class P1:
12/31/2023	$	11.37	$	.08		$	2.28		$	2.36		$	(.08	)	$	(2.79	)	$	(2.87	)	$	10.86		23.77	%	$	13		.42	%		.37	%		.72	%		.77	%
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
Class P2:
12/31/2023		11.28		.05			2.26			2.31			(.07	)		(2.79	)		(2.86	)		10.73		23.50			495		.67			.62			.97			.43
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
Managed Risk International Fund
Class P1:
12/31/2023	$	8.61	$	.13		$	.41		$	.54		$	(.15	)	$	(.64	)	$	(.79	)	$	8.36		6.36	%	$	2		.46	%		.36	%		.86	%		1.60	%
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
Class P2:
12/31/2023		8.58		.10			.42			.52			(.14	)		(.64	)		(.78	)		8.32		6.22			122		.73			.63			1.13			1.21
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
Managed Risk Washington Mutual Investors Fund
Class P1:
12/31/2023	$	11.24	$	.20		$	.79		$	.99		$	(.24	)	$	(1.49	)	$	(1.73	)	$	10.50		10.04	%	$	3		.42	%		.37	%		.76	%		1.91	%
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
Class P2:
12/31/2023		11.18		.18			.77			.95			(.21	)		(1.49	)		(1.70	)		10.43		9.73			322		.68			.63			1.02			1.71
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

Refer to the end of the tables for footnotes.

American Funds Insurance Series  385

Financial highlights (continued)

			Income (loss) from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of 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 affective expenses ratio2,8,9			Ratio of net income (loss) to average net assets2
Managed Risk Growth-Income Fund
Class P1:
12/31/2023	$	12.51	$	.20	$	1.65		$	1.85		$	(.21	)	$	(1.62	)	$	(1.83	)	$	12.53		16.17	%	$	1,910		.41	%		.36	%		.66	%		1.64	%
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
Class P2:
12/31/2023		12.44		.17		1.64			1.81			(.18	)		(1.62	)		(1.80	)		12.45		15.90			277		.66			.61			.91			1.39
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
Managed Risk Asset Allocation Fund
Class P1:
12/31/2023	$	12.43	$	.31	$	.87		$	1.18		$	(.26	)	$	(1.45	)	$	(1.71	)	$	11.90		10.51	%	$	10		.41	%		.36	%		.65	%		2.61	%
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
Class P2:
12/31/2023		12.09		.21		.90			1.11			(.22	)		(1.45	)		(1.67	)		11.53		10.23			2,093		.66			.61			.90			1.86
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

Refer to the end of the tables for footnotes.

386  American Funds Insurance Series

Financial highlights (continued)

Portfolio turnover rate for all share classes	Year ended December 31,
excluding mortgage dollar roll transactions11,12	2023			2022			2021			2020			2019
Capital Income Builder		59	%		48	%		60	%		110	%		44	%
Asset Allocation Fund		54			42			45			49			47
American Funds Global Balanced Fund		43			111			36			68			60
The Bond Fund of America		129			77			87			72			146
Capital World Bond Fund		110			114			64			88			110
American Funds Mortgage Fund		85			56			38			123			84
U.S. Government Securities Fund		113			77			126			112			103
Portfolio turnover rate for all share classes	Year ended December 31,
including mortgage dollar roll transactions11,12	2023			2022			2021			2020			2019
Global Growth Fund		29	%		29	%		18	%		17	%		14	%
Global Small Capitalization Fund		36			40			29			38			50
Growth Fund		23			29			25			32			21
International Fund		28			42			44			40			32
New World Fund		36			40			43			70			38
Washington Mutual Investors Fund		29			30			90			40			37
Capital World Growth and Income Fund		29			42			85			36			29
Growth-Income Fund		26			25			24			33			27
International Growth and Income Fund		38			48			41			56			28
Capital Income Builder		149			126			93			184			72
Asset Allocation Fund		159			118			124			145			79
American Funds Global Balanced Fund		103			126			39			86			74
The Bond Fund of America		545			415			456			461			373
Capital World Bond Fund		286			188			91			145			159
American High-Income Trust		40			34			56			78			58
American Funds Mortgage Fund		1053			1141			975			1143			350
U.S. Government Securities Fund		744			695			433			867			277
Ultra-Short Bond Fund		—	13		—	13		—	13		—	13		—	13
Managed Risk Growth Fund		39			97			32			80			10
Managed Risk International Fund		27			82			24			71			8
Managed Risk Washington Mutual Investors Fund		19			70			16			101			13
Managed Risk Growth-Income Fund		21			67			13			38			6
Managed Risk Asset Allocation Fund		13			48			5			30			8

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  387

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, 2023, the related statements of operations for the year ended December 31, 2023, the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (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, 2023, 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, 2023 and each of the financial highlights for each of the five years in the period ended December 31, 2023 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, 2023 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 12, 2024

We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.

388  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, 2023, through December 31, 2023).

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  389

Expense example (continued)

	Beginning account value 7/1/2023		Ending account value 12/31/2023		Expenses paid during period1		Annualized expense ratio
Global Growth Fund
Class 1 – actual return	$	1,000.00	$	1,065.36	$	2.13		.41	%
Class 1 – assumed 5% return		1,000.00		1,023.14		2.09		.41
Class 1A – actual return		1,000.00		1,063.96		3.43		.66
Class 1A – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 2 – actual return		1,000.00		1,063.79		3.43		.66
Class 2 – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 4 – actual return		1,000.00		1,062.63		4.73		.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	$	1,043.89	$	3.35		.65	%
Class 1 – assumed 5% return		1,000.00		1,021.93		3.31		.65
Class 1A – actual return		1,000.00		1,042.39		4.63		.90
Class 1A – assumed 5% return		1,000.00		1,020.67		4.58		.90
Class 2 – actual return		1,000.00		1,042.62		4.63		.90
Class 2 – assumed 5% return		1,000.00		1,020.67		4.58		.90
Class 4 – actual return		1,000.00		1,041.23		5.92		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	$	1,110.35	$	1.86		.35	%
Class 1 – assumed 5% return		1,000.00		1,023.44		1.79		.35
Class 1A – actual return		1,000.00		1,109.05		3.19		.60
Class 1A – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class 2 – actual return		1,000.00		1,108.97		3.19		.60
Class 2 – assumed 5% return		1,000.00		1,022.18		3.06		.60
Class 3 – actual return		1,000.00		1,109.36		2.82		.53
Class 3 – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 4 – actual return		1,000.00		1,107.63		4.52		.85
Class 4 – assumed 5% return		1,000.00		1,020.92		4.33		.85
International Fund
Class 1 – actual return	$	1,000.00	$	1,032.27	$	2.71		.53	%
Class 1 – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 1A – actual return		1,000.00		1,030.90		3.99		.78
Class 1A – assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 2 – actual return		1,000.00		1,030.85		3.99		.78
Class 2 – assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 3 – actual return		1,000.00		1,031.76		3.64		.71
Class 3 – assumed 5% return		1,000.00		1,021.63		3.62		.71
Class 4 – actual return		1,000.00		1,029.32		5.27		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	$	1,037.95	$	2.93		.57	%
Class 1 – assumed 5% return		1,000.00		1,022.33		2.91		.57
Class 1A – actual return		1,000.00		1,036.92		4.21		.82
Class 1A – assumed 5% return		1,000.00		1,021.07		4.18		.82
Class 2 – actual return		1,000.00		1,037.05		4.21		.82
Class 2 – assumed 5% return		1,000.00		1,021.07		4.18		.82
Class 4 – actual return		1,000.00		1,035.33		5.49		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.

390  American Funds Insurance Series

Expense example (continued)

	Beginning account value 7/1/2023		Ending account value 12/31/2023		Expenses paid during period1		Annualized expense ratio
Washington Mutual Investors Fund
Class 1 – actual return	$	1,000.00	$	1,090.53	$	1.42		.27	%
Class 1 – assumed 5% return		1,000.00		1,023.84		1.38		.27
Class 1A – actual return		1,000.00		1,088.93		2.74		.52
Class 1A – assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 2 – actual return		1,000.00		1,089.35		2.74		.52
Class 2 – assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 4 – actual return		1,000.00		1,087.70		4.05		.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	$	1,077.11	$	2.15		.41	%
Class 1 – assumed 5% return		1,000.00		1,023.14		2.09		.41
Class 1A – actual return		1,000.00		1,075.48		3.45		.66
Class 1A – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 2 – actual return		1,000.00		1,075.07		3.45		.66
Class 2 – assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 4 – actual return		1,000.00		1,074.58		4.76		.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	$	1,101.17	$	1.54		.29	%
Class 1 – assumed 5% return		1,000.00		1,023.74		1.48		.29
Class 1A – actual return		1,000.00		1,099.76		2.86		.54
Class 1A – assumed 5% return		1,000.00		1,022.48		2.75		.54
Class 2 – actual return		1,000.00		1,099.71		2.86		.54
Class 2 – assumed 5% return		1,000.00		1,022.48		2.75		.54
Class 3 – actual return		1,000.00		1,100.09		2.49		.47
Class 3 – assumed 5% return		1,000.00		1,022.84		2.40		.47
Class 4 – actual return		1,000.00		1,098.41		4.18		.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	$	1,052.31	$	2.90		.56	%
Class 1 – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 1A – actual return		1,000.00		1,051.85		4.19		.81
Class 1A – assumed 5% return		1,000.00		1,021.12		4.13		.81
Class 2 – actual return		1,000.00		1,050.45		4.19		.81
Class 2 – assumed 5% return		1,000.00		1,021.12		4.13		.81
Class 4 – actual return		1,000.00		1,050.48		5.48		1.06
Class 4 – assumed 5% return		1,000.00		1,019.86		5.40		1.06
Capital Income Builder
Class 1 – actual return	$	1,000.00	$	1,054.07	$	1.40		.27	%
Class 1 – assumed 5% return		1,000.00		1,023.84		1.38		.27
Class 1A – actual return		1,000.00		1,052.81		2.69		.52
Class 1A – assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 2 – actual return		1,000.00		1,052.82		2.69		.52
Class 2 – assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 4 – actual return		1,000.00		1,050.64		3.98		.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  391

Expense example (continued)

	Beginning account value 7/1/2023		Ending account value 12/31/2023		Expenses paid during period1		Annualized expense ratio
Asset Allocation Fund
Class 1 – actual return	$	1,000.00	$	1,069.81	$	1.57		.30	%
Class 1 – assumed 5% return		1,000.00		1,023.69		1.53		.30
Class 1A – actual return		1,000.00		1,068.68		2.87		.55
Class 1A – assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 2 – actual return		1,000.00		1,069.06		2.87		.55
Class 2 – assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 3 – actual return		1,000.00		1,069.05		2.50		.48
Class 3 – assumed 5% return		1,000.00		1,022.79		2.45		.48
Class 4 – actual return		1,000.00		1,067.57		4.17		.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	$	1,058.55	$	2.75		.53	%
Class 1 – assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 1A – actual return		1,000.00		1,056.75		4.04		.78
Class 1A – assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 2 – actual return		1,000.00		1,057.49		4.05		.78
Class 2 – assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 4 – actual return		1,000.00		1,054.83		5.33		1.03
Class 4 – assumed 5% return		1,000.00		1,020.01		5.24		1.03
The Bond Fund of America
Class 1 – actual return	$	1,000.00	$	1,035.95	$	1.03		.20	%
Class 1 – assumed 5% return		1,000.00		1,024.20		1.02		.20
Class 1A – actual return		1,000.00		1,034.23		2.31		.45
Class 1A – assumed 5% return		1,000.00		1,022.94		2.29		.45
Class 2 – actual return		1,000.00		1,034.32		2.31		.45
Class 2 – assumed 5% return		1,000.00		1,022.94		2.29		.45
Class 4 – actual return		1,000.00		1,032.80		3.59		.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	$	1,047.42	$	2.53		.49	%
Class 1 – assumed 5% return		1,000.00		1,022.74		2.50		.49
Class 1A – actual return		1,000.00		1,045.64		3.82		.74
Class 1A – assumed 5% return		1,000.00		1,021.48		3.77		.74
Class 2 – actual return		1,000.00		1,045.88		3.82		.74
Class 2 – assumed 5% return		1,000.00		1,021.48		3.77		.74
Class 4 – actual return		1,000.00		1,045.50		5.10		.99
Class 4 – assumed 5% return		1,000.00		1,020.21		5.04		.99
American High-Income Trust
Class 1 – actual return	$	1,000.00	$	1,079.71	$	1.63		.31	%
Class 1 – assumed 5% return		1,000.00		1,023.64		1.58		.31
Class 1A – actual return		1,000.00		1,077.06		2.93		.56
Class 1A – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 2 – actual return		1,000.00		1,078.12		2.93		.56
Class 2 – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 3 – actual return		1,000.00		1,077.60		2.57		.49
Class 3 – assumed 5% return		1,000.00		1,022.74		2.50		.49
Class 4 – actual return		1,000.00		1,076.97		4.24		.81
Class 4 – assumed 5% return		1,000.00		1,021.12		4.13		.81

Refer to the end of the tables for footnotes.

392  American Funds Insurance Series

Expense example (continued)

	Beginning account value 7/1/2023		Ending account value 12/31/2023		Expenses paid during period1		Annualized expense ratio
American Funds Mortgage Fund
Class 1 – actual return	$	1,000.00	$	1,030.27	$	1.64		.32	%
Class 1 – assumed 5% return		1,000.00		1,023.59		1.63		.32
Class 1A – actual return		1,000.00		1,028.66		2.91		.57
Class 1A – assumed 5% return		1,000.00		1,022.33		2.91		.57
Class 2 – actual return		1,000.00		1,028.30		2.91		.57
Class 2 – assumed 5% return		1,000.00		1,022.33		2.91		.57
Class 4 – actual return		1,000.00		1,027.90		4.19		.82
Class 4 – assumed 5% return		1,000.00		1,021.07		4.18		.82
Ultra-Short Bond Fund
Class 1 – actual return	$	1,000.00	$	1,025.81	$	1.58		.31	%
Class 1 – assumed 5% return		1,000.00		1,023.64		1.58		.31
Class 1A – actual return		1,000.00		1,025.21		2.76		.54
Class 1A – assumed 5% return		1,000.00		1,022.48		2.75		.54
Class 2 – actual return		1,000.00		1,024.44		2.86		.56
Class 2 – assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 3 – actual return		1,000.00		1,024.77		2.50		.49
Class 3 – assumed 5% return		1,000.00		1,022.74		2.50		.49
Class 4 – actual return		1,000.00		1,023.20		4.13		.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	$	1,028.15	$	1.12		.22	%
Class 1 – assumed 5% return		1,000.00		1,024.10		1.12		.22
Class 1A – actual return		1,000.00		1,027.35		2.40		.47
Class 1A – assumed 5% return		1,000.00		1,022.84		2.40		.47
Class 2 – actual return		1,000.00		1,027.41		2.40		.47
Class 2 – assumed 5% return		1,000.00		1,022.84		2.40		.47
Class 3 – actual return		1,000.00		1,027.43		2.04		.40
Class 3 – assumed 5% return		1,000.00		1,023.19		2.04		.40
Class 4 – actual return		1,000.00		1,025.17		3.68		.72
Class 4 – assumed 5% return		1,000.00		1,021.58		3.67		.72

Refer to the end of the tables for footnotes.

American Funds Insurance Series  393

Expense example (continued)

	Beginning account value 7/1/2023		Ending account value 12/31/2023		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	$	1,083.83	$	2.05		.39	%	$	3.78		.72	%
Class P1 – assumed 5% return		1,000.00		1,023.24		1.99		.39			3.67		.72
Class P2 – actual return		1,000.00		1,082.74		3.31		.63			5.09		.97
Class P2 – assumed 5% return		1,000.00		1,022.03		3.21		.63			4.94		.97
Managed Risk International Fund
Class P1 – actual return	$	1,000.00	$	1,014.56	$	1.78		.35	%	$	4.37		.86	%
Class P1 – assumed 5% return		1,000.00		1,023.44		1.79		.35			4.38		.86
Class P2 – actual return		1,000.00		1,013.40		3.04		.60			5.73		1.13
Class P2 – assumed 5% return		1,000.00		1,022.18		3.06		.60			5.75		1.13
Managed Risk Washington Mutual Investors Fund
Class P1 – actual return	$	1,000.00	$	1,064.10	$	1.92		.37	%	$	3.95		.76	%
Class P1 – assumed 5% return		1,000.00		1,023.34		1.89		.37			3.87		.76
Class P2 – actual return		1,000.00		1,062.31		3.27		.63			5.30		1.02
Class P2 – assumed 5% return		1,000.00		1,022.03		3.21		.63			5.19		1.02
Managed Risk Growth-Income Fund
Class P1 – actual return	$	1,000.00	$	1,069.03	$	1.88		.36	%	$	3.44		.66	%
Class P1 – assumed 5% return		1,000.00		1,023.39		1.84		.36			3.36		.66
Class P2 – actual return		1,000.00		1,068.22		3.18		.61			4.74		.91
Class P2 – assumed 5% return		1,000.00		1,022.13		3.11		.61			4.63		.91
Managed Risk Asset Allocation Fund
Class P1 – actual return	$	1,000.00	$	1,058.48	$	1.97		.38	%	$	3.37		.65	%
Class P1 – assumed 5% return		1,000.00		1,023.29		1.94		.38			3.31		.65
Class P2 – actual return		1,000.00		1,056.67		3.11		.60			4.67		.90
Class P2 – assumed 5% return		1,000.00		1,022.18		3.06		.60			4.58		.90

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.

394  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-today 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, 2022, through September 30, 2023. 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  395

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396  American Funds Insurance Series

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American Funds Insurance Series  397

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	88	None
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	93	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	102	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	102	Edwards Lifesciences; Public Storage, Inc.
Mary Davis Holt, 1950	2015–2016; 2017	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former COO, Time Life Inc. (1993–2003)	89	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	99	Aptiv (autonomous and green vehicle technology); Mastercard Incorporated
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive)	2010	President and CEO, Bipartisan Policy Center; former President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina	93	None
Alexandra Trower, 1964	2018	Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	88	None
Paul S. Williams, 1959	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	88	Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Public Storage, Inc.

Interested trustees^4,5

Name, year of birth and position with series	Year first elected a trustee or officer of the series2	Principal occupation(s) during past five years and positions held with affiliated  entities or the principal underwriter of the series	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
Donald D. O’Neal, 1960 Co-President	1998	Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company6	35	None
Michael C. Gitlin, 1970	2019	Partner — Capital Fixed Income Investors, Capital Research and Management Company; President, Chief Executive Officer and Director, The Capital Group Companies, Inc.6; Vice Chairman and Director, Capital Research and Management Company	88	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.

398  American Funds Insurance Series

Other officers⁵

Name, year of birth and position with series	Year first elected an officer of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series
Alan N. Berro, 1960 Co-President	1998	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company6; Director, The Capital Group Companies, Inc.6
Maria Manotok, 1974 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.6; Senior Vice President, Secretary and Director, Capital Group Companies Global6; Senior Vice President, Secretary and Director, Capital Group International, Inc.6
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.6
Irfan M. Furniturewala, 1971 Senior Vice President	2022	Partner — Capital International Investors, Capital Research and Management Company; Director, Capital Strategy Research, Inc.6
Sung Lee, 1966 Senior Vice President	2008	Partner — Capital Research Global Investors, Capital Group Investment Management Pte. Ltd.6; Director, The Capital Group Companies, Inc.6
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 Limited6
Alan J. Wilson, 1961 Senior Vice President	2022	Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company
Courtney R. Taylor, 1975 Secretary	2010-2014; 2023	Assistant 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  All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.

⁶  Company affiliated with Capital Research and Management Company.

American Funds Insurance Series  399

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

400  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, 2024, 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 ^© 2024 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.

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 SystemTM — 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-focused funds have beaten their comparable Lipper indexes in 88% 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, 2023.

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, 2022. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund, International Growth and Income 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, 2022. Four of our five fixed income American Funds that have been in existence for the three year period showed a three-year correlation lower than their respective Morningstar peer group averages. S&P 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, 2022, 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-998-0224P Printed in USA RCG/PHX/8074-S96079 ^© 2024 Capital Group. All rights reserved.

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, 2023, 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 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. 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:

	2022		2023
(a) Audit Fees	$	114,777	$	120,517
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	39,945	$	41,760
(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:

	2022		2023
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	297,806	$	394,966

    (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 2022 and 2023 were $337,751 and $756,726, 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.  Recovery of Erroneously Awarded Compensation.

  Not applicable.

Item 14.  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) Not applicable.

(3) 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.

    (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 6, 2024

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 6, 2024

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: March 6, 2024

EX-99.CODE ETH

SUNAMERICA SERIES TRUST

SEASONS SERIES TRUST

(collectively, the “Funds”)

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE

AND PRINCIPAL ACCOUNTING OFFICERS

I. Introduction

The Boards of Directors/Trustees of the Funds (the “Boards”) have adopted this Code of Ethics (this “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act applicable to the Funds’ Principal Executive Officer and Principal Accounting Officer (the “Covered Officers” each of whom is set forth in Exhibit A) for the purpose of deterring wrongdoing and promoting:

• Honest and ethical conduct, including the ethical handling of conflicts of interest between personal and professional relationships;

• Full, fair, accurate, timely and understandable disclosure;

• Compliance with applicable laws and governmental rules and regulations;

• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• Accountability for adherence to the Code.

Each Covered Officer must comply with applicable law. Each Covered Officer also has a responsibility to conduct himself or herself in an honest and ethical manner and to adhere to a high standard of business ethics. Each Covered Officer has leadership responsibilities that include promoting a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns. Each Covered Officer should also be sensitive to situations that may give rise to conflicts of interest.

II. Honest and Ethical Conduct

a. Honesty, Diligence and Professional Responsibility

Covered Officers are expected to observe both the form and the spirit of the ethical principles contained in this Code. In particular, Covered Officers must perform their duties and responsibilities for the Funds:

• with honesty, diligence, and a commitment to professional and ethical responsibility;

• carefully, thoroughly and in a timely manner; and

• in conformity with applicable professional and technical standards.

b. Ethical Handling of Actual and Apparent Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s private interest improperly interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her immediate family, receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “Investment Company Act”) and the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The compliance programs and procedures of the Funds and the Funds’ investment adviser, SunAmerica Asset Management, LLC. (“SAAMCo”), are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between, the Funds and SAAMCo, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for SAAMCo, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and SAAMCo. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and SAAMCo and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Boards that the Covered Officers may also be officers or employees of other investment companies advised by SAAMCo.

In particular, each Covered Officer must:

• Not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

• Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds; and

• Report at least annually to the Funds’ Ethics Committee any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest.

2

There are certain potential conflict of interest situations that should be discussed with the Ethics Committee if material. Examples of these include:

• Service as a director on the board of any company;

• The receipt of any non-nominal gifts;

• The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• Any ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than SAAMCo, the Funds’ principal underwriter or any affiliated person thereof;

• A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

c. Conduct in the Preparation of Financial Statements

Covered Officers must not knowingly make any misrepresentations regarding the Funds’ financial statements or any facts used in the preparation of the Funds’ financial statements. This section is intended to prohibit:

• making, or permitting or directing another to make, materially false or misleading entries in the Funds’ financial statements or records;

• failing to correct the Funds’ financial statements or records that are materially false or misleading; and

• signing, or permitting or directing another to sign, a document containing materially false or misleading financial information.

d. Obligations to the Independent Auditor of the Funds

In dealing with the Funds’ independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Funds’ independent auditor.

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Funds’ independent auditor in the performance of an audit of the Funds’ financial statements for the purpose of rendering such financial statements materially misleading.

3

III. Disclosure and Compliance

• Each Covered Officer will familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

• Each Covered Officer will not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Boards and auditors, or to governmental regulators and self-regulatory organizations;

• Each Covered Officer will, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and SAAMCo with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

• Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Boards that he or she has received, read and understands the Code;

• Annually thereafter affirm to the Boards that he or she has complied with the requirements of the Code;

• Not retaliate against any other Covered Officer or affiliated person of the Funds for reports of potential violations of this Code that are made in good faith; and

• Notify the Ethics Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Ethics Committee is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. The Ethics Committee will also consider waivers sought by the Covered Officers.

4

The Funds will act according to the following procedures in investigating and enforcing this Code:

• The Ethics Committee will take all appropriate action to investigate any potential violations reported to it;

• If, after such investigation, the Ethics Committee believes that no violation has occurred, the Ethics Committee is not required to take any further action;

• If the Ethics Committee determines that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of SAAMCo or its board; or a recommendation to dismiss the Covered Officer;

• The Ethics Committee will be responsible for granting waivers, as appropriate;

• The Ethics Committee will inform the Boards of violations or waivers of this Code; and

• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to investment companies thereunder. Insofar as other policies or procedures of the Funds, SAAMCo, the Funds’ principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Code of Ethics of the Funds, SAAMCo and the Funds’ principal underwriter, under Rule 17j-1 of the Investment Company Act, and SAAMCo’s more detailed policies and procedures set forth in the SAAMCo Compliance Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Boards.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds, the Ethics Committee, SAAMCo and the Boards and their independent counsel.

5

VIII. Internal Use

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance or legal conclusion.

Date: September 17, 2019

6

Exhibit A

John Genoy, Principal Executive Officer

Gregory R. Kingston, Principal Accounting Officer

7

EX-99.CERT

Exhibit 99.Cert

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT

I, John T. Genoy, certify that:

1. I have reviewed this report on Form N-CSR of SunAmerica Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 5, 2024

/s/ John T. Genoy    

John T. Genoy

President

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT

I, Gregory R. Kingston, certify that:

1. I have reviewed this report on Form N-CSR of SunAmerica Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 5, 2024

/s/ Gregory R. Kingston

Gregory R. Kingston

Treasurer

EX-99.906 CERT

EXHIBIT 99.906.CERT.

CERTIFICATIONS PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT

John T. Genoy, President, and Gregory R. Kingston, Treasurer of SunAmerica Series Trust (the “registrant”), each certify to the best of his knowledge that:

1. The attached Form N-CSR report of the registrant fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such N-CSR report fairly represents, in all material respects, the financial conditions and results of operations of the registrant as of, and for, the periods presented in the report.

Dated: March 5, 2024

/s/ John T. Genoy    

John T. Genoy

President

/s/ Gregory R. Kingston

Gregory R. Kingston

Treasurer