Annual

Report

December

31,

2023

Nationwide

Variable

Insurance

Trust

American

Funds

NVIT

American

Funds

Asset

Allocation

Fund

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Global

Growth

Fund

NVIT

American

Funds

Growth

Fund

NVIT

American

Funds

Growth-Income

Fund

IMPORTANT

INFORMATION

The

SEC

has

adopted

a

new

rule

that

will

change

how

you

receive

your

fund’s

shareholder

reports.

Starting

from

July

2024,

you

will

receive

a

paper

summary

report

via

mail

that

highlights

key

information

about

your

fund.

The

full

report

and

other

details

will

be

available

online

and

delivered

upon

request.

To

help

us

with

this

transition

and

save

paper,

we

encourage

you

to

sign

up

for

the

e-delivery

of

your

fund

documents.

By

choosing

e-delivery,

you

will

get

an

email

when

your

documents

are

online.

You

will

also

have

access

to

an

electronic

archive

of

your

documents.

We

think

this

new

rule

will

make

it

easier

for

you

to

review

and

monitor

your

fund

investments.

You

can

access

the

full

report

and

other

details

online

at

https://www.nationwide.com/personal/investing/mutual-funds/nvit-funds/

If

you

wish

to

receive

reports

and

other

Fund

documents

via

eDelivery

you

may

elect

this

option

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

Nationwide

Funds

®

Commentary

in

this

report

is

provided

by

the

portfolio

manager(s)

of

each

Fund

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

based

on

market

or

other

conditions.

Third-party

information

has

been

obtained

from

sources

that

Nationwide

Fund

Advisors

(NFA),

the

investment

adviser

to

the

Funds,

deems

reliable.

Portfolio

composition

is

accurate

as

of

the

date

of

this

report

and

is

subject

to

change

at

any

time

and

without

notice.

NFA,

one

of

its

affiliated

advisers

or

its

employees

may

hold

a

position

in

the

securities

named

in

this

report.

This

report

and

the

holdings

provided

are

for

informational

purposes

only

and

are

not

intended

to

be

relied

on

as

investment

advice.

Investors

should

work

with

their

financial

professional

to

discuss

their

specific

situation. 

Statement

Regarding

Availability

of

Quarterly

Portfolio

Holdings

The

Trust

files

complete

schedules

of

portfolio

holdings

for

each

Fund

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

Additionally,

the

Trust

files

a

schedule

of

portfolio

holdings

monthly

for

the

NVIT

Government

Money

Market

Fund

on

Form

N-MFP.

Forms

N-PORT

and

Forms

N-MFP

are

available

on

the

SEC’s

website

at

http://www.sec.gov

.

Forms

N-PORT

and

Forms

N-MFP

may

be

reviewed

and

copied

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC,

and

information

on

the

operation

of

the

Public

Reference

Room

may

be

obtained

by

calling

800-SEC-0330.

The

Trust

also

makes

this

information

available

to

investors

on

http://nationwide.com/mutualfundsnvit

or

upon

request

without

charge.

Statement

Regarding

Availability

of

Proxy

Voting

Record

Federal

law

requires

the

Trust

and

each

of

its

investment

advisers

and

subadvisers

to

adopt

procedures

for

voting

proxies

(the

“Proxy

Voting

Guidelines”)

and

to

provide

a

summary

of

those

Proxy

Voting

Guidelines

used

to

vote

the

securities

held

by

a

Fund.

The

Funds’

proxy

voting

policies

and

procedures

and

information

regarding

how

the

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

are

available

without

charge

(i)

upon

request,

by

calling

800-848-0920,

(ii)

on

the

Trust’s

website

at

http://nationwide.com/mutualfundsnvit

or

(iii)

on

the

SEC’s

website

at

http://www.sec.gov

.

Before

purchasing

a

variable

annuity,

you

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

the

annuity

and

its

underlying

investment

options.

The

product

prospectus

and

underlying

fund

prospectuses

contain

this

and

other

important

information.

Underlying

fund

prospectuses

can

be

obtained

from

your

investment

professional

or

by

contacting

Nationwide

at

800-848-6331.

Read

the

prospectus

carefully

before

you

make

a

purchase.

Variable

annuities

are

issued

by

Nationwide

Life

Insurance

Company,

Columbus,

Ohio.

The

general

distributor

for

variable

products

is

Nationwide

Investment

Services

Corporation

(NISC),

member

FINRA,

Columbus,

Ohio.

NVIT

Funds

distributed

by

Nationwide

Fund

Distributors

LLC,

member

FINRA,

Columbus,

Ohio.

NISC

and

NFD

are

not

affiliated

with

any

subadviser

contracted

by

Nationwide

Fund

Advisors,

with

the

exception

of

Nationwide

Asset

Management,

LLC,

and

are

not

affiliated

with

Morningstar,

Inc.

Nationwide,

the

Nationwide

N

and

Eagle,

and

Nationwide

is

on

your

side

are

service

marks

of

Nationwide

Mutual

Insurance

Company.

©2024

Table

of

Contents

Message

to

Investors

1

Fund

Commentaries

5

Shareholder

Expense

Example

25

Statements

of

Assets

and

Liabilities

28

Statements

of

Operations

32

Statements

of

Changes

in

Net

Assets

34

Financial

Highlights

38

Notes

to

Financial

Statements

43

Report

of

Independent

Registered

Public

Accounting

Firm

50

Supplemental

Information

51

Management

Information

53

Market

Index

Definitions

56

Nationwide

Variable

Insurance

Trust

-

December

31,

2023

-

1

Message

to

Investors

Dear

Investor,

Over

the

past

year,

our

business

has

remained

committed

to

three

cardinal

principles

-

collaboration,

excellence,

and

disciplined

leadership

-

as

the

guiding

forces

behind

our

operations.

Despite

market

volatility,

our

focus

has

remained

unwaveringly

fixed

on

the

business's

long-term

goals.

Our

success

depends

on

strong

relationships

with

our

employees,

management

teams,

and

investors,

and

we

are

committed

to

creating

long-term

value

with

them.

We

operate

with

a

forward-thinking

mentality,

utilizing

innovative

strategies

to

support

our

clients'

long-term

objectives.

Further,

our

strong

results

for

2023

reflected

our

constant

focus

on

the

needs

of

our

investors,

the

uniqueness

and

breadth

of

our

services,

and

our

industry

expertise.

Above

all,

we

recognize

that

our

customers'

trust

and

confidence

are

vital.

Therefore,

we

work

diligently

to

earn

and

maintain

it

through

consistent,

dependable

service.

Macro

Commentary

For

much

of

2023,

economic

prognostications

for

2023

enthralled

investors

with

complex

narratives

subject

to

diverse

interpretations.

Throughout

most

of

the

reporting

period,

some

market

participants

convinced

themselves

that

a

soft

landing

was

empirically

challenging

to

pull

off,

and

therefore

2023

would

usher

in

a

recession.

More

specifically,

fears

of

elevated

wage

growth,

sticky

inflation,

and

short-term

inflation

expectations

reinforced

each

other

in

a

feedback

loop

that

caused

angst

among

investors

and

the

Federal

Reserve

("Fed").

As

such,

one

of

the

critical

macroeconomic

themes

during

the

reporting

period

was

whether

the

Fed

could

reduce

sticky

inflation

while

balancing

the

risk

of

raising

rates

too

high,

which

would

increase

the

probability

of

a

recession,

against

the

risk

of

raising

rates

too

little,

increasing

the

likelihood

of

inflation

turning

higher.

As

2023

transpired,

investors

likely

realized

the

cornucopia

of

available

economic

data

did

not

necessarily

indicate

an

impending

recession.

As

such,

economic

data

delivered

stronger-than-

expected

results,

and

a

positive

disinflation

trend

helped

investors

realize

that

the

Fed

had

likely

cooled

inflation

measurably

without

inducing

a

recessionary

shock

to

the

economy,

highlighting

the

peril

of

succumbing

to

overly

pessimistic

forecasts.

Additionally,

throughout

most

of

2023,

market

participants

observed

a

resilient

labor

market

with

job

growth

that

ended

the

year

on

a

solid

note;

however,

the

pace

of

job

gains

slowed

from

the

unsustainably

high

rates

recorded

in

the

first

quarter

of

the

reporting

period.

In

other

words,

the

foundational

elements

for

a

soft

landing

began

to

take

shape

in

the

latter

part

of

2023,

helping

to

assuage

investor

angst

that

the

Fed

would

remain

too

restrictive.

Better-than-expected

economic

data

throughout

most

of

the

reporting

period

indicated

that

the

U.S.

economy

remained

resilient.

The

underlying

resilience

led

many

economists

to

upgrade

their

outlooks,

pushing

off

their

recession

forecasts

from

the

first

half

of

2023

to

the

latter

half

of

2023

and

even

into

early

2024.

During

the

reporting

period,

the

economic

narrative

unfolded

as

an

intricate

chess

match

featuring

the

bond

market

and

the

Fed

as

opposing

players.

As

such,

economic

data

releases

became

a

nuanced

battleground

where

the

bond

market

and

the

Fed

strategically

vied

for

control

to

shape

the

narrative

around

the

timing

and

magnitude

of

interest

rate

cuts.

Against

this

backdrop,

the

U.S.

economy

remained

resilient

during

the

reporting

period

despite

a

mild

slowdown

in

employment

and

tighter

credit

conditions.

For

example,

annualized

U.S.

gross

2

-

December

31,

2023

-

Nationwide

Variable

Insurance

Trust

domestic

product

grew

2.2%

in

the

first

quarter

of

2023,

modestly

increased

by

an

annualized

2.1%

rate

in

the

second

quarter

and

registered

a

blistering

4.9%

annualized

growth

rate

for

the

third

quarter

of

2023.

Moreover,

receding

inflation

likely

boosted

consumer

spending

and

resilience,

a

key

theme

for

2023.

Although

consumer

spending

acted

as

a

tailwind,

investors

focused

on

mounting

consumer

credit

card

debt

and

rising

delinquencies

due

to

higher

financing

costs.

Nevertheless,

lower

headline

inflation

and

a

strong

labor

market

during

the

reporting

period

suggested

that

healthy

real

disposable

income

growth

supported

consumption,

a

key

driver

of

economic

growth.

For

much

of

2023,

the

conversation

surrounding

inflation

has

demonstrably

shifted;

moreover,

the

pace

of

price

increases

eased

considerably

relative

to

a

year

ago;

most

recently,

the

December

consumer

price

index

report

helped

confirm

some

strategists'

conviction

that

the

Fed

was

likely

done

hiking

interest

rates.

Asset

Class

Despite

various

economic

challenges,

the

equity

markets

delivered

respectable

returns

during

the

reporting

period.

If

investors

depended

solely

on

economic

headlines

to

make

investment

decisions,

they

might

have

felt

discouraged

about

the

market

in

2023,

just

as

they

did

in

2022.

For

example,

several

U.S.

banks

failed,

there

was

an

increase

in

anxiety

due

to

geopolitical

risks,

and

investors

were

consistently

worried

about

sticky

inflation,

among

other

things.

Yet,

despite

the

tumultuous

headlines

and

horrid

market

backdrop

of

2022,

the

S&P

500

®

Index

(S&P

500)

started

the

period

with

a

modest

cumulative

return

of

3.15%

between

January

and

March

23,

2023.

Likewise,

most

of

the

S&P

500's

return

attribution

resulted

from

multiple

expansion.

To

illustrate,

the

S&P

500's

blended

next

twelve

months

price-to-earnings

ratio

swelled

to

over

19x

in

December

from

16x

at

the

beginning

of

the

reporting

period.

During

most

of

the

reporting

period,

the

narrative

revolved

around

the

“Magnificent

Seven,”

seven

large-cap

Technology

and

Communication

Services

stocks

responsible

for

a

majority

of

the

S&P

500’s

advance

during

the

reporting

period.

Indeed,

many

investors

preferred

the

group

as

the

frenzy

for

generative

artificial

intelligence,

trepidations

from

the

regional

banking

crisis,

and

tighter

financial

conditions

had

investors

chasing

companies

with

higher-quality

balance

sheets.

As

such,

the

Magnificent

Seven

stocks

delivered

stunning

returns

in

2023

and

significantly

contributed

to

the

massive

outperformance

of

large

caps

in

2023.

As

of

December

30th,

2023,

these

seven

stocks

comprised

approximately

28%

of

the

S&P

500

and

had

a

median

return

of

nearly

81%

for

the

reporting

period.

Despite

some

market

participants'

consternation

over

poor

market

breadth

during

the

first

half

of

2023,

the

NASDAQ

gained

a

respectable

37%

return

through

July,

handily

outperforming

the

S&P

500

and

the

Russell

2000

®

Index.

Indeed,

the

narrow

market

breadth

during

the

first

half

of

the

reporting

period

was

a

critical

debate

among

the

bears

and

bulls

about

whether

the

market

was

in

a

new

bull

market

or

something

more

nefarious,

such

as

a

bear

market

rally.

Market

participants

had

varying

judgments

on

distinguishing

a

new

bull

market

during

the

reporting

period.

Some

believed

that

any

20%

increase

from

a

trough

(such

as

the

October

12,

2022,

low

for

the

S&P

500)

qualified,

while

others

argued

that

the

market

must

surpass

its

prior

peak

(on

January

1,

2022,

for

the

S&P

500).

Despite

the

debate,

on

October

12,

2023,

the

S&P

500

marked

its

one-year

anniversary

from

its

bear

market

low

on

October

12,

2022,

up

more

than

21%.

Curiously,

the

bull

market

rally

that

began

on

October

12,

2022,

was

one

of

the

weakest

on

record,

where

the

average

first

year

has

seen

the

S&P

500

rally

by

nearly

39%,

on

average.

The

equity

market's

narrowness

broadened

as

the

latter

half

of

the

reporting

period

unfolded.

Further,

greater

participation

was

a

sign

that

a

more

solid

fundamental

backdrop

might

be

forming

for

the

market.

Despite

this,

weaker

seasonality

in

August

and

September

remained

a

headwind

for

the

market

and

dampened

investor

sentiment.

Then,

toward

the

last

quarter

of

the

reporting

period,

the

market's

journey

from

a

somber

symphony

of

dire

market

sentiment

and

bearish

market

positioning

during

the

selloff

from

July

through

October

orchestrated

a

crescendo

that,

come

year-end,

seamlessly

transitioned

into

a

triumphant

year-end

rally.

Nationwide

Variable

Insurance

Trust

-

December

31,

2023

-

3

For

example,

from

the

October

low

through

year-end,

the

Russell

2000

®

Index

rallied

24%

while

the

S&P

500

Equal

Weight

Index

surged

18%.

The

broadening

of

the

rally,

in

part,

the

result

of

the

Fed

signaling

on

December

13th

that

disinflationary

trends

were

sufficient

to

shift

monetary

policy

toward

easing

in

2024,

was

a

welcomed

development

as

it

gave

the

bulls

confidence

that

the

underlying

resilience

of

the

economy

might

finally

shift

toward

other

sectors

of

the

market.

The

year-end

rally,

or

as

some

market

participants

coined

it,

the

“everything

rally,”

saw

global

stock

markets

rally

too,

with

the

MSCI

EAFE

®

Index

finishing

the

period

with

a

gain

of

nearly

18.24%.

Likewise,

the

MSCI

Emerging

Markets

®

Index

gained

9.8%.

Positive

economic

surprises,

sustained

disinflation,

and

Fed

cuts

lurking

in

2024

drove

a

powerful

year-end

rally,

with

U.S.

large-cap

growth

stocks

delivering

an

impressive

return

in

2023.

As

such,

The

Russell

3000

®

Growth

Index,

relative

to

the

Russell

3000

®

Value

Index,

had

its

best

year

since

1999.

Bond

investors

have

had

a

challenging

reporting

period.

The

Fed

remained

resolute

in

quelling

inflation,

instability

in

the

banking

sector

required

government

intervention,

and

tension

over

raising

the

debt

ceiling

led

to

heightened

fears

that

the

U.S.

government

might

default.

As

such,

the

ICE

BofA

Move

Index

peaked

at

198

in

March

but

ended

the

reporting

period

at

114.

After

languishing

during

most

of

the

reporting

period,

returns

from

fixed-income

assets

rebounded

during

the

fourth

quarter

as

yields

fell,

and

the

Fed

signaled

its

willingness

to

move

toward

a

more

balanced

approach

to

monetary

policy.

The

well-known

spread

between

the

2-year

and

10-year

Treasury

note

yields

("2yr/10yr

curve")

remained

inverted

during

the

reporting

period,

touching

a

low

of

-1.08%

on

July

3,

2023,

and

ending

the

reporting

period

at

-0.35%.

The

re-steepening

of

the

2-year/10-year

curve

from

July

to

the

end

of

the

reporting

period

caused

consternation

among

market

participants.

For

example,

the

spike

in

long-term

yields,

which

saw

the

30-year

fixed-rate

mortgage

hit

its

highest

level

since

June

2000,

exemplified

the

turbulence

investors

faced

in

the

bond

market.

Moreover,

since

June,

longer-term

interest

rates

advanced

faster

than

short-term

rates,

an

occurrence

known

as

a

"bear

steepener."

Then,

the

significant

drop

in

the

10-year

Treasury

yield

from

5.0%

in

mid-October

to

3.9%

just

two

months

later

removed

a

key

overhang

for

the

market,

as

the

decrease

in

yields

was

likely

the

result

of

inflation

easing

back

toward

the

Fed's

target

of

2%,

removing

the

threat

of

the

Fed

needing

to

increase

rates.

As

a

result,

relaxed

financial

conditions

paved

the

way

for

a

broad-based

recovery

of

many

market

sectors

that

were

previously

vulnerable

to

higher

rates.

As

the

market

entered

the

final

quarter

of

2023,

there

was

a

sense

of

comfort

that

the

Fed

had

concluded

its

interest

rate

hiking

cycle.

Investors,

however,

remained

cautious

about

how

long

monetary

policy

would

remain

at

restrictive

levels

-

a

key

debate

for

the

past

two

years.

This

apprehension

amongst

market

participants

slowly

waned

when

softer

inflation

rates

were

reported

in

the

U.S.

and

Europe,

leading

investors

to

believe

central

banks

would

begin

preemptively

cutting

interest

rates

sometime

in

2024.

Moreover,

the

December

Federal

Open

Market

Committee

meeting,

where

the

latest

economic

projections

indicated

that

there

would

be

three

cuts

in

2024,

solidified

market

participants'

beliefs

that

the

Fed

was

no

longer

willing

to

risk

the

potential

of

overtightening,

resulting

in

a

potential

policy

error.

Further,

an

essential

shift

in

messaging

occurred

when

Chair

Powell

did

not

push

back

on

easing

financial

conditions

and

the

bond

market

aggressively

pricing

in

rate

cuts

starting

in

early

2024.

In

other

words,

looser

financial

conditions

make

it

harder

for

the

Fed

to

cool

the

economy

and

reduce

inflation.

Nevertheless,

fixed-income

markets

rallied

at

the

end

of

the

reporting

period,

bolstered

by

expectations

of

interest

rate

cuts,

tightening

credit

spreads,

and

weakening

dollar-supporting

corporate

earnings.

As

such,

the

Bloomberg

®

U.S.

Aggregate

Bond

Index

returned

5.53%

during

the

reporting

period.

During

the

reporting

period,

investors

faced

significant

risks

that

further

solidified

our

belief

in

the

importance

of

a

well-crafted

investment

plan

with

a

long-term

focus.

We

remain

dedicated

to

our

investors

and

unwavering

in

our

vigilance,

seeking

to

successfully

navigate

even

the

most

challenging

investment

environments.

Your

continued

confidence

and

trust

in

us

are

4

-

December

31,

2023

-

Nationwide

Variable

Insurance

Trust

appreciated,

and

we

are

committed

to

helping

you

achieve

your

financial

objectives.

Thank

you

for

entrusting

us

with

your

investments.

Sincerely,

Kevin

T.

Jestice

President

and

Chief

Executive

Officer

Nationwide

Variable

Investment

Trust

The

following

chart

provides

returns

for

various

market

segments

for

the

twelve-month

reporting

period

that

ended

December

31,

2023:

Index

Annual

Total

Return

Bloomberg

®

Emerging

Markets

USD

(United

States

Dollars)

Aggregate

Bond

9.09%

Bloomberg

®

Municipal

Bond

6.40%

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

4.61%

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

3.69%

Bloomberg

®

U.S.

Aggregate

Bond

5.53%

Bloomberg

®

U.S.

Corporate

High

Yield

13.44%

MSCI

EAFE

®

18.24%

MSCI

Emerging

Markets

®

9.83%

MSCI

ACWI

ex

USA

15.62%

Russell

1000

®

Growth

42.68%

Russell

1000

®

Value

11.46%

Russell

2000

®

16.93%

S&P

500

®

26.29%

Nasdaq

Composite

44.64%

Russell

3000

®

Growth

41.21%

Russell

3000

®

Value

11.66%

Source:

Morningstar

NVIT

American

Funds

Asset

Allocation

Fund

-

December

31,

2023

-

Fund

Commentary

-

5

For

the

annual

period

ended

December

31,

2023,

the

NVIT

American

Funds

Asset

Allocation

Fund

Class

II

returned

13.84%

versus

17.71%

for

its

benchmark,

the

60%

of

the

S&P

500

®

Index

and

40%

of

the

Bloomberg

®

U.S.

Aggregate

Bond

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Moderate

Allocation*

(consisting

of

374

investments

as

of

December

31,

2023),

was

14.35%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

Below

is

the

2023

annual

report

commentary

from

the

American

Funds

Insurance

Series

®

Asset

Allocation

Fund

(Asset

Allocation

Fund),

which

is

the

sole

investment

of

the

NVIT

American

Funds

Asset

Allocation

Fund.

The

Asset

Allocation

Fund’s

performance

return

shown

below

and

the

NVIT

American

Funds

Asset

Allocation

Fund’s

performance

return

given

above

are

different

because

different

expense

ratios

apply

to

the

Asset

Allocation

Fund

versus

the

NVIT

American

Funds

Asset

Allocation

Fund.

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%

of

the

S&P

500

®

Index

and

40%

of

the

Bloomberg

®

U.S.

Aggregate

Bond

Index

1

advanced

17.71%.

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

Bond

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

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.

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.

Investment

Adviser

to

the

Master

Fund:

Capital

Research

and

Management

Company

SM

Portfolio

Managers:

Alan

N.

Berro;

David

A.

Daigle;

John

R.

Queen;

Jin

Lee;

Emme

Kozloff;

and

Justin

Toner

*Effective

April

28,

2023,

Morningstar

renamed

the

peer

category

from

Allocation--50%

to

70%

Equity

to

Moderate

Allocation

so

they

are

more

aligned

with

investors’

risk

tolerances.

1

Data

sources:

Bloomberg

Index

Services

Ltd.

and

S&P

Dow

Jones

Indices

LLC.

60%/40%

S&P

500

Index/Bloomberg

U.S.

Aggregate

Bond

Index

blends

the

S&P

500

with

the

Bloomberg

U.S.

Aggregate

Bond

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.

6

-

Fund

Commentary

-

December

31,

2023

-

NVIT

American

Funds

Asset

Allocation

Fund

The

NVIT

American

Funds

Asset

Allocation

Fund

(the

“Fund”)

is

considered

a

“feeder”

fund

because

it

invests

all

its

assets

in

the

Class

1

shares

of

the

master

fund,

the

Asset

Allocation

Fund

(the

“Master

Asset

Allocation

Fund”),

a

series

of

American

Funds

Insurance

Series

®

,

a

registered

open-end

investment

company.

The

Fund

may

be

subject

to

master-feeder

structure

risk.

Other

feeder

funds

also

may

invest

in

the

Master

Asset

Allocation

Fund.

A

larger

feeder

fund

could

have

more

voting

power

than

the

Fund

over

the

operations

of

the

Master

Asset

Allocation

Fund.

Also,

a

large-scale

redemption

by

another

feeder

fund

may

increase

the

proportionate

share

of

the

costs

of

the

Master

Asset

Allocation

Fund

borne

by

the

remaining

feeder

fund

shareholders,

including

the

Fund.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

small

companies).

Smaller

companies

involve

greater

risk

than

larger,

more-established

companies

because

smaller

companies

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more-limited

resources.

The

Fund

also

is

subject

to

the

risks

of

investing

in

foreign

securities

(which

are

volatile,

harder

to

price

and

less

liquid

than

U.S.

securities).

The

Fund

is

subject

to

the

risks

of

investing

in

fixed-income

securities,

including

high-yield

bonds

(which

are

more

volatile).

These

risks

include

default

risk

and

interest

rate

risk

(if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up).

Funds

that

invest

in

high-yield

securities

are

subject

to

greater

default

risk,

liquidity

risk,

and

price

fluctuations

than

funds

that

invest

in

higher-quality

securities.

The

prices

of

high-yield

bonds

tend

to

be

more

sensitive

to

adverse

economic

and

business

conditions

than

are

higher-rated

corporate

bonds.

Increased

volatility

may

reduce

the

market

value

of

high-yield

bonds.

They

are

also

subject

to

the

claims-paying

ability

of

the

issuing

company.

The

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(many

of

which

create

investment

leverage

and

are

highly

volatile).

The

Fund

is

subject

to

securities

lending

risk

(a

borrower

may

fail

to

return

loaned

securities

in

a

timely

manner

or

not

at

all,

causing

a

decline

in

investment

value).

The

Fund

is

subject

to

cash

position

risk

(the

Fund

may

miss

investment

opportunities).

Please

refer

to

the

most

recent

prospectus

for

a

more-

detailed

explanation

of

the

Fund’s

principal

risks.

Bloomberg

®

and

its

indexes

are

service

marks

of

Bloomberg

Finance

L.P.

and

its

affiliates

including

Bloomberg

Index

Services

Limited,

the

administrator

of

the

index,

and

have

been

licensed

for

use

for

certain

purposes

by

Nationwide.

Bloomberg

is

not

affiliated

with

Nationwide,

and

Bloomberg

does

not

approve,

endorse,

review,

or

recommend

this

product.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

date

or

information

relating

to

this

product.

S&P

Indexes

are

trademarks

of

Standard

&

Poor’s

and

have

been

licensed

for

use

by

Nationwide

Fund

Advisors.

The

Products

are

not

sponsored,

endorsed,

sold

or

promoted

by

Standard

&

Poor’s

and

Standard

&

Poor’s

does

not

make

any

representation

regarding

the

advisability

of

investing

in

the

Product.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

American

Funds

Asset

Allocation

Fund

-

December

31,

2023

-

Fund

Commentary

-

7

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

13.84%

8.79%

6.84%

4/28/2006

S&P

500®

Index

26.29%

15.69%

12.03%

Bloomberg®

U.S.

Aggregate

Bond

Index

5.53%

1.10%

1.81%

Blended

Index

2

17.71%

10.09%

8.14%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

1.09%

0.94%

^

Current

effective

prospectus

dated

May

1,

2023.

The

table

reflects

the

aggregate

expenses

of

both

the

Master

Fund

and

the

Fund.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

May

1,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

2

The

Blended

Index

comprises

60%

S&P

500

Index

and

40%

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index.

8

-

Fund

Commentary

-

December

31,

2023

-

NVIT

American

Funds

Asset

Allocation

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

American

Funds

Asset

Allocation

Fund

versus

performance

of

the

S&P

500

®

Index,

the

Bloomberg

®

U.S.

Aggregate

Bond

Index

and

the

Blended

Index*

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

indexes

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

*

The

Fund’s

Blended

Index

comprises

60%

S&P

500

®

Index

and

40%

Bloomberg

®

U.S.

Aggregate

Bond

Index.

NVIT

American

Funds

Bond

Fund

-

December

31,

2023

-

Fund

Commentary

-

9

For

the

annual

period

ended

December

31,

2023,

the

NVIT

American

Funds

Bond

Fund

Class

II

returned

4.50%

versus

5.53%

for

its

benchmark,

the

Bloomberg

®

U.S.

Aggregate

Bond

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Intermediate

Core

Bond

(consisting

of

109

investments

as

of

December

31,

2023),

was

5.55%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

Below

is

the

2023

annual

report

commentary

from

American

Funds

Insurance

Series

®

The

Bond

Fund

of

America

(Bond

Fund),

which

is

the

sole

investment

of

the

NVIT

American

Funds

Bond

Fund.

The

Bond

Fund’s

performance

return

shown

below,

and

the

NVIT

American

Funds

Bond

Fund’s

performance

return

given

above

are

different

because

different

expense

ratios

apply

to

the

Bond

Fund

versus

the

NVIT

American

Funds

Bond

Fund.

The

Bond

Fund

rose

5.21%

for

the

12

months

ended

December

31,

2023.

The

Fund’s

benchmark,

the

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

curve

2

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.

Duration

3

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

may

likely

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

may

be

an

important

contributor

to

results

over

the

course

of

the

year.

Investment

Adviser

to

the

Master

Fund:

Capital

Research

and

Management

Company

SM

Portfolio

Managers:

Pramod

Atluri;

David

A.

Hoag;

David

J.

Betanzos;

and

Fergus

N.

MacDonald

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.)

10

-

Fund

Commentary

-

December

31,

2023

-

NVIT

American

Funds

Bond

Fund

Bond

Fund

results

shown

are

for

past

periods

and

are

not

predictive

of

results

for

future

periods.

Current

and

future

results

may

be

lower

or

higher

than

those

shown.

Unit

prices

and

returns

will

vary,

so

investors

may

lose

money.

For

current

information

and

month-end

results,

visit

americanfunds.com/afis.

For

month-end

results

and

information

about

your

insurance

contract,

go

to

nationwide.com.

The

NVIT

American

Funds

Bond

Fund

(the

“Fund”)

is

considered

a

“feeder”

fund

because

it

invests

all

of

its

assets

in

the

Class

1

shares

of

the

master

fund,

the

Bond

Fund

(the

“Master

Bond

Fund”),

a

series

of

American

Funds

Insurance

Series

®

,

a

registered

open-end

investment

company.

The

Fund

may

be

subject

to

master-feeder

structure

risk.

Other

feeder

funds

also

may

invest

in

the

Master

Bond

Fund.

A

larger

feeder

fund

could

have

more

voting

power

than

the

Fund

over

the

operations

of

the

Master

Bond

Fund.

Also,

a

large-scale

redemption

by

another

feeder

fund

may

increase

the

proportionate

share

of

the

costs

of

the

Master

Bond

Fund

borne

by

the

remaining

feeder

fund

shareholders,

including

the

Fund.

The

Fund

is

subject

to

the

risks

of

investing

in

fixed-income

securities,

including

high-yield

bonds

(which

are

more

volatile).

These

risks

include

default

risk

and

interest

rate

risk

(if

interest

rates

go

up,

bond

prices

go

down,

and

if

interest

rates

go

down,

bond

prices

go

up).

Funds

that

invest

in

high-yield

securities

are

subject

to

greater

default

risk,

liquidity

risk,

and

price

fluctuations

than

funds

that

invest

in

higher-quality

securities.

The

prices

of

high-yield

bonds

tend

to

be

more

sensitive

to

adverse

economic

and

business

conditions

than

are

higher-rated

corporate

bonds.

Increased

volatility

may

reduce

the

market

value

of

high-yield

bonds.

They

are

also

subject

to

the

claims-paying

ability

of

the

issuing

company.

The

Fund

may

invest

in

more-aggressive

investments

such

as

derivatives

(many

of

which

create

investment

leverage

and

are

highly

volatile).

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Bloomberg

®

and

its

indexes

are

service

marks

of

Bloomberg

Finance

L.P.

and

its

affiliates

including

Bloomberg

Index

Services

Limited,

the

administrator

of

the

index,

and

have

been

licenses

for

use

for

certain

purposes

by

Nationwide.

Bloomberg

is

not

affiliated

with

Nationwide,

and

Bloomberg

does

not

approve,

endorse,

review

or

recommend

this

product.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

date

or

information

relating

to

this

product.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

American

Funds

Bond

Fund

-

December

31,

2023

-

Fund

Commentary

-

11

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

4.50%

1.49%

1.69%

4/28/2006

Bloomberg®

U.S.

Aggregate

Bond

Index

5.53%

1.10%

1.81%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

1.17%

0.85%

^

Current

effective

prospectus

dated

May

1,

2023.

The

table

reflects

the

aggregate

expenses

of

both

the

Master

Fund

and

the

Fund.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

May

1,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

12

-

Fund

Commentary

-

December

31,

2023

-

NVIT

American

Funds

Bond

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

American

Funds

Bond

Fund

versus

performance

of

the

Bloomberg

®

U.S.

Aggregate

Bond

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

American

Funds

Global

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

13

For

the

annual

period

ended

December

31,

2023,

the

NVIT

American

Funds

Global

Growth

Fund

Class

II

returned

22.14%*

versus

22.20%

for

its

benchmark,

the

MSCI

®

All

Country

World

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Global

Large-Stock

Growth

(consisting

of

42

investments

as

of

December

31,

2023),

was

23.13%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

Below

is

the

2023

annual

report

commentary

from

American

Funds

Insurance

Series

®

Global

Growth

Fund

(Global

Growth

Fund),

which

is

the

sole

investment

of

the

NVIT

American

Funds

Global

Growth

Fund.

The

Global

Growth

Fund’s

performance

return

shown

below,

and

the

NVIT

American

Funds

Global

Growth

Fund’s

performance

return

given

above

are

different

because

different

expense

ratios

apply

to

the

Global

Growth

Fund

versus

the

NVIT

American

Funds

Global

Growth

Fund.

The

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,

the

MSCI

®

ACWI

(All

Country

World

Index),

1

a

free

float-adjusted

market

capitalization-weighted

index

that

is

designed

to

measure

equity

market

results

in

the

global

developed

and

emerging

markets,

consisting

of

more

than

40

developed

and

emerging

market

country

indexes.

Global

stocks

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

margins.

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.

Investment

Adviser

to

the

Master

Fund:

Capital

Research

and

Management

Company

SM

Portfolio

Managers:

Patrice

Collette;

Piyada

Phanaphat;

Jonathan

Knowles;

and

Roz

Hongsaranagon

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.)

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

Global

Growth

Fund

results

shown

are

for

past

periods

and

are

not

predictive

of

results

for

future

periods.

Current

and

future

results

may

be

lower

or

higher

than

those

shown.

Unit

prices

and

returns

will

vary,

so

investors

may

lose

money.

For

current

information

and

month-end

results,

visit

americanfunds.com/afis.

For

month-end

results

and

information

about

your

insurance

contract,

go

to

nationwide.com.

14

-

Fund

Commentary

-

December

31,

2023

-

NVIT

American

Funds

Global

Growth

Fund

The

NVIT

American

Funds

Global

Growth

Fund

(the

“Fund”)

is

considered

a

“feeder”

fund

because

it

invests

all

of

its

assets

in

the

Class

1

shares

of

the

master

fund,

the

Global

Growth

Fund

(the

“Master

Global

Growth

Fund”),

a

series

of

American

Funds

Insurance

Series

®

,

a

registered

open-end

investment

company.

The

Fund

may

be

subject

to

master-feeder

structure

risk.

Other

feeder

funds

also

may

invest

in

the

Master

Global

Growth

Fund.

A

larger

feeder

fund

could

have

more

voting

power

than

the

Fund

over

the

operations

of

the

Master

Global

Growth

Fund.

Also,

a

large-scale

redemption

by

another

feeder

fund

may

increase

the

proportionate

share

of

the

costs

of

the

Master

Global

Growth

Fund

borne

by

the

remaining

feeder

fund

shareholders,

including

the

Fund.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

small

companies).

Smaller

companies

involve

greater

risk

than

larger,

more-established

companies

because

smaller

companies

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more-limited

resources.

The

Fund

also

is

subject

to

the

risks

of

investing

in

foreign

securities

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information,

all

of

which

are

magnified

in

emerging

markets).

Growth

funds

may

underperform

other

funds

that

use

different

investing

styles.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

MSCI

cannot

and

does

not

guarantee

the

accuracy,

validity,

timeliness

or

completeness

of

any

information

or

data

made

available

to

you

for

any

particular

purpose.

Neither

MSCI,

nor

any

of

its

affiliates,

directors,

officers,

or

employees,

nor

its

successors

or

assigns,

nor

any

third-party

vendor,

will

be

liable

or

have

any

responsibility

of

any

kind

for

any

loss

or

damage

that

you

incur.

©

2024

MSCI

Inc.

All

rights

reserved.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

American

Funds

Global

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

15

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

22.14%

13.21%

9.14%

4/28/2006

MSCI

ACWI®

22.20%

11.72%

7.93%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

1.32%

1.06%

^

Current

effective

prospectus

dated

May

1,

2023.

The

table

reflects

the

aggregate

expenses

of

both

the

Master

Fund

and

the

Fund.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

May

1,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

16

-

Fund

Commentary

-

December

31,

2023

-

NVIT

American

Funds

Global

Growth

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distribution.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

American

Funds

Global

Growth

Fund

versus

performance

of

the

MSCI

ACWI

®

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

American

Funds

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

17

For

the

annual

period

ended

December

31,

2023,

the

NVIT

American

Funds

Growth

Fund

Class

II

returned

37.95%*

versus

26.29%

for

its

benchmark,

the

S&P

500

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Large

Growth

(consisting

of

268

investments

as

of

December

31,

2023),

was

40.75%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

Below

is

the

2023

annual

report

commentary

from

the

American

Funds

Insurance

Series

®

Growth

Fund

(Growth

Fund),

which

is

the

sole

investment

of

the

NVIT

American

Funds

Growth

Fund.

The

Growth

Fund’s

performance

return

shown

below,

and

the

NVIT

American

Funds

Growth

Fund’s

performance

return

given

above

are

different

because

different

expense

ratios

apply

to

the

Growth

Fund

versus

the

NVIT

American

Funds

Growth

Fund.

The

Growth

Fund

returned

38.81%

for

the

12

months

ended

December

31,

2023,

compared

with

an

increase

of

26.29%

in

its

benchmark

Index,

the

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.

Investment

Adviser

to

the

Master

Fund:

Capital

Research

and

Management

Company

SM

Portfolio

Managers:

Paul

R.

Benjamin;

Mark

L.

Casey;

Anne-Marie

Peterson;

Andraz

Razen;

Alan

J.

Wilson;

and

Irfan

M.

Furniturewala

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

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.)

Growth

Fund

results

shown

are

for

past

periods

and

are

not

predictive

of

results

for

future

periods.

Current

and

future

results

may

be

lower

or

higher

than

those

shown.

Unit

prices

and

returns

will

vary,

so

investors

may

lose

money.

For

current

information

and

month-end

results,

visit

americanfunds.com/afis.

For

month-end

results

and

information

about

your

insurance

contract,

go

to

nationwide.com.

The

NVIT

American

Funds

Growth

Fund

(the

“Fund”)

is

considered

a

“feeder”

fund

because

it

invests

all

of

its

assets

in

the

Class

1

shares

of

the

master

fund,

the

Growth

Fund

(the

“Master

Growth

Fund”),

a

series

of

American

Funds

Insurance

Series

®

,

a

registered

open-end

investment

company.

The

Fund

may

be

subject

to

master-feeder

structure

risk.

Other

feeder

funds

also

may

invest

in

the

Master

Growth

Fund.

A

larger

feeder

fund

could

have

more

voting

power

than

the

Fund

over

the

operations

of

the

Master

Growth

Fund.

Also,

a

large-scale

redemption

by

another

feeder

fund

may

increase

the

proportionate

share

of

the

costs

of

the

Master

Growth

Fund

borne

by

the

remaining

feeder

fund

shareholders,

including

the

Fund.

18

-

Fund

Commentary

-

December

31,

2023

-

NVIT

American

Funds

Growth

Fund

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

small

companies).

Smaller

companies

involve

greater

risk

than

larger,

more-established

companies

because

smaller

companies

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more-limited

resources.

The

Fund

also

is

subject

to

the

risks

of

investing

in

foreign

securities

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information,

all

of

which

are

magnified

in

emerging

markets).

Growth

funds

may

underperform

other

funds

that

use

different

investing

styles.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Standard

&

Poor's

Financial

Services

LLC

or

its

affiliates

(collectively,

S&P)

and

any

third-party

providers,

as

well

as

their

directors,

officers,

shareholders,

employees,

or

agents

do

not

guarantee

the

accuracy,

completeness,

timeliness,

or

availability

of

the

Content.

S&P

Parties

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

for

the

results

obtained

from

the

use

of

the

Content,

or

for

the

security

or

maintenance

of

any

data

input

by

the

user.

The

Content

is

provided

on

an

"as

is"

basis.

Copyright

©

2024

by

Standard

&

Poor's

Financial

Services

LLC.

All

rights

reserved.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

American

Funds

Growth

Fund

-

December

31,

2023

-

Fund

Commentary

-

19

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

37.95%

18.22%

13.91%

4/28/2006

S&P

500®

Index

26.29%

15.69%

12.03%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

1.13%

0.98%

^

Current

effective

prospectus

dated

May

1,

2023.

The

table

reflects

the

aggregate

expenses

of

both

the

Master

Fund

and

the

Fund.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

May

1,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

20

-

Fund

Commentary

-

December

31,

2023

-

NVIT

American

Funds

Growth

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

American

Funds

Growth

Fund

versus

performance

of

the

S&P

500

®

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

American

Funds

Growth-Income

Fund

-

December

31,

2023

-

Fund

Commentary

-

21

For

the

annual

period

ended

December

31,

2023,

the

NVIT

American

Funds

Growth-Income

Fund

Class

II

returned

25.68%*

versus

26.29%

for

its

benchmark,

the

S&P

500

®

Index.

For

broader

comparison,

the

return

for

the

Fund's

closest

Morningstar

peer

category,

Large

Blend

(consisting

of

313

investments

as

of

December

31,

2023),

was

25.60%

for

the

same

period.

Performance

for

the

Fund's

other

share

classes

versus

the

benchmark

is

included

in

the

Average

Annual

Total

Return

chart

in

this

report's

Fund

Performance

section.

Below

is

the

2023

annual

report

commentary

from

the

American

Funds

Insurance

Series

®

Growth-Income

Fund

(Growth-Income

Fund),

which

is

the

sole

investment

of

the

NVIT

American

Funds

Growth-Income

Fund.

The

Growth-Income

Fund’s

performance

return

shown

below,

and

the

NVIT

American

Funds

Growth-Income

Fund’s

performance

return

given

above

are

different

because

different

expense

ratios

apply

to

the

Growth-Income

Fund

versus

the

NVIT

American

Funds

Growth-Income

Fund.

The

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,

the

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.

Investment

Adviser

to

the

Master

Fund:

Capital

Research

and

Management

Company

SM

Portfolio

Managers:

Charles

E.

Ellwein;

Donald

D.

O’Neal;

J.

Blair

Frank;

William

L.

Robbins;

Keiko

McKibben;

and

Carlos

A.

Schonfeld

*High

double-digit

returns

are

unusual

and

cannot

be

sustained

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.)

Growth-Income

Fund

results

shown

are

for

past

periods

and

are

not

predictive

of

results

for

future

periods.

Current

and

future

results

may

be

lower

or

higher

than

those

shown.

Unit

prices

and

returns

will

vary,

so

investors

may

lose

money.

For

current

information

and

month-end

results,

visit

americanfunds.com/afis.

For

month-end

results

and

information

about

your

insurance

contract,

go

to

nationwide.com.

The

NVIT

American

Funds

NVIT

Growth-Income

Fund

(the

“Fund”)

is

considered

a

“feeder”

fund

because

it

invests

all

its

assets

in

the

Class

1

shares

of

the

master

fund,

the

Growth-Income

Fund

(the

“Master

Growth-Income

Fund”),

a

series

of

American

Funds

Insurance

Series

®

,

a

registered

open-end

investment

company.

The

Fund

may

be

subject

to

master-feeder

structure

risk.

Other

feeder

funds

also

may

invest

in

the

Master

Growth-Income

Fund.

A

larger

feeder

fund

could

have

more

voting

power

than

the

Fund

over

the

operations

of

the

Master

Growth-Income

Fund.

Also,

a

large-scale

redemption

by

another

feeder

fund

may

increase

the

22

-

Fund

Commentary

-

December

31,

2023

-

NVIT

American

Funds

Growth-Income

Fund

proportionate

share

of

the

costs

of

the

Master

Growth-Income

Fund

borne

by

the

remaining

feeder

fund

shareholders,

including

the

Fund.

The

Fund

is

subject

to

the

risks

of

investing

in

equity

securities

(including

small

companies).

Smaller

companies

involve

greater

risk

than

larger,

more-established

companies

because

smaller

companies

1)

usually

are

less

stable

in

price,

2)

are

less

liquid

3)

are

more

vulnerable

to

adverse

business

and

economic

developments

and

4)

have

more-limited

resources.

The

Fund

also

is

subject

to

the

risks

of

investing

in

foreign

securities

(currency

fluctuations,

political

risks,

differences

in

accounting

and

limited

availability

of

information,

all

of

which

are

magnified

in

emerging

markets).

Growth

funds

may

underperform

other

funds

that

use

different

investing

styles.

The

Fund

also

is

subject

to

dividend

risk.

Income

provided

by

the

Fund

could

be

reduced

by

changes

in

the

dividend

policies

of,

and

the

capital

resources

available

at,

the

companies

in

which

the

Master

Growth-Income

Fund

invests.

Please

refer

to

the

most

recent

prospectus

for

a

more

detailed

explanation

of

the

Fund’s

principal

risks.

Standard

&

Poor's

Financial

Services

LLC

or

its

affiliates

(collectively,

S&P)

and

any

third-party

providers,

as

well

as

their

directors,

officers,

shareholders,

employees

or

agents

do

not

guarantee

the

accuracy,

completeness,

timeliness

or

availability

of

the

Content.

S&P

Parties

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

for

the

results

obtained

from

the

use

of

the

Content,

or

for

the

security

or

maintenance

of

any

data

input

by

the

user.

The

Content

is

provided

on

an

"as

is"

basis.

Copyright

©

2024

by

Standard

&

Poor's

Financial

Services

LLC.

All

rights

reserved.

A

description

of

the

benchmarks

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

NVIT

American

Funds

Growth-Income

Fund

-

December

31,

2023

-

Fund

Commentary

-

23

Average

Annual

Total

Return

1

(For

periods

ended

December

31,

2023)

1

Yr.

5

Yr.

10

yr.

or

Inception

Date

of

Inception

Class

II

25.68%

12.93%

10.49%

4/27/2007

S&P

500®

Index

26.29%

15.69%

12.03%

Expense

Ratios

Gross

Expense

Ratio

^

Net

Expense

Ratio

^

Class

II

1.07%

0.92%

^

Current

effective

prospectus

dated

May

1,

2023.

The

table

reflects

the

aggregate

expenses

of

both

the

Master

Fund

and

the

Fund.

The

difference

between

gross

and

net

operating

expenses

reflects

contractual

waivers

in

place

through

May

1,

2024.

Please

see

the

Fund’s

most

recent

prospectus

for

details.

Please

refer

to

the

Financial

Highlights

for

each

respective

share

class’

actual

results.

1

The

returns

reported

above

do

not

include

the

effect

of

sales

charges

or

additional

expenses

imposed

by

variable

annuity

contracts.

24

-

Fund

Commentary

-

December

31,

2023

-

NVIT

American

Funds

Growth-Income

Fund

Performance

of

a

$10,000

Investment

Investment

return

and

principal

value

will

fluctuate,

and

when

redeemed,

shares

may

be

worth

more

or

less

than

original

cost.

Past

performance

is

no

guarantee

of

future

results

and

does

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Investing

in

mutual

funds

involves

market

risk,

including

loss

of

principal.

Performance

returns

assume

the

reinvestment

of

all

distributions.

Comparative

performance

of

$10,000

invested

in

Class

II

shares

of

the

NVIT

American

Funds

Growth-Income

Fund

versus

performance

of

the

S&P

500

®

Index

over

the

10-year

period

ended

12/31/23.

Unlike

the

Fund,

the

performance

of

the

index

does

not

reflect

any

fees,

expenses,

or

sales

charges.

One

cannot

invest

directly

in

a

market

index.

A

description

of

the

benchmark

can

be

found

on

the

Market

Index

Definitions

page

at

the

back

of

this

book.

American

Funds

-

December

31,

2023

-

Shareholder

Expense

Example

-

25

As

a

shareholder

of

the

Fund,

you

incur

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

paid

on

purchase

payments

and

redemption

fees;

and

(2)

ongoing

costs,

including

investment

advisory

fees,

administration

fees,

distribution

fees

and

other

Fund

expenses.

The

examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

Per

Securities

and

Exchange

Commission

(“SEC”)

requirements,

the

examples

assume

that

you

had

a

$1,000

investment

in

the

Class

at

the

beginning

of

the

reporting

period

(July

1,

2023) and

continued

to

hold

your

shares

at

the

end

of

the

reporting

period

(December

31,

2023).

Actual

Expenses

For

each

Class

of

the

Fund

in

the

table

below,

the

first

line

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

from July

1,

2023

through

December

31,

2023.

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

of

each

Class

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Expenses

for

Comparison

Purposes

The

second

line

of

each

Class

in

the

table

below

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Class’

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Class’

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

from July

1,

2023

through

December

31,

2023.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Class

of

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs,

such

as

sales

charges

(loads)

or

redemption

fees.

If

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Therefore,

the

second

line

for

each

Class

in

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

The

examples

also

assume

all

dividends

and

distributions

are

reinvested.

Schedule

of

Shareholder

Expenses

Expense

Analysis

of

a

$1,000

Investment

Beginning

Account

Value($)

7/1/23

Ending

Account

Value($)

12/31/23

Expenses

Paid

During

Period

($)

7/1/23

-

12/31/23

(a)

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

(b)

NVIT

American

Funds

Asset

Allocation

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,066.50

3.28

0.63

Hypothetical

(c)(d)

1,000.00

1,022.03

3.21

0.63

NVIT

American

Funds

Bond

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,033.10

3.23

0.63

Hypothetical

(c)(d)

1,000.00

1,022.03

3.21

0.63

NVIT

American

Funds

Global

Growth

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,061.80

3.33

0.64

Hypothetical

(c)(d)

1,000.00

1,021.98

3.26

0.64

NVIT

American

Funds

Growth

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,106.80

3.35

0.63

Hypothetical

(c)(d)

1,000.00

1,022.03

3.21

0.63

26

-

Shareholder

Expense

Example

-

December

31,

2023

-

American

Funds

Beginning

Account

Value($)

7/1/23

Ending

Account

Value($)

12/31/23

Expenses

Paid

During

Period

($)

7/1/23

-

12/31/23

(a)

Expense

Ratio

During

Period

(%)

7/1/23

-

12/31/23

(a)

(b)

NVIT

American

Funds

Growth-Income

Fund

Class

II

Shares

Actual

(c)

1,000.00

1,097.70

3.33

0.63

Hypothetical

(c)(d)

1,000.00

1,022.03

3.21

0.63

(a)

Expenses

are

based

on

the

direct

expenses

of

the

Fund

and

do

not

include

the

effect

of

the

Master

Fund’s

expenses,

which

are

disclosed

in

the

Fee

and

Expense

table

and

described

more

fully

in

a

footnote

to

that

table

in

your

Fund

Prospectus.

(b)

The

Example

does

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

the

expenses

listed

below

would

be

higher.

(c)

Expenses

are

equal

to

the

Fund’s

annualized

expense

ratio

multiplied

by

the

average

account

value

from

July

1,

2023

through

December

31,

2023

multiplied

by

184/365

to

reflect

one-half

year

period.

The

expense

ratio

presented

represents

a

six-month,

annualized

ratio

in

accordance

with

Securities

and

Exchange

Commission

guidelines.

(d)

Represents

the

hypothetical

5%

return

before

expenses.

28

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

American

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Asset

Allocation

Fund

Assets:

Investment

in

Master

Fund

(Note

1)

$

6,356,372,075‌

Receivable

for

investments

sold

2,152,371‌

Receivable

for

capital

shares

issued

110,639‌

Prepaid

expenses

6,257‌

Total

Assets

6,358,641,342‌

Liabilities:

Payable

for

capital

shares

redeemed

2,262,293‌

Accrued

expenses

and

other

payables:

Fund

administration

fees

127,896‌

Master

feeder

service

provider

fee

616,107‌

Distribution

fees

1,329,342‌

Administrative

servicing

fees

1,268,171‌

Accounting

and

transfer

agent

fees

10,637‌

Trustee

fees

272‌

Custodian

fees

151,510‌

Compliance

program

costs

(Note

3)

6,822‌

Professional

fees

13,606‌

Printing

fees

31,883‌

Other

52,458‌

Total

Liabilities

5,870,997‌

Net

Assets

$

6,352,770,345‌

Cost

of

investment

in

Master

Fund

4,962,569,324‌

Represented

by:

Capital

$

4,640,011,304‌

Total

distributable

earnings

(loss)

1,712,759,041‌

Net

Assets

$

6,352,770,345‌

American

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

29

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Global

Growth

Fund

NVIT

American

Funds

Growth

Fund

NVIT

American

Funds

Growth-

Income

Fund

$

3,372,936,536‌

$

527,293,483‌

$

1,594,902,828‌

$

3,944,284,883‌

2,354,221‌

85,000‌

863,977‌

2,171,990‌

42,364‌

26,179‌

177‌

91,447‌

3,669‌

576‌

1,938‌

4,246‌

3,375,336,790‌

527,405,238‌

1,595,768,920‌

3,946,552,566‌

2,396,193‌

111,103‌

863,968‌

2,262,993‌

73,610‌

20,121‌

39,617‌

83,374‌

327,726‌

50,714‌

147,751‌

375,817‌

709,578‌

109,462‌

330,522‌

820,702‌

648,283‌

105,098‌

318,748‌

774,150‌

5,517‌

746‌

2,257‌

6,388‌

162‌

110‌

158‌

146‌

79,550‌

12,819‌

25,355‌

83,004‌

3,642‌

559‌

1,669‌

4,189‌

8,354‌

3,751‌

6,777‌

9,839‌

23,936‌

22,532‌

14,641‌

25,392‌

27,381‌

4,294‌

10,465‌

29,707‌

4,303,932‌

441,309‌

1,761,928‌

4,475,701‌

$

3,371,032,858‌

$

526,963,929‌

$

1,594,006,992‌

$

3,942,076,865‌

3,763,277,186‌

421,862,525‌

1,268,821,504‌

2,904,736,290‌

$

3,778,926,456‌

$

397,153,544‌

$

1,273,480,357‌

$

2,684,635,219‌

(

407,893,598‌

)

129,810,385‌

320,526,635‌

1,257,441,646‌

$

3,371,032,858‌

$

526,963,929‌

$

1,594,006,992‌

$

3,942,076,865‌

30

-

Statements

of

Assets

and

Liabilities

-

December

31,

2023

-

American

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Asset

Allocation

Fund

Net

Assets:

Class

II

Shares

$

6,352,770,345‌

Total

$

6,352,770,345‌

Shares

Outstanding

(unlimited

number

of

shares

authorized):

Class

II

Shares

249,958,014‌

Total

249,958,014‌

Net

asset

value

and

offering

price

per

share

(Net

assets

by

class

divided

by

shares

outstanding

by

class,

respectively):

Class

II

Shares

$

25

.42‌

American

Funds

-

December

31,

2023

-

Statements

of

Assets

and

Liabilities

-

31

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Global

Growth

Fund

NVIT

American

Funds

Growth

Fund

NVIT

American

Funds

Growth-

Income

Fund

$

3,371,032,858‌

$

526,963,929‌

$

1,594,006,992‌

$

3,942,076,865‌

$

3,371,032,858‌

$

526,963,929‌

$

1,594,006,992‌

$

3,942,076,865‌

309,000,986‌

15,000,068‌

14,728,703‌

62,695,427‌

309,000,986‌

15,000,068‌

14,728,703‌

62,695,427‌

$

10

.91‌

$

35

.13‌

$

108

.22‌

$

62

.88‌

32

-

Statements

of

Operations

-

For

the

Year

Ended

December

31,

2023

-

American

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Asset

Allocation

Fund

INVESTMENT

INCOME:

Dividend

income

from

Master

Fund

$

149,168,167‌

Interest

income

–‌

Total

Income

149,168,167‌

EXPENSES:

Fund

administration

fees

1,367,713‌

Master

feeder

service

provider

fees

15,495,123‌

Distribution

fees

Class

II

Shares

15,495,123‌

Administrative

servicing

fees

Class

II

Shares

15,495,123‌

Professional

fees

208,367‌

Printing

fees

77,336‌

Trustee

fees

222,613‌

Custodian

fees

37,271‌

Accounting

and

transfer

agent

fees

41,995‌

Compliance

program

costs

(Note

3)

26,780‌

Other

134,047‌

Total

expenses

before

fees

waived

48,601,491‌

Master

feeder

service

provider

fees

waived

(Note

3)

(

9,379,706‌

)

Net

Expenses

39,221,785‌

NET

INVESTMENT

INCOME/(LOSS)

109,946,382‌

REALIZED/UNREALIZED

GAINS

(LOSSES)

FROM

INVESTMENTS:

Net

realized

gains

distributions

from

Master

Fund

238,381,015‌

Net

realized

gains

(losses)

from:

Transactions

in

investment

securities

(

9,862,235‌

)

Net

realized

gains

(losses)

228,518,780‌

Net

change

in

unrealized

appreciation/depreciation

in

the

value

of:

Investment

securities

466,357,186‌

Net

change

in

unrealized

appreciation/depreciation

466,357,186‌

Net

realized/unrealized

gains

(losses)

694,875,966‌

CHANGE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

$

804,822,348‌

American

Funds

-

For

the

Year

Ended

December

31,

2023

-

Statements

of

Operations

-

33

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Global

Growth

Fund

NVIT

American

Funds

Growth

Fund

NVIT

American

Funds

Growth-

Income

Fund

$

120,996,063‌

$

5,567,029‌

$

8,470,318‌

$

58,518,198‌

—‌

—‌

22‌

—‌

120,996,063‌

5,567,029‌

8,470,340‌

58,518,198‌

738,181‌

130,880‌

324,685‌

834,332‌

8,231,883‌

1,215,856‌

3,468,304‌

9,340,603‌

8,231,883‌

1,215,856‌

3,468,304‌

9,340,603‌

8,231,883‌

1,215,856‌

3,468,304‌

9,340,603‌

113,435‌

32,887‌

57,605‌

130,681‌

59,966‌

18,787‌

34,307‌

58,864‌

119,212‌

17,430‌

50,001‌

134,003‌

19,793‌

2,907‌

7,091‌

21,195‌

22,096‌

3,350‌

9,150‌

25,229‌

14,274‌

2,109‌

5,963‌

16,159‌

75,842‌

11,401‌

33,582‌

85,149‌

25,858,448‌

3,867,319‌

10,927,296‌

29,327,421‌

(

4,982,922‌

)

(

735,997‌

)

(

2,099,640‌

)

(

5,654,343‌

)

20,875,526‌

3,131,322‌

8,827,656‌

23,673,078‌

100,120,537‌

2,435,707‌

(

357,316‌

)

34,845,120‌

—‌

36,497,464‌

76,994,366‌

199,192,850‌

(

60,202,162‌

)

(

1,462,647‌

)

(

42,293,251‌

)

11,617,962‌

(

60,202,162‌

)

35,034,817‌

34,701,115‌

210,810,812‌

106,952,992‌

60,175,968‌

410,411,997‌

615,379,768‌

106,952,992‌

60,175,968‌

410,411,997‌

615,379,768‌

46,750,830‌

95,210,785‌

445,113,112‌

826,190,580‌

$

146,871,367‌

$

97,646,492‌

$

444,755,796‌

$

861,035,700‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

American

Funds

NVIT

American

Funds

Asset

Allocation

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income

$

109,946,382‌

$

98,260,459‌

Net

realized

gains

(losses)

228,518,780‌

690,471,407‌

Net

change

in

unrealized

appreciation/depreciation

466,357,186‌

(

1,851,784,076‌

)

Change

in

net

assets

resulting

from

operations

804,822,348‌

(

1,063,052,210‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

II

(

641,402,937‌

)

(

254,203,286‌

)

Change

in

net

assets

from

shareholder

distributions

(

641,402,937‌

)

(

254,203,286‌

)

Change

in

net

assets

from

capital

transactions

(

66,205,838‌

)

(

298,821,340‌

)

Change

in

net

assets

97,213,573‌

(

1,616,076,836‌

)

Net

Assets:

Beginning

of

year

6,255,556,772‌

7,871,633,608‌

End

of

year

$

6,352,770,345‌

$

6,255,556,772‌

CAPITAL

TRANSACTIONS:

Class

II

Shares

Proceeds

from

shares

issued

$

37,569,979‌

$

59,416,022‌

Dividends

reinvested

641,402,937‌

254,203,286‌

Cost

of

shares

redeemed

(

745,178,754‌

)

(

612,440,648‌

)

Total

Class

II

Shares

(

66,205,838‌

)

(

298,821,340‌

)

Change

in

net

assets

from

capital

transactions

$

(

66,205,838‌

)

$

(

298,821,340‌

)

SHARE

TRANSACTIONS:

Class

II

Shares

Issued

1,467,878‌

2,302,997‌

Reinvested

27,017,815‌

10,358,732‌

Redeemed

(

29,586,751‌

)

(

23,144,853‌

)

Total

Class

II

Shares

(

1,101,058‌

)

(

10,483,124‌

)

Total

change

in

shares

(

1,101,058‌

)

(

10,483,124‌

)

American

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

35

NVIT

American

Funds

Bond

Fund

NVIT

American

Funds

Global

Growth

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

100,120,537‌

$

85,727,277‌

$

2,435,707‌

$

1,377,720‌

(

60,202,162‌

)

(

32,964,395‌

)

35,034,817‌

42,486,434‌

106,952,992‌

(

563,440,571‌

)

60,175,968‌

(

201,420,941‌

)

146,871,367‌

(

510,677,689‌

)

97,646,492‌

(

157,556,787‌

)

—‌

(

69,762,469‌

)

(

48,695,479‌

)

(

29,287,659‌

)

—‌

(

69,762,469‌

)

(

48,695,479‌

)

(

29,287,659‌

)

33,759,011‌

(

213,477,770‌

)

16,083,863‌

20,318,104‌

180,630,378‌

(

793,917,928‌

)

65,034,876‌

(

166,526,342‌

)

3,190,402,480‌

3,984,320,408‌

461,929,053‌

628,455,395‌

$

3,371,032,858‌

$

3,190,402,480‌

$

526,963,929‌

$

461,929,053‌

$

333,047,523‌

$

136,080,108‌

$

17,489,454‌

$

34,626,398‌

—‌

69,762,469‌

48,695,479‌

29,287,659‌

(

299,288,512‌

)

(

419,320,347‌

)

(

50,101,070‌

)

(

43,595,953‌

)

33,759,011‌

(

213,477,770‌

)

16,083,863‌

20,318,104‌

$

33,759,011‌

$

(

213,477,770‌

)

$

16,083,863‌

$

20,318,104‌

31,718,892‌

11,519,463‌

508,219‌

967,454‌

—‌

6,593,806‌

1,499,245‌

940,214‌

(

28,449,002‌

)

(

38,249,034‌

)

(

1,468,104‌

)

(

1,254,520‌

)

3,269,890‌

(

20,135,765‌

)

539,360‌

653,148‌

3,269,890‌

(

20,135,765‌

)

539,360‌

653,148‌

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

36

-

Statements

of

Changes

in

Net

Assets

-

December

31,

2023

-

American

Funds

NVIT

American

Funds

Growth

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

OPERATIONS:

Net

investment

income/(loss)

$

(

357,316‌

)

$

(

530,182‌

)

Net

realized

gains

34,701,115‌

151,568,862‌

Net

change

in

unrealized

appreciation/depreciation

410,411,997‌

(

638,827,257‌

)

Change

in

net

assets

resulting

from

operations

444,755,796‌

(

487,788,577‌

)

Distributions

to

Shareholders

From:

Distributable

earnings:

Class

II

(

159,563,457‌

)

(

158,905,474‌

)

Change

in

net

assets

from

shareholder

distributions

(

159,563,457‌

)

(

158,905,474‌

)

Change

in

net

assets

from

capital

transactions

138,950,733‌

193,007,245‌

Change

in

net

assets

424,143,072‌

(

453,686,806‌

)

Net

Assets:

Beginning

of

year

1,169,863,920‌

1,623,550,726‌

End

of

year

$

1,594,006,992‌

$

1,169,863,920‌

CAPITAL

TRANSACTIONS:

Class

II

Shares

Proceeds

from

shares

issued

$

116,055,718‌

$

139,314,631‌

Dividends

reinvested

159,563,457‌

158,905,474‌

Cost

of

shares

redeemed

(

136,668,442‌

)

(

105,212,860‌

)

Total

Class

II

Shares

138,950,733‌

193,007,245‌

Change

in

net

assets

from

capital

transactions

$

138,950,733‌

$

193,007,245‌

SHARE

TRANSACTIONS:

Class

II

Shares

Issued

1,165,927‌

1,279,112‌

Reinvested

1,618,127‌

1,687,611‌

Redeemed

(

1,341,183‌

)

(

915,543‌

)

Total

Class

II

Shares

1,442,871‌

2,051,180‌

Total

change

in

shares

1,442,871‌

2,051,180‌

American

Funds

-

December

31,

2023

-

Statements

of

Changes

in

Net

Assets

-

37

NVIT

American

Funds

Growth-Income

Fund

Year

Ended

December

31,

2023

Year

Ended

December

31,

2022

$

34,845,120‌

$

34,448,652‌

210,810,812‌

382,521,888‌

615,379,768‌

(

1,158,603,774‌

)

861,035,700‌

(

741,633,234‌

)

(

337,006,249‌

)

(

93,869,175‌

)

(

337,006,249‌

)

(

93,869,175‌

)

(

238,907,959‌

)

(

26,143,937‌

)

285,121,492‌

(

861,646,346‌

)

3,656,955,373‌

4,518,601,719‌

$

3,942,076,865‌

$

3,656,955,373‌

$

8,567,522‌

$

164,840,567‌

337,006,249‌

93,869,175‌

(

584,481,730‌

)

(

284,853,679‌

)

(

238,907,959‌

)

(

26,143,937‌

)

$

(

238,907,959‌

)

$

(

26,143,937‌

)

143,672‌

2,973,864‌

5,854,869‌

1,727,760‌

(

9,808,508‌

)

(

4,799,848‌

)

(

3,809,967‌

)

(

98,224‌

)

(

3,809,967‌

)

(

98,224‌

)

38

-

Financial

Highlights

-

December

31,

2023

-

American

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Asset

Allocation

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)

Class

II

Shares

12/31/2023

$

24.92

$

0.45

$

2.80

$

3.25

$

—

$

(

2.75

)

$

(

2.75

)

$

25.42

13.84%

$

6,352,770

0.63%

1.77%

0.78%

6.52%

12/31/2022

30.10

0.39

(

4.54

)

(

4.15

)

—

(

1.03

)

(

1.03

)

24.92

(13.74)%

6,255,557

0.64%

1.47%

0.79%

9.34%

12/31/2021

26.69

0.33

3.59

3.92

(

0.33

)

(

0.18

)

(

0.51

)

30.10

14.71%

7,871,634

0.63%

1.13%

0.79%

6.99%

12/31/2020

26.15

0.32

2.63

2.95

(

0.39

)

(

2.02

)

(

2.41

)

26.69

12.00%

7,278,460

0.64%

1.26%

0.79%

3.67%

12/31/2019

23.61

0.38

4.39

4.77

(

0.43

)

(

1.80

)

(

2.23

)

26.15

20.78%

6,976,824

0.64%

1.50%

0.79%

7.91%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Expenses

do

not

include

expenses

from

the

Master

Fund.

(e)

Annualized

for

periods

less

than

one

year.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

American

Funds

-

December

31,

2023

-

Financial

Highlights

-

39

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Bond

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)

Class

II

Shares

12/31/2023

$

10.44

$

0.32

$

0.15

$

0.47

$

—

$

—

$

—

$

10.91

4.50%

$

3,371,033

0.63%

3.04%

0.79%

9.58%

12/31/2022

12.23

0.27

(

1.83

)

(

1.56

)

—

(

0.23

)

(

0.23

)

10.44

(12.80)%

3,190,402

0.64%

2.42%

0.79%

7.85%

12/31/2021

12.63

0.13

(

0.22

)

(

0.09

)

(

0.24

)

(

0.07

)

(

0.31

)

12.23

(0.72)%

3,984,320

0.63%

1.02%

0.79%

5.44%

12/31/2020

11.81

0.21

0.88

1.09

(

0.26

)

(

0.01

)

(

0.27

)

12.63

9.21%

3,716,738

0.64%

1.69%

0.79%

13.80%

12/31/2019

11.07

0.26

0.74

1.00

(

0.22

)

(

0.04

)

(

0.26

)

11.81

8.98%

3,383,063

0.64%

2.23%

0.79%

7.14%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Expenses

do

not

include

expenses

from

the

Master

Fund.

(e)

Annualized

for

periods

less

than

one

year.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

40

-

Financial

Highlights

-

December

31,

2023

-

American

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Global

Growth

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)

Class

II

Shares

12/31/2023

$

31.94

$

0.17

$

6.61

$

6.78

$

—

$

(

3.59

)

$

(

3.59

)

$

35.13

22.14%

$

526,964

0.64%

0.50%

0.79%

10.06%

12/31/2022

45.52

0.10

(

11.56

)

(

11.46

)

—

(

2.12

)

(

2.12

)

31.94

(25.05)%

461,929

0.65%

0.28%

0.80%

8.48%

12/31/2021

40.25

(

0.02

)

6.49

6.47

—

(

1.20

)

(

1.20

)

45.52

16.00%

628,455

0.64%

(0.05)%

0.79%

5.47%

12/31/2020

33.24

(

0.02

)

9.63

9.61

(

0.23

)

(

2.37

)

(

2.60

)

40.25

29.93%

527,787

0.65%

(0.05)%

0.80%

6.83%

12/31/2019

27.13

0.22

8.93

9.15

(

0.22

)

(

2.82

)

(

3.04

)

33.24

34.78%

450,562

0.65%

0.72%

0.80%

9.43%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Expenses

do

not

include

expenses

from

the

Master

Fund.

(e)

Annualized

for

periods

less

than

one

year.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

American

Funds

-

December

31,

2023

-

Financial

Highlights

-

41

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Growth

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income

(Loss)(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)

Class

II

Shares

12/31/2023

$

88.05

$

(

0.03

)

$

32.27

$

32.24

$

—

$

(

12.07

)

$

(

12.07

)

$

108.22

37.95%

$

1,594,007

0.64%

(0.03)%

0.79%

9.21%

12/31/2022

144.51

(

0.04

)

(

42.74

)

(

42.78

)

—

(

13.68

)

(

13.68

)

88.05

(30.22)%

1,169,864

0.64%

(0.04)%

0.79%

7.47%

12/31/2021

120.82

(

0.18

)

26.12

25.94

—

(

2.25

)

(

2.25

)

144.51

21.53%

1,623,551

0.63%

(0.13)%

0.79%

4.95%

12/31/2020

87.57

(

0.07

)

43.42

43.35

(

0.72

)

(

9.38

)

(

10.10

)

120.82

51.49%

1,127,052

0.64%

(0.07)%

0.79%

15.34%

12/31/2019

78.84

0.30

22.00

22.30

(

0.32

)

(

13.25

)

(

13.57

)

87.57

30.28%

750,682

0.65%

0.35%

0.80%

9.42%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Expenses

do

not

include

expenses

from

the

Master

Fund.

(e)

Annualized

for

periods

less

than

one

year.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

42

-

Financial

Highlights

-

December

31,

2023

-

American

Funds

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

NVIT

American

Funds

Growth-Income

Fund  

Operations

Distributions

Ratios/Supplemental

Data

Period

Ended

Net

Asset

Value,

Beginning

of

Period  

Net

Investment

Income(a)

Net

Realized

and

Unrealized

Gains

(Losses)

from

Investments

Total

from

Operations

Net

Investment

Income

Net

Realized

Gains

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return(b)(c)

Net

Assets,

End

of

Period

(In

Thousands)

Ratio

of

Expenses

to

Average

Net

Assets(d)

(e)

Ratio

of

Net

Investment

Income

to

Average

Net

Assets(d)

(e)

Ratio

of

Expenses

(Prior

to

Reimburse-

ments)

to

Average

Net

Assets(d)(e)(f)

Portfolio

Turnover(b)

Class

II

Shares

12/31/2023

$

54.99

$

0.55

$

13.04

$

13.59

$

—

$

(

5.70

)

$

(

5.70

)

$

62.88

25.68%

$

3,942,077

0.63%

0.93%

0.78%

6.96%

12/31/2022

67.84

0.52

(

11.95

)

(

11.43

)

—

(

1.42

)

(

1.42

)

54.99

(16.82)%

3,656,955

0.64%

0.90%

0.79%

7.84%

12/31/2021

56.43

0.45

12.82

13.27

(

0.68

)

(

1.18

)

(

1.86

)

67.84

23.65%

4,518,602

0.63%

0.72%

0.79%

4.16%

12/31/2020

56.20

0.52

6.25

6.77

(

0.91

)

(

5.63

)

(

6.54

)

56.43

13.08%

3,993,782

0.64%

0.98%

0.79%

11.76%

12/31/2019

49.90

0.72

11.61

12.33

(

0.76

)

(

5.27

)

(

6.03

)

56.20

25.67%

3,727,052

0.64%

1.31%

0.79%

5.44%

Amounts

designated

as

"—"

are

zero

or

have

been

rounded

to

zero.

(a)

Per

share

calculations

were

performed

using

average

shares

method.

(b)

Not

annualized

for

periods

less

than

one

year.

(c)

The

total

returns

do

not

include

charges

that

are

imposed

by

variable

insurance

contracts.

If

these

charges

were

reflected,

returns

would

be

lower

than

those

shown.

(d)

Expenses

do

not

include

expenses

from

the

Master

Fund.

(e)

Annualized

for

periods

less

than

one

year.

(f)

During

the

period,

certain

fees

may

have

been

waived

and/or

reimbursed.

If

such

waivers/reimbursements

had

not

occurred,

the

ratios

would

have

been

as

indicated.      

American

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

43

1.

Organization

Nationwide

Variable

Insurance

Trust

(“NVIT”

or

the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company,

organized

as

a

statutory

trust

under

the

laws

of

the

State

of

Delaware.

The

Trust

has

authorized

an

unlimited

number

of

shares

of

beneficial

interest

(“shares”),

without

par

value.

The

Trust

currently

offers

shares

to

life

insurance

company

separate

accounts

to

fund

the

benefits

payable

under

variable

life

insurance

policies

and

variable

annuity

contracts.

As

of

December

31,

2023,

the

Trust

operates

sixty-nine

(69)

separate

series,

or

mutual

funds,

each

with

its

own

objective(s)

and

investment

strategies.

This

report

contains

the

financial

statements

and

financial

highlights

for

the

five

(5) series

listed

below

(each,

a

“Fund”;

collectively,

the

“Funds”).

Nationwide

Fund

Advisors

(“NFA”)

serves

as

investment

adviser

to

the

Funds.

NFA

is

a

wholly

owned

subsidiary

of

Nationwide

Financial

Services,

Inc.

(“NFS”),

a

holding

company

which

is

a

direct

wholly

owned

subsidiary

of

Nationwide

Corporation.

Nationwide

Corporation,

in

turn,

is

owned

by

Nationwide

Mutual

Insurance

Company

and

Nationwide

Mutual

Fire

Insurance

Company.

NVIT

American

Funds

Asset

Allocation

Fund

("American

Funds

Asset

Allocation")

NVIT

American

Funds

Bond

Fund ("American

Funds

Bond")

NVIT

American

Funds

Global

Growth

Fund

("American

Funds

Global

Growth")

NVIT

American

Funds

Growth

Fund

("American

Funds

Growth")

NVIT

American

Funds

Growth-Income

Fund ("American

Funds

Growth-Income")

Only

separate

accounts

established

by

Nationwide

Life

Insurance

Company

(“NLIC”),

a

wholly

owned

subsidiary

of

NFS,

and

Nationwide

Life

and

Annuity

Insurance

Company,

a

wholly

owned

subsidiary

of

NLIC,

hold

shares

of

the

Funds.

Each Fund

operates

as

a

“feeder

fund,”

which

means

that

each

Fund

does

not

buy

individual

securities

directly,

and

may

have

additional

investment

and

concentration

risk.

Instead,

each Fund

invests

all

of

its

assets

in

Class

1

shares

of

another

mutual

fund,

a

series

of

the

American

Funds

Insurance

Series

®

,

(each,

a

“Master

Fund”;

collectively,

the

“Master

Funds”)

which

invests

directly

in

individual

securities,

as

listed

below.

Each

Fund

therefore

has

the

same

objective(s)

and

limitations

as

the

Master

Fund

in

which

the

Fund

invests,

and

the

investment

return

of

the

Fund

corresponds

to

that

of

the

Master

Fund.

The

financial

statements

of

the

Master

Funds,

including

the

Statement

of

Investments,

should

be

read

in

conjunction

with

each

Fund’s

financial

statements.

For

accounting

and

financial

reporting

purposes,

the

Funds

are

treated

as

a

fund-of-funds.

The

percentage

of

each

Master

Fund’s

portfolio

owned

by

each Fund

as

of

December

31,

2023 was

as

follows:

The

Funds

currently

offer

Class

II

shares.

Each Master

Fund

is

a

diversified

fund,

as

defined

in

the

1940

Act.

2.

Summary

of

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

accounting

and

the

preparation

of

their

financial

statements.

The

Funds

are

investment

companies

and

follow

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

Topic

946

(“ASC

946”).

The

policies

are

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

including,

but

not

limited

to,

ASC

946.

The

preparation

of

financial

statements

requires

fund

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements,

and

the

reported

amounts

of

income

and

expenses

for

the

period.

The

Funds

utilize

various

methods

to

measure

the

value

of

their

investments

on

a

recurring

basis.

Amounts

received

upon

the

sale

of

such

investments

could

differ

from

those

estimated

values

and

those

differences

could

be

material.

(a)

Security

Valuation

U.S.

GAAP

defines

fair

value

as

the

price

that

a

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Pursuant

to

procedures

approved

by

the

Board

of

Trustees

Fund

Master

Fund

%

of

Master

Fund

American

Funds

Asset

Allocation

American

Asset

Allocation

Fund

24.73%

American

Funds

Bond

American

Bond

Fund

30.62%

American

Funds

Global

Growth

American

Global

Growth

Fund

6.85%

American

Funds

Growth

American

Growth

Fund

4.06%

American

Funds

Growth-Income

American

Growth-Income

Fund

10.53%

44

-

Notes

to

Financial

Statements

-

December

31,

2023

-

American

Funds

of

the

Trust

(the

“Board

of

Trustees”),

NFA

assigns

a

fair

value,

as

defined

by

U.S.

GAAP,

to

a

Fund’s

investments

in

accordance

with

a

hierarchy

that

prioritizes

the

various

types

of

inputs

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

readily

available

unadjusted

quoted

prices

in

active

markets

for

identical

assets

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements)

when

market

prices

are

not

readily

available

or

reliable.

The

three

levels

of

the

hierarchy

are

summarized

as

follows.

Level

1

—

Quoted

prices

in

active

markets

for

identical

assets

Level

2

—

Other

significant

observable

inputs

(including

quoted

prices

of

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

—

Significant

unobservable

inputs

(including

a

Fund’s

own

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

into

or

out

of

an

investment’s

assigned

level

within

the

hierarchy.

An

investment’s

categorization

within

the

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

significant

to

the

fair

valuation

in

its

entirety.

The

inputs

or

methodology

used

to

value

investments

are

not

intended

to

indicate

the

risk

associated

with

investing

in

those

investments.

Shares

of

each

Master

Fund

in

which

each Fund

invests

are

valued

at

net

asset

value

(“NAV”)

as

reported

by

the

Master

Fund. Each

Master

Fund’s

NAV

is

determined

at

the

close

of

regular

trading

on

the

New

York

Stock

Exchange

(usually

4:00

p.m.

Eastern

time)

on

each

day

the

exchange

is

open

for

trading.

Please

refer

to

Note

3

of

the

Master

Funds' Annual

Report,

which

is

included

along

with

this

report,

for

the

Master

Funds'

security

valuation

policies.

As

of December

31,

2023,

100%

of

the

market

value

of

each Fund

was

determined

based

on

Level

1

inputs.

(b)

Cash

Overdraft

Certain

Funds

may

have

overdrawn

U.S.

dollar

and/or

foreign

currency

balances

with

the

Funds'

custodian

bank,

JPMorgan

Chase

Bank,

N.A.

(“JPMorgan”).

To

offset

the

overdraft,

JPMorgan

advanced

an

amount

equal

to

the

overdraft.

Consistent

with

the

Funds'

borrowing

policy,

the

advance

is

deemed

a

temporary

loan

to

the

Funds.

Such

loans

are

payable

upon

demand

and

bear

interest

from

the

date

of

such

advance

to

the

date

of

payment

at

the

rate

agreed

upon

with

JPMorgan

under

the

custody

agreement.

These

advances

are

separate

from,

and

were

not

made

pursuant

to,

the

credit

agreement

discussed

in

Note

4.

A

Fund

with

an

overdraft

is

subject

to

a

lien

by

JPMorgan

on

the

Fund’s

account

and

JPMorgan

may

charge

the

Fund’s

account

for

any

amounts

owed

to

JPMorgan.

JPMorgan

also

has

the

right

to

set

off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

JPMorgan

against

such

amount,

subject

to

the

terms

of

the

custody

agreement.

As

of December

31,

2023,

the

Funds

did

not

have

overdrawn

balances.

(c)

Security

Transactions

and

Investment

Income

Security

transactions

are

accounted

for

on

the

date

the

security

is

purchased

or

sold.

Security

gains

and

losses

are

calculated

on

the

identified

cost

basis.

Dividend

income

received

from

the

Master

Fund

is

recognized

on

the

ex-dividend

date

and

is

recorded

as

such

on

the

Statements

of

Operations.

Capital

gain

distributions

received

from

the

Master

Fund

are

recognized

on

the

ex-dividend

date

and

are

recorded

as

such

on

the

Statements

of

Operations.

(d)

Distributions

to

Shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

quarterly.

Distributions

from

net

realized

capital

gains,

if

any,

are

declared

and

distributed

at

least

annually.

All

distributions

are

recorded

on

the

ex-dividend

date.

Dividends

and

distributions

to

shareholders

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

These

“book/tax”

differences

are

considered

either

permanent

or

temporary.

Permanent

differences

are

reclassified

within

the

capital

accounts

based

on

their

nature

for

federal

income

tax

purposes;

temporary

differences

do

not

require

reclassification.

The

permanent

differences

as

of

December

31,

2023

are

primarily

attributable

to

consent

dividends.

Temporary

differences

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

and

tax

purposes;

these

differences

will

reverse

at

some

time

in

the

future.

The

temporary

differences

as

of

December

31,

2023

may

primarily

be

attributable

to

outstanding

wash

sale

loss

deferrals.

These

reclassifications

have

no

effect

upon

the

NAV

of a

Fund.

Any

distribution

in

excess

of

current

and

accumulated

earnings

and

profits

for

federal

income

tax

purposes

is

reported

as

a

return

of

capital

distribution. 

American

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

45

Reclassifications

for

the

year

ended

December

31,

2023

were

as

follows:

(e)

Federal

Income

Taxes

Each Fund

elected

to

be

treated

as,

and

intends

to

qualify

each

year

as,

a

“regulated

investment

company”

("RIC")

by

complying

with

the

requirements

of

Subchapter

M

of

the

U.S.

Internal

Revenue

Code

of

1986

(the

"Code"),

as

amended,

and

to

make

distributions

of

net

investment

income

and

net

realized

capital

gains

sufficient

to

relieve

a

Fund

from

all,

or

substantially

all,

federal

income

taxes.

The

aforementioned

distributions

may

be

made

in

cash

or

via

consent

dividends.

Consent

dividends,

agreed

to

by

each

shareholder,

are

taxable

to

the

shareholders

as

if

they

were

paid

in

cash

during

their

current

tax

year.

As

of

December

31,

2023,

the

estimated

maximum

amounts

each

Fund

may

claim

as

consent

dividends

for

2023

are

as

follows:

A

Fund

recognizes

a

tax

benefit

from

an

uncertain

position

only

if

it

is

more

likely

than

not

that

the

position

is

sustainable,

based

solely

on

its

technical

merits

and

consideration

of

the

relevant

taxing

authorities’

widely

understood

administrative

practices

and

precedents.

Each

year,

a

Fund

undertakes

an

affirmative

evaluation

of

tax

positions

taken

or

expected

to

be

taken

in

the

course

of

preparing

tax

returns

to

determine

whether

it

is

more

likely

than

not

(i.e.,

greater

than

50

percent)

that

each

tax

position

will

be

sustained

upon

examination

by

a

taxing

authority.

The

Funds are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

twelve

months.

The

Funds

file

U.S.

federal

income

tax

returns

and,

if

applicable,

returns

in

various

foreign

jurisdictions

in

which

they

invest.

Generally,

a

Fund

is

subject

to

examinations

by

such

taxing

authorities

for

up

to

three

years

after

the

filing

of

the

return

for

the

tax

period.

(f)

Allocation

of

Expenses

Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Expenses

not

directly

attributable

to

a

Fund

are

allocated

proportionally

among

various

or

all

series

of

the

Trust.

3.

Transactions

with

Affiliates

Under

the

terms

of

each

Master

Fund’s

Investment

Advisory

Agreement,

Capital

Research

and

Management

Company

manages

the

investment

of

the

assets

and

supervises

the

daily

business

affairs

of

the

Master

Fund.

Nationwide

Fund

Management

LLC

(“NFM”),

a

wholly

owned

subsidiary

of

NFS

Distributors,

Inc.

(“NFSDI”)

(a

wholly

owned

subsidiary

of

NFS),

provides

non-

investment

advisory

master-feeder

operational

support

services

to

the

Funds.

Under

the

terms

of

the

Trust’s

Master-Feeder

Services

Agreement

with

NFM

on

behalf

of

the

Funds,

each

Fund

pays

NFM

a

fee

of

0.25%

based

on

the

Fund’s

average

daily

net

assets. NFM

has

entered

into

a

contractual

agreement

with

the

Trust

under

which

NFM

waives

a

portion

of

the

fees

NFM

receives

for

providing

the

Funds

with

non-investment

advisory

master-feeder

operational

support

services

according

to

the

following

schedule.

Fund

Capital

Total

Distributable

Earnings

(Loss)

American

Funds

Asset

Allocation

$

154,574,133

$

(154,574,133)

American

Funds

Bond

96,013,872

(96,013,872)

American

Funds

Global

Growth

2,668,125

(2,668,125)

American

Funds

Growth

18,294,883

(18,294,883)

American

Funds

Growth-Income

84,771,173

(84,771,173)

Fund

Ordinary

Distribution

Available

for

Consent

Dividend

American

Funds

Asset

Allocation

$

109,946,382

American

Funds

Bond

100,120,537

American

Funds

Global

Growth

2,435,707

American

Funds

Growth

—

American

Funds

Growth-Income

34,845,120

46

-

Notes

to

Financial

Statements

-

December

31,

2023

-

American

Funds

Prior

to

November

12,

2023,

the

Trust

and

NFA

had

entered

into

a

written

Expense

Limitation

Agreement

that

limited

certain

Funds'

operating

expenses,

(excluding

interest,

taxes,

fees

paid

to

non-affiliated

parties

in

connection

with

the

recovery

of

tax

reclaims,

brokerage

commissions

and

other

costs

incurred

in

connection

with

the

purchase

and

sale

of

portfolio

securities)

from

exceeding

the

amounts

listed

in

the

following

table.

NFM

also

provides

various

administrative

and

accounting

services

for

the

Fund,

and

serves

as

Transfer

and

Dividend

Disbursing

Agent

for

the

Fund.

NFM

has

entered

into

agreements

with

third-party

service

providers

to

provide

certain

sub-administration

and

sub-transfer

agency

services

to

the

Fund.

NFM

pays

the

service

providers

a

fee

for

these

services.

Under

the

terms

of

a

Joint

Fund

Administration

and

Transfer

Agency

Agreement,

the

fees

for

such

services

are

based

on

the

sum

of

the

following:

(i)

the

amount

payable

by

NFM

to

its

sub-administrator

and

sub-transfer

agent;

and

(ii)

a

percentage

of

the

combined

average

daily

net

assets

of

the

Trust

and

Nationwide

Mutual

Funds ("NMF"),

a

Delaware

statutory

trust

and

registered

investment

company

that

is

affiliated

with

the

Trust,

according

to

the

following

fee

schedule.

For

the

year

ended

December

31,

2023,

NFM

earned

an

aggregate

of

$3,395,791

in

fees

from

the

Funds

under

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement.

In

addition,

the

Trust

pays

out-of-pocket

expenses

reasonably

incurred

by

NFM

in

providing

services

to

the

Funds

and

the

Trust,

including,

but

not

limited

to,

the

cost

of

pricing

services

that

NFM

utilizes.

Under

the

terms

of

the

Joint

Fund

Administration

and

Transfer

Agency

Agreement

and

a

letter

agreement

between

NFM

and

the

Trust,

the

Trust

has

agreed

to

reimburse

NFM

for

certain

costs

related

to

each

Fund’s

portion

of

ongoing

administration,

monitoring

and

annual

(compliance

audit)

testing

of

the

Trust’s

Rule

38a-1

Compliance

Program

subject

to

the

pre-approval

of

the

Trust’s

Audit

Committee.

These

costs

are

allocated

among

the

series

of

the

Trust

based

upon

their

relative

net

assets.

For

the

year

ended

December

31,

2023,

the

Funds' aggregate

portion

of

such

costs

amounted

to

$65,285.

Under

the

terms

of

a

Distribution

Plan

pursuant

to

Rule

12b-1

under

the

1940

Act,

Nationwide

Fund

Distributors

LLC

(“NFD”),

the

Funds’

principal

underwriter,

is

compensated

by

the

Funds

for

expenses

associated

with

the

distribution

of

certain

classes

of

shares

of

the

Funds.

NFD

is

a

wholly

owned

subsidiary

of

NFSDI.

These

fees

are

based

on

average

daily

net

assets

of

Class

II

shares

of

the

Funds

at

an

annual

rate

of

0.25%.

Under

the

terms

of

an

Administrative

Services

Plan,

the

Funds

pay

fees

to

servicing

organizations,

such

as

broker-dealers,

including

NFS,

and

financial

institutions,

that

agree

to

provide

administrative

support

services

to

the

shareholders

of

certain

classes.

These

services

may

include,

but

are

not

limited

to,

the

following:

(i)

establishing

and

maintaining

shareholder

accounts;

(ii)

processing

purchase

and

redemption

transactions;

(iii)

arranging

bank

wires;

(iv)

performing

shareholder

sub-accounting;

(v)

answering

inquiries

regarding

the

Funds;

and

(vi)

other

such

services.

These

fees

are

calculated

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

of

Class

II

shares

of

each

Fund.

Fund

Fee

Schedule

Advisory

Fee

Waiver

(annual

rate)

All

Funds

Up

to

$2.5

billion

0.1425%

$2.5

billion

and

up

to

$5

billion

0.1450%

$5

billion

and

up

to

$10

billion

0.1525%

$10

billion

and

up

to

$15

billion

0.1575%

$15

billion

and

up

to

$25

billion

0.1725%

$25

billion

and

more

0.1900%

Fund

Classes

Amount

(annual

rate)

American

Funds

Asset

Allocation

Class

II

1.03%

American

Funds

Growth

Class

II

1.11

Combined

Fee

Schedule

Up

to

$25

billion

0.025%

$25

billion

and

more

0.020

American

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

47

For the

year

ended

December

31,

2023,

the

effective

rates

for

administrative

services

fees

were

as

follows:

For

the

year

ended

December

31,

2023,

each

Fund’s

total

administrative

services

fees

were

as

follows:

4.

Line

of

Credit

and

Interfund

Lending

The

Trust

and

NMF

(together,

the

“Trusts”) renewed

the credit

agreement

with

JPMorgan,

The

Bank

of

New

York

Mellon,

and

Wells

Fargo

Bank

National

Association

(the

“Lenders”),

permitting

the

Trusts,

in

aggregate,

to

borrow

up

to

$100,000,000.

Advances

taken

by

a

Fund

under

this

arrangement

would

be

primarily

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

the

Fund’s

borrowing

restrictions.

The

line

of

credit

requires

a

commitment

fee

of

0.15%

per

year

on

$100,000,000.

Such

commitment

fee

shall

be

payable

quarterly

in

arrears

on

the

last

business

day

of

each

March,

June,

September

and

December

and

on

the

termination

date.

Borrowings

under

this

arrangement

accrue

interest

at

a

rate

of

1.25%

per

annum

plus

the

higher

of

(a)

if

ascertainable

and

available,

the

Eurodollar

Rate

as

of

such

day

for

a

transaction

settling

two

business

days

after

such

day,

(b)

the

Federal

Funds

Effective

Rate

in

effect

on

such

day

and

(c)

the

Overnight

Bank

Funding

Rate

in

effect

on

such

day;

provided,

however,

that

if

the

Federal

Funds

Rate

calculated

in

accordance

with

the

foregoing

shall

be

less

than

zero,

such

rate

shall

be

deemed

to

be

zero

percent

(0%)

for

the

purposes

of

this

Agreement.

If

an

Index

Rate

Unavailability

Event

occurs

in

respect

of

the

Eurodollar

Rate,

the

Federal

Funds

Rate

shall

be

determined

without

reference

to

clause

(a)

of

this

definition.

Interest

costs,

if

any,

would

be

shown

on

the

Statement

of

Operations.

No

compensating

balances

are

required

under

the

terms

of

the

line

of

credit.

In

addition,

a

Fund

may

not

draw

any

portion

of

the

line

of

credit

that

is

provided

by

a

bank

that

is

an

affiliate

of

the

Fund’s

subadviser,

if

applicable.

In

addition

to

any

rights

and

remedies

of

the

Lenders

provided

by

law,

each

Lender

has

the

right,

upon

any

amount

becoming

due

and

payable

by

the

Fund,

to

set-off

as

appropriate

and

apply

all

deposits

and

credits

held

by

or

owing

to

such

Lender

against

such

amount,

subject

to

the

terms

of

the

credit

agreement.

The

line

of

credit

is

renewed

annually,

and

next

expires

on

July

3,

2024.

During

the

year

ended December

31,

2023,

the

Funds

had

no

borrowings

under

the

line

of

credit.

Pursuant

to

an

exemptive

order

issued

by

the

Securities

and

Exchange

Commission

(“SEC”)

(the

“Order”),

the

Funds

may

participate

in

an

interfund

lending

program

among

Fund

managed

by

NFA.

The

program

allows

the

participating

Funds

to

borrow

money

from

and

loan

money

to

each

other

for

temporary

purposes,

subject

to

the

conditions

in

the

Order.

A

loan

can

only

be

made

through

the

program

if

the

interfund

loan

rate

on

that

day

is

more

favorable

to

both

the

borrowing

and

lending

Funds

as

compared

to

rates

available

through

short-term

bank

loans

or

investments

in

overnight

repurchase

agreements

and

money

market

funds,

respectively,

as

detailed

in

the

Order.

Further,

a

Fund

may

participate

in

the

program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

its

investment

objectives

and

limitations.

Interfund

loans

have

a

maximum

duration

of

seven

days

and

may

be

called

on

one

business

day's

notice. During

the

year

ended December

31,

2023,

none

of

the

Funds

engaged

in

interfund

lending.

5.

Investment

Transactions

For

the

year

ended

December

31,

2023,

purchases

and

sales

of

securities

(excluding

short-term

securities)

were

as

follows:

Fund

Class

II

American

Funds

Asset

Allocation

0.25

%

American

Funds

Bond

0.25

American

Funds

Global

Growth

0.25

American

Funds

Growth

0.25

American

Funds

Growth-Income

0.25

Fund

Amount

American

Funds

Asset

Allocation

$

15,495,123

American

Funds

Bond

8,231,883

American

Funds

Global

Growth

1,215,856

American

Funds

Growth

3,468,304

American

Funds

Growth-Income

9,340,603

Fund

Purchases

*

Sales

American

Funds

Asset

Allocation

$

404,982,625

$

764,482,702

American

Funds

Bond

449,013,494

315,177,389

American

Funds

Global

Growth

55,371,719

49,050,962

American

Funds

Growth

184,205,640

128,023,719

American

Funds

Growth-Income

260,993,647

602,877,345

*

Purchases

include

reinvestments

of

income

and

realized

gain

distributions,

as

applicable.

48

-

Notes

to

Financial

Statements

-

December

31,

2023

-

American

Funds

6.

Risks

Associated

with

Investment

in

Master

Fund

Each Fund

concentrates

its

investment

primarily

in

a

single

underlying

fund.

Therefore,

each Fund

has

the

same

principal

risks

as

the

Master

Fund

in

which

it

invests.

Please

refer

to

Note

4

of

the

Master

Fund

Annual Report,

which

is

included

along

with

this

report,

for each Master

Fund’s

principal

risks

of

investments.

The

relative

concentration

in a

Master

Fund

also

may

affect

the

direct

performance

of

a

Fund,

positively

or

negatively,

and

may

have

a

greater

risk

of

loss.

7.

Indemnifications

Under

the

Trust’s

organizational

documents,

the

Trust’s

Officers

and

Trustees

are

indemnified

by

the

Trust

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

the

Trust

has

entered

into

indemnification

agreements

with

its

Trustees

and

certain

of

its

Officers.

Trust

Officers

receive

no

compensation

from

the

Trust

for

serving

as

its

Officers.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

its

vendors

and

others

that

provide

for

general

indemnifications.

The

Trust’s

maximum

liability

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

made

against

the

Trust.

Based

on

experience,

however,

the

Trust

expects

the

risk

of

loss

to

be

remote.

8.

New

Accounting

Pronouncements

and

Other

Matters

On

October

26,

2022,

the

SEC

adopted

a

final

rule

relating

to

Tailored

Shareholder

Reports.

Tailored

Shareholder

Reports

are

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

will

focus

on

fund

expenses,

performance,

certain

portfolio

holdings,

and

certain

other

retail-oriented

information.

Additional

in-depth

information

is

available

online

and

for

delivery

free

of

charge

to

investors

on

request.

The

rule

became

effective

in

January

2023

and

there

is

an

18-month

transition

period

after

the

effective

date

with

a

compliance

date

of

July

2024.

Management

is

currently

evaluating

the

implications

of

the

changes

and

the

impact

on

financial

statement

disclosures

and

reporting

requirements.

On

September

20,

2023,

the

SEC

adopted

amendments

to

the

current

rule

regarding

registered

fund

names,

as

well

as

certain

forms

and

disclosure

requirements.

The

amendments

are

intended

to

modernize

and

enhance

the

investor

protections

provided

by

Rule

35d-1

under

the

1940

Act

given

the

important

information

that

fund

names

can

convey

to

investors.

Management

is

currently

evaluating

the

implications

of

the

new

rule

and

the

impact

on

the

Funds’

financial

statement

disclosures

and

reporting

requirements. 

A Master

Fund

does

not

charge

a

Fund

any

sales

charge

for

buying

or

selling

shares.

However,

a

Fund

indirectly

pays

a

portion

of

the

operating

expenses

of

the

Master

Fund

in

which

it

invests,

including

management,

administration

and

custodian

fees.

These

expenses

are

deducted

from

the

Master

Fund’s

net

assets

before

its

share

price

is

calculated

and

are

in

addition

to

the

fees

and

expenses

of

a

Fund.

9.

Federal

Tax

Information

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2023

was

as

follows:

The

tax

character

of

distributions

paid

during

the

year

ended December

31,

2022

was

as

follows:

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

American

Funds

Asset

Allocation

$

–

$

641,402,937

$

641,402,937

$

–

$

641,402,937

American

Funds

Bond

–

–

–

–

–

American

Funds

Global

Growth

–

48,695,479

48,695,479

–

48,695,479

American

Funds

Growth

200,630

159,362,827

159,563,457

–

159,563,457

American

Funds

Growth-Income

–

337,006,249

337,006,249

–

337,006,249

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

American

Funds

Asset

Allocation

$

5,739,057

$

248,464,229

$

254,203,286

$

–

$

254,203,286

American

Funds

Bond

1,462

69,761,007

69,762,469

–

69,762,469

American

Funds

Global

Growth

8,802

29,278,857

29,287,659

–

29,287,659

American

Funds

Growth

1,882,552

157,022,922

158,905,474

–

158,905,474

American

Funds

-

December

31,

2023

-

Notes

to

Financial

Statements

-

49

As

of

December

31,

2023,

the

components

of

accumulated

earnings/(deficit)

on

a

tax

basis

were

as

follows:

As

of

December

31,

2023,

the

tax

cost

of

investments

and

the

breakdown

of

unrealized

appreciation/(depreciation)

for

each

Fund

was

as

follows: 

As

of

December

31,

2023,

for

federal

income

tax

purposes,

the

Funds

have

capital

loss

carryforwards

available

to

offset

future

capital

gains,

if

any,

to

the

extent

provided

by

the

U.S.

Treasury

regulations

and

in

any

given

year

may

be

limited

due

to

large

shareholder

redemptions

or

contributions.

Capital

loss

carryforwards

do

not

expire.

The

following

table

represents

capital

loss

carryforwards

available

as

of

December

31,

2023.

10.

Subsequent

Events

Management

has

evaluated

the

impact

of

subsequent

events

on

the

Funds

and

has

determined

that

there

are

no subsequent

events

requiring

recognition

or

disclosure

in

the

financial

statements.

Distributions

paid

from

Fund

Ordinary

Income*

Net

Long-Term

Capital

Gains

Total

Taxable

Distributions

Return

of

Capital

Total

Distributions

Paid

American

Funds

Growth-Income

2,967,474

90,901,701

93,869,175

–

93,869,175

*

Ordinary

Income

amounts

include

taxable

market

discount

and

net

short-term

capital

gains,

if

any.

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

Distributions

Payable

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation/

(Depreciation)*

Total

Accumulated

Earnings

(Deficit)

American

Funds

Asset

Allocation

$

109,946,382

$

229,608,139

$

339,554,521

$

–

$

–

$

1,373,204,520

$

1,712,759,041

American

Funds

Bond

100,120,537

–

100,120,537

–

(45,999,824)

(462,014,311)

(407,893,598)

American

Funds

Global

Growth

2,525,448

32,261,714

34,787,162

–

–

95,023,223

129,810,385

American

Funds

Growth

–

67,696,410

67,696,410

–

–

252,830,225

320,526,635

American

Funds

Growth-Income

34,995,169

205,461,967

240,457,136

–

–

1,016,984,510

1,257,441,646

*

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation/(depreciation)

is

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions.

Fund

Tax

Cost

of

Investments

Unrealized

Appreciation

Unrealized

Depreciation

Net

Unrealized

Appreciation/

(Depreciation)

American

Funds

Asset

Allocation

$

4,983,167,555

$

1,373,204,520

$

–

$

1,373,204,520

American

Funds

Bond

3,834,950,847

5,619,679

(467,633,990)

(462,014,311)

American

Funds

Global

Growth

432,270,260

95,023,223

–

95,023,223

American

Funds

Growth

1,342,072,603

277,890,842

(25,060,617)

252,830,225

American

Funds

Growth-Income

2,927,300,373

1,016,984,510

–

1,016,984,510

Fund

Amount

American

Funds

Bond

$

(45,999,824

)

50

-

Report

of

Independent

Registered

Public

Accounting

Firm

-

December

31,

2023

-

American

Funds

To

the

Board

of

Trustees

of

Nationwide

Variable

Insurance

Trust

and

Shareholders

of

NVIT

American

Funds

Asset

Allocation

Fund,

NVIT

American

Funds

Bond

Fund,

NVIT

American

Funds

Global

Growth

Fund,

NVIT

American

Funds

Growth

Fund

and

NVIT

American

Funds

Growth-Income

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

NVIT

American

Funds

Asset

Allocation

Fund,

NVIT

American

Funds

Bond

Fund,

NVIT

American

Funds

Global

Growth

Fund,

NVIT

American

Funds

Growth

Fund

and

NVIT

American

Funds

Growth-Income

Fund

(five

of

the

funds

constituting

Nationwide

Variable

Insurance

Trust,

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

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

February

19,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

of

Nationwide

Funds,

which

includes

the

investment

companies

of

Nationwide

Variable

Insurance

Trust,

since

1997.

American

Funds

-

December

31,

2023

(Unaudited)

-

Supplemental

Information

-

51

Other

Federal

Tax

Information

For

the

year

ended

December

31,

2023, certain

dividends

paid

by

the

Funds

may

be

subject

to

a

maximum

tax

rate

of

20%

as

provided

for

by

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003.

The

Funds

intend

to

designate

the

maximum

amount

allowable

as

taxed

at

a

maximum

rate

of

15%.

Complete

information

will

be

reported

in

conjunction

with

your

2023

Form

1099-DIV.

For

the

taxable

year

ended

December

31,

2023,

the

following

percentages

of

income

dividends

paid

by

the

Funds

qualify

for

the

dividends

received

deduction

available

to

corporations:

The

Funds

designate

the

following

amounts,

or

the

maximum

amount

allowable

under

the

Internal

Revenue

Code,

as

long

term

capital

gain

distributions

qualifying

for

the

maximum

20%

income

tax

rate

for

individuals:

Fund

Dividends

Received

Deduction

American

Funds

Asset

Allocation

55.87

%

American

Funds

Bond

0.06

American

Funds

Global

Growth

100.00

American

Funds

Growth

40.83

American

Funds

Growth-Income

100.00

Fund

Amount

American

Funds

Asset

Allocation

$

641,402,937

American

Funds

Bond

–

American

Funds

Global

Growth

48,695,479

American

Funds

Growth

159,362,827

American

Funds

Growth-Income

337,006,249

American

Funds

-

December

31,

2023

-

Management

Information

-

53

Each

Trustee

who

is

deemed

an

“interested

person,”

as

such

term

is

defined

in

the

1940

Act,

is

referred

to

as

an

“Interested

Trustee.”

Those

Trustees

who

are

not

“interested

persons,”

as

such

term

is

defined

in

the

1940

Act,

are

referred

to

as

“Independent

Trustees.”

The

name,

year

of

birth,

position,

and

length

of

time

served

with

the

Trust,

number

of

portfolios

overseen,

principal

occupation(s)

and

other

directorships/trusteeships

held

during

the

past

five

years,

and

additional

information

related

to

experience,

qualifications,

attributes,

and

skills

of

each

Trustee

and

Officer

are

shown

below.

There

are

sixty-

nine

(69)

series

of

the

Trust,

all

of

which

are

overseen

by

the

Board

of

Trustees

and

Officers

of

the

Trust.

The

address

for

each

Trustee

and

Officer

is

c/o

Nationwide

Fund

Advisors,

One

Nationwide

Plaza,

Mail

Code

5-02-210,

Columbus,

OH

43215.

Independent

Trustees

Kristina

Junco

Bradshaw

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1980

Trustee

since

January

2023

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Bradshaw

was

a

Portfolio

Manager

on

the

Dividend

Value

team

at

Invesco

from

August

2006

to

August

2020.

Prior

to

this

time,

Ms.

Bradshaw

was

an

investment

banker

in

the

Global

Energy

&

Utilities

group

at

Morgan

Stanley

from

June

2002

to

July

2004.

Other

Directorships

Held

During

the

Past

Five

Years

2

Board

Member

of

Southern

Smoke

Foundation

from

August

2020

to

present,

Advisory

Board

Member

of

Dress

for

Success

from

April

2013

to

present,

Trustee/Executive

Board

Member

of

Houston

Ballet

from

September

2011

to

present

and

President

since

July

2022,

and

Board

Member

of

Hermann

Park

Conservancy

from

August

2011

to

present,

serving

as

Board

Chair

since

2020.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Bradshaw

has

significant

board

experience;

significant

portfolio

management

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

Lorn

C.

Davis

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1968

Trustee

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Davis

has

been

a

Managing

Partner

of

College

Hill

Capital

Partners,

LLC

(private

equity)

since

June

2016.

From

September

1998

until

May

2016,

Mr.

Davis

originated

and

managed

debt

and

equity

investments

for

John

Hancock

Life

Insurance

Company

(U.S.A.)/Hancock

Capital

Management,

LLC,

serving

as

a

Managing

Director

from

September

2003

through

May

2016.

Other

Directorships

Held

During

the

Past

Five

Years

2

Board

Member

of

Outlook

Group

Holdings,

LLC

from

July

2006

to

May

2016,

serving

as

Chair

to

the

Audit

committee

and

member

of

the

Compensation

Committee,

Board

Member

of

MA

Holdings,

LLC

from

November

2006

to

October

2015,

Board

Member

of

IntegraColor,

Ltd.

from

February

2007

to

September

2015,

Board

Member

of

The

Pine

Street

Inn

from

2009

to

present,

currently

serving

as

Chair

of

the

Board,

Member

of

the

Advisory

Board

(non-fiduciary)

of

Mearthane

Products

Corporation

from

September

2019

to

present,

and

Board

Member

of

The

College

of

Holy

Cross

since

July

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Davis

has

significant

board

experience,

significant

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Mr.

Davis

is

a

Chartered

Financial

Analyst

and

earned

a

Certificate

of

Director

Education

from

the

National

Association

of

Corporate

Directors

in

2008.

Barbara

I.

Jacobs

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1950

Trustee

since

December

2004

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

From

1988

through

2003,

Ms.

Jacobs

was

a

Managing

Director

and

European

Portfolio

Manager

of

CREF

Investments

(Teachers

Insurance

and

Annuity

Association—College

Retirement

Equities

Fund).

Ms.

Jacobs

also

served

as

Chairman

of

the

Board

of

Directors

of

KICAP

Network

Fund,

a

European

(United

Kingdom)

hedge

fund,

from

January

2001

through

January

2006.

Other

Directorships

Held

During

the

Past

Five

Years

2

Trustee

and

Board

Chair

of

Project

Lede

from

2013

to

present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Jacobs

has

significant

board

experience

and

significant

executive

and

portfolio

management

experience

in

the

investment

management

industry.

Keith

F.

Karlawish

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1964

Trustee

since

March

2012;

Chairman

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Karlawish

is

a

Senior

Director

of

Wealth

Management

with

Curi

Capital

which

acquired

Park

Ridge

Asset

Management,

LLC

in

August

2022.

Prior

to

this

time,

Mr.

Karlawish

was

a

partner

with

Park

Ridge

Asset

Management,

LLC

since

December

2008

and

also

served

as

a

portfolio

manager.

From

May

2002

until

October

2008,

Mr.

Karlawish

was

the

President

of

BB&T

Asset

Management,

Inc.,

and

was

President

of

the

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds

from

February

2005

until

October

2008.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Karlawish

has

significant

board

experience,

including

past

service

on

the

boards

of

BB&T

Mutual

Funds

and

BB&T

Variable

Insurance

Funds;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

54

-

Management

Information

-

December

31,

2023

-

American

Funds

Interested

Trustee

Carol

A.

Kosel

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

March

2013

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Retired.

Ms.

Kosel

was

a

consultant

to

the

Evergreen

Funds

Board

of

Trustees

from

October

2005

to

December

2007.

She

was

Senior

Vice

President,

Treasurer,

and

Head

of

Fund

Administration

of

the

Evergreen

Funds

from

April

1997

to

October

2005.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Kosel

has

significant

board

experience,

including

past

service

on

the

boards

of

Evergreen

Funds

and

Sun

Capital

Advisers

Trust;

significant

executive

experience,

including

past

service

at

a

large

asset

management

company

and

significant

experience

in

the

investment

management

industry.

Douglas

F.

Kridler

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1955

Trustee

since

September

1997

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Since

2002,

Mr.

Kridler

has

served

as

the

President

and

Chief

Executive

Officer

of

The

Columbus

Foundation,

a

$2.5

billion

community

foundation

with

2,000

funds

in

55

Ohio

counties

and

37

states

in

the

U.S.

Other

Directorships

Held

During

the

Past

Five

Years

2

None

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Kridler

has

significant

board

experience;

significant

executive

experience,

including

service

as

President

and

Chief

Executive

Officer

of

one

of

America’s

largest

community

foundations

and

significant

service

to

his

community

and

the

philanthropic

field

in

numerous

leadership

roles.

Charlotte

Tiedemann

Petersen

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1960

Trustee

since

January

2023

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

private

real

estate

investor/principal

since

January

2011.

Ms.

Petersen

served

as

Chief

Investment

Officer

at

Alexander

Capital

Management

from

April

2006

to

December

2010.

From

July

1993

to

June

2002,

Ms.

Petersen

was

a

Portfolio

Manager,

Partner,

and

Management

Committee

member

of

Denver

Investment

Advisors

LLC.

Other

Directorships

Held

During

the

Past

Five

Years

2

Investment

Committee

for

the

University

of

Colorado

Foundation

from

February

2015

to

June

2022.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Petersen

has

significant

board

experience

including

past

service

as

a

Trustee

of

Scout

Funds

and

Director

of

Fischer

Imaging,

where

she

chaired

committees

for

both

entities;

significant

experience

in

the

investment

management

industry

and

is

a

Chartered

Financial

Analyst.

David

E.

Wezdenko

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1963

Trustee

since

January

2021

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Wezdenko

is

a

Co-Founder

of

Blue

Leaf

Ventures

(venture

capital

firm,

founded

May

2018).

From

November

2008

until

December

2017,

Mr.

Wezdenko

was

Managing

Director

of

JPMorgan

Chase

&

Co.

Other

Directorships

Held

During

the

Past

Five

Years

2

Independent

Trustee

for

National

Philanthropic

Trust

from

October

2021

to

present.

Board

Director

of

J.P.

Morgan

Private

Placements

LLC

from

January

2010

to

December

2017.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Mr.

Wezdenko

has

significant

board

experience;

significant

past

service

at

a

large

asset

and

wealth

management

company

and

significant

experience

in

the

investment

management

industry.

M.

Diane

Koken

3

Year

of

Birth

Positions

Held

with

Trust

and

Length

of

Time

Served

1

Number

of

Portfolios

Overseen

in

the

Nationwide

Fund

Complex

1952

Trustee

since

April

2019

117

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Self-employed

as

a

legal/regulatory

consultant

since

2007.

Ms.

Koken

served

as

Insurance

Commissioner

of

Pennsylvania,

for

three

governors,

from

1997–2007,

and

as

the

President

of

the

National

Association

of

Insurance

Commissioners

(NAIC)

from

September

2004

to

December

2005.

Prior

to

becoming

the

Insurance

Commissioner

of

Pennsylvania,

she

held

multiple

legal

roles,

including

Vice

President,

General

Counsel,

and

Corporate

Secretary

of

a

national

life

insurance

company.

Other

Directorships

Held

During

the

Past

Five

Years

2

Director

of

Nationwide

Mutual

Insurance

Company

2007-present,

Director

of

Nationwide

Mutual

Fire

Insurance

Company

2007-2023,

Director

of

Nationwide

Corporation

2007-present,

Director

of

Capital

BlueCross

2011-present,

Director

of

NORCAL

Mutual

Insurance

Company

2009-2021,

Director

of

Medicus

Insurance

Company

2009-present,

Director

of

Hershey

Trust

Company

2015-present,

Manager

of

Milton

Hershey

School

Board

of

Managers

2015-present,

Director

and

Chair

of

Hershey

Foundation

2016-present,

and

Director

of

The

Hershey

Company

2017-present.

Experience,

Qualifications,

Attributes,

and

Skills

for

Board

Membership

Ms.

Koken

has

significant

board

experience

and

significant

executive,

legal

and

regulatory

experience,

including

past

service

as

a

cabinet-level

state

insurance

commissioner

and

General

Counsel

of

a

national

life

insurance

company.

American

Funds

-

December

31,

2023

-

Management

Information

-

55

1

Length

of

time

served

includes

time

served

with

the

Trust’s

predecessors.

The

tenure

of

each

Trustee

is

subject

to

the

Board’s

retirement

policy,

which

states

that

a

Trustee

shall

retire

from

the

Boards

of

Trustees

of

the

Trusts

effective

on

December

31

of

the

calendar

year

during

which

he

or

she

turns

75

years

of

age;

provided

this

policy

does

not

apply

to

a

person

who

became

a

Trustee

prior

to

September

11,

2019.

2

Directorships

held

in

(1)

any

other

investment

companies

registered

under

the

1940

Act,

(2)

any

company

with

a

class

of

securities

registered

pursuant

to

Section

12

of

the

Securities

Exchange

Act

of

1934,

as

amended

(the

“Exchange

Act”),

or

(3)

any

company

subject

to

the

requirements

of

Section

15(d)

of

the

Exchange

Act,

which

are

required

to

be

disclosed

in

the

SAI.

In

addition,

certain

other

directorships

not

meeting

the

requirements

may

be

included

for

certain

Trustees

such

as

board

positions

on

non-profit

organizations.

3

Ms.

Koken

is

considered

an

interested

person

of

the

Trust

because

she

is

a

Director

of

the

parent

company

of,

and

several

affiliates

of,

the

Trust’s

investment

adviser

and

distributor.

Officers

of

the

Trust

1

These

positions

are

held

with

an

affiliated

person

or

principal

underwriter

of

the

Funds.

The

Statement

of

Additional

Information

(“SAI”)

includes

additional

information

about

the

Trustees

and

is

available,

without

charge,

upon

request.

Shareholders

may

call

800-848-0920

to

request

the

SAI.

Kevin

T.

Jestice

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1980

President,

Chief

Executive

Officer,

and

Principal

Executive

Officer

since

March

2023

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Jestice

is

President

and

Chief

Executive

Officer

of

Nationwide

Fund

Advisors

and

is

a

Senior

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

Vice

President

of

Internal

Sales

and

Service

(ISS)

and

Institutional

Investments

Distribution

(IID)

for

Nationwide

Financial

Services,

Inc.

Prior

to

joining

Nationwide

in

2020,

Mr.

Jestice

served

as

Principal,

Head

of

Enterprise

Advice

and

as

Principal,

Head

of

Institutional

Investor

Services

at

The

Vanguard

Group,

Inc.

for

more

than

13

years.

Lee

T.

Cummings

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1963

Senior

Vice

President

and

Head

of

Fund

Operations

since

December

2015

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Cummings

is

Senior

Vice

President

and

Head

of

Fund

Operations

of

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

the

Trust’s

Treasurer

and

Principal

Financial

Officer

and

served

temporarily

as

the

Trust’s

President,

Chief

Executive

Officer,

and

Principal

Executive

Officer

from

September

2022

until

March

2023.

David

Majewski

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1976

Treasurer

and

Principal

Financial

Officer

since

September

2022

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Majewski

previously

served

as

the

Trust’s

Assistant

Secretary

and

Assistant

Treasurer.

Kevin

Grether

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Senior

Vice

President

and

Chief

Compliance

Officer

since

December

2021

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Grether

is

Senior

Vice

President

of

NFA

and

Chief

Compliance

Officer

of

NFA

and

the

Trust.

He

is

also

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

the

VP,

and

Chief

Compliance

Officer

for

the

Nationwide

Office

of

Investments

and

its

registered

investment

adviser,

Nationwide

Asset

Management.

Stephen

R.

Rimes

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1970

Secretary,

Senior

Vice

President,

and

General

Counsel

since

December

2019

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Rimes

is

Vice

President,

Associate

General

Counsel

and

Secretary

for

Nationwide

Fund

Advisors,

and

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

Assistant

General

Counsel

for

Invesco

from

2000-2019.

Christopher

C.

Graham

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1971

Senior

Vice

President,

Head

of

Investment

Strategies,

Chief

Investment

Officer,

and

Portfolio

Manager

since

September

2016

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Graham

is

Senior

Vice

President,

Head

of

Investment

Strategies

and

Portfolio

Manager

for

the

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

Benjamin

Hoecherl

Year

of

Birth

Positions

Held

with

Funds

and

Length

of

Time

Served

1976

Senior

Vice

President,

Head

of

Business

and

Product

Development

since

December

2023

Principal

Occupation(s)

During

the

Past

Five

Years

(or

longer)

Mr.

Hoecherl

is

Senior

Vice

President,

Head

of

Business

and

Product

Development

for

Nationwide

Fund

Advisors

and

is

a

Vice

President

of

Nationwide

Mutual

Insurance

Company.

=

1

He

previously

served

as

AVP

for

Nationwide

ProAccount

within

Nationwide

Retirement

Solutions.

56

-

Market

Index

Definitions

-

December

31,

2023

-

American

Funds

Bloomberg

®

Emerging

Markets

Aggregate

Bond

Index

(USD):

A

flagship

hard

currency

Emerging

Markets

debt

benchmark

that

includes

fixed

and

floating-rate

US

dollar-denominated

debt

issued

from

sovereign,

quasi-sovereign,

and

corporate

emerging

markets

issuers.

Bloomberg

®

U.S.

Municipal

Index:

An

index

based

on

USD-denominated

long-term

tax-exempt

bond

market.

The

Index

has

four

main

sectors:

state

and

local

general

obligation

bonds,

revenue

bonds,

insured

bonds,

and

pre-refunded

bonds.

Bloomberg

®

U.S.

Aggregate

Total

Return

Index

(USD):

Provides

a

measure

of

the

performance

of

the

U.S.

dollar

denominated

investment

grade

bond

market,

including

investment

grade

government

bonds,

investment

grade

corporate

bonds,

mortgage

pass

through

securities,

commercial

mortgage-backed

securities

and

asset

backed

securities

that

are

publicly

for

sale

in

the

United

States.

Bloomberg

®

U.S.

Aggregate

Bond

Index:

An

unmanaged,

market

value-weighted

index

of

U.S.

dollar-denominated

investment-

grade,

fixed-rate,

taxable

debt

issues,

which

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(agency

fixed-rate

and

hybrid

adjustable-rate

mortgage

pass-throughs),

asset-backed

securities

and

commercial

mortgage-backed

securities

(agency

and

non-agency).

Bloomberg

®

U.S.

Corporate

High

Yield

Bond

Index:

Measures

the

USD-denominated,

high

yield,

fixed-rate

corporate

bond

market.

Securities

are

classified

as

high

yield

if

the

middle

rating

of

Moody's,

Fitch

and

S&P

is

Ba1/BB+/BB+

or

below.

Bloomberg

®

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index:

An

unmanaged

index

that

measures

the

performance

of

high-

yield

corporate

bonds,

with

a

maximum

allocation

of

2%

to

any

one

issuer.

Bloomberg

®

U.S.

1-3

Year

Government/Credit

Bond

Index:

An

unmanaged

index

that

measures

the

performance

of

the

non-

securitized

component

of

the

U.S.

Aggregate

Bond

Index

with

maturities

of

1

to

3

years,

including

Treasuries,

government-related

issues,

and

corporates.

Bloomberg

®

U.S.

10-20

Year

Treasury

Bond

Index:

Measures

US

dollar-denominated,

fixed-rate,

nominal

debt

issued

by

the

US

Treasury

with

10-20

years

to

maturity.

Bloomberg

®

U.S.

Treasury

Inflation-Protected

Securities

(TIPS)

Index

SM

:

An

index

that

measures

the

performance

of

the

US

Treasury

Inflation

Protected

Securities

(TIPS)

market.

Bloomberg

®

Mortgage-Backed

Securities

Index:

A

market

value-weighted

index

comprising

agency

mortgage-backed

pass-

through

securities

of

the

Government

National

Mortgage

Association

(Ginnie

Mae),

the

Federal

National

Mortgage

Association

(Fannie

Mae),

and

the

Federal

Home

Loan

Mortgage

Corporation

(Freddie

Mac)

with

a

minimum

$150

million

par

amount

outstanding

and

a

weighted-average

maturity

of

at

least

one

year.

Bloomberg

®

U.S.

Government/Mortgage

Index:

Measures

the

performance

of

U.S.

government

bonds

and

mortgage-related

securities,

including

Ginnie

Maes,

Freddie

Macs,

Hybrid

ARMs,

Fannie

Maes,

U.S.

Treasuries

and

U.S.

Agencies

only.

It

is

a

subset

of

US

Aggregate

Index.

Note

about

Bloomberg

®

Indexes

Bloomberg

®

and

its

indexes

are

service

marks

of

Bloomberg

®

Finance

L.P.

and

its

affiliates

including

Bloomberg

®

Index

Services

Limited,

the

administrator

of

the

index,

and

have

been

licenses

for

use

for

certain

purposes

by

Nationwide.

Bloomberg

®

is

not

affiliated

with

Nationwide,

and

Bloomberg

®

does

not

approve,

endorse,

review,

or

recommend

this

product.

Bloomberg

®

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

date

or

information

relating

to

this

product.

Citigroup

Non-U.S.

Dollar

World

Government

Bond

Index

(Citigroup

WGBI

Non-US):

An

unmanaged,

market

capitalization-

weighted

index

that

reflects

the

performance

of

fixed-rate

investment-grade

sovereign

bonds

with

remaining

maturities

of

one

year

or

more

issued

outside

the

United

States;

generally

considered

to

be

representative

of

the

world

bond

market.

Citigroup

U.S.

Broad

Investment-Grade

Bond

Index

(USBIG

®

):

An

unmanaged,

market

capitalization-weighted

index

that

measures

the

performance

of

U.S.

dollar-denominated

bonds

issued

in

the

U.S.

investment-grade

bond

market;

includes

fixed-

rate,

U.S.

Treasury,

government-sponsored,

collateralized,

and

corporate

debt

with

remaining

maturities

of

one

year

or

more.

American

Funds

-

December

31,

2023

-

Market

Index

Definitions

-

57

Citigroup

U.S.

High-Yield

Market

Index:

An

unmanaged,

market

capitalization-weighted

index

that

reflects

the

performance

of

the

North

American

high-yield

market;

includes

U.S.

dollar-denominated,

fixed-rate,

cash-pay,

and

deferred-interest

securities

with

remaining

maturities

of

one

year

or

more,

issued

by

corporations

domiciled

in

the

United

States

or

Canada.

Citigroup

World

Government

Bond

Index

(WGBI)

(Unhedged):

An

unmanaged,

market

capitalization-weighted

index

that

is

not

hedged

back

to

the

U.S.

dollar

and

reflects

the

performance

of

the

global

sovereign

fixed-income

market;

includes

local

currency,

investment-grade,

fixed-rate

sovereign

bonds

issued

in

20-plus

countries,

with

remaining

maturities

of

one

year

or

more.

Note

about

Citigroup

Indexes

©

2024

Citigroup

Index

LLC.

All

rights

reserved

Dow

Jones

U.S.

Select

Real

Estate

Securities

Index

SM

(RESI):

An

unmanaged

index

that

measures

the

performance

of

publicly

traded

securities

of

U.S.-traded

real

estate

operating

companies

(REOCs)

and

real

estate

investment

trusts

(REITs).

FTSE

World

ex

U.S.

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

excluding

the

United

States.

FTSE

World

Index:

An

unmanaged,

broad-based,

free

float-adjusted,

market

capitalization-weighted

index

that

measures

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

and

advanced

emerging

countries,

including

the

United

States.

Note

about

FTSE

Indexes

Source:

FTSE

International

Limited

(“FTSE”)

©

FTSE

2024.

“FTSE

®

”

is

a

trademark

of

the

London

Stock

Exchange

Group

companies

and

is

used

by

FTSE

International

Limited

under

license.

All

rights

in

the

FTSE

indices

and/or

FTSE

ratings

vest

in

FTSE

and/or

its

licensors.

Neither

FTSE

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

FTSE

indices

and/

or

FTSE

ratings

or

underlying

data.

No

further

distribution

of

FTSE

Data

is

permitted

without

FTSE's

express

written

consent.

ICE

BofA

Merrill

Lynch

Current

5-Year

U.S.

Treasury

Index:

An

unmanaged,

one-security

index,

rebalanced

monthly,

that

measures

the

performance

of

the

most

recently

issued

5-year

U.S.

Treasury

note;

a

qualifying

note

is

one

auctioned

on

or

before

the

third

business

day

prior

to

the

final

business

day

of

a

month.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index

(USD

Hedged):

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-

grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

The

Index

is

hedged

against

the

fluctuations

of

the

constituent

currencies

versus

the

U.S.

dollar.

ICE

BofA

Merrill

Lynch

Global

High

Yield

Index:

An

unmanaged,

market

capitalization-weighted

index

that

gives

a

broad-based

measurement

of

global

high-yield

fixed-income

markets;

measures

the

performance

of

below-investment-grade,

corporate

debt

with

a

minimum

of

18

months

remaining

to

final

maturity

at

issuance

that

is

publicly

issued

in

major

domestic

or

euro

bond

markets,

and

is

denominated

in

U.S.

dollars,

Canadian

dollars,

British

pounds,

and

euros.

Note

about

ICE

BofA

Merrill

Lynch

Indexes

Source

BofA

Merrill

Lynch,

used

with

permission.

BofA

Merrill

Lynch

is

licensing

the

BofA

Merrill

Lynch

Indexes

“as

is”,

makes

no

warranties

regarding

same,

does

not

guarantee

the

suitability,

quality,

accuracy,

timeliness,

and/or

completeness

of

the

BofA

Merrill

Lynch

Indexes

or

any

data

included

in,

related

to,

or

derived

therefrom,

assumes

no

liability

in

connection

with

their

use,

and

does

not

sponsor,

endorse,

or

recommend

Nationwide

Mutual

Funds,

or

any

of

its

products

or

services

(2024).

iMoneyNet

Money

Fund

Average™

Government

All

Index:

An

average

of

government

money

market

funds.

Government

money

market

funds

may

invest

in

U.S.

Treasuries,

U.S.

Agencies,

repurchase

agreements,

and

government-backed

floating

rate

notes,

and

include

both

retail

and

institutional

funds.

JPM

Emerging

Market

Bond

Index

(EMBI)

Global

Diversified

Index:

An

unmanaged

index

that

reflects

the

total

returns

of

U.S.

dollar-denominated

sovereign

bonds

issued

by

emerging

market

countries

as

selected

by

JPMorgan.

J.P.

Morgan

Mozaic

SM

Index

(Series

F):

A

rules-based,

dynamic

index

that

tracks

the

total

return

of

a

global

mix

of

asset

classes,

including

equity

securities,

fixed-income

securities,

and

commodities,

through

futures

contracts

on

those

asset

classes.

The

Index

rebalances

monthly

in

an

effort

to

capture

the

continued

performance

of

asset

classes

that

have

exhibited

the

highest

recent

returns.

58

-

Market

Index

Definitions

-

December

31,

2023

-

American

Funds

Note

about

JPMorgan

Indexes

Information

has

been

obtained

from

sources

believed

to

be

reliable,

but

JPMorgan

does

not

warrant

its

completeness

or

accuracy.

The

Index

is

used

with

permission.

The

Index

may

not

be

copied,

used,

or

distributed

without

JPMorgan's

prior

written

approval.

©

2024,

JPMorgan

Chase

&

Co.

All

rights

reserved.

Morningstar

®

Lifetime

Allocation

Indexes:

A

series

of

unmanaged,

multi-asset-class

indexes

designed

to

benchmark

target-

date

investment

products.

Each

index

is

available

in

three

risk

profiles:

aggressive,

moderate,

and

conservative.

The

index

asset

allocations

adjust

over

time,

reducing

equity

exposure

and

shifting

toward

traditional

income-producing

investments.

The

strategic

asset

allocation

of

the

indexes

is

based

on

the

Lifetime

Asset

Allocation

methodology

developed

by

Ibbotson

Associates,

a

Morningstar

company.

Morningstar

®

Target

Risk

Indexes:

A

series

consisting

of

five

asset

allocation

indexes

that

span

the

risk

spectrum

from

conservative

to

aggressive.

The

securities

selected

for

the

asset

allocation

indexes

are

driven

by

the

rules-based

indexing

methodologies

that

power

Morningstar's

comprehensive

index

family.

Aggressive

Target

Risk

Index

Moderately

Aggressive

Target

Risk

Index

Moderate

Target

Risk

Index

Moderately

Conservative

Target

Risk

Index

Conservative

Target

Risk

Index

Note

about

Morningstar

®

Indexes

Neither

any

Morningstar

company

nor

any

of

its

information

providers

can

guarantee

the

accuracy,

completeness,

timeliness,

or

correct

sequencing

of

any

of

the

information

on

this

website,

including,

but

not

limited

to,

information

originated

by

any

Morningstar

company,

licensed

by

any

Morningstar

company

from

information

providers,

or

gathered

by

any

Morningstar

company

from

other

third-party

sources

(e.g.,

publicly

available

sources).

©2024

Morningstar

MSCI

ACWI

®

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI.

MSCI

ACWI

®

ex

USA:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

ACWI

®

ex

USA

Growth:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

growth

stocks

in

global

developed

and

emerging

markets

as

determined

by

MSCI;

excludes

the

United

States.

MSCI

EAFE

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

United

States

and

Canada.

MSCI

World

ex

USA

Index

SM

:

Captures

large-

and

mid-capitalization

representation

across

22

of

23

Developed

Markets

(DM)

countries—excluding

the

United

States.

With

1,020

constituents,

the

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

DM

countries

include

Australia,

Austria,

Belgium,

Canada,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

United

Kingdom.

MSCI

World

Index

SM

:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

global

developed

markets

as

determined

by

MSCI.

MSCI

EAFE

®

Small

Cap

Index:

An

equity

index

which

captures

small

cap

representation

across

Developed

Markets

countries

including

Australia,

Austria,

Belgium,

Denmark,

Finland,

France,

Germany,

Hong

Kong,

Ireland,

Israel,

Italy,

Japan,

the

Netherlands,

New

Zealand,

Norway,

Portugal,

Singapore,

Spain,

Sweden,

Switzerland,

and

the

UK

around

the

world,

excluding

the

U.S.

and

Canada.

American

Funds

-

December

31,

2023

-

Market

Index

Definitions

-

59

MSCI

EAFE

®

Value

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

value

stocks

in

developed

markets

as

determined

by

MSCI;

excludes

the

U.S.

and

Canada.

MSCI

Emerging

Markets

®

Index:

An

unmanaged,

free

float-adjusted,

market

capitalization-weighted

index

that

is

designed

to

measure

the

performance

of

large-cap

and

mid-cap

stocks

in

emerging-country

markets

as

determined

by

MSCI.

Note

about

MSCI

Indexes

MSCI

cannot

and

does

not

guarantee

the

accuracy,

validity,

timeliness

or

completeness

of

any

information

or

data

made

available

to

you

for

any

particular

purpose.

Neither

MSCI,

nor

any

of

its

affiliates,

directors,

officers,

or

employees,

nor

its

successors

or

assigns,

nor

any

third-party

vendor,

will

be

liable

or

have

any

responsibility

of

any

kind

for

any

loss

or

damage

that

you

incur.

©

2024

MSCI

Inc.

All

rights

reserved.

NYSE

Arca

Tech

100

Index:

A

price-weighted

index

composed

of

common

stocks

and

American

Depository

Receipts

(“ADRs”

a

form

of

equity

security

that

was

created

specifically

to

simplify

foreign

investing

for

American

investor)

of

technology-related

companies

listed

on

U.S.

stock

exchanges.

This

Index

is

maintained

by

the

New

York

Stock

Exchange,

but

also

includes

stocks

that

trade

on

exchanges

other

than

the

NYSE.

Note

about

NYSE

Arca

Index

“Archipelago

®

”,

“ARCA

®

”,

“ARCAEX

®

”,

“NYSE

®

“,

“NYSE

ARCA

SM

”

and

“NYSE

Arca

Tech

100

SM

”

are

trademarks

of

the

NYSE

Group,

Inc.

and

Archipelago

Holdings,

Inc.

and

have

been

licensed

for

use

by

Nationwide

Fund

Advisors,

on

behalf

of

the

Nationwide

NYSE

Arca

Tech

100

Index

Fund.

The

Nationwide

NYSE

Arca

Tech

100

Index

Fund

is

not

sponsored,

endorsed,

sold,

or

promoted

by

Archipelago

Holdings,

Inc.

or

by

NYSE

Group,

Inc.

Neither

Archipelago

Holdings,

Inc.

nor

NYSE

Group,

Inc.

makes

any

representation

or

warranty

regarding

the

advisability

of

investing

in

securities

generally,

the

Nationwide

NYSE

Arca

Tech

100

Index

to

track

general

stock

market

performance.

Russell

1000

®

Index:

A

stock

market

index

that

represents

the

1000

top

companies

by

market

capitalization

in

the

Russell

3000

Index

in

the

United

States.

Russell

1000

®

Equal

Weight

Technology

Index:

Russell's

industry

equal

weight

index

methodology

equally

weights

each

industry

within

the

index

and

then

equally

weights

the

companies

within

each

industry.

Provides

greater

diversification

benefits

than

traditional

equal

weighted

indexes.

Russell

1000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

1000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

large-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

1000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2000

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

2000

®

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

segment

of

the

U.S.

equity

universe.

Russell

2000

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

2000

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Russell

2500

TM

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

small

to

mid-cap

growth

segment

of

the

US

equity

universe.

Includes

companies

with

higher

growth

earning

potential.

Russell

3000

®

Growth

Index:

A

market-capitalization

weighted

index

based

on

the

Russell

3000

Index.

Includes

companies

that

show

signs

of

above-average

growth.

60

-

Market

Index

Definitions

-

December

31,

2023

-

American

Funds

Russell

3000

®

Index:

a

capitalization-weighted

stock

market

index,

maintained

by

FTSE

Russell,

that

seeks

to

be

a

benchmark

of

the

entire

U.S

stock

market.

Russell

Midcap

®

Growth

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

growth

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Russell

Midcap

®

Value

Index:

An

unmanaged

index

that

measures

the

performance

of

the

mid-capitalization

value

segment

of

the

U.S.

equity

universe;

includes

those

Russell

Midcap

®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Note

about

Russell

Indexes

Russell

Investment

Group

is

the

source

and

owner

of

the

trademarks,

service

marks

and

copyrights

related

to

the

Russell

Indexes.

Nationwide

Mutual

Funds

are

not

sponsored,

endorsed,

or

promoted

by

Russell,

and

Russell

bears

no

liability

with

respect

to

any

such

funds

or

securities

or

any

index

on

which

such

funds

or

securities

are

based.

Russell

®

is

a

trademark

of

Russell

Investment

Group.

S&P

500

®

Index:

An

unmanaged,

market

capitalization-weighted

index

of

500

stocks

of

leading

large-cap

U.S.

companies

in

leading

industries;

gives

a

broad

look

at

the

U.S.

equities

market

and

those

companies’

stock

price

performance.

S&P

MidCap

400

®

(S&P

400)

Index:

An

unmanaged

index

that

measures

the

performance

of

400

stocks

of

medium-sized

U.S.

companies

(those

with

a

market

capitalization

of

$1.4

billion

to

$5.9

billion).

S&P

North

American

Technology

Sector

Index

TM

:

Represents

U.S.

securities

classified

under

the

GICS

®

information

technology

sector

as

well

as

the

internet

&

direct

marketing

retail,

interactive

home

entertainment,

and

interactive

media

&

services

sub-

industries.

S&P

Target

Date

®

To

Indexes:

A

series

of

13

unmanaged,

multi-asset

class

indexes

consisting

of

the

Retirement

Income

Index

plus

12

indexes

that

correspond

to

a

specific

target

retirement

date

(ranging

from

2010

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2065+).

The

series

reflects

a

subset

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target

date

funds,

each

of

which

generally

has

an

asset

allocation

mix

and

glide

path

featuring

relatively

conservative

total

equity

exposure

near

retirement

and

static

total

equity

exposure

after

retirement.

Each

index

in

the

series

reflects

varying

levels

of

exposure

to

equities,

bonds,

and

other

asset

classes

and

becomes

more

conservative

with

the

approach

of

the

target

retirement

date.

Note

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Copyright

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LLC.

P.O.

Box

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nationwide.com/mutualfunds

NAR-AMF

(2-24)

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 reim- bursements, 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

	1 year	5 years	10 years	Lifetime (since July 5,2001)	Gross expense ratio	Net 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

	1 year	5 years	10 years	Lifetime (since February 8, 1984)	Expense 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

	1 year	5 years	10 years	Lifetime (since November 18, 2008)	Expense 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	10 years	5 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)	Gros 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 approval of the fund’s board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 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 technology 27.78%
Microsoft Corp.		1,630,630	$	613,182
ASML Holding NV		436,031		329,209
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 16.00%
Novo Nordisk AS, Class B		3,572,824		369,554
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 discretionary 14.87%
Chipotle Mexican Grill, Inc.1		146,200		334,354
LVMH Moët Hennessy-Louis Vuitton SE		224,441		182,050
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 discretionary (continued)
Wynn Macau, Ltd.1,2		21,430,000	$	17,618
Tractor Supply Co.		75,200		16,170
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 11.14%
Tradeweb Markets, Inc., Class A		1,527,288		138,800
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 8.02%
Safran SA		521,514		91,997
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 (continued)
Lifco AB, Class B		251,048	$	6,172
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 4.94%
Nestlé SA		454,282		52,577
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 services 4.42%
Alphabet, Inc., Class A1		1,232,500		172,168
Meta Platforms, Inc., Class A1		247,923		87,755
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 4.26%
Sherwin-Williams Co.		385,500		120,237
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 3.32%
Canadian Natural Resources, Ltd. (CAD denominated)		1,286,000		84,252
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 (continued)
Enbridge, Inc. (CAD denominated)		148,655	$	5,351
Gazprom PJSC1,3		8,346,000		–	4
LUKOIL Oil Co. PJSC3		246,300		–	4
				255,034
Utilities 0.20%
Brookfield Infrastructure Partners, LP		247,500		7,800
FirstEnergy Corp.		205,396		7,530
				15,330
Real estate 0.06%
CBRE Group, Inc., Class A1		53,066		4,940
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 technology 0.26%
Samsung Electronics Co., Ltd., nonvoting preferred shares	406,300	19,593
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

	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 3.84%
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 21.45%
International Container Terminal Services, Inc.		10,330,620	$	45,754
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 discretionary 17.33%
Skechers USA, Inc., Class A1		700,000	$	43,638
DraftKings, Inc., Class A1		1,213,100		42,762
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 technology 15.91%
PAR Technology Corp.1,2		865,592		37,688
GitLab, Inc., Class A1		464,256		29,230
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 technology (continued)
MongoDB, Inc., Class A1		23,300	$	9,526
Topicus.com, Inc., subordinate voting shares1		141,219		9,511
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 15.44%
Haemonetics Corp.1		891,864		76,263
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 10.06%
Cholamandalam Investment and Finance Co., Ltd.		2,859,647	$	43,234
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 4.99%
LANXESS AG2		624,914		19,564
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 services 3.53%
Lions Gate Entertainment Corp., Class B1		4,812,841		49,043
Indosat Tbk PT		38,357,467		23,363
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 3.51%
Embassy Office Parks REIT		5,865,088		22,878
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 (continued)
Altus Group, Ltd.2		340,710	$	10,835
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 1.77%
Diamond Offshore Drilling, Inc.1		1,042,513		13,553
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 1.39%
Black Hills Corp.		196,061		10,577
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 0.96%
Grocery Outlet Holding Corp.1		519,956		14,018
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 technology 0.71%
SmartHR, Inc., Series D, preferred shares1,4,5	3,006	13,964
Yotpo, Ltd., Series F, preferred shares1,4,5	2,158,609	3,152
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 technology 0.12%
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 1/27/20251,6		245,849	$	3,878
Total rights & warrants (cost: $5,725,000)				3,878

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 technology 20.97%
Microsoft Corp.		5,763,387	$	2,167,264
Broadcom, Inc.		979,691		1,093,580
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 services 18.00%
Meta Platforms, Inc., Class A1		9,152,773		3,239,715
Netflix, Inc.1		3,272,855		1,593,488
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 discretionary 15.04%
Tesla, Inc.1		7,564,300	$	1,879,577
Amazon.com, Inc.1		3,914,943		594,837
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 14.12%
Regeneron Pharmaceuticals, Inc.1		1,018,940		894,925
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 (continued)
Zoetis, Inc., Class A		269,320	$	53,156
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 11.29%
TransDigm Group, Inc.		766,218		775,106
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 (continued)
Paylocity Holding Corp.1		123,239	$	20,316
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 7.58%
Visa, Inc., Class A		2,789,473		726,239
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 4.17%
Halliburton Co.		11,600,000		419,340
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 3.76%
Dollar Tree Stores, Inc.1		2,084,201		296,061
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 (continued)
Keurig Dr Pepper, Inc.		903,000	$	30,088
British American Tobacco PLC		429,990		12,548
JUUL Labs, Inc., Class A1,3,4		2,711,477		2,901
				1,476,232
Materials 2.35%
Wheaton Precious Metals Corp.		2,915,000		143,826
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 0.68%
PG&E Corp.		9,227,065		166,364
Constellation Energy Corp.		860,427		100,575
				266,939
Real estate 0.41%
Zillow Group, Inc., Class C, nonvoting shares1		2,492,002		144,187
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 technology 0.27%
Stripe, Inc., Series I, 6.00% noncumulative preferred shares1,3,4	2,763,342	70,520
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,3,4	52,656	1,344
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 0.02%
ABL Space Systems Co., Series B2, 5.00% cumulative preferred shares1,3,4,5	153,713	5,027
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 technology 0.00%
Constellation Software, Inc., warrants, expire 3/31/20401,3	53,352	–	6
Industrials 0.00%
ABL Space Systems Co., Series C-1, warrants, expire 12/13/20301,3,4	31,704	–	6
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 discretionary 0.01%
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20287	USD	5,576	$	5,508
Total bonds, notes & other debt instruments (cost: $4,346,000)				5,508

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			.0013
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 17.46%
Airbus SE, non-registered shares		1,387,973	$	214,245
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 technology 14.41%
Shopify, Inc., Class A, subordinate voting shares1		3,462,045		269,693
SK hynix, Inc.		1,056,148		115,316
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 12.02%
Novo Nordisk AS, Class B		2,895,071		299,451
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 (continued)
Insulet Corp.1		46,653	$	10,123
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 11.77%
Fortescue, Ltd.		12,796,750		253,123
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 discretionary 11.34%
MercadoLibre, Inc.1		109,049		171,375
adidas AG		413,125		84,004
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 11.32%
Kotak Mahindra Bank, Ltd.		7,259,052		166,328
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 (continued)
Bank Mandiri (Persero) Tbk PT		27,858,000	$	10,928
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  7.73%
Reliance Industries, Ltd.		7,221,202		224,099
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 services 4.75%
Bharti Airtel, Ltd.		11,630,448		144,080
Bharti Airtel, Ltd., interim shares		644,900		4,937
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 4.49%
Danone SA		878,392		56,974
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 1.24%
ENN Energy Holdings, Ltd.		6,953,828		51,119
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 0.55%
ESR Group, Ltd.		14,852,600		20,501
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 0.37%
Grifols, SA, Class B, nonvoting non-registered preferred shares1	2,274,930	26,429

American Funds Insurance Series 71

International Fund (continued)

Preferred securities (continued)	Shares		Value (000)
Consumer discretionary 0.13%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares		103,247	$	9,105
Financials 0.13%
Itaú Unibanco Holding SA, preferred nominative shares		1,308,816		9,101
Information technology 0.00%
Canva, Inc., Series A, noncumulative preferred shares1,3,4		422		450
Canva, Inc., Series A-3, noncumulative preferred shares1,3,4		18		19
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 technology 0.00%
Constellation Software, Inc., warrants, expire 3/31/20401,3	7,730	—	5
Total rights & warrants (cost: $0)		—	5
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.

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

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 15.31%
Kotak Mahindra Bank, Ltd.		2,131,574	$	48,841
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 technology 14.98%
Microsoft Corp.		282,716	$	106,313
Taiwan Semiconductor Manufacturing Co., Ltd.		4,183,269		80,509
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 12.75%
Airbus SE, non-registered shares		334,120		51,574
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 (continued)
Daikin Industries, Ltd.		60,900	$	9,893
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 11.84%
Novo Nordisk AS, Class B		877,364		90,750
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 (continued)
Pfizer, Inc.		100,008	$	2,879
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 discretionary 10.47%
MercadoLibre, Inc.1		31,226		49,073
LVMH Moët Hennessy-Louis Vuitton SE		58,326		47,310
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 discretionary(continued)
Gree Electric Appliances, Inc. of Zhuhai, Class A		132,946	$	603
Cyrela Brazil Realty SA, ordinary nominative shares		91,635		450
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 6.92%
Vale SA (ADR), ordinary nominative shares		1,366,617		21,675
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 services 6.69%
Meta Platforms, Inc., Class A1		108,519		38,411
Alphabet, Inc., Class C1		157,306		22,169
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)

			Value
Common stocks (continued)	Shares		(000)
Communication services (continued)
TIM SA		1,343,498	$	4,956
Singapore Telecommunications, Ltd.		1,997,800		3,733
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 6.61%
Kweichow Moutai Co., Ltd., Class A		113,407		27,547
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 3.11%
Reliance Industries, Ltd.		918,465		28,503
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) 

		Value
Common stocks (continued)	Shares		(000	)
Energy (continued)
Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares	23,280	$	372
Gazprom PJSC1,2	945,858		—	3
Rosneft Oil Co. PJSC2	588,661		—	3
			105,118
Real estate 1.97%
Macrotech Developers, Ltd.	2,207,035		27,122
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 1.19%
AES Corp.	619,432		11,924
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 0.31%
Itaú Unibanco Holding SA (ADR), preferred nominative shares	449,330		3,123
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 0.19%
QuintoAndar, Ltd., Series E, preference shares1,2,4	32,657		5,091
QuintoAndar, Ltd., Series E-1, preference shares1,2,4	8,400		1,309
			6,400
Consumer discretionary 0.12%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares	41,073		3,622
Getir BV, Series D, preferred shares1,2,4	7,768		468
			4,090
Information technology 0.03%
Samsung Electronics Co., Ltd., nonvoting preferred shares	23,177		1,118
Canva, Inc., Series A, noncumulative preferred shares1,2,4	34		36
Canva, Inc., Series A-3, noncumulative preferred shares1,2,4	1		1
			1,155
Industrials 0.01%
GOL Linhas Aéreas Inteligentes SA, preferred nominative shares1	129,359		234
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 discretionary 0.03%
Midea Group Co., Ltd., Class A, warrants, expire 2/26/20241,6		128,407	$	989
Industrials 0.02%
Centre Testing International Group Co., Ltd., Class A, warrants, expire 3/20/20241,6		425,100		849
Total rights & warrants (cost: $2,099,000)				1,838

Convertible bonds & notes 0.01%	Principal amount (000)
Energy 0.01%
Abu Dhabi National Oil Co., convertible notes, 0.70% 6/4/2024		USD200	195
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	BRL	10,200	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	CLP	1,170,000	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	CNY	30,480	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	COP	2,927,200	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	EUR	150	140
Czech Republic 1.25% 2/14/2025	CZK	32,530	1,401
Czech Republic 1.95% 7/30/2037		19,010	685
Dominican Republic 8.625% 4/20/20276	USD	575	603
Dominican Republic 5.50% 2/22/20296		275	269
Dominican Republic 11.375% 7/6/2029	DOP	12,800	234
Dominican Republic 7.05% 2/3/20316	USD	150	158
Dominican Republic 13.625% 2/3/2033	DOP	9,000	189
Dominican Republic 11.25% 9/15/2035		49,350	919
Dominican Republic 5.875% 1/30/2060	USD	1,725	1,496
Dominican Republic 5.875% 1/30/20606		280	243
Egypt (Arab Republic of) 6.375% 4/11/2031	EUR	450	320
Egypt (Arab Republic of) 8.50% 1/31/2047	USD	400	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)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Ethiopia (Federal Democratic Republic of) 6.625% 12/11/20249	USD	440	$	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	HUF	519,260		1,556
India (Republic of) 6.54% 1/17/2032	INR	81,680		944
Indonesia (Republic of) 6.625% 2/17/2037	USD	300		352
Indonesia (Republic of) 7.125% 6/15/2038	IDR	32,478,000		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	INR	78,000		940
Kenya (Republic of) 6.875% 6/24/2024	USD	400		390
Kenya (Republic of) 8.25% 2/28/20486		400		333
Malaysia (Federation of), Series 0119, 3.906% 7/15/2026	MYR	3,240		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	USD	940		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	PLN	7,680		1,839
Qatar (State of) 4.50% 4/23/20286	USD	450		456
Romania 2.00% 1/28/2032	EUR	1,375		1,179
Romania 2.00% 4/14/2033		300		249
Romania 5.125% 6/15/20486	USD	500		430
Senegal (Republic of) 4.75% 3/13/2028	EUR	600		613
South Africa (Republic of) 5.875% 4/20/2032	USD	400		380
South Africa (Republic of), Series R-213, 7.00% 2/28/2031	ZAR	57,197		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	USD	200		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	THB	15,532		460

82 American Funds Insurance Series

New World Fund (continued)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Thailand (Kingdom of) 3.45% 6/17/2043	THB	18,658	$	569
Tunisia (Republic of) 5.625% 2/17/2024	EUR	1,820		1,944
Tunisia (Republic of) 5.75% 1/30/2025	USD	425		350
Turkey (Republic of) 9.875% 1/15/2028		200		222
Turkey (Republic of) 17.30% 7/19/2028	TRY	27,700		761
Turkey (Republic of) 11.875% 1/15/2030	USD	500		630
Turkey (Republic of) 17.80% 7/13/2033	TRY	1,145		31
Ukraine 8.994% 2/1/20269	USD	600		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	MXN	20,360		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	USD	75		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 0.15%
Oleoducto Central SA 4.00% 7/14/20276		255		237
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	MXN	22,000		1,239
Petroleos Mexicanos 6.49% 1/23/2027	USD	2,585		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 HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds		300		257
(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 services 0.08%
América Móvil, SAB de CV, 9.50% 1/27/2031	MXN	24,000		1,376
Axiata SPV5 (Labuan), Ltd. 3.064% 8/19/2050	USD	357		247
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 0.07%
Aegea Finance SARL 9.00% 1/20/20316	USD	275	$	293
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 0.06%
Braskem Idesa SAPI 7.45% 11/15/2029		775		488
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 discretionary 0.05%
Alibaba Group Holding, Ltd. 3.15% 2/9/2051		410		269
Arcos Dorados BV 6.125% 5/27/2029		450		450
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 0.03%
MARB BondCo PLC 3.95% 1/29/2031		520		423
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% Industrials 0.01%
Rede D’Or Finance SARL 4.50% 1/22/2030		480		435
Mexico City Airport Trust 4.25% 10/31/2026		200		193
Total corporate bonds, notes & loans Total bonds, notes & other debt instruments (cost: $135,928,000)				18,417
				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)

Short-term securities (continued)	Shares		Value (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	USD	19,562		$	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						Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 12/31/2023 (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

Upfront

Unrealized

premium

appreciation

Receive

Pay

Notional

Value at

paid

(depreciation)

Rate

Payment frequency

Rate

Payment frequency

Expiration date

amount (000)

12/31/2023(000)

(received) (000)

at 12/31/2023 (000)

8.61%

28-day

28-day MXN-TIIE

28-day

8/3/2028

MXN43,530

$

—

3

$

—

$

—

3

Bilateral 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	Counterparty	date	(000)		(000)			(000)		(000)
10.535%	At maturity	BZDIOVER	At maturity	Barclays Bank PLC	1/2/2025	BRL	6,315	$	—	3	$	—	$	—	3
10.775%	At maturity	BZDIOVER	At maturity	Barclays Bank PLC	1/2/2029	BRL	4,534		36			—		36
11.175%	At maturity	BZDIOVER	At maturity	Bank of America	1/2/2031	BRL	3,670		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				8614							—		—	15
Total 4.01%							$	17	$	(12	)	$	135,440	$	8,436

Restricted securities⁴

QuintoAndar, Ltd., Series E, preference shares1,2	Acquisition date(s) 5/26/2021	Cost (000) $ 5,258		Value (000) $5,091		Percent of net assets .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		.0016
Canva, Inc., Series A-3, noncumulative preferred shares1,2	11/4/2021		2		1		.0016
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

Common stocks 96.62%	Shares		Value (000)
Information technology 22.22%
Broadcom, Inc.		673,902	$	752,243
Microsoft Corp.		1,781,641		669,968
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 16.55%
UnitedHealth Group, Inc.		636,287		334,986
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 15.34%
Marsh & McLennan Companies, Inc.		1,290,048		244,425
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)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Apollo Asset Management, Inc.		436,959	$	40,720
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 11.37%
Northrop Grumman Corp.		351,726		164,657
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 7.37%
Philip Morris International, Inc.		1,939,741		182,491
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)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Kraft Heinz Co. (The)		1,111,018	$	41,085
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 discretionary 6.40%
Home Depot, Inc.		548,384		190,042
YUM! Brands, Inc.		800,802		104,633
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 services 5.27%
Comcast Corp., Class A		5,641,013		247,359
Alphabet, Inc., Class C1		893,784		125,961
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
Energy4.70%
Canadian Natural Resources, Ltd.		1,192,529		78,134
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)

Common stocks (continued)	Shares		Value (000)
Materials2.92%
Linde PLC		248,346	$	101,998
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 2.82%
Constellation Energy Corp.		831,635		97,210
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 estate1.66%
Extra Space Storage, Inc. REIT		348,775		55,919
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
Total common stocks (cost: $6,929,849,000)				170,87090
				9,938,3

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)

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%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

	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 3.21%
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				5,7096							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 technology 20.38%
Broadcom, Inc.		70,164	$	78,321
Microsoft Corp.		198,265		74,556
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 14.68%
UnitedHealth Group, Inc.		69,267		36,467
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 (continued)
Centene Corp.1		31,520	$	2,339
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 14.25%
Airbus SE, non-registered shares		150,102		23,170
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 (continued)
Astra International Tbk PT		3,454,900	$	1,266
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 10.13%
Zurich Insurance Group AG		31,405		16,419
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(continued)
Jio Financial Services, Ltd.1		137,445	$	384
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 discretionary 9.49%
Home Depot, Inc.		77,904		26,998
LVMH Moët Hennessy-Louis Vuitton SE		28,282		22,940
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 staples6.94%
Philip Morris International, Inc.		321,045		30,204
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 (continued)
ITC, Ltd.		431,642	$	2,394
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 6.75%
Fortescue, Ltd.		1,248,155		24,689
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 services 5.46%
Alphabet, Inc., Class C1		134,233		18,918
Alphabet, Inc., Class A1		72,426		10,117
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 5.36%
Canadian Natural Resources, Ltd. (CAD denominated)		394,206		25,826
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 (continued)
Tourmaline Oil Corp.		121,987	$	5,486
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 2.32%
E.ON SE		392,643		5,267
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 0.39%
American Tower Corp. REIT		9,206		1,987
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
Total common stocks (cost: $1,215,451,000)				7,198
				1,789,701

Preferred securities 0.05%

Health care 0.04%
Grifols, SA, Class B, nonvoting non-registered preferred shares1	59,790	695
Consumer discretionary 0.01%
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares	1,888	166
Financials 0.00%
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1	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 discretionary 0.09%
Rivian Automotive, Inc., convertible notes, 3.625% 10/15/20305	USD1,404	$	1,731
Total convertible bonds & notes (cost: $1,404,000)			1,731

Bonds, notes & other debt instruments 0.22%

Corporate bonds, notes & loans 0.22%

Health care 0.14%
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024	1,600	1,596
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026	1,100	1,019
		2,615
Consumer discretionary 0.04%
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20285	390	385
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20295	151	161
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20295	125	134
		680
Financials 0.03%
Lloyds Banking Group PLC 3.369% 12/14/2046 (5-year UST Yield Curve Rate T
Note Constant Maturity + 1.50% on 12/14/2041)6	709	493
Energy 0.01%
TransCanada Pipelines, Ltd. 5.10% 3/15/2049	210	201
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				11110								—		—	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 technology 22.57%
Microsoft Corp.		7,555,151	$	2,841,039
Broadcom, Inc.		1,887,866		2,107,330
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 15.70%
General Electric Co.		6,137,203		783,291
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 (continued)
FedEx Corp.		141,000	$	35,669
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 12.72%
Abbott Laboratories		6,854,314		754,454
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 11.75%
Mastercard, Inc., Class A		1,665,449		710,331
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 (continued)
State Street Corp.		1,077,260	$	83,445
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 services 8.91%
Alphabet, Inc., Class C1		6,163,720		868,653
Alphabet, Inc., Class A1		5,066,514		707,742
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 discretionary 8.68%
Amazon.com, Inc.1		5,509,938		837,180
Royal Caribbean Cruises, Ltd.1		2,713,595		351,383
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 5.31%
Philip Morris International, Inc.		6,293,669		592,108
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 (continued)
General Mills, Inc.		1,946,800	$	126,814
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 3.36%
Chevron Corp.		2,053,300		306,270
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 3.24%
PG&E Corp.		18,475,450		333,112
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 2.84%
Linde PLC		845,506		347,258
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 1.00%
VICI Properties, Inc. REIT		6,276,604		200,098
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)

			Value
Convertible stocks 0.06%	Shares		(000)
Utilities 0.06%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/20252		617,200	$	23,528
Total convertible stocks (cost: $30,089,000)				23,528

	Principal amount
Bonds, notes & other debt instruments 0.01%	(000)
Corporate bonds, notes & loans 0.01%
Industrials 0.01%
Boeing Co. 4.875% 5/1/2025	USD	4,706	4,686
Consumer discretionary 0.00%
General Motors Financial Co., Inc. 4.30% 7/13/2025		160	157
General Motors Financial Co., Inc. 5.25% 3/1/2026		827	828
			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

										Net
								Net		unrealized					Dividend
	Value at 1/1/2023		Additions		Reductions			realized gain (loss)		appreciation (depreciation)			Value at 12/31/2023		or interest income
	(000)		(000)		(000)			(000)		(000)			(000)		(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 18.81%
AXA SA		138,382	$	4,517
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 14.09%
Airbus SE, non-registered shares		41,650	$	6,429
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 technology 13.23%
Taiwan Semiconductor Manufacturing Co., Ltd.		459,000		8,834
ASML Holding NV		9,245		6,980
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 technology (continued)
ASMPT, Ltd.		64,100	$	608
Kingdee International Software Group Co., Ltd.3		355,295		516
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 discretionary 10.02%
Industria de Diseño Textil, SA		72,587		3,166
Renault SA		73,429		3,005
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 9.20%
British American Tobacco PLC		134,175		3,915
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 (continued)
L’Oréal SA, non-registered shares		1,843	$	916
Danone SA		7,577		491
Foshan Haitian Flavouring and Food Co., Ltd., Class A		76,424		408
				30,210
Health care 8.82%
AstraZeneca PLC		65,264		8,790
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 services 6.42%
Publicis Groupe SA		41,181		3,830
Koninklijke KPN NV		1,073,578		3,696
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 5.69%
TotalEnergies SE		103,297		7,017
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 5.52%
Vale SA, ordinary nominative shares		137,033	$	2,173
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 2.44%
Engie SA		165,341		2,907
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 1.94%
CK Asset Holdings, Ltd.		352,000		1,760
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 technology 0.09%
Samsung Electronics Co., Ltd., nonvoting preferred shares	6,295	304
Materials 0.09%
Gerdau SA, preferred nominative shares	62,582	303
Total preferred securities (cost: $638,000)		607

American Funds Insurance Series 111

International Growth and Income Fund (continued)

	Principal amount		Value
Bonds, notes & other debt instruments 0.33%	(000)		(000)
Bonds & notes of governments & government agencies outside the U.S. 0.33%
Brazil (Federative Republic of) 10.00% 1/1/2033	BRL	5,300	$	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

									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 3.06%
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 13.30%
Zurich Insurance Group AG		28,525	$	14,913
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 9.86%
AbbVie, Inc.		158,048	$	24,493
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 technology 9.35%
Broadcom, Inc.		44,259		49,404
Microsoft Corp.		67,314		25,313
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 9.15%
Philip Morris International, Inc.		294,556		27,712
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 (continued)
Pernod Ricard SA		6,104	$	1,079
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 8.35%
RTX Corp.		227,122		19,110
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 6.18%
Canadian Natural Resources, Ltd. (CAD denominated)		219,525		14,382
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 (continued)
Schlumberger NV		39,352	$	2,048
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 5.94%
Engie SA		480,958		8,457
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 4.82%
VICI Properties, Inc. REIT		555,713		17,716
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 discretionary 3.70%
Home Depot, Inc.		24,477	$	8,483
LVMH Moët Hennessy-Louis Vuitton SE		7,279		5,904
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 services 3.14%
Comcast Corp., Class A		146,104		6,407
Nippon Telegraph and Telephone Corp.		3,589,500		4,382
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 2.57%
Vale SA (ADR), ordinary nominative shares		272,978		4,329
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 0.02%
Banco Bradesco SA, preferred nominative shares		72,312	$	252
Total preferred securities (cost: $194,000)				252

Convertible stocks 0.19%

Utilities 0.19%
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/20251	45,239	1,724
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 mortgage-backed obligations 7.50%
Fannie Mae Pool #695412 5.00% 6/1/20336	USD	—	4	—	4
Fannie Mae Pool #AD3566 5.00% 10/1/20356		1		1
Fannie Mae Pool #931768 5.00% 8/1/20396		1		1
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 mortgage-backed obligations (continued)
Fannie Mae Pool #MA4919 5.50% 2/1/20536	USD	111	$	111
Fannie Mae Pool #CB5986 5.00% 3/1/20536		97		96
Fannie Mae Pool #BX9827 5.00% 5/1/20536		5,466		5,409
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 mortgage-backed obligations (continued)
Freddie Mac Pool #SD8362 5.50% 9/1/20536	USD	19		$	20
Freddie Mac Pool #SD8367 5.50% 10/1/20536		29			30
Freddie Mac Pool #SD8369 6.50% 10/1/20536		1,703			1,746
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 mortgage-backed obligations (continued)
Uniform Mortgage-Backed Security 6.00% 2/1/20546,8	USD	4,800	$	4,874
Uniform Mortgage-Backed Security 6.50% 2/1/20546,8		5,550		5,687
Uniform Mortgage-Backed Security 6.00% 3/1/20546,8		3,300		3,345
				93,856
Collateralized mortgage-backed obligations (privately originated) 0.40%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20482,6,7		119		98
BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/20612,6,7		72		66
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/20612,6		83		75
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20312,6,7		97		94
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 mortgage-backed obligations (privately originated) (continued)
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20602,6	USD	410	$	362
Treehouse Park Improvement Association No.1 9.75% 12/1/20332,3		100		93
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/20382,6		196		179
Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/20402,6		100		99
				4,947
Commercial mortgage-backed securities 0.39%
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class A3, 6.26% 3/15/20566,7		287		298
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
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
Total mortgage-backed obligations				4,902
				103,705

U.S. Treasury bonds & notes 5.71%
U.S. Treasury 5.65%
U.S. Treasury 0.625% 10/15/2024	10,550	10,204
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 (continued)
U.S. Treasury 1.125% 10/31/2026	USD	995	$	918
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 inflation-protected securities 0.06%
U.S. Treasury Inflation-Protected Security 0.50% 4/15/202411		742		733
Total U.S. Treasury bonds & notes				71,494

Corporate bonds, notes & loans 1.84%
Health care 0.32%
Amgen, Inc. 5.507% 3/2/2026	30	30
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 (continued)
Merck & Co., Inc. 1.70% 6/10/2027	USD	118	$	108
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 0.32%
AerCap Ireland Capital DAC 5.75% 6/6/2028		150		154
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	USD	35	$	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		17		17
UBS Group AG 6.246% 9/22/2029 (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 discretionary 0.27%
Advance Auto Parts, Inc. 3.90% 4/15/2030		18		16
Advance Auto Parts, Inc. 3.50% 3/15/2032		12		10
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 0.23%
Apache Corp. 4.25% 1/15/2030		385		360
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 (continued)
Kinder Morgan, Inc. 5.45% 8/1/2052	USD	11	$	10
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 services 0.20%
América Móvil, SAB de CV, 8.46% 12/18/2036	MXN	1,300		66
AT&T, Inc. 3.50% 6/1/2041	USD	75		60
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 0.19%
AEP Transmission Co., LLC 3.80% 6/15/2049		45		36
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 (continued)
Pacific Gas and Electric Co. 4.65% 8/1/2028	USD	284	$	273
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 0.10%
7-Eleven, Inc. 0.80% 2/10/20242		50		50
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 0.09%
Boeing Co. 2.75% 2/1/2026		91		87
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 (continued)
Union Pacific Corp. 2.80% 2/14/2032	USD	17	$	15
Union Pacific Corp. 3.50% 2/14/2053		20		16
Waste Management, Inc. 4.625% 2/15/2030		60		61
				1,094
Information technology 0.06%
Broadcom, Inc. 4.00% 4/15/20292		3		3
Broadcom, Inc. 4.15% 4/15/20322		11		10
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 0.04%
BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026		35		35
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 0.02%
American Tower Corp. 4.05% 3/15/2032		11		10
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	USD	100	$	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)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
Asset-backed obligations (continued)
PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/20282,6	USD	175	$	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 0.00%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034		15		13
Illinois 0.02%
G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033		225		223
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	USD	47,978	$	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

Receive		Pay
Rate	Payment frequency	Rate	Payment frequency	Expiration date	Notional amount (000)	Value at 12/31/2023 (000)			Upfront premiumpaid(received) (000)		Unrealized appreciation (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	USD	6,088	$	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				1,65319								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

Common stocks 63.95%	Shares		Value (000)
Information technology 13.69%
Broadcom, Inc.		1,116,318	$	1,246,090
Microsoft Corp.		2,642,840		993,814
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 10.03%
UnitedHealth Group, Inc.		1,030,396		542,473
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 8.38%
Apollo Asset Management, Inc.		2,630,627		245,148
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)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Goldman Sachs Group, Inc.		30,100	$	11,612
Islandsbanki hf.		9,555,235		7,797
Sberbank of Russia PJSC3		8,880,000		-	6
				2,151,737
Industrials 7.07%
Boeing Co.1		1,313,000		342,246
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 discretionary 7.03%
Home Depot, Inc.		1,607,300		557,010
Booking Holdings, Inc.1		107,243		380,415
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 services 5.54%
Meta Platforms, Inc., Class A1		1,506,000		533,064
Alphabet, Inc., Class C1		3,009,502		424,129
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 4.15%
Philip Morris International, Inc.		3,727,171		350,652
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)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Costco Wholesale Corp.		89,700	$	59,209
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 3.93%
Royal Gold, Inc.		1,405,000		169,949
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 3.41%
Canadian Natural Resources, Ltd. (CAD denominated)		6,940,400		454,697
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 0.60%
Extra Space Storage, Inc. REIT		655,530		105,101
Crown Castle, Inc. REIT		435,600		50,177
				155,278
Utilities 0.12%
Constellation Energy Corp.		138,666		16,209
FirstEnergy Corp.		400,000		14,664
				30,873
Total common stocks (cost: $10,347,476,000)				16,425,286
Preferred securities 0.00%
Industrials 0.00%
ACR III LSC Holdings, LLC, Series B, preferred shares1,2,3		450		697
Total preferred securities (cost: $465,000)				697

136 American Funds Insurance Series

Asset Allocation Fund (continued)

Rights & warrants 0.00%	Shares		Value (000)
Energy 0.00%
Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/20711,3		4	$	–	6
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 services 0.01%
DISH Network Corp., convertible notes, 3.375% 8/15/2026	USD	4,000		2,140
Total convertible bonds & notes (cost: $2,482,000)				2,140
Bonds, notes & other debt instruments 25.97%
Mortgage-backed obligations 9.23%
Federal agency mortgage-backed obligations 8.62%
Fannie Mae Pool #AD7072 4.00% 6/1/20257		1		1
Fannie Mae Pool #AE3069 4.00% 9/1/20257		–	6	–	6
Fannie Mae Pool #AH0829 4.00% 1/1/20267		1		1
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #FS0305 1.50% 1/1/20427	USD	21,193	$	17,576
Fannie Mae Pool #MA4520 2.00% 1/1/20427		13,781		11,786
Fannie Mae Pool #AP2131 3.50% 8/1/20427		2,810		2,648
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CB6491 6.50% 6/1/20537	USD	1,655	$	1,704
Fannie Mae Pool #CB6490 6.50% 6/1/20537		576		591
Fannie Mae Pool #CB6468 6.50% 6/1/20537		416		428
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #RA9294 6.50% 6/1/20537	USD	771	$	793
Freddie Mac Pool #RA9292 6.50% 6/1/20537		666		685
Freddie Mac Pool #RA9289 6.50% 6/1/20537		625		648
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/20527	USD	33,999	$	31,655
Government National Mortgage Assn. Pool #MA8485 2.50% 12/20/20527		2,488		2,178
Government National Mortgage Assn. Pool #MA8642 2.50% 2/20/20537		2,195		1,922
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 mortgage-backed securities 0.48%
Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/20567		6,201		6,566
Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/20567,8		857		913
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/20637		2,909		2,480
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 6.856% 7/15/20382,7,8	USD	1,341	$	1,322
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 mortgage-backed obligations (privately originated) 0.13%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20482,7,8		925		760
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/20682,7,8		865		866
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
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/20522,7,8	USD	2,661	$	2,188
Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/20632,7		3,101		2,946
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 7.60%
U.S. Treasury 2.50% 5/15/2024		700		693
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 3.625% 2/15/205311	USD	125,000	$	115,733
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 inflation-protected securities 0.16%
U.S. Treasury Inflation-Protected Security 0.25% 1/15/202512		25,980		25,225
U.S. Treasury Inflation-Protected Security 0.375% 7/15/202512		4,800		4,652
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202512		4,032		3,878
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 1.60%
AerCap Ireland Capital DAC 2.45% 10/29/2026		5,457		5,055
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)10	USD	3,254	$	2,900
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
JPMorgan Chase & Co. 6.254% 10/23/2034 (USD-SOFR + 1.81% on 10/23/2033)10	USD	1,452	$	1,575
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
UBS Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)2,10,13	USD	800	$	755
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 0.75%
Antero Midstream Partners, LP 5.375% 6/15/20292		2,170		2,089
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
EQM Midstream Partners, LP 7.50% 6/1/20302	USD	642	$	691
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Valero Energy Corp. 4.00% 4/1/2029	USD	4,000	$	3,853
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 discretionary 0.69%
Acushnet Co. 7.375% 10/15/20282		400		418
Advance Auto Parts, Inc. 3.90% 4/15/2030		813		730
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
KB Home 7.25% 7/15/2030	USD	1,295	$	1,342
Kontoor Brands, Inc. 4.125% 11/15/20292		910		824
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 services 0.66%
Alphabet, Inc. 1.998% 8/15/2026		500		472
Alphabet, Inc. 1.90% 8/15/2040		375		260
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Connect Finco SARL 6.75% 10/1/20262	USD	1,675	$	1,666
CSC Holdings, LLC 3.375% 2/15/20312		1,875		1,370
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
WarnerMedia Holdings, Inc. 5.05% 3/15/2042	USD	500	$	441
WarnerMedia Holdings, Inc. 5.141% 3/15/2052		1,500		1,288
Ziggo BV 4.875% 1/15/20302		725		648
				168,866
Health care 0.66%
AbbVie, Inc. 3.80% 3/15/2025		206		203
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 (continued)
Par Pharmaceutical, Inc. 7.50% 4/1/20272	USD	9,648	$	6,185
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 0.57%
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20262		838		832
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 (continued)
Masco Corp. 2.00% 2/15/2031	USD	497	$	409
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 0.44%
Alcoa Nederland Holding BV 4.125% 3/31/20292		491		456
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 (continued)
Linde, Inc. 1.10% 8/10/2030	USD	2,938	$	2,434
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 0.36%
Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026		315		306
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Public Storage Operating Co. 2.30% 5/1/2031	USD	719	$	618
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 technology 0.34%
Adobe, Inc. 1.90% 2/1/2025		366		355
Analog Devices, Inc. 1.70% 10/1/2028		1,286		1,141
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Viasat, Inc. 6.50% 7/15/20282	USD	1,275	$	1,049
Viasat, Inc. 7.50% 5/30/20312		6,147		4,833
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 0.29%
7-Eleven, Inc. 0.80% 2/10/20242		1,700		1,690
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 0.25%
Ameren Corp. 2.50% 9/15/2024		969		948
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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (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	USD	1,475	$	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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (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	USD	5,523	$	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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/202727	USD	2,594	$	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)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value(000)
Asset-backed obligations (continued)
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/20462,7	USD	1,641	$	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 0.02%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.158% 6/1/2026		1,200		1,120
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 0.04%
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027		5,335		4,833
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 ofcontracts		Expiration date	Notionalamount(000)			Value andunrealizedappreciation (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
Rate	Payment frequency	Rate	Payment frequency	Expiration date		Notionalamount (000)	Value at 12/31/2023 (000)			Upfront premium paid (received) (000)		Unrealized appreciation (depreciation)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 premiumpaid(received) (000)		Unrealized appreciation (depreciation)at 12/31/2023 (000)
1.00%	Quarterly	CDX.NA.IG.41	12/20/2028	USD	19,673	$	382	$	286	$	96

American Funds Insurance Series 163

Asset Allocation Fund (continued)

Investments in affiliates¹⁷

	Value at1/1/2023(000)		Additions (000)		Reductions(000)		Netrealizedgain (loss)(000)			Net unrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividend or interestincome (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				10,63122								1,991		–	23
Total short-term securities														2,397,649
Total 14.81%							$	(78,945	)	$	141,372		$	3,803,664	$	174,553

Restricted securities⁴

	Acquisitiondate(s)	Cost (000)		Value (000)		Percent of netassets
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		.0024
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,10	6/23/2023		971		1,023		.0024
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

Agcy. = Agency

AMT = Alternative Minimum Tax

Assn. = Association

Auth. = Authority

CAD = Canadian dollars

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

DAC = Designated Activity Company

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

PIK = Payment In Kind

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 165

American Funds Global Balanced Fund

Investment portfolio December 31, 2023

Common stocks 61.63%	Shares		Value(000)
Information technology 11.56%
Broadcom, Inc.		13,043	$	14,559
Microsoft Corp.		31,994		12,031
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 9.22%
Abbott Laboratories		58,998		6,494
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 8.40%
RTX Corp.		65,310		5,495
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 (continued)
Waste Management, Inc.		1,847	$	331
Astra International Tbk PT		894,600		328
Element Fleet Management Corp.
Trelleborg AB, Class B		18,337		298
		1,639		55
				32,646
Financials 7.90%
B3 SA - Brasil, Bolsa, Balcao		1,504,867		4,475
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 5.61%
Philip Morris International, Inc.		37,932		3,569
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 4.57%
Freeport-McMoRan, Inc.		91,591		3,899
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 (continued)
Celanese Corp.		4,587	$	713
Air Liquide SA		2,397		466
Sherwin-Williams Co.		1,150		359
				17,767
Energy 3.70%
Canadian Natural Resources, Ltd. (CAD denominated)		113,969		7,466
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 services 3.47%
Meta Platforms, Inc., Class A1		13,044		4,617
Alphabet, Inc., Class A1		19,578		2,735
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 discretionary 3.23%
LVMH Moët Hennessy-Louis Vuitton SE		2,325		1,886
Home Depot, Inc.		4,682		1,623
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 2.74%
DTE Energy Co.		26,895		2,965
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 1.23%
CTP NV		96,081	$	1,624
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		EUR150		172
Israel (State of) 2.875% 1/29/2024		200		221
Israel (State of) 4.50% 1/17/2033		USD200		190
Italy (Republic of) 1.35% 4/1/2030		EUR550		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 mortgage-backed obligations 4.95%
Fannie Mae Pool #FM6293 3.00% 1/1/20516	USD	2		1
Fannie Mae Pool #MA5071 5.00% 7/1/20536		27		27
Freddie Mac Pool #RB5071 2.00% 9/1/20406		745		641
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 mortgage-backed securities 0.26%
Nykredit Realkredit AS, Series 01E, 1.50% 10/1/20376	DKK	468	$	63
Nykredit Realkredit AS, Series 01E, 1.50% 10/1/20406		1,206		160
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/20436		5,550		666
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 obligations (privately originated) 0.13%
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
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
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 securities 0.13%
BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 6.176% 9/15/20365,6,8		150		146
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 4.11%
U.S. Treasury 2.125% 11/30/2024		1,200		1,171
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 (continued)
U.S. Treasury 2.25% 2/15/2052	USD	180	$	125
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 inflation-protected securities 1.36%
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20243		772		759
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20243		516		505
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20273		354		337
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 0.86%
Alabama Power Co. 3.00% 3/15/2052		250		175
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 services 0.51%
América Móvil, SAB de CV, 9.50% 1/27/2031	MXN	12,420		712
AT&T, Inc. 2.75% 6/1/2031	USD	165		145
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 0.46%
Amgen, Inc. 1.90% 2/21/2025		40		39
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 (continued)
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053	USD	21	$	21
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 0.41%
Ecopetrol SA 6.875% 4/29/2030		160		159
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 discretionary 0.28%
Amazon.com, Inc. 2.80% 8/22/2024		45		44
BMW US Capital, LLC 3.90% 4/9/20255		70		69
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 0.21%
Altria Group, Inc. 2.20% 6/15/2027	EUR	270		288
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 0.16%
Canadian Pacific Railway Co. 3.10% 12/2/2051		164		119
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 technology 0.16%
Broadcom, Inc. 4.00% 4/15/20295	USD	21	$	20
Broadcom, Inc. 4.15% 11/15/2030		70		67
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 0.11%
American Tower Corp. 0.875% 5/21/2029	EUR	130		126
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 0.04%
Celanese US Holdings, LLC 6.379% 7/15/2032		50		53
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		USD318		$	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
Contract amount						Unrealized 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)

Contract amount							Unrealized 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

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)
3.79165%	Annual		SOFR	Annual	1/13/2026	USD	865	$	(5	)	$	–	$	(5	)
6.59%	28-day		28-day MXN-TIIE	28-day	6/25/2026	MXN	2,000		(7	)		–		(7	)
6.585%	28-day		28-day MXN-TIIE	28-day	6/25/2026	MXN	2,600		(9	)		–		(9	)
6.64%	28-day		28-day MXN-TIIE	28-day	6/25/2026	MXN	3,200		(11	)		–		(11	)
6.6175%	28-day		28-day MXN-TIIE	28-day	6/25/2026	MXN	8,600		(31	)		–		(31	)
6.633%	28-day		28-day MXN-TIIE	28-day	6/25/2026	MXN	8,900		(32	)		–		(32	)
6.58%	28-day		28-day MXN-TIIE	28-day	6/25/2026	MXN	11,300		(41	)		–		(41	)
7.59%	28-day		28-day MXN-TIIE	28-day	10/29/2026	MXN	2,500		(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)

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)
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

Reference index	Financing rate paid	Payment frequency	Expiration date		Notional amount (000)	Value at 12/31/2023 (000)			Upfront premium paid (received) (000)			Unrealized appreciation (depreciation) at 12/31/2023 (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

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

Investments in affiliates¹²

	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 2.14%
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 mortgage-backed obligations 37.67%
Fannie Mae Pool #AB1068 4.50% 5/1/20251	USD	15	$	15
Fannie Mae Pool #256133 4.50% 1/1/20261		18		18
Fannie Mae Pool #AR3058 3.00% 1/1/20281		57		55
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 mortgage-backed obligations (continued)
Fannie Mae Pool #CA7257 2.50% 10/1/20501	USD	285	$	247
Fannie Mae Pool #CA7381 3.00% 10/1/20501		1,694		1,513
Fannie Mae Pool #CA7599 2.50% 11/1/20501		6,875		5,954
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 mortgage-backed obligations (continued)
Fannie Mae Pool #BX5673 5.00% 12/1/20521	USD	136		$	134
Fannie Mae Pool #MA4842 5.50% 12/1/20521		5,695			5,732
Fannie Mae Pool #CB5778 6.00% 12/1/20521		46			47
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 mortgage-backed obligations (continued)
Freddie Mac Pool #RB5148 2.00% 3/1/20421	USD	5,100	$	4,356
Freddie Mac Pool #Z40130 3.00% 1/1/20461		18,530		17,065
Freddie Mac Pool #ZT2100 3.00% 4/1/20471		101		92
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 mortgage-backed obligations (continued)
Freddie Mac Pool #SD2948 5.50% 11/1/20521	USD	2,347	$	2,362
Freddie Mac Pool #QF2862 6.50% 11/1/20521		62		64
Freddie Mac Pool #SD8280 6.50% 11/1/20521		48		49
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 obligations (continued)
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20321	USD	9,590	$	9,072
Government National Mortgage Assn. 3.00% 1/1/20541,4		411		372
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 mortgage-backed securities 1.72%
AMSR Trust, Series 2023-SFR2, Class A, 3.95% 6/17/20401,5		389		367
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/20521		770		732
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 securities (continued)
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/20611	USD	126	$	119
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)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 6.856% 7/15/20381,2,5	USD	613	$	604
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 mortgage-backed obligations (privately originated) 1.02%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20481,2,5	USD	2,406	$	1,976
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/20551,5		112		104
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
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 obligations (privately originated) (continued)
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20311,2,5	USD	1,555	$	1,502
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20601,5		9,310		8,233
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 9.85%
AerCap Ireland Capital DAC 1.65% 10/29/2024		1,568		1,514
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 (continued)
BPCE SA 5.15% 7/21/20245	USD	5,481	$	5,435
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	EUR	1,080		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	USD	205		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 (continued)
Five Corners Funding Trust III 5.791% 2/15/20335	USD	942	$	1,001
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 (continued)
KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028)5,6	USD	1,375	$	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 MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067		287		297
(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 NatWest Group PLC 5.847% 3/2/2027		100		108
(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 (continued)
Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/20285	USD	2,090	$	2,101
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 (continued)
Wells Fargo &Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)6	USD	678	$	621
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 4.05%
Amgen, Inc. 5.507% 3/2/2026		725		725
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 (continued)
GE HealthCare Technologies, Inc. 5.905% 11/22/2032	USD	7,896	$	8,426
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 4.03%
AEP Texas, Inc. 3.45% 5/15/2051		1,380		990
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 (continued)
Duke Energy Florida, LLC 5.95% 11/15/2052	USD	575	$	630
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	EUR	2,800		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	USD	1,025		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 (continued)
Pacific Gas and Electric Co. 4.95% 7/1/2050	USD	540	$	462
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 discretionary 3.49%
Alibaba Group Holding, Ltd. 4.00% 12/6/2037		200		172
Allied Universal Holdco, LLC 4.625% 6/1/20285		335		305
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 discretionary (continued)
Daimler Trucks Finance North America, LLC 5.40% 9/20/20285	USD	832	$	849
Daimler Trucks Finance North America, LLC 2.375% 12/14/20285		3,230		2,879
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 discretionary (continued)
Marriott International, Inc. 5.75% 5/1/2025	USD	190	$	191
Marriott International, Inc. 5.00% 10/15/2027		4,470		4,526
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 2.68%
ADT Security Corp. 4.125% 8/1/20295		510		470
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 (continued)
Carrier Global Corp. 6.20% 3/15/20545	USD	827	$	957
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 2.45%
Antero Resources Corp. 5.375% 3/1/20305		280		269
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 (continued)
Cenovus Energy, Inc. 3.75% 2/15/2052	USD	19	$	14
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 (continued)
Western Midstream Operating, LP 4.05% 2/1/20306	USD	2,202	$	2,062
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 services 2.21%
AT&T, Inc. 1.70% 3/25/2026		18,834		17,625
AT&T, Inc. 1.65% 2/1/2028		4,700		4,187
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 services (continued)
WarnerMedia Holdings, Inc. 4.279% 3/15/2032	USD	112	$	103
WarnerMedia Holdings, Inc. 5.05% 3/15/2042		719		634
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 1.55%
7-Eleven, Inc. 1.80% 2/10/20315		2,923		2,377
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 0.82%
American Tower Corp. 3.65% 3/15/2027	USD	1,375	$	1,324
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 technology 0.33%
Analog Devices, Inc. 2.10% 10/1/2031		270		230
Analog Devices, Inc. 2.80% 10/1/2041		521		389
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 0.23%
Air Products and Chemicals, Inc. 2.70% 5/15/2040	USD	2,911	$	2,221
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 0.01%
Aeropuerto Internacional de Tocumen, SA 4.00% 8/11/20415		730		550
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 15.75%
U.S. Treasury 1.50% 2/29/2024		407		404
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 (continued)
U.S. Treasury 4.375% 11/30/2028	USD	257,605		$	263,673
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 inflation-protected securities 0.80%
U.S. Treasury Inflation-Protected Security 0.50% 4/15/202411		—	3		—	3
U.S. Treasury Inflation-Protected Security 0.125% 7/15/202411		23,422			23,032
U.S. Treasury Inflation-Protected Security 0.25% 1/15/202511		2,927			2,842
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	USD	1,108	$	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	USD	1,898	$	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	USD	2,180	$	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	USD	3,223	$	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	USD	956	$	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 0.02%
G.O. Bonds, Series 2009, 7.50% 4/1/2034		2,100		2,552
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	USD	4,075	$	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	EUR	10,830		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	IDR	11,783,000		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	USD	1,150		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 0.00%
FORESEA Holding SA, Class C, nonvoting shares5,13		555		14
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 ofcontracts		Expirationdate		Notionalamount(000)			Value and unrealized appreciation (depreciation)at 12/31/2023(000)
30 Day Federal Funds Futures	Long		1		5/1/2024	USD	396		$	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
Contract amount
(Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date		Unrealized appreciation (depreciation) 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

Receive		Pay
Rate	Paymentfrequency	Rate	Paymentfrequency	Expiration date		Notionalamount (000)	Value at 12/31/2023(000)			Upfrontpremiumpaid(received)(000)		Unrealizedappreciation(depreciation) at 12/31/2023(000)
4.8585%	Annual	U.S. EFFR	Annual	1/12/2024	USD	65,416	$	(17	)	$	–	$	(17	)
4.8674%	Annual	U.S. EFFR	Annual	1/12/2024	USD	95,844		(24	)		–		(24	)
4.8615%	Annual	U.S. EFFR	Annual	1/12/2024	USD	130,900		(34	)		–		(34	)
3.497%	Annual	U.S. EFFR	Annual	6/16/2024	USD	27,000		(218	)		–		(218	)
3.52647%	Annual	U.S. EFFR	Annual	6/16/2024	USD	72,532		(575	)		–		(575	)
3.5291%	Annual	U.S. EFFR	Annual	6/16/2024	USD	78,378		(621	)		–		(621	)
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024	USD	4,154		(34	)		–		(34	)
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024	USD	19,800		(165	)		–		(165	)
4.8195%	Annual	SOFR	Annual	9/1/2025	USD	42,100		363			–		363
4.9035%	Annual	SOFR	Annual	9/14/2025	USD	42,065		444			–		444
4.4555%	Annual	SOFR	Annual	12/6/2025	USD	95,750		601			–		601
3.998%	Annual	SOFR	Annual	12/4/2028	USD	40,040		811			–		811
SOFR	Annual	3.8275%	Annual	9/1/2033	USD	9,600		(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)

Receive		Pay
Rate	Payment frequency	Rate		Payment frequency	Expiration date		Notionalamount (000)	Value at 12/31/2023 (000)			Upfront   premium paid(received) (000)		Unrealized appreciation (depreciation) at 12/31/2023 (000)
SOFR	Annual		3.997%	Annual	9/14/2033	USD	9,615	$	(405	)	$	–	$	(405	)
SOFR	Annual		3.2975%	Annual	3/8/2051	USD	39,095		499			–		499
								$	355		$	–	$	355

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Referenceindex	Financingrate paid	Payment frequency	Expirationdate	Notionalamount(000)		Value at 12/31/2023 (000)			Upfrontpremiumpaid(received)(000)			Unrealized appreciation (depreciation)at 12/31/2023 (000)
CDX.NA.IG.41	1.00%	Quarterly	12/20/2028	USD	4,979	$	(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

	Value at1/1/2023(000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)		Netunrealized appreciation (depreciation) (000)			Value at 12/31/2023 (000)		Dividendor interest income (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

	Acquisitiondate(s)	Cost (000)		Value(000)		Percentof netassets
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 22.02%
AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028)1	EUR	2,800	$	2,640
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 (continued)
French Republic O.A.T. 3.00% 5/25/2054	EUR	2,140	$	2,323
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 (continued)
TotalEnergies SE 1.75% junior subordinated perpetual bonds (5-year EUR-EURIBOR + 1.765% on 4/4/2024)1	EUR	2,000	$	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 6.54%
Japan, Series 18, 0.10% 3/10/20244	JPY	1,095,934		7,839
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 4.62%
American Honda Finance Corp. 0.75% 11/25/2026	GBP	1,420		1,638
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 renminbi 3.78%
China (People’s Republic of), Series INBK, 2.44% 10/15/2027	CNY	38,940		5,506
China (People’s Republic of), Series INBK, 2.75% 2/17/2032		59,810		8,545
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 2.72%
Brazil (Federative Republic of) 6.00% 8/15/20244	BRL	14,095	$	2,893
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 2.36%
América Móvil, SAB de CV, 9.50% 1/27/2031	MXN	115,680		6,630
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 2.17%
Canada 3.50% 3/1/2028	CAD	25,228		19,239
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 1.93%
South Korea (Republic of), Series 2503, 1.50% 3/10/2025	KRW	5,183,670		3,940
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 1.82%
Australia (Commonwealth of), Series 157, 1.50% 6/21/2031	AUD	6,610		3,826
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 1.49%
Indonesia (Republic of), Series 84, 7.25% 2/15/2026	IDR	22,733,000		1,497
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 0.59%
South Africa (Republic of), Series R-2030, 8.00% 1/31/2030	ZAR	30,120		1,518
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 0.43%
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/20435	DKK	52,535	$	6,306
Realkredit Danmark AS 1.00% 10/1/20535		2,630		302
				6,608
New Zealand dollars 0.42%
New Zealand 4.50% 5/15/2030	NZD	10,208		6,559
Malaysian ringgits 0.14%
Malaysia (Federation of), Series 0519, 3.757% 5/22/2040	MYR	10,588		2,207
Chilean pesos 0.13%
Chile (Republic of) 1.50% 3/1/20264	CLP	846,536		936
Chile (Republic of) 5.00% 10/1/2028		955,000		1,065
				2,001
Colombian pesos 0.10%
Colombia (Republic of), Series B, 7.00% 3/26/2031	COP	1,185,800		264
Colombia (Republic of), Series B, 7.25% 10/26/2050		7,150,600		1,345
				1,609
Indian rupees 0.07%
India (Republic of) 5.15% 11/9/2025	INR	96,010		1,116
Polish zloty 0.07%
Poland (Republic of), Series 1029, 2.75% 10/25/2029	PLN	4,900		1,112
Romanian leu 0.07%
Romania 4.75% 2/24/2025	RON	5,000		1,094
Norwegian kroner 0.04%
Norway (Kingdom of) 2.125% 5/18/2032	NOK	6,615		598
Ukrainian hryvnia 0.01%
Ukraine 15.50% 10/2/2024	UAH	3,848		83
Ukraine 19.50% 1/15/2025		1,954		42
				125
U.S. dollars 40.89%
7-Eleven, Inc. 0.95% 2/10/20266	USD	520		481
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 (continued)
Allied Universal Holdco, LLC 9.75% 7/15/20276	USD	155	$	152
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 (continued)
BIP-V Chinook Holdco, LLC 5.50% 6/15/20316	USD	400	$	380
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 (continued)
Civitas Resources, Inc. 8.75% 7/1/20316	USD	90	$	96
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 (continued)
Diamond Sports Group, LLC 6.625% 8/15/20273,6	USD	310	$	16
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 (continued)
FirstEnergy Transmission, LLC 2.866% 9/15/20286	USD	2,325	$	2,110
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 (continued)
Howmet Aerospace, Inc. 5.95% 2/1/2037	USD	95	$	99
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)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
U.S. dollars (continued)
Methanex Corp. 5.25% 12/15/2029	USD	5	$	5
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)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
U.S. dollars (continued)
Osaic Holdings, Inc. 10.75% 8/1/20276	USD	256	$	260
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)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
U.S. dollars (continued)
Sasol Financing USA, LLC 8.75% 5/3/20292	USD	310	$	317
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 Tibco Software, Inc., Term Loan A,		2,789		2,782
(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 (continued)
Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/20405,6		USD251	$	245
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)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
U.S. dollars (continued)
Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)1	USD	5,788	$	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 0.08%
Abu Dhabi National Oil Co., convertible notes, 0.70% 6/4/2024	1,200	1,173
Total convertible bonds & notes (cost: $1,171,000)		1,173

Preferred securityes 0.00%	Shares
U.S. dollars 0.00%
ACR III LSC Holdings, LLC, Series B, preferred shares6,12,14		48	74
Total preferred securities (cost: $50,000)			74

Common stocks 0.05%

U.S. dollars 0.05%
Diebold Nixdorf, Inc.6,14	8,912	258
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)

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

	Weighted			Principal
	average yield			amount
	at acquisition			(000)
Bills & notes of governments & government agencies outside the U.S. 1.51%
Japan Treasury 2/20/2024		(0.103	)%	JPY	3,277,100		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

								Value and
								unrealized
								appreciation
					Notional			(depreciation)
		Number of		Expiration	amount			at 12/31/2023
Contracts	Type	contracts		date	(000)			(000)
10 Year Australian Government Bond Futures	Long		30	3/15/2024	USD	2,385		$	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

						Unrealized
						appreciation
Contract amount						(depreciation)
Currency purchased		Currency sold			Settlement	at 12/31/2023
(000)		(000)		Counterparty	date	(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		Currency sold			Settlement	at 12/31/2023
(000)		(000)		Counterparty	date	(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)

						Unrealized
Contract amount						appreciation (depreciation)
Currency purchased		Currency sold			Settlement	at 12/31/2023
(000)		(000)		Counterparty	date	(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

										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)
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

Upfront

Unrealized

premium

appreciation

Receive

Pay

Notional

Value at

paid

(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

									Upfront		Unrealized
									premium		appreciation
					Notional		Value at		paid		(depreciation)
Financing		Payment	Reference	Expiration	amount17		12/31/202318		(received)		at 12/31/2023
rate received		frequency	index	date	(000)		(000)		(000)		(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

									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 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

						Percent
	Acquisition	Cost		Value		of net
	date(s)	(000)		(000)		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)

						Percent
	Acquisition	Cost		Value		of net
	date(s)	(000)		(000)		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 15.14%
Aethon United BR, LP 8.25% 2/15/20261	USD	435	$	438
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 (continued)
Hess Midstream Operations, LP 5.125% 6/15/20281	USD	156	$	151
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 (continued)
Targa Resources Partners, LP 5.50% 3/1/2030	USD	327	$	327
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 discretionary 11.71%
Acushnet Co. 7.375% 10/15/20281		470		491
Advance Auto Parts, Inc. 1.75% 10/1/2027		199		171
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 discretionary (continued)
Everi Holdings, Inc. 5.00% 7/15/20291	USD	95	$	86
Fertitta Entertainment, LLC 4.625% 1/15/20291		1,405		1,276
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 (continued)
Ontario Gaming GTA, LP, Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.598% 8/1/20305,6	USD	425	$	427
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 services 11.47%
Altice France Holding SA 10.50% 5/15/20271		880		571
Altice France SA 5.125% 7/15/20291		1,677		1,307
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 services (continued)
Consolidated Communications, Inc. 5.00% 10/1/20281	USD	225	$	185
CSC Holdings, LLC 6.50% 2/1/20291		600		530
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 services (continued)
WMG Acquisition Corp. 3.875% 7/15/20301	USD	580	$	525
WMG Acquisition Corp. 3.00% 2/15/20311		225		193
Ziggo BV 4.875% 1/15/20301		1,150		1,027
				100,248
Materials 8.89%
Alcoa Nederland Holding BV 5.50% 12/15/20271		510		498
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 (continued)
Mineral Resources, Ltd. 8.50% 5/1/20301	USD	630	$	658
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 8.63%
AdaptHealth, LLC 6.125% 8/1/20281		535		462
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 (continued)
Centene Corp. 3.00% 10/15/2030	USD	295	$	256
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 (continued)
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029	USD	400	$	432
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 7.96%
AG Issuer, LLC 6.25% 3/1/20281		2,431		2,419
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 Ascensus, Inc., Term Loan,		985		1,048
(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 (continued)
NFP Corp. 6.875% 8/15/20281	USD	1,170	$	1,190
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 7.56%
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20261		629		625
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 (continued)
Icahn Enterprises, LP 6.375% 12/15/2025	USD	461	$	453
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 technology 5.84%
Black Knight InfoServ, LLC 3.625% 9/1/20281		410		389
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 technology (continued)
CommScope Technologies, LLC 5.00% 3/15/20271	USD	750	$	313
CommScope, Inc. 6.00% 3/1/20261		1,518		1,354
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 4.97%
Anywhere Real Estate Group, LLC 5.75% 1/15/20291		1,008		784
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	USD	295	$	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 4.24%
Albertsons Companies, Inc. 3.25% 3/15/20261		240		227
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 (continued)
Coty, Inc. 6.50% 4/15/20261	USD	460	$	460
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 2.06%
AmeriGas Partners, LP 5.75% 5/20/2027		302		294
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	USD	284	$	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 0.31%
U.S. Treasury 3.875% 8/15/2033		925		924
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 services 0.06%
DISH Network Corp., convertible notes, 3.375% 8/15/2026		925		495
Total convertible bonds & notes (cost: $816,000)				495

Common stocks 6.02%	Shares
Health care 2.44%
Rotech Healthcare, Inc.3,9,12		201,793	21,188
Mallinckrodt PLC12		3,631	140
			21,328
Energy 0.94%
Chesapeake Energy Corp.		29,829	2,295
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 0.86%
Talen Energy Corp.12		109,720	$	7,022
PG&E Corp.		28,786		519
				7,541
Consumer discretionary 0.51%
Party City Holdco, Inc.3,12		126,254		2,883
Party City Holdco, Inc.1,3,12		1,260		29
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 services 0.04%
Intelsat SA12		8,182		235
iHeartMedia, Inc., Class A12		22,639		61
				296
Total common stocks (cost: $37,300,000)				52,578
Preferred securities 0.34%
Industrials 0.18%
ACR III LSC Holdings, LLC, Series B, preferred shares1,3,12		1,022		1,582
Consumer discretionary 0.16%
MYT Holdings, LLC, Series A, 10.00% preferred shares12		2,095,904		1,363
Total preferred securities (cost: $2,933,000)				2,945
Rights & warrants 0.02%
Consumer discretionary 0.02%
NMG Parent, LLC, warrants, expire 9/24/202712		27,111		217
Total rights & warrants (cost: $164,000)				217
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
Contracts	Type	Number ofcontracts		Expiration date	Notional amount (000)			Value and unrealized appreciation (depreciation) at 12/31/2023 (000)
2 Year U.S. Treasury Note Futures	Long		27	4/3/2024	USD	5,560		$	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

Referenceindex	Financingrate paid			Paymentfrequency	Expiration date	Notionalamount (000)	Value at 12/31/2023 (000)			Upfront premium paid (received) (000)			Unrealized appreciation (depreciation) at 12/31/2023 (000)
CDX.NA.HY.41		5.00	%	Quarterly	12/20/2028	USD12,563	$	(733	)	$	(753	)	$	20

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)
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

	Acquisitiondate(s)	Cost(000)		Value(000)		Percentof netassets
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)

¹Acquired 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.

²Payment 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.

³Value determined using significant unobservable inputs.

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

⁵Loan 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.

⁶Coupon 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.

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

⁸Amount less than one thousand.

⁹Restricted 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.

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

¹¹All 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.

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

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

¹⁴Part 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

Investment portfolio December 31, 2023

Bonds, notes & other debt instruments 94.93%	Principal amount (000)			Value (000)
Mortgage-backed obligations 91.57%
Federal agency mortgage-backed obligations 89.10%
Fannie Mae Pool #695412 5.00% 6/1/20331	USD	–	2	$	–	2
Fannie Mae Pool #AD3566 5.00% 10/1/20351		1			1
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 mortgage–backed obligations (continued)
Fannie Mae Pool #FM9694 2.50% 11/1/20511	USD	211	$	182
Fannie Mae Pool #FM9810 3.00% 11/1/20511		84		75
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 mortgage–backed obligations (continued)
Freddie Mac Pool #SD7512 3.00% 2/1/20501	USD	147	$	132
Freddie Mac Pool #QB1368 2.50% 7/1/20501		447		388
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 obligations (continued)
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018–1, Class HT, 3.00% 5/25/20571	USD	22	$	19
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 mortgage–backed obligations (continued)
Uniform Mortgage–Backed Security 4.00% 2/1/20391,5	USD	125	$	123
Uniform Mortgage–Backed Security 2.50% 1/1/20541,5		3,249		2,764
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 securities 1.65%
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
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 mortgage–backed obligations (privately originated) 0.82%
Cascade Funding Mortgage Trust, Series 2021–HB7, Class A, 1.151% 10/27/20311,3,6		67		65
Cascade Funding Mortgage Trust, Series 2021–HB6, Class A, 0.898% 6/25/20361,3,6		106		101
CIM Trust, Series 2022–R2, Class A1, 3.75% 12/25/20611,3,6		162		152
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(continued)
U.S. Treasury 1.875% 2/15/2032	USD	10	$	9
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–protected securities 0.29%
U.S. Treasury Inflation–Protected Security 0.50% 4/15/20248		315		311
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	%	USD	2,500	$	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	USD	54,773		$	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

Receive

Pay

Notional

Value at

Upfront premium paid

Unrealized appreciation (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	%	USD	10,000	$	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	%	USD	6,400	$	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 mortgage–backed obligations 64.26%
Fannie Mae Pool #406607 6.50% 8/1/20241	USD	1		$	1
Fannie Mae Pool #735070 6.50% 10/1/20241		–	2		–	2
Fannie Mae Pool #745316 6.50% 2/1/20261		26			27
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
2Fannie 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)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CA7257 2.50% 10/1/20501	USD	177	$	154
Fannie Mae Pool #CA7381 3.00% 10/1/20501		339		303
Fannie Mae Pool #CA7739 2.50% 11/1/20501		1,780		1,534
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)

	Principal amount			Value
Bonds, notes & other debt instruments (continued)	(000)			(000)
Mortgage-backed  obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #MA5139 6.00% 9/1/20531	USD	73,874		$	75,026
Fannie Mae Pool #FS5749 6.50% 9/1/20531		8,508			8,722
Fannie Mae Pool #MA5165 5.50% 10/1/20531		24,975			25,084
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)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Poo l #QC7626 3.00% 9/1/20511	USD	2,078	$	1,855
Freddie Mac Pool #RA5901 3.00% 9/1/20511		227		203
Freddie Mac Pool #SD0726 2.50% 10/1/20511		9,473		8,173
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)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD8366 5.00% 10/1/20531	USD	15,824	$	15,658
Freddie Mac Pool #SD8367 5.50% 10/1/20531		1,029		1,033
Freddie Mac Pool #SD4053 6.00% 10/1/20531		5,760		5,852
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)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. Pool #004269 6.50% 10/20/20381	USD	145	$	155
Government National Mortgage Assn. Pool #698668 5.50% 11/15/20381		27		28
Government National Mortgage Assn. Pool #698406 5.00% 7/15/20391		172		174
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 24.27%
U.S. Treasury 1.75% 7/31/2024	12,875	12,632
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)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 3.50% 9/15/2025	USD	28,000	$	27,597
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 inflation-protected securities 2.08%
U.S. Treasury Inflation-Protected Security 0.50% 4/15/20246		3,528		3,485
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20256		2,221		2,143
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20256		2,300		2,230
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)

	Principal amount		Value
Bonds, notes & other debt instruments (continued)	(000)		(000)
Federal agency bonds & notes 5.07%
Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026	USD	223	$	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

	Weighted
	average yield
Short-term securities 16.21%	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 275

U.S. Government Securities Fund (continued)

	Weighted
	average yield			Principal amount		Value
Short-term securities (continued)	at acquisition			(000)		(000)
Commercial paper (continued)
Paccar Financial Corp. 1/5/2024		5.410	%	USD	10,000	$	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

			Notional					Value at
	Number of		amount		Exercise		Expiration	12/31/2023
Description	contracts		(000)		price		date	(000)
Call
3 Month SOFR Futures Option		261	USD	65,250	USD	96.00	6/14/2024	$	576
Put
3 Month SOFR Futures Option		140	USD	35,000	USD	94.31	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

			Notional						Value at
	Number of		amount			Exercise		Expiration	12/31/2023
Description	contracts		(000)			price		date	(000)
Call
3 Month SOFR Futures Option		261	USD	(65,250)		USD	96.00	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)		USD	94.06	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

								Value and
								unrealized
								appreciation
					Notional			(depreciation)
		Number of		Expiration	amount			at 12/31/2023
Contracts	Type	contracts		date	(000)			(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

Upfront

Unrealized

premium

appreciation

Receive

Pay

Notional

Value at

paid

(depreciation)

Rate

Payment frequency

Rate

Payment frequency

Expiration date

amount (000)

12/31/2023 (000)

(received) (000)

at 12/31/2023 (000)

4.8585%

Annual

U.S. EFFR

Annual

1/12/2024

USD

17,898

$

(5

)

$

–

$

(5

)

4.8674%

Annual

U.S. EFFR

Annual

1/12/2024

USD

26,222

(7

)

–

(7

)

4.8615%

Annual

U.S. EFFR

Annual

1/12/2024

USD

35,800

(9

)

–

(9

)

0.241%

Annual

U.S. EFFR

Annual

3/1/2024

USD

119,400

(1,033

)

–

(1,033

)

U.S. EFFR

Annual

0.11%

Annual

5/18/2024

USD

97,600

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)

										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)
3.497%	Annual	U.S. EFFR	Annual	6/16/2024	USD	24,000	$	(194	)	$	–	$	(194	)
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024	USD	3,698		(30	)		–		(30	)
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024	USD	17,700		(148	)		–		(148	)
U.S. EFFR	Annual	0.126%	Annual	6/25/2025	USD	20,100		1,211			–		1,211
U.S. EFFR	Annual	0.1275%	Annual	6/25/2025	USD	20,100		1,210			–		1,210
U.S. EFFR	Annual	0.106%	Annual	6/30/2025	USD	22,492		1,370			–		1,370
SOFR	Annual	3.916%	Annual	7/11/2025	USD	46,800		316			–		316
4.912%	Annual	SOFR	Annual	8/24/2025	USD	14,030		137			–		137
4.8189%	Annual	SOFR	Annual	8/25/2025	USD	14,010		116			–		116
4.8195%	Annual	SOFR	Annual	9/1/2025	USD	10,300		89			–		89
4.27%	Annual	SOFR	Annual	2/16/2026	USD	9,620		47			–		47
4.265%	Annual	SOFR	Annual	2/16/2026	USD	4,777		23			–		23
4.3035%	Annual	SOFR	Annual	2/17/2026	USD	2,874		16			–		16
4.2515%	Annual	SOFR	Annual	2/17/2026	USD	2,847		13			–		13
4.2675%	Annual	SOFR	Annual	2/17/2026	USD	2,771		13			–		13
4.3005%	Annual	SOFR	Annual	2/17/2026	USD	1,989		11			–		11
4.288%	Annual	SOFR	Annual	2/17/2026	USD	2,021		11			–		11
3.45%	Annual	SOFR	Annual	2/1/2028	USD	12,500		(72	)		–		(72	)
3.47%	Annual	SOFR	Annual	2/2/2028	USD	11,600		(58	)		–		(58	)
4.28%	Annual	SOFR	Annual	2/29/2028	USD	1,660		44			–		44
4.269%	Annual	SOFR	Annual	2/29/2028	USD	1,700		44			–		44
U.S. EFFR	Annual	0.5385%	Annual	3/26/2030	USD	49,000		7,909			–		7,909
3.18%	Annual	SOFR	Annual	4/17/2030	USD	2,600		(47	)		–		(47	)
3.275%	Annual	SOFR	Annual	4/18/2030	USD	2,600		(33	)		–		(33	)
3.353%	Annual	SOFR	Annual	4/19/2030	USD	2,600		(22	)		–		(22	)
3.342%	Annual	SOFR	Annual	4/19/2030	USD	2,600		(23	)		–		(23	)
3.344%	Annual	SOFR	Annual	4/20/2030	USD	2,600		(23	)		–		(23	)
3.128%	Annual	SOFR	Annual	4/28/2030	USD	2,600		(55	)		–		(55	)
3.285%	Annual	SOFR	Annual	5/1/2030	USD	2,500		(30	)		–		(30	)
3.259%	Annual	SOFR	Annual	5/1/2030	USD	2,600		(35	)		–		(35	)
3.186%	Annual	SOFR	Annual	5/9/2030	USD	2,600		(46	)		–		(46	)
3.215%	Annual	SOFR	Annual	5/10/2030	USD	2,500		(40	)		–		(40	)
3.29%	Annual	SOFR	Annual	5/19/2030	USD	3,100		(37	)		–		(37	)
3.31%	Annual	SOFR	Annual	6/9/2030	USD	26,800		(290	)		–		(290	)
U.S. EFFR	Annual	0.666%	Annual	11/19/2030	USD	15,500		2,604			–		2,604
SOFR	Annual	4.1615%	Annual	5/15/2033	USD	800		(43	)		–		(43	)
SOFR	Annual	4.15%	Annual	5/15/2033	USD	880		(47	)		–		(47	)
4.0135%	Annual	SOFR	Annual	8/21/2033	USD	1,185		51			–		51
SOFR	Annual	4.061%	Annual	8/24/2033	USD	3,230		(152	)		–		(152	)
SOFR	Annual	3.9519%	Annual	8/25/2033	USD	3,225		(123	)		–		(123	)
SOFR	Annual	3.8275%	Annual	9/1/2033	USD	2,300		(65	)		–		(65	)
SOFR	Annual	3.175%	Annual	2/1/2038	USD	16,000		333			–		333
3.065%	Annual	SOFR	Annual	4/7/2040	USD	12,300		(684	)		–		(684	)
SOFR	Annual	3.045%	Annual	7/27/2050	USD	3,600		209			–		209
SOFR	Annual	2.85282%	Annual	12/6/2052	USD	540		48			–		48
SOFR	Annual	2.93542%	Annual	12/6/2052	USD	550		41			–		41
SOFR	Annual	3.01413%	Annual	1/12/2053	USD	1,402		83			–		83
SOFR	Annual	3.02%	Annual	1/12/2053	USD	1,400		81			–		81
SOFR	Annual	2.974%	Annual	4/17/2053	USD	800		53			–		53
SOFR	Annual	3.044%	Annual	4/18/2053	USD	800		43			–		43
SOFR	Annual	3.0875%	Annual	4/19/2053	USD	800		36			–		36
SOFR	Annual	3.1035%	Annual	4/19/2053	USD	800		34			–		34
SOFR	Annual	3.0895%	Annual	4/20/2053	USD	800		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
Rate	Payment frequency	Rate	Payment frequency	Expiration date		Notional amount (000)	Value at 12/31/2023 (000)		Upfront premium paid (received) (000)		Unrealized appreciation (depreciation) at 12/31/2023 (000)
SOFR	Annual	2.9405%	Annual	4/28/2053	USD	800	$	58	$	–	$	58
SOFR	Annual	3.0535%	Annual	5/1/2053	USD	1,600		83		–		83
SOFR	Annual	3.085%	Annual	5/9/2053	USD	900		41		–		41
SOFR	Annual	3.1135%	Annual	5/10/2053	USD	800		32		–		32
SOFR	Annual	3.1605%	Annual	5/19/2053	USD	1,000		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

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 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	USD	42,928	USD	3,225.00	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	USD	13,014	$	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)
Put
iShares MSCI EAFE ETF	1,200	USD	9,042	USD	54.00	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	USD	2,365		$	(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	USD	116,861	USD	3,250.00	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	USD	7,712	$	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)		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 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	USD	1,445,259	USD	3,250.00	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	USD	42,928	USD	3,250.00	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	USD	45,685	$	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	(dollars in thousands)

	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World 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 Mutual Investors Fund		Capital World Growth and Income Fund		Growth– Income Fund		International Growth and Income Fund		Capital Income Builder
Assets:
Investment securities, at value:
Unaffiliated issuers	$	9,950,599	$	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
		25,478		13,376		218,763		2,904		92,325
Commitments and contingencies*
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)

	Asset Allocation Fund		American Funds Global Balanced Fund		The Bond Fund of America			Capital World Bond Fund			American High–Income Trust
Assets:
Investment securities, at value:
Unaffiliated issuers	$	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			–
		1,785,181		21,591		3,203,081			195,985			1,922
Commitments and contingencies*
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 Funds Mortgage Fund			Ultra–Short Bond Fund			U.S. Government Securities Fund			Managed Risk Growth Fund			Managed Risk International Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	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 Washington Mutual Investors Fund			Managed Risk Growth– Income Fund		Managed Risk Asset Allocation 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		–			–		–
		576			9,612		3,496
Commitments and contingencies*
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 Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets	$	3,418,477	$	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 Mutual Investors Fund		Capital World Growth and Income Fund		Growth– Income Fund		International Growth and Income Fund		Capital Income Builder
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets	$	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)

		Asset Allocation Fund		American Funds Global Balanced Fund		The Bond Fund of America		Capital World Bond Fund		American High–Income Trust
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets	$	15,555,068	$	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 Funds   Mortgage Fund		Ultra–Short Bond Fund		U.S. Government Securities Fund		Managed Risk Growth Fund		Managed Risk International Fund
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class 1:	Net assets	$	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 Washington Mutual Investors Fund		Managed Risk Growth– Income Fund		Managed Risk Asset Allocation Fund
Shares of beneficial interest issued and outstanding (no stated par value) – unlimited shares authorized
Class P1:	Net assets	$	2,681	$	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						Managed Risk
	Growth-Income Fund						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 value at 1/1/2023		Transfers into Level 32		Purchases		Sales			Net realized loss3			Unrealized appreciation3		Transfers out of Level 32			Ending value at 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
Bonds, notes & other debt instruments	$	4,944	Transaction	Net adjustment (decrease) based on movement of market comparables		5%	5%	Decrease
			Expected proceeds	Expected proceeds		Not applicable	Not applicable	Not applicable
			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	Discount to EV/EBITDA multiple		11%	11%	Decrease
			comparable companies	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
Preferred securities		1,582	Market comparable	EV/EBITDA multiple		4.0x	4.0x	Increase
			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	Options			Forward	Interest		Credit
	on	on	Futures		currency	rate		default
	futures	equity indexes	contracts		contracts	swaps		swaps
New World Fund	Not applicable	Not applicable	$	28,095	$15,017	$	4,663		2,2301
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
		Location on statement of			Location on statement of
Contracts	Risk type	assets and liabilities	Value		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)
		Location on statement of				Location on statement of
Contracts	Risk type	operations		Value		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)
		Location on statement of			Location on statement of
Contracts	Risk type	operations	Value		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
		Location on statement of			Location on statement of
Contracts	Risk type	assets and liabilities	Value		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)
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(4,166	)	Net unarealized 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
		Location on statement of			Location on statement of
Contracts	Risk type	assets and liabilities	Value		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)
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			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
		Location on statement of			Location on statement of
Contracts	Risk type	assets and liabilities	Value		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		27	Payables for closed forward		174
		currency contracts			currency contracts
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)
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			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
		Location on statement of			Location on statement of
Contracts	Risk type	assets and liabilities	Value		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)
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			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
		Location on statement of			Location on statement of
Contracts	Risk type	assets and liabilities	Value		assets and liabilities	Value
Futures	Interest	Unrealized appreciation2	$	8,176	Unrealized depreciation2	$	2,274
Forward currency	Currency	Unrealized appreciation on open		9,188	Unrealized depreciation on open		5,355
		forward currency contracts			forward currency contracts
Forward currency	Currency	Receivables for closed forward		213	Payables for closed forward		1,748
		currency contracts			currency contracts
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)
		Location on statement				Location on statement of
Contracts	Risk type	of operations	Value			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
		Location on statement of			Location on statement of
Contracts	Risk type	assets and liabilities	Value		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)
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			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
		Location on statement of			Location on statement of
Contracts	Risk type	assets and liabilities	Value		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)
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			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
		Location on statement of			Location on statement of
Contracts	Risk type	assets and liabilities	Value		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)
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			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
		Location on statement of			Location on statement of
Contracts	Risk type	assets and liabilities	Value		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)
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			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
		Location on statement of			Location on statement of
Contracts	Risk type	assets and liabilities	Value		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)
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			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
		Location on statement of			Location on statement of
Contracts	Risk type	assets and liabilities	Value		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)
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			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	)

²Includes 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.

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

American Funds Insurance Series 339

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 not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset			Non–cash collateral*		Cash collateral*		Net amount
Assets:
Bank of America	$	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 not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset			Non–cash collateral*			Cash collateral*		Net amount
Assets:
Bank of America	$	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 not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset			Non–cash collateral*			Cash collateral*		Net amount
Assets:
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 not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset			Non–cash collateral*			Cash collateral*			Net amount
Assets:
Bank of America	$	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:

	Rates						Net asset level (in billions)				For the year ended December 31,			For the year ended December 31,
Fund	Beginning with			Ending with			Up to		In excess of		2023, before waiver			2023, 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

Share class	Distribution services		Insurance administrative services		Administrative 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

Global Small Capitalization Fund

Share class	Distribution services		Insurance administrative services		Administrative 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

Growth Fund

Share class	Distribution services		Insurance administrative services		Administrative 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

International Fund

Share class	Distribution services		Insurance administrative services		Administrative 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

Share class	Distribution services		Insurance administrative services		Administrative 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

Washington Mutual Investors Fund

Share class	Distribution services		Insurance administrative services		Administrative 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

Capital World Growth and Income Fund

Share class	Distribution services		Insurance administrative services		Administrative 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

Growth–Income Fund

Share class	Distribution services		Insurance administrative services		Administrative 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

International Growth and Income Fund

Share class	Distribution services		Insurance administrative services		Administrative 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

Capital Income Builder

Share class	Distribution services		Insurance administrative services		Administrative 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

Asset Allocation Fund

Share class	Distribution services		Insurance administrative services		Administrative 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

American Funds Global Balanced Fund

Share class	Distribution services		Insurance administrative services		Administrative 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

The Bond Fund of America

Share class	Distribution services		Insurance administrative services		Administrative 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

Capital World Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative 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

Refer to the end of the tables for footnote.

352 American Funds Insurance Series

American High–Income Trust

Share class	Distribution services		Insurance administrative services		Administrative 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

American Funds Mortgage Fund

Share class	Distribution services		Insurance administrative services		Administrative 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

Ultra–Short Bond Fund

Share class	Distribution services		Insurance administrative services			Administrative 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

U.S. Government Securities Fund

Share class	Distribution services		Insurance administrative services		Administrative 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

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	26
Class P2	$	1,174		1,174
Total class–specific expenses	$	1,174	$	1,200

Managed Risk International Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	4
Class P2	$	305		305
Total class–specific expenses	$	305	$	309

Managed Risk Washington Mutual Investors Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	7
Class P2	$	786		786
Total class–specific expenses	$	786	$	793

Managed Risk Growth–Income Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	4,635
Class P2	$	673		673
Total class–specific expenses	$	673	$	5,308

Managed Risk Asset Allocation Fund

Share class	Distribution services		Insurance administrative 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):

Fund	Current fees			Increase in value of deferred amounts			Total trustees’ 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):

Fund	Purchases		Sales		Net realized 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

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (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

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (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

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (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

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (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

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (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

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (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

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (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

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (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

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (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

					Reinvestents 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

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (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

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (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

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (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

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (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

	Sales				Reinvestments of distributions				Repurchases						Net increase (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

	Sales				Reinvestments of distributions				Repurchases						Net increase (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

	Sales				Reinvestments of distributions				Repurchases						Net increase (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

	Sales				Reinvestments of distributions				Repurchases						Net increase (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

	Sales				Reinvestments of distributions				Repurchases						Net increase (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 Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund		Washington Mutual Investors 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 World Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder			Asset Allocation Fund		American Funds Global Balanced Fund
Purchases of investment securities*	$	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

	The Bond Fund of America		Capital World Bond Fund			American High-Income Trust		American Funds Mortgage Fund		Ultra–Short Bond Fund		U.S. Government Securities Fund
Purchases of investment securities*	$	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 Growth Fund		Managed Risk International Fund		Managed Risk Washington Mutual Investors Fund		Managed Risk Growth– Income Fund		Managed Risk Asset Allocation Fund
Purchases of investment securities*	$	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 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 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 return			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 assets
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 return			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 assets
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 return			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 assets
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 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 distriutions
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		17.4610			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 effective expense 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 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 trustees4,5
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; 2013	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 System^TM – has resulted in superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds Insurance Series’ superior outcomes

American Funds Insurance Series equity-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.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so. 

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  This code of ethics is included as Exhibit 13 (a)(1).

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision

of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.  The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision

of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

During the period covered by the report, with respect to the registrant’s Code of Ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, except as may be noted hereinbelow, there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the Code of Ethics definition enumerated in paragraph (b) of this Item 2. 

Item 3. Audit Committee Financial Expert.

(a)   (1) Disclose that the registrant’s board of directors has determined that the registrant either:

                                (i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

3(a)(1)    The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the board’s audit and operations committee.

3(a)(2)    The audit committee financial expert of the registrant’s board of trustees is Carol A. Kosel, who, for purposes of this Item 3 of Form N-CSR, is an “independent” trustee of the registrant.

Item 4. Principal Accountant Fees and Services.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

4(a) through 4(d)

:    The information in the table below is provided for services rendered to the registrant by the registrant’s principal accountant, PricewaterhouseCoopers

LLP

(“PwC”), for the registrant’s fiscal years ended December 31, 2022 and December 31, 2023, respectively.

	2022	2023
Audit Fees	$1,626,400	$1,729,000
Audit-Related Fees	$75,620	$79,400
Tax Fees (a)	$66,731	$59,426
All Other Fees	$0	$44,760
Total	$1,768,751	$1,912,586

(a)        

Tax fee amount represents tax compliance for federal, state and international matters, general consulting as well as consulting as it relates to foreign tax reclaims.

The information in the table below is provided with respect to non-audit services that directly relate to the registrant’s operations and financial reporting and that were rendered by PwC to the registrant’s investment adviser, Nationwide Fund Advisors (“NFA”), and any service provider to the registrant controlling, controlled by, or under common control with NFA that provided ongoing services to the registrant (hereinafter referred to collectively as the “Covered Services Provider”), for the registrant’s fiscal years ended December 31, 2022 and December 31, 2023, respectively. 

	2022	2023
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None
Total	None	None

(e)       (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

            (2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

4(e)(1) Pre-Approval Policies and Procedures.  The Audit and Operations Committee (the “Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent auditors to the registrant and (ii) all permissible non-audit services to be provided by the independent auditors to NFA and any Covered Services Provider if the engagement relates directly to the operations and financial reporting of the registrant.  The Committee may delegate the Committee’s responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson shall report to the Committee, at the Committee’s next regularly-scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s). 

The Committee also may establish detailed pre-approval policies and procedures for pre-approval of these services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than NFA or the registrant’s officers).  Pre-approval by the Committee of any permissible non-audit services shall not be required so long as:  (i) the aggregate amount of all said permissible non-audit services provided to the registrant, NFA, and any Covered Services Provider constitutes not more than five percent (5%) of the total amount of revenues paid by the registrant to the registrant’s independent auditors during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (iii) these services are promptly brought to the attention of the Committee and approved by the Committee (or the Committee’s delegate(s)) prior to the completion of the audit.

4(e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review, or attest services) rendered by PwC to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X, for the registrant’s fiscal-years ended December 31, 2022 and December 31, 2023, respectively:

	2022	2023
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None
Total	None	None

The information in the table below sets forth the percentages of fees for services (other than audit, review, or attest services) rendered by PwC to NFA and any Covered Services Provider required to be approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X, for the registrant’s fiscal-years ended December 31, 2022 and December 31, 2023, respectively:

	2022	2023
Audit-Related Fees	N/A	N/A
Tax Fees	N/A	N/A
All Other Fees	N/A	N/A
Total	N/A	N/A

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

4(f) Not Applicable:  The percentage of hours expended to audit the registrant’s financial statements for the fiscal-year ended December 31, 2023, that were attributed to work performed by persons other than PwC’s full-time, permanent employees was not over fifty percent (50%).  

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

4(g) The aggregate fees billed by PwC for non-audit services rendered to the registrant and service affiliates for the fiscal-years ended December 31, 2022, and December 31, 2023, were $320,413 and $4,457,027, respectively.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

4(h) The registrant’s Audit and Operations Committee has considered whether the provision by PwC of non-audit services to NFA and covered Services Providers, that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X because these services did not directly relate to the registrant’s operations and financial reporting, is compatible with maintaining PwC’s independence

.

(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N- CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must  provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:

(1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant;

(2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized;

(3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant;

(4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and

(5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

Item 5.    Audit Committee of Listed Registrants.

(a)

If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17 CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).  If the registrant has such a committee, however designated, identify each committee member.  If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

Not Applicable.

(b)

If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption from the listing standards for audit committees.

Not Applicable.

Item 6.   Investments.

(a)File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in § 210.1212 of the Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b)If the registrant has divested itself of securities in accordance with Section 13(c) of the Investment Company Act of 1940 following the filing of its last report on Form N-CSR and before filing of the current report, disclosed the following information for each such divested security:

(1)Name of the issuer;

(2)Exchange ticker symbol;

(3)Committee on Uniform Securities Identification Procedures (“CUSIP”) number;

(4)Total number of shares or, for debt securities, principal amount divested;

(5)Date(s) that the securities were divested;

(6)If the registrant holds any securities of the issuer on the date of filing, the exchange ticker symbol; CUSIP number; and the total number of shares or, for debt securities, principal amount held on the date of filing; and

(7)Name of the statute that added the provision of Section 13(c) in accordance with which the securities were divested.

This Item 6(b) shall terminate one year after the date on which all statutory provisions that underlie Section 13(c) of the Investment Company Act of 1940 have terminated. 

Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities. 

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the information specified in paragraphs (a) and (b) of this Item with respect to portfolio managers.

Not Applicable. 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not Applicable. 

Item 10. Submission of Matters to a Vote of Security Holders.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes 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.

Not Applicable. 

Item 11. Controls and Procedures.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The registrant’s

principal executive officer and principal financial officer have concluded

, based on their

evaluation of the

registrant’s disclosure controls and procedures as conducted within ninety (90) days of the filing date of this report, that these

disclosure controls and procedures, as most-recently amended and restated as of  December 5, 2023, are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is: (i)

accumulated and communicated to the investment company’s management, including the investment company’s certifying officers, to allow timely decisions regarding required disclosure

; and (ii) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) Disclose any change in the registrant’s internal control over financial reporting

(as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

There were no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected or are 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

                If the registrant is a closed-end management company, provide the information specified in paragraphs (a) and (b) of this item relating to the securities lending activities of the registrant.

Not Applicable.

Item 13. Exhibits.

(a) File the exhibits listed below as part of this Form.

 (1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

coe

 (2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2

(a)).

Certifications pursuant to Rule 30a-2(a) are attached hereto.

section302

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section.  Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant incorporates it by reference.

Certifications pursuant to Rule 30a-2(b) are furnished herewith.

                section906

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)                                        NATIONWIDE VARIABLE INSURANCE TRUST

By (Signature and Title)*                               /s/ David Majewski_______________

Name:    David Majewski

Title:      Principal Financial Officer

Date:      February 26, 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.

(Registrant)                                        NATIONWIDE VARIABLE INSURANCE TRUST

By (Signature and Title)*                               /s/ Kevin T. Jestice________________

Name:    Kevin T. Jestice

Title:      Principal Executive Officer

Date:      February 26, 2024

By (Signature and Title)*                               /s/ David Majewski________________

Name:    David Majewski

Title:      Principal Financial Officer

Date:      February 26, 2024

*

Print the name and title of each signing officer under his or her signature.