N-CSRS

N-CSRS 1 d45451dncsrs.htm N-CSRS N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07238

SUNAMERICA SERIES TRUST

(Exact name of registrant as specified in charter)

21650 Oxnard Street, 10th Floor Woodland Hills, CA 93167

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5, 185 Hudson Street

Suite 3300

Jersey City, NJ 07311

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2019

Item 1. Reports to Stockholders

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

SUNAMERICA SERIES TRUST

SEMI-ANNUAL REPORT

JUNE 30, 2019

Table of Contents


Shareholder Letter			1
Expense Example			2
SunAmerica Series Trust SA American Funds Asset Allocation Portfolio			4
SunAmerica Series Trust SA American Funds Global Growth Portfolio			6
SunAmerica Series Trust SA American Funds Growth Portfolio			8
SunAmerica Series Trust SA American Funds Growth-Income Portfolio			10
SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio			12
Statements of Assets and Liabilities			14
Statements of Operations			15
Statements of Changes in Net Assets			16
Notes to Financial Statements			18
Financial Highlights			26

SUNAMERICA SERIES TRUST

SHAREHOLDER LETTER

Dear SunAmerica Series Trust Investor

We are pleased to present the SunAmerica Series Trust semiannual report, which contains the investment portfolio information and the financial statements of the Trust portfolios that invest exclusively in shares of corresponding funds (“Master Funds”) of the American Funds Insurance Series (“AFIS”) for the reporting period ended June 30, 2019.

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

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

Sincerely,

LOGO

John T. Genoy

President

SunAmerica Series Trust

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

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

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

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

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

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

• Not FDIC or NCUA/NCUSIF Insured

• May Lose Value • No Bank of Credit Union Guarantee

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



		1

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE

June 30, 2019

(unaudited)

Disclosure of Portfolio Expenses in Shareholder Reports

As a shareholder of a separate series (a “Portfolio”) in the SunAmerica Series Trust (the “Trust”), you incur ongoing costs, including management fees; service (12b-1) fees; and other Portfolio expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at January 1, 2019 and held until June 30, 2019. Shares of the Trust are not offered directly to the public. Instead, shares are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”) offered by life insurance companies affiliated with SunAmerica Asset Management, LLC, the Trust‘s investment adviser and manager. The fees and expenses associated with the Variable Contracts are not included in these Examples, and had such fees and expenses been included your costs would have been higher. Please see your variable contract prospectus for more details on the fees associated with the variable contract.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended June 30, 2019”, to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended June 30, 2019” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended June 30, 2019” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on the Portfolio‘s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Portfolio‘s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended June 30, 2019” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended June 30, 2019” would have been higher and the “Ending Account Value” would have been lower.

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



2

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE (continued)

June 30, 2019

(unaudited)


	Actual						Hypothetical
Portfolio	Beginning Account Value at January 1, 2019		Ending Account Value Using Actual Return at June 30, 2019		Expenses Paid During the Six Months Ended June 30, 2019*		Beginning Account Value at January 1, 2019		Ending Account Value Using a Hypothetical 5% Assumed Return at June 30, 2019		Expenses Paid During the Six Months Ended June 30, 2019*		Annualized Expense Ratio*
SA American Funds Asset Allocation
Class 1 #@	$	1,000.00	$	1,119.78	$	1.42	$	1,000.00	$	1,023.46	$	1.35		0.27	%
Class 3 #@	$	1,000.00	$	1,118.33	$	2.73	$	1,000.00	$	1,022.22	$	2.61		0.52	%
SA American Funds Global Growth
Class 1 #@	$	1,000.00	$	1,213.11	$	1.54	$	1,000.00	$	1,023.41	$	1.40		0.28	%
Class 3 #@	$	1,000.00	$	1,210.70	$	2.91	$	1,000.00	$	1,022.17	$	2.66		0.53	%
SA American Funds Growth
Class 1 #@	$	1,000.00	$	1,165.76	$	1.50	$	1,000.00	$	1,023.41	$	1.40		0.28	%
Class 3 #@	$	1,000.00	$	1,164.50	$	2.84	$	1,000.00	$	1,022.17	$	2.66		0.53	%
SA American Funds Growth-Income
Class 1 #@	$	1,000.00	$	1,160.38	$	1.55	$	1,000.00	$	1,023.36	$	1.45		0.29	%
Class 3 #@	$	1,000.00	$	1,158.28	$	2.89	$	1,000.00	$	1,022.12	$	2.71		0.54	%
SA American Funds VCP Managed Allocation
Class 1 #@	$	1,000.00	$	1,111.99	$	1.41	$	1,000.00	$	1,023.46	$	1.35		0.27	%
Class 3 #@	$	1,000.00	$	1,110.50	$	2.72	$	1,000.00	$	1,022.22	$	2.61		0.52	%

Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181 days divided by 365 (to reflect the one-half year period). These ratios do not reflect expenses associated with the Variable Contracts. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on the expenses that apply to the Variable Contracts of the insurance companies.

During the stated period, the investment adviser either waived fees and assumed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended June 30, 2019” and “Annualized Expense Ratios” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended June 30, 2019” and the “Annualized Expense Ratio” would have been lower.

Does not include the expenses of the underlying Funds of the American Funds Insurance Series (“Master Funds”) that the Portfolios bear indirectly. If these indirect expenses had been included, the “Actual/Hypothetical Expenses Paid During the Six Months Ended June 30, 2019” and the “Annualized Expense Ratios” would have been higher and the “Actual/Hypothetical Ending Account Value” would have been lower.



		3

SunAmerica Series Trust SA American Funds Asset Allocation Portfolio

PORTFOLIO PROFILE — June 30, 2019 — (unaudited)

Industry Allocation*


Asset Allocation Investment Companies	100.0	%

Calculated as a percentage of net assets.



4

SunAmerica Series Trust SA American Funds Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2019 — (unaudited)


	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.0%
Asset Allocation Investment Companies —100.0%
American Funds Insurance Series^® — Asset Allocation Fund, Class 1		43,503,678		$	981,007,949

TOTAL INVESTMENTS (cost $968,844,386)@		100.0	%		981,007,949
Liabilities in excess of other assets		(0.0	)		(444,302	)

NET ASSETS		100.0	%	$	980,563,647

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2019 (see Note 2):


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Registered Investment Companies	$	981,007,949	$	—	$	—	$	981,007,949

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

See Notes to Financial Statements



		5

SunAmerica Series Trust SA American Funds Global Growth Portfolio

PORTFOLIO PROFILE — June 30, 2019 — (unaudited)

Industry Allocation*


International Equity Investment Companies	100.0	%

Calculated as a percentage of net assets.



6

SunAmerica Series Trust SA American Funds Global Growth Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2019 — (unaudited)


	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.0%
International Equity Investment Companies — 100.0%
American Funds Insurance Series^® — Global Growth Fund, Class 1		13,010,554		$	383,681,235

TOTAL INVESTMENTS (cost $340,176,633)@		100.0	%		383,681,235
Liabilities in excess of other assets		(0.0	)		(188,489	)

NET ASSETS		100.0	%	$	383,492,746

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2019 (see Note 2):


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Registered Investment Companies	$	383,681,235	$	—	$	—	$	383,681,235

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

See Notes to Financial Statements



		7

SunAmerica Series Trust SA American Funds Growth Portfolio

PORTFOLIO PROFILE — June 30, 2019 — (unaudited)

Industry Allocation*


Domestic Equity Investment Companies	100.0	%

Calculated as a percentage of net assets.



8

SunAmerica Series Trust SA American Funds Growth Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2019 — (unaudited)


	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.0%
Domestic Equity Investment Companies — 100.0%
American Funds Insurance Series ^® — Growth Fund, Class 1		4,652,642		$	339,037,992

TOTAL INVESTMENTS (cost $324,518,346)@		100.0	%		339,037,992
Liabilities in excess of other assets		(0.0	)		(163,602	)

NET ASSETS		100.0	%	$	338,874,390

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2019 (see Note 2):


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Registered Investment Companies	$	339,037,992	$	—	$	—	$	339,037,992

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

See Notes to Financial Statements



		9

SunAmerica Series Trust SA American Funds Growth-Income Portfolio

PORTFOLIO PROFILE — June 30, 2019 — (unaudited)

Industry Allocation*


Domestic Equity Investment Companies	100.1	%

Calculated as a percentage of net assets.



10

SunAmerica Series Trust SA American Funds Growth-Income Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2019 — (unaudited)


	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.1%
Domestic Equity Investment Companies — 100.1%
American Funds Insurance Series^® — Growth-Income Fund, Class 1		5,606,782		$	265,144,705

TOTAL INVESTMENTS (cost $250,101,580)@		100.1	%		265,144,705
Liabilities in excess of other assets		(0.1	)		(135,949	)

NET ASSETS		100.0	%	$	265,008,756

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2019 (see Note 2):


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Registered Investment Companies	$	265,144,705	$	—	$	—	$	265,144,705

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

See Notes to Financial Statements



		11

SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio

PORTFOLIO PROFILE — June 30, 2019 — (unaudited)

Industry Allocation*


Asset Allocation Investment Companies	100.0	%

Calculated as a percentage of net assets.



12

SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio

PORTFOLIO OF INVESTMENTS — June 30, 2019 — (unaudited)


	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.0%
Asset Allocation Investment Companies — 100.0%
American Funds Insurance Series^® — Managed Risk Growth-Income Fund, Class P1		145,465,854		$	1,879,418,835

TOTAL INVESTMENTS (cost $1,716,867,432)@		100.0	%		1,879,418,835
Liabilities in excess of other assets		(0.0	)		(839,168	)

NET ASSETS		100.0	%	$	1,878,579,667

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of June 30, 2019 (see Note 2):


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Registered Investment Companies	$	1,879,418,835	$	—	$	—	$	1,879,418,835

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

See Notes to Financial Statements



		13

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2019 — (unaudited)


	SA American Funds Asset Allocation Portfolio		SA American Funds Global Growth Portfolio		SA American Funds Growth Portfolio		SA American Funds Growth- Income Portfolio		SA American Funds VCP Managed Allocation Portfolio
ASSETS:
Investment at value (unaffiliated)*	$	981,007,949	$	383,681,235	$	339,037,992	$	265,144,705	$	1,879,418,835
Receivable for:
Fund shares sold		3,177,074		10,950		564,653		112,240		4,157,600
Investments sold		—		4,196,176		—		—		—
Prepaid expenses and other assets		7,312		7,162		7,084		7,008		8,111
Due from investment adviser for expense reimbursements/fee waivers		949,632		443,766		330,752		260,980		2,146,248

Total assets		985,141,967		388,339,289		339,940,481		265,524,933		1,885,730,794

LIABILITIES:
Payable for:
Fund shares redeemed		256		4,432,882		74,788		211,715		3,319
Investments purchased		3,654,313		—		657,946		33,065		5,240,914
Investment advisory and management fees		668,861		295,870		230,448		181,957		1,438,048
Service fees		196,191		77,832		67,766		53,503		378,390
Transfer agent fees		127		153		153		153		127
Trustees' fees and expenses		4,529		2,153		1,874		1,488		9,715
Other accrued expenses		54,043		37,653		33,116		34,296		80,614

Total liabilities		4,578,320		4,846,543		1,066,091		516,177		7,151,127

NET ASSETS	$	980,563,647	$	383,492,746	$	338,874,390	$	265,008,756	$	1,878,579,667

NET ASSETS REPRESENTED BY:
Paid-in capital		916,095,063		302,998,918		282,547,929		220,553,246		1,692,882,895
Total accumulated earnings (loss)		64,468,584		80,493,828		56,326,461		44,455,510		185,696,772

NET ASSETS	$	980,563,647	$	383,492,746	$	338,874,390	$	265,008,756	$	1,878,579,667

Class 1 (unlimited shares authorized):
Net assets	$	2,631,271	$	150,820	$	66,024	$	122,309	$	214,045
Shares of beneficial interest issued and outstanding		181,567		13,591		6,136		11,049		15,180
Net asset value, offering and redemption price per share	$	14.49	$	11.10	$	10.76	$	11.07	$	14.10

Class 3 (unlimited shares authorized):
Net assets	$	977,932,376	$	383,341,926	$	338,808,366	$	264,886,447	$	1,878,365,622
Shares of beneficial interest issued and outstanding		67,613,813		34,566,554		31,484,455		23,973,907		133,485,424
Net asset value, offering and redemption price per share	$	14.46	$	11.09	$	10.76	$	11.05	$	14.07


* Cost
Investment securities (unaffiliated)	$	968,844,386	$	340,176,633	$	324,518,346	$	250,101,580	$	1,716,867,432

See Notes To Financial Statements



14

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2019 — (unaudited)


	SA American Funds Asset Allocation Portfolio			SA American Funds Global Growth Portfolio			SA American Funds Growth Portfolio			SA American Funds Growth- Income Portfolio			SA American Funds VCP Managed Allocation Portfolio
INVESTMENT INCOME:
Dividends (unaffiliated)	$	4,381,979		$	628,283		$	807,390		$	875,094		$	2,912,680

Total investment income		4,381,979			628,283			807,390			875,094			2,912,680

EXPENSES:
Investment advisory and management fees		3,778,740			1,795,708			1,392,597			1,098,602			8,426,080
Service fees		1,109,419			472,393			409,509			323,046			2,217,165
Transfer agent fees		421			502			538			538			421
Custodian and accounting fees		10,500			10,508			10,506			10,505			10,500
Reports to shareholders		35,461			17,652			14,975			11,966			114,238
Audit and tax fees		13,821			13,821			13,821			13,821			13,821
Legal fees		5,423			3,910			3,066			3,160			5,862
Trustees' fees and expenses		11,198			4,812			4,155			3,281			22,331
Other expenses		8,013			7,826			6,669			7,426			15,426

Total expenses before fee waivers and expense reimbursements		4,972,996			2,327,132			1,855,836			1,472,345			10,825,844

Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4)		(2,667,346	)		(1,323,153	)		(983,010	)		(775,484	)		(6,208,691	)

Net expenses		2,305,650			1,003,979			872,826			696,861			4,617,153

Net investment income (loss)		2,076,329			(375,696	)		(65,436	)		178,233			(1,704,473	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments (unaffiliated)		2,657,348			15,097,672			7,966,246			5,876,844			1,259,002
Net realized gain (loss) from capital gain distributions received from underlying funds (unaffiliated)		48,400,769			20,945,691			34,864,375			26,043,256			17,303,904

Net realized gain (loss) on investments		51,058,117			36,043,363			42,830,621			31,920,100			18,562,906

Net change in unrealized appreciation (depreciation) on investments (unaffiliated)		43,008,629			36,622,572			6,848,549			5,853,963			168,191,917

Net realized and unrealized gain (loss) on investments		94,066,746			72,665,935			49,679,170			37,774,063			186,754,823

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	96,143,075		$	72,290,239		$	49,613,734		$	37,952,296		$	185,050,350

See Notes To Financial Statements



		15

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS


	SA American Funds Asset Allocation Portfolio					SA American Funds Global Growth Portfolio						SA American Funds Growth Portfolio
	For the six months ended June 30, 2019 (unaudited)		For the year ended December 31, 2018			For the six months ended June 30, 2019 (unaudited)			For the year ended December 31, 2018			For the six months ended June 30, 2019 (unaudited)			For the year ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,076,329	$	11,643,804		$	(375,696	)	$	1,455,010		$	(65,436	)	$	467,374
Net realized gain (loss) on investments		51,058,117		30,615,854			36,043,363			53,389,320			42,830,621			52,835,224
Net unrealized gain (loss) on investments		43,008,629		(85,420,834	)		36,622,572			(88,215,937	)		6,848,549			(51,046,007	)

Net increase (decrease) in net assets resulting from operations		96,143,075		(43,161,176	)		72,290,239			(33,371,607	)		49,613,734			2,256,591

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—		(69,708	)		—			(28,781	)		—			(109,469	)
Distributable earnings — Class 3		—		(65,164,367	)		—			(85,129,035	)		—			(99,439,357	)

Total distributions to shareholders		—		(65,234,075	)		—			(85,157,816	)		—			(99,548,826	)

Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		93,694,463		350,585,083			(42,333,931	)		32,526,086			(16,299,521	)		51,994,160


TOTAL INCREASE (DECREASE) IN NET ASSETS		189,837,538		242,189,832			29,956,308			(86,003,337	)		33,314,213			(45,298,075	)

NET ASSETS:
Beginning of period		790,726,109		548,536,277			353,536,438			439,539,775			305,560,177			350,858,252

End of period	$	980,563,647	$	790,726,109		$	383,492,746		$	353,536,438		$	338,874,390		$	305,560,177

See Notes to Financial Statements



16

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS


	SA American Funds Growth-Income Portfolio						SA American Funds VCP Managed Allocation Portfolio
	For the six months ended June 30, 2019 (unaudited)			For the year ended December 31, 2018			For the six months ended June 30, 2019 (unaudited)			For the year ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	178,233		$	2,957,718		$	(1,704,473	)	$	22,798,710
Net realized gain (loss) on investments		31,920,100			35,843,239			18,562,906			78,332,611
Net unrealized gain (loss) on investments		5,853,963			(42,126,160	)		168,191,917			(193,244,936	)

Net increase (decrease) in net assets resulting from operations		37,952,296			(3,325,203	)		185,050,350			(92,113,615	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(90,252	)		—			(10,534	)
Distributable earnings — Class 3		—			(67,588,654	)		—			(115,944,064	)

Total distributions to shareholders		—			(67,678,906	)		—			(115,954,598	)

Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(18,173,398	)		34,918,155			34,026,065			212,935,683


TOTAL INCREASE (DECREASE) IN NET ASSETS		19,778,898			(36,085,954	)		219,076,415			4,867,470

NET ASSETS:
Beginning of period		245,229,858			281,315,812			1,659,503,252			1,654,635,782

End of period	$	265,008,756		$	245,229,858		$	1,878,579,667		$	1,659,503,252

See Notes to Financial Statements



		17

SUNAMERICA SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2019 — (unaudited)

Note 1. Description of Business and Basis of Presentation

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

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

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

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

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


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

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

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

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

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

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



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

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

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

Note 2. Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The Portfolios are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies consistently followed by the Trust and the Master Funds, in the preparation of their respective financial statements:

Security Valuation

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.



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The summary of the Portfolios’ assets and liabilities classified in the fair value hierarchy as of June 30, 2019, is reported on a schedule at the end of each Portfolio’s Portfolio of Investments.

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

Master Funds

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

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

Methods and inputs — The AFIS investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

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

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


Fixed-income class		Examples of standard inputs

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

Corporate bonds & notes; convertible securities		Standard inputs and underlying equity of the issuer

Bonds & notes of governments & government agencies		Standard inputs and interest rate volatilities

Mortgage-backed; asset-backed obligations		Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information

Municipal securities		Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

When the AFIS investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the AFIS investment adviser. The Government Cash Management Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The Capital Group Central Cash Fund (“CCF”) is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued at the mean of representative quoted bid and ask prices, generally based on prices supplied by one or more pricing vendors. Interest rate swaps and credit default swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the AFIS investment adviser are fair valued as determined in good faith under fair value guidelines adopted by authority of the AFIS board of trustees as further described. The AFIS investment adviser follows fair valuation guidelines, consistent with U.S. Securities



20

and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The AFIS investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations and valuations of investments and futures that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The AFIS board of trustees has delegated authority to the AFIS investment adviser to make fair value determinations, subject to board oversight. The AFIS investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the AFIS investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The AFIS board and audit committee also regularly review reports that describe fair value determinations and methods.

The AFIS investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

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

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

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

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

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

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

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

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



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

Note 3. Federal Income Taxes

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


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

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


Portfolio	Aggregate Unrealized Gain		Aggregate Unrealized Loss			Net Unrealized Gain / (Loss)		Cost of Investments
SA American Funds Asset Allocation	$	12,163,563	$	(1,383,327	)	$	10,780,236	$	970,227,713
SA American Funds Global Growth		43,504,602		(1,738,266	)		41,766,336		341,914,899
SA American Funds Growth		14,519,646		(2,604,735	)		11,914,911		327,123,081
SA American Funds Growth-Income		15,043,125		(3,913,363	)		11,129,762		254,014,943
SA American Funds VCP Managed Allocation		162,551,403		(63,982	)		162,487,421		1,716,931,414

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

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

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


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

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



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For the six months ended June 30, 2019, SAAMCo has agreed to waive advisory fees as follows:


Portfolio	Amount
SA American Funds Asset Allocation	$	2,667,346
SA American Funds Global Growth		1,323,153
SA American Funds Growth		983,010
SA American Funds Growth-Income		775,484
SA American Funds VCP Managed Allocation		6,208,691

SAAMCo has contractually agreed to waive fees and/or reimburse expenses of the following Portfolio until April 30, 2020; so that the annual operating expenses do not exceed the following percentage of the Portfolio’s average net assets. For purposes of the waived fees and/or reimbursed expense calculations, annual operating expenses shall not include extraordinary expenses (i.e. expenses that are unusual in nature and infrequent in occurrence such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Portfolio’s business. This agreement may be modified or discontinued prior to April 30, 2020 only with the approval of the Board of Trustees of the Portfolio, including a majority of the Independent Trustees. This agreement will be renewed in terms of one year only if the Adviser agrees to extend the expense limitation.


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

With the exception of advisory fee waivers, for the six months ended June 30, 2019, pursuant to the contractual waivers/reimbursement expense referred to above, SAAMCo did not waive or reimburse any expenses.

With the exception of advisory fee waivers, any contractual waivers or reimbursements made by the Adviser are subject to recoupment from that Portfolio within the following two years after the occurrence of the waivers and/or reimbursements provided that the Portfolio is able to effect such payment to the Adviser and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made. For the six months ended June 30, 2019, no amounts were repaid to the Adviser, and there are no remaining balances subject to recoupment.

The Trust has entered into a master Transfer Agency and Service Agreement with VALIC Retirement Services Company (VRSCO), a wholly-owned subsidiary of VALIC, which is an affiliate of the Adviser. Under the agreement, VRSCO provides services, which include the issuance and redemption of shares, payment of dividends between the Trust and their “institutional” shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. The Trust, and certain other mutual funds advised by SAAMCo pay VRSCO on an annual basis, a fee in the aggregate amount of $150,000 for transfer agency services provided, pursuant to the agreement. Accordingly, for the six months ended June 30, 2019, transfer agent fees were paid (see Statement of Operations) based on the aforementioned agreement.

Class 3 shares of each Portfolio are subject to Rule 12b-1 plans that provide for service fees payable at the annual rate 0.25% of the average daily net assets of Class 3 shares. The service fees are used to compensate the Life Companies for costs associated with the servicing of Class 3 shares, including the cost of reimbursing the Life Companies for expenditures made to financial intermediaries for providing services to contract holders who are the indirect beneficial owners of the Portfolios’ Class 3 shares. Accordingly, for the six months ended June 30, 2019, service fees were paid (see Statement of Operations) based on the aforementioned rate.

Note 5. Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the six months ended June 30, 2019 were as follows:


Portfolio	Purchases of Portfolio Securities (excluding U.S. Government Securities)		Sales of Portfolio Securities (excluding U.S. Government Securities)		Purchases of U.S. Government Securities		Sales of U.S. Government Securities
SA American Funds Asset Allocation	$	100,394,990	$	8,596,315	$	—	$	—
SA American Funds Global Growth		791,284		43,938,485		—		—
SA American Funds Growth		5,225,973		22,264,591		—		—
SA American Funds Growth-Income		1,912,591		20,675,607		—		—
SA American Funds VCP Managed Allocation		53,165,660		22,800,783		—		—



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Note 6. Capital Share Transactions

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


	SA American Funds Asset Allocation Portfolio
	Class 1												Class 3
	For the six months ended June 30, 2019 (unaudited)						For the year ended December 31, 2018						For the six months ended June 30, 2019 (unaudited)						For the year ended December 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		118,664		$	1,686,256			52,481		$	780,275			8,741,105		$	122,701,995			22,949,626		$	340,660,811
Reinvested dividends		—			—			5,231			69,708			—			—			4,888,668			65,164,367
Shares redeemed		(748	)		(10,609	)		(7,602	)		(111,490	)		(2,197,429	)		(30,683,179	)		(3,786,337	)		(55,978,588	)

Net increase (decrease)		117,916		$	1,675,647			50,110		$	738,493			6,543,676		$	92,018,816			24,051,957		$	349,846,590


	SA American Funds Global Growth Portfolio
	Class 1												Class 3
	For the six months ended June 30, 2019 (unaudited)						For the year ended December 31, 2018						For the six months ended June 30, 2019 (unaudited)						For the year ended December 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,076		$	11,942			—		$	—			438,677		$	4,572,467			2,635,695		$	29,221,552
Reinvested dividends		—			—			2,919			28,781			—			—			8,620,825			85,129,035
Shares redeemed		—			—			—			—			(4,459,646	)		(46,918,340	)		(6,238,775	)		(81,853,282	)

Net increase (decrease)		1,076		$	11,942			2,919		$	28,781			(4,020,969	)	$	(42,345,873	)		5,017,745		$	32,497,305


	SA American Funds Growth Portfolio
	Class 1												Class 3
	For the six months ended June 30, 2019 (unaudited)						For the year ended December 31, 2018						For the six months ended June 30, 2019 (unaudited)						For the year ended December 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		—		$	—			18,151		$	256,449			1,302,824		$	13,522,640			2,459,680		$	30,429,416
Reinvested dividends		—			—			10,706			109,469			—			—			9,600,058			99,439,357
Shares redeemed		(16	)		(171	)		(32,725	)		(296,658	)		(2,886,514	)		(29,821,990	)		(5,731,612	)		(77,943,873	)

Net increase (decrease)		(16	)	$	(171	)		(3,868	)	$	69,260			(1,583,690	)	$	(16,299,350	)		6,328,126		$	51,924,900


	SA American Funds Growth-Income Portfolio
	Class 1												Class 3
	For the six months ended June 30, 2019 (unaudited)						For the year ended December 31, 2018						For the six months ended June 30, 2019 (unaudited)						For the year ended December 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		6,112		$	67,506			18,101		$	246,681			795,152		$	8,401,366			1,941,502		$	24,389,551
Reinvested dividends		—			—			8,580			90,252			—			—			6,367,095			67,588,654
Shares redeemed		(14	)		(151	)		(31,486	)		(296,070	)		(2,527,521	)		(26,642,119	)		(4,315,963	)		(57,100,913	)

Net increase (decrease)		6,098		$	67,355			(4,805	)	$	40,863			(1,732,369	)	$	(18,240,753	)		3,992,634		$	34,877,292


	SA American Funds VCP Managed Allocation Portfolio
	Class 1												Class 3
	For the six months ended June 30, 2019 (unaudited)						For the year ended December 31, 2018						For the six months ended June 30, 2019 (unaudited)						For the year ended December 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,824		$	52,379			2,102		$	30,066			6,002,088		$	81,253,822			15,039,627		$	215,370,662
Reinvested dividends		—			—			821			10,534			—			—			9,065,032			115,944,064
Shares redeemed		(63	)		(878	)		(50	)		(664	)		(3,496,108	)		(47,279,258	)		(8,573,779	)		(118,418,979	)

Net increase (decrease)		3,761		$	51,501			2,873		$	39,936			2,505,980		$	33,974,564			15,530,880		$	212,895,747

Note 7. Line of Credit

The Trust has access to a $75 million committed unsecured line of credit and, along with certain other funds managed by the Adviser, a $50 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Trust’s custodian. Interest is currently payable on the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Trust, on behalf of each of the Portfolios, has paid State Street for its own account, such Portfolio’s ratable portion of an upfront fee in an



24

amount equal to $25,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. Borrowings under the line of credit will commence when the respective Portfolio’s cash shortfall exceeds $100,000.

For the six months ended June 30, 2019, the Portfolios did not utilize the line of credit.

Note 8. Transactions with Affiliates

At June 30, 2019, the following affiliates owned outstanding shares of the following Portfolios:


	Holder
Portfolio	USL			AGL			VALIC
SA American Funds Asset Allocation		5.89	%		90.69	%		3.42	%
SA American Funds Global Growth		4.89	%		94.58	%		0.53	%
SA American Funds Growth		5.16	%		93.74	%		1.10	%
SA American Funds Global-Income		5.37	%		93.25	%		1.38	%
SA American Funds VCP Managed Allocation		9.53	%		87.53	%		2.94	%



		25

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS

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


Period ended	Net Asset Value, beginning of period		Net investment income (loss)*			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Dividend from net realized gain on investments			Total Distributions			Net Asset Value, end of period		Total Return**			Net Assets, end of period (000’s)		Ratio of expenses to average net assets(1)(2)			Ratio of net investment income (loss) to average net assets(1)(2)(3)			Portfolio turnover

SA American Funds Asset Allocation Portfolio Class 1
09/26/16#-12/31/16	$	12.86	$	0.18		$	0.07		$	0.25		$	—		$	—		$	—		$	13.11		1.94	%	$	102		0.29	%†		5.35	%†		4	%
12/31/17		13.11		0.23			1.88			2.11			(0.12	)		(0.25	)		(0.37	)		14.85		16.10			201		0.28			1.64			1
12/31/18		14.85		0.32			(0.99	)		(0.67	)		(0.44	)		(0.80	)		(1.24	)		12.94		(4.58	)		824		0.27			2.30			1
06/30/19@		12.94		0.08			1.47			1.55			—			—			—			14.49		11.98			2,631		0.27	†		1.24	†		1

SA American Funds Asset Allocation Portfolio Class 3
12/31/14		13.93		0.17			0.54			0.71			(0.15	)		(0.27	)		(0.42	)		14.22		5.05			168,828		0.55			1.20			11
12/31/15		14.22		0.20			(0.09	)		0.11			(0.20	)		(1.08	)		(1.28	)		13.05		1.16			196,545		0.55			1.44			8
12/31/16		13.05		0.20			0.95			1.15			(0.24	)		(0.86	)		(1.10	)		13.10		9.09			272,006		0.54			1.52			4
12/31/17		13.10		0.23			1.84			2.07			(0.11	)		(0.25	)		(0.36	)		14.81		15.84			548,335		0.53			1.69			1
12/31/18		14.81		0.24			(0.95	)		(0.71	)		(0.37	)		(0.80	)		(1.17	)		12.93		(4.86	)		789,902		0.52			1.68			1
06/30/19@		12.93		0.03			1.50			1.53			—			—			—			14.46		11.83			977,932		0.52	†		0.47	†		1

SA American Funds Global Growth Portfolio Class 1
09/26/16#-12/31/16		11.64		0.09			(0.58	)		(0.49	)		—			—			—			11.15		(4.21	)		96		0.29	†		2.92	†		10
12/31/17		11.15		0.08			3.37			3.45			(0.13	)		(1.34	)		(1.47	)		13.13		31.51			126		0.28			0.64			1
12/31/18		13.13		0.09			(1.23	)		(1.14	)		(0.22	)		(2.62	)		(2.84	)		9.15		(9.12	)		115		0.27			0.68			5
06/30/19@		9.15		0.00			1.95			1.95			—			—			—			11.10		21.31			151		0.28	†		0.06	†		0

SA American Funds Global Growth Portfolio Class 3
12/31/14		15.39		0.13			0.17			0.30			(0.14	)		(0.51	)		(0.65	)		15.04		1.97			458,076		0.53			0.84			12
12/31/15		15.04		0.11			0.81			0.92			(0.15	)		(2.52	)		(2.67	)		13.29		6.68			422,275		0.53			0.70			12
12/31/16		13.29		0.08			0.01			0.09			(0.23	)		(2.00	)		(2.23	)		11.15		0.37			411,747		0.53			0.62			10
12/31/17		11.15		0.04			3.37			3.41			(0.13	)		(1.34	)		(1.47	)		13.09		31.05			439,414		0.53			0.33			1
12/31/18		13.09		0.05			(1.21	)		(1.16	)		(0.15	)		(2.62	)		(2.77	)		9.16		(9.28	)		353,422		0.53			0.35			5
06/30/19@		9.16		(0.01	)		1.94			1.93			—			—			—			11.09		21.07			383,342		0.53	†		(0.20	)†		0

Calculated based on average shares outstanding.

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

†

Annualized

Commencement of operations.

Unaudited

(1)

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


	Expenses																		Net Investment Income ( Loss)
Portfolio	12/14			12/15			12/16			12/17			12/18			6/19†@			12/14			12/15			12/16			12/17			12/18			6/19†@
SA American Funds Asset Allocation Class 1		—	%		—	%		0.89	%†		0.88	%		0.87	%		0.87	%		—	%		—	%		4.75	%†		1.04	%		1.70	%		0.64	%
SA American Funds Asset Allocation Class 3		1.15			1.15			1.14			1.13			1.12			1.12			0.60			0.84			0.92			1.09			1.08			(0.13	)
SA American Funds Global Growth Class 1		—			—			0.99	†		0.98			0.97			0.98			—			—			2.22	†		(0.06	)		(0.02	)		(0.64	)
SA American Funds Global Growth Class 3		1.23			1.23			1.23			1.23			1.23			1.23			0.14			0.00			(0.08	)		(0.37	)		(0.35	)		(0.90	)

(2)

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

(3)

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

See Notes to Financial Statements



26

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS

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


Period ended	Net Asset Value, beginning of period		Net investment income (loss)*			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Dividend from net realized gain on investments			Total Distributions			Net Asset Value, end of period		Total Return**			Net Assets, end of period (000’s)		Ratio of expenses to average net assets(1)(2)			Ratio of net investment income (loss) to average net assets(1)(2)(3)			Portfolio turnover

SA American Funds Growth Portfolio Class 1
09/26/16#-12/31/16	$	11.24	$	0.08		$	0.23		$	0.31		$	—		$	—		$	—		$	11.55		2.76	%	$	103		0.30	%†		2.63	%†		4	%
12/31/17		11.55		0.06			3.12			3.18			(0.07	)		(1.51	)		(1.58	)		13.15		28.24			132		0.28			0.48			1
12/31/18		13.15		(0.32	)		0.41			0.09			(0.19	)		(3.82	)		(4.01	)		9.23		(0.40	)		57		0.27			(2.25	)		4
06/30/19@		9.23		0.01			1.52			1.53			—			—			—			10.76		16.58			66		0.28	†		0.22	†		2

SA American Funds Growth Portfolio Class 3
12/31/14		14.04		0.13			1.02			1.15			(0.09	)		(0.08	)		(0.17	)		15.02		8.19			314,384		0.54			0.90			10
12/31/15		15.02		0.05			0.86			0.91			(0.14	)		(1.36	)		(1.50	)		14.43		6.52			310,350		0.54			0.32			13
12/31/16		14.43		0.06			1.06			1.12			(0.05	)		(3.96	)		(4.01	)		11.54		9.17			321,687		0.53			0.49			4
12/31/17		11.54		0.03			3.12			3.15			(0.06	)		(1.51	)		(1.57	)		13.12		28.02			350,726		0.54			0.19			1
12/31/18		13.12		0.02			0.04			0.06			(0.12	)		(3.82	)		(3.94	)		9.24		(0.55	)		305,503		0.53			0.13			4
06/30/19@		9.24		(0.00	)		1.52			1.52			—			—			—			10.76		16.45			338,808		0.53	†		(0.04	)		2

SA American Funds Growth-Income Portfolio Class 1
09/26/16#-12/31/16		11.83		0.16			0.26			0.42			—			—			—			12.25		3.55			104		0.29	†		4.89	†		3
12/31/17		12.25		0.18			2.47			2.65			(0.23	)		(1.68	)		(1.91	)		12.99		22.39			127		0.29			1.38			2
12/31/18		12.99		0.06			(0.17	)		(0.11	)		(0.41	)		(2.93	)		(3.34	)		9.54		(1.86	)		47		0.28			0.45			4
06/30/19@		9.54		0.02			1.51			1.53			—			—			—			11.07		16.04			122		0.29	†		0.47	†		1

SA American Funds Growth-Income Portfolio Class 3
12/31/14		13.68		0.14			1.26			1.40			(0.14	)		(0.12	)		(0.26	)		14.82		10.28			263,319		0.54			0.99			10
12/31/15		14.82		0.15			(0.03	)		0.12			(0.15	)		(1.16	)		(1.31	)		13.63		1.17			246,642		0.54			1.00			13
12/31/16		13.63		0.16			1.20			1.36			(0.20	)		(2.55	)		(2.75	)		12.24		11.16			258,669		0.54			1.19			3
12/31/17		12.24		0.14			2.47			2.61			(0.22	)		(1.68	)		(1.90	)		12.95		22.08			281,189		0.54			1.06			2
12/31/18		12.95		0.14			(0.28	)		(0.14	)		(0.34	)		(2.93	)		(3.27	)		9.54		(2.05	)		245,183		0.53			1.07			4
06/30/19@		9.54		0.01			1.50			1.51			—			—			—			11.05		15.83			264,886		0.54	†		0.14	†		1

Calculated based on average shares outstanding.

†

Annualized

Commencement of operations.

Unaudited

(1)


	Expenses																		Net Investment Income ( Loss)
Portfolio	12/14			12/15			12/16			12/17			12/18			6/19†@			12/14			12/15			12/16			12/17			12/18			6/19†@
SA American Funds Growth Class 1		—	%		—	%		0.90	%†		0.88	%		0.87	%		0.88	%		—	%		—	%		2.03	%†		(0.12	)%		(2.85	)%		(0.38	)%
SA American Funds Growth Class 3		1.14			1.14			1.13			1.14			1.13			1.13			0.30			(0.28	)		(0.11	)		(0.41	)		(0.47	)		(0.64	)
SA American Funds Growth-Income Class 1		—			—			0.89	†		0.89			0.88			0.89			—			—			4.29	†		0.78			(0.15	)		(0.13	)
SA American Funds Growth-Income Class 3		1.14			1.14			1.14			1.14			1.13			1.14			0.39			0.40			0.59			0.46			0.47			(0.46	)

(2)

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

(3)

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

See Notes to Financial Statements



		27

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS

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


Period ended	Net Asset Value, beginning of period		Net investment income (loss)*			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Dividend from net realized gain on investments			Total Distributions			Net Asset Value, end of period		Total Return**			Net Assets, end of period (000’s)		Ratio of expenses to average net assets(1)(2)			Ratio of net investment income (loss) to average net assets(1)(2)(3)			Portfolio turnover

SA American Funds VCP Managed Allocation Portfolio Class 1
09/26/16#-12/31/16	$	12.66	$	0.05		$	0.16		$	0.21		$	—		$	—		$	—		$	12.87		1.66	%	$	102		0.28	%†		1.40	%†		2	%
12/31/17		12.87		0.07			1.82			1.89			(0.11	)		(0.28	)		(0.39	)		14.37		14.78			123		0.27			0.51			2
12/31/18		14.37		0.22			(0.92	)		(0.70	)		(0.28	)		(0.71	)		(0.99	)		12.68		(4.89	)		145		0.27			1.56			103
06/30/19@		12.68		0.01			1.41			1.42			—			—			—			14.10		11.20			214		0.27	†		0.10	†		1

SA American Funds VCP Managed Allocation Portfolio Class 3
12/31/14		12.11		(0.03	)		0.36			0.33			(0.05	)		(0.00	)		(0.05	)		12.39		2.72			275,987		0.53			(0.22	)		0
12/31/15		12.39		0.19			(0.36	)		(0.17	)		—			—			—			12.22		(1.37	)		710,452		0.53			1.59			2
12/31/16		12.22		0.14			0.72			0.86			(0.09	)		(0.12	)		(0.21	)		12.87		7.07			1,215,590		0.53			1.16			2
12/31/17		12.87		0.04			1.80			1.84			(0.10	)		(0.28	)		(0.38	)		14.33		14.41			1,654,513		0.52			0.26			2
12/31/18		14.33		0.19			(0.93	)		(0.74	)		(0.21	)		(0.71	)		(0.92	)		12.67		(5.12	)		1,659,358		0.52			1.32			103
06/30/19@		12.67		(0.01	)		1.41			1.40			—			—			—			14.07		11.05			1,878,366		0.52	†		(0.19	)†		1

Calculated based on average shares outstanding.

†

Annualized

Commencement of operations.

Unaudited

(1)


	Expenses																		Net Investment Income ( Loss)
Portfolio	12/14			12/15			12/16			12/17			12/18			6/19†@			12/14			12/15			12/16			12/17			12/18			6/19†@
SA American Funds VCP Managed Allocation Class 1		—	%		—	%		0.98	%†		0.97	%		0.97	%		0.97	%		—	%		—	%		0.70	%†		(0.19	)%		0.86	%		(0.60	)%
SA American Funds VCP Managed Allocation Class 3		1.25			1.23			1.23			1.22			1.22			1.22			(0.94	)		0.88			0.46			(0.44	)		0.61			(0.89	)

(2)

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

(3)

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

See Notes to Financial Statements



28

SUNAMERICA SERIES TRUST

VOTING PROXIES ON TRUST PORTFOLIO SECURITIES

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

PROXY VOTING RECORD ON TRUST PORTFOLIO SECURITIES

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

DISCLOSURE OF QUARTERLY PORTFOLIO HOLDINGS

The Trust is required to file its complete schedule of portfolio holdings quarterly with the U.S. Securities and Exchange Commission on Form N-PORT. The Trust’s Forms N-PORT are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

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

The accompanying report has not been audited by independent accountants and accordingly no opinions have been expressed thereon.



		29

LOGO

American Funds Insurance Series® Semi-annual report for the six months ended June 30, 2019 We believe in investing in global companies for the long term. Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, you may not receive paper copies of the fund’s shareholder reports from the insurance company that offers your contract unless you specifically request paper copies from the insurance company or from your financial intermediary. Instead, the shareholder reports will be made available on a website, and the insurance company will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the insurance company electronically by following the instructions provided by the insurance company. You may elect to receive paper copies of all future reports free of charge from the insurance company. You can inform the insurance company that you wish to continue receiving paper copies of your shareholder reports by following the instructions provided by the insurance company. Your election to receive paper reports will apply to all investment options available under your contract.

American Funds Insurance Series, by Capital Group, is the underlying investment vehicle for many variable annuities and insurance products.

For more than 85 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

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

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

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

Fellow investors:


Contents

1		Letter to investors

4		Fund reviews

		Investment portfolios

45		Global Growth Fund

48		Global Small Capitalization Fund

51		Growth Fund

53		International Fund

56		New World Fund^®

59		Blue Chip Income and Growth Fund

62		Global Growth and Income Fund

65		Growth-Income Fund

68		International Growth and Income Fund

71		Capital Income Builder^®

76		Asset Allocation Fund

82		Global Balanced Fund

87		Bond Fund

92		Global Bond Fund

98		High-Income Bond Fund

102		Mortgage Fund

106		Ultra-Short Bond Fund

107		U.S. Government/AAA-Rated Securities Fund

112		Managed Risk Growth Fund

113		Managed Risk International Fund

114		Managed Risk Blue Chip Income and Growth Fund

115		Managed Risk Growth-Income Fund

117		Managed Risk Asset Allocation Fund

118		Financial statements

Global stocks advanced and several market indexes hit record highs in the six months ending June 30, 2019, with the MSCI ACWI (All Country World Index) ^1,2 returning 16.23%. Investor sentiment improved as central banks around the world made it clear that the era of accommodative monetary policy is far from over, and as economies and earnings held up better than expected.

The United States had one of the strongest markets, as the MSCI USA Index^1,3 climbed 18.79%, touching new all-time highs. While U.S. stocks strongly rallied coming out of a downturn toward the end of 2018, economic data was mixed. The U.S. economy grew at a strong 3.1% annual rate in the first quarter, but is expected to slow in the second quarter, and the labor market showed signs of plateauing. In May, only 75,000 jobs were added to the workforce, and wages grew 3.1% from the previous year – the slowest pace since September. The Conference Board’s consumer confidence index declined to its lowest point in nearly two years, likely due to rising trade tensions, but S&P 500 constituent firms reported upside corporate earnings surprises – particularly within communication services – which kept sentiment high.

Information technology stocks led markets higher for the first half of 2019, extending gains after a particularly strong first quarter. Cyclical stocks rallied as officials with the U.S. Federal Reserve and the European Central Bank suggested that interest rate cuts or other stimulus measures could be on the way. Health care, a traditionally defensive sector,

See page 2 for footnotes.

lagged the overall market. Calls for drastic drug pricing reform by 2020 presidential candidates have weighed on sentiment and pressured stocks within the biotechnology industry. Energy stocks declined as crude oil prices dropped in early June.

The U.S. Federal Reserve kept the fed funds rate flat at 2.5% at its January, March and June meetings and said it expected no further increases for the rest of 2019. Recently, the Fed has gone even further, signaling it is now likely to cut rates, and actually doing so on July 31. Other central banks around the world echoed that dovish tone. The European Central bank revived a previously halted stimulus plan and indicated that negative interest rates would remain in place through the end of 2019.

In Europe, stocks rose on the prospects of lower interest rates and steady earnings despite continuing political turmoil, including the announced resignation of U.K. Prime Minster Theresa May amid stalled Brexit negotiations. Overall, the MSCI Europe Index¹ gained 15.80% year-to-date. Elsewhere among developed markets, Japanese stocks rebounded in the first quarter despite an economic slowdown, with the MSCI Japan Index posting a 7.75% gain for the period but trailing other major global markets as exports remained weak. Emerging markets stocks fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries. Overall, the MSCI Emerging Markets Investible Market Index^1,4 gained 10.14% for the six months.

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.

American Funds Insurance Series 1

In bond markets, the Bloomberg Barclays U.S. Corporate Investment Grade Index^5,6 gained 9.85% and the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index^5,7 rose 9.94% as investors sought higher yields than those offered by U.S. Treasuries. Bloomberg Barclays Global Aggregate Index^5,8 climbed 5.57%, while the Bloomberg Barclays U.S. Aggregate Index^5,9 increased 6.11%. The 10-year Treasury yield, which stood at 2.69% on December 31, 2018, fell to 2.00%. The J.P. Morgan Emerging Markets Bond Index Global¹⁰ gained 10.60%, aided by falling U.S. Treasury yields and a declining dollar against many emerging markets currencies.

The U.S. dollar was mixed but relatively unchanged against global currencies. In developed markets, the euro, Australian dollar and British pound slid 0.38%, 0.32% and 0.07%, respectively, while the Japanese yen advanced 1.83% and Canadian dollar gained 4.52% on the greenback.

The period was one of strong performance for American Funds Insurance Series, with most funds recording double-digit returns.

The road ahead

The U.S. economy has been resilient and strong, providing a good fundamental backdrop for the stock market. After a decline in the fourth quarter of 2018, investors have enjoyed a sharp recovery

in the first half of 2019. In the midst of this positive environment, potential sources of volatility remain, the largest of which is probably the U.S.-China trade struggle. There is bipartisan support for reining in China on trade-related issues, so it appears that even if a deal is reached in the short term, the dispute may be a lengthy one – and markets may continue to rise and fall on the news. Other geopolitical tensions, such as developments regarding Iran, Russia, Venezuela and North Korea, also bear monitoring. In the U.K., while the fate of Brexit seems to drag on, there is some chance that come October 31, 2019, there will be a resolution. In the event of a hard Brexit, we would expect markets to react negatively. All of these events have the potential to move markets but we shouldn’t consider them all negative – they could also move markets forward if they resolve in a more positive way.

We had been on a trajectory of normalization of interest rates but geopolitical tensions and some evidence of a cooling U.S. economy, along with a fall in 10-year Treasury rates, have put pressure on the Fed to cut rates, which is expected to be helpful to markets. We will see if the economy responds in a positive way or if the Fed will have to cut further. With the bond market seemingly anticipating an economic slowdown while the equity market is anticipating continued growth, we could see market volatility reappear in the comings months.

We remain confident in our ability to find attractive companies for the long term. We continue to stay the course of conducting deep fundamental research with a long-term horizon, as well as an eye toward valuation and risk. We are optimistic that our robust investment process and our ability to identify solid companies at good valuations based on bottom-up analysis can serve our investors well in the long run.

We continue to have confidence this will remain the case, and thank you for your support. We look forward to reporting to you again in six months’ time.

Sincerely,

LOGO

Donald D. O’Neal

Co-President

LOGO

Alan N. Berro

Co-President

August 13, 2019

¹	Source: MSCI.

²	The MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

³	The MSCI USA Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the U.S. portion of the world market.

⁴	The MSCI Emerging Markets Investable Markets Index (IMI) is a free float-adjusted market capitalization-weighted index that is designed to measure results of the large-, mid- and small-capitalization segments of more than 20 emerging equity markets.

⁵	Source: Bloomberg Index Services Ltd.

⁶	The Bloomberg Barclays U.S. Corporate Investment Grade Index represents the universe of investment grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specific maturity, liquidity and quality requirements.

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

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

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

¹⁰	The J.P. Morgan Emerging Markets Bond Index Global tracks total returns for U.S. dollar-denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities, including Brady bonds, loans and Eurobonds.

2 American Funds Insurance Series

Summary investment portfolios

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

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

The variable annuities and life insurance contracts that use the series funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The series investment adviser waived a portion of its management fees for all existing funds from September 1, 2004, through December 31, 2008, for Global Growth and Income Fund from May 1, 2006, through December 31, 2008, for International Growth and Income Fund from November 18, 2008, through December 31, 2008, for U.S. Government/AAA-Rated Securities Fund from July 1, 2010, through December 31, 2010, and for Blue Chip Income and Growth Fund from February 1, 2014, through January 31, 2015.

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

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

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

American Funds Insurance Series 3

Global Growth Fund

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

Global Growth Fund rose 21.41% for the six months ended June 30, 2019, compared with a 16.23% increase for the MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks, as measured by the MSCI ACWI, rallied for much of the first half of 2019 supported by better-than-expected U.S. economic data and accommodative monetary policies in the U.S., Europe and China. Signs of progress in U.S.-China trade negotiations also boosted investor sentiment except for part of May when U.S.-China trade talks broke down. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries. In Europe, markets advanced along with global equities despite ongoing signs of weakening economic data in the 19-member eurozone.

An eclectic mix of information technology and consumer discretionary investments boosted the fund’s relative returns. Information technology sector stocks ASML and Paycom outpaced the wider market and were among the top contributors to the fund’s relative returns. Consumer discretionary stock Amazon also helped the fund’s relative returns, boosted by revenue growth.

Investments in consumer staples were the biggest drag on relative results. Walgreens Boots Alliance Inc. hindered returns after its shares plunged in April on weak fiscal second-quarter results.

On a geographic basis, stocks of companies domiciled in the Netherlands and U.S. were additive to results, while stocks of companies based in the U.K. and Canada lagged on a relative basis.

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

Percent of net assets

Country diversification


The Americas
United States	45.2	%
Other	1.9

	47.1

Europe
United Kingdom	6.6
Netherlands	6.2
France	5.6
Switzerland	4.5
Germany	2.3
Russian Federation	1.3


Europe (continued)
Denmark	1.2	%
Sweden	1.0
Other	1.3

	30.0

Asia/Pacific Basin
China	4.6
Taiwan	3.5
Hong Kong	3.5
Japan	2.7
India	2.1
Other	2.1

	18.5


Other regions
South Africa	1.1	%

Short-term securities & other assets less liabilities	3.3


Total	100.0	%

4 American Funds Insurance Series

Global Growth Fund

Percent of net assets


Largest equity	Amazon	6.74	%	Visa	3.14	%
securities²	ASML	3.84		AIA Group	2.56
	Microsoft	3.63		Alibaba Group	2.49
	TSMC	3.51		Airbus	2.45
	Alphabet	3.19		Broadcom	2.22


Total returns based on	For periods ended June 30, 2019³
a $1,000 investment														Lifetime			Expense
		6 months			1 year			5 years			10 years			(since April 30, 1997)			ratio


	Class 1		21.41	%		7.31	%		9.53	%		12.66	%		9.91	%	.55%
	Class 1A		21.23			7.01			9.27			12.38			9.63		.80
	Class 2		21.25			7.05			9.26			12.38			9.63		.80
	Class 4		21.07			6.78			8.98			12.14			9.38		1.05

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

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

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

²The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed

by the investment adviser or its affiliates that are not offered to the public.

³Periods greater than one year are annualized.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2019

LOGO

American Funds Insurance Series 5

Global Small Capitalization Fund

Global Small Capitalization Fund increased 20.30% for the six months ended June 30, 2019. 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, gained 15.01%.

Global stocks, as measured by the MSCI ACWI, rallied for much of the first half of 2019 supported by better-than-expected U.S. economic data and accommodative monetary policies in the U.S., Europe and China. Optimism about U.S.-China trade negotiations also boosted investor sentiment except for part of May when U.S.-China trade talks broke down. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries. In Europe, markets advanced along with global equities despite ongoing signs of weakening economic data in the 19-member eurozone.

Fund holdings in the information technology sector contributed the most to relative returns. Information technology stock Paycom widely outpaced the broader market and was among the fund’s top contributors over the period. However, the fund’s holdings of health care companies Evolent Health and Allakos detracted from returns.

While investments in U.S. companies were additive to returns, investments in companies domiciled in Mexico detracted.

The fund’s portfolio managers continue to seek investment opportunities in undervalued companies that have the potential to change industries and benefit shareholders. They believe rigorous bottom-up research into each potential equity investment can help achieve this goal. The fund currently holds nearly 300 companies diversified across geographies and industries. As always, we maintain our commitment to investing for the long term.

Percent of net assets

Country diversification


The Americas
United States	41.1	%
Brazil	2.3
Canada	1.5
Other	1.3

	46.2

Asia/Pacific Basin
India	5.6
China	5.1
Japan	5.1
Philippines	2.0
Hong Kong	1.6
Australia	1.1
Taiwan	1.0


Asia/Pacific Basin (continued)
South Korea	1.0	%
Other	1.2

	23.7

Europe
United Kingdom	8.3
Germany	3.0
Italy	2.3
Sweden	2.1
Netherlands	2.1
Switzerland	1.6
Other	3.3

	22.7


Short-term securities & other assets less liabilities	7.4	%

Total	100.0	%

Percent of net assets


Largest equity	GW Pharmaceuticals	3.20	%	frontdoor	1.24	%
securities²	Insulet	2.81		CONMED	1.18
	Haemonetics	1.57		Integra LifeSciences Holdings	1.14
	Kotak Mahindra Bank	1.51		Paycom	1.11
	International Container Terminal Services	1.46		Essent Group	1.08

6 American Funds Insurance Series

Global Small Capitalization Fund


Total returns based on	For periods ended June 30, 2019³
a $1,000 investment														Lifetime			Expense
		6 months			1 year			5 years			10 years			(since April 30, 1998)			ratio


	Class 1		20.30	%		3.18	%		6.00	%		10.70	%		9.47	%	.74%
	Class 1A		20.21			2.90			5.75			10.43			9.20		.99
	Class 2		20.16			2.90			5.73			10.42			9.20		.99
	Class 4		20.05			2.65			5.47			10.16			8.93		1.24

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

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

²The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed

by the investment adviser or its affiliates that are not offered to the public.

³Periods greater than one year are annualized.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2019

American Funds Insurance Series 7

Growth Fund

Growth Fund gained 16.80% for the six months ended June 30, 2019, compared with a 18.54% increase in its benchmark index, Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equity markets shrugged off a sharp decline in December and rallied to all-time highs in April – achieving strong gains despite a volatile stretch in May. Solid economic growth and indications the U.S. Federal Reserve will keep interest rates low increased investor optimism that the economic expansion can be sustained longer than previously expected. Information technology stocks led markets higher, extending gains through June after a particularly strong first quarter. Outside the U.S., European stocks advanced despite signs of slowing economic growth and continued trade uncertainty. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries.

Companies in the communication services sector, led by Facebook and Netflix (which benefitted from strong user and revenue growth), contributed to relative results. Investments in the consumer discretionary and health-care sectors detracted from the fund’s relative results. The fund’s top detractor to returns was consumer discretionary company Tesla Inc. While Tesla has led an electric vehicle revolution in the automotive industry, it has experienced recent growing pains as it attacks the challenge of getting its moderately priced offerings built, delivered and serviced at volume.

Although U.S. economic growth remained solid, the fund’s portfolio managers are keeping a close watch on near-term economic indicators, such as wage growth, monetary policy and trade relations. Portfolio managers continue to favor well-positioned, growth-oriented companies that are capable of generating free cash flow in myriad near term economic environments and remain optimistic that our global research will help us identify attractive long-term investment opportunities.

Percent of net assets


Largest equity	Facebook	5.60	%	UnitedHealth Group	2.97	%
securities²	Microsoft	5.30		Broadcom	2.77
	Amazon	3.60		Intuitive Surgical	1.86
	Netflix	3.46		Home Depot	1.79
	Alphabet	3.07		ServiceNow	1.76

8 American Funds Insurance Series

Growth Fund


Total returns based on	For periods ended June 30, 2019³
a $1,000 investment														Lifetime			Expense
		6 months			1 year			5 years			10 years			(since February 8, 1984)			ratio


	Class 1		16.80	%		6.22	%		12.70	%		15.37	%		12.75	%	.34%
	Class 1A		16.66			5.96			12.44			15.09			12.47		.59
	Class 2		16.65			5.95			12.42			15.09			12.47		.59
	Class 3		16.68			6.02			12.50			15.17			12.55		.52
	Class 4		16.51			5.70			12.14			14.82			12.19		.84

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

¹Source: S&P Dow Jones Indices LLC.

²The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.

³Periods greater than one year are annualized.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2019

LOGO

American Funds Insurance Series 9

International Fund

International Fund gained 14.94% for the six months ended June 30, 2019. Its benchmark, the MSCI ACWI (All Country World Index) ex USA,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.), increased 13.60%.

Investments in the financials and communication services sectors boosted relative returns with Indian companies Axis Bank and HDFC Bank among the top contributors thanks to favorable political and economic tail winds in India. Among the biggest detractors to relative returns was health-care sector stock Teva Pharmaceutical, whose stock price suffered amid continued opioid litigation.

The fund’s portfolio managers continue to monitor volatility and potential headwinds brought about by political and trade uncertainty. Given how late it may be in the current bull market, they seek opportunities in particular within those regions, countries and sectors less affected by these global headlines. Their focus on a company’s fundamental growth drivers and intrinsic worth is critical to helping them identify investments that they believe represent the best value over the long term.

Percent of net assets

Country diversification


Asia/Pacific Basin
Japan	14.0	%
China	11.4
India	8.4
Hong Kong	7.4
South Korea	3.3
Australia	1.4
Philippines	1.2
Other	1.3

	48.4

Europe
France	10.3
United Kingdom	8.6


Europe (continued)
Switzerland	5.3	%
Germany	4.0
Netherlands	2.3
Spain	1.9
Other	2.1

	34.5

The Americas
Canada	2.8
Brazil	2.7
United States	1.4
Other	.3

	7.2


Other regions
Other	1.8	%

Short-term securities & other assets less liabilities	8.1


Total	100.0	%

Percent of net assets

Largest equity securities²


AIA Group	4.49	%
Airbus	4.30
HDFC Bank	3.51
Novartis	2.92
Alibaba Group	2.48


Tencent	2.11	%
Kotak Mahindra Bank	1.77
Samsung Electronics	1.76
Vale	1.68
Pernod Ricard	1.42

10 American Funds Insurance Series

International Fund

Total returns based on a $1,000 investment


For periods ended June 30, 2019³
													Lifetime			Expense
	6 months			1 year			5 years			10 years			(since May 1, 1990)			ratio

Class 1		14.94	%		0.08	%		4.34	%		7.89	%		8.10	%	.53%
Class 1A		14.76			-0.15			4.09			7.62			7.83		.78
Class 2		14.78			-0.14			4.08			7.62			7.83		.78
Class 3		14.87			-0.08			4.16			7.70			7.90		.71
Class 4		14.68			-0.42			3.82			7.37			7.57		1.03

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

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

³Periods greater than one year are annualized.

Percent of net assets

Where the fund’s assets were invested as of June 30, 2019

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American Funds Insurance Series 11

New World Fund^®

New World Fund was up 19.23% for the six months ended June 30, 2019. 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), was up 16.23%. The MSCI Emerging Markets Index,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global emerging markets (consisting of more than 20 emerging market country indexes), increased by 10.58%.

The fund’s relative returns outpaced emerging markets in general. Investments in the information technology and consumer staples sectors were beneficial to the fund. Digital payment company PagSeguro rose on the back of strong revenue growth as it gained market share from established banks. Among detractors, Sony hindered returns as increased pressure from cloud-based gaming competitors soured market sentiment.

The fund’s portfolio managers continue to pursue a bottom-up approach to investing and search for undervalued companies with solid foundations around the world, as well as stocks that are domestically focused and more insulated from geopolitical events given increased volatility at this point in the market cycle.

Percent of net assets

Country diversification


Asia/Pacific Basin
India	12.7	%
China	11.8
Japan	3.7
Taiwan	2.9
Hong Kong	3.8
Other	4.2

	39.1

The Americas
United States	20.4
Brazil	11.9


The Americas (continued)
Canada	1.5	%
Other	2.4

	36.2

Europe
United Kingdom	5.2
France	3.0
Russian Federation	2.9
Switzerland	2.1
Germany	2.0
Other	2.9

	18.1


Other regions
Other	1.3	%

Short-term securities & other assets less liabilities	5.3


Total	100.0	%

Percent of net assets


Largest equity securities²	Reliance Industries	6.06	%	AIA Group	2.02	%
Largest equity securities²	PagSeguro	2.96		Vale	1.89
	HDFC Bank	2.66		Microsoft	1.87
	TSMC	2.65		B3	1.86
	Alibaba Group	2.16		Kotak Mahindra Bank	1.72

12 American Funds Insurance Series

New World Fund

Total returns based on a $1,000 investment


For periods ended June 30, 2019³
													Lifetime			Expense
	6 months			1 year			5 years			10 years			(since June 17, 1999)			ratio

Class 1		19.23	%		6.90	%		3.74	%		7.80	%		8.26	%	.76%
Class 1A		19.10			6.66			3.49			7.53			8.00		1.01
Class 2		19.07			6.63			3.48			7.53			7.99		1.01
Class 4		18.96			6.40			3.23			7.27			7.73		1.26

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

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

³Periods greater than one year are annualized.

Percent of net assets

Where the fund’s

assets were invested

as of June 30, 2019

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American Funds Insurance Series 13

Blue Chip Income and Growth Fund

Blue Chip Income and Growth Fund gained 11.14% for the six months ended June 30, 2019, trailing the 18.54% rise in its benchmark index, Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.

U.S. equity markets shrugged off a sharp decline in December and rallied to all-time highs in April – achieving strong gains despite a volatile stretch in May. Solid economic growth and indications that the U.S. Federal Reserve will keep interest rates low increased investor optimism that the economic expansion can be sustained longer than previously expected. Information technology stocks led markets higher, extending gains through June after a particularly strong first quarter. Outside the U.S., European stocks advanced despite signs of slowing economic growth and continued trade uncertainty. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries.

Investments in industrials helped the fund’s results relative to the index. Among the fund’s top contributors to relative returns within industrials was CSX, whose implementation of precision railroading should help position CSX for continued long-term growth. Another top contributor on a relative basis was materials sector stock Linde.

Fund holdings in the health care and energy sectors hindered relative returns. Investments in pharmaceutical companies, such as AbbVie and Amgen, hurt results relative to the index. Overall, this proved to be a relatively disappointing six months for the fund, but we continue to believe the focus on dividend-paying stocks will pay off over the long term.

Nearer term, the fund’s portfolio managers are aware that the market is keeping a close watch on U.S. monetary policy, our trade relationships and the current shape of the yield curve and their implications on the U.S. economy. Portfolio managers continue to favor well-managed, high-quality companies that are capable of paying dividends in myriad economic environments. We remain optimistic that this focus, supported by our global research, will help us to identify attractive long-term investment opportunities.

Percent of net assets

Largest equity securities²


Abbott Laboratories	5.15	%
AbbVie	4.96
Exxon Mobil	4.18
Lowe’s	4.11
Microsoft	3.74


General Dynamics	3.01	%
Facebook	2.93
EOG Resources	2.91
Philip Morris International	2.90
QUALCOMM	2.45

14 American Funds Insurance Series

Blue Chip Income and Growth Fund


Total returns based	For periods ended June 30, 2019³
on a $1,000 investment														Lifetime			Expense
		6 months			1 year			5 years			10 years			(since July 5, 2001)			ratio


	Class 1		11.14	%		1.27	%		8.13	%		12.98	%		6.36	%	.41%
	Class 1A		10.89			0.95			7.86			12.70			6.10		.66
	Class 2		10.89			0.99			7.84			12.69			6.09		.66
	Class 4		10.83			0.81			7.58			12.48			5.86		.91

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008, and from February 1, 2014, through January 31, 2015. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019. See the Financial Highlights table in this report for details.

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

¹Source: S&P Dow Jones Indices LLC.

²The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed

by the investment adviser or its affiliates that are not offered to the public.

³Periods greater than one year are annualized.

Percent of net assets


Where the fund’s assets were invested as of June 30, 2019

American Funds Insurance Series 15

Global Growth and Income Fund

Global Growth and Income Fund advanced 19.47% for the six months ended June 30, 2019, compared with a 16.23% 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.

Several sectors including industrials and financials contributed to the fund’s relative returns. Industrial company Airbus rallied on positive tail winds from strong global demand, and likely benefited from Boeing’s troubles with its 737MAX. On the downside, some investments in the information technology sector hindered relative returns. In particular, TSMC was a top relative detractor.

On a country basis, holdings in Japan and France contributed the most to relative returns, and holdings in the U.S. and Taiwan were a drag on returns (the former due to a lower-than-index position).

The fund’s portfolio managers recognize that we are experiencing a slowdown in global economic growth. With dovish monetary strategy back under consideration in the U.S. and Europe, the fund’s managers remain cautiously optimistic about the prospects of the global economy and are monitoring the potential impact on global growth. Portfolio managers continue to invest based on a bottom-up approach to long-term investing and believe they can uncover promising companies with strong positions in their industries, sustainable growth and income opportunities globally – including emerging markets.

Percent of net assets

Country diversification


The Americas
United States	35.2	%
Brazil	7.2
Canada	2.3
Other	.2

	44.9

Europe
France	7.4
United Kingdom	4.5
Switzerland	3.6
Germany	3.1
Russian Federation	2.5
Denmark	2.4


Europe (continued)
Netherlands	2.0	%
Other	2.0

	27.5


Asia/Pacific Basin
Japan	6.1
India	3.6
Australia	3.2
Taiwan	3.2
Hong Kong	1.9
China	1.7
Other	2.0

	21.7


Other regions
Other	.7	%


Short-term securities & other assets less liabilities	5.2


Total	100.0	%

Percent of net assets

Largest equity securities²


Airbus	4.64	%
Nintendo	4.00
TSMC	3.18
Microsoft	2.55
Reliance Industries	2.50


PagSeguro	2.29	%
Nestlé	2.19
Orsted	2.07
Broadcom	1.70
AIA Group	1.68

16 American Funds Insurance Series

Global Growth and Income Fund

Total returns based on a $1,000 investment


For periods ended June 30, 2019³
													Lifetime			Expense
	6 months			1 year			5 years			10 years			(since May 1, 2006)			ratio
Class 1		19.47	%		9.16	%		7.68	%		11.69	%		7.08	%		.63	%
Class 1A		19.31			8.91			7.45			11.43			6.83			.88
Class 2		19.39			8.87			7.42			11.41			6.81			.88
Class 4		19.24			8.67			7.16			11.16			6.57			1.13

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

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

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

²The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds

managed by the investment adviser or its affiliates that are not offered to the public.

³Periods greater than one year are annualized.

Percent of net assets

Where the fund’s assets were invested as of June 30, 2019

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American Funds Insurance Series 17

Growth-Income Fund

Growth-Income Fund gained 16.15% for the six months ended June 30, 2019. Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, rose 18.54%.

Regarding the fund, investments in the industrials sector contributed the most to the fund’s relative returns. Among industrials, Airbus added the most to the fund’s results on the back of continued strong secular tail winds for air travel and likely benefited from Boeing’s troubles with its 737MAX. On the downside, the fund’s lower-than-index position in information technology stocks, a sector that performed strongly over the period, weighed on relative returns. In particular, the fund’s lower-than-index investment in Apple hindered sector results the most as Apple shares outperformed the broader market over the period.

The fund’s portfolio managers continue to look for compelling investment opportunities, buying stocks we believe represent the best value over the long term.

Percent of net assets

Largest equity securities²


Microsoft	3.70	%
Facebook	3.66
Alphabet	1.90
Broadcom	1.79
UnitedHealth Group	1.76


JPMorgan Chase	1.65	%
Amazon	1.62
Netflix	1.57
Abbott Laboratories	1.57
Intel	1.46

18 American Funds Insurance Series

Growth-Income Fund

Total returns based on a $1,000 investment


For periods ended June 30, 2019³
													Lifetime			Expense
	6 months			1 year			5 years			10 years			(since February 8, 1984)			ratio
Class 1		16.15	%		7.29	%		10.57	%		14.09	%		11.36	%		.28	%
Class 1A		16.00			7.02			10.31			13.81			11.09			.53
Class 2		16.02			7.05			10.29			13.80			11.09			.53
Class 3		16.05			7.09			10.37			13.88			11.16			.46
Class 4		15.89			6.75			10.02			13.53			10.81			.78

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

¹Source: S&P Dow Jones Indices LLC.

³Periods greater than one year are annualized.

Percent of net assets

Where the fund’s assets were invested as of June 30, 2019

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American Funds Insurance Series 19

International Growth and Income Fund


	Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract. International Growth and Income Fund gained 14.82% for the six months ended June 30, 2019, compared to the 13.60% increase in its benchmark index, the MSCI ACWI (All Country World Index) ex USA,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.). Global stocks, as measured by the MSCI ACWI, rallied for much of the first half of 2019 supported by better-than-expected U.S. economic data and accommodative monetary policies in the U.S., Europe and China. Signs of progress in U.S.-China trade negotiations also boosted investor sentiment except for part of May when U.S.-China trade talks broke down. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries. In Europe, markets advanced along with global equities despite ongoing signs of weakening economic data in the 19-member eurozone. The best contributors to the fund’s relative returns were the industrials and materials sectors due in part to good stock selection. Materials stock Rio Tinto was among the top contributors to the fund’s relative returns as it benefited from high iron-ore prices. Industrials stock Shanghai International Airport contributed most. On the downside, investments in the consumer staples sector detracted from the fund’s relative returns. Among health-care stocks, Teva Pharmaceutical was one of the fund’s biggest drags on returns as a result of U.S. litigation relating to opioid drug sales, as well as price collusion allegations. The fund’s portfolio managers follow signs of some economic weakness in Europe and parts of emerging markets, as well as a number of geopolitical uncertainties, with an aim to preserve value in any potential market correction while being in a position to take advantage of buying opportunities, should they present themselves later in the year.
	Percent of net assets

Country diversification	Europe			Asia/Pacific Basin			Other regions
	United Kingdom	15.4	%	Japan	13.9	%	Turkey	1.6	%
	France	9.8		China	8.6		Other	.4
	Switzerland	6.3		Hong Kong	7.0			2.0
	Germany	4.1		India	3.9
	Netherlands	2.8		Taiwan	1.5		Short-term securities & other
	Spain	2.6		South Korea	1.5		assets less liabilities	5.1
	Russian Federation	2.2		Other	2.5
	Denmark	1.9			38.9		Total	100.0	%
	Sweden	1.7		The Americas
	Norway	1.2		Brazil	3.0
	Other	.7		Canada	1.4
		48.7		Other	.9
					5.3


Percent of net assets
Largest equity	Royal Dutch Shell	5.21%	Takeda Pharmaceutical	2.58%
securities²	Rio Tinto	3.43	Airbus Group	2.51
	Novartis	3.20	Zurich	2.24
	HDFC Bank	3.03	Shanghai International Airport	2.20
	Sun Hung Kai Properties	2.66	CK Asset Holdings	2.15

20 American Funds Insurance Series

International Growth and Income Fund

Total returns based on a $1,000 investment


For periods ended June 30, 2019³
								Lifetime	Expense
	6 months		1 year		5 years		10 years	(since November 18, 2008)	ratio
Class 1		14.82%		4.14%		2.54%	7.30%	9.07%		.66%
Class 1A		14.74		3.92		2.32	7.05	8.81		.91
Class 2		14.75		3.92		2.29	7.04	8.80		.91
Class 4		14.60		3.67		2.04	6.81	8.56		1.16

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

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

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

³Periods greater than one year are annualized.

Percent of net assets

Where the fund’s assets were invested as of June 30, 2019

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American Funds Insurance Series 21

Capital Income Builder^®

Capital Income Builder, a mix of stocks and bonds, gained 10.06% for the six months ended June 30, 2019. During the same period, the MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), gained 16.23%. The Bloomberg Barclays U.S. Aggregate Index,² which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, rose 6.11%. The index blend of 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index³ increased by 13.27%. The Lipper Global Equity Income Funds Average,⁴ a measure of similar funds, rose by 12.46%.

Uncertainty in world markets continues, especially in terms of ongoing trade tensions and slowing economic activity, particularly in Europe. Central banks are looking to maintain low interest rates, creating an environment where growth stocks continue to do well, while pure dividend-yield companies have suffered. Trade tensions and slowing economic activity in China have translated into mixed results across emerging markets.

Equity portfolio relative returns were boosted by stock selection in the utilities sector. American Tower, a real estate investment trust that owns, operates and develops cell sites, was a top contributor to results. QUALCOMM was also additive to returns, with the chipmaker’s shares rising on news of its settlement with Apple.

On the downside, relative returns were dampened by investments in the information technology sector as well as the fund’s cash holdings. Top stock detractors included Vodafone, which failed to meet its dividend obligations. The period was positive for non-dividend paying companies that the fund does not invest in, holding back relative returns. The fixed income portfolio weighed on relative returns due to duration and yield curve positioning.

As the U.S. shows signs of mixed economic activity, the fund’s portfolio managers continue to focus on companies that deliver dividend growth prospects. They remain optimistic that a bottom-up approach to investing will help identify attractive long-term investment opportunities, regardless of interest rate environment.

Percent of net assets


Country diversification	The Americas			Europe (continued)			Short-term securities &
	United States	53.3	%	Denmark	1.1	%	other assets less
	Canada	2.6		Other	1.6		liabilities	8.8	%

		55.9			24.6		Total	100.0	%

	Europe			Asia/Pacific Basin
	United Kingdom	11.5		Hong Kong	3.6
	France	3.2		Taiwan	2.2
	Switzerland	2.8		Japan	1.7
	Italy	1.7		Singapore	1.1
	Sweden	1.5		China	1.1
	Netherlands	1.2		Other	1.0

					10.7

22 American Funds Insurance Series

Capital Income Builder

Total returns based on a $1,000 investment


For periods ended June 30, 2019⁵
										Lifetime			Expense
	6 months			1 year			5 years			(since May 1, 2014)			ratio

Class 1		10.06	%		4.82	%		3.16	%		3.55	%		.54	%
Class 1A		9.95			4.57			2.91			3.30			.79
Class 2		10.05			4.67			3.02			3.42			.79
Class 4		9.82			4.32			2.66			3.04			1.04

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Expense ratios are as of the fund’s prospectus dated May 1, 2019. See the Financial Highlights table in this report for details.

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

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

²Source: Bloomberg Index Services Ltd.

³Data sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly.

⁴Source: Thomson Reuters Lipper. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper categories are dynamic and averages may have few funds, especially over longer periods. To see the number of funds included in the Lipper category for each fund’s lifetime, please see the Quarterly Statistical Update, available on our website.

⁵Periods greater than one year are annualized.

Percent of net assets

Where the fund’s assets were invested as of June 30, 2019

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American Funds Insurance Series 23

Asset Allocation Fund

Asset Allocation Fund, which is a mix of stocks and bonds, gained 12.11% for the six months ended June 30, 2019. Standard & Poor’s 500 Composite Index,¹ a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, rose 18.54% over the same period, while the Bloomberg Barclays U.S. Aggregate Index,² which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, increased 6.11%. A blend of the two indexes, the 60%/40% S&P 500/Bloomberg Barclays U.S. Aggregate Index,³ advanced 13.64%.

Despite U.S.-China trade policy brinkmanship and heightening geopolitical tensions, the first half of 2019 saw a U.S. equities market energized by the Federal Reserve’s shift away from interest rate hikes as seen over the past few years.

Equity investments in the financials sector contributed most to the fund’s relative returns. VeriSign, which has seen steady domain name growth fuel earnings, was a top contributor to results. Aerospace companies Northrop Grumman and Lockheed Martin were also among top contributors to relative returns with double-digit gains benefiting from heightening geopolitical tensions. The fund’s fixed income holdings contributed to relative returns, due in part to yield curve positioning.

On the downside, the fund’s cash holdings weighed down relative results amid a rising equities market. Investments in health care also dampened relative returns, as political calls for drug pricing reform affected the sector broadly. AbbVie detracted, as the pharmaceutical company’s stock sank on news it planned to purchase rival Allergan at a significant premium.

The fund’s portfolio managers continue to evaluate the economic and market-sector implications of U.S. trade policy decisions, especially in regard to China. The portfolio managers maintain a high conviction in the fund’s current positioning as economic headwinds strengthen.

Percent of net assets

Largest equity securities⁴


Microsoft	3.49	%	Northrop Grumman	1.71	%
Broadcom	2.37		Philip Morris International	1.67
Johnson & Johnson	2.01		Nestlé	1.59
UnitedHealth Group	1.93		ASML	1.58
Boeing	1.73		VeriSign	1.40

24 American Funds Insurance Series

Asset Allocation Fund

Total returns based on a $1,000 investment


For periods ended June 30, 2019⁵
													Lifetime			Expense
	6 months			1 year			5 years			10 years			(since August 1,1989)			ratio

Class 1		12.11	%		6.02	%		7.16	%		11.08	%		8.49	%		.29	%
Class 1A		11.95			5.77			6.91			10.81			8.22			.54
Class 2		12.00			5.80			6.90			10.81			8.22			.54
Class 3		12.01			5.85			6.98			10.88			8.30			.47
Class 4		11.86			5.55			6.64			10.58			7.97			.79

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

¹Source: S&P Dow Jones Indices LLC.

²Source: Bloomberg Index Services Ltd.

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

⁴The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.

⁵Periods greater than one year are annualized.

Percent of net assets

Where the fund’s assets were invested as of June 30, 2019

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American Funds Insurance Series 25

Global Balanced Fund


	Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. For current information and month-end results, visit americanfunds.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract. Global Balanced Fund gained 13.01% for the six months ended June 30, 2019. 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), increased by 16.23%, while the Bloomberg Barclays Global Aggregate Index,² a measure of global investment-grade bonds (rated BBB/Baa and above), increased 5.57%. The 60%/40% MSCI ACWI/Bloomberg Barclays Global Aggregate Index,³ a blend of the two indexes, gained 12.02%. Global stocks, as measured by the MSCI ACWI, rallied for much of the first half of 2019 supported by better-than-expected U.S. economic data and accommodative monetary policies in the U.S., Europe and China. Signs of progress in U.S.-China trade negotiations also boosted investor sentiment except for part of May when U.S.-China trade talks broke down. In emerging markets, stocks rebounded from sharp declines in 2018 then fluctuated due to bouts of volatility tied to U.S.-China talks, concerns over China’s slowing economy and election uncertainty in several countries. In Europe, markets advanced along with global equities despite ongoing signs of weakening economic data in the 19-member eurozone. Investments in the consumer discretionary sector boosted the fund’s relative returns, with Ocado Group among the top contributors as it reported strong revenues on the strength of its grocery delivery technology’s global expansion. On the downside, select investments in the health-care sector hindered returns. Managed health-care company Humana detracted the most from the fund’s relative returns as the company’s share price suffered from increased political pressure on the sector. In fixed income, the portfolio’s positioning in regard to prevailing interest rates was helpful. The fund’s portfolio managers exercise caution and continue to monitor cross-border trade discussions that could lead to further tensions on the one hand and central bank activity on the other, which could result in lower rates. Rate reductions could help mitigate some of the negative economic impacts of a reduction in global trade. Portfolio managers continue to stay the course of focusing on global research and stock-by-stock, bottom-up analysis.
Percent of net assets				Percent of net assets
Largest sectors	Information technology	11.4	%	Largest fixed income	U.S. Treasury	12.9	%
in common stock	Health care	10.2		holdings (by issuer)⁴	Japanese Government	4.6
holdings⁴	Financials	8.5			Fannie Mae	1.5
	Consumer staples	7.6			Mexican Government	.8
	Industrials	6.6			Greek Government	.8

26 American Funds Insurance Series

Global Balanced Fund


Percent of net assets
Currency diversification		Equity securities	Bonds & notes		Forward currency contracts		Short–term securities & other assets less liabilities		Total

	U.S. dollars	30.8%		20.9%		(1.5)%		5.3%		55.5%
	Euros	6.4		3.9		1.1		–		11.4
	British pounds	6.5		.3		.4		.2		7.4
	Japanese yen	2.1		4.6		(.1)		–		6.6
	Swiss francs	3.1		–		–		–		3.1
	Hong Kong dollars	2.2		–		–		–		2.2
	Danish krone	1.8		.3		–		–		2.1
	New Taiwan dollars	1.5		–		–		–		1.5
	South Korean won	.9		.6		–		–		1.5
	Brazilian real	1.1		.2		(.2)		–		1.1
	Other currencies	2.8		4.5		.3		–		7.6
										100.0%

Percent of net assets
Largest equity	Merck	2.35%		PagSeguro						1.51%
securities⁴	AstraZeneca	2.01		TSMC						1.49
	Broadcom	1.86		British American Tobacco						1.31
	Berkshire Hathaway	1.61		ASML						1.30
	Nestlé	1.60		Sberbank of Russia						1.22


Total returns based on a $1,000 investment	For periods ended June 30, 2019⁵
		6 months	1 year	5 years	Lifetime (since May 2, 2011)	Expense ratio


	Class 1	13.01%	6.95%	5.22%	6.03%	.72%
	Class 1A	12.95	6.72	5.01	5.80	.97
	Class 2	12.86	6.67	4.95	5.77	.97
	Class 4	12.80	6.44	4.81	5.65	1.22
	Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Expense ratios are as of the fund’s prospectus dated May 1, 2019. See the Financial Highlights table in this report for details. Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. ¹Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. ²Source: Bloomberg Index Services Ltd. ³Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/ Bloomberg Barclays Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. ⁴The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public. ⁵Periods greater than one year are annualized.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2019

LOGO

American Funds Insurance Series 27

Bond Fund

Bond Fund gained 6.81% for the six months ended June 30, 2019. In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Index,¹ which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, rose 6.11%.

Overall, the yield curve steepened and interest rates declined. The Federal Reserve pivoted early in the year from a hawkish stance to a more dovish one amid concerns of a global slowdown in economic growth and ongoing trade tensions and geopolitical risk. The volatility of the fourth quarter of 2018 gave way to tighter credit spreads, improved asset prices and falling interest rates. The 10-year Treasury yield dipped 79 basis points from its 2.79% peak in January to a low of 2.00% in late June.

Duration, yield curve positioning, sector selection and security selection were all additive to relative results within the period. Among sectors, the top contributors were allocations to corporates and U.S. Treasury Inflation Protected Securities (TIPS). Among securities, the top contributors (besides Treasuries) were positions in the Italian Intesa Sanpaolo banking group and in Ally Financial. On the downside, the top detractor within corporates included Teva Pharmaceutical. Security selection within mortgage-backed security pass-throughs also hurt relative results.

As the global economy shows signs of a slowdown, the fund’s portfolio managers seek to maintain a conservative positioning. They will continue in their effort to harvest gains as credit spreads tighten and prices rise so that they may take advantage of future volatility to add securities at more attractive valuations. Similarly, the team will look to gradually reduce their exposure to interest rates amid the impact of a more dovish Fed.

Percent of net assets


Largest holdings	U.S. Treasury	28.8	%	Mexican Government	2.6	%
(by issuer)²	UMBS	9.9		Teva Pharmaceutical	1.8
	Fannie Mae	5.7		Italian Government	1.4
	Freddie Mac	5.1		State of Illinois	1.3
	Ginnie Mae	5.0		General Motors	1.2

28 American Funds Insurance Series

Bond Fund


Total returns based on	For periods ended June 30, 2019³
a $1,000 investment														Lifetime (since January 2, 1996)
		6 months			1 year			5 years			10 years			Lifetime (since January 2, 1996)			Expense ratio


	Class 1		6.81	%		8.24	%		3.04	%		4.24	%		4.71	%		.38%
	Class 1A		6.61			7.98			2.79			3.98			4.45			.63
	Class 2		6.66			7.97			2.77			3.97			4.45			.63
	Class 4		6.54			7.69			2.53			3.73			4.19			.88

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

¹Source: Bloomberg Index Services Ltd.

³Periods greater than one year are annualized.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2019

American Funds Insurance Series 29

Global Bond Fund

Global Bond Fund gained 6.59% for the six months ended June 30, 2019. In comparison, the fund’s benchmark, the Bloomberg Barclays Global Aggregate Index,¹ which represents global investment-grade bonds (rated BBB/ Baa and above), increased by 5.57%.

Interest rates declined and the yield curve steepened on indications that the U.S. Federal Reserve may cut interest rates amid concerns over ongoing trade tensions and geopolitical risk. Similarly, European Central Bank President Mario Draghi said the central bank may consider stimulus measures. Benchmark yields fell in Germany and in the U.S., with the 10-year U.S. Treasury yield dipping 79 basis points from its January peak to 2.00% in late June.

The fund’s duration and yield curve positioning were additive to relative returns. Investments in the euro and Mexican peso also were helpful to relative results, as was an out-of-benchmark position in Greek government bonds. On the downside, the impact of currency hedging hampered relative returns, as did investments in the Canadian dollar.

The fund’s portfolio managers maintain a cautious approach to investing in global bond markets and believe that our global research can help identify attractive long-term investments around the world. Having the flexibility to diversify and adjust exposure by country, sector and currency continues to serve as a hallmark of the fund’s approach to global investing.

Percent of net assets


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

United States²	39.4	%	Japan	12.8%
Japan	15.9		Eurozone³:
Eurozone³	20.1		Italy 4.8
United Kingdom	3.5		Greece 3.4
Mexico	3.0		Spain 1.3
Chile	2.3		Other 1.3	10.8
Canada	2.3		China	3.1
Norway	2.2		Mexico	2.9
Denmark	2.1		India	1.8
South Africa	1.3		Norway	1.6
Other	7.9		Romania	1.5

Total	100.0	%	South Africa	1.4

			Indonesia	1.3
			United Kingdom	1.2
			Other	12.5

			Total	50.9	%

Percent of net assets


Largest holdings	Japanese Government	12.8	%	China Development Bank	3.1	%
(by issuer)⁴	U.S. Treasury	12.8		Mexican Government	2.9
	Fannie Mae	5.0		Nykredit Realkredit AS	2.1
	Italian Government	4.8		Indian Government	1.7
	Greek Government	3.4		Norwegian Government	1.6

30 American Funds Insurance Series

Global Bond Fund

Total returns based on

a $1,000 investment


For periods ended June 30, 2019⁵
													Lifetime			Expense
	6 months			1 year			5 years			10 years			(since October 4, 2006)			ratio

Class 1		6.59	%		7.02	%		1.44	%		3.41	%		4.12	%		.57	%
Class 1A		6.47			6.74			1.24			3.18			3.88			.82
Class 2⁶		6.41			6.70			1.20			3.15			3.86			.82
Class 4		6.35			6.46			0.94			2.94			3.64			1.07

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from October 4, 2006, through December 31, 2008. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019. See the Financial Highlights table in this report for details.

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

¹Source: Bloomberg Index Services Ltd.

²Includes U.S. dollar-denominated debt of other countries, totaling 11.1%.

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

⁵Periods greater than one year are annualized.

⁶Global 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 June 30, 2019

LOGO

American Funds Insurance Series 31

High-Income Bond Fund

High-Income Bond Fund gained 9.81% for the six months ended June 30, 2019. The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index,¹ which measures non-investment grade bonds (rated BBB/Baa and above) and limits the exposure of an issuer to 2%, rose 9.94%.

Interest rates declined and credit spreads generally tightened, marking a period of positive returns across most bond sectors. The 10-year Treasury yield dropped 79 basis points from its 2.79% peak in January to a low of 2.00% in late June. The Federal Reserve pivoted to a markedly dovish tone, reversing their tightening focus of recent years in response to economic indicators.

The fund’s relative returns benefited from security selection, particularly in the consumer cyclical and basic industry sectors. A higher-than-index position in PetSmart was additive to results. On the downside, the fund’s cash position and certain energy positions weighed on returns.

The fund’s portfolio managers continue to believe current fundamentals support a mildly constructive near-term outlook for the high-yield market, even as the recent rally has made valuations less compelling. We continue to monitor economic conditions and the Federal Reserve’s monetary policy, and expect that the higher yields and relatively short duration of high-yield bonds should help mitigate any impact from rising rates.

Percent of net assets


Largest holdings	First Quantum Minerals	2.3	%	Cleveland-Cliffs	1.6	%
(by issuer)²	PetSmart	2.2		Gogo	1.4
	Bausch Health Companies	2.2		Teva Pharmaceutical	1.4
	Frontier Communications	1.8		CCO Holdings LLC and CCO Holdings Capital	1.3
	Tenet Healthcare Corp.	1.7		Sprint Nextel Corp.	1.2

32 American Funds Insurance Series

High-Income Bond Fund

Total returns based on a $1,000 investment


For periods ended June 30, 2019³
													Lifetime			Expense
	6 months			1 year			5 years			10 years			(since February 8, 1984)			ratio

Class 1		9.81	%		6.94	%		4.09	%		8.00	%		8.71	%		.50	%
Class 1A		9.67			6.70			3.85			7.74			8.44			.75
Class 2		9.71			6.77			3.83			7.73			8.44			.75
Class 3		9.73			6.80			3.89			7.81			8.52			.68
Class 4		9.54			6.36			3.55			7.51			8.18			1.00

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

¹Source: Bloomberg Index Services Ltd.

³Periods greater than one year are annualized.

Percent of net assets

Where the fund’s assets were invested as of June 30, 2019

LOGO

American Funds Insurance Series 33

Mortgage Fund

Mortgage Fund gained 4.16% for the six months ended June 30, 2019, while the Bloomberg Barclays U.S. Mortgage-Backed Securities Index,¹ which covers the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac, rose 4.17%.

Interest rates declined and the yield curve steepened, resulting from renewed market expectations of Federal Reserve short-term interest rate cuts due to an anticipated slowdown in economic growth. The 10-year Treasury yield dipped 79 basis points from its 2.79% peak in January to a low of 2.00% in late June.

The major contributors to the fund’s relative returns this period were duration and yield curve positioning. Sector allocations were of mixed value with U.S. Treasury Inflation-Protected Securities and U.S. Treasuries contributing, but security selection within the mortgage market dampening returns.

The fund’s portfolio managers seek to identify high-quality mortgage-backed securities based on our bottom-up approach to investing. They continue to prefer a portfolio that is less-exposed to a pick up in volatility and risk premiums, and are looking for opportunities to allocate more fully into mortgages over the coming quarters.

34 American Funds Insurance Series

Mortgage Fund

Total returns based on

a $1,000 investment


For periods ended June 30, 2019²
										Lifetime			Expense
	6 months			1 year			5 years			(since May 2, 2011)			ratio

Class 1		4.16	%		6.05	%		2.43	%		2.71	%		.48	%
Class 1A		4.02			5.79			2.18			2.46			.73
Class 2		4.02			5.68			2.16			2.46			.73
Class 4		3.92			5.44			1.92			2.27			.98

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

¹Source: Bloomberg Index Services Ltd.

²Periods greater than one year are annualized.

Percent of net assets

Where the fund’s

assets were

invested as of

June 30, 2019

LOGO

American Funds Insurance Series 35

Ultra-Short Bond Fund

Ultra-Short Bond Fund gained 1.10% for the six months ended June 30, 2019, compared with a 1.53% rise in the Bloomberg Barclays Short-Term Government/Corporate Index,¹ which consists of 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 particular focus on capital preservation and maintenance of liquidity, the fund continues to be managed in a conservative manner relative to this benchmark.

The Federal Reserve left interest rates unchanged at its June meeting and expressed a dovish tone amid concerns about economic activity and ongoing trade and geopolitical tensions. The 10-year Treasury yield fell by 79 basis points from its 2.79% peak in January to a low of 2.00% in late June.

The higher interest rate environment has been beneficial for the fund’s returns, compared to the first half of 2018. In light of the recent yield curve evolution, the fund managers have looked to position the portfolio to reflect lower yields of late, and to help offset the dampening effect on yields from potential forthcoming rate cuts. They will continue to monitor duration positioning against future interest rate and yield curve movement.

36 American Funds Insurance Series

Ultra-Short Bond Fund

Total returns based on

a $1,000 investment


For periods ended June 30, 2019²
													Lifetime			Expense
	6 months			1 year			5 years			10 years			(since February 8, 1984)			ratio

Class 1		1.10	%		2.03	%		0.61	%		0.21	%		3.42	%		.35	%
Class 1A		1.10			2.03			0.49			0.02			3.18			.60
Class 2		0.90			1.73			0.36			-0.04			3.16			.60
Class 3		0.99			1.74			0.43			0.02			3.23			.53
Class 4		0.78			1.45			0.13			-0.22			2.92			.85

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

¹Source: Bloomberg Index Services Ltd.

²Periods greater than one year are annualized.

Percent of net assets

Where the fund’s assets were invested as of June 30, 2019


Commercial paper	65.5	%
Bonds & notes of governments & government agencies outside the U.S.	14.2
Federal agency discount notes	11.4
U.S. Treasury bills	8.8
Other assets less liabilities	.1

Total	100.0	%

American Funds Insurance Series 37

U.S. Government/AAA-Rated Securities Fund

U.S. Government/AAA-Rated Securities Fund gained 4.70% for the six months ended June 30, 2019, while the Bloomberg Barclays U.S. Government/Mortgage-Backed Securities Index,¹ which covers obligations issued by the U.S. Treasury and U.S. government agencies, gained 4.75%.

Bond markets were strong and yields fell significantly over the first half of the year. The benchmark 10-year Treasury yield dipped 79 basis points from its 2.79% peak in January to a low of 2.00% in late June. The Federal Reserve shifted to a more dovish stance in terms of interest rates, with rate cuts expected to follow.

Relative returns have been boosted by the fund’s positioning as the intermediate to long end of the yield curve has steepened. On the downside, sector and security allocations detracted, with a lower-than-index position in mortgage-backed securities dampening relative returns.

The fund strives to meet its objective of providing a high level of current income consistent with the preservation of capital. The fund’s portfolio managers expect the Federal Reserve will cut interest rates in the coming year, leading to further steepening of the yield curve and higher inflation expectations. As such, they maintain a high conviction in the fund’s current positioning.

38 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Total returns based on a $1,000 investment


For periods ended June 30, 2019²
													Lifetime			Expense
	6 months			1 year			5 years			10 years			(since December 2, 1985)			ratio
Class 1		4.70	%		6.80	%		2.41	%		3.09	%		5.77	%		.36	%
Class 1A		4.51			6.57			2.18			2.84			5.51			.61
Class 2		4.45			6.51			2.13			2.82			5.50			.61
Class 3		4.57			6.59			2.21			2.90			5.58			.54
Class 4		4.34			6.28			1.88			2.61			5.25			.86

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The fund’s investment adviser waived a portion of its management fees from September 1, 2004, through December 31, 2008, and from July 1, 2010, through December 31, 2010. Applicable fund results shown reflect the waiver, without which they would have been lower. Expense ratios are as of the fund’s prospectus dated May 1, 2019. See the Financial Highlights table in this report for details.

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

¹Source: Bloomberg Index Services Ltd.

²Periods greater than one year are annualized.

Percent of net assets

Where the fund’s assets were invested as of June 30, 2019

LOGO

American Funds Insurance Series 39

Managed Risk Growth Fund

The fund gained 11.56% for the six-month period ended June 30, 2019, slightly trailing the S&P 500 Managed Risk Index – Moderate Aggressive¹, which rose 11.62%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 18.54%.

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

The underlying Growth Fund’s investments and stock selection in the communication services sector was additive to relative returns, with Facebook a top contributor. On the downside, health-care holdings hampered relative results as the sector was besieged by political calls for reform, particularly in drug pricing. Regeneron Pharmaceuticals and UnitedHealth Group were among the fund’s top relative detractors.

Total returns based on a $1,000 investment


For periods ended June 30, 2019³
	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		11.56	%		5.79	%		7.69	%		9.20	%		.77	%		.72	%
Class P2		11.42			5.46			7.37			8.88			1.02			.97

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

¹Source: 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.

²Source: S&P Dow Jones Indices LLC.

³Periods greater than one year are annualized.

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

40 American Funds Insurance Series

Managed Risk International Fund

The fund gained 11.27% for the six months ended June 30, 2019, lagging the S&P EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive¹, which rose 11.75%. The MSCI ACWI (All Country World Index) ex USA², a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.), climbed 13.60%.

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

The underlying International Fund’s investments in the financials sector were additive to relative returns. Holdings in Airbus and AIA Group, a Hong Kong–based life insurance company, were top contributors. On the downside, cash holdings hampered relative results amid a growing equities market. Teva Pharmaceuticals was a top detractor to relative returns.

Total returns based on a $1,000 investment


For periods ended June 30, 2019³
	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		11.27	%		0.52	%		1.94	%		3.30	%		.96	%		.87	%
Class P2		11.17			0.27			1.52			2.90			1.21			1.12

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

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

³Periods greater than one year are annualized.

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

American Funds Insurance Series 41

Managed Risk Blue Chip Income and Growth Fund

Managed Risk Blue Chip Income and Growth Fund rose 6.63% for the six months ended June 30, 2019, trailing the S&P 500 Managed Risk Index – Moderate¹, which climbed 10.97%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 18.54%.

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

The underlying Blue Chip Income and Growth Fund’s investments in the utilities and industrials sectors were additive to relative returns. Holdings in Qualcomm proved beneficial, with shares of the chipmaker soaring after announcing a settlement with Apple. On the downside, health-care holdings hampered relative returns amid political calls for drug pricing reform. AbbVie was a top detractor, declining on the heels of its announcement to purchase rival Allergan at a significant premium.

Total returns based on a $1,000 investment


For periods ended June 30, 2019³
	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		6.63	%		1.00	%		4.44	%		6.51	%		.82	%		.77	%
Class P2		6.52			0.72			4.06			6.13			1.07			1.02

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

²Source: S&P Dow Jones Indices LLC.

³Periods greater than one year are annualized.

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

42 American Funds Insurance Series

Managed Risk Growth-Income Fund

Managed Risk Growth-Income Fund climbed 11.36% for the six months ended June 30, 2019, outpacing the S&P 500 Managed Risk Index – Moderate¹, which rose 10.97%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 18.54%.

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

The underlying Growth-Income Fund’s investments in the industrials and communication services sectors were additive to relative returns. Holdings in Airbus and Facebook were top contributors. On the downside, the fund’s cash position and investments in the information technology sector dampened relative returns. Among health-care holdings, pharmaceutical giant AbbVie declined sharply on its announcement of plans to purchase rival Allergan at a significant premium.

Total returns based on a $1,000 investment


For periods ended June 30, 2019³
	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		11.36	%		5.84	%		6.32	%		8.54	%		.73	%		.67	%
Class P2		11.26			5.50			5.99			8.21			.98			.92

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

²Source: S&P Dow Jones Indices LLC.

³Periods greater than one year are annualized.

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

American Funds Insurance Series 43

Managed Risk Asset Allocation Fund

Managed Risk Asset Allocation Fund rose 9.78% for the six months ended June 30, 2019, trailing the S&P 500 Managed Risk Index – Moderate Conservative¹, which gained 10.48%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, advanced 18.54%.

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

The underlying Asset Allocation Fund’s investments in the financials and industrials sectors were additive to relative returns. Domain name giant VeriSign was a top contributor as it continues to see growth in registrations. Cash holdings and investments in the health-care sector dampened relative results. Holdings in AbbVie were a top detractor, with the company declining as it announced plans to purchase rival Allergan at a significant premium.

Total returns based on a $1,000 investment


For periods ended June 30, 2019³
	6 months			1 year			5 years			Lifetime (since September 28, 2012)			Gross expense ratio			Net expense ratio

Class P1		9.78	%		4.85	%		5.22	%		7.43	%		.69	%		.64	%
Class P2		9.74			4.64			4.97			7.18			.94			.89

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

²Source: S&P Dow Jones Indices LLC.

³Periods greater than one year are annualized.

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

44 American Funds Insurance Series

Global Growth Fund


Summary investment portfolio June 30, 2019		unaudited


Common stocks 95.03%		Shares		Value (000)
Information	ASML Holding NV		648,442	$	135,480
technology	ASML Holding NV (New York registered)		517,300		107,562
26.07%	Microsoft Corp.		1,715,100		229,755
	Taiwan Semiconductor Manufacturing Co., Ltd.		27,188,000		209,209
	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		335,000		13,122
	Visa Inc., Class A		1,142,800		198,333
	Broadcom Inc.		487,050		140,202
	Temenos AG		637,000		113,964
	Paycom Software, Inc.¹		357,000		80,939
	PagSeguro Digital Ltd., Class A¹		1,340,900		52,255
	Adyen NV¹		56,700		43,752
	SimCorp AS		425,000		41,113
	Adobe Inc.¹		135,000		39,778
	Amphenol Corp., Class A		373,500		35,834
	Other securities				207,649

					1,648,947


Consumer	Amazon.com, Inc.¹		225,100		426,256
discretionary	Alibaba Group Holding Ltd. (ADR)¹		931,050		157,766
20.03%	Takeaway.com NV¹		740,000		69,336
	Naspers Ltd., Class N		277,000		67,249
	Home Depot, Inc.		227,000		47,209
	Ocado Group PLC¹		3,115,000		46,165
	Just Eat PLC¹		5,292,000		42,004
	Moncler SpA		915,000		39,121
	NIKE, Inc., Class B		427,500		35,889
	Other securities				336,018

					1,267,013


Financials	AIA Group Ltd.		15,004,900		161,829
10.75%	Kotak Mahindra Bank Ltd.		3,671,000		78,555
	JPMorgan Chase & Co.		614,600		68,712
	MarketAxess Holdings Inc.		211,000		67,820
	Tradeweb Markets Inc., Class A		1,501,303		65,772
	CME Group Inc., Class A		165,200		32,067
	Other securities				204,754

					679,509


Health care	UnitedHealth Group Inc.		324,200		79,108
10.02%	Merck & Co., Inc.		886,000		74,291
	Boston Scientific Corp.¹		1,638,200		70,410
	AstraZeneca PLC		721,300		58,973
	Mettler-Toledo International Inc.¹		65,000		54,600
	Fisher & Paykel Healthcare Corp. Ltd.		3,680,000		38,220
	Other securities				258,366

					633,968


Communication	Alphabet Inc., Class A¹		115,600		125,171
services	Alphabet Inc., Class C¹		71,052		76,801
8.04%	Tencent Holdings Ltd.		2,230,000		100,656
	Facebook, Inc., Class A¹		421,640		81,377
	Nintendo Co., Ltd.		165,100		60,472
	Other securities				63,716

					508,193

American Funds Insurance Series 45

Global Growth Fund


Common stocks (continued)		Shares		Value (000)
Consumer staples	British American Tobacco PLC		2,970,800	$	103,713
7.75%	Nestlé SA		739,650		76,571
	Altria Group, Inc.		1,125,000		53,269
	Philip Morris International Inc.		660,500		51,869
	Keurig Dr Pepper Inc.		1,624,000		46,934
	Other securities				157,834

					490,190


Industrials	Airbus SE, non-registered shares		1,093,500		155,029
7.34%	MTU Aero Engines AG		167,000		39,783
	Alliance Global Group, Inc.		111,060,000		33,469
	Other securities				235,967

					464,248


Materials	Sherwin-Williams Co.		155,500		71,264
2.88%	Other securities				110,635

					181,899


Energy	Reliance Industries Ltd.¹		1,795,200		32,589
2.15%	Other securities				103,320

					135,909

	Total common stocks (cost: $3,750,476,000)				6,009,876


Preferred securities 1.65%
Health care	Sartorius AG, nonvoting preferred, non-registered shares		381,500		78,215

1.24%

Information	Other securities				26,245

technology	Total preferred securities (cost: $43,479,000)				104,460

0.41%

Short-term securities 2.81%
Money market investments 2.81%
	Capital Group Central Cash Fund		1,777,531		177,735

	Total short-term securities (cost: $177,737,000)				177,735


	Total investment securities 99.49% (cost: $3,971,692,000)				6,292,071
	Other assets less liabilities 0.51%				32,058

	Net assets 100.00%			$	6,324,129

46 American Funds Insurance Series

Global Growth Fund

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

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes a security which was valued under fair value procedures adopted by authority of the board of trustees. The total value of the security which was valued under fair value procedures was $11,082,000, which represented .18% of the net assets of the fund.

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

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

American Funds Insurance Series 47

Global Small Capitalization Fund


Summary investment portfolio June 30, 2019		unaudited


Common stocks 92.20%		Shares		Value (000)
Health care	GW Pharmaceuticals PLC (ADR)¹		823,718	$	142,001
22.81%	Insulet Corp.¹		1,045,455		124,806
	Haemonetics Corp.¹		577,000		69,436
	CONMED Corp.		611,700		52,343
	Integra LifeSciences Holdings Corp.¹		906,825		50,646
	Notre Dame Intermédica Participações S.A.		4,090,900		42,955
	iRhythm Technologies, Inc.¹		510,500		40,370
	Allakos Inc.^1,2		886,580		38,416
	China Biologic Products Holdings, Inc.^1,2		399,900		38,110
	PRA Health Sciences, Inc.¹		348,900		34,593
	Cortexyme, Inc.^1,2		695,324		29,558
	Osstem Implant Co., Ltd.¹		412,245		26,742
	Mani, Inc.		405,700		26,002
	Allogene Therapeutics, Inc.¹		653,594		17,549
	Allogene Therapeutics, Inc.^1,2		280,589		7,534
	Other securities				270,262

					1,011,323


Information	Paycom Software, Inc.¹		217,261		49,257
technology	Ceridian HCM Holding Inc.¹		842,177		42,277
17.67%	Alteryx, Inc., Class A¹		355,600		38,803
	Net One Systems Co., Ltd.		1,313,765		36,130
	Cree, Inc.¹		639,900		35,950
	HubSpot, Inc.¹		178,600		30,455
	Qorvo, Inc.¹		449,200		29,921
	SimCorp AS		303,128		29,324
	Bechtle AG, non-registered shares		233,105		26,771
	Other securities				464,669

					783,557


Industrials	International Container Terminal Services, Inc.		22,581,620		64,525
15.32%	frontdoor, inc.¹		1,267,200		55,187
	Nihon M&A Center Inc.		1,829,192		43,840
	Tomra Systems ASA		859,334		28,247
	Rheinmetall AG		216,500		26,501
	Bravida Holding AB		2,900,084		25,702
	Marel hf., non-registered shares (ISK denominated)		5,419,903		23,878
	Marel hf., non-registered shares (EUR denominated)¹		333,333		1,463
	Other securities				409,924

					679,267


Consumer	Five Below, Inc.¹		317,400		38,094
discretionary	Mattel, Inc.^1,2		3,238,800		36,307
12.38%	Melco International Development Ltd.		15,579,000		34,542
	Helen of Troy Ltd.¹		223,000		29,122
	ServiceMaster Global Holdings, Inc.¹		556,750		29,001
	Luckin Coffee Inc., Class A (ADR)^1,2		1,472,220		28,694
	Wyndham Hotels & Resorts, Inc.		502,700		28,021
	Takeaway.com NV¹		271,800		25,467
	Other securities				299,645

					548,893

48 American Funds Insurance Series

Global Small Capitalization Fund


Common stocks		Shares		Value (000)
Financials	Kotak Mahindra Bank Ltd.		3,135,263	$	67,091
8.41%	Essent Group Ltd.¹		1,018,841		47,875
	Trupanion, Inc.^1,2		1,316,800		47,576
	Cannae Holdings, Inc.¹		1,625,000		47,093
	Bharat Financial Inclusion Ltd.¹		2,472,060		31,965
	Other securities				131,227

					372,827


Materials	Allegheny Technologies Inc.¹		1,139,700		28,720
4.29%	Lundin Mining Corp.²		4,629,000		25,486
	Other securities				135,902

					190,108


Consumer staples	Other securities				130,390

2.94%

Communication	Vonage Holdings Corp.¹		3,115,100		35,294
services	Other securities				94,965

2.94%					130,259


Real estate	WHA Corp. PCL		229,577,250		35,484
2.77%	MGM Growth Properties LLC REIT, Class A		825,000		25,286
	Other securities				61,976

					122,746


Energy	Other securities				68,659

1.55%

Utilities	ENN Energy Holdings Ltd.		4,512,900		43,906
1.12%	Other securities				5,674

					49,580

	Total common stocks (cost: $3,231,902,000)				4,087,609


Preferred securities 0.41%
Industrials	Other securities				18,309

0.41%	Total preferred securities (cost: $9,829,000)				18,309

American Funds Insurance Series 49

Global Small Capitalization Fund


Short-term securities 8.64%		Shares		Value (000)
Money market investments 8.64%
	Capital Group Central Cash Fund		2,636,251	$	263,599
	Fidelity Institutional Money Market Funds - Government Portfolio³		29,008,117		29,008
	Goldman Sachs Financial Square Government Fund³		25,089,836		25,090
	Invesco Short-Term Investments Trust - Government & Agency Portfolio³		31,572,699		31,573
	Morgan Stanley Institutional Liquidity Funds - Government Portfolio³		33,709,180		33,709

					382,979

	Total short-term securities (cost: $382,977,000)				382,979


	Total investment securities 101.25% (cost: $3,624,708,000)				4,488,897
	Other assets less liabilities (1.25)%				(55,476	)

	Net assets 100.00%			$	4,433,421

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $20,655,000, which represented .47% of the net assets of the fund. One security in “Other securities” (with a value of $14,352,000, an aggregate cost of $8,280,000, and which represented .32% of the net assets of the fund) was acquired on 5/1/2015 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject it to legal or contractual restrictions on resale. “Other securities“ also includes securities (with an aggregate value of $19,460,000, which represented .44% of the net assets of the fund) which were acquired in transactions exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. The value of the fund’s affiliated-company holding is included in “Other securities” under the respective industry sector in the summary investment portfolio. Further details on this holding and related transactions during the six months ended June 30, 2019, appear below.


	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)			Net unrealized depreciation (000)				Dividend income (000)			Value of affiliates at 6/30/2019 (000)
Common stocks 0.48%
Health care 0.48%
NuCana PLC (ADR)^1,2		2,067,724		—		—		2,067,724		$	—		$	(8,519	)		$	—		$	21,463

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

²All or a portion of this security was on loan. The total value of all such securities, including those in “Other securities,“ was $158,280,000, which represented 3.57%

of the net assets of the fund. Refer to Note 5 for more information on securities lending.

³Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

Key to abbreviations

ADR = American Depositary Receipts

EUR = Euros

ISK = Icelandic kronor

See notes to financial statements.

50 American Funds Insurance Series

Growth Fund


Summary investment portfolio June 30, 2019		unaudited


Common stocks 95.75%		Shares		Value (000)
Information	Microsoft Corp.		10,468,400	$	1,402,347
technology	Broadcom Inc.		2,549,800		733,985
24.18%	ServiceNow, Inc.¹		1,701,200		467,099
	Visa Inc., Class A		2,650,400		459,977
	ASML Holding NV (New York registered)		1,148,100		238,724
	ASML Holding NV		985,000		205,797
	Taiwan Semiconductor Manufacturing Co., Ltd.		26,960,000		207,455
	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		2,419,592		94,775
	Intel Corp.		5,033,000		240,930
	Workday, Inc., Class A¹		1,143,000		234,978
	RingCentral, Inc., Class A¹		1,550,400		178,172
	Samsung Electronics Co., Ltd.		3,901,400		158,806
	Paycom Software, Inc.¹		693,700		157,276
	Fiserv, Inc.¹		1,573,600		143,449
	Mastercard Inc., Class A		538,000		142,317
	PayPal Holdings, Inc.¹		1,207,700		138,233
	Other securities				1,197,884

					6,402,204


Communication	Facebook, Inc., Class A¹		7,683,400		1,482,896
services	Netflix, Inc.¹		2,493,060		915,751
17.89%	Alphabet Inc., Class C¹		589,100		636,764
	Alphabet Inc., Class A¹		164,000		177,579
	Charter Communications, Inc., Class A¹		1,006,280		397,662
	T-Mobile US, Inc.¹		4,941,000		366,326
	Activision Blizzard, Inc.		6,958,300		328,432
	Comcast Corp., Class A		5,886,400		248,877
	Other securities				183,641

					4,737,928


Health care	UnitedHealth Group Inc.		3,225,800		787,127
15.52%	Intuitive Surgical, Inc.¹		940,500		493,339
	Regeneron Pharmaceuticals, Inc.¹		1,341,000		419,733
	Humana Inc.		1,269,500		336,798
	Vertex Pharmaceuticals Inc.¹		1,400,900		256,897
	Boston Scientific Corp.¹		5,085,000		218,553
	Centene Corp.¹		3,735,200		195,874
	Thermo Fisher Scientific Inc.		534,500		156,972
	Pfizer Inc.		3,216,000		139,317
	Other securities				1,104,474

					4,109,084


Consumer	Amazon.com, Inc.¹		503,016		952,526
discretionary	Home Depot, Inc.		2,279,237		474,013
11.74%	Tesla, Inc.¹		1,908,500		426,473
	Other securities				1,256,046

					3,109,058


Financials	Wells Fargo & Co.		5,885,254		278,490
8.60%	Goldman Sachs Group, Inc.		1,052,400		215,321
	BlackRock, Inc.		335,500		157,450
	JPMorgan Chase & Co.		1,370,000		153,166
	PNC Financial Services Group, Inc.		1,086,600		149,169
	Intercontinental Exchange, Inc.		1,699,900		146,090
	Legal & General Group PLC		40,158,246		137,442
	Other securities				1,040,267

					2,277,395

American Funds Insurance Series 51

Growth Fund


Common stocks (continued)		Shares		Value (000)
Industrials	TransDigm Group Inc.¹		696,000	$	336,725
6.71%	MTU Aero Engines AG		1,001,262		238,523
	CSX Corp.		2,080,700		160,984
	Airbus SE, non-registered shares		940,662		133,361
	Other securities				907,334

					1,776,927


Energy	Diamondback Energy, Inc.		1,234,000		134,469
3.24%	Other securities				724,053

					858,522


Consumer staples	Altria Group, Inc.		4,832,816		228,834
3.05%	Costco Wholesale Corp.		616,500		162,916
	Other securities				414,363

					806,113


Materials	Other securities				707,180

2.67%

Real estate	Equinix, Inc. REIT		464,000		233,991
1.84%	Other securities				253,184

					487,175


Utilities	Other securities				81,738

0.31%	Total common stocks (cost: $15,442,877,000)				25,353,324


Short-term securities 3.97%
Money market investments 3.97%
	Capital Group Central Cash Fund		10,508,871		1,050,782

	Total short-term securities (cost: $1,050,779,000)				1,050,782


	Total investment securities 99.72% (cost: $16,493,656,000)				26,404,106
	Other assets less liabilities 0.28%				74,925

	Net assets 100.00%			$	26,479,031

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

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

52 American Funds Insurance Series

International Fund


Summary investment portfolio June 30, 2019		unaudited


Common stocks 90.18%		Shares		Value (000)
Financials	AIA Group Ltd.		40,985,700	$	442,035
16.97%	HDFC Bank Ltd.		7,924,100		280,533
	HDFC Bank Ltd. (ADR)		498,647		64,844
	Kotak Mahindra Bank Ltd.		8,121,048		173,780
	Axis Bank Ltd.¹		6,444,300		75,485
	Axis Bank Ltd.^1,2,3,4		3,222,055		35,477
	Axis Bank Ltd.^1,2		2,466,000		26,286
	BNP Paribas SA		1,629,058		77,366
	Prudential PLC		3,016,000		65,726
	Other securities				427,256

					1,668,788


Industrials	Airbus SE, non-registered shares		2,979,949		422,478
16.03%	Rolls-Royce Holdings PLC¹		11,044,688		117,876
	Yamato Holdings Co., Ltd.		4,426,195		89,949
	Melrose Industries PLC		37,984,233		87,239
	Nidec Corp.		606,400		82,820
	Recruit Holdings Co., Ltd.		2,369,300		78,980
	Rheinmetall AG		639,400		78,268
	Adani Ports & Special Economic Zone Ltd.		13,028,763		77,424
	Safran SA		523,100		76,642
	Knorr-Bremse AG, non-registered shares		631,356		70,356
	Komatsu Ltd.		2,880,500		69,464
	Other securities				324,564

					1,576,060


Health care	Novartis AG		3,145,133		287,386
11.13%	Takeda Pharmaceutical Co., Ltd.		3,785,165		134,218
	Daiichi Sankyo Co., Ltd.		2,160,000		112,893
	Fresenius SE & Co. KGaA		1,819,000		98,621
	Alcon Inc.¹		1,510,600		93,279
	Chugai Pharmaceutical Co., Ltd.		1,161,500		75,843
	Teva Pharmaceutical Industries Ltd. (ADR)¹		7,216,598		66,609
	Grifols, SA, Class A, non-registered shares		881,000		26,046
	Grifols, SA, Class B (ADR)		793,690		16,747
	Other securities				182,857

					1,094,499


Consumer	Alibaba Group Holding Ltd. (ADR)¹		1,438,000		243,669
discretionary	Sony Corp.		1,761,800		92,294
11.09%	Kering SA		139,238		82,346
	Galaxy Entertainment Group Ltd.		11,306,000		76,201
	Hyundai Motor Co.		546,200		66,226
	Meituan Dianping, Class B¹		7,469,401		65,498
	Other securities				464,390

					1,090,624


Materials	Vale SA, ordinary nominative (ADR)		12,192,266		163,864
6.68%	Vale SA, ordinary nominative		102,481		1,383
	Asahi Kasei Corp.		11,980,780		127,625
	Teck Resources Ltd., Class B		3,723,800		85,933
	Other securities				278,440

					657,245

American Funds Insurance Series 53

International Fund


Common stocks (continued)		Shares		Value (000)
Information	Samsung Electronics Co., Ltd.		4,263,050	$	173,527
technology	ASML Holding NV		597,140		124,761
6.61%	Worldpay, Inc., Class A¹		512,797		62,843
	Other securities				288,542

					649,673


Consumer staples	Pernod Ricard SA		755,326		139,182
5.98%	Nestlé SA		1,003,500		103,886
	Kirin Holdings Co., Ltd.		3,510,800		75,661
	Other securities				269,210

					587,939


Energy	Royal Dutch Shell PLC, Class B		2,800,000		91,777
4.61%	Royal Dutch Shell PLC, Class A (GBP denominated)		1,440,256		47,052
	Oil Search Ltd.		13,449,600		66,757
	Other securities				247,836

					453,422


Communication	Tencent Holdings Ltd.		4,596,187		207,460
services	SoftBank Group Corp.		1,847,600		88,511
4.41%	Altice Europe NV, Class A¹		16,758,527		60,198
	Other securities				77,589

					433,758


Utilities	ENN Energy Holdings Ltd.		14,004,000		136,245
4.32%	China Gas Holdings Ltd.		24,134,000		89,749
	Ørsted AS		919,408		79,501
	Other securities				119,048

					424,543


Real estate	China Overseas Land & Investment Ltd.		22,782,000		83,992
2.35%	Other securities				147,734

					231,726

	Total common stocks (cost: $7,006,514,000)				8,868,277


Preferred securities 0.89%
Health care	Grifols, SA, Class B, nonvoting preferred, non-registered shares		3,026,230		62,973

0.64%

Financials	Other securities				24,442

0.25%	Total preferred securities (cost: $75,210,000)				87,415


Rights & warrants 0.15%
Health care	Other securities				14,218

0.15%	Total rights & warrants (cost: $13,238,000)				14,218

54 American Funds Insurance Series

International Fund


Bonds, notes & other debt instruments 0.66%		Principal amount (000)		Value (000)
Corporate bonds & notes 0.45%
Other	Other securities			$	44,171

0.45%	Total corporate bonds & notes				44,171


Bonds & notes of governments & government agencies outside the U.S. 0.21%
	Other securities				21,068

	Total bonds, notes & other debt instruments (cost: $55,303,000)				65,239


Short-term securities 8.28%		Shares
Money market investments 8.28%
	Capital Group Central Cash Fund		8,139,864		813,905

	Total short-term securities (cost: $813,910,000)				813,905


	Total investment securities 100.16% (cost: $7,964,175,000)				9,849,054
	Other assets less liabilities (0.16)%				(15,385	)

	Net assets 100.00%			$	9,833,669

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

Forward currency contracts

Unrealized

appreciation

Contract amount

(depreciation)

Purchases

Sales

Settlement

at 6/30/2019

(000)

Counterparty

date

(000)

USD28,387

GBP22,280

Citibank

7/12/2019

USD16,507

GBP12,948

Morgan Stanley

7/12/2019

GBP4,200

USD5,344

Citibank

7/12/2019

)

USD40,468

INR2,825,000

JPMorgan Chase

7/22/2019

(334

)

(216

)

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

² Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $85,876,000, which represented .87% of the net assets of the fund.

³ Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on this holding appear below.

⁴ Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $76,305,000, which represented .78% of the net assets of the fund.


Private placement security	Acquisition date		Cost (000)		Value (000)		Percent of net assets

Axis Bank Ltd.		11/14/2017	$	17,232	$	35,477		.36	%

Key to abbreviations and symbol

ADR = American Depositary Receipts

GBP = British pounds

INR = Indian rupees

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series 55

New World Fund


Summary investment portfolio June 30, 2019		unaudited


Common stocks 89.00%		Shares		Value (000)
Information	PagSeguro Digital Ltd., Class A¹		2,626,223	$	102,344
technology	Taiwan Semiconductor Manufacturing Co., Ltd.		9,904,000		76,210
23.08%	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		400,000		15,668
	Microsoft Corp.		484,000		64,837
	StoneCo Ltd., Class A¹		1,865,826		55,191
	Broadcom Inc.		171,350		49,325
	Keyence Corp.		70,000		42,936
	PayPal Holdings, Inc.¹		348,400		39,878
	Visa Inc., Class A		223,400		38,771
	Network International Holdings PLC¹		4,694,182		35,351
	Kingdee International Software Group Co. Ltd.		26,128,917		28,264
	Adobe Inc.¹		94,400		27,815
	EPAM Systems, Inc.¹		158,100		27,367
	Autodesk, Inc.¹		146,100		23,800
	Halma PLC		918,100		23,552
	Mastercard Inc., Class A		79,800		21,109
	Other securities				126,380

					798,798


Financials	HDFC Bank Ltd.		2,604,450		92,204
13.42%	AIA Group Ltd.		6,477,600		69,862
	B3 SA - Brasil, Bolsa, Balcao		6,600,200		64,387
	Kotak Mahindra Bank Ltd.		2,782,000		59,531
	Sberbank of Russia PJSC (ADR)		2,259,500		34,683
	Other securities				143,614

					464,281


Energy	Reliance Industries Ltd.¹		11,548,513		209,648
10.11%	Royal Dutch Shell PLC, Class B		1,284,000		42,086
	Royal Dutch Shell PLC, Class A (GBP denominated)		68,628		2,242
	Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR)		1,267,000		19,727
	Other securities				76,102

					349,805


Consumer	Alibaba Group Holding Ltd. (ADR)¹		440,037		74,564
discretionary	Meituan Dianping, Class B¹		4,737,554		41,543
9.40%	General Motors Co.		542,000		20,883
	Marriott International, Inc., Class A		144,800		20,314
	Melco Resorts & Entertainment Ltd. (ADR)		931,500		20,232
	Other securities				147,677

					325,213


Health care	Yunnan Baiyao Group Co., Ltd., Class A		2,730,912		33,169
8.23%	China Biologic Products Holdings, Inc.¹		297,700		28,371
	BioMarin Pharmaceutical Inc.¹		318,000		27,237
	Abbott Laboratories		263,000		22,118
	AstraZeneca PLC		269,800		22,059
	Carl Zeiss Meditec AG, non-registered shares		216,552		21,361
	Other securities				130,486

					284,801

56 American Funds Insurance Series

New World Fund


Common stocks		Shares		Value (000)
Materials	Vale SA, ordinary nominative		2,881,660	$	38,888
8.16%	Vale SA, ordinary nominative (ADR)		1,976,000		26,557
	Freeport-McMoRan Inc.		3,945,000		45,801
	First Quantum Minerals Ltd.		3,305,000		31,396
	Fortescue Metals Group Ltd.		4,618,395		29,246
	Other securities				110,527

					282,415


Communication	Facebook, Inc., Class A¹		265,700		51,280
services	Alphabet Inc., Class C¹		23,700		25,618
5.15%	Alphabet Inc., Class A¹		10,000		10,828
	Tencent Holdings Ltd.		535,600		24,176
	Other securities				66,452

					178,354


Consumer staples	Treasury Wine Estates Ltd.		3,700,000		38,756
5.01%	Kweichow Moutai Co., Ltd., Class A		244,699		35,057
	Nestlé SA		333,296		34,504
	Other securities				64,965

					173,282


Industrials	Airbus SE, non-registered shares		324,029		45,939
4.82%	Shanghai International Airport Co., Ltd., Class A		2,200,532		26,842
	Nidec Corp.		159,800		21,825
	Other securities				72,282

					166,888


Real estate	Other securities				33,082

0.96%

Utilities	Other securities				22,895

0.66%	Total common stocks (cost: $2,403,058,000)				3,079,814


Preferred securities 2.37%
Industrials	Azul SA, preference shares (ADR)¹		866,446		28,974
1.11%	Azul SA, preference shares¹		838,500		9,453

					38,427


Financials	Itaú Unibanco Holding SA, preferred nominative (ADR)		1,576,000		14,846
0.56%	Itaú Unibanco Holding SA, preferred nominative		457,000		4,315

					19,161


Other	Other securities				24,543

0.70%	Total preferred securities (cost: $60,409,000)				82,131


Rights & warrants 0.53%
Other	Other securities				18,404

0.53%	Total rights & warrants (cost: $15,630,000)				18,404

American Funds Insurance Series 57

New World Fund


Bonds, notes & other debt instruments 2.76%		Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. 2.43%
	Other securities			$	84,008


Corporate bonds & notes 0.33%
Other	Other securities				11,641

0.33%	Total corporate bonds & notes				11,641

	Total bonds, notes & other debt instruments (cost: $91,389,000)				95,649


Short-term securities 5.02%		Shares
Money market investments 4.36%
	Capital Group Central Cash Fund		1,508,156		150,800


		Principal amount (000)
Other short-term securities 0.66%
	Other securities				22,827

	Total short-term securities (cost: $175,029,000)				173,627


	Total investment securities 99.68% (cost: $2,745,515,000)				3,449,625
	Other assets less liabilities 0.32%				11,027

	Net assets 100.00%			$	3,460,652

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

Key to abbreviations

ADR = American Depositary Receipts

GBP = British pounds

See notes to financial statements.

58 American Funds Insurance Series

Blue Chip Income and Growth Fund


Summary investment portfolio June 30, 2019		unaudited


Common stocks 93.97%		Shares		Value (000)
Health care	Abbott Laboratories		5,412,000	$	455,149
19.81%	AbbVie Inc.		6,028,530		438,395
	Gilead Sciences, Inc.		3,045,712		205,768
	Amgen Inc.		1,014,510		186,954
	UnitedHealth Group Inc.		493,000		120,297
	Teva Pharmaceutical Industries Ltd. (ADR)¹		10,333,800		95,381
	Humana Inc.		259,000		68,713
	Medtronic PLC		700,000		68,173
	Other securities				111,395

					1,750,225


Information	Microsoft Corp.		2,469,200		330,774
technology	QUALCOMM Inc.		2,846,800		216,556
14.73%	Intel Corp.		3,474,000		166,300
	Broadcom Inc.		565,000		162,641
	Texas Instruments Inc.		780,000		89,513
	Mastercard Inc., Class A		337,000		89,147
	Apple Inc.		400,000		79,168
	Accenture PLC, Class A		400,000		73,908
	Automatic Data Processing, Inc.		318,500		52,658
	Other securities				40,890

					1,301,555


Consumer staples	Philip Morris International Inc.		3,260,900		256,078
12.05%	British American Tobacco PLC (ADR)		5,134,830		179,052
	Costco Wholesale Corp.		581,255		153,602
	Constellation Brands, Inc., Class A		740,100		145,755
	Coca-Cola Co.		2,175,000		110,751
	Altria Group, Inc.		2,045,800		96,869
	PepsiCo, Inc.		400,000		52,452
	Other securities				69,569

					1,064,128


Energy	Exxon Mobil Corp.		4,813,800		368,882
10.91%	EOG Resources, Inc.		2,755,800		256,730
	Royal Dutch Shell PLC, Class B (ADR)		1,215,000		79,874
	Schlumberger Ltd.		1,745,000		69,346
	Concho Resources Inc.		610,500		62,991
	Other securities				125,466

					963,289


Industrials	General Dynamics Corp.		1,459,900		265,439
9.90%	CSX Corp.		2,766,000		214,005
	Illinois Tool Works Inc.		650,000		98,027
	Airbus Group SE (ADR)		2,157,000		76,272
	Union Pacific Corp.		400,000		67,644
	United Technologies Corp.		500,000		65,100
	Northrop Grumman Corp.		174,300		56,318
	Other securities				31,553

					874,358


Consumer	Lowe’s Companies, Inc.		3,594,572		362,728
discretionary	Marriott International, Inc., Class A		852,500		119,597
8.58%	McDonald’s Corp.		500,000		103,830
	Other securities				171,760

					757,915

American Funds Insurance Series 59

Blue Chip Income and Growth Fund


Common stocks (continued)		Shares		Value (000)
Communication	Facebook, Inc., Class A¹		1,339,800	$	258,581
services	Alphabet Inc., Class A¹		135,750		146,990
6.67%	Alphabet Inc., Class C¹		20,500		22,159
	Verizon Communications Inc.		2,450,500		139,997
	Other securities				21,745

					589,472


Financials	JPMorgan Chase & Co.		1,409,000		157,526
3.92%	U.S. Bancorp		1,000,000		52,400
	Other securities				136,086

					346,012


Materials	Linde PLC		985,700		197,929
3.40%	Freeport-McMoRan Inc.		7,703,700		89,440
	Other securities				13,348

					300,717


Utilities	Public Service Enterprise Group Inc.		1,000,000		58,820
2.08%	American Electric Power Co., Inc.		600,000		52,806
	Other securities				71,828

					183,454


Real estate	Kimco Realty Corp. REIT		3,677,000		67,951
1.92%	Other securities				101,444

					169,395

	Total common stocks (cost: $6,814,813,000)				8,300,520


Rights & warrants 0.09%
Financials	Other securities				7,926

0.09%	Total rights & warrants (cost: $10,088,000)				7,926


Convertible stocks 0.06%
Health care	Other securities				5,413

0.06%	Total convertible stocks (cost: $4,978,000)				5,413


Short-term securities 6.69%
Money market investments 6.69%
	Capital Group Central Cash Fund		5,905,582		590,499

	Total short-term securities (cost: $590,512,000)				590,499


	Total investment securities 100.81% (cost: $7,420,391,000)				8,904,358
	Other assets less liabilities (0.81)%				(71,177	)

	Net assets 100.00%			$	8,833,181

60 American Funds Insurance Series

Blue Chip Income and Growth Fund

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

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

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

American Funds Insurance Series 61

Global Growth and Income Fund


Summary investment portfolio June 30, 2019		unaudited


Common stocks 92.66%		Shares		Value (000)
Information	Taiwan Semiconductor Manufacturing Co., Ltd.		8,493,800	$	65,359
technology	Microsoft Corp.		391,000		52,378
14.66%	PagSeguro Digital Ltd., Class A¹		1,208,752		47,105
	Broadcom Inc.		121,200		34,889
	Apple Inc.		112,500		22,266
	Halma PLC		610,000		15,648
	ASML Holding NV		70,000		14,625
	Other securities				48,679

					300,949


Financials	AIA Group Ltd.		3,200,000		34,512
12.85%	Sberbank of Russia PJSC (ADR)		1,710,000		26,300
	HDFC Bank Ltd.		644,000		22,799
	CME Group Inc., Class A		100,000		19,411
	The Blackstone Group Inc., Class A		412,500		18,323
	Toronto-Dominion Bank (CAD denominated)		292,000		17,062
	B3 SA - Brasil, Bolsa, Balcao		1,500,000		14,633
	Ping An Insurance (Group) Co. of China, Ltd., Class H		1,195,000		14,349
	DBS Group Holdings Ltd.		705,000		13,527
	Other securities				82,957

					263,873


Industrials	Airbus SE, non-registered shares		672,200		95,300
12.43%	Lockheed Martin Corp.		66,000		23,994
	CCR SA, ordinary nominative		6,017,900		21,408
	Safran SA		143,000		20,952
	Rheinmetall AG		151,500		18,545
	Boeing Co.		45,900		16,708
	Other securities				58,397

					255,304


Consumer	Home Depot, Inc.		135,700		28,221
discretionary	LVMH Moët Hennessy-Louis Vuitton SE		56,200		23,920
9.21%	Carnival Corp., units		319,000		14,849
	Norwegian Cruise Line Holdings Ltd.¹		275,000		14,748
	Other securities				107,274

					189,012


Communication	Nintendo Co., Ltd.		224,000		82,046
services	Alphabet Inc., Class A¹		21,800		23,605
8.39%	Alphabet Inc., Class C¹		7,000		7,566
	Other securities				59,085

					172,302


Health care	UnitedHealth Group Inc.		101,825		24,846
8.25%	Merck & Co., Inc.		267,350		22,417
	Boston Scientific Corp.¹		351,000		15,086
	Abbott Laboratories		171,000		14,381
	Fleury SA, ordinary nominative		2,500,000		13,900
	AstraZeneca PLC		167,000		13,654
	Novartis AG		148,000		13,524
	Other securities				51,525

					169,333

62 American Funds Insurance Series

Global Growth and Income Fund


Common stocks		Shares		Value (000)
Materials	Vale SA, ordinary nominative		2,395,000	$	32,320
7.67%	Fortescue Metals Group Ltd.		4,763,816		30,167
	Freeport-McMoRan Inc.		2,499,000		29,013
	Koninklijke DSM NV		109,000		13,473
	Other securities				52,569

					157,542


Energy	Reliance Industries Ltd.¹		2,830,148		51,377
6.48%	Gazprom PJSC (ADR)		3,431,000		25,135
	Royal Dutch Shell PLC, Class B		550,000		18,028
	Other securities				38,461

					133,001


Real estate	MGM Growth Properties LLC REIT, Class A		676,200		20,726
4.42%	Gaming and Leisure Properties, Inc. REIT		425,000		16,566
	Alexandria Real Estate Equities, Inc. REIT		103,000		14,532
	Other securities				38,970

					90,794


Consumer staples	Nestlé SA		434,700		45,002
4.36%	Other securities				44,438

					89,440


Utilities	Ørsted AS		491,552		42,504
3.94%	Enel SpA		2,780,000		19,409
	Other securities				18,984

					80,897

	Total common stocks (cost: $1,409,787,000)				1,902,447


Preferred securities 0.39%
Financials	Other securities				8,125

0.39%	Total preferred securities (cost: $6,929,000)				8,125


Bonds, notes & other debt instruments 1.71%		Principal amount (000)
Corporate bonds & notes 1.71%
Communication services	Sprint Corp. 7.25% 2021		$ 33,000		35,145

	Total bonds, notes & other debt instruments (cost: $31,773,000)				35,145

1.71%

Short-term securities 4.32%		Shares
Money market investments 4.32%
	Capital Group Central Cash Fund		886,487		88,640

	Total short-term securities (cost: $88,643,000)				88,640


	Total investment securities 99.08% (cost: $1,537,132,000)				2,034,357
	Other assets less liabilities 0.92%				18,830

	Net assets 100.00%			$	2,053,187

American Funds Insurance Series 63

Global Growth and Income Fund

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

Forward currency contracts

Unrealized

Contract amount

depreciation

Purchases

Sales

Settlement

at 6/30/2019

(000)

Counterparty

date

(000)

USD7,285

AUD10,500

JPMorgan Chase

7/26/2019

(94)

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

Key to abbreviations and symbol

ADR = American Depositary Receipts

AUD = Australian dollars

CAD = Canadian dollars

USD/$ = U.S. dollars

See notes to financial statements.

64 American Funds Insurance Series

Growth-Income Fund


Summary investment portfolio June 30, 2019		unaudited


Common stocks 93.00%		Shares		Value (000)
Information	Microsoft Corp.		9,380,500	$	1,256,612
technology	Broadcom Inc.		2,108,034		606,819
15.21%	Intel Corp.		10,360,800		495,971
	Texas Instruments Inc.		3,082,688		353,769
	Accenture PLC, Class A		1,510,900		279,169
	Mastercard Inc., Class A		791,000		209,243
	Visa Inc., Class A		1,160,200		201,353
	QUALCOMM Inc.		2,386,566		181,546
	Other securities				1,581,296

					5,165,778


Health care	UnitedHealth Group Inc.		2,444,268		596,426
15.14%	Abbott Laboratories		6,329,069		532,275
	Gilead Sciences, Inc.		6,325,600		427,358
	Amgen Inc.		2,281,997		420,526
	Merck & Co., Inc.		4,164,380		349,183
	Eli Lilly and Co.		2,077,600		230,177
	Cigna Corp.		1,327,418		209,135
	Other securities				2,376,470

					5,141,550


Financials	JPMorgan Chase & Co.		5,027,030		562,022
11.17%	CME Group Inc., Class A		2,002,500		388,705
	Bank of New York Mellon Corp.		6,957,700		307,182
	Intercontinental Exchange, Inc.		3,183,555		273,595
	Aon PLC, Class A		1,214,800		234,432
	Other securities				2,028,647

					3,794,583


Industrials	General Dynamics Corp.		2,639,200		479,859
11.05%	Airbus SE, non-registered shares		2,824,564		400,449
	BWX Technologies, Inc.¹		5,373,948		279,983
	TransDigm Group Inc.²		485,800		235,030
	Northrop Grumman Corp.		694,900		224,529
	Equifax Inc.		1,406,200		190,174
	Other securities				1,944,195

					3,754,219


Communication	Facebook, Inc., Class A²		6,449,227		1,244,701
services	Alphabet Inc., Class C²		316,784		342,415
10.97%	Alphabet Inc., Class A²		279,980		303,162
	Netflix, Inc.²		1,449,649		532,485
	Verizon Communications Inc.		4,009,400		229,057
	Comcast Corp., Class A		4,893,400		206,893
	Charter Communications, Inc., Class A²		458,369		181,138
	Other securities				687,081

					3,726,932


Consumer staples	Coca-Cola Co.		7,223,100		367,800
7.91%	British American Tobacco PLC		6,930,260		241,942
	British American Tobacco PLC (ADR)		479,440		16,718
	Costco Wholesale Corp.		832,200		219,917
	Pernod Ricard SA		1,169,574		215,514

American Funds Insurance Series 65

Growth-Income Fund


Common stocks (continued)		Shares		Value (000)
Consumer staples	Mondelez International, Inc.		3,567,400	$	192,283
(continued)	Carlsberg A/S, Class B		1,390,224		184,300
	Other securities				1,247,808

					2,686,282


Energy	Exxon Mobil Corp.		5,845,200		447,918
7.05%	Chevron Corp.		2,164,300		269,325
	Enbridge Inc. (CAD denominated)		5,893,659		212,874
	Enbridge Inc. (CAD denominated)³		1,340,553		48,420
	EOG Resources, Inc.		2,715,800		253,004
	Schlumberger Ltd.		4,570,400		181,628
	Other securities				982,492

					2,395,661


Consumer	Amazon.com, Inc.²		290,400		549,910
discretionary	Other securities				1,370,517

5.65%					1,920,427


Materials	Celanese Corp.		3,193,233		344,230
4.77%	International Flavors & Fragrances Inc.		1,599,000		231,999
	Linde PLC		1,152,000		231,322
	Other securities				812,038

					1,619,589


Utilities	Sempra Energy		2,375,700		326,516
2.02%	Other securities				360,574

					687,090


Real estate	Crown Castle International Corp. REIT		1,795,400		234,031
1.90%	Other securities				411,840

					645,871


Mutual funds	Other securities				54,750

0.16%	Total common stocks (cost: $23,041,561,000)				31,592,732


Convertible stocks 0.30%
Other	Other securities				99,581

0.30%	Total convertible stocks (cost: $89,661,000)				99,581


Convertible bonds 0.02%		Principal amount (000)
Energy	Other securities				7,112

0.02%	Total convertible bonds (cost: $11,820,000)				7,112

66 American Funds Insurance Series

Growth-Income Fund


Short-term securities 6.26%		Shares		Value (000)
Money market investments 6.26%
	Capital Group Central Cash Fund		21,280,609	$	2,127,848

	Total short-term securities (cost: $2,127,852,000)				2,127,848


	Total investment securities 99.58% (cost: $25,270,894,000)				33,827,273
	Other assets less liabilities 0.42%				142,019

	Net assets 100.00%			$	33,969,292

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

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. The value of the fund’s affiliated-company holding is shown in the summary investment portfolio. Further details on this holding and related transactions during the six months ended June 30, 2019, appear below.



	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)			Net unrealized appreciation (000)			Dividend income (000)			Value of affiliates at 6/30/2019 (000)
Common stocks 0.82%
Industrials 0.82%
BWX Technologies, Inc.		5,290,948		83,000		—		5,373,948		$	—		$	73,906		$	1,827		$	279,983

¹Represents an affiliated company as defined under the Investment Company Act of 1940.

²Security did not produce income during the last 12 months.

³Acquired in a transaction exempt from registration under Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $48,420,000, which represented .14% of the net assets of the fund.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

See notes to financial statements.

American Funds Insurance Series 67

International Growth and Income Fund


Summary investment portfolio June 30, 2019		unaudited


Common stocks 92.46%		Shares		Value (000)
Financials	HDFC Bank Ltd.		1,228,800	$	43,503
18.26%	Zurich Insurance Group AG		92,200		32,103
	AIA Group Ltd.		1,833,000		19,769
	Prudential PLC		738,000		16,083
	ING Groep NV		1,367,000		15,849
	Sony Financial Holdings Inc.		526,100		12,629
	Banco Santander, SA		2,611,538		12,117
	Sumitomo Mitsui Financial Group, Inc.		308,000		10,873
	Haci Ömer Sabanci Holding AS		6,520,900		9,673
	GT Capital Holdings, Inc.		501,049		9,193
	Other securities				80,065

					261,857


Health care	Novartis AG		502,545		45,920
12.76%	Takeda Pharmaceutical Co., Ltd.		1,043,753		37,010
	Fresenius SE & Co. KGaA		551,600		29,906
	Daiichi Sankyo Co., Ltd.		561,000		29,321
	China Biologic Products Holdings, Inc.¹		182,000		17,345
	Other securities				23,554

					183,056


Industrials	Airbus SE, non-registered shares		253,960		36,005
11.63%	Shanghai International Airport Co., Ltd., Class A		2,590,033		31,593
	ASSA ABLOY AB, Class B		681,100		15,395
	Komatsu Ltd.		629,600		15,183
	Airports of Thailand PCL, foreign registered		5,250,000		12,583
	Adani Ports & Special Economic Zone Ltd.		2,008,779		11,937
	Aena SME, SA, non-registered shares		52,450		10,395
	Other securities				33,714

					166,805


Energy	Royal Dutch Shell PLC, Class A (GBP denominated)		2,147,691		70,164
8.60%	Royal Dutch Shell PLC, Class B		138,000		4,523
	TOTAL SA		404,534		22,666
	Canadian Natural Resources, Ltd. (CAD denominated)		272,500		7,348
	Canadian Natural Resources, Ltd.		92,000		2,481
	Other securities				16,229

					123,411


Real estate	Sun Hung Kai Properties Ltd.		2,249,500		38,155
7.67%	CK Asset Holdings Ltd.		3,939,348		30,837
	Daito Trust Construction Co., Ltd.		144,800		18,447
	China Resources Land Ltd.		3,064,000		13,493
	Other securities				9,011

					109,943


Consumer	Sony Corp.		430,000		22,526
discretionary	LVMH Moët Hennessy-Louis Vuitton SE		48,000		20,430
6.98%	Luckin Coffee Inc., Class A (ADR)¹		508,404		9,909
	Kering SA		16,600		9,817
	Just Eat PLC¹		1,215,000		9,644
	Other securities				27,776

					100,102

68 American Funds Insurance Series

International Growth and Income Fund


Common stocks		Shares		Value (000)
Materials	Rio Tinto PLC		792,800	$	49,138
6.83%	Yara International ASA		343,000		16,638
	Air Liquide SA, non-registered shares		72,000		10,074
	Other securities				22,156

					98,006


Utilities	Ørsted AS		317,300		27,437
5.91%	E.ON SE		1,952,000		21,199
	ENN Energy Holdings Ltd.		1,658,000		16,131
	Other securities				20,062

					84,829


Consumer staples	Pernod Ricard SA		128,650		23,706
5.71%	British American Tobacco PLC		627,958		21,923
	Coca-Cola Icecek AS, Class C		2,631,000		13,576
	Other securities				22,748

					81,953


Information	Taiwan Semiconductor Manufacturing Co., Ltd.		2,804,000		21,577
technology	Tokyo Electron Ltd.		96,500		13,533
4.33%	Samsung Electronics Co., Ltd.		259,000		10,543
	ASML Holding NV		47,800		9,987
	Other securities				6,420

					62,060


Communication	Yandex NV, Class A¹		470,000		17,860
services	Other securities				36,329

3.78%					54,189

	Total common stocks (cost: $1,177,798,000)				1,326,211


Preferred securities 1.25%
Financials	Itaú Unibanco Holding SA, preferred nominative (ADR)		1,486,950		14,007

0.98%

Energy	Other securities				3,875

0.27%	Total preferred securities (cost: $13,377,000)				17,882



Bonds, notes & other debt instruments 1.15%		Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 0.62%
	Other securities				8,979


Corporate bonds & notes 0.53%
Other	Other securities				7,582

0.53%	Total corporate bonds & notes				7,582

	Total bonds, notes & other debt instruments (cost: $15,610,000)				16,561

American Funds Insurance Series 69

International Growth and Income Fund


Short-term securities 4.89%		Shares		Value (000)
Money market investments 4.53%
	Capital Group Central Cash Fund		649,569	$	64,951


		Principal amount (000)
Other short-term securities 0.36%
	Other securities				5,254

	Total short-term securities (cost: $69,825,000)				70,205


	Total investment securities 99.75% (cost: $1,276,610,000)				1,430,859
	Other assets less liabilities 0.25%				3,524

	Net assets 100.00%			$	1,434,383

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities“ also includes a security (with a value of $1,907,000, which represented .13% of the net assets of the fund) which was acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

Forward currency contracts

Contract amount

Counterparty

Unrealized
appreciation

Purchases
(000)

Sales

(000)

Settlement

date

at 6/30/2019
(000)

USD1,559

GBP1,223

Morgan Stanley

7/12/2019

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

Key to abbreviations and symbol

ADR = American Depositary Receipts

CAD = Canadian dollars

GBP = British pounds

USD/$ = U.S. dollars

See notes to financial statements.

70 American Funds Insurance Series

Capital Income Builder


Summary investment portfolio June 30, 2019		unaudited


Common stocks 67.41%		Shares		Value (000)
Information	Microsoft Corp.		109,620	$	14,685
technology	Broadcom Inc.		50,800		14,623
9.58%	QUALCOMM Inc.		140,900		10,718
	Intel Corp.		221,100		10,584
	Taiwan Semiconductor Manufacturing Co., Ltd.		1,277,800		9,832
	Other securities				19,983

					80,425


Consumer staples	Philip Morris International Inc.		145,220		11,404
9.08%	Diageo PLC		233,600		10,039
	British American Tobacco PLC		271,200		9,468
	Carlsberg A/S, Class B		69,692		9,239
	Coca-Cola Co.		177,700		9,048
	Nestlé SA		69,277		7,172
	Altria Group, Inc.		150,370		7,120
	Other securities				12,741

					76,231


Financials	CME Group Inc., Class A		59,566		11,562
8.63%	Zurich Insurance Group AG		26,872		9,357
	DBS Group Holdings Ltd.		335,700		6,441
	SunTrust Banks, Inc.		100,500		6,316
	Sampo Oyj, Class A		130,569		6,162
	Other securities				32,667

					72,505


Real estate	Crown Castle International Corp. REIT		130,300		16,984
8.21%	American Tower Corp. REIT		77,569		15,859
	Link Real Estate Investment Trust REIT		693,500		8,522
	Digital Realty Trust, Inc. REIT		49,000		5,772
	Other securities				21,844

					68,981


Energy	Royal Dutch Shell PLC, Class B		413,140		13,542
7.49%	Royal Dutch Shell PLC, Class B (ADR)		8,500		559
	Royal Dutch Shell PLC, Class A (GBP denominated)		101		3
	Enbridge Inc. (CAD denominated)		369,670		13,352
	Williams Companies, Inc.		236,700		6,637
	Occidental Petroleum Corp.		122,600		6,165
	Other securities				22,602

					62,860


Communication	Vodafone Group PLC		5,707,800		9,374
services	Koninklijke KPN NV		2,692,994		8,268
5.11%	Verizon Communications Inc.		119,950		6,853
	HKT Trust and HKT Ltd., units		3,699,240		5,872
	Other securities				12,525

					42,892


Health care	AstraZeneca PLC		123,900		10,130
4.93%	AstraZeneca PLC (ADR)		145,100		5,990
	GlaxoSmithKline PLC		421,500		8,439
	Pfizer Inc.		176,500		7,646
	Other securities				9,201

					41,406

American Funds Insurance Series 71

Capital Income Builder


Common stocks (continued)		Shares			Value (000)
Utilities	Enel SpA		1,753,109		$	12,240
4.26%	Edison International		135,100			9,107
	Other securities					14,428

						35,775


Consumer	Las Vegas Sands Corp.		173,400			10,246
discretionary	Sands China Ltd.		1,460,800			6,985
4.21%	Other securities					18,135

						35,366


Industrials	Airbus SE, non-registered shares		90,999			12,901
3.85%	Boeing Co.		21,300			7,754
	Other securities					11,658

						32,313


Materials	Other securities					17,288

2.06%	Total common stocks (cost: $534,432,000)					566,042


Rights & warrants 0.00%
Energy	Other securities					—	¹

0.00%	Total rights & warrants (cost: $0)					—	¹


Convertible stocks 1.11%
Utilities	Other securities					5,541

0.66%

Real estate	Crown Castle International Corp. REIT, Series A, 6.875% convertible preferred 2020		3,150			3,786

0.45%	Total convertible stocks (cost: $8,227,000)					9,327


Bonds, notes & other debt instruments 22.66%		Principal amount (000)

U.S. Treasury bonds & notes 13.13%
U.S. Treasury	U.S. Treasury 2.25% 2021	$	12,000			12,100
12.45%	U.S. Treasury 1.875% 2022		10,500			10,551
	U.S. Treasury 2.00% 2022²		15,000			15,130
	U.S. Treasury 2.125% 2022		8,800			8,919
	U.S. Treasury 2.00% 2025		13,200			13,327
	U.S. Treasury 2.00% 2026		7,500			7,558
	U.S. Treasury 0%–3.13% 2021–2049²		39,303			36,935

						104,520


U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.625% 2023³		5,657			5,728
inflation-protected	U.S. Treasury Inflation-Protected Security 0.50% 2028³		—	¹		—	¹

securities						5,728

0.68%	Total U.S. Treasury bonds & notes					110,248

72 American Funds Insurance Series

Capital Income Builder


Bonds, notes & other debt instruments		Principal amount (000)		Value (000)

Mortgage-backed obligations 5.27%
Federal agency	Fannie Mae Pool #CA2055 4.50% 2048⁴		$ 6,244	$	6,565
mortgage-backed	Fannie Mae Pool #CA1709 4.50% 2048⁴		5,393		5,675
obligations	Fannie Mae Pool #CA1563 4.50% 2048⁴		5,290		5,567
4.99%	Fannie Mae 3.50%–4.00% 2046–2049⁴		2,067		2,156
	Government National Mortgage Assn. 4.18%–6.64% 2048–2064^4,5		14,177		14,838
	Other securities				7,130

					41,931


Collateralized mortgage-backed obligations (privately originated) 0.28%	Other securities				2,358

	Total mortgage-backed obligations				44,289




Corporate bonds & notes 3.21%
Utilities	Southern California Edison Co. 4.00%–4.65% 2043–2048		419		425
0.57%	Other securities				4,366

					4,791


Health care	AstraZeneca PLC 3.375% 2025		200		209
0.47%	Other securities				3,711

					3,920


Consumer staples	British American Tobacco PLC 3.56%–4.54% 2027–2047		920		906
0.41%	Philip Morris International Inc. 3.375% 2029		280		289
	Other securities				2,266

					3,461


Communication	Vodafone Group PLC 5.25% 2048		250		277
services	Other securities				2,070

0.28%					2,347


Information	Broadcom Inc. 4.75% 2029⁶		530		544
technology	Broadcom Ltd. 3.50%–3.88% 2024–2028		428		419
0.22%	Other securities				904

					1,867


Energy	Enbridge Energy Partners, LP 7.375% 2045		85		125
0.18%	Other securities				1,402

					1,527


Other	Other securities				9,048

1.08%	Total corporate bonds & notes				26,961


Asset-backed obligations 1.00%
	Ford Credit Auto Owner Trust, Series 2015-1, Class A, 2.12% 2026^4,6		6,959		6,948
	Other securities				1,409

	Total asset-backed obligations				8,357

American Funds Insurance Series 73

Capital Income Builder


Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Municipals 0.05%
	Other securities			$	412

	Total bonds, notes & other debt instruments (cost: $185,342,000)				190,267


Short-term securities 8.17%		Shares
Money market investments 8.17%
	Capital Group Central Cash Fund		685,730		68,566

	Total short-term securities (cost: $68,566,000)				68,566


	Total investment securities 99.35% (cost: $796,567,000)				834,202
	Other assets less liabilities 0.65%				5,487

	Net assets 100.00%			$	839,689

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes a security which was valued under fair value procedures adopted by authority of the board of trustees. The total value of the security which was valued under fair value procedures was $190,000, which represented .02% of the net assets of the fund.

Futures contracts


Contracts	Type	Number of contracts	Expiration		Notional amount (000	⁷ )	Value at 6/30/2019 (000	⁸ )	Unrealized appreciation (depreciation) at 6/30/2019 (000)
2 Year U.S. Treasury Note Futures	Long	417	October 2019	$	83,400		$89,730			$	646
5 Year U.S. Treasury Note Futures	Short	73	October 2019		(7,300	)	(8,626	)			(104	)
10 Year Ultra U.S. Treasury Note Futures	Short	235	September 2019		(23,500	)	(32,459	)			(1,021	)
20 Year U.S. Treasury Bond Futures	Long	49	September 2019		4,900		7,624				203
30 Year Ultra U.S. Treasury Bond Futures	Long	27	September 2019		2,700		4,794				210

										$	(66	)

74 American Funds Insurance Series

Capital Income Builder

Swap contracts

Interest rate swaps


Receive	Pay		Expiration date		Notional (000)		Value at 6/30/2019 (000)				Upfront payments/ receipts (000)			Unrealized (depreciation) appreciation at 6/30/2019 (000)
2.337%		U.S. EFFR		7/31/2019	$	123,000		$	(4	)		$	–		$	(4	)
2.325%		U.S. EFFR		7/31/2019		163,000			(6	)			–			(6	)
2.305%		U.S. EFFR		7/31/2019		163,000			(9	)			–			(9	)
U.S. EFFR		2.039%		9/18/2019		309,000			(4	)			–			(4	)
2.4035%		U.S. EFFR		1/11/2021		30,760			364				–			364
2.3995%		U.S. EFFR		1/11/2021		21,249			250				–			250
2.3755%		U.S. EFFR		2/6/2021		29,000			354				–			354
2.37%		U.S. EFFR		3/8/2021		15,000			194				–			194
3-month USD-LIBOR		2.348%		4/1/2021		47,000			(421	)			–			(421	)
2.197%		U.S. EFFR		4/15/2021		31,000			338				–			338
2.21875%		U.S. EFFR		3/14/2024		9,000			293				–			293

												$	–		$	1,349

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

¹Amount less than one thousand.

²All or a portion of this security was pledged as collateral. The total value of pledged collateral was $709,000, which represented .08% of the net assets of the fund.

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

⁴Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

⁵Purchased on a TBA basis.

⁶Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $16,746,000, which represented 1.99% of the net assets of the fund.

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

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

Key to abbreviations and symbol

ADR = American Depositary Receipts

CAD = Canadian dollars

EFFR = Effective Federal Funds Rate

GBP = British pounds

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series 75

Asset Allocation Fund


Summary investment portfolio June 30, 2019		unaudited


Common stocks 61.08%		Shares		Value (000)
Information	Microsoft Corp.		6,641,900	$	889,749
technology	Broadcom Inc.		2,095,000		603,067
14.78%	ASML Holding NV (New York registered)		1,865,000		387,790
	ASML Holding NV		70,000		14,625
	VeriSign, Inc.¹		1,700,000		355,572
	Intel Corp.		5,820,000		278,603
	Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		6,276,700		245,858
	Intuit Inc.		900,000		235,197
	MKS Instruments, Inc.²		2,800,000		218,092
	Visa Inc., Class A		1,032,000		179,103
	Other securities				357,479

					3,765,135


Financials	Chubb Ltd.		2,200,000		324,038
10.02%	Arch Capital Group Ltd.¹		7,331,500		271,852
	First Republic Bank		2,580,000		251,937
	CME Group Inc., Class A		977,200		189,684
	JPMorgan Chase & Co.		1,600,000		178,880
	Capital One Financial Corp.		1,950,000		176,943
	Citigroup Inc.		2,500,000		175,075
	Bank of America Corp.		6,000,000		174,000
	Wells Fargo & Co.		3,500,000		165,620
	Other securities				643,239

					2,551,268


Health care	Johnson & Johnson		3,672,000		511,436
9.93%	UnitedHealth Group Inc.		2,016,300		491,997
	Humana Inc.		1,265,000		335,604
	Merck & Co., Inc.		2,420,300		202,942
	Bluebird Bio, Inc.¹		1,558,700		198,267
	Cigna Corp.		1,250,000		196,938
	Other securities				592,293

					2,529,477


Industrials	Boeing Co.		1,211,000		440,816
5.77%	Northrop Grumman Corp.		1,349,400		436,005
	Lockheed Martin Corp.		847,200		307,991
	Other securities				285,567

					1,470,379


Consumer	Home Depot, Inc.		1,125,000		233,966
discretionary	Amazon.com, Inc.¹		103,000		195,044
4.93%	Suzuki Motor Corp.		3,700,000		173,787
	General Motors Co.		4,100,000		157,973
	VF Corp.		1,500,000		131,025
	Other securities				363,809

					1,255,604


Energy	Noble Energy, Inc.		12,500,000		280,000
3.92%	Cenovus Energy Inc.		28,000,000		246,955
	Royal Dutch Shell PLC, Class B (ADR)		2,745,000		180,456
	Suncor Energy Inc.		4,000,000		124,776
	Other securities				165,644

					997,831

76 American Funds Insurance Series

Asset Allocation Fund


Common stocks		Shares		Value (000)
Consumer staples	Philip Morris International Inc.		5,430,000	$	426,418
3.85%	Nestlé SA		3,006,689		311,264
	Nestlé SA (ADR)		900,000		93,060
	Other securities				148,922

					979,664


Communication	Charter Communications, Inc., Class A¹		827,126		326,864
services	Facebook, Inc., Class A¹		1,077,100		207,880
3.71%	Other securities				409,851

					944,595


Materials	Dow Inc.		4,616,666		227,648
2.67%	Other securities				453,796

					681,444


Real estate	Other securities				220,771

0.87%

Utilities	CMS Energy Corp.		2,284,700		132,307
0.63%	Other securities				28,901

					161,208

	Total common stocks (cost: $10,698,642,000)				15,557,376


Rights & warrants 0.00%
Other	Other securities				101

0.00%	Total rights & warrants (cost: $47,000)				101


Convertible stocks 0.27%
Other	Other securities				67,927

0.27%	Total convertible stocks (cost: $66,588,000)				67,927


Convertible bonds 0.00%		Principal amount (000)
Communication	Other securities				1,286

services	Total convertible bonds (cost: $1,390,000)				1,286

0.00%

Bonds, notes & other debt instruments 30.44%
U.S. Treasury bonds & notes 12.71%
U.S. Treasury	U.S. Treasury 1.25% 2020³		$ 278,117		276,813
10.47%	U.S. Treasury 1.625% 2020		125,000		124,600
	U.S. Treasury 2.25% 2021		138,000		139,145
	U.S. Treasury 2.50% 2021		200,000		202,080
	U.S. Treasury 1.75% 2024		130,000		129,970
	U.S. Treasury 2.50% 2024		225,000		232,409
	U.S. Treasury 1.13%–4.75% 2019–2049³		1,516,483		1,562,257

					2,667,274

American Funds Insurance Series 77

Asset Allocation Fund


Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.625% 2024⁴	$	223,594	$	227,688
inflation-protected	U.S. Treasury Inflation-Protected Security 1.375% 2044^3,4		140,628		160,014
securities	U.S. Treasury Inflation-Protected Securities 0.38%–1.00% 2024–2049^3,4
2.24%			189,143		183,285

					570,987

	Total U.S. Treasury bonds & notes				3,238,261


Corporate bonds & notes 10.79%
Health care	UnitedHealth Group Inc. 3.38%–4.45% 2024–2048		12,215		13,369
1.85%	Other securities				458,990

					472,359


Financials	ACE INA Holdings Inc. 2.30%–4.35% 2020–2045		7,405		7,683
1.70%	Other securities				424,406

					432,089


Energy	Cenovus Energy Inc. 3.80%–5.40% 2023–2047		17,385		18,156
1.18%	Noble Energy, Inc. 4.95% 2047		375		398
	Other securities				282,453

					301,007


Communication	CCO Holdings LLC and CCO Holdings Capital Corp. 4.50%–6.48% 2023–2049⁵		33,760		36,326
services	Other securities				255,457

1.15%					291,783


Industrials	Boeing Co. 2.70%–3.90% 2022–2049		16,533		17,042
0.80%	Lockheed Martin Corp. 2.50%–3.55% 2020–2026		10,050		10,312
	Northrop Grumman Corp. 2.93%–3.25% 2025–2028		13,245		13,554
	Other securities				164,113

					205,021


Consumer staples	Nestlé Holdings, Inc. 3.35% 2023⁵		750		782
0.78%	Philip Morris International Inc. 1.88%–4.25% 2020–2044		15,481		15,777
	Other securities				182,969

					199,528


Information	Broadcom Inc. 3.13%–4.75% 2022–2029⁵		30,890		31,474
technology	Broadcom Ltd. 3.50%–3.88% 2024–2028		11,832		11,578
0.51%	Microsoft Corp. 3.30%–4.25% 2027–2047		11,250		12,565
	Other securities				73,386

					129,003


Other	Other securities				716,137

2.82%	Total corporate bonds & notes				2,746,927

78 American Funds Insurance Series

Asset Allocation Fund


Bonds, notes & other debt instruments		Principal amount (000)		Value (000)
Mortgage-backed obligations 6.06%
Federal agency	Fannie Mae 0%–7.50% 2021–2049^6,7		$ 410,879	$	426,582
mortgage-backed	Freddie Mac 3.00%–6.50% 2034–2048⁶		272,601		282,129
obligations	Government National Mortgage Assn. 3.50%–4.50% 2048–2049^6,8		400,322		416,602
5.84%	Other securities				365,962

					1,491,275


Other	Other securities				51,824

0.22%	Total mortgage-backed obligations				1,543,099


Federal agency bonds & notes 0.05%
	Fannie Mae 1.875% 2026³		13,000		12,852


Other 0.83%
	Other securities				210,817

	Total bonds, notes & other debt instruments (cost: $7,576,505,000)				7,751,956


Short-term securities 10.32%		Shares
Money market investments 10.32%
	Capital Group Central Cash Fund		26,293,786		2,629,116

	Total short-term securities (cost: $2,629,127,000)				2,629,116


	Total investment securities 102.11% (cost: $20,972,299,000)				26,007,762
	Other assets less liabilities (2.11)%				(536,983	)

	Net assets 100.00%			$	25,470,779

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $33,335,000, which represented .13% of the net assets of the fund. “Other securities“ also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $45,351,000, which represented .18% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $4,014,000, an aggregate cost of $9,216,000, and which represented .02% of the net assets of the fund) were acquired from 9/26/2013 to 11/16/2018 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

Futures contracts


Contracts	Type	Number of contracts	Expiration		Notional amount (000	⁹ )		Value at 6/30/2019 (000)	¹⁰	Unrealized appreciation (depreciation) at 6/30/2019 (000)
90 Day Euro Dollar Futures	Long	4,190	September 2019	$	1,047,500		$	1,026,498		$ 911
90 Day Euro Dollar Futures	Long	1,682	March 2020		420,500			413,309		1,574
90 Day Euro Dollar Futures	Short	4,190	September 2020		(1,047,500	)		(1,031,211	)	(889	)
90 Day Euro Dollar Futures	Short	1,682	March 2021		(420,500	)		(414,066	)	(1,344	)
2 Year U.S. Treasury Note Futures	Long	7,644	October 2019		1,528,800			1,644,833		9,786
5 Year U.S. Treasury Note Futures	Long	2,171	October 2019		217,100			256,517		2,658
10 Year U.S. Treasury Note Futures	Short	8	September 2019		(800	)		(1,024	)	(15	)

American Funds Insurance Series 79

Asset Allocation Fund

Futures contracts (continued)


Contracts	Type	Number of contracts	Expiration		Notional amount (000	⁹ )	Value at 6/30/2019 (000	¹⁰ )	Unrealized appreciation (depreciation) at 6/30/2019 (000)
10 Year Ultra U.S. Treasury Note Futures	Short	2,089	September 2019	$	(208,900	)	$(288,543	)		$	(5,727	)
30 Year Ultra U.S. Treasury Bond Futures	Long	613	September 2019		61,300		108,846				3,458

										$	10,412

Swap contracts

Interest rate swaps


Receive	Pay		Expiration date		Notional (000)		Value at 6/30/2019 (000)				Upfront payments/ receipts (000)			Unrealized depreciation at 6/30/2019 (000)
1.6365%		3-month USD-LIBOR		10/16/2019	$	124,000		$	(267	)		$	–		$	(267	)
3-month USD-LIBOR		2.18075%		3/29/2024		26,400			(524	)			–			(524	)
3-month USD-LIBOR		2.194%		3/29/2024		101,900			(2,083	)			–			(2,083	)
3-month USD-LIBOR		2.21875%		3/29/2024		107,250			(2,313	)			–			(2,313	)
3-month USD-LIBOR		2.945%		10/16/2044		28,000			(4,195	)			–			(4,194	)

												$	–		$	(9,381	)

Investments in affiliates

A company is an affiliate of the fund under the Investment Company Act of 1940 if the fund’s holdings represent 5% or more of the outstanding voting shares of that company. The value of the fund’s affiliated-company holdings is either shown in the summary investment portfolio or included in the value of “Other securities” under the respective industry sectors. Further details on these holdings and related transactions during the six months ended June 30, 2019, appear below.



	Beginning shares or principal amount		Additions		Reductions		Ending shares or principal amount		Net realized loss (000)				Net unrealized (depreciation) appreciation (000)				Dividend or interest income (000)			Value of affiliates at 6/30/2019 (000)
Common stocks 1.61%
Information technology 0.86%
MKS Instruments, Inc.		–		2,800,000		–		2,800,000		$	–			$	(19,186	)		$	390		$	218,092

Consumer discretionary 0.75%
Dillard’s, Inc., Class A (USA)		1,700,000		–		–		1,700,000			–				3,349				340			105,876
Kontoor Brands, Inc.¹		–		3,084,392		–		3,084,392			–				1,070				–			86,425

																						192,301

Energy 0.00%
Weatherford International PLC^1,11		60,000,000		–		60,000,000		–			(446,158	)			415,322				–			–

Total common stocks																						410,393

Bonds, notes & other debt instruments 0.00%
Energy 0.00%
Weatherford International PLC 4.50% 2022¹¹	$	6,365,000		–		–	$	6,365,000			–				(592	)			241			–
Weatherford International PLC 8.25% 2023¹¹	$	5,800,000		–		–	$	5,800,000			–				(469	)			243			–
Weatherford International PLC 9.875% 2024¹¹	$	1,000,000		–		–	$	1,000,000			–				(92	)			48			–
Weatherford International PLC 9.875% 2025¹¹	$	2,550,000		–		–	$	2,550,000			–				(224	)			127			–
Weatherford International PLC 6.50% 2036¹¹	$	7,595,000		–		–	$	7,595,000			–				(51	)			260			–
Weatherford International PLC 6.75% 2040¹¹	$	7,825,000		–		–	$	7,825,000			–				(53	)			275			–

																						–

Total 1.61%										$	(446,158	)		$	399,074			$	1,924		$	410,393

80 American Funds Insurance Series

Asset Allocation Fund

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

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

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

³All or a portion of this security was pledged as collateral. The total value of pledged collateral was $13,869,000, which represented .05% of the net assets of the fund.

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

⁵Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $936,956,000, which represented 3.68% of the net assets of the fund.

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

⁷Coupon rate may change periodically.

⁸Purchased on a TBA basis.

⁹Notional amount is calculated based on the number of contracts and notional contract size.

¹⁰Value is calculated based on the notional amount and current market price.

¹¹Unaffiliated issuer at 6/30/2019.

Key to abbreviations and symbol

ADR = American Depositary Receipts

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series 81

Global Balanced Fund


Summary investment portfolio June 30, 2019		unaudited


Common stocks 59.16%		Shares		Value (000)
Information	Broadcom Inc.		26,895	$	7,742
technology	PagSeguro Digital Ltd., Class A¹		161,228		6,283
11.42%	Taiwan Semiconductor Manufacturing Co., Ltd.		804,000		6,187
	ASML Holding NV		25,800		5,390
	Microsoft Corp.		32,620		4,370
	Temenos AG		18,000		3,220
	Visa Inc., Class A		14,600		2,534
	Infosys Ltd.		214,650		2,276
	Other securities				9,448

					47,450


Health care	Merck & Co., Inc.		116,325		9,754
10.20%	AstraZeneca PLC		102,050		8,344
	Humana Inc.		16,330		4,332
	Mettler-Toledo International Inc.¹		3,500		2,940
	Coloplast A/S, Class B		21,200		2,396
	Other securities				14,633

					42,399


Financials	Berkshire Hathaway Inc., Class A¹		21		6,685
8.52%	Sberbank of Russia PJSC (ADR)		331,000		5,091
	JPMorgan Chase & Co.		45,300		5,065
	AIA Group Ltd.		426,000		4,595
	B3 SA - Brasil, Bolsa, Balcao		376,000		3,668
	Hang Seng Bank Ltd.		114,000		2,838
	BlackRock, Inc.		5,730		2,689
	Other securities				4,794

					35,425


Consumer staples	Nestlé SA		64,100		6,636
7.64%	British American Tobacco PLC		156,300		5,457
	Altria Group, Inc.		87,000		4,120
	Philip Morris International Inc.		50,800		3,989
	Keurig Dr Pepper Inc.		106,000		3,063
	Other securities				8,495

					31,760


Industrials	Boeing Co.		11,250		4,095
6.59%	Edenred SA		66,528		3,394
	MTU Aero Engines AG		9,800		2,335
	Other securities				17,580

					27,404


Consumer	Home Depot, Inc.		22,275		4,632
discretionary	General Motors Co.		110,500		4,258
4.31%	Amazon.com, Inc.¹		1,375		2,604
	LVMH Moët Hennessy-Louis Vuitton SE		5,765		2,454
	Alibaba Group Holding Ltd. (ADR)¹		13,700		2,321
	Other securities				1,623

					17,892


Materials	Other securities				11,753

2.83%

82 American Funds Insurance Series

Global Balanced Fund


Common stocks		Shares		Value (000)
Energy	Other securities			$	10,162

2.45%

Communication	Alphabet Inc., Class C¹		3,579		3,868
services	Nintendo Co., Ltd.		7,500		2,747
2.22%	SK Telecom Co., Ltd.		11,590		2,600

					9,215


Real estate	Crown Castle International Corp. REIT		23,940		3,120
1.77%	Gaming and Leisure Properties, Inc. REIT		59,720		2,328
	Other securities				1,894

					7,342


Utilities	Ørsted AS		58,400		5,050

1.21%	Total common stocks (cost: $194,289,000)				245,852


Bonds, notes & other debt instruments 35.34%		Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 14.82%
	Japan, Series 395, 0.10% 2020		¥ 423,100		3,942
	Japan, Series 346, 0.10% 2027		304,250		2,901
	Japan 0.10%–1.70% 2020–2049²		1,228,461		12,085
	Other securities				42,643

					61,571


U.S. Treasury bonds & notes 12.90%
U.S. Treasury	U.S. Treasury 2.25% 2021		$ 5,000		5,041
11.14%	U.S. Treasury 2.875% 2021		2,250		2,309
	U.S. Treasury 1.625% 2022³		2,850		2,840
	U.S. Treasury 2.875% 2023		2,250		2,356
	U.S. Treasury 2.25% 2024		3,055		3,125
	U.S. Treasury 2.25% 2027		2,800		2,866
	U.S. Treasury 1.00%–3.13% 2019–2049³		27,028		27,782

					46,319


U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.875% 2029²		3,845		4,054
inflation-protected securities	U.S. Treasury Inflation-Protected Securities 0.13%–2.38% 2022–2044^2,3		3,164		3,260

1.76%					7,314

	Total U.S. Treasury bonds & notes				53,633


Corporate bonds & notes 5.15%
Financials	JPMorgan Chase & Co. 2.55%–3.25% 2021–2023		254		257
1.10%	JPMorgan Chase & Co., Series S, junior subordinated, perpetual, 6.75% (3-month USD-LIBOR + 3.78% on 2/1/2024)⁴		135		149
	JPMorgan Chase Bank NA (3-month USD-LIBOR + 0.34%) 2.926% 2021⁵		300		300
	Other securities				3,886

					4,592

American Funds Insurance Series 83

Global Balanced Fund


Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Corporate bonds & notes (continued)
Health care	AstraZeneca PLC 2.38%–3.50% 2022–2023		$ 260	$	268
0.79%	Humana Inc. 3.15% 2022		100		102
	Other securities				2,910

					3,280


Consumer staples	Altria Group, Inc. 2.63%–5.80% 2020–2039		225		241
0.50%	Altria Group, Inc. 1.00%–2.20% 2023–2027		€ 280		332
	British American Tobacco PLC 3.56%–4.39% 2027–2037		$ 185		181
	Philip Morris International Inc. 2.00%–2.90% 2020–2022		170		171
	Reynolds American Inc. 4.00%–4.45% 2022–2025		120		126
	Other securities				1,039

					2,090


Information	Broadcom Ltd. 3.875% 2027		190		186
technology	Microsoft Corp. 2.40%–3.30% 2026–2027		577		596
0.26%	Other securities				293

					1,075


Other	Other securities				10,356

2.50%	Total corporate bonds & notes				21,393


Mortgage-backed obligations 2.47%
Federal agency	Fannie Mae Pool #CA3129 4.00% 2049⁶		3,115		3,235
mortgage-backed	Fannie Mae 3.50%–4.00% 2049⁶		2,893		2,996
obligations	Other securities				2,143

2.01%					8,374


Other	Other securities				1,900

0.46%	Total mortgage-backed obligations				10,274

	Total bonds, notes & other debt instruments (cost: $143,081,000)				146,871


Short-term securities 5.38%		Shares
Money market investments 5.16%
	Capital Group Central Cash Fund		214,395		21,438


		Principal amount (000)
Other short-term securities 0.22%
	Other securities				896

	Total short-term securities (cost: $22,342,000)				22,334

	Total investment securities 99.88% (cost: $359,712,000)				415,057
	Other assets less liabilities 0.12%				511

	Net assets 100.00%			$	415,568

84 American Funds Insurance Series

Global Balanced Fund

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities“ also includes securities (with an aggregate value of $9,220,000, which represented 2.22% of the net assets of the fund) which were acquired in transactions exempt from registration under Rule 144A of the Securities Act of 1933 and may be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers.

Futures contracts

Contracts

Type

Number of
contracts

Expiration

Notional
amount

(000)

⁷

Value at
6/30/2019

(000

⁸

)

Unrealized
appreciation
at 6/30/2019
(000)

5 Year U.S. Treasury Note Futures

Long

October 2019

$5,400

$6,380

$89

Forward currency contracts

Contract amount

Counterparty

Settlement
date

Unrealized
(depreciation)

appreciation

Purchases

(000)

Sales

(000)

at 6/30/2019

(000)

GBP1,100

USD1,403

Morgan Stanley

7/8/2019

$(5

)

USD705

GBP560

Morgan Stanley

7/8/2019

)

JPY25,675

USD238

HSBC Bank

7/10/2019

—

⁹

THB8,500

USD276

HSBC Bank

7/12/2019

USD272

THB8,500

HSBC Bank

7/12/2019

)

USD823

ILS2,960

Goldman Sachs

7/12/2019

)

INR51,625

USD742

Citibank

7/15/2019

INR675

USD10

JPMorgan Chase

7/15/2019

—

⁹

USD164

EUR145

JPMorgan Chase

7/15/2019

)

USD737

INR52,300

Standard Chartered Bank

7/15/2019

(19

)

USD168

ILS600

HSBC Bank

7/16/2019

—

⁹

EUR1,541

USD1,748

JPMorgan Chase

7/17/2019

GBP726

USD922

JPMorgan Chase

7/17/2019

USD486

INR33,900

Standard Chartered Bank

7/18/2019

)

USD185

INR12,900

Standard Chartered Bank

7/19/2019

)

USD333

CNH2,310

Bank of America, N.A.

7/19/2019

)

USD629

BRL2,450

Citibank

7/19/2019

)

EUR1,130

USD1,278

Morgan Stanley

7/22/2019

CAD1,650

USD1,251

Citibank

7/22/2019

USD119

INR8,300

Goldman Sachs

7/22/2019

)

EUR1,117

USD1,259

Goldman Sachs

7/23/2019

CLP1,033,000

USD1,512

JPMorgan Chase

7/24/2019

USD598

CNH4,100

Standard Chartered Bank

7/25/2019

USD565

JPY61,000

JPMorgan Chase

7/25/2019

)

USD337

EUR300

JPMorgan Chase

7/25/2019

)

USD509

THB15,900

HSBC Bank

7/25/2019

(10

)

EUR744

USD843

Bank of America, N.A.

7/26/2019

SEK11,700

USD1,260

Citibank

7/26/2019

CAD1,490

USD1,134

HSBC Bank

7/29/2019

NOK4,300

USD491

HSBC Bank

8/22/2019

NOK2,100

USD243

Bank of America, N.A.

8/22/2019

USD1,482

CNH10,300

HSBC Bank

9/18/2019

(16

)

USD652

BRL2,510

HSBC Bank

12/18/2019

USD156

BRL600

JPMorgan Chase

12/18/2019

BRL90

USD23

JPMorgan Chase

12/18/2019

—

⁹

BRL50

USD13

HSBC Bank

12/18/2019

—

⁹

BRL20

USD5

Citibank

12/18/2019

—

⁹

BRL1,320

USD339

Standard Chartered Bank

12/18/2019

—

⁹

BRL175

USD46

JPMorgan Chase

12/18/2019

)

BRL970

USD249

Bank of New York Mellon

12/18/2019

)

American Funds Insurance Series 85

Global Balanced Fund

Forward currency contracts (continued)

Unrealized

(depreciation)

Contract amount

appreciation

Purchases

Sales

Settlement

at 6/30/2019

(000)

Counterparty

date

(000)

BRL250

USD65

HSBC Bank

12/20/2019

$ (1

)

USD62

BRL250

HSBC Bank

12/20/2019

)

$ 2

Swap contracts

Interest rate swaps

Receive

Pay

Expiration
date

Notional
(000)

Value at
6/30/2019
(000)

Upfront
payments/
receipts
(000)

Unrealized
appreciation
at 6/30/2019
(000)

(0.0385)%

EONIA

12/4/2021

€4,300

$51

$—

$51

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

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

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

³All or a portion of this security was pledged as collateral. The total value of pledged collateral was $77,000, which represented .02% of the net assets of the fund.

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

⁵Coupon rate may change periodically.

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

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

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

⁹Amount less than one thousand.

Key to abbreviations and symbols

ADR = American Depositary Receipts

BRL = Brazilian reais

CAD = Canadian dollars

CLP = Chilean pesos

CNH = Chinese yuan renminbi

EONIA = Euro Overnight Index Average

EUR/€ = Euros

GBP = British pounds

ILS = Israeli shekels

INR = Indian rupees

JPY/¥ = Japanese yen

LIBOR = London Interbank Offered Rate

NOK = Norwegian kroner

SEK = Swedish kronor

THB = Thai baht

USD/$ = U.S. dollars

See notes to financial statements.

86 American Funds Insurance Series

Bond Fund


Summary investment portfolio June 30, 2019		unaudited


Bonds, notes & other debt instruments 97.86%		Principal amount (000)		Value (000)
Corporate bonds & notes 33.38%
Financials	Intesa Sanpaolo SpA 5.017% 2024¹		$ 71,265	$	71,473
7.76%	Other securities				739,022

					810,495


Health care	Teva Pharmaceutical Finance Co. BV 2.80% 2023		80,064		69,656
6.03%	Teva Pharmaceutical Finance Co. BV 2.20%–6.75% 2021–2046		149,049		121,795
	Other securities				438,516

					629,967


Energy	Petróleos Mexicanos 7.47% 2026		MXN295,000		12,220
4.52%	Petróleos Mexicanos 4.63%–6.88% 2022–2048		$127,082		126,235
	Other securities				333,016

					471,471


Utilities	Other securities				369,910

3.54%

Consumer	General Motors Co. 4.35%–6.75% 2025–2049		31,152		31,824
discretionary	General Motors Financial Co. 3.15%–4.20% 2020–2024		88,686		90,228
3.47%	Other securities				240,241

					362,293


Consumer staples	Other securities				342,911

3.29%

Information	Broadcom Inc. 3.63%–4.75% 2024–2029¹		78,813		80,209
technology	Broadcom Ltd. 3.00%–3.88% 2022–2027		41,289		41,278
1.44%	Other securities				28,922

					150,409


Communication	Other securities				140,150

services
1.34%

Industrials	Other securities				130,721

1.25%

Other	Other securities				76,647

0.74%	Total corporate bonds & notes				3,484,974


U.S. Treasury bonds & notes 28.77%
U.S. Treasury	U.S. Treasury 2.25% 2021		100,300		101,133
24.04%	U.S. Treasury 2.50% 2023		57,200		58,802
	U.S. Treasury 2.625% 2023		70,000		72,641
	U.S. Treasury 2.75% 2023		173,600		180,131
	U.S. Treasury 2.00% 2024		76,627		77,537
	U.S. Treasury 2.125% 2024		250,100		254,272
	U.S. Treasury 2.125% 2024²		72,100		73,331
	U.S. Treasury 2.125% 2024		72,100		73,328
	U.S. Treasury 2.25% 2024		65,000		66,420
	U.S. Treasury 2.75% 2025		132,000		138,692

American Funds Insurance Series 87

Bond Fund


Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury	U.S. Treasury 2.875% 2025²		$ 96,200	$	101,972
(continued)	U.S. Treasury 2.875% 2025		72,100		76,308
	U.S. Treasury 2.25% 2026²		198,389		203,287
	U.S. Treasury 2.375% 2026		67,586		69,796
	U.S. Treasury 2.25% 2027²		120,200		123,007
	U.S. Treasury 2.25% 2027²		72,100		73,858
	U.S. Treasury 2.875% 2028		48,100		51,670
	U.S. Treasury 2.875% 2049		85,454		91,583
	U.S. Treasury 3.00% 2049²		332,286		364,601
	U.S. Treasury 1.75%–8.75% 2020–2029²		243,134		257,004

					2,509,373


U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.375% 2025³		54,975		55,644
inflation-protected	U.S. Treasury Inflation-Protected Security 0.375% 2027^2,3		156,675		158,351
securities	U.S. Treasury Inflation-Protected Security 0.50% 2028^2,3		152,451		131,785
4.73%	U.S. Treasury Inflation-Protected Security 0.75% 2028^2,3		72,378		75,527
	U.S. Treasury Inflation-Protected Security 1.00% 2049³		68,791		72,945

					494,252

	Total U.S. Treasury bonds & notes				3,003,625


Mortgage-backed obligations 26.15%
Federal agency	Fannie Mae Pool #MA3210 3.50% 2047⁴		89,746		92,447
mortgage-backed	Fannie Mae Pool #CA0858 3.50% 2047⁴		63,102		64,928
obligations	Fannie Mae Pool #MA3495 4.00% 2048⁴		98,127		101,419
26.02%	Fannie Mae Pool #CA3084 4.00% 2049⁴		55,282		57,416
	Fannie Mae 3.00%–9.18% 2023–2049^4,5		255,391		264,897
	Freddie Mac 3.50% 2047⁴		106,865		110,183
	Freddie Mac 3.50% 2047⁴		59,630		61,445
	Freddie Mac 4.00% 2048⁴		58,441		60,493
	Freddie Mac Pool #G08799 3.00% 2048⁴		61,148		61,734
	Freddie Mac 3.00%–5.50% 2033–2049⁴		232,108		240,369
	Government National Mortgage Assn. 4.50% 2049⁴		81,214		84,946
	Government National Mortgage Assn. 5.00% 2049⁴		85,429		89,745
	Government National Mortgage Assn. Pool #MA5876 4.00% 2049⁴		118,347		122,793
	Government National Mortgage Assn. Pool #MA5932 4.50% 2049⁴		49,883		52,303
	Government National Mortgage Assn. 4.00%–5.00% 2048–2049^4,6		168,519		176,477
	Uniform Mortgage-Backed Security 3.00% 2034⁴		325,469		331,802
	Uniform Mortgage-Backed Security 3.50% 2034⁴		575		594
	Uniform Mortgage-Backed Security 3.00% 2049⁴		132,220		133,298
	Uniform Mortgage-Backed Security 3.50% 2049⁴		121,550		124,237
	Uniform Mortgage-Backed Security 3.50% 2049^4,6		69,197		70,709
	Uniform Mortgage-Backed Security 4.00% 2049⁴		167,704		173,302
	Uniform Mortgage-Backed Security 4.50% 2049⁴		140,648		146,980
	Uniform Mortgage-Backed Security 5.00% 2049⁴		49,800		52,637
	Other securities				41,331

					2,716,485


Other	Other securities				13,317

0.13%	Total mortgage-backed obligations				2,729,802

88 American Funds Insurance Series

Bond Fund


Bonds, notes & other debt instruments		Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. 5.58%
	Italy (Republic of) 0.95%–2.10% 2023–2028		€ 125,027	$	143,579
	Japan, Series 20, 0.10% 2025³		¥11,441,250		109,583
	United Mexican States, Series M, 6.50% 2021		MXN3,132,700		160,275
	United Mexican States, Series M, 5.75% 2026		527,500		25,014
	United Mexican States 3.60% 2025		$ 11,500		11,793
	Other securities				131,669

					581,913


Municipals 1.96%
Illinois	G.O. Bonds, Pension Funding, Series 2003, 4.95% 2023		23,616		24,724
1.73%	G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033		90,885		95,786
	G.O. Bonds, Series 2013-B, 3.65% 2020		1,825		1,835
	G.O. Bonds, Series 2013-B, 4.11% 2022		750		765
	G.O. Bonds, Series 2013-B, 4.31% 2023		2,125		2,172
	G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.65% 2020		250		255
	G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.85% 2022		2,370		2,530
	G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023		3,210		3,460
	G.O. Bonds, Taxable Build America Bonds, Series 2010-3, 5.727% 2020		2,400		2,452
	G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 6.20% 2021		5,838		6,021
	Other securities				40,428

					180,428


Other	Other securities				24,030

0.23%	Total municipals				204,458


Asset-backed obligations 1.90%
	Other securities				198,442


Federal agency bonds & notes 0.12%
	Fannie Mae 2.125% 2026		11,910		12,020

	Total bonds, notes & other debt instruments (cost: $9,922,830,000)				10,215,234


Common stocks 0.00%		Shares
Other	Other securities				228

0.00%	Total common stocks (cost: $605,000)				228


Rights & warrants 0.00%
Energy	Other securities				31

0.00%	Total rights & warrants (cost: $16,000)				31


Short-term securities 10.42%
Money market investments 9.91%
	Capital Group Central Cash Fund		10,350,250		1,034,921

American Funds Insurance Series 89

Bond Fund


Short-term securities (continued)		Principal amount (000)		Value (000)
Other short-term securities 0.51%
	Italian Treasury Bill 0.53% due 8/14/2019		€46,400	$	52,775

	Total short-term securities (cost: $1,088,623,000)				1,087,696


	Total investment securities 108.28% (cost: $11,012,074,000)				11,303,189
	Other assets less liabilities (8.28)%				(863,942	)

	Net assets 100.00%			$	10,439,247

Futures contracts


Contracts	Type	Number of contracts	Expiration		Notional amount (000)	⁷	Value at 6/30/2019 (000	⁸ )	Unrealized appreciation (depreciation) at 6/30/2019 (000)
90 Day Euro Dollar Futures	Long	5,350	September 2019	$	1,337,500		$ 1,310,683		$ 1,392
90 Day Euro Dollar Futures	Short	5,350	September 2020		(1,337,500	)	(1,316,702	)	(815	)
2 Year U.S. Treasury Note Futures	Long	16,013	October 2019		3,202,600		3,445,672		24,185
5 Year Euro-Bobl Futures	Short	1,840	September 2019	€	(184,000	)	(281,284	)	(1,006	)
5 Year U.S. Treasury Note Futures	Long	12,439	October 2019	$	1,243,900		1,469,746		12,843
10 Year Euro-Bund Futures	Short	1,572	September 2019	€	(157,200	)	(308,776	)	(3,162	)
10 Year U.S. Treasury Note Futures	Long	798	September 2019	$	79,800		102,119		1,994
10 Year Ultra U.S. Treasury Note Futures	Short	2,081	September 2019		(208,100	)	(287,438	)	(7,156	)
30 Year Euro-Buxl Futures	Long	270	September 2019	€	27,000		62,294		2,143
30 Year Ultra U.S. Treasury Bond Futures	Long	973	September 2019	$	97,300		172,768		7,572
									$37,990

Forward currency contracts

Contract amount

Counterparty

Unrealized
(depreciation)
appreciation

Purchases
(000)

Sales
(000)

Settlement
date

at 6/30/2019
(000)

USD14,098

EUR12,500

Bank of America, N.A.

7/10/2019

$ (131

)

USD120,688

MXN2,400,000

Citibank

7/15/2019

(3,999

)

USD61,551

MXN1,220,000

Goldman Sachs

7/16/2019

(1,821

)

USD13,045

MXN252,000

HSBC Bank

7/17/2019

(43

)

USD67,440

JPY7,300,000

Bank of America, N.A.

7/17/2019

(372

)

USD137,941

EUR121,575

Bank of America, N.A.

7/17/2019

(526

)

KRW120,000,000

USD101,502

Citibank

7/19/2019

2,492

USD13,358

JPY1,445,000

Citibank

7/19/2019

(67

)

USD4,048

EUR3,580

Morgan Stanley

7/22/2019

(31

)

USD31,777

JPY3,430,000

JPMorgan Chase

7/25/2019

(106

)

USD13,450

EUR11,970

JPMorgan Chase

7/25/2019

(192

)

90 American Funds Insurance Series

Bond Fund

Contract amount

Counterparty

Unrealized
(depreciation)
appreciation

Purchases
(000)

Sales
(000)

Settlement
date

at 6/30/2019
(000)

USD42,575

EUR37,600

Morgan Stanley

7/25/2019

$ (279

)

USD54,526

EUR46,000

Bank of America, N.A.

8/14/2019

2,014

$(3,061

)

Swap contracts

Interest rate swaps


Receive	Pay	Expiration date		Notional (000)		Value at 6/30/2019 (000)			Upfront payments/ receipts (000)		Unrealized appreciation (depreciation) at 6/30/2019 (000)

U.S. EFFR	2.0275%		9/18/2019	$	6,105,900		$ 10			$—		$ 10
3-month USD-LIBOR	2.18075%		3/29/2024		31,600		(627	)		—		(627	)
3-month USD-LIBOR	2.194%		3/29/2024		31,900		(652	)		—		(652	)
3-month USD-LIBOR	2.21875%		3/29/2024		33,500		(723	)		—		(723	)
3-month USD-LIBOR	2.3105%		5/3/2024		275,590		(7,133	)		—		(7,133	)
6-month EURIBOR	0.9852%		10/17/2024	€	25,000		(1,821	)		—		(1,821	)
6-month JPY-LIBOR	0.0875%		3/10/2026	¥	11,100,000		(1,169	)		—		(1,169	)
6-month JPY-LIBOR	0.58295%		3/23/2046		2,000,000		(1,059	)		—		(1,059	)
0.64355%	6-month JPY-LIBOR		4/27/2046		2,000,000		1,356			—		1,356
										$—		$(11,818	)

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

¹ Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $1,029,365,000, which represented 9.86% of the net assets of the fund.

² All or a portion of this security was pledged as collateral. The total value of pledged collateral was $40,793,000, which represented .39% of the net assets of the fund.

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

⁴ Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

⁵ Coupon rate may change periodically.

⁶ Purchased on a TBA basis.

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

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

Key to abbreviations and symbols

EFFR = Effective Federal Funds Rate

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

G.O. = General Obligation

JPY/¥ = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series 91

Global Bond Fund


Investment portfolio June 30, 2019		unaudited


Bonds, notes & other debt instruments 92.18%		Principal amount (000)		Value (000)
Euros	Greece (Hellenic Republic of) 3.45% 2024		€ 8,400	$	10,504
15.81%	Greece (Hellenic Republic of) 3.375% 2025		9,060		11,313
	Greece (Hellenic Republic of) 3.75% 2028		8,409		10,633
	Greece (Hellenic Republic of) 3.875% 2029		20,475		26,152
	Greece (Hellenic Republic of) 3.90%–4.20% 2033–2042		11,144		14,361
	Israel (State of) 1.50% 2029		1,600		1,961
	Italy (Republic of) 1.35% 2022		3,225		3,732
	Italy (Republic of) 0.10% 2023¹		23,422		26,058
	Italy (Republic of) 1.85% 2024		18,500		21,630
	Italy (Republic of) 2.80% 2028		31,305		38,212
	Italy (Republic of) 3.10% 2040		11,800		14,097
	Romania 4.625% 2049		11,663		16,063
	Romania 2.88%–4.13% 2029–2039		13,258		16,789
	Spain (Kingdom of) 1.45% 2027		12,300		15,393
	Spain (Kingdom of) 1.45% 2029		9,390		11,767
	Other securities				102,696

					341,361


Japanese yen	Japan, Series 395, 0.10% 2020		¥3,702,000		34,491
12.81%	Japan, Series 19, 0.10% 2024¹		2,431,026		23,227
	Japan, Series 18, 0.10% 2024¹		1,962,616		18,687
	Japan, Series 346, 0.10% 2027		3,125,000		29,797
	Japan, Series 23, 0.10% 2028¹		1,996,522		19,340
	Japan, Series 24, 0.10% 2029¹		1,611,175		15,616
	Japan, Series 116, 2.20% 2030		1,735,000		20,128
	Japan, Series 145, 1.70% 2033		2,210,000		25,311
	Japan, Series 42, 1.70% 2044		911,900		11,254
	Japan, Series 62, 0.50% 2049		1,179,000		11,329
	Japan 0.10%–2.30% 2020–2048¹		6,751,063		67,504

					276,684


Chinese yuan	China Development Bank Corp., Series 1814, 4.15% 2025		CNY70,000		10,452
renminbi	China Development Bank Corp., Series 1806, 4.73% 2025		102,000		15,699
3.12%	China Development Bank Corp., Series 1805, 4.04% 2028		33,000		4,881
	China Development Bank Corp., Series 1805, 4.88% 2028		70,200		11,023
	China Development Bank Corp., Series 1905, 3.48% 2029		177,300		25,300

					67,355


Mexican pesos	Petróleos Mexicanos 7.19%–7.47% 2024–2026		MXN99,000		4,116
3.10%	United Mexican States, Series M, 5.75% 2026		277,500		13,159
	United Mexican States, Series M, 7.50% 2027		696,000		36,227
	United Mexican States 6.50%–8.00% 2020–2022		263,600		13,524

					67,026


Danish kroner	Nykredit Realkredit AS, Series 01E, 1.50% 2037²		DKr90,220		14,267
2.12%	Nykredit Realkredit AS, Series 01E, 1.50% 2040²		167,906		26,449
	Nykredit Realkredit AS 2.00%–2.50% 2037–2047²		31,675		5,070

					45,786


Indian rupees	India (Republic of) 6.79%–8.83% 2023–2030		INR2,408,770		35,797
1.84%	Other securities				3,893

					39,690

92 American Funds Insurance Series

Global Bond Fund


Bonds, notes & other debt instruments		Principal amount (000)		Value (000)
Norwegian kroner	Norway (Kingdom of) 3.75% 2021		NKr145,721	$	17,884
1.64%	Norway (Kingdom of) 2.00% 2023		99,579		12,016
	Norway (Kingdom of) 3.00% 2024		43,200		5,464

					35,364


British pounds	United Kingdom 1.50%–4.25% 2023–2047		£ 17,380		26,004
1.28%	Other securities				1,639

					27,643


South African rand	South Africa (Republic of) 6.50%–8.75% 2041–2048		ZAR458,675		27,252

1.26%

Thai baht	Thailand (Kingdom of) 2.13%–3.30% 2026–2038		THB658,750		22,820

1.06%

Indonesian rupiah	Indonesia (Republic of), Series 78, 8.25% 2029		IDR143,588,000		10,799
0.99%	Indonesia (Republic of) 6.13%–8.38% 2028–2034		146,142,000		10,497

					21,296


Israeli shekels	Israel (State of) 2.00% 2027		ILS28,300		8,297
0.95%	Israel (State of) 5.50% 2042		29,300		12,331

					20,628


Polish zloty	Poland (Republic of), Series 1021, 5.75% 2021		PLN45,080		13,216
0.95%	Poland (Republic of), Series 0922, 5.75% 2022		24,500		7,378

					20,594


Colombian pesos	Colombia (Republic of), Series B, 6.25% 2025		COP35,436,000		11,464

0.53%

U.S. dollars	Fannie Mae Pool #MA3692 3.50% 2049²		$ 22,180		22,706
41.07%	Fannie Mae Pool #CA3084 4.00% 2049²		34,920		36,268
	Fannie Mae Pool #CA3129 4.00% 2049²		34,051		35,365
	Fannie Mae 2.18%–4.00% 2022–2049²		13,253		13,678
	Government National Mortgage Assn. Pool #MA5987 4.50% 2049²		16,360		17,108
	Indonesia (Republic of) 3.75%–4.75% 2022–2026		4,610		4,955
	Petróleos Mexicanos 4.88%–6.35% 2022–2048		1,177		1,049
	Poland (Republic of) 3.25%–4.00% 2024–2026		5,570		5,916
	PT Indonesia Asahan Aluminium Tbk 5.23%–5.71% 2021–2023³		1,405		1,499
	South Africa (Republic of) 5.50% 2020		1,900		1,933
	Statoil ASA 3.70%–4.25% 2024–2041		2,950		3,192
	U.S. Treasury 2.25% 2024		11,000		11,250
	U.S. Treasury 2.75% 2025		10,140		10,673
	U.S. Treasury 2.75% 2028⁴		16,900		17,965
	U.S. Treasury 2.875% 2028⁴		19,850		21,308
	U.S. Treasury 2.75% 2047⁴		13,000		13,557
	U.S. Treasury 3.00% 2049⁴		9,680		10,621
	U.S. Treasury 1.88%–3.00% 2020–2049⁴		61,475		63,903
	U.S. Treasury Inflation-Protected Security 0.625% 2024¹		23,959		24,398

American Funds Insurance Series 93

Global Bond Fund


Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
U.S. dollars	U.S. Treasury Inflation-Protected Security 0.875% 2029¹		$ 73,149	$	77,117
(continued)	U.S. Treasury Inflation-Protected Securities 0.13%–2.38% 2024–2044^1,4		24,163		25,186
	Other securities				467,232

					886,879


Other	Other securities				78,758

3.65%	Total bonds, notes & other debt instruments (cost: $1,927,787,000)				1,990,600


Convertible bonds 0.00%
U.S. dollars	Other securities				102

0.00%	Total convertible bonds (cost: $110,000)				102


Convertible stocks 0.04%		Shares
U.S. dollars	Other securities				847

0.04%	Total convertible stocks (cost: $816,000)				847


Common stocks 0.03%
U.S. dollars	Other securities				671

0.03%	Total common stocks (cost: $1,862,000)				671


Rights & warrants 0.00%
U.S. dollars	Other securities				17

0.00%	Total rights & warrants (cost: $8,000)				17


Short-term securities 7.11%		Principal amount (000)
Other short-term securities 7.10%
	Greek Treasury Bill 0.41% due 12/6/2019		€ 7,260		8,243
	Japanese Treasury Bill (0.15)% due 8/19/2019		¥ 11,500,000		106,685
	Nigerian Treasury Bills 12.34%–14.31% due 8/1/2019–3/5/2020		NGN6,627,000		17,608
	United Kingdom Treasury Bills 0.72%–0.72% due 10/14/2019–10/21/2019		£ 8,700		11,025
	Other securities				9,762

					153,323


		Shares
Money market investments 0.01%
	Other securities			94

	Total short-term securities (cost: $151,675,000)			153,417


	Total investment securities 99.36% (cost: $2,082,258,000)			2,145,654
	Other assets less liabilities 0.64%			13,727

	Net assets 100.00%		$	2,159,381

94 American Funds Insurance Series

Global Bond Fund

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. “Other securities” includes securities which were valued under fair value procedures adopted by authority of the board of trustees. The total value of securities which were valued under fair value procedures was $1,939,000, which represented .09% of the net assets of the fund. “Other securities“ also includes loan participations and assignments, which may be subject to legal or contractual restrictions on resale. The total value of all such loans was $4,632,000, which represented .21% of the net assets of the fund. Some securities in “Other securities” (with an aggregate value of $151,000, an aggregate cost of $116,000, and which represented .01% of the net assets of the fund) were acquired from 8/31/2018 to 11/16/2018 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

Futures contracts


Contracts	Type	Number of contracts	Expiration		Notional amount⁵ (000)			Value at 6/30/2019⁶ (000)		Unrealized appreciation (depreciation) at 6/30/2019 (000)
90 Day Euro Dollar Futures	Long	1,113	September 2019	$	278,250		$	272,671		$ 249
90 Day Euro Dollar Futures	Short	1,113	September 2020		(278,250	)		(273,923	)	(183	)
2 Year U.S. Treasury Note Futures	Short	803	October 2019		(160,600	)		(172,789	)	(460	)
5 Year U.S. Treasury Note Futures	Long	982	October 2019		98,200			116,029		1,502
10 Year Euro-Bund Futures	Short	154	September 2019	€	(15,400	)		(30,249	)	(336	)
10 Year U.S. Treasury Note Futures	Long	202	September 2019	$	20,200			25,850		609
20 Year U.S. Treasury Bond Futures	Long	98	September 2019		9,800			15,248		45
30 Year Euro-Buxl Futures	Long	42	September 2019	€	4,200			9,690		333
30 Year Ultra U.S. Treasury Bond Futures	Short	55	September 2019	$	(5,500	)		(9,766	)	(445	)
										$1,314

Forward currency contracts

Unrealized

(depreciation)

Contract amount

appreciation

Purchases
(000)

Sales
(000)

Counterparty

Settlement
date

at 6/30/2019
(000)

GBP18,800

USD23,982

Morgan Stanley

7/8/2019

$ (95

)

USD10,991

GBP8,725

Morgan Stanley

7/8/2019

(95

)

EUR3,165

USD3,570

Bank of America, N.A.

7/10/2019

JPY764,987

USD7,103

HSBC Bank

7/10/2019

—

⁷

USD1,295

MXN25,590

Morgan Stanley

7/10/2019

(36

)

AUD3,740

USD2,561

Goldman Sachs

7/12/2019

THB77,700

USD2,526

HSBC Bank

7/12/2019

USD2,618

AUD3,740

Citibank

7/12/2019

)

GBP2,800

USD3,569

JPMorgan Chase

7/12/2019

(11

)

USD2,482

THB77,700

HSBC Bank

7/12/2019

(52

)

USD10,891

ILS39,170

Goldman Sachs

7/12/2019

(95

)

EUR23,978

USD27,064

JPMorgan Chase

7/15/2019

240

INR818,000

USD11,758

Citibank

7/15/2019

USD7,058

CNH48,920

HSBC Bank

7/15/2019

(62

)

USD11,531

INR818,000

Standard Chartered Bank

7/15/2019

(294

)

AUD7,600

USD5,259

Morgan Stanley

7/16/2019

USD5,327

AUD7,600

Bank of America, N.A.

7/16/2019

(12

)

USD1,441

CNH10,000

JPMorgan Chase

7/16/2019

(15

)

GBP10,629

USD13,500

JPMorgan Chase

7/17/2019

EUR7,100

USD8,093

JPMorgan Chase

7/17/2019

)

USD1,832

EUR1,615

Bank of America, N.A.

7/17/2019

)

USD1,758

EUR1,565

JPMorgan Chase

7/17/2019

(24

)

USD7,301

INR508,800

Standard Chartered Bank

7/18/2019

(51

)

USD2,894

INR202,000

Standard Chartered Bank

7/19/2019

(25

)

USD3,571

CNH24,770

Bank of America, N.A.

7/19/2019

(34

)

American Funds Insurance Series 95

Global Bond Fund

Forward currency contracts (continued)

Unrealized

Contract amount

(depreciation)

appreciation

Purchases
(000)

Sales
(000)

Counterparty

Settlement
date

at 6/30/2019
(000)

USD7,980

BRL31,080

Citibank

7/19/2019

$ (98

)

EUR17,600

USD19,900

Morgan Stanley

7/22/2019

154

CAD25,310

USD19,196

Citibank

7/22/2019

143

USD842

EUR745

Morgan Stanley

7/22/2019

)

USD4,298

INR299,650

Goldman Sachs

7/22/2019

(30

)

EUR19,079

USD21,512

Goldman Sachs

7/23/2019

229

CLP23,504,000

USD34,402

JPMorgan Chase

7/24/2019

298

USD351

EUR310

Standard Chartered Bank

7/24/2019

)

USD1,392

EUR1,235

Goldman Sachs

7/24/2019

(15

)

USD9,027

ILS32,500

Standard Chartered Bank

7/24/2019

(94

)

EUR6,815

USD7,658

JPMorgan Chase

7/25/2019

109

USD6,287

CNH43,100

Standard Chartered Bank

7/25/2019

THB32,900

USD1,070

HSBC Bank

7/25/2019

THB25,000

USD813

UBS AG

7/25/2019

THB186,700

USD6,091

Bank of America, N.A.

7/25/2019

USD5,142

INR360,000

JPMorgan Chase

7/25/2019

(55

)

USD7,831

THB244,600

HSBC Bank

7/25/2019

(150

)

EUR15,210

USD17,233

Bank of America, N.A.

7/26/2019

103

USD63,123

JPY6,779,504

UBS AG

7/26/2019

101

SEK178,500

USD19,216

Citibank

7/26/2019

USD2,985

MYR12,410

HSBC Bank

7/26/2019

(17

)

CAD24,850

USD18,908

HSBC Bank

7/29/2019

GBP5,380

USD6,832

Bank of America, N.A.

8/5/2019

CHF1,000

USD1,023

Morgan Stanley

8/5/2019

JPY1,669,300

USD15,583

Morgan Stanley

8/5/2019

(54

)

USD835

INR58,300

JPMorgan Chase

8/6/2019

)

USD27,475

CNH189,020

JPMorgan Chase

8/6/2019

(33

)

NOK64,000

USD7,304

HSBC Bank

8/22/2019

211

AUD7,840

USD5,376

Goldman Sachs

8/22/2019

138

NOK31,900

USD3,687

Bank of America, N.A.

8/22/2019

USD5,438

AUD7,840

Bank of America, N.A.

8/22/2019

(76

)

USD10,804

EUR9,610

Goldman Sachs

8/22/2019

(173

)

JPY1,183,000

USD10,826

Standard Chartered Bank

8/28/2019

198

USD10,956

JPY1,183,000

Morgan Stanley

8/28/2019

(67

)

USD983

CNH6,800

Bank of New York Mellon

9/18/2019

)

USD21,661

CNH150,500

HSBC Bank

9/18/2019

(232

)

INR226,000

USD3,224

HSBC Bank

9/20/2019

USD7,136

INR500,000

JPMorgan Chase

9/20/2019

(30

)

USD4,892

THB155,000

Citibank

9/20/2019

(173

)

USD2,780

BRL11,000

Morgan Stanley

12/16/2019

(39

)

BRL11,000

USD2,923

Citibank

12/16/2019

(104

)

BRL290

USD74

JPMorgan Chase

12/18/2019

—

⁷

BRL20,200

USD5,183

Standard Chartered Bank

12/18/2019

)

BRL14,680

USD3,771

Standard Chartered Bank

12/18/2019

(10

)

USD10,781

BRL43,200

Citibank

12/18/2019

(289

)

USD2,365

BRL9,500

HSBC Bank

12/20/2019

(69

)

BRL9,500

USD2,535

HSBC Bank

12/20/2019

(101

)

USD393

EUR340

JPMorgan Chase

3/26/2020

)

USD4,553

EUR3,940

Bank of America, N.A.

3/26/2020

(20

)

$(445

)

96 American Funds Insurance Series

Global Bond Fund

Swap contracts

Interest rate swaps


Receive	Pay		Expiration date		Notional (000)		Value at 6/30/2019 (000)		Upfront payments/ receipts (000)		Unrealized appreciation at 6/30/2019 (000)
0.175%		3-month SEK-STIBOR		3/23/2021		SKr360,800		$ 104		$—		$ 104
0.17%		3-month SEK-STIBOR		3/23/2021		360,700		102		—		102
0.1675%		3-month SEK-STIBOR		3/23/2021		360,700		101		—		101
0.1775%		3-month SEK-STIBOR		3/23/2021		154,400		45		—		45
(0.0385)%		EONIA		12/4/2021		€64,600		760		—		759
7.7225%		28-day MXN-TIIE		3/18/2024		MXN256,000		240		—		240
										$—		$1,351

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

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

²Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

³Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $180,764,000, which represented 8.37% of the net assets of the fund.

⁴All or a portion of this security was pledged as collateral. The total value of pledged collateral was $3,781,000, which represented .18% of the net assets of the fund.

⁵Notional amount is calculated based on the number of contracts and notional contract size.

⁶Value is calculated based on the notional amount and current market price.

⁷Amount less than one thousand.

Key to abbreviations and symbols

AUD = Australian dollars

BRL = Brazilian reais

CAD = Canadian dollars

CHF = Swiss francs

CLP = Chilean pesos

CNH/CNY = Chinese yuan renminbi

COP = Colombian pesos

DKr = Danish kroner

EONIA = Euro Overnight Index Average

EUR/€ = Euros

GBP/£ = British pounds

IDR = Indonesian rupiah

ILS = Israeli shekels

INR = Indian rupees

JPY/¥ = Japanese yen

MXN = Mexican pesos

MYR = Malaysian ringgits

NGN = Nigerian naira

NOK/NKr = Norwegian kroner

PLN = Polish zloty

SEK/SKr = Swedish kronor

STIBOR = Stockholm Interbank Offered Rate

THB = Thai baht

TIIE = Equilibrium Interbank Interest Rate

USD/$ = U.S. dollars

ZAR = South African rand

See notes to financial statements.

American Funds Insurance Series 97

High-Income Bond Fund


Summary investment portfolio June 30, 2019		unaudited


Bonds, notes & other debt instruments 92.78%		Principal amount (000)		Value (000)
Corporate bonds & notes 92.77%
Communication	Cablevision Systems Corp. 6.75% 2021	$	5,025	$	5,389
services	CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2026¹		6,450		6,781
15.47%	CCO Holdings LLC and CCO Holdings Capital Corp. 4.00%–5.88% 2023–2029¹		9,350		9,564
	CenturyLink, Inc. 6.75% 2023		7,100		7,677
	Frontier Communications Corp. 10.50% 2022		8,540		5,829
	Frontier Communications Corp. 11.00% 2025		16,270		10,169
	Frontier Communications Corp. 8.00%–9.25% 2020–2027¹		7,830		7,302
	Gogo Inc. 9.875% 2024¹		16,025		16,525
	Inmarsat PLC 4.875% 2022¹		5,300		5,360
	Intelsat Jackson Holding Co. 8.50% 2024¹		5,675		5,647
	MDC Partners Inc. 6.50% 2024¹		8,330		7,697
	Meredith Corp. 6.875% 2026		6,315		6,733
	Sprint Corp. 11.50% 2021		7,130		8,271
	Sprint Corp. 6.88%–8.75% 2021–2032		6,295		6,777
	Other securities				88,347

					198,068


Health care	Bausch Health Companies Inc. 7.00% 2028¹		1,510		1,569
14.23%	Endo International PLC 5.75%–6.00% 2022–2025^1,2		11,239		9,134
	Kinetic Concepts, Inc. 12.50% 2021¹		6,573		7,255
	Mallinckrodt PLC 4.875% 2020¹		6,530		6,326
	Molina Healthcare, Inc. 5.375% 2022		10,585		11,048
	Molina Healthcare, Inc. 4.875% 2025¹		2,919		2,974
	Par Pharmaceutical Companies Inc. 7.50% 2027¹		5,325		5,245
	Rotech Healthcare Inc., Term Loan,
	(3-month USD-LIBOR + 11.00%) 13.80% 2023 (100% PIK)^3,4,5,6,7		7,776		7,561
	Tenet Healthcare Corp. 4.375% 2021		5,755		5,870
	Tenet Healthcare Corp. 4.50%–8.13% 2020–2025		15,972		16,457
	Teva Pharmaceutical Finance Co. BV 6.00% 2024		8,192		7,757
	Teva Pharmaceutical Finance Co. BV 2.20%–6.75% 2021–2028		10,191		8,816
	Valeant Pharmaceuticals International, Inc. 6.125% 2025¹		13,430		13,732
	Valeant Pharmaceuticals International, Inc. 5.88%–9.25% 2023–2027¹		11,626		12,615
	Other securities				65,826

					182,185


Materials	Cleveland-Cliffs Inc. 4.875% 2024¹		5,775		5,876
12.56%	Cleveland-Cliffs Inc. 5.75% 2025		5,956		5,941
	Cleveland-Cliffs Inc. 5.875% 2027¹		8,285		8,078
	First Quantum Minerals Ltd. 7.25% 2023¹		8,150		7,967
	First Quantum Minerals Ltd. 7.50% 2025¹		11,100		10,614
	First Quantum Minerals Ltd. 6.50%–7.25% 2021–2026¹		11,373		10,863
	Ryerson Inc. 11.00% 2022¹		7,186		7,602
	Venator Materials Corp. 5.75% 2025¹		6,235		5,744
	Other securities				98,049

					160,734


Energy	CONSOL Energy Inc. 5.875% 2022		7,546		7,357
11.59%	Transocean Guardian Ltd. 5.875% 2024¹		1,044		1,066
	Transocean Inc. 6.13%–9.00% 2021–2026^1,2		10,027		10,531
	Transocean Poseidon Ltd. 6.875% 2027¹		655		694
	Transocean Sentry Ltd. 5.375% 2023¹		1,200		1,204
	Other securities				127,530

					148,382

98 American Funds Insurance Series

High-Income Bond Fund


Bonds, notes & other debt instruments		Principal amount (000)		Value (000)
Consumer	Cirsa Gaming Corp. SA 7.875% 2023¹		$ 5,235	$	5,562
discretionary	PetSmart, Inc. 7.125% 2023¹		9,565		9,015
10.58%	PetSmart, Inc. 5.875% 2025¹		10,775		10,506
	PetSmart, Inc. 8.875% 2025¹		8,870		8,582
	Sally Holdings LLC and Sally Capital Inc. 5.625% 2025		5,380		5,293
	Scientific Games Corp. 8.25% 2026¹		5,610		5,904
	Sotheby’s 4.875% 2025¹		5,495		5,612
	Staples, Inc. 7.50% 2026¹		8,975		8,945
	Other securities				76,067

					135,486


Industrials	Associated Materials, LLC 9.00% 2024¹		5,773		5,499
9.76%	Builders FirstSource, Inc. 5.625% 2024¹		7,160		7,406
	Dun & Bradstreet Corp. 10.25% 2027¹		4,993		5,318
	Hertz Global Holdings Inc. 7.625% 2022¹		6,269		6,520
	LSC Communications, Inc. 8.75% 2023¹		9,430		9,006
	Other securities				91,198

					124,947


Information	Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 9.652% 2025^5,7		7,325		7,281
technology	Camelot Finance SA 7.875% 2024¹		7,580		7,987
6.75%	Genesys Telecommunications Laboratories, Inc. 10.00% 2024¹		6,030		6,565
	Infor (US), Inc. 6.50% 2022		6,100		6,230
	Kronos Inc., Term Loan B, (3-month USD-LIBOR + 8.25%) 10.829% 2024^5,7		8,645		8,951
	Unisys Corp. 10.75% 2022¹		6,600		7,318
	Other securities				42,039

					86,371


Financials	Compass Diversified Holdings 8.00% 2026¹		5,710		5,963
4.23%	FS Energy and Power Fund 7.50% 2023¹		5,365		5,459
	Other securities				42,699

					54,121


Utilities	Other securities				35,647

2.78%

Real estate	Brookfield Property REIT Inc. 5.75% 2026¹		5,135		5,308
2.68%	Howard Hughes Corp. 5.375% 2025¹		6,070		6,302
	Other securities				22,685

					34,295


Consumer staples	Other securities				27,442

2.14%	Total corporate bonds & notes				1,187,678


Municipals 0.01%
	Other securities				94

	Total bonds, notes & other debt instruments (cost: $1,194,906,000)				1,187,772


Convertible bonds 0.55%
Communication	Gogo Inc., convertible notes, 6.00% 2022¹		2,140		1,980
services	Other securities				1,722

0.29%					3,702

American Funds Insurance Series 99

High-Income Bond Fund


Convertible bonds (continued)		Principal amount (000)		Value (000)
Energy	Other securities			$	2,142

0.16%

Health care	Teva Pharmaceutical Finance Co. BV, Series C, convertible bonds, 0.25% 2026		$ 1,375		1,264

0.10%	Total convertible bonds (cost: $7,604,000)				7,108


Convertible stocks 0.45%		Shares
Other	Other securities				5,724

0.45%	Total convertible stocks (cost: $5,516,000)				5,724


Preferred securities 0.18%
Consumer	Other securities				2,292

discretionary	Total preferred securities (cost: $1,656,000)				2,292

0.18%

Common stocks 0.68%
Communication	Frontier Communications Corp.⁸		13,333		23
services	Other securities				594

0.05%					617


Other	Other securities				8,070

0.63%	Total common stocks (cost: $14,466,000)				8,687


Rights & warrants 0.01%
Energy	Other securities				112

0.01%	Total rights & warrants (cost: $71,000)				112


Short-term securities 5.44%
Money market investments 5.44%
	Capital Group Central Cash Fund		696,954		69,689

	Total short-term securities (cost: $69,691,000)				69,689


	Total investment securities 100.09% (cost: $1,293,910,000)				1,281,384
	Other assets less liabilities (0.09)%				(1,092	)

	Net assets 100.00%			$	1,280,292

100 American Funds Insurance Series

High-Income Bond Fund

“Other securities” includes all issues that are not disclosed separately in the summary investment portfolio. Some securities in “Other securities” (with an aggregate value of $3,932,000, an aggregate cost of $5,683,000, and which represented .31% of the net assets of the fund) were acquired from 12/13/2012 to 11/16/2018 through private placement transactions exempt from registration under the Securities Act of 1933, which may subject them to legal or contractual restrictions on resale.

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices – buy protection


Receive	Pay/ Payment frequency		Expiration date		Notional (000)		Value at 6/30/2019 (000)			Upfront payments (000)			Unrealized depreciation at 6/30/2019 (000)
CDX.NA.IG.32		1.00%/Quarterly		6/20/2024		$10,500		$ (227	)		$ (218	)		$ (9	)
CDX.NA.HY.32		5.00%/Quarterly		6/20/2024		46,800		(3,554	)		(3,279	)		(275	)
											$(3,497	)		$(284	)

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

Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $737,359,000, which represented 57.59% of the net assets of the fund.

²	Step bond; coupon rate may change at a later date.

³	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities, including those in “Other securities,” was $26,897,000, which represented 2.10% of the net assets of the fund.

⁴	Value determined using significant unobservable inputs.

⁵	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans, including those in “Other securities,” was $81,956,000, which represented 6.40% of the net assets of the fund.

⁶	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted.

⁷	Coupon rate may change periodically.

⁸	Security did not produce income during the last 12 months.

Key to abbreviations and symbol

LIBOR = London Interbank Offered Rate

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series 101

Mortgage Fund


Summary investment portfolio June 30, 2019		unaudited


Bonds, notes & other debt instruments 94.10%		Principal amount (000)		Value (000)
Mortgage-backed obligations 74.36%
Federal agency	Fannie Mae Pool #CA0133 4.00% 2047¹		$ 6,696	$	6,985
mortgage-backed	Fannie Mae Pool #BE6965 4.00% 2047¹		4,113		4,291
obligations	Fannie Mae Pool #MA3384 4.00% 2048¹		5,687		5,907
71.67%	Fannie Mae Pool #CA1907 4.50% 2048¹		13,478		14,174
	Fannie Mae Pool #CA1709 4.50% 2048¹		7,191		7,566
	Fannie Mae Pool #CA1563 4.50% 2048¹		4,035		4,246
	Fannie Mae Pool #CA2055 4.50% 2048¹		1,516		1,594
	Fannie Mae Pool #MA3692 3.50% 2049¹		3,409		3,489
	Fannie Mae Pool #MA3630 5.00% 2049¹		3,201		3,395
	Fannie Mae 4.00%–5.00% 2036–2048¹		1,776		1,850
	Freddie Mac 4.00% 2036¹		4,637		4,857
	Freddie Mac 3.00% 2046¹		6,767		6,911
	Freddie Mac 4.00% 2048¹		1,795		1,869
	Freddie Mac 4.00% 2048¹		1,700		1,760
	Freddie Mac Pool #760014 3.347% 2045^1,2		1,925		1,959
	Freddie Mac, Series K031, Class A2, Multi Family, 3.30% 2023¹		4,722		4,929
	Freddie Mac 2.60%–5.00% 2020–2047^1,2		5,097		5,304
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 2.50% 2056¹		1,586		1,610
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056¹		1,514		1,518
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 2.75% 2057^1,2		11,500		11,767
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057¹		10,413		10,609
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057¹		7,207		7,358
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028¹		7,381		7,694
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 2028¹		1,995		2,076
	Government National Mortgage Assn. 5.50% 2040¹		1,654		1,764
	Government National Mortgage Assn. 3.50% 2043¹		1,912		1,989
	Government National Mortgage Assn. 3.50% 2043¹		1,554		1,616
	Government National Mortgage Assn. 4.25% 2044¹		1,699		1,790
	Government National Mortgage Assn. 4.50% 2049¹		25,316		26,479
	Government National Mortgage Assn. 4.50% 2049¹		2,823		2,954
	Government National Mortgage Assn. 5.00% 2049¹		8,039		8,445
	Government National Mortgage Assn. Pool #MA5876 4.00% 2049¹		4,951		5,137
	Government National Mortgage Assn. Pool #MA5877 4.50% 2049¹		2,256		2,355
	Government National Mortgage Assn. Pool #MA5932 4.50% 2049¹		2,170		2,275
	Government National Mortgage Assn. Pool #MA5711 4.50% 2049¹		1,898		1,987
	Government National Mortgage Assn. Pool #MA5987 4.50% 2049¹		1,814		1,897
	Government National Mortgage Assn. 3.50%–6.50% 2034–2066^1,3		17,694		18,430
	Uniform Mortgage-Backed Security 5.00% 2049¹		1,868		1,974
	Vendee Mortgage Trust, Series 2011-2, Class V, 3.75% 2028¹		3,972		3,998
	Vendee Mortgage Trust, Series 2010-1, Class DA, 4.25% 2035¹		389		397
	Other securities				1,326

					208,531


Collateralized mortgage-backed	Finance of America Structured Securities Trust, Series 2018-HB1, Class A, 3.375% 2028^1,2,4		1,528		1,533
obligations (privately	Other securities				6,283

originated)					7,816

2.69%
	Total mortgage-backed obligations				216,347

102 American Funds Insurance Series

Mortgage Fund


Bonds, notes & other debt instruments		Principal amount (000)		Value (000)
U.S. Treasury bonds & notes 9.79%
U.S. Treasury	U.S. Treasury 2.00% 2022	$	2,400	$	2,421
5.07%	U.S. Treasury 1.75% 2023		3,500		3,503
	U.S. Treasury 2.875% 2023		4,350		4,555
	U.S. Treasury 2.50% 2024		2,500		2,586
	U.S. Treasury 1.50%–2.75% 2020–2023		1,668		1,687

					14,752


U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.625% 2023⁵		6,172		6,249
inflation-protected	U.S. Treasury Inflation-Protected Security 0.75% 2042^5,6		7,276		7,324
securities	U.S. Treasury Inflation-Protected Security 2.125% 2041⁵		128		166

4.72%					13,739

	Total U.S. Treasury bonds & notes				28,491


Federal agency bonds & notes 6.48%
	Fannie Mae 2.00% 2022		5,800		5,835
	Federal Home Loan Bank 1.375% 2021		3,000		2,979
	Federal Home Loan Bank 1.875% 2021		10,000		10,034

					18,848


Asset-backed obligations 3.46%
	Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2015-1, Class A, 2.73% 2021^1,4		1,823		1,825
	SLM Private Credit Student Loan Trust, Series 2010-1, Class A, (1-month USD-LIBOR + 0.40%) 2.804% 2025^1,2		2,433		2,364
	Other securities				5,886

					10,075


Corporate bonds & notes 0.01%
Financials	Other securities				27

0.01%	Total bonds, notes & other debt instruments (cost: $269,214,000)				273,788


Short-term securities 7.13%
Federal agency discount notes 6.03%
	Federal Home Loan Bank 2.27%-2.40% 2019		10,000		9,989
	Freddie Mac 2.40% due 10/10/2019		7,600		7,555

					17,544


Commercial paper 1.10%
	Sumitomo Mitsui Banking Corp. 2.30% due 7/19/2019⁴		3,200		3,196

	Total short-term securities (cost: $20,733,000)				20,740


	Total investment securities 101.23% (cost: $289,947,000)				294,528
	Other assets less liabilities (1.23)%				(3,567	)

	Net assets 100.00%			$	290,961

American Funds Insurance Series 103

Mortgage Fund

Futures contracts


Contracts	Type	Number of contracts	Expiration	Notional amount (000	⁷ )	Value at 6/30/2019 (000	⁸ )	Unrealized appreciation (depreciation) at 6/30/2019 (000)
2 Year U.S. Treasury Note Futures	Long	592	October 2019	$118,400		$127,386			$ 710
5 Year U.S. Treasury Note Futures	Long	408	October 2019	40,800		48,208			670
10 Year U.S. Treasury Note Futures	Long	179	September 2019	17,900		22,906			557
10 Year Ultra U.S. Treasury Note Futures	Short	9	September 2019	(900)		(1,243)			(5	)
20 Year U.S. Treasury Bond Futures	Long	56	September 2019	5,600		8,713			232
30 Year Ultra U.S. Treasury Bond Futures	Long	5	September 2019	500		888			40

									$2,204

Swap contracts

Interest rate swaps


Receive	Pay	Expiration date		Notional (000)		Value at 6/30/2019 (000)			Upfront payments/ receipts (000)			Unrealized (depreciation) appreciation at 6/30/2019 (000)
2.337%	U.S. EFFR		7/31/2019		$145,000	$	(4	)		$	–		$	(4	)
2.325%	U.S. EFFR		7/31/2019		149,000		(6	)			–			(6	)
2.305%	U.S. EFFR		7/31/2019		149,000		(8	)			–			(8	)
U.S. EFFR	2.039%		9/18/2019		281,000		(4	)			–			(4	)
3-month USD-LIBOR	2.806%		8/29/2020		300		(3	)			–			(3	)
2.729%	U.S. EFFR		10/22/2020		22,900		318				–			318
2.4035%	U.S. EFFR		1/11/2021		19,650		233				–			233
2.3755%	U.S. EFFR		2/6/2021		15,000		183				–			183
2.284%	U.S. EFFR		3/19/2021		5,000		59				–			59
3-month USD-LIBOR	2.348%		4/1/2021		46,000		(412	)			–			(412	)
2.197%	U.S. EFFR		4/15/2021		23,000		251				–			251
3-month USD-LIBOR	1.217%		9/22/2021		11,500		140				–			140
3-month USD-LIBOR	1.225%		9/22/2021		11,500		138				–			138
3-month USD-LIBOR	1.2796%		10/11/2021		14,500		159				–			159
2.0135%	3-month USD-LIBOR		10/20/2021		30,000		163				–			163
2.012%	3-month USD-LIBOR		10/4/2022		9,000		80				–			80
2.00%	3-month USD-LIBOR		10/5/2022		41,500		353				–			353
2.1045%	3-month USD-LIBOR		10/31/2022		4,000		48				–			48
3-month USD-LIBOR	2.2835%		1/5/2023		36,000		(679	)			–			(679	)
2.21875%	U.S. EFFR		3/14/2024		9,000		293				–			293
3-month USD-LIBOR	2.322%		5/2/2024		10,100		(267	)			–			(267	)
3-month USD-LIBOR	2.325%		5/2/2024		23,300		(619	)			–			(619	)
3-month USD-LIBOR	2.27%		12/5/2026		8,500		(248	)			–			(248	)
3-month USD-LIBOR	2.24%		12/5/2026		10,500		(284	)			–			(284	)
3-month USD-LIBOR	3.206%		7/31/2044		1,000		(201	)			–			(201	)
3-month USD-LIBOR	3.238%		8/8/2044		2,000		(415	)			–			(415	)
3-month USD-LIBOR	3.2265%		9/25/2044		3,000		(618	)			–			(618	)
U.S. EFFR	2.145%		11/9/2047		2,200		(95	)			–			(95	)
U.S. EFFR	2.155%		11/10/2047		1,280		(58	)			–			(58	)
U.S. EFFR	2.153%		11/10/2047		2,200		(99	)			–			(99	)
U.S. EFFR	2.17%		11/13/2047		2,320		(113	)			–			(113	)

104 American Funds Insurance Series

Mortgage Fund


Receive	Pay	Expiration date		Notional (000)		Value at 6/30/2019 (000)			Upfront payments/ receipts (000)			Unrealized (depreciation) appreciation at 6/30/2019 (000)
U.S. EFFR	2.5635%		2/12/2048		$4,528	$	(617	)		$	–		$	(617	)
2.98%	3-month USD-LIBOR		3/15/2048		300		51				–			51
2.9625%	3-month USD-LIBOR		3/15/2048		300		50				–			50
U.S. EFFR	2.4615%		3/15/2048		300		(34	)			–			(34	)
U.S. EFFR	2.485%		3/15/2048		300		(36	)			–			(36	)
2.917%	3-month USD-LIBOR		3/16/2048		600		94				–			94
U.S. EFFR	2.425%		3/16/2048		600		(64	)			–			(64	)

										$	–		$	(2,271	)

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

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

²	Coupon rate may change periodically.

³	Purchased on a TBA basis.

⁴

Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $16,608,000, which represented 5.71% of the net assets of the fund.

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

⁶	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $3,786,000, which represented 1.30% of the net assets of the fund.

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

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

Key to abbreviations and symbol

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series 105

Ultra-Short Bond Fund

Investment portfolio June 30, 2019

unaudited


Short-term securities 99.90%		Principal amount (000)		Value (000)
Commercial paper 65.47%
	ABN-AMRO North America Finance Inc. 2.44% due 8/21/2019¹		$ 6,600		$ 6,576
	American Honda Finance Corp. 2.52% due 7/22/2019		8,300		8,287
	Apple Inc. 2.24% due 7/8/2019¹		10,000		9,994
	Bank of Nova Scotia 2.28% due 9/23/2019¹		5,000		4,970
	BASF SE 2.18% due 7/30/2019¹		10,000		9,979
	BNZ International Funding Ltd. 2.25% due 10/11/2019¹		10,086		10,017
	Canadian Imperial Bank of Commerce 2.33% due 7/1/2019¹		9,300		9,298
	Chariot Funding, LLC 2.27% due 9/20/2019¹		10,000		9,946
	CRC Funding, LLC 2.48% due 8/14/2019¹		10,000		9,969
	Credit Agricole North America, Inc. 2.33% due 7/19/2019		10,000		9,986
	DBS Bank Ltd. 2.34% due 9/10/2019¹		4,800		4,777
	Essilor International 2.48% due 8/6/2019¹		10,000		9,975
	ExxonMobil Corp. 2.33% due 7/11/2019		5,500		5,495
	IBM Corp. 2.34% due 7/12/2019¹		8,100		8,093
	Kimberly-Clark Corp. 2.35% due 7/17/2019¹		4,800		4,794
	Liberty Street Funding Corp. 2.34% due 9/20/2019¹		5,300		5,272
	Oversea-Chinese Banking Corp. Ltd. 2.23% due 9/23/2019¹		10,000		9,944
	Simon Property Group, LP 2.43% due 7/8/2019¹		10,400		10,393
	Starbird Funding Corp. 2.42% due 7/2/2019¹		9,900		9,897
	Svenska Handelsbanken Inc. 2.47% due 8/8/2019¹		8,000		7,978
	Toronto-Dominion Bank 2.41% due 7/24/2019¹		7,700		7,687
	Unilever Capital Corp. 2.30% due 9/3/2019¹		2,000		1,991
	Victory Receivables Corp. 2.40% due 7/9/2019¹		11,600		11,591

					186,909

Bonds & notes of governments & government agencies outside the U.S. 14.17%
	British Columbia (Province of) 2.33% due 7/10/2019		11,500		11,491
	CPPIB Capital Inc. 2.40% due 7/18/2019		9,000		8,988
	Export Development Canada 2.26% due 7/3/2019		10,000		9,997
	KfW 2.30% due 7/23/2019¹		10,000		9,984

					40,460

Federal agency discount notes 11.41%
	Federal Farm Credit Banks 2.37% due 7/19/2019		5,000		4,995
	Federal Home Loan Bank 2.21%–2.41% due 7/12/2019–8/2/2019		27,600		27,559

					32,554

U.S. Treasury bonds & notes 8.85%
	U.S. Treasury Bills 2.25%–2.37% due 7/11/2019–8/8/2019		25,300		25,269

	Total short-term securities (cost: $285,230,000)				285,192

	Total investment securities 99.90% (cost: $285,230,000)				285,192
	Other assets less liabilities 0.10%				290

	Net assets 100.00%				$285,482

¹Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $173,125,000, which represented 60.64% of the net assets of the fund.

See notes to financial statements.

106 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund


Summary investment portfolio June 30, 2019		unaudited


Bonds, notes & other debt instruments 94.72%		Principal amount (000)		Value (000)
U.S. Treasury bonds & notes 47.34%
U.S. Treasury	U.S. Treasury 2.25% 2020		$ 29,900	$	29,954
41.47%	U.S. Treasury 1.125% 2021		31,950		31,525
	U.S. Treasury 1.75% 2021¹		33,540		33,547
	U.S. Treasury 2.00% 2021		46,300		46,610
	U.S. Treasury 2.125% 2021		23,450		23,647
	U.S. Treasury 2.125% 2021		22,000		22,145
	U.S. Treasury 2.25% 2021		23,580		23,812
	U.S. Treasury 1.75% 2022		174,300		174,396
	U.S. Treasury 1.875% 2022		63,000		63,244
	U.S. Treasury 1.875% 2022		25,000		25,107
	U.S. Treasury 1.875% 2022		23,000		23,111
	U.S. Treasury 2.00% 2022		69,500		70,103
	U.S. Treasury 2.125% 2023¹		64,095		65,127
	U.S. Treasury 2.625% 2023		17,255		17,802
	U.S. Treasury 2.875% 2023		71,000		74,339
	U.S. Treasury 2.875% 2023		22,500		23,580
	U.S. Treasury 2.00% 2024		65,800		66,582
	U.S. Treasury 2.125% 2024		55,975		56,928
	U.S. Treasury 2.125% 2024		26,000		26,437
	U.S. Treasury 2.25% 2024		51,084		52,247
	U.S. Treasury 2.50% 2024		44,000		45,523
	U.S. Treasury 2.75% 2025		38,000		39,927
	U.S. Treasury 1.25%–2.88% 2020–2049¹		168,960		172,935

					1,208,628


U.S. Treasury	U.S. Treasury Inflation-Protected Security 0.625% 2023²		36,516		36,972
inflation-protected	U.S. Treasury Inflation-Protected Security 0.25% 2025²		23,883		23,939
securities	U.S. Treasury Inflation-Protected Security 0.75% 2042^1,2		22,264		22,411
5.87%	U.S. Treasury Inflation-Protected Security 1.375% 2044^1,2		47,366		53,895
	U.S. Treasury Inflation-Protected Securities 0.13%–2.13% 2022–2047²		33,515		33,963

					171,180

	Total U.S. Treasury bonds & notes				1,379,808


Mortgage-backed obligations 26.83%
Federal agency	Fannie Mae Pool #BH2597 4.00% 2047³		29,849		31,139
mortgage-backed	Fannie Mae Pool #CA2055 4.50% 2048³		40,140		42,201
obligations	Fannie Mae Pool #CA1709 4.50% 2048³		39,550		41,613
26.83%	Fannie Mae 0%–9.04% 2022–2049^3,4		104,638		108,863
	Freddie Mac 3.50% 2033³		22,563		23,342
	Freddie Mac Pool #ZT2086 3.50% 2049³		74,655		76,325
	Freddie Mac 0%–5.50% 2020–2047^3,4		39,449		40,694
	Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057³		39,923		40,675
	Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028³		42,449		44,246
	Government National Mortgage Assn. 5.00% 2049³		36,583		38,431
	Government National Mortgage Assn. 5.00% 2049³		20,007		21,008
	Government National Mortgage Assn. Pool #MA5876 4.00% 2049³		32,102		33,308
	Government National Mortgage Assn. Pool #MA5932 4.50% 2049³		77,196		80,941
	Government National Mortgage Assn. Pool #MA5987 4.50% 2049³		27,010		28,245
	Government National Mortgage Assn. 3.00%–6.64% 2034–2065^3,4,5		56,031		58,652
	Other securities				72,418

					782,101

American Funds Insurance Series 107

U.S. Government/AAA-Rated Securities Fund


Bonds, notes & other debt instruments (continued)		Principal amount (000)		Value (000)
Federal agency bonds & notes 20.55%
	Fannie Mae 2.75% 2021		$ 26,500	$	26,993
	Fannie Mae 2.875% 2023		36,000		37,561
	Fannie Mae 1.25%–7.13% 2021–2030		6,900		8,678
	Federal Home Loan Bank 3.25%–5.50% 2023–2036		30,315		32,734
	Freddie Mac 2.375% 2021		100,000		100,850
	Private Export Funding Corp. 3.266% 2021⁶		34,000		35,077
	Private Export Funding Corp. 1.45%–3.55% 2019–2024		28,840		29,262
	Tennessee Valley Authority, Series A, 3.875% 2021		32,975		34,024
	Tennessee Valley Authority 2.88%–5.88% 2027–2060		14,330		16,056
	U.S. Agency for International Development, Iraq (State of) 2.149% 2022		6,670		6,706
	U.S. Agency for International Development, Jordan (Kingdom of) 2.503% 2020		88,000		88,717
	U.S. Agency for International Development, Jordan (Kingdom of) 2.578% 2022		43,000		43,759
	U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 2025		43,250		45,397
	U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 2026		3,171		3,771
	U.S. Agency for International Development, Tunisia (Kingdom of) 1.416% 2021		3,000		2,968
	U.S. Agency for International Development, Ukraine 1.471% 2021		4,410		4,362
	U.S. Department of Housing and Urban Development 1.98%–3.70% 2020–2034		73,632		76,329
	Other securities				5,646

					598,890

	Total bonds, notes & other debt instruments (cost: $2,708,625,000)				2,760,799


Short-term securities 7.23%
Commercial paper 7.23%
	Bank of New York Co., Inc. 2.33% due 7/31/2019	28,300		28,238
	Eli Lilly and Co. 2.38% due 7/11/2019⁶	70,000		69,941
	Paccar Financial Corp. 2.42% due 7/2/2019	28,500		28,493
	Sumitomo Mitsui Banking Corp. 2.30% due 7/19/2019⁶	69,800		69,704
	Other securities			14,445

				210,821

	Total short-term securities (cost: $210,863,000)			210,821


	Total investment securities 101.95% (cost: $2,919,488,000)			2,971,620
	Other assets less liabilities (1.95)%			(56,832	)

	Net assets 100.00%		$	2,914,788

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

Futures contracts


Contracts	Type	Number of contracts	Expiration		Notional amount (000	⁷ )		Value at 6/30/2019 (000	⁸ )	Unrealized appreciation (depreciation) at 6/30/2019 (000)
90 Day Euro Dollar Futures	Long	565	March 2020	$	141,250		$	138,835		$ 578
2 Year U.S. Treasury Note Futures	Long	6,123	October 2019		1,224,600			1,317,545		6,803
5 Year U.S. Treasury Note Futures	Long	8,276	October 2019		827,600			977,861		13,710
10 Year U.S. Treasury Note Futures	Long	2,180	September 2019		218,000			278,972		3,127
10 Year Ultra U.S. Treasury Note Futures	Short	772	September 2019		(77,200	)		(106,633	)	(1,612	)

108 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund


Contracts	Type	Number of contracts	Expiration		Notional amount (000	⁷ )		Value at 6/30/2019 (000	⁸ )	Unrealized appreciation (depreciation) at 6/30/2019 (000)
20 Year U.S. Treasury Bond Futures	Long	108	September 2019	$	10,800		$	16,804			$	448
30 Year Ultra U.S. Treasury Bond Futures	Long	577	September 2019		57,700			102,454				1,081

											$	24,135

Swap contracts

Interest rate swaps


Receive	Pay	Expiration date		Notional (000)		Value at 6/30/2019 (000)			Upfront payments/ receipts (000)			Unrealized (depreciation) appreciation at 6/30/2019 (000)
2.337%	U.S. EFFR		7/31/2019	$	801,000	$	(22	)		$	–		$	(22	)
2.325%	U.S. EFFR		7/31/2019		863,500		(33	)			–			(33	)
2.305%	U.S. EFFR		7/31/2019		863,500		(48	)			–			(48	)
U.S. EFFR	2.039%		9/18/2019		1,623,000		(23	)			–			(23	)
U.S. EFFR	2.064%		10/30/2019		1,632,100		(331	)			–			(331	)
1.997%	U.S. EFFR		2/13/2020		60,900		30				–			30
1.989%	U.S. EFFR		2/13/2020		61,000		27				–			27
3-month USD-LIBOR	2.761%		4/27/2020		100,000		(547	)			–			(547	)
3-month USD-LIBOR	2.8025%		8/15/2020		101,840		(929	)			–			(929	)
3-month USD-LIBOR	2.806%		8/29/2020		34,300		(323	)			–			(323	)
2.48%	U.S. EFFR		12/20/2020		82,529		1,019				–			1,019
2.4825%	U.S. EFFR		12/26/2020		500,513		6,307				–			6,307
2.3485%	U.S. EFFR		1/7/2021		61,005		664				–			664
2.3355%	U.S. EFFR		1/7/2021		57,995		620				–			620
2.3995%	U.S. EFFR		1/11/2021		25,200		297				–			297
2.4035%	U.S. EFFR		1/11/2021		18,800		222				–			222
2.3755%	U.S. EFFR		2/6/2021		129,000		1,574				–			1,574
2.284%	U.S. EFFR		3/19/2021		65,000		764				–			764
2.1125%	U.S. EFFR		3/28/2021		78,800		713				–			713
3-month USD-LIBOR	2.367%		3/28/2021		234,200		(2,170	)			–			(2,170	)
3-month USD-LIBOR	2.348%		4/1/2021		264,000		(2,365	)			–			(2,365	)
2.197%	U.S. EFFR		4/15/2021		174,000		1,900				–			1,900
2.19875%	U.S. EFFR		5/7/2021		62,000		713				–			713
1.605%	U.S. EFFR		6/20/2021		116,816		106				–			106
1.7775%	3-month USD-LIBOR		6/21/2021		235,900		(115	)			–			(115	)
3-month USD-LIBOR	1.217%		9/22/2021		60,000		729				–			729
3-month USD-LIBOR	1.225%		9/22/2021		60,000		719				–			719
3-month USD-LIBOR	1.2255%		9/23/2021		5,000		60				–			60
3-month USD-LIBOR	2.2175%		3/17/2022		52,000		(646	)			–			(646	)
2.197%	U.S. EFFR		4/18/2022		47,400		905				–			905
3-month USD-LIBOR	1.75918%		4/29/2022		58,000		(23	)			–			(23	)
2.5775%	U.S. EFFR		7/16/2022		181,639		2,105				–			2,105
3-month USD-LIBOR	1.948%		7/28/2022		20,000		(126	)			–			(126	)
2.80%	3-month USD-LIBOR		9/2/2022		280,000		6,485				–			6,485
2.75%	3-month USD-LIBOR		9/2/2022		280,000		6,216				–			6,216
2.009%	3-month USD-LIBOR		10/4/2022		50,000		441				–			441
3-month USD-LIBOR	2.6778%		2/12/2023		51,000		(1,682	)			–			(1,682	)
3-month USD-LIBOR	3.0965%		10/31/2023		46,055		(2,613	)			–			(2,613	)
3-month USD-LIBOR	3.09009%		10/31/2023		46,320		(2,616	)			–			(2,616	)
3-month USD-LIBOR	2.0955%		2/10/2024		14,300		(220	)			–			(220	)
3-month USD-LIBOR	2.0815%		2/10/2024		28,700		(423	)			–			(423	)
2.21875%	U.S. EFFR		3/14/2024		54,000		1,758				–			1,758
3-month USD-LIBOR	2.3875%		3/17/2024		160,700		(4,652	)			–			(4,652	)

American Funds Insurance Series 109

U.S. Government/AAA-Rated Securities Fund

Swap contracts (continued)

Interest rate swaps (continued)


Receive	Pay	Expiration date		Notional (000)		Value at 6/30/2019 (000)			Upfront payments/ receipts (000)		Unrealized (depreciation) appreciation at 6/30/2019 (000)
3-month USD-LIBOR	2.21079%		3/27/2024	$	48,318	$	(1,026	)		$–		$ (1,026	)
3-month USD-LIBOR	2.33%		5/2/2024		48,460		(1,286	)		–		(1,286	)
3-month USD-LIBOR	2.588%		1/26/2025		15,600		(674	)		–		(674	)
3-month USD-LIBOR	2.27%		12/5/2026		44,900		(1,309	)		–		(1,309	)
3-month USD-LIBOR	2.24%		12/5/2026		55,100		(1,491	)		–		(1,491	)
2.91%	3-month USD-LIBOR		2/1/2028		16,000		640			–		640
2.908%	3-month USD-LIBOR		2/1/2028		16,000		638			–		638
2.925%	3-month USD-LIBOR		2/1/2028		12,800		520			–		520
2.92%	3-month USD-LIBOR		2/2/2028		12,200		493			–		493
U.S. EFFR	2.5065%		3/22/2028		8,700		(606	)		–		(606	)
U.S. EFFR	2.535%		3/23/2028		6,700		(482	)		–		(482	)
U.S. EFFR	2.471%		3/27/2028		8,100		(541	)		–		(541	)
U.S. EFFR	2.4575%		3/29/2028		9,638		(633	)		–		(633	)
U.S. EFFR	2.424%		3/30/2028		8,160		(513	)		–		(513	)
U.S. EFFR	2.412%		4/5/2028		3,702		(229	)		–		(229	)
3-month USD-LIBOR	2.357%		3/27/2029		25,175		(934	)		–		(934	)
3-month USD-LIBOR	1.9675%		6/21/2029		50,700		(54	)		–		(54	)
3-month USD-LIBOR	2.97125%		9/2/2030		62,000		(5,397	)		–		(5,397	)
3-month USD-LIBOR	3.005%		9/2/2030		62,000		(5,586	)		–		(5,586	)
3-month USD-LIBOR	2.986%		2/1/2038		7,800		(336	)		–		(336	)
3-month USD-LIBOR	2.9625%		2/1/2038		9,800		(404	)		–		(404	)
3-month USD-LIBOR	2.963%		2/1/2038		9,800		(405	)		–		(405	)
3-month USD-LIBOR	2.967%		2/2/2038		7,600		(316	)		–		(316	)
3-month USD-LIBOR	3.34%		6/27/2044		10,000		(2,274	)		–		(2,274	)
3-month USD-LIBOR	3.206%		7/31/2044		16,000		(3,219	)		–		(3,219	)
3-month USD-LIBOR	3.238%		8/8/2044		16,000		(3,319	)		–		(3,319	)
3-month USD-LIBOR	2.7045%		1/2/2045		12,000		(1,225	)		–		(1,225	)
3-month USD-LIBOR	2.4945%		1/9/2045		2,000		(119	)		–		(119	)
3-month USD-LIBOR	2.5055%		1/9/2045		11,000		(680	)		–		(680	)
3-month USD-LIBOR	2.52822%		11/23/2045		4,390		(297	)		–		(297	)
U.S. EFFR	2.166%		10/23/2047		10,000		(478	)		–		(478	)
U.S. EFFR	2.145%		11/9/2047		15,400		(666	)		–		(666	)
U.S. EFFR	2.155%		11/10/2047		8,640		(392	)		–		(392	)
U.S. EFFR	2.153%		11/10/2047		15,300		(688	)		–		(688	)
U.S. EFFR	2.17%		11/13/2047		15,660		(763	)		–		(763	)
U.S. EFFR	2.5635%		2/12/2048		33,204		(4,528	)		–		(4,528	)
U.S. EFFR	2.4615%		3/15/2048		2,000		(228	)		–		(228	)
U.S. EFFR	2.485%		3/15/2048		2,000		(238	)		–		(238	)
U.S. EFFR	2.425%		3/16/2048		4,100		(434	)		–		(434	)
U.S. EFFR	2.505%		3/22/2048		4,300		(532	)		–		(532	)
U.S. EFFR	2.52%		8/24/2048		4,500		(578	)		–		(578	)
										$–		$(26,122	)

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

¹All or a portion of this security was pledged as collateral. The total value of pledged collateral was $44,549,000, which represented 1.53% of the net assets of the fund.

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

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

⁴Coupon rate may change periodically.

⁵Purchased on a TBA basis.

⁶Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities, including those in “Other securities,” was $189,167,000, which represented 6.49% of the net assets of the fund.

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

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

110 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

Key to abbreviations and symbol

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series 111

Managed Risk Growth Fund


Investment portfolio June 30, 2019		unaudited


Growth funds 80.33%		Shares		Value (000)
	American Funds Insurance Series – Growth Fund, Class 1		4,379,254	$	319,116

	Total growth funds (cost: $310,329,000)				319,116


Fixed income funds 15.07%
	American Funds Insurance Series – Bond Fund, Class 1		5,385,043		59,882

	Total fixed income funds (cost: $58,127,000)				59,882


Short-term securities 4.64%
	Government Cash Management Fund		18,453,168		18,453

	Total short-term securities (cost: $18,453,000)				18,453


	Total investment securities 100.04% (cost: $386,909,000)				397,451
	Other assets less liabilities (0.04)%				(166	)

	Net assets 100.00%			$	397,285

Futures contracts

Contracts

Type

Number of
contracts

Expiration

Notional
amount

(000

)

Value at
6/30/2019

(000

)

Unrealized
appreciation
at 6/30/2019
(000)

5 Year U.S. Treasury Note Futures

Long

176

September 2019

$17,600

$20,796

171

Investments in affiliates

These holdings are affiliates of the fund under the Investment Company Act of 1940 since they are controlled by the same board of trustees as the series. Further details on these holdings and related transactions during the six months ended June 30, 2019, appear below.


	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliates at 6/30/2019 (000)
Growth funds 80.33%
American Funds Insurance Series –
Growth Fund, Class 1		3,963,500		649,589		233,835		4,379,254		$1,612			$10,668		$760		$319,116

Fixed income funds 15.07%
American Funds Insurance Series –
Bond Fund, Class 1		5,110,855		820,544		546,356		5,385,043		(128	)		3,566		329		59,882
Total 95.40%										$1,484			$14,234		$1,089		$378,998

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

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

See notes to financial statements.

112 American Funds Insurance Series

Managed Risk International Fund


Investment portfolio June 30, 2019		unaudited


Growth funds 81.74%		Shares		Value (000)
	American Funds Insurance Series – International Fund, Class 1		6,766,242	$	133,633

	Total growth funds (cost: $125,851,000)				133,633


Fixed income funds 15.02%
	American Funds Insurance Series – Bond Fund, Class 1		2,208,551		24,559

	Total fixed income funds (cost: $23,937,000)				24,559


Short-term securities 3.31%
	Government Cash Management Fund		5,406,881		5,407

	Total short-term securities (cost: $5,407,000)				5,407


	Total investment securities 100.07% (cost: $155,195,000)				163,599
	Other assets less liabilities (0.07)%				(110	)

	Net assets 100.00%			$	163,489

Futures contracts

Contracts

Type

Number of
contracts

Expiration

Notional
amount¹(000)

Value at
6/30/2019²(000)

Unrealized
appreciation
at 6/30/2019
(000)

5 Year U.S. Treasury Note Futures

Long

September 2019

$5,200

$6,144

Investments in affiliates


	Beginning shares		Additions		Reductions		Ending shares		Net realized loss (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliates at 6/30/2019 (000)
Growth funds 81.74%
American Funds Insurance Series –
International Fund, Class 1		6,802,836		279,511		316,105		6,766,242		$(267	)		$14,505		$231		$133,633

Fixed income funds 15.02%
American Funds Insurance Series –
Bond Fund, Class 1		2,162,908		188,213		142,570		2,208,551		(8	)		1,453		136		24,559
Total 96.76%										$(275	)		$15,958		$367		$158,192

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

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

See notes to financial statements.

American Funds Insurance Series 113

Managed Risk Blue Chip Income and Growth Fund


Investment portfolio June 30, 2019		unaudited


Growth-and-income funds 80.48%		Shares		Value (000)
	American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1		22,572,855	$	284,644

	Total growth-and-income funds (cost: $302,622,000)				284,644


Fixed income funds 14.98%
	American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1		4,256,895		52,998

	Total fixed income funds (cost: $51,724,000)				52,998


Short-term securities 4.60%
	Government Cash Management Fund		16,260,701		16,261

	Total short-term securities (cost: $16,261,000)				16,261


	Total investment securities 100.06% (cost: $370,607,000)				353,903
	Other assets less liabilities (0.06)%				(218	)

	Net assets 100.00%			$	353,685

Futures contracts

Contracts

Type

Number of
contracts

Expiration

Notional
amount¹(000)

Value at
6/30/2019²(000)

Unrealized
appreciation
at 6/30/2019
(000)

5 Year U.S. Treasury Note Futures

Long

156

September 2019

$15,600

$18,432

$124

Investments in affiliates


	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliates at 6/30/2019 (000)
Growth-and-income funds 80.48%
American Funds Insurance Series –
Blue Chip Income and Growth Fund, Class 1		21,901,978		2,214,200		1,543,323		22,572,855		$725			$5,504		$1,232		$284,644

Fixed income funds 14.98%
American Funds Insurance Series –
U.S. Government/AAA-Rated Securities Fund, Class 1		4,484,388		331,058		558,551		4,256,895		(63	)		2,289		216		52,998
Total 95.46%										$662			$7,793		$1,448		$337,642

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

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

See notes to financial statements.

114 American Funds Insurance Series

Managed Risk Growth-Income Fund


Investment portfolio June 30, 2019		unaudited


Growth-and-income funds 80.09%		Shares		Value (000)
	American Funds Insurance Series – Growth-Income Fund, Class 1		36,295,689	$	1,716,423

	Total growth-and-income funds (cost: $1,674,045,000)				1,716,423


Fixed income funds 15.03%
	American Funds Insurance Series – Bond Fund, Class 1		28,964,402		322,084

	Total fixed income funds (cost: $302,916,000)				322,084


Short-term securities 4.60%
	Government Cash Management Fund		98,442,508		98,443

	Total short-term securities (cost: $98,443,000)				98,443


Options purchased 0.19%
	Options purchased*				4,101

	Total options purchased (cost: $14,339,000)				4,101


	Total investment securities 99.91% (cost: $2,089,743,000)				2,141,051
	Other assets less liabilities 0.09%				1,997

	Net assets 100.00%			$	2,143,048

*Options purchased


Put
Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 6/30/2019 (000)
S&P 500 Index		620	$	1,824	$	1,850.00		9/20/2019		$ 47
S&P 500 Index		1,155		3,398		1,875.00		9/20/2019		92
S&P 500 Index		1,200		3,530		1,900.00		9/20/2019		108
S&P 500 Index		330		971		1,925.00		9/20/2019		31
S&P 500 Index		1,225		3,604		1,975.00		9/20/2019		141
S&P 500 Index		365		1,074		2,000.00		9/20/2019		46
S&P 500 Index		930		2,736		2,025.00		9/20/2019		121
S&P 500 Index		425		1,250		2,200.00		9/20/2019		106
S&P 500 Index		3,195		9,399		2,150.00		12/20/2019		2,492
S&P 500 Index		670		1,971		2,175.00		12/20/2019		569
S&P 500 Index		35		103		2,200.00		12/20/2019		34
S&P 500 Index		150		441		2,225.00		12/20/2019		153
S&P 500 Index		135		397		2,275.00		12/20/2019		161
										$4,101

American Funds Insurance Series 115

Managed Risk Growth-Income Fund

Futures contracts


Contracts	Type		Number of contracts		Expiration		Notional amount¹ (000)		Value at 6/30/2019² (000)		Unrealized appreciation at 6/30/2019 (000)
5 Year U.S. Treasury Note Futures		Long		1,008		September 2019	$	100,800	$	119,101		$1,476
S&P 500 E-mini Index Contracts		Long		366		September 2019		18		53,879		836
												$2,312

Investments in affiliates


	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (loss) (000)			Net unrealized appreciation (000)		Dividend income (000)		Value of affiliates at 6/30/2019 (000)
Growth-and-income funds 80.09%
American Funds Insurance Series –
Growth-Income Fund, Class 1		33,123,343		4,277,296		1,104,950		36,295,689		$5,425			$61,682		$5,628	$	1,716,423

Fixed income funds 15.03%
American Funds Insurance Series –
Bond Fund, Class 1		26,945,898		2,920,407		901,903		28,964,402		(16	)		18,586		1,795		322,084
Total 95.12%										$5,409			$80,268		$7,423		$2,038,507

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

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

See notes to financial statements.

116 American Funds Insurance Series

Managed Risk Asset Allocation Fund

Investment portfolio June 30, 2019

unaudited


Asset allocation funds 96.70%		Shares		Value (000)
	American Funds Insurance Series – Asset Allocation Fund, Class 1		116,101,695	$	2,618,094

	Total asset allocation funds (cost: $2,531,679,000)				2,618,094


Short-term securities 3.36%
	Government Cash Management Fund		90,932,387		90,932

	Total short-term securities (cost: $90,932,000)				90,932


	Total investment securities 100.06% (cost: $2,622,611,000)				2,709,026
	Other assets less liabilities (0.06)%				(1,691	)

	Net assets 100.00%			$	2,707,335

Futures contracts

Contracts

Type

Number of
contracts

Expiration

Notional
amount¹(000)

Value at
6/30/2019²(000)

Unrealized
appreciation
at 6/30/2019
(000)

5 Year U.S. Treasury Note Futures

Long

873

September 2019

$87,300

$103,150

$1,321

Investment in affiliates

This holding is an affiliate of the fund under the Investment Company Act of 1940 since it is controlled by the same board of trustees as the series. Further details on this holding and related transactions during the six months ended June 30, 2019, appear below.


	Beginning shares		Additions		Reductions		Ending shares		Net realized gain (000)		Net unrealized appreciation (000)		Dividend income (000)		Value of affiliate at 6/30/2019 (000)
Asset allocation funds 96.70%
American Funds Insurance Series –
Asset Allocation Fund, Class 1		115,468,223		7,167,637		6,534,165		116,101,695		$6,021		$140,238		$11,862		$2,618,094

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

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

See notes to financial statements.

American Funds Insurance Series 117

Financial statements

Statements of assets and liabilities at June 30, 2019


			Global
	Global		Small						New
	Growth		Capitalization		Growth		International		World
	Fund		Fund		Fund		Fund		Fund
Assets:
Investment securities, at value:
Unaffiliated issuers		$6,292,071		$4,467,434		$26,404,106		$9,849,054		$3,449,625
Affiliated issuers		–		21,463		–		–		–
Cash		105		2,149		3,505		1,326		5,311
Cash collateral received for securities on loan		–		13,264		–		–		–
Cash pledged for forward currency contracts		–		–		–		334		–
Cash denominated in currencies other than U.S. dollars		977		1,051		49		5,037		1,185
Unrealized appreciation on open forward currency contracts		–		–		–		124		–
Receivables for:
Sales of investments		33,579		83,557		115,497		15,264		5,128
Sales of fund’s shares		900		288		8,846		4,456		927
Dividends and interest		19,016		4,910		32,460		24,949		11,627
Variation margin on futures contracts		–		–		–		–		–
Variation margin on swap contracts		–		–		–		–		–
Securities lending income		–		530		–		–		–
Other		361		178		24		–		1,910

		6,347,009		4,594,824		26,564,487		9,900,544		3,475,713

Liabilities:
Collateral for securities on loan		–		132,644		–		–		–
Unrealized depreciation on open forward currency contracts		–		–		–		340		–
Payables for:
Purchases of investments		2,597		17,942		52,929		36,561		1,526
Repurchases of fund’s shares		12,360		4,650		18,287		6,738		2,868
Investment advisory services		2,625		2,485		6,872		3,874		1,937
Insurance administrative fees		195		108		791		212		340
Services provided by related parties		863		536		3,529		988		326
Trustees’ deferred compensation		73		49		491		206		33
Variation margin on futures contracts		–		–		–		–		–
Variation margin on swap contracts		–		–		–		–		–
Non-U.S. taxes		4,073		2,897		2,475		17,683		7,920
Other		94		92		82		273		111

		22,880		161,403		85,456		66,875		15,061

Net assets at June 30, 2019		$6,324,129		$4,433,421		$26,479,031		$9,833,669		$3,460,652


Net assets consist of:
Capital paid in on shares of beneficial interest		$3,910,174		$3,380,706		$16,135,118		$8,093,962		$2,717,511
Total distributable earnings (accumulated loss)		2,413,955		1,052,715		10,343,913		1,739,707		743,141

Net assets at June 30, 2019		$6,324,129		$4,433,421		$26,479,031		$9,833,669		$3,460,652


Investment securities, at cost:
Unaffiliated issuers		$3,971,692		$3,578,886		$16,493,656		$7,964,175		$2,745,515
Affiliated issuers		–		45,822		–		–		–
Cash denominated in currencies other than U.S. dollars, at cost		977		1,049		49		5,037		1,185

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

118 American Funds Insurance Series

unaudited

(dollars in thousands)


Blue Chip		Global				International
Income and		Growth		Growth-		Growth		Capital		Asset		Global					Global
Growth		and Income		Income		and Income		Income		Allocation		Balanced		Bond			Bond
Fund		Fund		Fund		Fund		Builder		Fund		Fund		Fund			Fund


$	8,904,358	$	2,034,357	$	33,547,290	$	1,430,859	$	834,202	$	25,597,369	$	415,057	$	11,303,189		$	2,145,654
	–		–		279,983		–		–		410,393		–		–			–
	2,383		764		6,952		52		1,123		13,360		140		4,950			628
	–		–		–		–		–		–		–		–			–
	–		–		–		–		–		–		–		–			–
	–		1,884		57		1,229		206		909		668		–	*		3,740
	–		–		–		5		–		–		102		4,506			2,437

	12,777		16,576		165,603		4,640		1,933		72,991		669		491,618			18,103
	3,671		123		11,682		256		1,670		13,007		297		5,730			363
	15,659		8,098		49,712		5,825		3,659		90,474		2,331		68,766			16,871
	–		–		–		–		–		346		–		415			126
	–		–		–		–		137		324		3		486			132
	–		–		–		–		–		–		–		–			–
	4		383		188		29		7		184		20		36			42

	8,938,852		2,062,185		34,061,467		1,442,895		842,937		26,199,357		419,287		11,879,696			2,188,096


	–		–		–		–		–		–		–		–			–
	–		94		–		–		–		–		100		7,567			2,882

	98,141		3,760		53,986		4,169		2,021		705,716		2,936		1,422,728			22,354
	3,561		1,930		24,454		2,218		271		9,867		193		3,616			1,506
	2,771		985		7,026		702		328		5,494		220		3,096			938
	296		72		655		53		249		2,450		50		256			28
	775		314		3,178		78		89		2,034		60		911			242
	84		23		567		10		3		267		2		118			25
	–		–		–		–		35		668		–		1,735			91
	–		–		–		–		161		77		–		422			41
	39		1,774		2,221		1,244		83		1,971		152		–			506
	4		46		88		38		8		34		6		–			102

	105,671		8,998		92,175		8,512		3,248		728,578		3,719		1,440,449			28,715

$	8,833,181	$	2,053,187	$	33,969,292	$	1,434,383	$	839,689	$	25,470,779	$	415,568	$	10,439,247		$	2,159,381



$	7,235,947	$	1,523,277	$	24,698,795	$	1,271,807	$	816,644	$	20,247,437	$	344,682	$	10,062,950		$	2,077,232
	1,597,234		529,910		9,270,497		162,576		23,045		5,223,342		70,886		376,297			82,149

$	8,833,181	$	2,053,187	$	33,969,292	$	1,434,383	$	839,689	$	25,470,779	$	415,568	$	10,439,247		$	2,159,381



$	7,420,391	$	1,537,132	$	24,993,310	$	1,276,610	$	796,567	$	20,539,556	$	359,712	$	11,012,076		$	2,082,258
	–		–		277,584		–		–		432,743		–		–			–
	–		1,884		57		1,229		206		909		649		–	*		3,734

American Funds Insurance Series 119

Statements of assets and liabilities at June 30, 2019


								U.S.
	High-							Government/		Managed
	Income							AAA-Rated		Risk
	Bond			Mortgage		Ultra-Short		Securities		Growth
	Fund			Fund		Bond Fund		Fund		Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	1,281,384		$	294,528	$	285,192	$	2,971,620	$	18,453
Affiliated issuers		–			–		–		–		378,998
Cash		1,083			1,156		103		8,083		–
Cash pledged for futures contracts		–			–		–		–		116
Cash pledged for swap contracts		1,722			–		–		–		–
Cash denominated in currencies other than U.S. dollars		–	*		–		–		–		–
Receivables for:
Sales of investments		8,980			3,337		–		81,518		–
Sales of fund’s shares		440			39		421		724		640
Dividends and interest		18,932			876		–		13,239		35
Variation margin on futures contracts		–			6		–		80		–
Variation margin on swap contracts		–			319		–		2,963		–
Other		3			–		–		–		–

		1,312,544			300,261		285,716		3,078,227		398,242

Liabilities:
Payables for:
Purchases of investments		30,769			8,654		–		158,692		600
Repurchases of fund’s shares		645			249		75		1,113		8
Investment advisory services		496			101		75		813		32
Insurance administrative fees		37			13		13		65		238
Services provided by related parties		164			19		55		323		77
Trustees’ deferred compensation		47			3		16		58		2
Variation margin on futures contracts		–			31		–		413		–
Variation margin on swap contracts		93			230		–		1,961		–
Other		1			–		–		1		–

		32,252			9,300		234		163,439		957

Net assets at June 30, 2019	$	1,280,292		$	290,961	$	285,482	$	2,914,788	$	397,285


Net assets consist of:
Capital paid in on shares of beneficial interest	$	1,439,238		$	285,147	$	282,809	$	2,839,370	$	369,993
Total distributable earnings (accumulated loss)		(158,946	)		5,814		2,673		75,418		27,292

Net assets at June 30, 2019	$	1,280,292		$	290,961	$	285,482	$	2,914,788	$	397,285


Investment securities, at cost:
Unaffiliated issuers	$	1,293,910		$	289,947	$	285,230	$	2,919,488	$	18,453
Affiliated issuers		–			–		–		–		368,456
Cash denominated in currencies other than U.S. dollars, at cost		–	*		–		–		–		–

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

120 American Funds Insurance Series

unaudited

(dollars in thousands)


		Managed			Managed		Managed
Managed		Risk Blue			Risk		Risk
Risk		Chip Income			Growth-		Asset
International		and Growth			Income		Allocation
Fund		Fund			Fund		Fund


	$ 5,407	$	16,261		$	102,544	$	90,932
	158,192		337,642			2,038,507		2,618,094
	–		–			–		–
	35		103			2,771		576
	–		–			–		–
	–		–			–		–

	180		614			525		165
	–		7			5,241		916
	10		31			184		174
	–		–			336		–
	–		–			–		–
	–		–			–		–

	163,824		354,658			2,150,108		2,710,857



	–		–			4,838		523
	190		654			701		539
	13		29			173		220
	99		218			1,294		1,672
	32		70			51		543
	1		2			3		25
	–		–			–		–
	–		–			–		–
	–		–			–		–	*

	335		973			7,060		3,522

	$163,489	$	353,685		$	2,143,048	$	2,707,335



	$161,106	$	358,742		$	1,952,652	$	2,525,386
	2,383		(5,057	)		190,396		181,949

	$163,489	$	353,685		$	2,143,048	$	2,707,335



	$ 5,407	$	16,261		$	112,782	$	90,932
	149,788		354,346			1,976,961		2,531,679
	–		–			–		–

American Funds Insurance Series 121

Statements of assets and liabilities at June 30, 2019


				Global
		Global		Small						New
		Growth		Capitalization		Growth		International		World
		Fund		Fund		Fund		Fund		Fund

Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized

Class 1:	Net assets		$2,253,727		$1,950,955		$9,854,415		$5,250,839		$1,937,868
	Shares outstanding		76,428		79,549		135,225		265,872		80,670
	Net asset value per share		$29.49		$24.53		$72.87		$19.75		$24.02

Class 1A:	Net assets		$6,904		$451		$14,263		$5,729		$3,668
	Shares outstanding		235		18		197		291		153
	Net asset value per share		$29.39		$24.47		$72.58		$19.68		$23.93

Class 2:	Net assets		$3,741,575		$2,302,336		$15,090,117		$4,199,689		$949,549
	Shares outstanding		128,267		96,743		208,884		213,654		39,940
	Net asset value per share		$29.17		$23.80		$72.24		$19.66		$23.77

Class 3:	Net assets						$208,738		$25,666
	Shares outstanding		Not applicable		Not applicable		2,844		1,297		Not applicable
	Net asset value per share						$73.38		$19.79

Class 4:	Net assets		$321,923		$179,679		$1,311,498		$351,746		$569,567
	Shares outstanding		11,100		7,510		18,423		18,114		24,076
	Net asset value per share		$29.00		$23.93		$71.19		$19.42		$23.66


								U.S.
		High-						Government/		Managed
		Income						AAA-Rated		Risk
		Bond		Mortgage		Ultra-Short		Securities		Growth
		Fund		Fund		Bond Fund		Fund		Fund

Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized

Class 1:	Net assets		$526,021		$210,103		$31,614		$1,456,773
	Shares outstanding		51,912		19,687		2,776		117,076		Not applicable
	Net asset value per share		$10.13		$10.68		$11.39		$12.45

Class 1A:	Net assets		$618		$591		$10		$2,253
	Shares outstanding		61		56		1		181		Not applicable
	Net asset value per share		$10.11		$10.65		$11.39		$12.42

Class 2:	Net assets		$684,987		$58,392		$228,986		$1,333,862
	Shares outstanding		68,799		5,486		20,648		108,365		Not applicable
	Net asset value per share		$9.96		$10.65		$11.09		$12.31

Class 3:	Net assets		$10,135				$3,271		$8,842
	Shares outstanding		996		Not applicable		292		709		Not applicable
	Net asset value per share		$10.17				$11.21		$12.47

Class 4:	Net assets		$58,531		$21,875		$21,601		$113,058
	Shares outstanding		5,423		2,076		1,928		9,185		Not applicable
	Net asset value per share		$10.79		$10.55		$11.20		$12.31

Class P1:	Net assets										$3,799
	Shares outstanding		Not applicable		Not applicable		Not applicable		Not applicable		300
	Net asset value per share										$12.66

Class P2:	Net assets										$393,486
	Shares outstanding		Not applicable		Not applicable		Not applicable		Not applicable		31,287
	Net asset value per share										$12.58

*Amount less than one thousand.

See notes to financial statements.

122 American Funds Insurance Series

unaudited

(dollars and shares in thousands, except per-share amounts)


Blue Chip		Global				International
Income and		Growth		Growth-		Growth		Capital		Asset		Global				Global
Growth		and Income		Income		and Income		Income		Allocation		Balanced		Bond		Bond
Fund		Fund		Fund		Fund		Builder		Fund		Fund		Fund		Fund



	$5,316,112		$572,884		$19,494,000		$1,096,356		$420,981		$16,367,279		$128,680		$6,397,660		$1,065,399
	421,738		38,895		412,232		63,142		41,463		725,706		9,778		575,311		88,161
	$12.61		$14.73		$47.29		$17.36		$10.15		$22.55		$13.16		$11.12		$12.08

	$7,002		$1,590		$9,123		$2,265		$4,699		$8,823		$2,229		$4,888		$426
	558		108		194		131		463		392		170		441		35
	$12.55		$14.69		$47.11		$17.33		$10.14		$22.49		$13.13		$11.08		$12.06

	$3,011,473		$1,356,728		$13,224,947		$248,271		$4,595		$4,991,791		$201,188		$3,601,946		$1,047,169
	242,233		92,360		283,340		14,354		453		223,861		15,330		328,296		87,377
	$12.43		$14.69		$46.68		$17.30		$10.15		$22.30		$13.12		$10.97		$11.98

					$153,393						$31,478
	Not applicable		Not applicable		3,239		Not applicable		Not applicable		1,395		Not applicable		Not applicable		Not applicable
					$47.35						$22.57

	$498,594		$121,985		$1,087,829		$87,491		$409,414		$4,071,408		$83,471		$434,753		$46,387
	40,319		8,437		23,578		5,091		40,405		183,581		6,423		39,719		3,908
	$12.37		$14.46		$46.14		$17.19		$10.13		$22.18		$13.00		$10.95		$11.87


		Managed		Managed		Managed
Managed		Risk Blue		Risk		Risk
Risk		Chip Income		Growth-		Asset
International		and Growth		Income		Allocation
Fund		Fund		Fund		Fund




	Not applicable		Not applicable		Not applicable		Not applicable



	Not applicable		Not applicable		Not applicable		Not applicable



	Not applicable		Not applicable		Not applicable		Not applicable



	Not applicable		Not applicable		Not applicable		Not applicable



	Not applicable		Not applicable		Not applicable		Not applicable


	$567		$672		$1,883,081		$1,537
	55		60		145,742		120
	$10.39		$11.22		$12.92		$12.85

	$162,922		$353,013		$259,967		$2,705,798
	15,782		31,695		20,224		216,166
	$10.32		$11.14		$12.85		$12.52

American Funds Insurance Series 123

Statements of operations for the six months ended June 30, 2019


				Global
	Global			Small									New
	Growth			Capitalization			Growth			International			World
	Fund			Fund			Fund			Fund			Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends	$	59,127		$	27,009		$	173,200		$	117,809		$	28,596
Interest		1,479			2,009			10,181			9,148			9,771
Securities lending income		–			2,505			–			–			–

		60,606			31,523			183,381			126,957			38,367

Fees and expenses*:
Investment advisory services		15,660			14,498			41,304			23,510			11,522
Distribution services		4,881			3,004			20,182			5,561			1,785
Insurance administrative services		371			208			1,543			413			658
Transfer agent services		–	^†		–	^†		1			1			–	^†
Administrative services		303			208			1,280			478			164
Reports to shareholders		98			80			423			158			66
Registration statement and prospectus		101			105			311			228			83
Trustees’ compensation		20			13			86			32			11
Auditing and legal		8			32			14			28			27
Custodian		319			336			258			756			387
Other		16			74			135			88			67

Total fees and expenses before waivers/reimbursements		21,777			18,558			65,537			31,253			14,770
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		–			–			–			–			–

Total waivers/reimbursements of fees and expenses		–			–			–			–			–

Total fees and expenses after waivers/reimbursements		21,777			18,558			65,537			31,253			14,770

Net investment income (loss)		38,829			12,965			117,844			95,704			23,597

Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments
Unaffiliated issuers		59,018			143,915			342,715			(171,606	)		24,403
Affiliated issuers*		–			–			–			–			–
Futures contracts		–			–			–			–			–
Forward currency contracts		–			–			–			(999	)		303
Swap contracts		–			–			–			–			–
Currency transactions		(405	)		(66	)		(432	)		(2,451	)		234

		58,613			143,849			342,283			(175,056	)		24,940

Net unrealized appreciation (depreciation) on:
Investments
Unaffiliated issuers		1,056,160			592,974			3,428,550			1,399,575			518,304
Affiliated issuers		–			(8,519	)		–			–			–
Futures contracts		–			–			–			–			–
Forward currency contracts		–			–			–			309			(303	)
Swap contracts		–			–			–			–			–
Currency translations		(17	)		63			103			(200	)		1,911

		1,056,143			584,518			3,428,653			1,399,684			519,912

Net realized gain (loss) and unrealized appreciation (depreciation)		1,114,756			728,367			3,770,936			1,224,628			544,852

Net increase in net assets resulting from operations	$	1,153,585		$	741,332		$	3,888,780		$	1,320,332		$	568,449

See end of statements of operations for footnotes.

See notes to financial statements.

124 American Funds Insurance Series

unaudited

(dollars in thousands)


Blue Chip			Global						International
Income and			Growth			Growth-			Growth			Capital			Asset			Global						Global
Growth			and Income			Income			and Income			Income			Allocation			Balanced			Bond			Bond
Fund			Fund			Fund			Fund			Builder			Fund			Fund			Fund			Fund


$	116,477		$	30,394		$	343,652		$	29,733		$	13,137		$	191,059		$	4,119		$	7,023		$	514
	1,839			1,918			15,606			1,701			2,865			133,265			1,954			158,778			34,892
	–			–			–			–			–			–			–			–			–

	118,316			32,312			359,258			31,434			16,002			324,324			6,073			165,801			35,406


	16,752			5,841			41,781			4,252			1,885			32,618			1,292			18,126			5,572
	4,295			1,777			17,492			403			484			10,974			337			4,867			1,326
	556			137			1,274			102			483			4,845			98			491			53
	–	^†		–	^†		2			–	^†		–	^†		1			–	^†		–	^†		–	^†
	430			98			1,627			70			38			1,222			20			497			105
	160			28			650			14			7			510			3			119			27
	110			53			290			31			38			205			15			168			52
	30			7			107			4			2			84			1			33			7
	4			6			28			12			5			17			8			7			4
	127			168			301			167			36			124			27			120			201
	39			19			119			5			5			50			3			53			18

	22,503			8,134			63,671			5,060			2,983			50,650			1,804			24,481			7,365

	–			–			–			–			24			–			–			–			–

	–			–			–			–			24			–			–			–			–

	22,503			8,134			63,671			5,060			2,959			50,650			1,804			24,481			7,365

	95,813			24,178			295,587			26,374			13,043			273,674			4,269			141,320			28,041




	(863	)		9,494			406,368			(15,330	)		(3,801	)		266,091			10,945			90,872			(5,179	)
	–			–			–			–			–			(446,158	)		–			–			–
	–			–			–			–			(194	)		12,523			509			31,573			12,050
	–			493			–			24			–			–			(206	)		(10,249	)		2,707
	–			–			–			–			230			(12,336	)		(20	)		(14,548	)		(202	)
	(13	)		(314	)		(771	)		(1,069	)		70			(29	)		(100	)		(434	)		(1,163	)

	(876	)		9,673			405,597			(16,375	)		(3,695	)		(179,909	)		11,128			97,214			8,213



	791,331			311,348			4,014,527			184,237			60,001			2,258,760			32,131			404,554			106,875
	–			–			73,906			–			–			399,074			–			–			–
	–			–			–			–			(495	)		5,251			(91	)		18,382			(2,957	)
	–			(445	)		–			5			–			–			(80	)		6,210			(7,363	)
	–			–			–			–			1,349			(5,824	)		46			(12,045	)		1,300
	16			369			201			(5	)		7			110			24			140			58

	791,347			311,272			4,088,634			184,237			60,862			2,657,371			32,030			417,241			97,913

	790,471			320,945			4,494,231			167,862			57,167			2,477,462			43,158			514,455			106,126

$	886,284		$	345,123		$	4,789,818		$	194,236		$	70,210		$	2,751,136		$	47,427		$	655,775		$	134,167

American Funds Insurance Series 125

Statements of operations for the six months ended June 30, 2019


										U.S.
	High-									Government/			Managed
	Income									AAA-Rated			Risk
	Bond			Mortgage			Ultra-Short			Securities			Growth
	Fund			Fund			Bond Fund			Fund			Fund
Investment income:
Income (net of non-U.S. taxes*):
Dividends	$	425		$	–		$	–		$	–		$	1,089
Interest		45,210			4,389			3,557			36,029			179

		45,635			4,389			3,557			36,029			1,268

Fees and expenses*:
Investment advisory services		3,005			614			458			4,845			279
Distribution services		932			98			317			1,757			461
Insurance administrative services		70			28			24			123			465
Transfer agent services		–	^†		–	^†		–	^†		–	^†		–	^†
Administrative services		63			15			14			142			–
Accounting and administrative services		–			–			–			–			10
Reports to shareholders		14			2			4			32			4
Registration statement and prospectus		26			12			7			41			18
Trustees’ compensation		4			1			1			10			1
Auditing and legal		3			–	^†		–	^†		2			–	^†
Custodian		8			10			–	^†		18			6
Other		19			3			2			8			3

Total fees and expenses before waivers/reimbursements		4,144			783			827			6,978			1,247
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		–			–			–			–			93
Miscellaneous fee reimbursements		–			–			–			–			13

Total waivers/reimbursements of fees and expenses		–			–			–			–			106

Total fees and expenses after waivers/reimbursements		4,144			783			827			6,978			1,141

Net investment income (loss)		41,491			3,606			2,730			29,051			127

Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments
Unaffiliated issuers		(1,908	)		1,164			–	^†		19,133			–
Affiliated issuers*		–			–			–			–			1,484
Futures contracts		–			3,551			–			55,917			(3,203	)
Swap contracts		(395	)		1,067			–			6,764			–
Currency transactions		1			–			–			–			21
Capital gain distributions received from affiliated issuers		–			–			–			–			32,791

		(2,302	)		5,782			–	^†		81,814			31,093

Net unrealized appreciation (depreciation) on:
Investments
Unaffiliated issuers		79,517			5,581			(30	)		66,269			–
Affiliated issuers		–			–			–			–			14,234
Futures contracts		–			305			–			(3,315	)		(5,720	)
Swap contracts		(1,604	)		(3,465	)		–			(45,476	)		–

		77,913			2,421			(30	)		17,478			8,514

Net realized gain (loss) and unrealized appreciation (depreciation)		75,611			8,203			(30	)		99,292			39,607

Net increase in net assets resulting from operations	$	117,102		$	11,809		$	2,700		$	128,343		$	39,734

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

^† Amount less than one thousand.

See notes to financial statements.

126 American Funds Insurance Series

unaudited

(dollars in thousands)


			Managed			Managed			Managed
Managed			Risk Blue			Risk			Risk
Risk			Chip Income			Growth-			Asset
International			and Growth			Income			Allocation
Fund			Fund			Fund			Fund


$	367		$	1,448		$	7,423		$	11,862
	60			165			1,013			1,008

	427			1,613			8,436			12,870


	118			261			1,519			1,977
	196			433			310			3,293
	197			434			2,532			3,295
	–	^†		–	^†		–	^†		–	^†
	–			–			–			–
	9			10			9			25
	2			4			14			27
	10			9			213			36
	1			1			4			11
	–	^†		–	^†		1			2
	6			6			6			6
	3			2			3			10

	542			1,160			4,611			8,682

	39			87			506			659
	12			13			–			–

	51			100			506			659

	491			1,060			4,105			8,023

	(64	)		553			4,331			4,847




	–			–			(7,604	)		–
	(275	)		662			5,409			6,021
	(1,096	)		(3,654	)		(14,050	)		(14,856	)
	–			–			–			–
	(1	)		20			91			103
	3,310			22,170			167,499			131,016

	1,938			19,198			151,345			122,284



	–			–			(11,249	)		–
	15,958			7,793			80,268			140,238
	(1,142	)		(5,657	)		(7,995	)		(24,002	)
	–			–			–			–

	14,816			2,136			61,024			116,236

	16,754			21,334			212,369			238,520

$	16,690		$	21,887		$	216,700		$	243,367

American Funds Insurance Series 127

Statements of changes in net assets


							Global Small
	Global Growth Fund						Capitalization Fund						Growth Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2019*			2018			2019*			2018			2019*			2018
Operations:
Net investment income (loss)	$	38,829		$	50,276		$	12,965		$	10,787		$	117,844		$	162,005
Net realized gain (loss)		58,613			343,542			143,849			247,061			342,283			2,848,894
Net unrealized appreciation (depreciation)		1,056,143			(919,676	)		584,518			(673,158	)		3,428,653			(2,971,090	)

Net increase (decrease) in net assets resulting from operations		1,153,585			(525,858	)		741,332			(415,310	)		3,888,780			39,809

Distributions paid to shareholders		(352,171	)		(474,814	)		(276,087	)		(196,135	)		(2,816,480	)		(2,648,515	)
Net capital share transactions		20,562			267,749			313,662			(49,079	)		1,958,870			1,071,109

Total increase (decrease) in net assets		821,976			(732,923	)		778,907			(660,524	)		3,031,170			(1,537,597	)
Net assets:
Beginning of period		5,502,153			6,235,076			3,654,514			4,315,038			23,447,861			24,985,458

End of period	$	6,324,129		$	5,502,153		$	4,433,421		$	3,654,514		$	26,479,031		$	23,447,861



	International Growth
	and Income Fund						Capital Income Builder						Asset Allocation Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2019*			2018			2019*			2018			2019*			2018
Operations:
Net investment income (loss)	$	26,374		$	37,077		$	13,043		$	18,120		$	273,674		$	495,623
Net realized gain (loss)		(16,375	)		19,646			(3,695	)		(12,903	)		(179,909	)		1,250,899
Net unrealized appreciation (depreciation)		184,237			(222,569	)		60,862			(53,867	)		2,657,371			(2,879,563	)

Net increase (decrease) in net assets resulting from operations		194,236			(165,846	)		70,210			(48,650	)		2,751,136			(1,133,041	)

Distributions paid to shareholders		(21,131	)		(35,982	)		(11,560	)		(20,515	)		(1,388,695	)		(1,587,775	)
Net capital share transactions		(75,980	)		77,119			105,759			149,988			1,182,887			(13,827	)

Total increase (decrease) in net assets		97,125			(124,709	)		164,409			80,823			2,545,328			(2,734,643	)
Net assets:
Beginning of period		1,337,258			1,461,967			675,280			594,457			22,925,451			25,660,094

End of period	$	1,434,383		$	1,337,258		$	839,689		$	675,280		$	25,470,779		$	22,925,451

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

See notes to financial statements.

128 American Funds Insurance Series

(dollars in thousands)


												Blue Chip Income						Global Growth
International Fund						New World Fund						and Growth Fund						and Income Fund						Growth-Income Fund
Six months						Six months						Six months						Six months						Six months
ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended
June 30,			December 31,			June 30,			December 31,			June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
2019*			2018			2019*			2018			2019*			2018			2019*			2018			2019*			2018

$	95,704		$	147,886		$	23,597		$	32,835		$	95,813		$	183,892		$	24,178		$	35,857		$	295,587		$	479,019
	(175,056	)		247,240			24,940			126,203			(876	)		687,384			9,673			99,872			405,597			3,357,516
	1,399,684			(1,741,754	)		519,912			(647,033	)		791,347			(1,602,222	)		311,272			(325,530	)		4,088,634			(4,232,991	)


	1,320,332			(1,346,628	)		568,449			(487,995	)		886,284			(730,946	)		345,123			(189,801	)		4,789,818			(396,456	)

	(259,623	)		(646,470	)		(134,170	)		(126,412	)		(725,337	)		(883,615	)		(107,451	)		(186,991	)		(3,457,660	)		(2,606,909	)

	(237,150	)		1,245,386			15,494			92,573			640,962			265,984			(359	)		90,220			2,772,999			2,175,138

	823,559			(747,712	)		449,773			(521,834	)		801,909			(1,348,577	)		237,313			(286,572	)		4,105,157			(828,227	)

	9,010,110			9,757,822			3,010,879			3,532,713			8,031,272			9,379,849			1,815,874			2,102,446			29,864,135			30,692,362

$	9,833,669		$	9,010,110		$	3,460,652		$	3,010,879		$	8,833,181		$	8,031,272		$	2,053,187		$	1,815,874		$	33,969,292		$	29,864,135



Global Balanced Fund						Bond Fund						Global Bond Fund						High-Income Bond Fund						Mortgage Fund
Six months						Six months						Six months						Six months						Six months
ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended
June 30,			December 31,			June 30,			December 31,			June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
2019*			2018			2019*			2018			2019*			2018			2019*			2018			2019*			2018

$	4,269		$	6,105		$	141,320		$	269,087		$	28,041		$	55,434		$	41,491		$	84,812		$	3,606		$	6,148
	11,128			3,576			97,214			(168,412	)		8,213			(11,729	)		(2,302	)		(24,544	)		5,782			(7,618	)
	32,030			(33,957	)		417,241			(164,842	)		97,913			(70,008	)		77,913			(86,196	)		2,421			2,541


	47,427			(24,276	)		655,775			(64,167	)		134,167			(26,303	)		117,102			(25,928	)		11,809			1,071

	(883	)		(9,700	)		(57,012	)		(267,421	)		(15,883	)		(56,130	)		(15,473	)		(79,933	)		(1,267	)		(6,505	)
	2,835			46,266			(14,203	)		(511,419	)		(46,920	)		(297,128	)		(25,236	)		(144,120	)		(10,756	)		(43,561	)

	49,379			12,290			584,560			(843,007	)		71,364			(379,561	)		76,393			(249,981	)		(214	)		(48,995	)

	366,189			353,899			9,854,687			10,697,694			2,088,017			2,467,578			1,203,899			1,453,880			291,175			340,170

$	415,568		$	366,189		$	10,439,247		$	9,854,687		$	2,159,381		$	2,088,017		$	1,280,292		$	1,203,899		$	290,961		$	291,175

American Funds Insurance Series 129

Statements of changes in net assets


							U.S. Government/						Managed Risk
	Ultra-Short Bond Fund						AAA-Rated Securities Fund						Growth Fund
	Six months						Six months						Six months
	ended			Year ended			ended			Year ended			ended			Year ended
	June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
	2019*			2018			2019*			2018			2019*			2018
Operations:
Net investment income (loss)	$	2,730		$	4,036		$	29,051		$	56,785		$	127		$	1,509
Net realized gain (loss)		–			–			81,814			(86,715	)		31,093			21,463
Net unrealized appreciation (depreciation)		(30	)		33			17,478			49,517			8,514			(26,917	)

Net increase (decrease) in net assets resulting from operations		2,700			4,069			128,343			19,587			39,734			(3,945	)

Distributions paid to shareholders		(1,000	)		(3,517	)		(11,348	)		(55,819	)		(29,127	)		(21,941	)
Net capital share transactions		(22,622	)		1,047			(71,510	)		(197,780	)		43,405			81,200

Total increase (decrease) in net assets		(20,922	)		1,599			45,485			(234,012	)		54,012			55,314
Net assets:
Beginning of period		306,404			304,805			2,869,303			3,103,315			343,273			287,959

End of period	$	285,482		$	306,404		$	2,914,788		$	2,869,303		$	397,285		$	343,273

*Unaudited.

See notes to financial statements.

130 American Funds Insurance Series

(dollars in thousands)


Managed Risk						Managed Risk Blue Chip						Managed Risk						Managed Risk
International Fund						Income and Growth Fund						Growth-Income Fund						Asset Allocation Fund
Six months						Six months						Six months						Six months
ended			Year ended			ended			Year ended			ended			Year ended			ended			Year ended
June 30,			December 31,			June 30,			December 31,			June 30,			December 31,			June 30,			December 31,
2019*			2018			2019*			2018			2019*			2018			2019*			2018

$	(64	)	$	2,317		$	553		$	5,276		$	4,331		$	2,685		$	4,847		$	62,566
	1,938			5,722			19,198			18,018			151,345			6,953			122,284			97,415
	14,816			(25,332	)		2,136			(49,299	)		61,024			(21,166	)		116,236			(366,555	)


	16,690			(17,293	)		21,887			(26,005	)		216,700			(11,528	)		243,367			(206,574	)

	(7,796	)		(3,428	)		(23,415	)		(23,525	)		(22,902	)		(12,352	)		(177,744	)		(242,968	)
	3,636			23,257			18,544			19,295			57,148			1,707,014			99,215			(1,462,371	)

	12,530			2,536			17,016			(30,235	)		250,946			1,683,134			164,838			(1,911,913	)

	150,959			148,423			336,669			366,904			1,892,102			208,968			2,542,497			4,454,410

$	163,489		$	150,959		$	353,685		$	336,669		$	2,143,048		$	1,892,102		$	2,707,335		$	2,542,497

American Funds Insurance Series 131


Notes to financial statements		unaudited

1. Organization

American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company with 28 different funds (the “funds”). Twenty-three funds in the series are covered in this report. The other five funds in the series, American Funds Insurance Series - Portfolio Series, are covered in a separate report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.

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

In 2009, shareholders approved the reorganization of the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objectives for each fund covered in this report are as follows:

Global Growth Fund – To provide long-term growth of capital.

Global Small Capitalization Fund – To provide long-term growth of capital.

Growth Fund – To provide growth of capital.

International Fund – To provide long-term growth of capital.

New World Fund – To provide long-term capital appreciation.

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

Global Growth and Income Fund – To provide long-term growth of capital while providing current income.

Growth-Income Fund – To achieve long-term growth of capital and income.

International Growth and Income Fund – To provide long-term growth of capital while providing current income.

Capital Income Builder – The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

Asset Allocation Fund – To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

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

Bond Fund – To provide as high a level of current income as is consistent with the preservation of capital.

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

High-Income Bond Fund – The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

132 American Funds Insurance Series

Mortgage Fund – To provide current income and preservation of capital.

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

U.S. Government/AAA-Rated Securities Fund – To provide a high level of current income consistent with preservation of capital.

Managed Risk Growth Fund – To provide growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk International Fund – To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Blue Chip Income and Growth Fund – To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

Managed Risk Growth-Income Fund – To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

Managed Risk Asset Allocation Fund – To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP“). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Security transactions and related investment income – Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Fees and expenses – The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.

Class allocations – Income, fees and expenses (other than class-specific fees and expenses) and realized and unrealized gains and losses are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

Distributions paid to shareholders – Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

American Funds Insurance Series 133

Currency translation – Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

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

Methods and inputs – The series’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

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


Fixed-income class		Examples of standard inputs

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

When the series’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

134 American Funds Insurance Series

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series’ investment adviser. The Government Cash Management Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The Capital Group Central Cash Fund (“CCF”) is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information. The 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.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series’ investment adviser are fair valued as determined in good faith under fair value guidelines adopted by authority of the series’ board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations and valuations of investments and futures that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure – The series’ board of trustees has delegated authority to the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.

The series’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews, including an annual control self-evaluation program facilitated by the investment adviser’s compliance group.

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

American Funds Insurance Series 135

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the funds’ valuation levels as of June 30, 2019 (dollars in thousands):

Global Growth Fund


	Investment securities

	Level 1		Level 2		Level 3		Total

Assets:
Common stocks:
Information technology	$	1,648,947	$	–		$–	$	1,648,947
Consumer discretionary		1,267,013		–		–		1,267,013
Financials		679,509		–		–		679,509
Health care		633,968		–		–		633,968
Communication services		508,193		–		–		508,193
Consumer staples		490,190		–		–		490,190
Industrials		464,248		–		–		464,248
Materials		170,817		11,082		–		181,899
Energy		135,909		–		–		135,909
Preferred securities		104,460		–		–		104,460
Short-term securities		177,735		–		–		177,735

Total	$	6,280,989	$	11,082		$–	$	6,292,071

Global Small Capitalization Fund


	Investment securities

	Level 1		Level 2		Level 3		Total

Assets:
Common stocks:
Health care	$	1,011,323	$	–	$	–	$	1,011,323
Information technology		783,557		–		–		783,557
Industrials		679,267		–		–		679,267
Consumer discretionary		548,212		681		–		548,893
Financials		372,313		–		514		372,827
Materials		190,108		–		–		190,108
Consumer staples		130,390		–		–		130,390
Communication services		130,259		–		–		130,259
Real estate		117,638		5,108		–		122,746
Energy		54,307		–		14,352		68,659
Utilities		49,580		–		–		49,580
Preferred securities		18,309		–		–		18,309
Short-term securities		382,979		–		–		382,979

Total	$	4,468,242	$	5,789	$	14,866	$	4,488,897

Growth Fund


	Investment securities

	Level 1		Level 2		Level 3		Total

Assets:
Common stocks:
Information technology	$	6,402,204	$	–	$	–	$	6,402,204
Communication services		4,737,928		–		–		4,737,928
Health care		4,072,084		–		37,000		4,109,084
Consumer discretionary		3,109,058		–		–		3,109,058
Financials		2,277,395		–		–		2,277,395
Industrials		1,765,089		11,838		–		1,776,927
Energy		858,522		–		–		858,522
Consumer staples		806,113		–		–		806,113
Materials		707,180		–		–		707,180
Real estate		487,175		–		–		487,175
Utilities		81,738		–		–		81,738
Short-term securities		1,050,782		–		–		1,050,782

Total	$	26,355,268	$	11,838		$37,000	$	26,404,106

136 American Funds Insurance Series

International Fund


	Investment securities

	Level 1		Level 2		Level 3		Total

Assets:
Common stocks:
Financials	$	1,607,025	$	61,763		$–	$	1,668,788
Industrials		1,576,060		–		–		1,576,060
Health care		1,094,499		–		–		1,094,499
Consumer discretionary		1,090,624		–		–		1,090,624
Materials		657,245		–		–		657,245
Information technology		649,673		–		–		649,673
Consumer staples		587,939		–		–		587,939
Energy		453,422		–		–		453,422
Communication services		433,758		–		–		433,758
Utilities		414,648		9,895		–		424,543
Real estate		231,726		–		–		231,726
Preferred securities		87,415		–		–		87,415
Rights & warrants		–		14,218		–		14,218
Bonds, notes & other debt instruments		–		65,239		–		65,239
Short-term securities		813,905		–		–		813,905

Total	$	9,697,939	$	151,115		$–	$	9,849,054


	Other investments*

	Level 1		Level 2		Level 3		Total

Assets:
Unrealized appreciation on open forward currency contracts		$–		$ 124		$–		$ 124
Liabilities:
Unrealized depreciation on open forward currency contracts		–		(340)		–		(340	)

Total		$–		$(216)		$–		$(216	)

*Forward currency contracts are not included in the investment portfolio.

New World Fund


	Investment securities

	Level 1		Level 2		Level 3		Total

Assets:
Common stocks:
Information technology	$	798,798	$	–		$ –	$	798,798
Financials		462,086		2,195		–		464,281
Energy		349,805		–		–		349,805
Consumer discretionary		325,213		–		–		325,213
Health care		284,801		–		–		284,801
Materials		282,415		–		–		282,415
Communication services		178,354		–		–		178,354
Consumer staples		173,282		–		–		173,282
Industrials		166,888		–		–		166,888
Real estate		29,356		3,700		26		33,082
Utilities		22,895		–		–		22,895
Preferred securities		82,131		–		–		82,131
Rights & warrants		–		18,404		–		18,404
Bonds, notes & other debt instruments		–		95,649		–		95,649
Short-term securities		150,800		22,827		–		173,627

Total	$	3,306,824	$	142,775		$26	$	3,449,625

Blue Chip Income and Growth Fund

At June 30, 2019, all of the fund’s investment securities were classified as Level 1.

American Funds Insurance Series 137

Global Growth and Income Fund


	Investment securities

	Level 1		Level 2			Level 3		Total

Assets:
Common stocks:
Information technology	$	300,949	$	–			$–	$	300,949
Financials		263,873		–			–		263,873
Industrials		255,304		–			–		255,304
Consumer discretionary		189,012		–			–		189,012
Communication services		172,302		–			–		172,302
Health care		169,333		–			–		169,333
Materials		157,542		–			–		157,542
Energy		133,001		–			–		133,001
Real estate		90,794		–			–		90,794
Consumer staples		89,440		–			–		89,440
Utilities		80,897		–			–		80,897
Preferred securities		8,125		–			–		8,125
Bonds, notes & other debt instruments		–		35,145			–		35,145
Short-term securities		88,640		–			–		88,640

Total	$	1,999,212	$	35,145			$–	$	2,034,357


	Other investments*

	Level 1		Level 2			Level 3		Total

Liabilities:
Unrealized depreciation on open forward currency contracts		$–		$	(94)		$–		$(94)

*Forward currency contracts are not included in the investment portfolio.

Growth-Income Fund


	Investment securities

	Level 1		Level 2		Level 3		Total

Assets:
Common stocks:
Information technology	$	5,165,778	$	–		$–	$	5,165,778
Health care		5,141,550		–		–		5,141,550
Financials		3,794,583		–		–		3,794,583
Industrials		3,754,219		–		–		3,754,219
Communication services		3,726,932		–		–		3,726,932
Consumer staples		2,686,282		–		–		2,686,282
Energy		2,395,661		–		–		2,395,661
Consumer discretionary		1,920,427		–		–		1,920,427
Materials		1,619,589		–		–		1,619,589
Utilities		687,090		–		–		687,090
Real estate		645,871		–		–		645,871
Mutual funds		54,750		–		–		54,750
Convertible stocks		99,581		–		–		99,581
Convertible bonds		–		7,112		–		7,112
Short-term securities		2,127,848		–		–		2,127,848

Total	$	33,820,161	$	7,112		$–	$	33,827,273

138 American Funds Insurance Series

International Growth and Income Fund


	Investment securities

	Level 1		Level 2		Level 3		Total

Assets:
Common stocks:
Financials	$	261,857	$	–		$–	$	261,857
Health care		183,056		–		–		183,056
Industrials		166,805		–		–		166,805
Energy		123,411		–		–		123,411
Real estate		109,943		–		–		109,943
Consumer discretionary		100,102		–		–		100,102
Materials		98,006		–		–		98,006
Utilities		84,829		–		–		84,829
Consumer staples		81,953		–		–		81,953
Information technology		62,060		–		–		62,060
Communication services		54,189		–		–		54,189
Preferred securities		17,882		–		–		17,882
Bonds, notes & other debt instruments		–		16,561		–		16,561
Short-term securities		64,951		5,254		–		70,205

Total	$	1,409,044	$	21,815		$–	$	1,430,859


	Other investments*

	Level 1		Level 2		Level 3		Total

Assets:
Unrealized appreciation on open forward currency contracts		$–		$5		$–		$5

*Forward currency contracts are not included in the investment portfolio.

Capital Income Builder


	Investment securities

	Level 1		Level 2		Level 3		Total

Assets:
Common stocks:
Information technology	$	80,425	$	–		$–	$	80,425
Consumer staples		76,231		–		–		76,231
Financials		72,505		–		–		72,505
Real estate		68,981		–		–		68,981
Energy		62,860		–		–		62,860
Communication services		42,892		–		–		42,892
Health care		41,406		–		–		41,406
Utilities		35,775		–		–		35,775
Consumer discretionary		35,366		–		–		35,366
Industrials		32,313		–		–		32,313
Materials		17,288		–		–		17,288
Convertible stocks		9,327		–		–		9,327
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		–		110,248		–		110,248
Mortgage-backed obligations		–		44,289		–		44,289
Corporate bonds & notes		–		26,961		–		26,961
Asset-backed obligations		–		8,357		–		8,357
Municipals		–		412		–		412
Short-term securities		68,566		–		–		68,566

Total	$	643,935	$	190,267		$–	$	834,202

American Funds Insurance Series 139


		Other investments*
	Level 1			Level 2			Level 3		Total

Assets:
Unrealized appreciation on futures contracts		$ 1,059			$ –			$–		$ 1,059
Unrealized appreciation on interest rate swaps		–			1,793			–		1,793
Liabilities:
Unrealized depreciation on futures contracts		(1,125	)		–			–		(1,125	)
Unrealized depreciation on interest rate swaps		–			(444	)		–		(444	)

Total		$ (66)			$1,349			$–		$ 1,283

*Futures contracts and interest rate swaps are not included in the investment portfolio.

Asset Allocation Fund


	Investment securities

	Level 1			Level 2			Level 3		Total

Assets:
Common stocks:
Information technology	$	3,765,115		$	–			$ 20	$	3,765,135
Financials		2,551,268			–			–		2,551,268
Health care		2,528,372			–			1,105		2,529,477
Industrials		1,470,379			–			–		1,470,379
Consumer discretionary		1,255,604			–			–		1,255,604
Energy		995,399			2,432			–		997,831
Consumer staples		979,664			–			–		979,664
Communication services		944,595			–			–		944,595
Materials		681,444			–			–		681,444
Real estate		220,771			–			–		220,771
Utilities		161,208			–			–		161,208
Rights & warrants		–			–			101		101
Convertible stocks		62,944			–			4,983		67,927
Convertible bonds		–			1,286			–		1,286
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		–			3,238,261			–		3,238,261
Corporate bonds & notes		–			2,735,565			11,362		2,746,927
Mortgage-backed obligations		–			1,543,099			–		1,543,099
Federal agency bonds & notes		–			12,852			–		12,852
Other		–			210,817			–		210,817
Short-term securities		2,629,116			–			–		2,629,116

Total	$	18,245,879		$	7,744,312			$17,571	$	26,007,762


	Other investments*

	Level 1			Level 2			Level 3		Total

Assets:
Unrealized appreciation on futures contracts		$18,387			$ –			$–		$18,387
Liabilities:
Unrealized depreciation on futures contracts		(7,975	)		–			–		(7,975	)
Unrealized depreciation on interest rate swaps		–			(9,381	)		–		(9,381	)

Total		$10,412			$(9,381	)		$–		$ 1,031

*Futures contracts and interest rate swaps are not included in the investment portfolio.

140 American Funds Insurance Series

Global Balanced Fund

Investment securities

Level 1

Level 2

Level 3

Total

Assets:

Common stocks:

Information technology

$ 47,450

$–

$ 47,450

Health care

42,399

–

42,399

Financials

35,425

–

35,425

Consumer staples

31,760

–

31,760

Industrials

27,404

–

27,404

Consumer discretionary

17,892

–

17,892

Materials

11,753

–

11,753

Energy

10,162

–

10,162

Communication services

9,215

–

9,215

Real estate

7,342

–

7,342

Utilities

5,050

–

5,050

Bonds, notes & other debt instruments:

Bonds & notes of governments & government agencies outside the U.S.

–

61,571

–

61,571

U.S. Treasury bonds & notes

–

53,633

–

53,633

Corporate bonds & notes

–

21,393

–

21,393

Mortgage-backed obligations

–

10,274

–

10,274

Short-term securities

21,438

896

–

22,334

Total

$267,290

$147,767

$–

$415,057

Other investments*

Level 1

Level 2

Level 3

Total

Assets:

Unrealized appreciation on futures contracts

$89

$ –

$–

$ 89

Unrealized appreciation on open forward currency contracts

–

102

–

102

Unrealized appreciation on interest rate swaps

–

Liabilities:

Unrealized depreciation on open forward currency contracts

–

(100

)

–

(100

)

Total

$89

$ 53

$–

$ 142

*Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

Bond Fund


	Investment securities

	Level 1		Level 2		Level 3		Total

Assets:
Bonds, notes & other debt instruments:
Corporate bonds & notes	$	–	$	3,484,974		$ –	$	3,484,974
U.S. Treasury bonds & notes		–		3,003,625		–		3,003,625
Mortgage-backed obligations		–		2,729,802		–		2,729,802
Bonds & notes of governments & government agencies outside the U.S.		–		581,913		–		581,913
Municipals		–		204,458		–		204,458
Asset-backed obligations		–		198,442		–		198,442
Federal agency bonds & notes		–		12,020		–		12,020
Common stocks		–		218		10		228
Rights & warrants		–		–		31		31
Short-term securities		1,034,921		52,775		–		1,087,696

Total	$	1,034,921	$	10,268,227		$41	$	11,303,189

American Funds Insurance Series 141


	Other investments*

	Level 1			Level 2			Level 3		Total

Assets:
Unrealized appreciation on futures contracts	$	50,129		$	–			$–	$	50,129
Unrealized appreciation on open forward currency contracts		–			4,506			–		4,506
Unrealized appreciation on interest rate swaps		–			1,366			–		1,366
Liabilities:
Unrealized depreciation on futures contracts		(12,139	)		–			–		(12,139	)
Unrealized depreciation on open forward currency contracts		–			(7,567	)		–		(7,567	)
Unrealized depreciation on interest rate swaps		–			(13,184	)		–		(13,184	)

Total	$	37,990		$	(14,879	)		$–	$	23,111

*Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

Global Bond Fund


	Investment securities

	Level 1		Level 2		Level 3		Total

Assets:
Bonds, notes & other debt instruments:
Euros		$ –		$ 341,361		$ –		$ 341,361
Japanese yen		–		276,684		–		276,684
Chinese yuan renminbi		–		67,355		–		67,355
Mexican pesos		–		67,026		–		67,026
Danish kroner		–		45,786		–		45,786
Indian rupees		–		39,690		–		39,690
Norwegian kroner		–		35,364		–		35,364
British pounds		–		27,643		–		27,643
South African rand		–		27,252		–		27,252
Thai baht		–		22,820		–		22,820
Indonesian rupiah		–		21,296		–		21,296
Israeli shekels		–		20,628		–		20,628
Polish zloty		–		20,594		–		20,594
Colombian pesos		–		11,464		–		11,464
U.S. dollars		–		886,429		450		886,879
Other		–		78,758		–		78,758
Convertible bonds		–		102		–		102
Convertible stocks		–		–		847		847
Common stocks		251		417		3		671
Rights & warrants		–		–		17		17
Short-term securities		94		153,323		–		153,417

Total		$ 345		$2,143,992		$1,317		$2,145,654


	Other investments*

	Level 1		Level 2		Level 3		Total

Assets:
Unrealized appreciation on futures contracts		$ 2,738		$ –		$–		$ 2,738
Unrealized appreciation on open forward currency contracts		–		2,437		–		2,437
Unrealized appreciation on interest rate swaps		–		1,351		–		1,351
Liabilities:
Unrealized depreciation on futures contracts		(1,424)		–		–		(1,424	)
Unrealized depreciation on open forward currency contracts		–		(2,882)		–		(2,882	)

Total		$ 1,314		$ 906		$–		$ 2,220

*Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

142 American Funds Insurance Series

High-Income Bond Fund


	Investment securities

	Level 1		Level 2			Level 3		Total

Assets:
Bonds, notes & other debt instruments:
Corporate bonds & notes	$	–	$	1,178,025		$	9,653	$	1,187,678
Municipals		–		94			–		94
Convertible bonds		–		7,108			–		7,108
Convertible stocks		890		–			4,834		5,724
Preferred securities		–		2,292			–		2,292
Common stocks		3,421		2,642			2,624		8,687
Rights & warrants		–		3			109		112
Short-term securities		69,689		–			–		69,689

Total	$	74,000	$	1,190,164		$	17,220	$	1,281,384


	Other investments¹

	Level 1		Level 2			Level 3		Total

Liabilities:
Unrealized depreciation on credit default swaps		$–		$(284	)		$–		$(284)

¹Credit 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 six months ended June 30, 2019 (dollars in thousands):

Beginning

Transfers

Net

Transfers

Ending

value at

into

realized

Unrealized

out of

value at

1/1/2019

Level 3²

Purchases

Sales

gain³

depreciation³

Level 3²

6/30/2019

Investment securities

$17,537

$–

$491

(331

)

$16

(473

)

(20

)

$17,220

Net unrealized depreciation during the period on Level 3 investment securities held at June 30, 2019

$ (474)

²Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred.

³Net realized gain and unrealized depreciation are included in the related amounts on investments in the statement of operations.

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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):

Impact to

valuation from

Value at

Valuation

Unobservable

Weighted

an increase in

6/30/2019

techniques

inputs

Range

average

input*

Bonds, notes & other debt instruments

$9,653

Yield analysis

Yield to maturity risk premium

0-400 bps

313 bps

Decrease

Convertible stocks

4,834

Multiple of revenue

Revenue multiple

0.87x

Increase

Inputs to market

comparables and

transaction price

Weight ascribed to market comparables

50%

N/A

Weight ascribed to transaction price

50%

N/A

Common stocks

2,624

Market comparable

companies

EBITDA multiple

4.7x

Increase

Discount for lack of marketability

27%

Decrease

Multiple of revenue

Revenue multiple

1.3x

Increase

Expected proceeds

Discount to reflect timing of receipt and amount of proceeds

50%

Decrease

Rights & warrants

109

Black-Scholes

Implied volatility

30%

Increase

$17,220

*This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

Key to abbreviation

EBITDA = Earnings before income taxes, depreciation and amortization

Mortgage Fund


				Investment securities

	Level 1			Level 2			Level 3		Total

Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations		$–		$	216,347			$ –	$	216,347
U.S. Treasury bonds & notes		–			28,491			–		28,491
Federal agency bonds & notes		–			18,848			–		18,848
Asset-backed obligations		–			10,075			–		10,075
Corporate bonds & notes		–			–			27		27
Short-term securities		–			20,740			–		20,740
Total		$–		$	294,501			$27	$	294,528


	Other investments*

	Level 1			Level 2			Level 3		Total

Assets:
Unrealized appreciation on futures contracts		$2,209			$ –			$–		$ 2,209
Unrealized appreciation on interest rate swaps		–			2,613			–		2,613
Liabilities:
Unrealized depreciation on futures contracts		(5	)		–			–		(5	)
Unrealized depreciation on interest rate swaps		–			(4,884	)		–		(4,884	)
Total		$2,204			$(2,271	)		$–		$ (67	)

*Futures contracts and interest rate swaps are not included in the investment portfolio.

Ultra-Short Bond Fund

At June 30, 2019, all of the fund’s investment securities were classified as Level 2.

144 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund


	Investment securities

	Level 1			Level 2			Level 3		Total

Assets:
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		$–		$	1,379,808			$–	$	1,379,808
Mortgage-backed obligations		–			782,101			–		782,101
Federal agency bonds & notes		–			598,890			–		598,890
Short-term securities		–			210,821			–		210,821

Total		$–		$	2,971,620			$–	$	2,971,620


	Other investments*

	Level 1			Level 2			Level 3		Total

Assets:
Unrealized appreciation on futures contracts		$25,747			$ –			$–		$ 25,747
Unrealized appreciation on interest rate swaps		–			36,665			–		36,665
Liabilities:
Unrealized depreciation on futures contracts		(1,612	)		–			–		(1,612	)
Unrealized depreciation on interest rate swaps		–			(62,787	)		–		(62,787	)

Total		$24,135			$(26,122	)		$–		$ (1,987	)

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

Managed Risk Growth Fund

At June 30, 2019, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund

At June 30, 2019, all of the fund’s investments were classified as Level 1.

Managed Risk Blue Chip Income and Growth Fund

At June 30, 2019, all of the fund’s investments were classified as Level 1.

Managed Risk Growth-Income Fund

At June 30, 2019, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

At June 30, 2019, all of the fund’s investments were classified as Level 1.

4. Risk factors

Investing in the funds may involve certain risks including, but not limited to, those described below.

Market conditions – The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Issuer risks – The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation against the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in growth-oriented stocks – Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

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Investing in income-oriented stocks – The value of a fund’s securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

Investing in small companies – Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

Investing outside the U.S. – Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting practices and different regulatory, legal and reporting standards and practices, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Investing in developing countries – Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, emerging market countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in emerging markets – Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries may have less developed legal and accounting systems than those in developed countries. The governments of these countries may be less stable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect the prices of securities. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in debt instruments – The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

146 American Funds Insurance Series

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. A downgrade or default affecting any of a fund’s securities could cause the value of a fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.

Investing in lower rated debt instruments – Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in derivatives – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose a fund to losses in excess of its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund’s returns and increase a fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction.

Currency – The prices of, and the income generated by, most debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.

Investing in mortgage-related and other asset-backed securities – Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from or more acute than the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

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

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

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

American Funds Insurance Series 147

Investing in securities backed by the U.S. government – Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

Investing in repurchase agreements – Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

Interest rate risk – The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, given the current low interest rate environment, risks associated with rising rates are currently heightened.

Credit and liquidity support – Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

Asset allocation – A fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

Nondiversification risk – As nondiversified funds, certain funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. Although the funds do not intend to limit their investments to the securities of a small number of issuers, if they were to do so, poor performance by a single large holding could adversely impact the funds’ investment results more than if the funds were invested in a larger number of issuers.

Liquidity risk – Certain fund holdings may be or become difficult or impossible to sell, particularly during times of market turmoil. Illiquidity may result from the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.

Management – The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

Fund structure – The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy.

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

148 American Funds Insurance Series

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

Investing in options and futures contracts – In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could be exposed to the risk of loss. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

Hedging – There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

Short positions – A fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

5. Certain investment techniques

Securities lending – Global Small Capitalization Fund has entered into securities lending transactions in which the fund earns income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a

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portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

As of June 30, 2019, the total value of securities on loan was $158,280,000, and the total value of collateral received was $164,904,000. Collateral received included cash of $132,644,000 and non-cash U.S. Government securities of $32,260,000. Investment securities purchased from cash collateral of $119,380,000 are disclosed in the summary investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

Index-linked bonds – Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

Mortgage dollar rolls – Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the funds’ portfolio turnover rates.

Loan transactions – Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

Short-term securities – The managed risk funds hold shares of the Government Cash Management Fund, a cash management vehicle offered by the Bank of New York Mellon (“BNY Mellon”), the funds’ custodian bank. The Government Cash Management Fund is managed by the Dreyfus Corporation.

Options contracts – The Managed Risk Growth-Income Fund has entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of its managed risk strategy, the Managed Risk Growth-Income Fund will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the fund obtains the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the fund pays the current market price, or the option premium, for the option.

The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire premium. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities in the fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in the fund’s statement of operations.

Futures contracts – Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, 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

150 American Funds Insurance Series

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. Securities deposited as initial margin, if any, are disclosed in the investment portfolio and cash deposited as initial margin, if any, is reflected as restricted cash pledged for futures contracts in the fund’s statement of assets and liabilities.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.

Forward currency contracts – Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series’ investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series’ investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s statement of operations.

Interest rate swaps – Some of the funds have entered into interest rate swaps, which are agreements to exchange one stream of future interest payments for another based on a specified notional amount. Typically, interest rate swaps exchange a fixed interest rate for a payment that floats relative to a benchmark or vice versa. The series’ investment adviser uses interest rate swaps to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. Risks may arise as a result of the series’ investment adviser incorrectly anticipating changes in interest rates, increased volatility, reduced liquidity and the potential inability of counterparties to meet the terms of their agreements.

Upon entering into an interest rate swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular interest rate swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, the series’ investment adviser records daily interest accruals related to the exchange of future payments as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the interest rate swaps, including accrued interest, and records variation margin on interest rate swaps in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the interest rate swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from interest rate swaps are recorded in each fund’s statement of operations.

Credit default swap indices – Some of the funds have entered into centrally cleared credit default swap agreements on credit indices (“CDSI”) that involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified return upon the occurrence of a credit event, such as a default or restructuring, with respect to any of the underlying issuers (reference obligations) in the referenced index. The series’ investment adviser uses credit default swaps to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks.

CDSI are portfolios of credit instruments or exposures designed to be representative of some part of the credit market, such as the high-yield or investment-grade credit market. CDSI are generally traded using standardized terms, including a fixed spread and standard maturity dates, and reference all the names in the index. If there is a credit event, it is settled based on that name’s weight in the index. The composition of the underlying issuers or obligations within a particular index may change periodically, usually every six months. A specified credit event may affect all or individual underlying reference obligations included in the index, and will be settled based upon the relative weighting of the affected obligation(s) within the index. The value of each CDSI can be used as a measure of the current payment/performance risk of the CDSI and represents the likelihood of an expected liability or profit should the notional amount of the CDSI be closed or sold as of the period end. An increasing value, as compared to the notional amount of the CDSI,

American Funds Insurance Series 151

represents a deterioration of the referenced indices’ credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. When a fund provides sell protection, its maximum exposure is the notional amount of the credit default swap agreement.

Upon entering into a centrally cleared CDSI contract, the fund is required to deposit with a derivatives clearing member (“DCM”) in a segregated account in the name of the DCM an amount of cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular credit default swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract. Securities deposited as initial margin are designated on the investment portfolio.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the centrally cleared swaps, and records variation margin in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from credit default swaps are recorded in each fund’s statement of operations.

The following table presents the average month-end notional amounts of options purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

Options

purchased

Futures
contracts

Forwards

Interest
rate
Swaps

Credit
Default
Swaps

International Fund

Not applicable

$ 62,955

Not applicable

New World Fund

Not applicable

12,089

Not applicable

Global Growth and Income Fund

Not applicable

7,516

Not applicable

International Growth and Income Fund

Not applicable

1,582

Not applicable

Capital Income Builder

Not applicable

$ 159,367

Not applicable

$ 282,002

Not applicable

Asset Allocation Fund

Not applicable

1,363,592

Not applicable

1,029,617

Not applicable

Global Balanced Fund

Not applicable

13,222

24,216

62,509

Not applicable

Bond Fund

Not applicable

3,441,054

687,325

1,223,097

Not applicable

Global Bond Fund

Not applicable

405,232

751,208

1,050,454

Not applicable

High-Income Bond Fund

Not applicable

34,644

$69,305

Mortgage Fund

Not applicable

152,083

Not applicable

422,087

Not applicable

U.S. Government/AAA-Rated Securities Fund

Not applicable

2,866,388

Not applicable

13,229,823

Not applicable

Managed Risk Growth Fund

Not applicable

53,799

Not applicable

Managed Risk International Fund

Not applicable

186,094

Not applicable

Managed Risk Blue Chip Income and Growth Fund

Not applicable

45,963

Not applicable

Managed Risk Growth-Income Fund

$216,765

201,777

Not applicable

Managed Risk Asset Allocation Fund

Not applicable

338,197

Not applicable

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

152 American Funds Insurance Series

The following tables identify the location and fair value amounts on the funds’ statements of assets and liabilities and the effect on the funds’ statements of operations resulting from the funds’ use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the six months ended June 30, 2019 (dollars in thousands):

International Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

$124

Unrealized depreciation on open forward currency contracts

$340

Net realized loss

Net unrealized appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Forward currency

Currency

Net realized loss on forward currency contracts

$(999)

Net unrealized appreciation on forward currency contracts

$309

New World Fund

Net realized gain

Net unrealized depreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Forward currency

Currency

Net realized gain on forward currency contracts

$303

Net unrealized depreciation on forward currency contracts

$(303

)

Global Growth and Income Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

$–

Unrealized depreciation on open forward currency contracts

$94

Net realized gain

Net unrealized depreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Forward currency

Currency

Net realized gain on forward currency contracts

$493

Net unrealized depreciation on forward currency contracts

$(445

)

See end of tables for footnotes.

American Funds Insurance Series 153

International Growth and Income Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

Unrealized depreciation on open forward currency contracts

$–

Net realized gain

Net unrealized appreciation

Contracts

Risk type

Location on statement of

operations

Value

Location on statement of
operations

Value

Forward currency

Currency

Net realized gain on forward currency contracts

$24

Net unrealized appreciation on forward currency contracts

Capital Income Builder

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

$1,059

Unrealized depreciation¹

$1,125

Swap

Interest

Unrealized appreciation¹

1,793

Unrealized depreciation¹

444

$2,852

$1,569

Net realized (loss) gain

Net unrealized (depreciation) appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of operations

Value

Futures

Interest

Net realized loss on futures contracts

$(194

)

Net unrealized depreciation on futures contracts

$(495

)

Swap

Interest

Net realized gain on swap contracts

230

Net unrealized appreciation on swap contracts

1,349

$ 36

$ 854

Asset Allocation Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

$18,387

Unrealized depreciation¹

$ 7,975

Swap

Interest

Unrealized appreciation¹

–

Unrealized depreciation¹

9,381

$18,387

$17,356

Net realized gain (loss)

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

$12,523

Net unrealized appreciation on futures contracts

$ 5,251

Swap

Interest

Net realized loss on swap contracts

(12,336

)

Net unrealized depreciation on swap contracts

(5,824

)

$ 187

$ (573

)

154 American Funds Insurance Series

Global Balanced Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of

assets and liabilities

Value

Location on statement of

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

$ 89

Unrealized depreciation¹

$ –

Forward currency

Currency

Unrealized appreciation on open

forward currency contracts

102

Unrealized depreciation on open forward currency contracts

100

Swap

Interest

Unrealized appreciation¹

Unrealized depreciation¹

–

$242

$100

Net realized gain (loss)

Net unrealized (depreciation) appreciation

Contracts

Risk type

Location on statement of

operations

Value

Location on statement of

operations

Value

Futures

Interest

Net realized gain on futures contracts

$ 509

Net unrealized depreciation on futures contracts

$ (91)

Forward currency

Currency

Net realized loss on forward currency contracts

(206

)

Net unrealized depreciation on forward currency contracts

(80

)

Swap

Interest

Net realized loss on swap contracts

(20

)

Net unrealized appreciation on swap contracts

$ 283

$(125)

Bond Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of

assets and liabilities

Value

Location on statement of

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

$50,129

Unrealized depreciation¹

$12,139

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

4,506

Unrealized depreciation on open forward currency contracts

7,567

Swap

Interest

Unrealized appreciation¹

1,366

Unrealized depreciation¹

13,184

$56,001

$32,890

Net realized gain (loss)

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of

operations

Value

Location on statement of

operations

Value

Futures

Interest

Net realized gain on futures contracts

$31,573

Net unrealized appreciation on futures contracts

18,382

Forward currency

Currency

Net realized loss on forward currency contracts

(10,249

)

Net unrealized appreciation on forward currency contracts

6,210

Swap

Interest

Net realized loss on swap contracts

(14,206

)

Net unrealized depreciation on swap contracts

(12,045

)

Swap

Credit

Net realized loss on swap contracts

(342

)

Net unrealized appreciation on swap contracts

–

$ 6,776

12,547

See end of tables for footnotes.

American Funds Insurance Series 155

Global Bond Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of

assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

$2,738

Unrealized depreciation¹

$1,424

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

2,437

Unrealized depreciation on open forward currency contracts

2,882

Swap

Interest

Unrealized appreciation¹

1,351

Unrealized depreciation¹

–

$6,526

$4,306

Net realized gain (loss)

Net unrealized (depreciation) appreciation

Contracts

Risk type

Location on statement of

operations

Value

Location on statement of

operations

Value

Futures

Interest

Net realized gain on futures contracts

12,050

Net unrealized depreciation on futures contracts

(2,957

)

Forward currency

Currency

Net realized gain on forward currency contracts

2,707

Net unrealized depreciation on forward currency contracts

(7,363

)

Swap

Interest

Net realized loss on swap contracts

(202

)

Net unrealized appreciation on swap contracts

1,300

14,555

(9,020

)

High-Income Bond Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of

assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Swap

Credit

Unrealized appreciation¹

–

Unrealized depreciation¹

$284

Net realized loss

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of

operations

Value

Location on statement of
operations

Value

Swap

Interest

Net realized loss on swap contracts

$(268)

Net unrealized appreciation on swap contracts

$ 224

Swap

Credit

Net realized loss on swap contracts

(127)

Net unrealized depreciation on swap contracts

(1,828

)

$(395)

$(1,604

)

Mortgage Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of

assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

$2,209

Unrealized depreciation¹

$ 5

Swap

Interest

Unrealized appreciation¹

2,613

Unrealized depreciation¹

4,884

$4,822

$4,889

156 American Funds Insurance Series

Net realized gain

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of

operations

Value

Location on statement of

operations

Value

Futures

Interest

Net realized gain on futures contracts

$3,551

Net unrealized appreciation on futures contracts

$ 305

Swap

Interest

Net realized gain on swap contracts

1,067

Net unrealized depreciation on swap contracts

(3,465

)

$4,618

$(3,160

)

U.S. Government/AAA-Rated Securities Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of

assets and liabilities

Value

Location on statement of

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

25,747

Unrealized depreciation¹

$ 1,612

Swap

Interest

Unrealized appreciation¹

36,665

Unrealized depreciation¹

62,787

62,412

$64,399

Net realized gain

Net unrealized depreciation

Contracts

Risk type

Location on statement of

operations

Value

Location on statement of

operations

Value

Futures

Interest

Net realized gain on futures contracts

55,917

Net unrealized depreciation on futures contracts

(3,315

)

Swap

Interest

Net realized gain on swap contracts

6,764

Net unrealized depreciation on swap contracts

(45,476

)

62,681

(48,791

)

Managed Risk Growth Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of

assets and liabilities

Value

Location on statement of

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

$171

Unrealized depreciation¹

$–

Net realized (loss) gain

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of

operations

Value

Location on statement of

operations

Value

Futures

Currency

Net realized loss on futures contracts

$ (53

)

Net unrealized appreciation on futures contracts

$ 45

Futures

Equity

Net realized loss on futures contracts

(5,316

)

Net unrealized depreciation on futures contracts

(4,022

)

Futures

Interest

Net realized gain on futures contracts

2,166

Net unrealized depreciation on futures contracts

(1,743

)

$(3,203

)

$(5,720

)

See end of tables for footnotes.

American Funds Insurance Series 157

Managed Risk International Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of

assets and liabilities

Value

Location on statement of

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

$77

Unrealized depreciation¹

$–

Net realized (loss) gain

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of

operations

Value

Location on statement of

operations

Value

Futures

Currency

Net realized loss on futures contracts

(297

)

Net unrealized appreciation on futures contracts

278

Futures

Equity

Net realized loss on futures contracts

(1,420

)

Net unrealized depreciation on futures contracts

(882

)

Futures

Interest

Net realized gain on futures contracts

621

Net unrealized depreciation on futures contracts

(538

)

(1,096

)

(1,142

)

Managed Risk Blue Chip Income and Growth Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of

assets and liabilities

Value

Location on statement of

assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

$124

Unrealized depreciation¹

$–

Net realized (loss) gain

Net unrealized appreciation (depreciation)

Contracts

Risk type

Location on statement of

operations

Value

Location on statement of

operations

Value

Futures

Currency

Net realized loss on futures contracts

(27

)

Net unrealized appreciation on futures contracts

Futures

Equity

Net realized loss on futures contracts

(5,702

)

Net unrealized depreciation on futures contracts

(3,946

)

Futures

Interest

Net realized gain on futures contracts

2,075

Net unrealized depreciation on futures contracts

(1,741

)

(3,654

)

(5,657

)

Managed Risk Growth-Income Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of

assets and liabilities

Value

Location on statement of

assets and liabilities

Value

Options purchased

Equity

Investment securities from unaffiliated issuers²

$4,101

Investment securities from unaffiliated issuers²

$–

Futures

Equity

Unrealized appreciation¹

836

Unrealized depreciation¹

–

Futures

Interest

Unrealized appreciation¹

1,476

Unrealized depreciation¹

–

$6,413

$–

158 American Funds Insurance Series


		Net realized (loss) gain				Net unrealized (depreciation) appreciation

Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value


Options purchased	Equity	Net realized loss on options purchased contracts³	$	(7,604	)	Net unrealized depreciation on options purchased contracts⁴	$	(11,249	)

Futures	Currency	Net realized loss on futures contracts		(716	)	Net unrealized appreciation on futures contracts		497

Futures	Equity	Net realized loss on futures contracts		(20,075	)	Net unrealized depreciation on futures contracts		(3,049	)

Futures	Interest	Net realized gain on futures contracts		6,741		Net unrealized depreciation on futures contracts		(5,443	)

			$	(21,654	)		$	(19,244	)


Managed Risk Asset Allocation Fund

		Assets				Liabilities

Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value


Futures	Interest	Unrealized appreciation¹	$	1,321		Unrealized depreciation¹		$–

		Net realized (loss) gain				Net unrealized appreciation (depreciation)

Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value


Futures	Currency	Net realized loss on futures contracts	$	(232	)	Net unrealized appreciation on futures contracts	$	182

Futures	Equity	Net realized loss on futures contracts		(22,682	)	Net unrealized depreciation on futures contracts		(17,157	)

Futures	Interest	Net realized gain on futures contracts		8,058		Net unrealized depreciation on futures contracts		(7,027	)

			$	(14,856	)		$	(24,002	)

¹	Includes cumulative appreciation/depreciation on futures contracts, interest rate swaps and/or credit default swaps as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within the statements of assets and liabilities.

²	Includes options purchased as reported in the fund’s investment portfolio.

³	Options purchased are included in net realized gain (loss) on unaffiliated investments.

⁴	Options purchased are included in net unrealized appreciation (depreciation) on unaffiliated investments.

Collateral – Some funds participate in a collateral program that calls for the funds to either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The purpose of the collateral is to cover potential losses that could occur in the event that the borrower cannot meet its contractual obligation. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, interest rate swaps and credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled forward currency contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash in each fund’s statement of assets and liabilities.

Rights of offset – Funds that hold forward currency contracts have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party’s payment obligation. If an early termination date occurs under these agreements following an event

American Funds Insurance Series 159

of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting“). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The following tables present each fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the funds’ statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds’ statement of assets and liabilities as of June 30, 2019, if close-out netting was exercised (dollars in thousands):

International Fund

Gross amounts not offset in the

Gross amounts

recognized in the

statement of assets

and liabilities

statement of assets and liabilities and

subject to a master netting agreement

Counterparty

Available
to offset

Non-cash
collateral*

Cash
collateral*

Net
amount

Assets:

Citibank

$ 72

$(6

)

$–

$ (66

)

$ –

Morgan Stanley

–

Total

$124

$(6

)

$–

$ (66

)

$52

Liabilities:

Citibank

$ 6

$(6

)

$–

$ –

JPMorgan Chase

334

–

(334

)

–

Total

$340

$(6

)

$–

$(334

)

$ –

Global Growth and Income Fund

Gross amounts not offset in the

Gross amounts

recognized in the

statement of assets
and liabilities

statement of assets and liabilities and

subject to a master netting agreement

Counterparty

Available
to offset

Non-cash
collateral*

Cash
collateral*

Net
amount

Liabilities:

JPMorgan Chase

$94

$–

$94

International Growth and Income Fund

Gross amounts not offset in the

Gross amounts

recognized in the

statement of assets

and liabilities

statement of assets and liabilities and

subject to a master netting agreement

Counterparty

Available
to offset

Non-cash
collateral*

Cash
collateral*

Net
amount

Assets:

Morgan Stanley

$–

160 American Funds Insurance Series

Global Balanced Fund


			Gross amounts not offset in the
	Gross amounts recognized in the statement of assets and liabilities		statement of assets and liabilities and
			subject to a master netting agreement
			Available			Non-cash		Cash		Net
Counterparty			to offset			collateral*		collateral*		amount


Assets:
Bank of America, N.A.		$ 9		$ (3	)		$–		$–		$ 6
Citibank		16		(8	)		–		–		8
Goldman Sachs		14		(8	)		–		–		6
HSBC Bank		29		(29	)		–		–		–
JPMorgan Chase		22		(10	)		–		–		12
Morgan Stanley		10		(10	)		–		–		–
Standard Chartered Bank		2		(2	)		–		–		–

Total		$102		$(70	)		$–		$–		$32

Liabilities:
Bank of America, N.A.		$ 3		$ (3	)		$–		$–		$ –
Bank of New York Mellon		1		–			–		–		1
Citibank		8		(8	)		–		–		–
Goldman Sachs		8		(8	)		–		–		–
HSBC Bank		35		(29	)		–		–		6
JPMorgan Chase		10		(10	)		–		–		–
Morgan Stanley		11		(10	)		–		–		1
Standard Chartered Bank		24		(2	)		–		–		22

Total		$100		$(70	)		$–		$–		$30

Bond Fund


			Gross amounts not offset in the
	Gross amounts recognized in the statement of assets and liabilities		statement of assets and liabilities and
			subject to a master netting agreement
			Available			Non-cash			Cash		Net
Counterparty			to offset			collateral*			collateral*		amount


Assets:
Bank of America, N.A.		$2,014		$(1,029	)		$ (985	)		$–		$ –
Citibank		2,492		(2,492	)		–			–		–

Total		$4,506		$(3,521	)		$ (985	)		$–		$ –

Liabilities:
Bank of America, N.A.		$1,029		$(1,029	)		$ –			$–		$ –
Citibank		4,066		(2,492	)		(1,574	)		–		–
Goldman Sachs		1,821		–			(1,821	)		–		–
HSBC Bank		43		–			–			–		43
JPMorgan Chase		298		–			(298	)		–		–
Morgan Stanley		310		–			(310	)		–		–

Total		$7,567		$(3,521	)		$(4,003	)		$–		$43

See end of tables for footnote.

American Funds Insurance Series 161

Global Bond Fund


			Gross amounts not offset in the
	Gross amounts recognized in the statement of assets and liabilities		statement of assets and liabilities and
			subject to a master netting agreement
			Available			Non-cash			Cash			Net
Counterparty			to offset			collateral*			collateral*			amount


Assets:
Bank of America, N.A.		$ 209		$ (149	)		$ (60	)		$ –			$ –
Citibank		258		(258	)		–			–			–
Goldman Sachs		433		(313	)		–			–			120
HSBC Bank		322		(322	)		–			–			–
JPMorgan Chase		660		(182	)		–			(290	)		188
Morgan Stanley		239		(239	)		–			–			–
Standard Chartered Bank		212		(212	)		–			–			–
UBS AG		104		–			–			–			104

Total		$2,437		$(1,675	)		$ (60	)		$(290	)		$412

Liabilities:
Bank of America, N.A.		$ 149		$ (149	)		$ –			$ –			$ –
Bank of New York Mellon		6		–			–			–			6
Citibank		673		(258	)		(303	)		–			112
Goldman Sachs		313		(313	)		–			–			–
HSBC Bank		683		(322	)		(282	)		–			79
JPMorgan Chase		182		(182	)		–			–			–
Morgan Stanley		393		(239	)		(149	)		–			5
Standard Chartered Bank		483		(212	)		(269	)		–			2

Total		$2,882		$(1,675	)		$(1,003	)		$ –			$204

*Collateral is shown on a settlement basis.

6. Taxation and distributions

Federal income taxation – Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended June 30, 2019, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

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

Non-U.S. taxation – Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions – Distributions paid to shareholders are based on each fund’s net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

162 American Funds Insurance Series

Additional tax basis disclosures for each fund are as follows (dollars in thousands):


				Global												Blue Chip
	Global			Small									New			Income and
	Growth			Capitalization			Growth			International			World			Growth
	Fund			Fund			Fund			Fund			Fund			Fund
As of December 31, 2018:
Undistributed ordinary income	$	8,660		$	49,672		$	198,816		$	15,101		$	6,466		$	36,690
Undistributed long-term capital gains		343,497			226,394			2,617,605			244,466			127,685			688,634
As of June 30, 2019:
Gross unrealized appreciation on investments		2,498,042			1,100,893			10,252,267			2,414,395			795,153			1,868,094
Gross unrealized depreciation on investments		(179,515	)		(202,349	)		(367,944	)		(578,588	)		(95,536	)		(365,708	)
Net unrealized appreciation (depreciation) on investments		2,318,527			898,544			9,884,323			1,835,807			699,617			1,502,386
Cost of investments		3,973,544			3,590,353			16,519,783			8,013,031			2,750,008			7,401,972

	Global						International
	Growth			Growth-			Growth			Capital			Asset			Global
	and Income			Income			and Income			Income			Allocation			Balanced
	Fund			Fund			Fund			Builder			Fund			Fund
As of December 31, 2018:
Undistributed ordinary income	$	6,636		$	252,809		$	21,126		$	1,595		$	110,523		$	541
Undistributed long-term capital gains		100,790			3,204,751			–			–			1,278,077			353
Capital loss carryforward*		–			–			–			(13,776	)		–			–
As of June 30, 2019:
Gross unrealized appreciation on investments		535,307			9,638,352			253,242			76,501			5,761,019			64,481
Gross unrealized depreciation on investments		(38,478	)		(1,067,251	)		(99,719	)		(38,015	)		(627,910	)		(9,001	)
Net unrealized appreciation (depreciation) on investments		496,829			8,571,101			153,523			38,486			5,133,109			55,480
Cost of investments		1,537,434			25,256,172			1,277,341			796,999			20,875,684			359,719

																U.S.
							High-									Government/
				Global			Income						Ultra-Short			AAA-Rated
	Bond			Bond			Bond			Mortgage			Bond			Securities
	Fund			Fund			Fund			Fund			Fund			Fund
As of December 31, 2018:
Undistributed ordinary income	$	56,980		$	15,875		$	15,462		$	1,266		$	999		$	11,344
Capital loss carryforward*		(159,206	)		(3,784	)		(160,099	)		(6,175	)		–			(52,033	)
As of June 30, 2019:
Gross unrealized appreciation on investments		380,851			82,288			19,449			7,835			9			87,477
Gross unrealized depreciation on investments		(81,535	)		(30,531	)		(56,117	)		(5,220	)		(47	)		(66,037	)
Net unrealized appreciation (depreciation) on investments		299,316			51,757			(36,668	)		2,615			(38	)		21,440
Cost of investments		11,026,984			2,096,117			1,321,265			291,846			285,230			2,948,193

See end of tables for footnote.

American Funds Insurance Series 163


					Managed			Managed			Managed
	Managed		Managed		Risk Blue			Risk			Risk
	Risk		Risk		Chip Income			Growth-			Asset
	Growth		International		and Growth			Income			Allocation
	Fund		Fund		Fund			Fund			Fund

As of December 31, 2018:
Undistributed ordinary income	$	2,543	$	2,983	$	5,577		$	6,359		$	62,616
Undistributed long-term capital gains		26,579		4,809		17,833			16,511			115,113
As of June 30, 2019:
Gross unrealized appreciation on investments		1,969		1,425		1,398			58,266			80,042
Gross unrealized depreciation on investments		–		–		(20,122	)		(10,238	)		–
Net unrealized appreciation (depreciation) on investments		1,969		1,425		(18,724	)		48,028			80,042
Cost of investments		395,653		162,251		372,751			2,095,335			2,630,305

Capital loss carryforwards will be used to offset any capital gains realized by the fund in the current year or in subsequent years. The fund will not make distributions from capital gains while a capital loss carryforward remains.

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

Global Growth Fund


	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$3,637		$121,251		$124,888		$28,611		$134,884		$163,495
Class 1A		9		367		376		47		273		320
Class 2		4,707		204,481		209,188		41,238		251,323		292,561
Class 4		311		17,408		17,719		2,414		16,024		18,438

Total		$8,664		$343,507		$352,171		$72,310		$402,504		$474,814

Global Small Capitalization Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$21,934		$ 97,912		$119,846		$21,329		$ 55,968		$ 77,297
Class 1A		5		23		28		4		12		16
Class 2		25,817		119,280		145,097		26,294		86,037		112,331
Class 4		1,932		9,184		11,116		1,456		5,035		6,491

Total		$49,688		$226,399		$276,087		$49,083		$147,052		$196,135

Growth Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$ 75,877		$ 964,757		$1,040,634		$ 88,940		$ 792,865		$ 881,805
Class 1A		97		1,290		1,387		76		634		710
Class 2		111,958		1,500,212		1,612,170		117,331		1,515,757		1,633,088
Class 3		1,549		20,442		21,991		1,723		20,248		21,971
Class 4		9,369		130,929		140,298		6,414		104,527		110,941

Total		$198,850		$2,617,630		$2,816,480		$214,484		$2,434,031		$2,648,515

164 American Funds Insurance Series


International Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$ 9,081		$130,060		$139,141		$174,418		$165,915		$340,333
Class 1A		8		141		149		156		140		296
Class 2		5,643		104,778		110,421		136,977		146,986		283,963
Class 3		37		637		674		887		970		1,857
Class 4		368		8,870		9,238		9,465		10,556		20,021

Total		$15,137		$244,486		$259,623		$321,903		$324,567		$646,470

New World Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$4,047		$ 71,500		$ 75,547		$21,450		$54,023		$ 75,473
Class 1A		7		132		139		24		50		74
Class 2		1,617		34,958		36,575		8,194		26,593		34,787
Class 4		806		21,103		21,909		3,419		12,659		16,078

Total		$6,477		$127,693		$134,170		$33,087		$93,325		$126,412

Blue Chip Income and Growth Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$22,828		$410,713		$433,541		$232,769		$299,947		$532,716
Class 1A		23		435		458		120		135		255
Class 2		12,001		238,793		250,794		134,358		186,318		320,676
Class 4		1,844		38,700		40,544		13,348		16,620		29,968

Total		$36,696		$688,641		$725,337		$380,595		$503,020		$883,615

Global Growth and Income Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$2,017		$ 27,971		$ 29,988		$16,289		$ 31,541		$ 47,830
Class 1A		5		66		71		28		53		81
Class 2		4,278		66,794		71,072		40,436		90,173		130,609
Class 4		350		5,970		6,320		2,682		5,789		8,471

Total		$6,650		$100,801		$107,451		$59,435		$127,556		$186,991

American Funds Insurance Series 165


Growth-Income Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$147,504		$1,825,184		$1,972,688		$341,172		$1,049,641		$1,390,813
Class 1A		64		825		889		124		344		468
Class 2		96,542		1,260,360		1,356,902		241,470		886,942		1,128,412
Class 3		1,127		14,500		15,627		2,907		10,337		13,244
Class 4		7,620		103,934		111,554		15,471		58,501		73,972

Total		$252,857		$3,204,803		$3,457,660		$601,144		$2,005,765		$2,606,909

International Growth and Income Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$16,279		$–		$16,279		$28,476		$–		$28,476
Class 1A		33		–		33		44		–		44
Class 2		3,580		–		3,580		5,865		–		5,865
Class 4		1,239		–		1,239		1,597		–		1,597

Total		$21,131		$–		$21,131		$35,982		$–		$35,982

Capital Income Builder
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$ 6,127		$–		$ 6,127		$ 9,421		$ 617		$10,038
Class 1A		49		–		49		66		3		69
Class 2		64		–		64		90		6		96
Class 4		5,320		–		5,320		9,550		762		10,312

Total		$11,560		$–		$11,560		$19,127		$1,388		$20,515

Asset Allocation Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$ 73,953		$ 816,841		$ 890,794		$386,982		$ 666,856		$1,053,838
Class 1A		35		416		451		147		263		410
Class 2		20,897		253,101		273,998		103,332		210,133		313,465
Class 3		134		1,581		1,715		686		1,413		2,099
Class 4		15,585		206,152		221,737		69,096		148,867		217,963

Total		$110,604		$1,278,091		$1,388,695		$560,243		$1,027,532		$1,587,775

166 American Funds Insurance Series


Global Balanced Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$163		$109		$272		$1,808		$1,346		$3,154
Class 1A		3		2		5		30		25		55
Class 2		257		173		430		2,555		2,290		4,845
Class 4		105		71		176		804		842		1,646

Total		$528		$355		$883		$5,197		$4,503		$9,700

Bond Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$35,807		$–		$35,807		$156,337		$ 8,915		$165,252
Class 1A		25		–		25		76		4		80
Class 2		19,047		–		19,047		88,266		5,217		93,483
Class 4		2,133		–		2,133		8,153		453		8,606

Total		$57,012		$–		$57,012		$252,832		$14,589		$267,421

Global Bond Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$ 8,015		$–		$ 8,015		$25,210		$3,256		$28,466
Class 1A		3		–		3		9		1		10
Class 2		7,548		–		7,548		23,308		3,412		26,720
Class 4		317		–		317		816		118		934

Total		$15,883		$–		$15,883		$49,343		$6,787		$56,130

High-Income Bond Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$ 6,459		$–		$ 6,459		$34,114		$–		$34,114
Class 1A		9		–		9		40		–		40
Class 2		8,299		–		8,299		43,382		–		43,382
Class 3		118		–		118		664		–		664
Class 4		588		–		588		1,733		–		1,733

Total		$15,473		$–		$15,473		$79,933		$–		$79,933

Mortgage Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class 1		$ 944		$–		$ 944		$4,938		$–		$4,938
Class 1A		3		–		3		15		–		15
Class 2		239		–		239		1,128		–		1,128
Class 4		81		–		81		424		–		424

Total		$1,267		$–		$1,267		$6,505		$–		$6,505

American Funds Insurance Series 167

Ultra-Short Bond Fund


	Six months ended June 30, 2019							Year ended December 31, 2018
Share class	Ordinary income			Long-term capital gains	Total distributions paid			Ordinary income	Long-term capital gains	Total distributions paid

Class 1		$ 120		$–		$ 120		$ 561	$–	$ 561
Class 1A		–	*	–		–	*	–	–	–
Class 2		794		–		794		2,762	–	2,762
Class 3		12		–		12		41	–	41
Class 4		74		–		74		153	–	153

Total		$1,000		$–		$1,000		$3,517	$–	$3,517

U.S. Government/AAA-Rated Securities Fund
	Six months ended June 30, 2019							Year ended December 31, 2018
Share class	Ordinary income			Long-term capital gains	Total distributions paid			Ordinary income	Long-term capital gains	Total distributions paid

Class 1		$ 5,960		$–		$ 5,960		$29,881	$–	$29,881
Class 1A		8		–		8		29	–	29
Class 2		4,960		–		4,960		24,431	–	24,431
Class 3		33		–		33		165	–	165
Class 4		387		–		387		1,313	–	1,313

Total		$11,348		$–		$11,348		$55,819	$–	$55,819

Managed Risk Growth Fund
	Six months ended June 30, 2019							Year ended December 31, 2018
Share class	Ordinary income			Long-term capital gains	Total distributions paid			Ordinary income	Long-term capital gains	Total distributions paid

Class P1		$ 34		$ 256		$ 290		$ 14	$ 135	$ 149
Class P2		2,512		26,325		28,837		1,397	20,395	21,792

Total		$2,546		$26,581		$29,127		$1,411	$20,530	$21,941

Managed Risk International Fund
	Six months ended June 30, 2019							Year ended December 31, 2018
Share class	Ordinary income			Long-term capital gains	Total distributions paid			Ordinary income	Long-term capital gains	Total distributions paid

Class P1		$ 11		$ 16		$ 27		$ 8	$ 1	$ 9
Class P2		2,974		4,795		7,769		2,681	738	3,419

Total		$2,985		$4,811		$7,796		$2,689	$739	$3,428

Managed Risk Blue Chip Income and Growth Fund
	Six months ended June 30, 2019							Year ended December 31, 2018
Share class	Ordinary income			Long-term capital gains	Total distributions paid			Ordinary income	Long-term capital gains	Total distributions paid

Class P1		$ 13		$ 40		$ 53		$ 15	$ 7	$ 22
Class P2		5,566		17,796		23,362		11,391	12,112	23,503

Total		$5,579		$17,836		$23,415		$11,406	$12,119	$23,525

168 American Funds Insurance Series

Managed Risk Growth-Income Fund


	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class P1		$5,750		$14,505		$20,255		$ 42		$ 122		$ 164
Class P2		628		2,019		2,647		2,374		9,814		12,188

Total		$6,378		$16,524		$22,902		$2,416		$9,936		$12,352

Managed Risk Asset Allocation Fund
	Six months ended June 30, 2019						Year ended December 31, 2018
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid

Class P1		$ –		$ 65		$ 65		$31,787		$ 66,960		$ 98,747
Class P2		62,628		115,051		177,679		36,816		107,405		144,221

Total		$62,628		$115,116		$177,744		$68,603		$174,365		$242,968

^*Amount less than one thousand.

7. Fees and transactions

CRMC, the series’ investment adviser, is the parent company of American Funds Distributors,^® Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company^® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.

Investment advisory services – The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

Investment advisory services waivers – On March 4, 2019, the series board of trustees approved amended agreements effective May 1, 2019, decreasing the annual rate to 0.500% on daily net assets in excess of $1.5 billion for International Growth and Income Fund, and decreasing the annual rate to 0.410% on daily net assets in excess of $1 billion for Capital Income Builder. CRMC voluntarily reduced the investment advisory services fees to the approved rates in advance of the effective date. CRMC is also waiving a portion of its investment advisory services fees for each of the managed risk funds. Investment advisory services fees are presented in each fund’s statement of operations gross of the waivers from CRMC. For the six months ended June 30, 2019, total investment advisory services fees waived by CRMC were $1,408,000.

American Funds Insurance Series 169

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers (if applicable), are as follows:


							Net asset level				For the six months ended			For the six months ended
	Rates						(in billions)				June 30,			June 30,
Fund	Beginning with			Ending with			Up to		In excess of		2019, before waiver			2019, after waiver

Global Growth Fund		.690	%		.460	%		$ .6		$ 5.0		.518	%		.518	%
Global Small Capitalization Fund		.800			.635			.6		5.0		.697			.697
Growth Fund		.500			.280			.6		34.0		.323			.323
International Fund		.690			.430			.5		21.0		.492			.492
New World Fund		.850			.580			.5		4.0		.703			.703
Blue Chip Income and Growth Fund		.500			.350			.6		10.5		.390			.390
Global Growth and Income Fund		.690			.480			.6		3.0		.597			.597
Growth-Income Fund		.500			.219			.6		34.0		.257			.257
International Growth and Income Fund		.690			.500			.5		1.5		.608			.608
Capital Income Builder		.500			.410			.6		1.0		.495			.489
Asset Allocation Fund		.500			.240			.6		21.0		.267			.267
Global Balanced Fund		.660			.510			.5		1.0		.660			.660
Bond Fund		.480			.320			.6		13.0		.364			.364
Global Bond Fund		.570			.450			1.0		3.0		.533			.533
High-Income Bond Fund		.500			.420			.6		2.0		.474			.474
Mortgage Fund		.420			.290			.6		3.0		.420			.420
Ultra-Short Bond Fund		.320			.270			1.0		2.0		.320			.320
U.S. Government/AAA-Rated Securities Fund		.420			.290			.6		3.0		.340			.340
Managed Risk Growth Fund		.150						all				.150			.100
Managed Risk International Fund		.150						all				.150			.100
Managed Risk Blue Chip Income and Growth Fund		.150						all				.150			.100
Managed Risk Growth-Income Fund		.150						all				.150			.100
Managed Risk Asset Allocation Fund		.150						all				.150			.100

Distribution services – The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.


Share class	Currently approved limits	Plan limits

Class 1A	0.00%	0.25%
Class 2	0.25	0.25
Class 3	0.18	0.18
Class 4	0.25	0.25
Class P1	0.00	0.25
Class P2	0.25	0.50

Insurance administrative services – The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company’s respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

Transfer agent services – The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

170 American Funds Insurance Series

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 daily net assets attributable to each share class. Prior to July 1, 2019, all share classes of each fund, other than the managed-risk funds, paid CRMC an administrative services fee at the annual rate of 0.01% of daily net assets. The series board of trustees authorized the funds, other than the managed risk funds, to pay CRMC effective July 1, 2019, an administrative services fee at the annual rate of 0.03% of the daily net assets of each share class (which could be increased as noted above) 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 daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

Accounting and administrative services – The managed risk funds have a subadministration agreement with BNY Mellon under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds’ share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund


Share class	Distribution services		Insurance administrative services		Administrative services

Class 1		Not applicable		Not applicable		$107
Class 1A		$ –		$ 8		–	*
Class 2		4,518		Not applicable		181
Class 4		363		363		15

Total class-specific expenses		$4,881		$371		$303

Growth Fund


Share class	Distribution services		Insurance administrative services		Administrative services

Class 1		Not applicable		Not applicable		$ 469
Class 1A		$ –		$ 15		1
Class 2		18,471		Not applicable		739
Class 3		183		Not applicable		10
Class 4		1,528		1,528		61

Total class-specific expenses		$20,182		$1,543		$1,280

New World Fund


Share class	Distribution services		Insurance administrative services		Administrative services

Class 1		Not applicable		Not applicable		$ 93
Class 1A		$ –		$ 4		–	*
Class 2		1,130		Not applicable		45
Class 4		655		654		26

Total class-specific expenses		$1,785		$658		$164

Global Small Capitalization Fund

Share class

Distribution

services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$ 88

Class 1A

$ –

–

Class 2

2,796

Not applicable

112

Class 4

208

Total class-specific expenses

$3,004

$208

International Fund


Share class	Distribution services		Insurance administrative services		Administrative services

Class 1		Not applicable		Not applicable		$255
Class 1A		$ –		$ 7		–	*
Class 2		5,132		Not applicable		206
Class 3		23		Not applicable		1
Class 4		406		406		16

Total class-specific expenses		$5,561		$413		$478

Blue Chip Income and Growth Fund


Share class	Distribution services		Insurance administrative services		Administrative services

Class 1		Not applicable		Not applicable		$258
Class 1A		$ –		$ 6		–	*
Class 2		3,745		Not applicable		150
Class 4		550		550		22

Total class-specific expenses		$4,295		$556		$430

See end of tables for footnote.

American Funds Insurance Series 171

Global Growth and Income Fund


Share class	Distribution services		Insurance administrative services		Administrative services

Class 1		Not applicable		Not applicable		$27
Class 1A		$ –		$ 1		–	*
Class 2		1,641		Not applicable		66
Class 4		136		136		5

Total class-specific expenses		$1,777		$137		$98

International Growth and Income Fund


Share class	Distribution services		Insurance administrative services		Administrative services

Class 1		Not applicable		Not applicable		$54
Class 1A		$ –		$ 2		–	*
Class 2		303		Not applicable		12
Class 4		100		100		4

Total class-specific expenses		$403		$102		$70

Asset Allocation Fund


Share class	Distribution services		Insurance administrative services		Administrative services

Class 1		Not applicable		Not applicable		$ 783
Class 1A		$ –		$ 10		–	*
Class 2		6,111		Not applicable		244
Class 3		28		Not applicable		2
Class 4		4,835		4,835		193

Total class-specific expenses		$10,974		$4,845		$1,222

Bond Fund


Share class	Distribution services		Insurance administrative services		Administrative services

Class 1		Not applicable		Not applicable		$303
Class 1A		$ –		$ 5		–	*
Class 2		4,381		Not applicable		175
Class 4		486		486		19

Total class-specific expenses		$4,867		$491		$497

Growth-Income Fund


Share class	Distribution services		Insurance administrative services		Administrative services

Class 1		Not applicable		Not applicable		$ 925
Class 1A		$ –		$ 10		–	*
Class 2		16,092		Not applicable		644
Class 3		136		Not applicable		7
Class 4		1,264		1,264		51

Total class-specific expenses		$17,492		$1,274		$1,627

Capital Income Builder

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$19

Class 1A

$ –

$ 4

–

Class 2

Not applicable

–

Class 4

479

Total class-specific expenses

$484

$483

$38

Global Balanced Fund


Share class	Distribution services		Insurance administrative services		Administrative services

Class 1		Not applicable		Not applicable		$ 6
Class 1A		$ –		$ 3		–	*
Class 2		242		Not applicable		10
Class 4		95		95		4

Total class-specific expenses		$337		$ 98		$20

Global Bond Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$ 52

Class 1A

$ –

–

Class 2

1,273

Not applicable

Class 4

Total class-specific expenses

$1,326

$53

$105

172 American Funds Insurance Series

High-Income Bond Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$26

Class 1A

$ –

$ 1

–

Class 2

854

Not applicable

Class 3

Not applicable

–

Class 4

Total class-specific expenses

$932

$70

$63

Mortgage Fund


Share class	Distribution services		Insurance administrative services		Administrative services

Class 1		Not applicable		Not applicable		$11
Class 1A		$ –		$ 1		–	*
Class 2		71		Not applicable		3
Class 4		27		27		1

Total class-specific expenses		$98		$28		$15

Ultra-Short Bond Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$ 2

Class 1A

$ –

–

Class 2

289

Not applicable

Class 3

Not applicable

–

Class 4

Total class-specific expenses

$317

$24

$14

U.S. Government/AAA-Rated Securities Fund

Share class

Distribution
services

Insurance
administrative
services

Administrative
services

Class 1

Not applicable

$ 72

Class 1A

$ –

$ 2

–

Class 2

1,628

Not applicable

Class 3

Not applicable

–

Class 4

121

Total class-specific expenses

$1,757

$123

$142

Managed Risk Growth Fund


Share class	Distribution services		Insurance administrative services

Class P1		Not applicable		$ 4
Class P2		$461		461

Total class-specific expenses		$461		$465

Managed Risk International Fund


Share class	Distribution services		Insurance administrative services

Class P1		Not applicable		$ 1
Class P2		$196		196

Total class-specific expenses		$196		$197

Managed Risk Blue Chip

Income and Growth Fund


Share class	Distribution services		Insurance administrative services

Class P1		Not applicable		$ 1
Class P2		$433		433

Total class-specific expenses		$433		$434

Managed Risk Growth-Income Fund


Share class	Distribution services		Insurance administrative services

Class P1		Not applicable		$2,222
Class P2		$310		310

Total class-specific expenses		$310		$2,532

Managed Risk Asset Allocation Fund


Share class	Distribution services		Insurance administrative services

Class P1		Not applicable		$ 2
Class P2		$3,293		3,293

Total class-specific expenses		$3,293		$3,295

*Amount less than one thousand.

American Funds Insurance Series 173

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		$18		$2			$20
Global Small Capitalization Fund		12		1			13
Growth Fund		78		8			86
International Fund		29		3			32
NewWorld Fund		10		1			11
Blue Chip Income and Growth Fund		27		3			30
Global Growth and Income Fund		6		1			7
Growth-Income Fund		97		10			107
International Growth and Income Fund		4		–	*		4
Capital Income Builder		2		–	*		2
Asset Allocation Fund		76		8			84
Global Balanced Fund		1		–	*		1
Bond Fund		30		3			33
Global Bond Fund		6		1			7
High-Income Bond Fund		4		–	*		4
Mortgage Fund		1		–	*		1
Ultra-Short Bond Fund		1		–	*		1
U.S. Government/AAA-Rated Securities Fund		9		1			10
Managed Risk Growth Fund		1		–	*		1
Managed Risk International Fund		1		–	*		1
Managed Risk Blue Chip Income and Growth Fund		1		–	*		1
Managed Risk Growth-Income Fund		3		1			4
Managed Risk Asset Allocation Fund		10		1			11

*Amount less than one thousand.

Affiliated officers and trustees – Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

Investment in CCF – Some of the funds, other than the managed risk funds, hold shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for each fund’s short-term investments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC. CCF shares are not available to the public. CRMC does not receive an investment advisory services fee from CCF.

174 American Funds Insurance Series

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.

The following table presents purchase and sale transactions between each fund and related funds as of June 30, 2019 (dollars in thousands):


Fund	Purchases		Sales		Net realized gain (loss)

Global Growth Fund		$ 7,883		$ 67,282		$ 1,305
Global Small Capitalization Fund		24,617		85,577		20,393
Growth Fund		220,254		795,160		13,734
International Fund		50,926		298,682		4,681
NewWorld Fund		9,165		12,080		579
Blue Chip Income and Growth Fund		76,977		96,198		8,051
Global Growth and Income Fund		3,383		16,225		(439)
Growth-Income Fund		55,754		674,112		(10,747)
International Growth and Income Fund		2,512		1,617		(798)
Capital Income Builder		10,104		256		34
Asset Allocation Fund		329,929		911,206		(35,534)
Global Balanced Fund		1,871		906		(25)
Bond Fund		49,355		76,160		(1,416)
Global Bond Fund		3,388		388		(8)
High-Income Bond Fund		1,725		5,591		(1,880)
Mortgage Fund		–		–		–
Ultra-Short Bond Fund		–		–		–
U.S. Government/AAA-Rated Securities Fund		–		–		–
Managed Risk Growth Fund		–		–		–
Managed Risk International Fund		–		–		–
Managed Risk Blue Chip Income and Growth Fund		–		–		–
Managed Risk Growth-Income Fund		–		–		–
Managed Risk Asset Allocation Fund		–		–		–

8. Committed line of credit

Global Small Capitalization Fund, NewWorld Fund and High-Income Bond Fund participate with other funds managed by CRMC in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund’s statement of operations. None of the funds borrowed on this line of credit at any time during the six months ended June 30, 2019.

American Funds Insurance Series 175

9. Capital share transactions

Capital share transactions in the funds were as follows (dollars and shares in thousands):


Global Growth Fund
					Reinvestments of								Net increase
	Sales*				distributions				Repurchases*				(decrease)
Share class	Amount		Shares		Amount		Shares		Amount		Shares		Amount			Shares


Six months ended June 30, 2019
Class 1		$108,551		3,748		$124,888		4,320		$(207,637)		(7,097)		$ 25,802			971
Class 1A		1,280		46		376		13		(294)		(10)		1,362			49
Class 2		20,541		744		209,188		7,314		(273,633)		(9,417)		(43,904	)		(1,359)
Class 4		33,356		1,162		17,719		623		(13,773)		(480)		37,302			1,305

Total net increase (decrease)		$163,728		5,700		$352,171		12,270		$(495,337)		(17,004)		$ 20,562			966


Year ended December 31, 2018
Class 1		$318,393		10,738		$163,496		5,459		$(199,573)		(6,616)		$ 282,316			9,581
Class 1A		4,760		162		320		11		(1,942)		(64)		3,138			109
Class 2		71,745		2,511		292,561		9,830		(465,838)		(15,407)		(101,532	)		(3,066)
Class 4		94,068		3,163		18,437		622		(28,678)		(983)		83,827			2,802

Total net increase (decrease)		$488,966		16,574		$474,814		15,922		$(696,031)		(23,070)		$ 267,749			9,426


Global Small Capitalization Fund
					Reinvestments of								Net increase
	Sales*				distributions				Repurchases*				(decrease)
Share class	Amount		Shares		Amount		Shares		Amount		Shares		Amount			Shares


Six months ended June 30, 2019
Class 1		$309,318		12,473		$119,443		4,983		$(115,627)		(4,698)		$ 313,134			12,758
Class 1A		38		2		27		1		(12)		(1)		53			2
Class 2		11,519		499		145,097		6,238		(171,598)		(7,148)		(14,982	)		(411)
Class 4		16,844		701		11,115		475		(12,502)		(521)		15,457			655

Total net increase (decrease)		$337,719		13,675		$275,682		11,697		$(299,739)		(12,368)		$ 313,662			13,004


Year ended December 31, 2018
Class 1		$138,128		5,551		$ 76,990		2,920		$(160,148)		(6,253)		$ 54,970			2,218
Class 1A		318		12		16		1		(110)		(5)		224			8
Class 2		47,093		2,015		112,331		4,349		(309,646)		(12,397)		(150,222	)		(6,033)
Class 4		56,525		2,282		6,491		249		(17,067)		(693)		45,949			1,838

Total net increase (decrease)		$242,064		9,860		$195,828		7,519		$(486,971)		(19,348)		$ (49,079	)		(1,969)

176 American Funds Insurance Series


Growth Fund
					Reinvestments of								Net increase
	Sales*				distributions				Repurchases*				(decrease)
Share class	Amount		Shares		Amount		Shares		Amount		Shares		Amount			Shares


Six months ended June 30, 2019
Class 1		$ 540,098		7,033		$1,038,061		14,580		$ (583,337)		(7,514)		$ 994,822			14,099
Class 1A		3,591		48		1,387		20		(964)		(12)		4,014			56
Class 2		149,693		1,955		1,612,170		22,839		(1,010,347)		(13,114)		751,516			11,680
Class 3		1,763		22		21,990		307		(10,838)		(140)		12,915			189
Class 4		120,007		1,586		140,298		2,016		(64,702)		(855)		195,603			2,747

Total net increase (decrease)		$ 815,152		10,644		$2,813,906		39,762		$(1,670,188)		(21,635)		$1,958,870			28,771


Year ended December 31, 2018
Class 1		$1,574,676		19,928		$ 879,237		11,221		$(1,126,624)		(14,082)		$1,327,289			17,067
Class 1A		8,204		103		710		9		(563)		(7)		8,351			105
Class 2		292,909		3,756		1,633,088		20,970		(2,436,432)		(30,703)		(510,435	)		(5,977)
Class 3		1,809		22		21,971		279		(27,844)		(348)		(4,064	)		(47)
Class 4		274,892		3,534		110,941		1,441		(135,865)		(1,758)		249,968			3,217

Total net increase (decrease)		$2,152,490		27,343		$2,645,947		33,920		$(3,727,328)		(46,898)		$1,071,109			14,365


International Fund

					Reinvestments of								Net (decrease)
	Sales*				distributions				Repurchases*				increase
Share class	Amount		Shares		Amount		Shares		Amount		Shares		Amount			Shares


Six months ended June 30, 2019
Class 1		$ 97,689		5,045		$138,907		7,194		$(366,030)		(18,775)		$ (129,434	)		(6,536)
Class 1A		555		29		149		8		(507)		(26)		197			11
Class 2		83,933		4,385		110,421		5,745		(324,109)		(16,707)		(129,755	)		(6,577)
Class 3		210		11		674		35		(1,745)		(91)		(861	)		(45)
Class 4		36,221		1,881		9,238		486		(22,756)		(1,188)		22,703			1,179

Total net increase (decrease)		$ 218,608		11,351		$259,389		13,468		$(715,147)		(36,787)		$ (237,150	)		(11,968)


Year ended December 31, 2018
Class 1		$ 987,191		47,885		$339,738		16,682		$(479,241)		(23,102)		$ 847,688			41,465
Class 1A		4,302		204		296		14		(269)		(14)		4,329			204
Class 2		481,518		22,952		283,963		13,909		(441,465)		(21,109)		324,016			15,752
Class 3		506		23		1,857		91		(4,389)		(209)		(2,026	)		(95)
Class 4		96,985		4,701		20,021		990		(45,627)		(2,234)		71,379			3,457

Total net increase (decrease)		$1,570,502		75,765		$645,875		31,686		$(970,991)		(46,668)		$1,245,386			60,783

See end of tables for footnotes.

American Funds Insurance Series 177


NewWorld Fund
					Reinvestments of								Net (decrease)
	Sales*				distributions				Repurchases*				increase
Share class	Amount		Shares		Amount		Shares		Amount		Shares		Amount			Shares


Six months ended June 30, 2019
Class 1		$ 23,580		1,000		$ 75,373		3,213		$(108,834)		(4,641)		$ (9,881	)		(428)
Class 1A		888		37		139		6		(69)		(3)		958			40
Class 2		39,295		1,692		36,575		1,575		(90,286)		(3,885)		(14,416	)		(618)
Class 4		38,657		1,682		21,910		948		(21,734)		(929)		38,833			1,701

Total net increase (decrease)		$102,420		4,411		$133,997		5,742		$(220,923)		(9,458)		$ 15,494			695


Year ended December 31, 2018
Class 1		$169,684		6,947		$ 75,282		3,139		$(240,756)		(10,008)		$ 4,210			78
Class 1A		2,616		108		73		3		(572)		(24)		2,117			87
Class 2		70,536		2,954		34,787		1,456		(144,167)		(5,934)		(38,844	)		(1,524)
Class 4		140,212		5,922		16,079		674		(31,201)		(1,315)		125,090			5,281

Total net increase (decrease)		$383,048		15,931		$126,221		5,272		$(416,696)		(17,281)		$ 92,573			3,922

Blue Chip Income and Growth Fund
					Reinvestments of								Net increase
	Sales*				distributions				Repurchases*				(decrease)
Share class	Amount		Shares		Amount		Shares		Amount		Shares		Amount			Shares


Six months ended June 30, 2019
Class 1		$183,590		14,362		$430,113		34,686		$ (208,426)		(15,743)		$ 405,277			33,305
Class 1A		3,501		272		458		37		(99)		(7)		3,860			302
Class 2		17,870		1,377		250,794		20,507		(166,322)		(12,576)		102,342			9,308
Class 4		107,033		8,191		40,543		3,331		(18,093)		(1,380)		129,483			10,142

Total net increase (decrease)		$311,994		24,202		$721,908		58,561		$ (392,940)		(29,706)		$ 640,962			53,057


Year ended December 31, 2018
Class 1		$189,059		13,527		$528,528		38,135		$ (524,399)		(36,270)		$ 193,188			15,392
Class 1A		2,957		203		254		19		(106)		(8)		3,105			214
Class 2		34,615		2,528		320,676		23,381		(472,476)		(32,985)		(117,185	)		(7,076)
Class 4		190,787		13,641		29,968		2,200		(33,879)		(2,399)		186,876			13,442

Total net increase (decrease)		$417,418		29,899		$879,426		63,735		$(1,030,860)		(71,662)		$ 265,984			21,972

Global Growth and Income Fund
					Reinvestments of								Net increase
	Sales*				distributions				Repurchases*				(decrease)
Share class	Amount		Shares		Amount		Shares		Amount		Shares		Amount			Shares


Six months ended June 30, 2019
Class 1		$ 21,374		1,478		$ 28,719		1,986		$ (34,209)		(2,387)		$ 15,884			1,077
Class 1A		600		41		71		5		(137)		(10)		534			36
Class 2		8,919		637		71,071		4,929		(111,409)		(7,690)		(31,419	)		(2,124)
Class 4		16,631		1,171		6,320		445		(8,309)		(584)		14,642			1,032

Total net increase (decrease)		$ 47,524		3,327		$106,181		7,365		$(154,064)		(10,671)		$ (359	)		21


Year ended December 31, 2018
Class 1		$105,981		7,092		$ 45,562		3,107		$ (46,619)		(3,060)		$104,924			7,139
Class 1A		951		60		81		6		(40)		(2)		992			64
Class 2		27,421		1,842		130,608		8,898		(208,022)		(13,672)		(49,993	)		(2,932)
Class 4		42,459		2,827		8,471		586		(16,633)		(1,102)		34,297			2,311

Total net increase (decrease)		$176,812		11,821		$184,722		12,597		$(271,314)		(17,836)		$ 90,220			6,582

178 American Funds Insurance Series


Growth-Income Fund
					Reinvestments of								Net increase
	Sales*				distributions				Repurchases*				(decrease)
Share class	Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares


Six months ended June 30, 2019
Class 1		$ 633,030		12,851		$1,969,359		42,452		$ (641,776)		(12,839)		$1,960,613		42,464
Class 1A		1,711		35		889		19		(447)		(9)		2,153		45
Class 2		86,183		1,759		1,356,902		29,633		(794,998)		(16,125)		648,087		15,267
Class 3		1,507		30		15,628		336		(10,814)		(216)		6,321		150
Class 4		95,084		1,957		111,554		2,465		(50,813)		(1,047)		155,825		3,375

Total net increase (decrease)		$ 817,515		16,632		$3,454,332		74,905		$(1,498,848)		(30,236)		$2,772,999		61,301


Year ended December 31, 2018
Class 1		$2,594,038		53,950		$1,388,000		27,742		$(1,325,537)		(25,872)		$2,656,501		55,820
Class 1A		5,817		114		467		10		(933)		(18)		5,351		106
Class 2		128,833		2,587		1,128,412		22,770		(1,901,203)		(37,514)		(643,958)		(12,157)
Class 3		1,014		20		13,244		264		(26,871)		(525)		(12,613)		(241)
Class 4		193,427		3,881		73,971		1,507		(97,541)		(1,958)		169,857		3,430

Total net increase (decrease)		$2,923,129		60,552		$2,604,094		52,293		$(3,352,085)		(65,887)		$2,175,138		46,958

International Growth and Income Fund
					Reinvestments of								Net (decrease)
	Sales*				distributions				Repurchases*				increase
Share class	Amount		Shares		Amount		Shares		Amount		Shares		Amount		Shares


Six months ended June 30, 2019
Class 1		$ 4,476		265		$16,278		957		$ (92,645)		(5,477)		$(71,891)		(4,255)
Class 1A		260		16		33		2		(15)		(1)		278		17
Class 2		3,892		232		3,580		211		(18,788)		(1,123)		(11,316)		(680)
Class 4		10,052		602		1,240		74		(4,343)		(260)		6,949		416

Total net increase (decrease)		$ 18,680		1,115		$21,131		1,244		$(115,791)		(6,861)		$(75,980)		(4,502)


Year ended December 31, 2018
Class 1		$102,396		5,829		$28,476		1,796		$ (62,238)		(3,472)		$ 68,634		4,153
Class 1A		276		16		44		3		(453)		(27)		(133)		(8)
Class 2		13,046		753		5,865		371		(28,666)		(1,702)		(9,755)		(578)
Class 4		29,607		1,717		1,597		101		(12,831)		(752)		18,373		1,066

Total net increase (decrease)		$145,325		8,315		$35,982		2,271		$(104,188)		(5,953)		$ 77,119		4,633

See end of tables for footnotes.

American Funds Insurance Series 179


Capital Income Builder
					Reinvestments of
	Sales*				distributions					Repurchases*				Net increase
Share class	Amount		Shares		Amount		Shares			Amount		Shares		Amount		Shares


Six months ended June 30, 2019
Class 1		$ 74,292		7,467		$ 6,127		611			$ (4,297)		(435)		$ 76,122		7,643
Class 1A		1,823		181		49		5			(92)		(10)		1,780		176
Class 2		780		79		64		6			(295)		(29)		549		56
Class 4		34,077		3,425		5,320		532			(12,089)		(1,218)		27,308		2,739

Total net increase (decrease)		$110,972		11,152		$11,560		1,154			$(16,773)		(1,692)		$105,759		10,614


Year ended December 31, 2018
Class 1		$ 96,466		9,624		$10,037		1,010			$(12,240)		(1,241)		$ 94,263		9,393
Class 1A		2,709		270		70		7			(761)		(77)		2,018		200
Class 2		2,658		264		96		10			(180)		(18)		2,574		256
Class 4		66,457		6,627		10,312		1,037			(25,636)		(2,556)		51,133		5,108

Total net increase (decrease)		$168,290		16,785		$20,515		2,064			$(38,817)		(3,892)		$149,988		14,957

Asset Allocation Fund
					Reinvestments of									Net increase
	Sales*				distributions					Repurchases*				(decrease)
Share class	Amount		Shares		Amount		Shares			Amount		Shares		Amount		Shares


Six months ended June 30, 2019
Class 1		$ 557,920		24,399		$ 890,794		40,090			$ (586,283)		(25,759)		$ 862,431		38,730
Class 1A		1,370		61		451		20			(397)		(17)		1,424		64
Class 2		64,314		2,832		273,998		12,472			(291,521)		(12,855)		46,791		2,449
Class 3		401		18		1,715		77			(2,103)		(92)		13		3
Class 4		164,555		7,306		221,738		10,143			(114,065)		(5,098)		272,228		12,351

Total net increase (decrease)		$ 788,560		34,616		$1,388,696		62,802			$ (994,369)		(43,821)		$1,182,887		53,597


Year ended December 31, 2018
Class 1		$1,402,434		60,588		$1,053,838		46,034			$(2,607,246)		(117,896)		$ (150,974)		(11,274)
Class 1A		3,797		162		411		18			(678)		(30)		3,530		150
Class 2		89,621		3,865		313,464		13,808			(682,422)		(29,567)		(279,337)		(11,894)
Class 3		897		38		2,098		91			(7,614)		(325)		(4,619)		(196)
Class 4		380,567		16,509		217,964		9,642			(180,958)		(7,998)		417,573		18,153

Total net increase (decrease)		$1,877,316		81,162		$1,587,775		69,593			$(3,478,918)		(155,816)		$ (13,827)		(5,061)

Global Balanced Fund
					Reinvestments of									Net increase
	Sales*				distributions					Repurchases*				(decrease)
Share class	Amount		Shares		Amount		Shares			Amount		Shares		Amount		Shares


Six months ended June 30, 2019
Class 1		$ 4,751		381		$ 273		21			$ (424)		(34)		$ 4,600		368
Class 1A		95		8		5		–	^†		(130)		(10)		(30)		(2)
Class 2		3,628		288		429		33			(10,731)		(856)		(6,674)		(535)
Class 4		7,758		622		176		14			(2,995)		(242)		4,939		394

Total net increase (decrease)		$16,232		1,299		$ 883		68			$(14,280)		(1,142)		$ 2,835		225


Year ended December 31, 2018
Class 1		$24,581		1,901		$3,154		265			$ (847)		(66)		$26,888		2,100
Class 1A		2,209		171		56		5			(292)		(24)		1,973		152
Class 2		11,812		914		4,844		408			(24,153)		(1,905)		(7,497)		(583)
Class 4		35,652		2,821		1,646		140			(12,396)		(987)		24,902		1,974

Total net increase (decrease)		$74,254		5,807		$9,700		818			$(37,688)		(2,982)		$46,266		3,643

180 American Funds Insurance Series



Bond Fund

	Sales*				Reinvestments of distributions					Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2019
Class 1	$	368,375		34,232		$ 35,509		3,231		$	(334,983	)		(31,328	)	$	68,901			6,135
Class 1A		1,605		149		25		2			(256	)		(24	)		1,374			127
Class 2		71,151		6,668		19,047		1,757			(220,769	)		(20,823	)		(130,571	)		(12,398)
Class 4		67,878		6,379		2,132		197			(23,917	)		(2,268	)		46,093			4,308

Total net increase (decrease)	$	509,009		47,428		$ 56,713		5,187		$	(579,925	)		(54,443	)	$	(14,203	)		(1,828)


Year ended December 31, 2018
Class 1	$	856,250		80,879		$164,110		15,776		$	(1,296,873	)		(122,086	)	$	(276,513	)		(25,431)
Class 1A		2,864		271		80		8			(674	)		(64	)		2,270			215
Class 2		107,831		10,281		93,483		9,101			(518,189	)		(49,721	)		(316,875	)		(30,339)
Class 4		118,851		11,386		8,606		839			(47,758	)		(4,587	)		79,699			7,638

Total net increase (decrease)	$	1,085,796		102,817		$266,279		25,724		$	(1,863,494	)		(176,458	)	$	(511,419	)		(47,917)


Global Bond Fund

	Sales*				Reinvestments of distributions					Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2019
Class 1		$ 52,180		4,488		$ 7,966		669			$ (68,705	)		(5,885	)	$	(8,559	)		(728)
Class 1A		16		1		3		–	^†		(15	)		(1	)		4			–^†
Class 2		17,793		1,534		7,548		638			(67,774	)		(5,855	)		(42,433	)		(3,683)
Class 4		7,066		615		317		27			(3,315	)		(288	)		4,068			354

Total net increase (decrease)		$ 77,055		6,638		$15,834		1,334			$(139,809	)		(12,029	)	$	(46,920	)		(4,057)


Year ended December 31, 2018
Class 1		$126,990		10,666		$28,466		2,515			$(375,280	)		(31,456	)	$	(219,824	)		(18,275)
Class 1A		575		49		10		1			(241	)		(21	)		344			29
Class 2		41,190		3,507		26,720		2,377			(156,625	)		(13,571	)		(88,715	)		(7,687)
Class 4		28,055		2,394		934		84			(17,922	)		(1,548	)		11,067			930

Total net increase (decrease)		$196,810		16,616		$56,130		4,977			$(550,068	)		(46,596	)	$	(297,128	)		(25,003)

See end of tables for footnotes.

American Funds Insurance Series 181



High-Income Bond Fund

	Sales*				Reinvestments of distributions					Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2019
Class 1		$ 6,788		672		$ 6,406		635		$	(30,513	)		(3,071	)	$	(17,319	)		(1,764)
Class 1A		255		25		9		1			(341	)		(34	)		(77	)		(8)
Class 2		5,462		563		8,300		837			(45,088	)		(4,593	)		(31,326	)		(3,193)
Class 3		353		35		118		12			(618	)		(62	)		(147	)		(15)
Class 4		42,207		4,023		588		55			(19,162	)		(1,784	)		23,633			2,294

Total net increase (decrease)		$55,065		5,318		$15,421		1,540		$	(95,722	)		(9,544	)	$	(25,236	)		(2,686)


Year ended December 31, 2018
Class 1		$15,126		1,484		$34,114		3,526		$	(136,193	)		(13,306	)	$	(86,953	)		(8,296)
Class 1A		621		61		40		5			(365	)		(36	)		296			30
Class 2		12,354		1,231		43,383		4,563			(111,276	)		(11,157	)		(55,539	)		(5,363)
Class 3		1,837		179		664		68			(4,223	)		(418	)		(1,722	)		(171)
Class 4		51,449		4,747		1,733		168			(53,384	)		(4,942	)		(202	)		(27)

Total net increase (decrease)		$81,387		7,702		$79,934		8,330		$	(305,441	)		(29,859	)	$	(144,120	)		(13,827)


Mortgage Fund

	Sales*				Reinvestments of distributions					Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2019
Class 1		$21,101		2,032		$ 944		89		$	(29,038	)		(2,764	)	$	(6,993	)		(643)
Class 1A		135		13		3		–	^†		(309	)		(29	)		(171	)		(16)
Class 2		2,607		250		239		22			(3,339	)		(320	)		(493	)		(48)
Class 4		4,955		480		81		8			(8,135	)		(791	)		(3,099	)		(303)

Total net increase (decrease)		$28,798		2,775		$1,267		119		$	(40,821	)		(3,904	)	$	(10,756	)		(1,010)


Year ended December 31, 2018
Class 1		$17,819		1,730		$4,658		457		$	(74,088	)		(7,185	)	$	(51,611	)		(4,998)
Class 1A		732		71		15		2			(111	)		(11	)		636			62
Class 2		4,682		456		1,128		111			(10,509	)		(1,023	)		(4,699	)		(456)
Class 4		14,315		1,403		424		41			(2,626	)		(257	)		12,113			1,187

Total net increase (decrease)		$37,548		3,660		$6,225		611		$	(87,334	)		(8,476	)	$	(43,561	)		(4,205)

182 American Funds Insurance Series



Ultra-Short Bond Fund

	Sales*				Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2019
Class 1	$	5,032		443		$ 120			10		$	(10,628	)		(936	)		$ (5,476	)		(483)
Class 1A		–		–		–	^†		–	^†		–			–			–	^†		–^†
Class 2		33,087		2,987		794			72			(53,293	)		(4,814	)		(19,412	)		(1,755)
Class 3		248		23		12			1			(1,527	)		(137	)		(1,267	)		(113)
Class 4		12,481		1,114		74			7			(9,022	)		(806	)		3,533			315

Total net increase (decrease)	$	50,848		4,567		$1,000			90		$	(74,470	)		(6,693	)		$(22,622	)		(2,036)


Year ended December 31, 2018
Class 1	$	25,371		2,233		$ 561			50		$	(26,198	)		(2,310	)		$ (266	)		(27)
Class 1A		–		–		–	^†		–	^†		–			–			–	^†		–^†
Class 2		103,165		9,332		2,762			250			(107,692	)		(9,741	)		(1,765	)		(159)
Class 3		4,222		378		42			4			(3,944	)		(353	)		320			29
Class 4		16,908		1,513		153			14			(14,303	)		(1,281	)		2,758			246

Total net increase (decrease)	$	149,666		13,456		$3,518			318		$	(152,137	)		(13,685	)		$ 1,047			89


U.S. Government/AAA-Rated Securities Fund

	Sales*				Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2019
Class 1	$	42,379		3,505		$ 5,917			478		$	(96,593	)		(7,929	)	$	(48,297	)		(3,946)
Class 1A		953		78		8			1			(295	)		(25	)		666			54
Class 2		36,832		3,061		4,960			405			(83,835	)		(6,992	)		(42,043	)		(3,526)
Class 3		637		52		33			2			(1,078	)		(88	)		(408	)		(34)
Class 4		35,821		2,964		386			32			(17,635	)		(1,470	)		18,572			1,526

Total net increase (decrease)	$	116,622		9,660		$11,304			918		$	(199,436	)		(16,504	)	$	(71,510	)		(5,926)


Year ended December 31, 2018
Class 1	$	67,360		5,655		$29,446			2,499		$	(191,451	)		(16,111	)	$	(94,645	)		(7,957)
Class 1A		1,389		118		28			2			(214	)		(18	)		1,203			102
Class 2		43,398		3,680		24,431			2,094			(200,280	)		(17,045	)		(132,451	)		(11,271)
Class 3		628		53		165			14			(1,997	)		(168	)		(1,204	)		(101)
Class 4		45,391		3,857		1,313			113			(17,387	)		(1,474	)		29,317			2,496

Total net increase (decrease)	$	158,166		13,363		$55,383			4,722		$	(411,329	)		(34,816	)	$	(197,780	)		(16,731)


Managed Risk Growth Fund

	Sales*				Reinvestments of distributions						Repurchases*						Net increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2019
Class P1		$ 804		60		$ 290			23			$ (203	)		(15	)		$ 891			68
Class P2		25,177		1,945		28,836			2,339			(11,499	)		(880	)		42,514			3,404

Total net increase (decrease)		$25,981		2,005		$29,126			2,362			$(11,702	)		(895	)		$43,405			3,472


Year ended December 31, 2018
Class P1		$ 1,861		140		$ 150			11			$ (596	)		(45	)		$ 1,415			106
Class P2		79,190		6,025		21,792			1,658			(21,197	)		(1,594	)		79,785			6,089

Total net increase (decrease)		$81,051		6,165		$21,942			1,669			$(21,793	)		(1,639	)		$81,200			6,195

See end of tables for footnotes.

American Funds Insurance Series 183



Managed Risk International Fund

	Sales*				Reinvestments of distributions				Repurchases*					Net increase
Share class	Amount		Shares		Amount		Shares		Amount		Shares			Amount		Shares

Six months ended June 30, 2019
Class P1		$ 168		16		$ 27		3		$ (32)		(3	)		$ 163		16
Class P2		4,350		420		7,769		772		(8,646)		(831	)		3,473		361

Total net increase (decrease)		$ 4,518		436		$7,796		775		$ (8,678)		(834	)		$ 3,636		377


Year ended December 31, 2018
Class P1		$ 321		30		$ 9		1		$ (44)		(4	)		$ 286		27
Class P2		33,085		3,040		3,419		323		(13,533)		(1,240	)		22,971		2,123

Total net increase (decrease)		$33,406		3,070		$3,428		324		$(13,577)		(1,244	)		$23,257		2,150


Managed Risk Blue Chip Income and Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*					Net increase
Share class	Amount		Shares		Amount		Shares		Amount		Shares			Amount		Shares

Six months ended June 30, 2019
Class P1		$ 309		25		$ 53		5		$ (158)		(14	)		$ 204		16
Class P2		10,209		886		23,362		2,128		(15,231)		(1,300	)		18,340		1,714

Total net increase (decrease)		$10,518		911		$ 23,415		2,133		$(15,389)		(1,314	)		$18,544		1,730


Year ended December 31, 2018
Class P1		$ 358		29		$ 22		2		$ (43)		(4	)		$ 337		27
Class P2		31,213		2,567		23,504		1,964		(35,759)		(2,843	)		18,958		1,688

Total net increase (decrease)		$31,571		2,596		$ 23,526		1,966		$(35,802)		(2,847	)		$19,295		1,715


Managed Risk Growth-Income Fund

	Sales*				Reinvestments of distributions				Repurchases*					Net increase
Share class	Amount		Shares		Amount		Shares		Amount		Shares			Amount		Shares

Six months ended June 30, 2019
Class P1		$ 53,713		4,286		$20,255		1,592		$(22,890)		(1,837	)		$ 51,078		4,041
Class P2		13,055		1,055		2,648		209		(9,633)		(766	)		6,070		498

Total net increase (decrease)		$ 66,768		5,341		$22,903		1,801		$(32,523)		(2,603	)		$ 57,148		4,539


Year ended December 31, 2018
Class P1		$1,696,532		144,131		$ 164		13		$(30,979)		(2,639	)		$1,665,717		141,505
Class P2		45,914		3,658		12,188		977		(16,805)		(1,320	)		41,297		3,315

Total net increase (decrease)		$1,742,446		147,789		$12,352		990		$(47,784)		(3,959	)		$1,707,014		144,820

184 American Funds Insurance Series



Managed Risk Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*					Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount		Shares			Amount			Shares

Six months ended June 30, 2019
Class P1		$ 83		7		$ 65		5		$ (296)		(22	)	$	(148	)		(10)
Class P2		56,368		4,353		177,679		14,375		(134,684)		(10,418	)		99,363			8,310

Total net increase (decrease)		$ 56,451		4,360		$177,744		14,380		$ (134,980)		(10,440	)	$	99,215			8,300


Year ended December 31, 2018
Class P1		$158,125		11,883		$ 98,747		7,599		$(1,735,518)		(141,232	)	$	(1,478,646	)		(121,750)
Class P2		122,897		9,265		144,221		11,089		(250,843)		(19,040	)		16,275			1,314

Total net increase (decrease)		$281,022		21,148		$242,968		18,688		$(1,986,361)		(160,272	)	$	(1,462,371	)		(120,436)

*Includes exchanges between share classes of the fund.

^†Amount less than one thousand.

American Funds Insurance Series 185

10. Investment transactions and other disclosures

The following tables present additional information for each of the funds for the six months ended June 30, 2019 (dollars in thousands):


	Global Growth Fund			Global Small Capitalization Fund			Growth Fund		International Fund		New World Fund		Blue Chip Income and Growth Fund
Purchases of investment securities*		$1,055,951			$1,850,309			$4,857,350		$2,792,947		$1,307,390		$3,006,205
Sales of investment securities*		1,073,582			1,461,908			3,684,608		1,993,562		923,284		2,520,023
Non-U.S. taxes paid on dividend income		5,123			2,341			5,755		11,331		2,280		357
Non-U.S. taxes paid on interest income		–			–			–		–		4		–
Non-U.S. taxes paid on realized gains		–			–			–		–		50		–
Non-U.S. taxes provided on unrealized gains		2,290			2,754			–		16,416		6,872		–

	Global Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund		Capital Income Builder		Asset Allocation Fund		Global Balanced Fund
Purchases of investment securities*		$544,087			$7,509,583			$373,943		$378,926		$12,042,957		$252,975
Sales of investment securities*		536,095			4,935,543			268,718		248,431		8,999,283		231,206
Non-U.S. taxes paid on dividend income		2,358			7,611			2,754		701		5,187		233
Non-U.S. taxes (refunded) paid on interest income		–			(1	)		–		–		–		7
Non-U.S. taxes paid on realized gains		–			–			145		–		–		2
Non-U.S. taxes provided on unrealized gains		1,106			1,301			959		–		289		54
Dividend income from affiliated issuers		–			1,827			–		–		730		–
Interest income from affiliated issuers		–			–			–		–		1,194		–

	Bond Fund			Global Bond Fund			High- Income Bond Fund		Mortgage Fund		Ultra-Short Bond Fund		U.S. Government/ AAA-Rated Securities Fund
Purchases of investment securities*		$20,635,057			$1,897,021			$565,238		$394,192		$–		$2,655,824
Sales of investment securities*		19,572,372			1,923,935			529,305		398,582		–		2,725,376
Non-U.S. taxes (refunded) paid on interest income		(6	)		138			–		–		–		–
Non-U.S. taxes (refunded) paid on realized gains		(2	)		210			–		–		–		–
Non-U.S. taxes provided on unrealized gains		–			425			–		–		–		–

	Managed Risk Growth Fund			Managed Risk International Fund			Managed Risk Blue Chip Income and Growth Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Purchases of investment securities*		$56,036			$7,414			$31,627		$231,601		$159,809
Sales of investment securities*		23,553			7,689			27,130		64,363		146,293
Dividend income from affiliated issuers		1,089			367			1,448		7,423		11,862

*Excludes short-term securities and U.S. government obligations, if any.

11. Ownership concentration

At June 30, 2019, American Funds Insurance Series - Portfolio Series Managed Risk Growth and Income Portfolio held 34% and 11% of the outstanding shares of Capital Income Builder and Global Growth and Income Fund, respectively. In addition, American Funds Insurance Series - Portfolio Series Managed Risk Global Allocation Portfolio held 23% of the outstanding shares of Global Balanced Fund and Managed Risk Asset Allocation Fund held 10% of the outstanding shares of Asset Allocation Fund.

186 American Funds Insurance Series

Financial highlights


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period			Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Global Growth Fund
Class 1:
6/30/2019^2,3	$	25.74	$	.21		$	5.27		$	5.48		$	(.05	)	$	(1.68	)	$	(1.73	)	$	29.49			21.41	%⁴	$	2,254			.55	%⁵		1.46	%⁵
12/31/2018		30.51		.29			(2.65	)		(2.36	)		(.28	)		(2.13	)		(2.41	)		25.74			(8.81	)		1,942			.55			.98
12/31/2017		24.05		.26			7.30			7.56			(.26	)		(.84	)		(1.10	)		30.51			31.80			2,010			.55			.94
12/31/2016		26.39		.25			(.14	)		.11			(.29	)		(2.16	)		(2.45	)		24.05			.87			1,630			.56			1.00
12/31/2015		27.48		.25			1.80			2.05			(.35	)		(2.79	)		(3.14	)		26.39			7.24			1,626			.55			.90
12/31/2014		30.11		.31	⁶		.40			.71			(.40	)		(2.94	)		(3.34	)		27.48			2.52			1,558			.55			1.08	⁶


Class 1A:
6/30/2019^2,3		25.69		.18			5.24			5.42			(.04	)		(1.68	)		(1.72	)		29.39			21.23	⁴		7			.80	⁵		1.25	⁵
12/31/2018		30.46		.23			(2.66	)		(2.43	)		(.21	)		(2.13	)		(2.34	)		25.69			(9.02	)		5			.80			.77
12/31/2017^2,7		24.50		.11			6.94			7.05			(.25	)		(.84	)		(1.09	)		30.46			29.13	⁴		2			.80	⁵		.39	⁵


Class 2:
6/30/2019^2,3		25.50		.17			5.22			5.39			(.04	)		(1.68	)		(1.72	)		29.17			21.25	⁴		3,741			.80	⁵		1.20	⁵
12/31/2018		30.24		.22			(2.63	)		(2.41	)		(.20	)		(2.13	)		(2.33	)		25.50			(9.04	)		3,306			.80			.73
12/31/2017		23.85		.19			7.23			7.42			(.19	)		(.84	)		(1.03	)		30.24			31.47			4,012			.80			.69
12/31/2016		26.19		.18			(.14	)		.04			(.22	)		(2.16	)		(2.38	)		23.85			.62			3,483			.81			.76
12/31/2015		27.30		.18			1.78			1.96			(.28	)		(2.79	)		(3.07	)		26.19			6.94			3,817			.80			.66
12/31/2014		29.92		.24	⁶		.41			.65			(.33	)		(2.94	)		(3.27	)		27.30			2.31			3,992			.80			.85	⁶


Class 4:
6/30/2019^2,3		25.39		.14			5.18			5.32			(.03	)		(1.68	)		(1.71	)		29.00			21.07	⁴		322			1.05	⁵		.99	⁵
12/31/2018		30.13		.14			(2.60	)		(2.46	)		(.15	)		(2.13	)		(2.28	)		25.39			(9.24	)		249			1.05			.47
12/31/2017		23.81		.10			7.22			7.32			(.16	)		(.84	)		(1.00	)		30.13			31.11			211			1.05			.37
12/31/2016		26.16		.12			(.14	)		(.02	)		(.17	)		(2.16	)		(2.33	)		23.81			.37			94			1.06			.50
12/31/2015		27.34		.09			1.81			1.90			(.29	)		(2.79	)		(3.08	)		26.16			6.69			91			1.05			.34
12/31/2014		30.07		.07	⁶		.50			.57			(.36	)		(2.94	)		(3.30	)		27.34			2.01			19			1.05			.26	⁶

Global Small Capitalization Fund
Class 1:
6/30/2019^2,3	$	21.75	$	.10		$	4.28		$	4.38		$	(.02	)	$	(1.58	)	$	(1.60	)	$	24.53			20.30	%⁴	$	1,951			.74	%⁵		.80	%⁵
12/31/2018		25.38		.11			(2.51	)		(2.40	)		(.09	)		(1.14	)		(1.23	)		21.75			(10.31	)		1,453			.73			.42
12/31/2017		20.24		.12			5.17			5.29			(.15	)		–			(.15	)		25.38			26.22			1,639			.73			.54
12/31/2016		24.41		.12			.17			.29			(.11	)		(4.35	)		(4.46	)		20.24			2.35			1,532			.74			.57
12/31/2015		26.09		.04			.36			.40			–			(2.08	)		(2.08	)		24.41			.50			1,706			.73			.15
12/31/2014		25.69		.09			.52			.61			(.09	)		(.12	)		(.21	)		26.09			2.36			1,411			.74			.34


Class 1A:
6/30/2019^2,3		21.71		.07			4.28			4.35			(.01	)		(1.58	)		(1.59	)		24.47	⁸		20.21	⁴		–	⁸		.98	⁵		.55	⁵
12/31/2018		25.36		.05			(2.52	)		(2.47	)		(.04	)		(1.14	)		(1.18	)		21.71			(10.56	)		–	⁸		.98			.21
12/31/2017^2,7		20.70		.08			4.71			4.79			(.13	)		–			(.13	)		25.36			23.19	⁴		–	⁸		.96	⁵		.35	⁵


Class 2:
6/30/2019^2,3		21.16		.06			4.17			4.23			(.01	)		(1.58	)		(1.59	)		23.80			20.16	⁴		2,302			.99	⁵		.51	⁵
12/31/2018		24.72		.04			(2.44	)		(2.40	)		(.02	)		(1.14	)		(1.16	)		21.16			(10.55	)		2,056			.98			.17
12/31/2017		19.72		.06			5.04			5.10			(.10	)		–			(.10	)		24.72			25.89			2,551			.98			.27
12/31/2016		23.90		.07			.15			.22			(.05	)		(4.35	)		(4.40	)		19.72			2.10			2,303			.99			.31
12/31/2015		25.64		(.03	)		.37			.34			–			(2.08	)		(2.08	)		23.90			.27			2,492			.98			(.10	)
12/31/2014		25.25		.03			.51			.54			(.03	)		(.12	)		(.15	)		25.64			2.12			2,738			.99			.10


Class 4:
6/30/2019^2,3		21.28		.03			4.20			4.23			–	⁹		(1.58	)		(1.58	)		23.93			20.05	⁴		180			1.24	⁵		.28	⁵
12/31/2018		24.91		(.02	)		(2.46	)		(2.48	)		(.01	)		(1.14	)		(1.15	)		21.28			(10.80	)		146			1.24			(.08	)
12/31/2017		19.91		–	⁹		5.09			5.09			(.09	)		–			(.09	)		24.91			25.62			125			1.23			–	¹⁰
12/31/2016		24.11		.01			.16			.17			(.02	)		(4.35	)		(4.37	)		19.91			1.85			42			1.24			.03
12/31/2015		25.92		(.10	)		.37			.27			–			(2.08	)		(2.08	)		24.11			(.02	)		34			1.23			(.37	)
12/31/2014		25.57		(.05	)		.54			.49			(.02	)		(.12	)		(.14	)		25.92			1.88			12			1.24			(.17	)

See end of tables for footnotes.

American Funds Insurance Series 187

Financial highlights (continued)


			Income (loss) from investment operations¹							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Growth Fund

Class 1:
6/30/2019^2,3		$69.96		$.42			$11.13		$11.55		$ (.20	)		$ (8.44	)		$ (8.64	)		$72.87		16.80	%⁴		$ 9,854		.34	%⁵		1.09	%⁵
12/31/2018		77.85		.64			.25		.89		(.54	)		(8.24	)		(8.78	)		69.96		(.01	)		8,474		.34			.81
12/31/2017		67.29		.55			17.89		18.44		(.55	)		(7.33	)		(7.88	)		77.85		28.62			8,100		.35			.75
12/31/2016		68.02		.67			5.40		6.07		(.67	)		(6.13	)		(6.80	)		67.29		9.77			6,931		.35			1.03
12/31/2015		80.15		.64			5.08		5.72		(.61	)		(17.24	)		(17.85	)		68.02		7.12			6,796		.35			.87
12/31/2014		78.54		.88	⁶		5.79		6.67		(1.16	)		(3.90	)		(5.06	)		80.15		8.78			7,118		.35			1.12	⁶


Class 1A:
6/30/2019^2,3		69.77		.33			11.09		11.42		(.17	)		(8.44	)		(8.61	)		72.58		16.66	⁴		14		.59	⁵		.86	⁵
12/31/2018		77.74		.47			.24		.71		(.44	)		(8.24	)		(8.68	)		69.77		(.26	)		10		.59			.60
12/31/2017^2,7		68.84		.35			16.38		16.73		(.50	)		(7.33	)		(7.83	)		77.74		25.47	⁴		3		.59	⁵		.47	⁵


Class 2:
6/30/2019^2,3		69.48		.32			11.04		11.36		(.16	)		(8.44	)		(8.60	)		72.24		16.65	⁴		15,090		.59	⁵		.84	⁵
12/31/2018		77.35		.44			.27		.71		(.34	)		(8.24	)		(8.58	)		69.48		(.25	)		13,701		.59			.55
12/31/2017		66.92		.37			17.76		18.13		(.37	)		(7.33	)		(7.70	)		77.35		28.28			15,716		.60			.50
12/31/2016		67.69		.51			5.36		5.87		(.51	)		(6.13	)		(6.64	)		66.92		9.49			13,978		.60			.78
12/31/2015		79.84		.46			5.06		5.52		(.43	)		(17.24	)		(17.67	)		67.69		6.86			14,414		.60			.62
12/31/2014		77.94		.68	⁶		5.75		6.43		(.63	)		(3.90	)		(4.53	)		79.84		8.51			15,413		.60			.87	⁶


Class 3:
6/30/2019^2,3		70.44		.35			11.20		11.55		(.17	)		(8.44	)		(8.61	)		73.38		16.68	⁴		209		.52	⁵		.91	⁵
12/31/2018		78.32		.50			.26		.76		(.40	)		(8.24	)		(8.64	)		70.44		(.18	)		187		.52			.62
12/31/2017		67.67		.42			17.98		18.40		(.42	)		(7.33	)		(7.75	)		78.32		28.39			212		.53			.57
12/31/2016		68.37		.56			5.42		5.98		(.55	)		(6.13	)		(6.68	)		67.67		9.56			183		.53			.85
12/31/2015		80.47		.51			5.11		5.62		(.48	)		(17.24	)		(17.72	)		68.37		6.92			194		.53			.69
12/31/2014		78.62		.74	⁶		5.79		6.53		(.78	)		(3.90	)		(4.68	)		80.47		8.58			208		.53			.94	⁶


Class 4:
6/30/2019^2,3		68.64		.22			10.91		11.13		(.14	)		(8.44	)		(8.58	)		71.19		16.51	⁴		1,312		.84	⁵		.60	⁵
12/31/2018		76.56		.24			.28		.52		(.20	)		(8.24	)		(8.44	)		68.64		(.50	)		1,076		.84			.31
12/31/2017		66.41		.18			17.61		17.79		(.31	)		(7.33	)		(7.64	)		76.56		27.99			954		.85			.25
12/31/2016		67.26		.34			5.32		5.66		(.38	)		(6.13	)		(6.51	)		66.41		9.22			458		.85			.53
12/31/2015		79.74		.29			5.02		5.31		(.55	)		(17.24	)		(17.79	)		67.26		6.59			394		.85			.42
12/31/2014		78.32		.37	⁶		5.87		6.24		(.92	)		(3.90	)		(4.82	)		79.74		8.25			24		.85			.47	⁶

188 American Funds Insurance Series


			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
International Fund

Class 1:
6/30/2019^2,3		$17.66		$.20		$ 2.43			$ 2.63			$(.04	)		$ (.50	)		$ (.54	)		$19.75		14.94	%⁴		$5,251		.53	%⁵		2.13	%⁵
12/31/2018		21.71		.34		(2.97	)		(2.63	)		(.40	)		(1.02	)		(1.42	)		17.66		(12.94	)		4,811		.53			1.62
12/31/2017		16.82		.26		5.16			5.42			(.30	)		(.23	)		(.53	)		21.71		32.46			5,014		.53			1.33
12/31/2016		18.08		.27		.30			.57			(.28	)		(1.55	)		(1.83	)		16.82		3.78			3,652		.54			1.57
12/31/2015		20.35		.29		(1.03	)		(.74	)		(.35	)		(1.18	)		(1.53	)		18.08		(4.25	)		3,427		.54			1.41
12/31/2014		21.22		.30		(.81	)		(.51	)		(.36	)		–			(.36	)		20.35		(2.41	)		3,282		.54			1.43


Class 1A:
6/30/2019^2,3		17.62		.18		2.41			2.59			(.03	)		(.50	)		(.53	)		19.68		14.76	⁴		6		.78	⁵		1.90	⁵
12/31/2018		21.67		.27		(2.93	)		(2.66	)		(.37	)		(1.02	)		(1.39	)		17.62		(13.11	)		5		.78			1.32
12/31/2017^2,7		17.17		.09		4.93			5.02			(.29	)		(.23	)		(.52	)		21.67		29.46	⁴		2		.77	⁵		.43	⁵


Class 2:
6/30/2019^2,3		17.60		.18		2.41			2.59			(.03	)		(.50	)		(.53	)		19.66		14.78	⁴		4,200		.78	⁵		1.88	⁵
12/31/2018		21.63		.29		(2.95	)		(2.66	)		(.35	)		(1.02	)		(1.37	)		17.60		(13.13	)		3,875		.78			1.40
12/31/2017		16.76		.22		5.13			5.35			(.25	)		(.23	)		(.48	)		21.63		32.14			4,422		.78			1.10
12/31/2016		18.02		.23		.30			.53			(.24	)		(1.55	)		(1.79	)		16.76		3.53			3,710		.79			1.35
12/31/2015		20.29		.24		(1.03	)		(.79	)		(.30	)		(1.18	)		(1.48	)		18.02		(4.53	)		3,978		.79			1.17
12/31/2014		21.15		.25		(.81	)		(.56	)		(.30	)		–			(.30	)		20.29		(2.65	)		4,374		.79			1.19


Class 3:
6/30/2019^2,3		17.70		.19		2.43			2.62			(.03	)		(.50	)		(.53	)		19.79		14.87	⁴		25		.71	⁵		1.95	⁵
12/31/2018		21.75		.31		(2.98	)		(2.67	)		(.36	)		(1.02	)		(1.38	)		17.70		(13.10	)		24		.71			1.48
12/31/2017		16.85		.23		5.17			5.40			(.27	)		(.23	)		(.50	)		21.75		32.23			31		.71			1.17
12/31/2016		18.11		.24		.30			.54			(.25	)		(1.55	)		(1.80	)		16.85		3.57			27		.72			1.42
12/31/2015		20.38		.25		(1.03	)		(.78	)		(.31	)		(1.18	)		(1.49	)		18.11		(4.44	)		32		.72			1.24
12/31/2014		21.24		.27		(.82	)		(.55	)		(.31	)		–			(.31	)		20.38		(2.56	)		38		.72			1.28


Class 4:
6/30/2019^2,3		17.40		.16		2.38			2.54			(.02	)		(.50	)		(.52	)		19.42		14.68	⁴		352		1.03	⁵		1.65	⁵
12/31/2018		21.42		.23		(2.93	)		(2.70	)		(.30	)		(1.02	)		(1.32	)		17.40		(13.41	)		295		1.03			1.13
12/31/2017		16.64		.11		5.16			5.27			(.26	)		(.23	)		(.49	)		21.42		31.89			289		1.03			.55
12/31/2016		17.93		.18		.29			.47			(.21	)		(1.55	)		(1.76	)		16.64		3.21			66		1.04			1.03
12/31/2015		20.23		.17		(1.00	)		(.83	)		(.29	)		(1.18	)		(1.47	)		17.93		(4.75	)		46		1.04			.88
12/31/2014		21.16		.07		(.68	)		(.61	)		(.32	)		–			(.32	)		20.23		(2.88	)		18		1.04			.31

See end of tables for footnotes.

American Funds Insurance Series 189

Financial highlights (continued)


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
New World Fund

Class 1:
6/30/2019^2,3		$20.98		$.18			$ 3.83			$ 4.01			$(.05	)		$ (.92	)		$ (.97	)		$24.02		19.23	%⁴		$1,938		.75	%⁵		1.59	%⁵
12/31/2018		25.30		.27			(3.65	)		(3.38	)		(.27	)		(.67	)		(.94	)		20.98		(13.83	)		1,702		.77			1.11
12/31/2017		19.72		.26			5.59			5.85			(.27	)		–			(.27	)		25.30		29.73			2,050		.77			1.14
12/31/2016		18.87		.24			.81			1.05			(.20	)		–			(.20	)		19.72		5.59			1,743		.78			1.25
12/31/2015		20.72		.19			(.71	)		(.52	)		(.17	)		(1.16	)		(1.33	)		18.87		(2.96	)		1,562		.79			.92
12/31/2014		25.08		.29	⁶		(1.92	)		(1.63	)		(.29	)		(2.44	)		(2.73	)		20.72		(7.63	)		1,433		.78			1.23	⁶

Class 1A:
6/30/2019^2,3		20.92		.16			3.82			3.98			(.05	)		(.92	)		(.97	)		23.93		19.10	⁴		4		1.00	⁵		1.42	⁵
12/31/2018		25.25		.21			(3.64	)		(3.43	)		(.23	)		(.67	)		(.90	)		20.92		(14.02	)		2		1.02			.91
12/31/2017^2,7		20.14		.13			5.24			5.37			(.26	)		–			(.26	)		25.25		26.72	⁴		1		1.00	⁵		.53	⁵

Class 2:
6/30/2019^2,3		20.79		.15			3.79			3.94			(.04	)		(.92	)		(.96	)		23.77		19.07	⁴		949		1.00	⁵		1.33	⁵
12/31/2018		25.07		.20			(3.61	)		(3.41	)		(.20	)		(.67	)		(.87	)		20.79		(14.04	)		843		1.02			.85
12/31/2017		19.54		.20			5.55			5.75			(.22	)		–			(.22	)		25.07		29.44			1,055		1.02			.89
12/31/2016		18.71		.19			.79			.98			(.15	)		–			(.15	)		19.54		5.26			911		1.03			1.00
12/31/2015		20.54		.14			(.69	)		(.55	)		(.12	)		(1.16	)		(1.28	)		18.71		(3.14	)		961		1.04			.68
12/31/2014		24.88		.24	⁶		(1.91	)		(1.67	)		(.23	)		(2.44	)		(2.67	)		20.54		(7.87	)		1,084		1.03			1.01	⁶

Class 4:
6/30/2019^2,3		20.71		.13			3.78			3.91			(.04	)		(.92	)		(.96	)		23.66		18.96	⁴		570		1.25	⁵		1.11	⁵
12/31/2018		24.99		.14			(3.59	)		(3.45	)		(.16	)		(.67	)		(.83	)		20.71		(14.25	)		464		1.27			.61
12/31/2017		19.51		.14			5.52			5.66			(.18	)		–			(.18	)		24.99		29.06			427		1.27			.61
12/31/2016		18.69		.14			.80			.94			(.12	)		–			(.12	)		19.51		5.04			240		1.28			.75
12/31/2015		20.56		.08			(.68	)		(.60	)		(.11	)		(1.16	)		(1.27	)		18.69		(3.37	)		171		1.29			.39
12/31/2014		24.99		.09	⁶		(1.83	)		(1.74	)		(.25	)		(2.44	)		(2.69	)		20.56		(8.13	)		64		1.28			.40	⁶


Blue Chip Income and Growth Fund

Class 1:
6/30/2019^2,3		$12.38		$.15			$ 1.21			$ 1.36			$(.06	)		$(1.07	)		$(1.13	)		$12.61		11.14	%⁴		$5,316		.41	%⁵		2.34	%⁵
12/31/2018		14.96		.31			(1.44	)		(1.13	)		(.31	)		(1.14	)		(1.45	)		12.38		(8.45	)		4,810		.41			2.13
12/31/2017		13.53		.32			1.96			2.28			(.32	)		(.53	)		(.85	)		14.96		17.30			5,581		.41			2.27
12/31/2016		12.62		.31			1.97			2.28			(.29	)		(1.08	)		(1.37	)		13.53		19.06			5,099		.41			2.39
12/31/2015		14.69		.31			(.64	)		(.33	)		(.29	)		(1.45	)		(1.74	)		12.62		(2.72	)		3,638		.41			2.23
12/31/2014		13.12		.46	⁶		1.59			2.05			(.48	)		–			(.48	)		14.69		15.69			3,542		.42			3.31	⁶

Class 1A:
6/30/2019^2,3		12.35		.14			1.19			1.33			(.06	)		(1.07	)		(1.13	)		12.55		10.89	⁴		7		.66	⁵		2.12	⁵
12/31/2018		14.94		.26			(1.42	)		(1.16	)		(.29	)		(1.14	)		(1.43	)		12.35		(8.67	)		3		.66			1.84
12/31/2017^2,7		13.75		.28			1.75			2.03			(.31	)		(.53	)		(.84	)		14.94		15.21	⁴		1		.65	⁵		2.01	⁵

Class 2:
6/30/2019^2,3		12.24		.14			1.17			1.31			(.05	)		(1.07	)		(1.12	)		12.43		10.89	⁴		3,011		.66	⁵		2.09	⁵
12/31/2018		14.80		.27			(1.42	)		(1.15	)		(.27	)		(1.14	)		(1.41	)		12.24		(8.66	)		2,850		.66			1.88
12/31/2017		13.39		.28			1.94			2.22			(.28	)		(.53	)		(.81	)		14.80		17.04			3,551		.66			2.02
12/31/2016		12.51		.28			1.94			2.22			(.26	)		(1.08	)		(1.34	)		13.39		18.70			3,412		.66			2.16
12/31/2015		14.57		.27			(.62	)		(.35	)		(.26	)		(1.45	)		(1.71	)		12.51		(2.93	)		3,228		.66			1.97
12/31/2014		13.02		.44	⁶		1.55			1.99			(.44	)		–			(.44	)		14.57		15.36			3,722		.67			3.14	⁶

Class 4:
6/30/2019^2,3		12.19		.12			1.18			1.30			(.05	)		(1.07	)		(1.12	)		12.37		10.83	⁴		499		.91	⁵		1.85	⁵
12/31/2018		14.77		.23			(1.42	)		(1.19	)		(.25	)		(1.14	)		(1.39	)		12.19		(8.92	)		368		.91			1.62
12/31/2017		13.39		.25			1.93			2.18			(.27	)		(.53	)		(.80	)		14.77		16.70			247		.91			1.76
12/31/2016		12.53		.24			1.96			2.20			(.26	)		(1.08	)		(1.34	)		13.39		18.49			132		.91			1.81
12/31/2015		14.63		.24			(.63	)		(.39	)		(.26	)		(1.45	)		(1.71	)		12.53		(3.21	)		32		.91			1.75
12/31/2014		13.12		.34	⁶		1.63			1.97			(.46	)		–			(.46	)		14.63		15.13			9		.92			2.33	⁶

190 American Funds Insurance Series


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Global Growth and Income Fund
Class 1:
6/30/2019^2,3		$13.02		$.19			$ 2.33			$2.52			$(.05	)		$ (.76	)		$ (.81	)		$14.73		19.47	%⁴		$ 573			.64	%⁵		2.68	%⁵
12/31/2018		15.81		.29			(1.62	)		(1.33	)		(.28	)		(1.18	)		(1.46	)		13.02		(9.36	)		492			.63			1.94
12/31/2017		13.02		.35			3.06			3.41			(.36	)		(.26	)		(.62	)		15.81		26.40			485			.63			2.43
12/31/2016		12.35		.28			.66			.94			(.27	)		–			(.27	)		13.02		7.61			571			.63			2.18
12/31/2015		12.78		.36			(.50	)		(.14	)		(.29	)		–			(.29	)		12.35		(1.14	)		293			.64			2.79
12/31/2014		12.53		.43	⁶		.31			.74			(.49	)		–			(.49	)		12.78		6.00			200			.63			3.34	⁶

Class 1A:
6/30/2019^2,3		13.00		.18			2.32			2.50			(.05	)		(.76	)		(.81	)		14.69		19.31	⁴		1			.88	⁵		2.49	⁵
12/31/2018		15.81		.26			(1.63	)		(1.37	)		(.26	)		(1.18	)		(1.44	)		13.00		(9.62	)		1			.88			1.74
12/31/2017^2,7		13.21		.18			3.03			3.21			(.35	)		(.26	)		(.61	)		15.81		24.54	⁴		–	⁸		.84	⁵		1.20	⁵

Class 2:
6/30/2019^2,3		12.99		.17			2.34			2.51			(.05	)		(.76	)		(.81	)		14.69		19.39	⁴		1,357			.89	⁵		2.41	⁵
12/31/2018		15.78		.26			(1.63	)		(1.37	)		(.24	)		(1.18	)		(1.42	)		12.99		(9.63	)		1,228			.88			1.70
12/31/2017		13.00		.31			3.05			3.36			(.32	)		(.26	)		(.58	)		15.78		26.06			1,538			.88			2.11
12/31/2016		12.33		.25			.65			.90			(.23	)		–			(.23	)		13.00		7.34			1,405			.88			1.98
12/31/2015		12.75		.22			(.39	)		(.17	)		(.25	)		–			(.25	)		12.33		(1.34	)		1,479			.89			1.73
12/31/2014		12.51		.41	⁶		.29			.70			(.46	)		–			(.46	)		12.75		5.64			1,685			.88			3.22	⁶

Class 4:
6/30/2019^2,3		12.81		.16			2.29			2.45			(.04	)		(.76	)		(.80	)		14.46		19.24	⁴		122			1.14	⁵		2.20	⁵
12/31/2018		15.60		.21			(1.60	)		(1.39	)		(.22	)		(1.18	)		(1.40	)		12.81		(9.89	)		95			1.13			1.43
12/31/2017		12.89		.22			3.08			3.30			(.33	)		(.26	)		(.59	)		15.60		25.83			79			1.14			1.49
12/31/2016		12.26		.21			.65			.86			(.23	)		–			(.23	)		12.89		7.04			16			1.13			1.63
12/31/2015		12.71		.17			(.37	)		(.20	)		(.25	)		–			(.25	)		12.26		(1.60	)		5			1.14			1.32
12/31/2014		12.50		.30	⁶		.37			.67			(.46	)		–			(.46	)		12.71		5.41			1			1.13			2.30	⁶

See end of tables for footnotes.

American Funds Insurance Series 191

Financial highlights (continued)


			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Growth-Income Fund
Class 1:
6/30/2019^2,3		$45.39		$.48		$ 6.75			$7.23			$(.17	)		$(5.16	)		$(5.33	)		$47.29		16.15	%⁴		$19,494		.28	%⁵		1.93	%⁵
12/31/2018		50.22		.84		(1.25	)		(.41	)		(.84	)		(3.58	)		(4.42	)		45.39		(1.55	)		16,783		.28			1.65
12/31/2017		44.41		.81		8.89			9.70			(.78	)		(3.11	)		(3.89	)		50.22		22.68			15,765		.28			1.69
12/31/2016		45.40		.79		4.09			4.88			(.75	)		(5.12	)		(5.87	)		44.41		11.80			12,588		.29			1.79
12/31/2015		52.76		.79		.37			1.16			(.75	)		(7.77	)		(8.52	)		45.40		1.72			10,747		.29			1.59
12/31/2014		50.72		.81		4.57			5.38			(.80	)		(2.54	)		(3.34	)		52.76		10.91			10,812		.29			1.56

Class 1A:
6/30/2019^2,3		45.28		.41		6.74			7.15			(.16	)		(5.16	)		(5.32	)		47.11		16.00	⁴		9		.53	⁵		1.69	⁵
12/31/2018		50.15		.72		(1.25	)		(.53	)		(.76	)		(3.58	)		(4.34	)		45.28		(1.78	)		7		.53			1.43
12/31/2017^2,7		45.39		.67		7.96			8.63			(.76	)		(3.11	)		(3.87	)		50.15		19.83	⁴		2		.52	⁵		1.41	⁵

Class 2:
6/30/2019^2,3		44.90		.41		6.68			7.09			(.15	)		(5.16	)		(5.31	)		46.68		16.02	⁴		13,225		.53	⁵		1.68	⁵
12/31/2018		49.71		.71		(1.23	)		(.52	)		(.71	)		(3.58	)		(4.29	)		44.90		(1.79	)		12,035		.53			1.40
12/31/2017		44.00		.68		8.80			9.48			(.66	)		(3.11	)		(3.77	)		49.71		22.38			13,930		.53			1.45
12/31/2016		45.04		.67		4.05			4.72			(.64	)		(5.12	)		(5.76	)		44.00		11.51			12,854		.54			1.54
12/31/2015		52.41		.66		.37			1.03			(.63	)		(7.77	)		(8.40	)		45.04		1.45			12,895		.54			1.34
12/31/2014		50.40		.67		4.55			5.22			(.67	)		(2.54	)		(3.21	)		52.41		10.63			14,337		.54			1.31

Class 3:
6/30/2019^2,3		45.47		.43		6.77			7.20			(.16	)		(5.16	)		(5.32	)		47.35		16.05	⁴		153		.46	⁵		1.75	⁵
12/31/2018		50.29		.75		(1.25	)		(.50	)		(.74	)		(3.58	)		(4.32	)		45.47		(1.72	)		140		.46			1.47
12/31/2017		44.47		.72		8.90			9.62			(.69	)		(3.11	)		(3.80	)		50.29		22.47			168		.46			1.52
12/31/2016		45.46		.71		4.09			4.80			(.67	)		(5.12	)		(5.79	)		44.47		11.59			156		.47			1.61
12/31/2015		52.82		.70		.37			1.07			(.66	)		(7.77	)		(8.43	)		45.46		1.53			161		.47			1.41
12/31/2014		50.77		.71		4.59			5.30			(.71	)		(2.54	)		(3.25	)		52.82		10.71			185		.47			1.38

Class 4:
6/30/2019^2,3		44.47		.35		6.62			6.97			(.14	)		(5.16	)		(5.30	)		46.14		15.89	⁴		1,088		.78	⁵		1.43	⁵
12/31/2018		49.31		.58		(1.23	)		(.65	)		(.61	)		(3.58	)		(4.19	)		44.47		(2.05	)		899		.78			1.15
12/31/2017		43.73		.56		8.73			9.29			(.60	)		(3.11	)		(3.71	)		49.31		22.08			827		.78			1.19
12/31/2016		44.82		.56		4.02			4.58			(.55	)		(5.12	)		(5.67	)		43.73		11.25			495		.79			1.29
12/31/2015		52.39		.58		.33			.91			(.71	)		(7.77	)		(8.48	)		44.82		1.21			410		.79			1.25
12/31/2014		50.56		.58		4.51			5.09			(.72	)		(2.54	)		(3.26	)		52.39		10.34			30		.79			1.11

192 American Funds Insurance Series


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
International Growth and Income Fund
Class 1:
6/30/2019^2,3		$15.35		$.32			$ 1.95			$ 2.27			$(.07	)		$(.19	)		$(.26	)		$17.36		14.82	%⁴		$1,096		.65	%⁵		3.84	%⁵
12/31/2018		17.72		.45			(2.39	)		(1.94	)		(.43	)		–			(.43	)		15.35		(11.00	)		1,034		.65			2.62
12/31/2017		14.48		.46			3.20			3.66			(.42	)		–			(.42	)		17.72		25.31			1,121		.66			2.75
12/31/2016		14.72		.43			(.19	)		.24			(.42	)		(.06	)		(.48	)		14.48		1.71			820		.68			2.93
12/31/2015		16.27		.42			(1.25	)		(.83	)		(.38	)		(.34	)		(.72	)		14.72		(5.34	)		707		.68			2.60
12/31/2014		17.48		.58	⁶		(1.09	)		(.51	)		(.53	)		(.17	)		(.70	)		16.27		(2.93	)		740		.68			3.32	⁶

Class 1A:
6/30/2019^2,3		15.33		.30			1.95			2.25			(.06	)		(.19	)		(.25	)		17.33		14.74	⁴		2		.90	⁵		3.61	⁵
12/31/2018		17.70		.41			(2.39	)		(1.98	)		(.39	)		–			(.39	)		15.33		(11.24	)		2		.90			2.35
12/31/2017^2,7		14.69		.34			3.08			3.42			(.41	)		–			(.41	)		17.70		23.36	⁴		2		.91	⁵		1.99	⁵

Class 2:
6/30/2019^2,3		15.30		.30			1.95			2.25			(.06	)		(.19	)		(.25	)		17.30		14.75	⁴		248		.90	⁵		3.60	⁵
12/31/2018		17.66		.41			(2.38	)		(1.97	)		(.39	)		–			(.39	)		15.30		(11.23	)		230		.90			2.38
12/31/2017		14.43		.43			3.17			3.60			(.37	)		–			(.37	)		17.66		25.03			276		.91			2.60
12/31/2016		14.68		.40			(.21	)		.19			(.38	)		(.06	)		(.44	)		14.43		1.44			244		.93			2.72
12/31/2015		16.22		.38			(1.24	)		(.86	)		(.34	)		(.34	)		(.68	)		14.68		(5.60	)		254		.93			2.32
12/31/2014		17.43		.56	⁶		(1.10	)		(.54	)		(.50	)		(.17	)		(.67	)		16.22		(3.15	)		248		.93			3.21	⁶

Class 4:
6/30/2019^2,3		15.22		.28			1.93			2.21			(.05	)		(.19	)		(.24	)		17.19		14.60	⁴		88		1.15	⁵		3.37	⁵
12/31/2018		17.58		.36			(2.36	)		(2.00	)		(.36	)		–			(.36	)		15.22		(11.46	)		71		1.15			2.10
12/31/2017		14.38		.37			3.18			3.55			(.35	)		–			(.35	)		17.58		24.72			63		1.16			2.24
12/31/2016		14.63		.36			(.19	)		.17			(.36	)		(.06	)		(.42	)		14.38		1.18			37		1.18			2.43
12/31/2015		16.19		.33			(1.23	)		(.90	)		(.32	)		(.34	)		(.66	)		14.63		(5.82	)		32		1.18			2.02
12/31/2014		17.45		.26	⁶		(.85	)		(.59	)		(.50	)		(.17	)		(.67	)		16.19		(3.39	)		20		1.18			1.52	⁶

See end of tables for footnotes.

American Funds Insurance Series 193

Financial highlights (continued)


			Income (loss) from investment operations¹								Dividends and distributions
	Net asset value, beginning of period		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 period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets before reimbursements			Ratio of expenses to average net assets after reimbursements			Ratio of net income to average net assets

Capital Income Builder

Class 1:
6/30/2019^2,3		$ 9.37		$.18		$ .76			$.94			$(.16	)		$ –			$(.16	)	$	10.15		10.06	%⁴	$	421			.53	%⁵		.52	%⁵		3.70	%⁵
12/31/2018		10.40		.31		(1.00	)		(.69	)		(.32	)		(.02	)		(.34	)		9.37		(6.77	)		317			.54			.54			3.08
12/31/2017		9.46		.32		.93			1.25			(.31	)		–			(.31	)		10.40		13.29			254			.54			.54			3.21
12/31/2016		9.40		.32		.07			.39			(.33	)		–			(.33	)		9.46		4.17			156			.54			.54			3.39
12/31/2015		9.81		.28		(.40	)		(.12	)		(.29	)		–			(.29	)		9.40		(1.23	)		80			.56			.56			2.88
12/31/2014^2,11		10.00		.19		(.18	)		.01			(.19	)		(.01	)		(.20	)		9.81		.12	⁴		20			.56	⁵		.56	⁵		2.87	⁵

Class 1A:
6/30/2019^2,3		9.36		.17		.76			.93			(.15	)		–			(.15	)		10.14		9.95	⁴		5			.78	⁵		.77	⁵		3.45	⁵
12/31/2018		10.39		.28		(.99	)		(.71	)		(.30	)		(.02	)		(.32	)		9.36		(7.01	)		2			.79			.79			2.82
12/31/2017^2,7		9.57		.27		.84			1.11			(.29	)		–			(.29	)		10.39		11.72	⁴		1			.79	⁵		.79	⁵		2.63	⁵

Class 2:
6/30/2019^2,3		9.36		.17		.77			.94			(.15	)		–			(.15	)		10.15		10.05	⁴		5			.78	⁵		.77	⁵		3.42	⁵
12/31/2018		10.40		.28		(1.00	)		(.72	)		(.30	)		(.02	)		(.32	)		9.36		(7.08	)		4			.79			.79			2.83
12/31/2017		9.46		.29		.93			1.22			(.28	)		–			(.28	)		10.40		13.04			1			.79			.79			2.82
12/31/2016		9.40		.27		.11			.38			(.32	)		–			(.32	)		9.46		4.08			–	⁸		.80			.80			2.82
12/31/2015		9.81		.31		(.43	)		(.12	)		(.29	)		–			(.29	)		9.40		(1.23	)¹²		–	⁸		.46	¹²		.46	¹²		3.12	¹²
12/31/2014^2,11		10.00		.20		(.19	)		.01			(.19	)		(.01	)		(.20	)		9.81		.12	^4,12		–	⁸		.47	^5,12		.47	^5,12		2.94	^5,12

Class 4:
6/30/2019^2,3		9.35		.16		.76			.92			(.14	)		–			(.14	)		10.13		9.82	⁴		409			1.03	⁵		1.02	⁵		3.17	⁵
12/31/2018		10.38		.26		(1.00	)		(.74	)		(.27	)		(.02	)		(.29	)		9.35		(7.25	)		352			1.04			1.04			2.58
12/31/2017		9.45		.27		.92			1.19			(.26	)		–			(.26	)		10.38		12.65			338			1.04			1.04			2.72
12/31/2016		9.38		.27		.08			.35			(.28	)		–			(.28	)		9.45		3.78			256			1.04			1.04			2.88
12/31/2015		9.80		.25		(.42	)		(.17	)		(.25	)		–			(.25	)		9.38		(1.79	)		157			1.05			1.05			2.55
12/31/2014^2,11		10.00		.14		(.16	)		(.02	)		(.17	)		(.01	)		(.18	)		9.80		(.21	)⁴		55			1.06	⁵		1.06	⁵		2.08	⁵

194 American Funds Insurance Series


			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Asset Allocation Fund

Class 1:
6/30/2019^2,3		$21.29		$.27		$ 2.29			$ 2.56			$(.11	)		$(1.19	)		$(1.30	)		$22.55		12.11	%⁴		$16,367		.28	%⁵		2.37	%⁵
12/31/2018		23.71		.48		(1.43	)		(.95	)		(.44	)		(1.03	)		(1.47	)		21.29		(4.35	)		14,627		.28			2.04
12/31/2017		21.68		.44		3.06			3.50			(.41	)		(1.06	)		(1.47	)		23.71		16.51			16,556		.29			1.90
12/31/2016		20.62		.42		1.54			1.96			(.39	)		(.51	)		(.90	)		21.68		9.69			13,008		.29			1.97
12/31/2015		22.23		.40		(.02	)		.38			(.40	)		(1.59	)		(1.99	)		20.62		1.64			10,913		.29			1.85
12/31/2014		22.49		.44		.81			1.25			(.39	)		(1.12	)		(1.51	)		22.23		5.66			11,997		.30			1.95
Class 1A:
6/30/2019^2,3		21.26		.24		2.28			2.52			(.10	)		(1.19	)		(1.29	)		22.49		11.95	⁴		9		.53	⁵		2.12	⁵
12/31/2018		23.69		.42		(1.42	)		(1.00	)		(.40	)		(1.03	)		(1.43	)		21.26		(4.58	)		7		.53			1.82
12/31/2017^2,7		21.97		.39		2.78			3.17			(.39	)		(1.06	)		(1.45	)		23.69		14.78	⁴		4		.53	⁵		1.69	⁵
Class 2:
6/30/2019^2,3		21.08		.24		2.27			2.51			(.10	)		(1.19	)		(1.29	)		22.30		12.00	⁴		4,992		.54	⁵		2.11	⁵
12/31/2018		23.49		.41		(1.41	)		(1.00	)		(.38	)		(1.03	)		(1.41	)		21.08		(4.60	)		4,668		.53			1.78
12/31/2017		21.49		.37		3.04			3.41			(.35	)		(1.06	)		(1.41	)		23.49		16.23			5,480		.54			1.64
12/31/2016		20.45		.36		1.53			1.89			(.34	)		(.51	)		(.85	)		21.49		9.41			5,144		.54			1.72
12/31/2015		22.06		.34		(.01	)		.33			(.35	)		(1.59	)		(1.94	)		20.45		1.40			5,008		.54			1.60
12/31/2014		22.33		.37		.81			1.18			(.33	)		(1.12	)		(1.45	)		22.06		5.40			5,494		.55			1.69
Class 3:
6/30/2019^2,3		21.32		.25		2.29			2.54			(.10	)		(1.19	)		(1.29	)		22.57		12.01	⁴		32		.47	⁵		2.18	⁵
12/31/2018		23.73		.43		(1.41	)		(.98	)		(.40	)		(1.03	)		(1.43	)		21.32		(4.49	)		29		.46			1.85
12/31/2017		21.70		.39		3.07			3.46			(.37	)		(1.06	)		(1.43	)		23.73		16.29			38		.47			1.72
12/31/2016		20.64		.38		1.54			1.92			(.35	)		(.51	)		(.86	)		21.70		9.49			35		.47			1.79
12/31/2015		22.25		.36		(.02	)		.34			(.36	)		(1.59	)		(1.95	)		20.64		1.46			36		.47			1.67
12/31/2014		22.51		.39		.81			1.20			(.34	)		(1.12	)		(1.46	)		22.25		5.47			40		.48			1.76
Class 4:
6/30/2019^2,3		20.99		.21		2.26			2.47			(.09	)		(1.19	)		(1.28	)		22.18		11.86	⁴		4,071		.78	⁵		1.87	⁵
12/31/2018		23.40		.35		(1.40	)		(1.05	)		(.33	)		(1.03	)		(1.36	)		20.99		(4.83	)		3,594		.78			1.54
12/31/2017		21.43		.32		3.02			3.34			(.31	)		(1.06	)		(1.37	)		23.40		15.91			3,582		.79			1.40
12/31/2016		20.40		.31		1.53			1.84			(.30	)		(.51	)		(.81	)		21.43		9.16			2,861		.79			1.47
12/31/2015		22.11		.30		(.02	)		.28			(.40	)		(1.59	)		(1.99	)		20.40		1.14			2,414		.79			1.45
12/31/2014		22.46		.34		.79			1.13			(.36	)		(1.12	)		(1.48	)		22.11		5.16			32		.80			1.55

See end of tables for footnotes.

American Funds Insurance Series 195

Financial highlights (continued)


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment Income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from Investment operations			Dividends (from net investment income)			Distributions (from capitlal gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of Net income (loss) to average net assets

Global Balanced Fund
Class 1:
6/30/2019^2,3		$11.67		$.15			$1.37			$1.52			$(.02	)		$(.01	)		$(.03	)		$13.16		13.01	%⁴		$129			.70	%⁵		2.41	%⁵
12/31/2018		12.75		.23			(.96	)		(.73	)		(.20	)		(.15	)		(.35	)		11.67		(5.81	)		110			.72			1.82
12/31/2017		11.08		.21			1.99			2.20			(.15	)		(.38	)		(.53	)		12.75		19.91			93			.72			1.68
12/31/2016		10.74		.19			.32			.51			(.17	)		–			(.17	)		11.08		4.73			64			.72			1.73
12/31/2015		11.11		.20			(.28	)		(.08	)		(.14	)		(.15	)		(.29	)		10.74		(.69	)		47			.72			1.80
12/31/2014		11.37		.25	⁶		(.03	)		.22			(.18	)		(.30	)		(.48	)		11.11		1.87			37			.71			2.14	⁶
Class 1A:
6/30/2019^2,3		11.65		.13			1.38			1.51			(.02	)		(.01	)		(.03	)		13.13		12.95	⁴		2			.95	⁵		2.15	⁵
12/31/2018		12.74		.18			(.94	)		(.76	)		(.18	)		(.15	)		(.33	)		11.65		(6.03	)		2			.98			1.44
12/31/2017^2,7		11.18		.16			1.92			2.08			(.14	)		(.38	)		(.52	)		12.74		18.71	⁴		–	⁸		.94	⁵		1.27	⁵
Class 2:
6/30/2019^2,3		11.65		.13			1.37			1.50			(.02	)		(.01	)		(.03	)		13.12		12.86	⁴		201			.95	⁵		2.14	⁵
12/31/2018		12.72		.20			(.96	)		(.76	)		(.16	)		(.15	)		(.31	)		11.65		(6.01	)		185			.97			1.57
12/31/2017		11.06		.18			1.98			2.16			(.12	)		(.38	)		(.50	)		12.72		19.57			210			.96			1.43
12/31/2016		10.72		.16			.32			.48			(.14	)		–			(.14	)		11.06		4.48			178			.97			1.48
12/31/2015		11.09		.18			(.28	)		(.10	)		(.12	)		(.15	)		(.27	)		10.72		(.95	)		171			.97			1.60
12/31/2014		11.35		.22	⁶		(.03	)		.19			(.15	)		(.30	)		(.45	)		11.09		1.63			179			.96			1.88	⁶
Class 4:
6/30/2019^2,3		11.55		.12			1.36			1.48			(.02	)		(.01	)		(.03	)		13.00		12.80	⁴		84			1.20	⁵		1.91	⁵
12/31/2018		12.63		.17			(.96	)		(.79	)		(.14	)		(.15	)		(.29	)		11.55		(6.31	)		69			1.22			1.34
12/31/2017		11.00		.13			1.99			2.12			(.11	)		(.38	)		(.49	)		12.63		19.38			51			1.22			1.07
12/31/2016		10.69		.12			.33			.45			(.14	)		–			(.14	)		11.00		4.21			10			1.24			1.12
12/31/2015		11.09		.06			(.17	)		(.11	)		(.14	)		(.15	)		(.29	)		10.69		(1.00	)		1			1.34			.58
12/31/2014		11.35		.24	⁶		(.02	)		.22			(.18	)		(.30	)		(.48	)		11.09		1.88	¹²		–	⁸		.67	¹²		2.07	^6,12

Bond Fund
Class 1:
6/30/2019^2,3		$10.47		$.16			$.55			$.71			$(.06	)		$ –			$(.06	)		$11.12		6.81	%⁴		$6,397			.38	%⁵		2.95	%⁵
12/31/2018		10.82		.29			(.35	)		(.06	)		(.28	)		(.01	)		(.29	)		10.47		(.45	)		5,962			.38			2.70
12/31/2017		10.80		.24			.18			.42			(.24	)		(.16	)		(.40	)		10.82		3.88			6,434			.38			2.19
12/31/2016		10.70		.21			.14			.35			(.21	)		(.04	)		(.25	)		10.80		3.27			6,829			.38			1.91
12/31/2015		11.08		.22			(.17	)		.05			(.21	)		(.22	)		(.43	)		10.70		.45			5,731			.38			1.95
12/31/2014		10.73		.23			.37			.60			(.25	)		–	⁹		(.25	)		11.08		5.59			4,977			.39			2.03
Class 1A:
6/30/2019^2,3		10.45		.14			.55			.69			(.06	)		–			(.06	)		11.08		6.61	⁴		5			.63	⁵		2.71	⁵
12/31/2018		10.80		.26			(.33	)		(.07	)		(.27	)		(.01	)		(.28	)		10.45		(.60	)		3			.63			2.50
12/31/2017^2,7		10.82		.22			.15			.37			(.23	)		(.16	)		(.39	)		10.80		3.46	⁴		1			.62	⁵		2.01	⁵
Class 2:
6/30/2019^2,3		10.34		.14			.55			.69			(.06	)		–			(.06	)		10.97		6.66	⁴		3,602			.63	⁵		2.70	⁵
12/31/2018		10.69		.26			(.34	)		(.08	)		(.26	)		(.01	)		(.27	)		10.34		(.71	)		3,524			.63			2.45
12/31/2017		10.67		.21			.18			.39			(.21	)		(.16	)		(.37	)		10.69		3.67			3,966			.63			1.94
12/31/2016		10.58		.18			.13			.31			(.18	)		(.04	)		(.22	)		10.67		2.95			3,959			.63			1.65
12/31/2015		10.95		.18			(.15	)		.03			(.18	)		(.22	)		(.40	)		10.58		.28			4,135			.63			1.69
12/31/2014		10.61		.20			.36			.56			(.22	)		–	⁹		(.22	)		10.95		5.28			4,565			.64			1.79
Class 4:
6/30/2019^2,3		10.33		.13			.54			.67			(.05	)		–			(.05	)		10.95		6.54	⁴		435			.88	⁵		2.45	⁵
12/31/2018		10.68		.23			(.33	)		(.10	)		(.24	)		(.01	)		(.25	)		10.33		(.89	)		366			.88			2.22
12/31/2017		10.70		.19			.16			.35			(.21	)		(.16	)		(.37	)		10.68		3.29			297			.88			1.72
12/31/2016		10.61		.15			.15			.30			(.17	)		(.04	)		(.21	)		10.70		2.80			102			.88			1.41
12/31/2015		11.01		.16			(.16	)		–			(.18	)		(.22	)		(.40	)		10.61		(.08	)		59			.88			1.47
12/31/2014		10.69		.16			.39			.55			(.23	)		–	⁹		(.23	)		11.01		5.15			29			.89			1.43

196 American Funds Insurance Series


			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Global Bond Fund

Class 1:
6/30/2019^2,3		$11.42		$.16		$ .59			$ .75			$(.09	)		$ –			$(.09	)		$12.08		6.59	%⁴		$1,065			.57	%⁵		2.82	%⁵
12/31/2018		11.88		.30		(.44	)		(.14	)		(.28	)		(.04	)		(.32	)		11.42		(1.14	)		1,015			.57			2.56
12/31/2017		11.22		.28		.52			.80			(.07	)		(.07	)		(.14	)		11.88		7.11			1,273			.56			2.37
12/31/2016		11.01		.26		.06			.32			(.09	)		(.02	)		(.11	)		11.22		2.92			1,115			.57			2.26
12/31/2015		11.77		.27		(.71	)		(.44	)		(.01	)		(.31	)		(.32	)		11.01		(3.75	)		1,032			.57			2.34
12/31/2014		11.88		.29		(.08	)		.21			(.21	)		(.11	)		(.32	)		11.77		1.71			1,194			.57			2.35
Class 1A:
6/30/2019^2,3		11.41		.15		.59			.74			(.09	)		–			(.09	)		12.06		6.47	⁴		1			.82	⁵		2.57	⁵
12/31/2018		11.87		.27		(.43	)		(.16	)		(.26	)		(.04	)		(.30	)		11.41		(1.29	)		1			.82			2.36
12/31/2017^2,7		11.22		.26		.52			.78			(.06	)		(.07	)		(.13	)		11.87		7.00	⁴		–	⁸		.72	⁵		2.27	⁵
Class 2:
6/30/2019^2,3		11.34		.15		.58			.73			(.09	)		–			(.09	)		11.98		6.41	⁴		1,047			.82	⁵		2.57	⁵
12/31/2018		11.79		.27		(.43	)		(.16	)		(.25	)		(.04	)		(.29	)		11.34		(1.33	)		1,032			.82			2.32
12/31/2017		11.14		.25		.51			.76			(.04	)		(.07	)		(.11	)		11.79		6.86			1,164			.81			2.12
12/31/2016		10.93		.23		.07			.30			(.07	)		(.02	)		(.09	)		11.14		2.71			1,121			.82			2.01
12/31/2015		11.72		.24		(.71	)		(.47	)		(.01	)		(.31	)		(.32	)		10.93		(4.07	)		1,208			.82			2.09
12/31/2014		11.81		.26		(.09	)		.17			(.15	)		(.11	)		(.26	)		11.72		1.39			1,386			.82			2.11
Class 4:
6/30/2019^2,3		11.24		.13		.58			.71			(.08	)		–			(.08	)		11.87		6.35	⁴		46			1.07	⁵		2.32	⁵
12/31/2018		11.70		.24		(.43	)		(.19	)		(.23	)		(.04	)		(.27	)		11.24		(1.61	)		40			1.07			2.09
12/31/2017		11.08		.22		.51			.73			(.04	)		(.07	)		(.11	)		11.70		6.63			31			1.06			1.89
12/31/2016		10.89		.20		.06			.26			(.05	)		(.02	)		(.07	)		11.08		2.42			12			1.07			1.76
12/31/2015		11.70		.21		(.71	)		(.50	)		–	⁹		(.31	)		(.31	)		10.89		(4.27	)		6			1.07			1.86
12/31/2014		11.87		.20		(.05	)		.15			(.21	)		(.11	)		(.32	)		11.70		1.16			4			1.09			1.66

See end of tables for footnotes.

American Funds Insurance Series 197

Financial highlights (continued)


			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment Income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

High-Income Bond Fund

Class 1:
6/30/2019^2,3		$ 9.34		$.33		$ .59			$ .92			$(.13	)		$–		$(.13	)		$10.13		9.81	%⁴		$ 526			.50	%⁵		6.71	%⁵
12/31/2018		10.19		.64		(.84	)		(.20	)		(.65	)		–		(.65	)		9.34		(2.15	)		501			.50			6.32
12/31/2017		10.18		.63		.10			.73			(.72	)		–		(.72	)		10.19		7.25			632			.49			5.98
12/31/2016		9.19		.61		1.02			1.63			(.64	)		–		(.64	)		10.18		17.83			949			.49			6.18
12/31/2015		10.54		.64		(1.36	)		(.72	)		(.63	)		–		(.63	)		9.19		(6.94	)		1,017			.48			6.12
12/31/2014		11.13		.67		(.59	)		.08			(.67	)		–		(.67	)		10.54		.80			1,017			.48			5.90

Class 1A:
6/30/2019^2,3		9.33		.32		.58			.90			(.12	)		–		(.12	)		10.11		9.67	⁴		1			.74	⁵		6.47	⁵
12/31/2018		10.18		.62		(.84	)		(.22	)		(.63	)		–		(.63	)		9.33		(2.35	)		1			.75			6.11
12/31/2017^2,7		10.28		.60		.02			.62			(.72	)		–		(.72	)		10.18		6.02	⁴		–	⁸		.72	⁵		5.74	⁵

Class 2:
6/30/2019^2,3		9.19		.31		.58			.89			(.12	)		–		(.12	)		9.96		9.71	⁴		685			.75	⁵		6.46	⁵
12/31/2018		10.03		.61		(.83	)		(.22	)		(.62	)		–		(.62	)		9.19		(2.34	)		661			.75			6.07
12/31/2017		10.04		.59		.10			.69			(.70	)		–		(.70	)		10.03		6.89			776			.74			5.72
12/31/2016		9.06		.58		1.01			1.59			(.61	)		–		(.61	)		10.04		17.69			799			.74			5.92
12/31/2015		10.41		.60		(1.35	)		(.75	)		(.60	)		–		(.60	)		9.06		(7.30	)		765			.73			5.85
12/31/2014		10.99		.63		(.57	)		.06			(.64	)		–		(.64	)		10.41		.63			929			.73			5.67

Class 3:
6/30/2019^2,3		9.38		.32		.59			.91			(.12	)		–		(.12	)		10.17		9.73	⁴		10			.68	⁵		6.53	⁵
12/31/2018		10.23		.63		(.85	)		(.22	)		(.63	)		–		(.63	)		9.38		(2.33	)		10			.68			6.14
12/31/2017		10.22		.61		.10			.71			(.70	)		–		(.70	)		10.23		7.02			12			.67			5.79
12/31/2016		9.22		.59		1.03			1.62			(.62	)		–		(.62	)		10.22		17.68			13			.67			5.99
12/31/2015		10.57		.62		(1.37	)		(.75	)		(.60	)		–		(.60	)		9.22		(7.13	)		12			.66			5.91
12/31/2014		11.16		.65		(.59	)		.06			(.65	)		–		(.65	)		10.57		.59			16			.66			5.74

Class 4:
6/30/2019^2,3		9.96		.33		.62			.95			(.12	)		–		(.12	)		10.79		9.54	⁴		58			1.00	⁵		6.20	⁵
12/31/2018		10.82		.63		(.90	)		(.27	)		(.59	)		–		(.59	)		9.96		(2.64	)		31			1.00			5.83
12/31/2017		10.79		.61		.10			.71			(.68	)		–		(.68	)		10.82		6.63			34			.99			5.46
12/31/2016		9.73		.60		1.07			1.67			(.61	)		–		(.61	)		10.79		17.29			21			.99			5.55
12/31/2015		11.05		.62		(1.43	)		(.81	)		(.51	)		–		(.51	)		9.73		(7.42	)		1			.98			5.51
12/31/2014		11.12		.63		(.59	)		.04			(.11	)		–		(.11	)		11.05		.35			–	⁸		.98			5.49

198 American Funds Insurance Series


			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Mortgage Fund

Class 1:
6/30/2019^2,3		$10.30		$.13		$ .30			$.43			$(.05	)		$ –			$(.05	)		$10.68		4.16	%⁴		$210			.45	%⁵		2.55	%⁵
12/31/2018		10.47		.20		(.14	)		.06			(.23	)		–			(.23	)		10.30		.58			209			.48			1.97
12/31/2017		10.56		.16		–	⁹		.16			(.18	)		(.07	)		(.25	)		10.47		1.47			265			.47			1.52
12/31/2016		10.61		.15		.11			.26			(.20	)		(.11	)		(.31	)		10.56		2.50			269			.46			1.39
12/31/2015		10.70		.10		.13			.23			(.18	)		(.14	)		(.32	)		10.61		2.09			272			.45			.89
12/31/2014		10.23		.12		.45			.57			(.10	)		–			(.10	)		10.70		5.54			292			.45			1.12


Class 1A:
6/30/2019^2,3		10.28		.12		.29			.41			(.04	)		–			(.04	)		10.65		4.02	⁴		1			.70	⁵		2.28	⁵
12/31/2018		10.46		.18		(.14	)		.04			(.22	)		–			(.22	)		10.28		.36			1			.73			1.77
12/31/2017^2,7		10.55		.14		–	⁹		.14			(.16	)		(.07	)		(.23	)		10.46		1.31	⁴		–	⁸		.70	⁵		1.38	⁵


Class 2:
6/30/2019^2,3		10.28		.12		.29			.41			(.04	)		–			(.04	)		10.65		4.02	⁴		58			.70	⁵		2.30	⁵
12/31/2018		10.45		.18		(.15	)		.03			(.20	)		–			(.20	)		10.28		.32			57			.73			1.72
12/31/2017		10.54		.14		(.01	)		.13			(.15	)		(.07	)		(.22	)		10.45		1.22			63			.72			1.27
12/31/2016		10.59		.12		.12			.24			(.18	)		(.11	)		(.29	)		10.54		2.25			63			.71			1.14
12/31/2015		10.68		.07		.13			.20			(.15	)		(.14	)		(.29	)		10.59		1.86			59			.70			.65
12/31/2014		10.22		.10		.44			.54			(.08	)		–			(.08	)		10.68		5.23			52			.70			.91


Class 4:
6/30/2019^2,3		10.19		.10		.30			.40			(.04	)		–			(.04	)		10.55		3.92	⁴		22			.95	⁵		2.04	⁵
12/31/2018		10.38		.15		(.15	)		–	⁹		(.19	)		–			(.19	)		10.19		.07			24			.98			1.49
12/31/2017		10.48		.11		–	⁹		.11			(.14	)		(.07	)		(.21	)		10.38		.97			12			.97			1.03
12/31/2016		10.52		.09		.12			.21			(.14	)		(.11	)		(.25	)		10.48		2.01			8			.96			.86
12/31/2015		10.65		.04		.14			.18			(.17	)		(.14	)		(.31	)		10.52		1.62			11			.97			.37
12/31/2014		10.23		.05		.46			.51			(.09	)		–			(.09	)		10.65		4.98			1			.94			.47

See end of tables for footnotes.

American Funds Insurance Series 199

Financial highlights (continued)


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets

Ultra-Short Bond Fund

Class 1:
6/30/2019^2,3		$11.31		$ .12			$ –	⁹		$ .12			$(.04	)		$–		$(.04	)		$11.39		1.10	%⁴		$ 32			.34	%⁵		2.14	%⁵
12/31/2018		11.29		.18			–	⁹		.18			(.16	)		–		(.16	)		11.31		1.58			37			.35			1.60
12/31/2017		11.27		.08			(.01	)		.07			(.05	)		–		(.05	)		11.29		.66			37			.35			.68
12/31/2016¹³		11.26		.01			–	⁹		.01			–			–		–			11.27		.09			37			.35			.11
12/31/2015		11.28		(.03	)		.01			(.02	)		–			–		–			11.26		(.18	)		39			.34			(.24	)
12/31/2014		11.31		(.03	)		–			(.03	)		–			–		–			11.28		(.27	)		49			.34			(.26	)

Class 1A:
6/30/2019^2,3		11.31		.12			–	⁹		.12			(.04	)		–		(.04	)		11.39		1.10	^4,12		–	⁸		.34	^5,12		2.15	^5,12
12/31/2018		11.29		.18			–	⁹		.18			(.16	)		–		(.16	)		11.31		1.58	¹²		–	⁸		.35	¹²		1.60	¹²
12/31/2017^2,7		11.27		.08			–	⁹		.08			(.06	)		–		(.06	)		11.29		.67	^4,12		–	⁸		.34	^5,12		.69	^5,12

Class 2:
6/30/2019^2,3		11.03		.10			–	⁹		.10			(.04	)		–		(.04	)		11.09		.90	⁴		229			.59	⁵		1.89	⁵
12/31/2018		11.01		.15			–	⁹		.15			(.13	)		–		(.13	)		11.03		1.36			247			.60			1.34
12/31/2017		10.99		.05			–	⁹		.05			(.03	)		–		(.03	)		11.01		.46			249			.60			.42
12/31/2016¹³		11.01		(.02	)		–	⁹		(.02	)		–			–		–			10.99		(.18	)		297			.60			(.14	)
12/31/2015		11.06		(.05	)		–	⁹		(.05	)		–			–		–			11.01		(.45	)		302			.59			(.49	)
12/31/2014		11.12		(.06	)		–			(.06	)		–			–		–			11.06		(.54	)		331			.59			(.51	)

Class 3:
6/30/2019^2,3		11.14		.11			–	⁹		.11			(.04	)		–		(.04	)		11.21		.99	⁴		3			.52	⁵		1.96	⁵
12/31/2018		11.12		.16			(.01	)		.15			(.13	)		–		(.13	)		11.14		1.38			4			.53			1.42
12/31/2017		11.10		.06			–	⁹		.06			(.04	)		–		(.04	)		11.12		.54			4			.53			.50
12/31/2016¹³		11.11		(.01	)		–	⁹		(.01	)		–			–		–			11.10		(.09	)		4			.53			(.08	)
12/31/2015		11.16		(.05	)		–	⁹		(.05	)		–			–		–			11.11		(.45	)		6			.52			(.42	)
12/31/2014		11.21		(.05	)		–			(.05	)		–			–		–			11.16		(.45	)		8			.52			(.44	)

Class 4:
6/30/2019^2,3		11.15		.09			–	⁹		.09			(.04	)		–		(.04	)		11.20		.78	⁴		21			.84	⁵		1.64	⁵
12/31/2018		11.13		.12			.01			.13			(.11	)		–		(.11	)		11.15		1.14			18			.86			1.11
12/31/2017		11.12		.02			–	⁹		.02			(.01	)		–		(.01	)		11.13		.16			15			.85			.19
12/31/2016¹³		11.17		(.04	)		(.01	)		(.05	)		–			–		–			11.12		(.45	)		13			.85			(.40	)
12/31/2015		11.25		(.08	)		–	⁹		(.08	)		–			–		–			11.17		(.71	)		16			.85			(.74	)
12/31/2014		11.30		(.09	)		.04			(.05	)		–			–		–			11.25		(.44	)		7			.84			(.77	)

200 American Funds Insurance Series


			Income (loss) from investment operations¹							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
U.S. Government/AAA-Rated Securities Fund

Class 1:
6/30/2019^2,3		$11.94		$.13		$ .43			$.56		$(.05	)		$ –			$(.05	)		$12.45		4.70	%⁴		$1,457			.36	%⁵		2.17	%⁵
12/31/2018		12.08		.24		(.13	)		.11		(.25	)		–			(.25	)		11.94		.91			1,445			.36			2.02
12/31/2017		12.05		.21		.01			.22		(.19	)		–			(.19	)		12.08		1.83			1,558			.36			1.68
12/31/2016		12.31		.16		.03			.19		(.20	)		(.25	)		(.45	)		12.05		1.44			1,467			.36			1.31
12/31/2015		12.40		.13		.09			.22		(.21	)		(.10	)		(.31	)		12.31		1.93			1,426			.35			1.02
12/31/2014		11.94		.15		.48			.63		(.17	)		–			(.17	)		12.40		5.24			1,723			.35			1.24
Class 1A:
6/30/2019^2,3		11.93		.12		.42			.54		(.05	)		–			(.05	)		12.42		4.51	⁴		2			.61	⁵		1.96	⁵
12/31/2018		12.08		.22		(.14	)		.08		(.23	)		–			(.23	)		11.93		.70			1			.61			1.82
12/31/2017^2,7		12.05		.18		.03			.21		(.18	)		–			(.18	)		12.08		1.73	⁴		–	⁸		.58	⁵		1.53	⁵
Class 2:
6/30/2019^2,3		11.82		.11		.43			.54		(.05	)		–			(.05	)		12.31		4.45	⁴		1,334			.61	⁵		1.92	⁵
12/31/2018		11.96		.21		(.14	)		.07		(.21	)		–			(.21	)		11.82		.73			1,323			.61			1.77
12/31/2017		11.93		.17		.02			.19		(.16	)		–			(.16	)		11.96		1.59			1,473			.61			1.43
12/31/2016		12.20		.13		.02			.15		(.17	)		(.25	)		(.42	)		11.93		1.19			1,503			.61			1.05
12/31/2015		12.29		.10		.09			.19		(.18	)		(.10	)		(.28	)		12.20		1.59			1,579			.60			.79
12/31/2014		11.83		.12		.47			.59		(.13	)		–			(.13	)		12.29		5.01			1,717			.60			1.00
Class 3:
6/30/2019^2,3		11.97		.12		.43			.55		(.05	)		–			(.05	)		12.47		4.57	⁴		9			.54	⁵		1.99	⁵
12/31/2018		12.11		.22		(.14	)		.08		(.22	)		–			(.22	)		11.97		.71			9			.54			1.84
12/31/2017		12.07		.18		.03			.21		(.17	)		–			(.17	)		12.11		1.72			10			.54			1.50
12/31/2016		12.34		.14		.02			.16		(.18	)		(.25	)		(.43	)		12.07		1.24			11			.54			1.12
12/31/2015		12.43		.11		.09			.20		(.19	)		(.10	)		(.29	)		12.34		1.64			11			.53			.85
12/31/2014		11.96		.13		.48			.61		(.14	)		–			(.14	)		12.43		5.11			13			.53			1.08
Class 4:
6/30/2019^2,3		11.84		.10		.41			.51		(.04	)		–			(.04	)		12.31		4.34	⁴		113			.86	⁵		1.69	⁵
12/31/2018		11.98		.18		(.12	)		.06		(.20	)		–			(.20	)		11.84		.50			91			.86			1.53
12/31/2017		11.96		.14		.01			.15		(.13	)		–			(.13	)		11.98		1.28			62			.86			1.18
12/31/2016		12.22		.10		.03			.13		(.14	)		(.25	)		(.39	)		11.96		.99			57			.86			.82
12/31/2015		12.34		.07		.08			.15		(.17	)		(.10	)		(.27	)		12.22		1.29			46			.85			.56
12/31/2014		11.93		.06		.51			.57		(.16	)		–			(.16	)		12.34		4.76			21			.85			.50

See end of tables for footnotes.

American Funds Insurance Series 201

Financial highlights (continued)


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distribu- tions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of period		Total return¹⁴			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments			Ratio of expenses to average net assets after waivers/ reimburse- ments¹⁴			Net effective expense ratio^14,15			Ratio of net income to average net assets¹⁴
Managed Risk Growth Fund

Class P1:
6/30/2019^2,3		$12.30		$.02			$ 1.38			$ 1.40			$(.12	)		$ (.92	)		$(1.04	)		$12.66		11.56	%^4,12		$ 4			.41	%^5,12		.36	%^5,12		.70	%^5,12		.37	%^5,12
12/31/2018		13.22		.11			(.04	)		.07			(.10	)		(.89	)		(.99	)		12.30		(.04	)¹²		3			.42	¹²		.37	¹²		.71	¹²		.82	¹²
12/31/2017		10.71		.08			2.70			2.78			(.07	)		(.20	)		(.27	)		13.22		26.23	¹²		2			.42	¹²		.36	¹²		.70	¹²		.69	¹²
12/31/2016		11.49		.08			.20			.28			(.05	)		(1.01	)		(1.06	)		10.71		2.89	¹²		1			.50	¹²		.34	¹²		.68	¹²		.79	¹²
12/31/2015		11.37		.09			.03			.12			–			–			–			11.49		1.06	¹²		–	⁸		.53	¹²		.29	¹²		.63	¹²		.80	¹²
12/31/2014		11.43		.31			(.06	)		.25			(.12	)		(.19	)		(.31	)		11.37		2.18	¹²		–	⁸		.50	¹²		.32	¹²		.65	¹²		2.71	¹²

Class P2:
6/30/2019^2,3		12.21		–	⁹		1.38			1.38			(.09	)		(.92	)		(1.01	)		12.58		11.42	⁴		393			.67	⁵		.62	⁵		.96	⁵		.07	⁵
12/31/2018		13.14		.06			(.04	)		.02			(.06	)		(.89	)		(.95	)		12.21		(.37	)		340			.68			.63			.97			.46
12/31/2017		10.64		.04			2.70			2.74			(.04	)		(.20	)		(.24	)		13.14		25.99			286			.69			.63			.97			.34
12/31/2016		11.43		.05			.19			.24			(.02	)		(1.01	)		(1.03	)		10.64		2.52			200			.79			.63			.97			.43
12/31/2015		11.35		.04			.04			.08			–			–			–			11.43		.71			146			.89			.66			1.00			.31
12/31/2014		11.43		.12			.08			.20			(.09	)		(.19	)		(.28	)		11.35		1.77			79			.87			.69			1.02			1.01
Managed Risk International Fund

Class P1:
6/30/2019^2,3		$9.82		$.01			$ 1.08			$ 1.09			$(.20	)		$ (.32	)		$ (.52	)		$10.39		11.27	%^4,12		$ 1			.38	%^5,12		.32	%^5,12		.82	%^5,12		.26	%^5,12
12/31/2018		11.25		.32			(1.44	)		(1.12	)		(.26	)		(.05	)		(.31	)		9.82		(10.11	)¹²		–	⁸		.33	¹²		.28	¹²		.77	¹²		3.02	¹²
12/31/2017		8.89		.11			2.47			2.58			(.10	)		(.12	)		(.22	)		11.25		29.28	¹²		–	⁸		.28	¹²		.20	¹²		.69	¹²		1.13	¹²
12/31/2016		9.48		.10			(.35	)		(.25	)		(.12	)		(.22	)		(.34	)		8.89		(2.59	)¹²		–	⁸		.39	¹²		.23	¹²		.74	¹²		1.15	¹²
12/31/2015		10.10		.18			(.80	)		(.62	)		–	⁹		–			–	⁹		9.48		(6.12	)¹²		–	⁸		.45	¹²		.21	¹²		.72	¹²		1.75	¹²
12/31/2014		10.82		.14			(.71	)		(.57	)		(.15	)		–			(.15	)		10.10		(5.31	)¹²		–	⁸		.50	¹²		.25	¹²		.76	¹²		1.33	¹²

Class P2:
6/30/2019^2,3		9.76		–	⁹		1.08			1.08			(.20	)		(.32	)		(.52	)		10.32		11.17	⁴		163			.69	⁵		.62	⁵		1.12	⁵		(.08	)⁵
12/31/2018		11.15		.16			(1.32	)		(1.16	)		(.18	)		(.05	)		(.23	)		9.76		(10.50	)		151			.69			.64			1.13			1.49
12/31/2017		8.83		.11			2.41			2.52			(.08	)		(.12	)		(.20	)		11.15		28.69			148			.71			.63			1.12			1.03
12/31/2016		9.43		.09			(.38	)		(.29	)		(.09	)		(.22	)		(.31	)		8.83		(3.05	)		97			.79			.63			1.14			.97
12/31/2015		10.09		.13			(.79	)		(.66	)		–	⁹		–			–	⁹		9.43		(6.52	)		83			.90			.66			1.17			1.30
12/31/2014		10.82		.16			(.77	)		(.61	)		(.12	)		–			(.12	)		10.09		(5.68	)		46			.91			.67			1.18			1.51
Managed Risk Blue Chip Income and Growth Fund

Class P1:
6/30/2019^2,3		$11.28		$.05			$ .69			$ .74			$(.20	)		$ (.60	)		$ (.80	)		$11.22		6.63	%^4,12		$ 1			.37	%^5,12		.31	%^5,12		.70	%^5,12		.85	%^5,12
12/31/2018		13.04		.40			(1.27	)		(.87	)		(.45	)		(.44	)		(.89	)		11.28		(6.99	)¹²		–	⁸		.33	¹²		.28	¹²		.67	¹²		3.21	¹²
12/31/2017		11.67		.19			1.59			1.78			(.22	)		(.19	)		(.41	)		13.04		15.48	¹²		–	⁸		.30	¹²		.25	¹²		.64	¹²		1.59	¹²
12/31/2016		10.80		.20			1.25			1.45			(.21	)		(.37	)		(.58	)		11.67		13.77	¹²		–	⁸		.43	¹²		.27	¹²		.67	¹²		1.83	¹²
12/31/2015		11.70		.19			(1.02	)		(.83	)		(.07	)		–			(.07	)		10.80		(7.07	)¹²		–	⁸		.50	¹²		.27	¹²		.66	¹²		1.64	¹²
12/31/2014		11.05		.40			.55			.95			(.30	)		–			(.30	)		11.70		8.58	¹²		–	⁸		.50	¹²		.31	¹²		.70	¹²		3.43	¹²

Class P2:
6/30/2019^2,3		11.21		.02			.70			.72			(.19	)		(.60	)		(.79	)		11.14		6.52	⁴		353			.67	⁵		.61	⁵		1.00	⁵		.32	⁵
12/31/2018		12.96		.19			(1.10	)		(.91	)		(.40	)		(.44	)		(.84	)		11.21		(7.38	)		336			.68			.63			1.02			1.49
12/31/2017		11.61		.17			1.55			1.72			(.18	)		(.19	)		(.37	)		12.96		15.03			367			.68			.63			1.02			1.43
12/31/2016		10.76		.23			1.18			1.41			(.19	)		(.37	)		(.56	)		11.61		13.39			291			.79			.63			1.03			2.04
12/31/2015		11.67		.18			(1.05	)		(.87	)		(.04	)		–			(.04	)		10.76		(7.43	)		137			.89			.66			1.05			1.57
12/31/2014		11.05		.50			.40			.90			(.28	)		–			(.28	)		11.67		8.10			98			.88			.69			1.08			4.27

202 American Funds Insurance Series


			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distribu- tions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of period		Total return¹⁴			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments			Ratio of expenses to average net assets after waivers/ reimburse- ments¹⁴			Net effective expense ratio^14,15			Ratio of net income to average net assets¹⁴
Managed Risk Growth-Income Fund

Class P1:
6/30/2019^2,3		$11.73		$ .03			$1.30			$1.33			$(.04	)		$(.10	)		$(.14	)		$12.92		11.36	%^4,12		$1,883			.42	%^5,12		.37	%^5,12		.66	%^5,12		.46	%^5,12
12/31/2018		12.66		(.02	)		(.15	)		(.17	)		(.19	)		(.57	)		(.76	)		11.73		(1.66	)¹²		1,662			.40	¹²		.35	¹²		.64	¹²		(.20	)¹²
12/31/2017		11.07		.19			2.03			2.22			(.13	)		(.50	)		(.63	)		12.66		20.64	¹²		2			.44	¹²		.37	¹²		.66	¹²		1.61	¹²
12/31/2016		11.25		.16			.52			.68			(.16	)		(.70	)		(.86	)		11.07		6.49	¹²		1			.52	¹²		.36	¹²		.64	¹²		1.46	¹²
12/31/2015		11.67		.25			(.63	)		(.38	)		(.04	)		–			(.04	)		11.25		(3.27	)¹²		1			.56	¹²		.31	¹²		.59	¹²		2.17	¹²
12/31/2014		11.50		.35			.21			.56			(.14	)		(.25	)		(.39	)		11.67		4.85	¹²		–	⁸		.45	¹²		.25	¹²		.52	¹²		2.94	¹²

Class P2:
6/30/2019^2,3		11.67		.01			1.30			1.31			(.03	)		(.10	)		(.13	)		12.85		11.26	⁴		260			.67	⁵		.62	⁵		.91	⁵		.20	⁵
12/31/2018		12.58		.16			(.36	)		(.20	)		(.14	)		(.57	)		(.71	)		11.67		(1.97	)		230			.69			.64			.93			1.25
12/31/2017		11.02		.13			2.05			2.18			(.12	)		(.50	)		(.62	)		12.58		20.40			206			.70			.63			.92			1.08
12/31/2016		11.22		.12			.52			.64			(.14	)		(.70	)		(.84	)		11.02		6.08			160			.79			.63			.91			1.13
12/31/2015		11.65		.12			(.54	)		(.42	)		(.01	)		–			(.01	)		11.22		(3.64	)		122			.89			.66			.94			1.04
12/31/2014		11.50		.16			.35			.51			(.11	)		(.25	)		(.36	)		11.65		4.42			76			.87			.69			.96			1.38

Managed Risk Asset Allocation Fund

Class P1:
6/30/2019^2,3		$12.23		$ .03			$1.16			$1.19			$ –			$(.57	)		$(.57	)		$12.85		9.78	%⁴		$ 2			.41	%⁵		.36	%⁵		.64	%⁵		.51	%⁵
12/31/2018		13.59		.22			(.80	)		(.58	)		(.25	)		(.53	)		(.78	)		12.23		(4.63	)		2			.37			.32			.59			1.67
12/31/2017		12.02		.19			1.60			1.79			(.10	)		(.12	)		(.22	)		13.59		15.06			1,656			.43			.38			.66			1.45
12/31/2016		11.72		.19			.67			.86			(.19	)		(.37	)		(.56	)		12.02		7.57			1,217			.43			.38			.66			1.65
12/31/2015		12.29		.25			(.34	)		(.09	)		(.22	)		(.26	)		(.48	)		11.72		(.83	)		712			.54			.40			.68			2.06
12/31/2014		11.93		.13			.26			.39			(.03	)		–			(.03	)		12.29		3.24			277			.53			.48			.76			1.04

Class P2:
6/30/2019^2,3		12.22		.02			1.16			1.18			(.31	)		(.57	)		(.88	)		12.52		9.74	⁴		2,706			.66	⁵		.61	⁵		.89	⁵		.37	⁵
12/31/2018		13.55		.17			(.79	)		(.62	)		(.18	)		(.53	)		(.71	)		12.22		(4.89	)		2,541			.62			.57			.84			1.27
12/31/2017		12.01		.15			1.61			1.76			(.10	)		(.12	)		(.22	)		13.55		14.80			2,798			.68			.63			.91			1.13
12/31/2016		11.71		.14			.69			.83			(.16	)		(.37	)		(.53	)		12.01		7.27			2,342			.68			.63			.91			1.20
12/31/2015		12.27		.14			(.26	)		(.12	)		(.18	)		(.26	)		(.44	)		11.71		(1.07	)		1,953			.79			.66			.94			1.16
12/31/2014		11.93		.16			.19			.35			(.01	)		–			(.01	)		12.27		2.91			1,780			.79			.73			1.01			1.33

See end of tables for footnotes.

American Funds Insurance Series 203

Financial highlights (continued)


Portfolio turnover rate for all share classes excluding mortgage dollar roll transactions¹⁶	Six months ended June 30, 2019^2,3,4	Period ended December 31,
	Six months ended June 30, 2019^2,3,4	2018			2017			2016			2015			2014
Capital Income Builder	25%		42	%		59	%		41	%		38	%		24	%^4,11
Asset Allocation Fund	28		34			39			43			28			42
Global Balanced Fund	57		30			28			43			36			40
Bond Fund	82		98			153			108			141			121
Global Bond Fund	69		78			74			70			88			134
Mortgage Fund	13		60			98			113			138			108
U.S. Government/AAA-Rated Securities Fund	50		76			120			273			352			88

Portfolio turnover rate for all share classes including mortgage dollar roll transactions, if applicable¹⁶	Six months ended June 30, 2019^2,3,4	Period ended December 31,
	Six months ended June 30, 2019^2,3,4	2018			2017			2016			2015			2014
Global Growth Fund	18%		25	%		31	%		27	%		29	%		22	%
Global Small Capitalization Fund	37		43			33			40			36			28
Growth Fund	15		35			24			26			20			29
International Fund	22		29			29			31			37			18
New World Fund	29		58			56			32			39			36
Blue Chip Income and Growth Fund	30		49			34			30			26			37
Global Growth and Income Fund	28		49			41			57			37			28
Growth-Income Fund	16		39			27			27			25			25
International Growth and Income Fund	20		38			51			32			35			34
Capital Income Builder Fund	38		98			88			53			128			35	^4,11
Asset Allocation Fund	46		86			85			83			76			88
Global Balanced Fund	66		51			41			65			76			73
Bond Fund	228		514			502			375			434			365
Global Bond Fund	100		125			105			154			159			200
High-Income Bond Fund	43		67			78			89			66			54
Mortgage Fund	137		811			680			713			1103			790
U.S. Government/AAA-Rated Securities Fund	130		446			551			539			901			387
Ultra-Short Bond Fund	–¹⁷		–	¹⁷		–	¹⁷		–	^13,17		N/A			N/A
Managed Risk Growth Fund	7		7			25			15			16			22
Managed Risk International Fund	5		8			25			26			15			22
Managed Risk Blue Chip Income and Growth Fund	8		11			32			9			20			22
Managed Risk Growth-Income Fund	3		14			26			14			11			28
Managed Risk Asset Allocation Fund	6		12			1			3			3			3

¹	Based on average shares outstanding.

²	Based on operations for a period that is less than a full year.

³	Unaudited.

⁴	Not annualized.

⁵	Annualized.

⁶

For the year ended December 31, 2014, reflects the impact of a corporate action event that resulted in a one-time increase to net investment income. If the corporate action event had not occurred, the net investment income per share and ratio of net income to average net assets would have been lower for all share classes.

⁷	Class 1A shares began investment operations on January 6, 2017.

⁸	Amount less than $1 million.

⁹	Amount less than $.01.

¹⁰	Amount less than .01%.

¹¹	For the period May 1, 2014, commencement of operations, through December 31, 2014.

¹²

All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Certain fees (including, where applicable, fees for distribution services) are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.

¹³	On May 1, 2016, the fund converted from a cash fund to an ultra-short-term bond fund and changed its name from Cash Management Fund to Ultra-Short Bond Fund.

¹⁴	This column reflects the impact of certain waivers/reimbursements by CRMC. CRMC waived a portion of investment advisory services and reimbursed a portion of miscellaneous fees and expenses for the managed risk funds.

¹⁵

This column reflects the net effective expense ratios for each fund and class, which are unaudited. These ratios include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See expense example for further information regarding fees and expenses.

¹⁶	Refer to Note 5 for further information on mortgage dollar rolls.

¹⁷	Amount is either less than 1% or there is no turnover.

See notes to financial statements.

204 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 (January 1, 2019, through June 30, 2019).

Actual expenses:

The first line of each share class in the table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the table on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the table on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

American Funds Insurance Series 205


	Beginning account value 1/1/2019	Ending account value 6/30/2019	Expenses paid during period	¹	Annualized expense ratio

Global Growth Fund

Class 1 - actual return	$1,000.00	$1,214.13	$3.02		.55	%

Class 1 - assumed 5% return	1,000.00	1,022.07	2.76		.55

Class 1A - actual return	1,000.00	1,212.31	4.39		.80

Class 1A - assumed 5% return	1,000.00	1,020.83	4.01		.80

Class 2 - actual return	1,000.00	1,212.54	4.39		.80

Class 2 - assumed 5% return	1,000.00	1,020.83	4.01		.80

Class 4 - actual return	1,000.00	1,210.72	5.76		1.05

Class 4 - assumed 5% return	1,000.00	1,019.59	5.26		1.05

Global Small Capitalization Fund

Class 1 - actual return	$1,000.00	$1,203.05	$4.04		.74	%

Class 1 - assumed 5% return	1,000.00	1,021.12	3.71		.74

Class 1A - actual return	1,000.00	1,202.11	5.35		.98

Class 1A - assumed 5% return	1,000.00	1,019.93	4.91		.98

Class 2 - actual return	1,000.00	1,201.64	5.40		.99

Class 2 - assumed 5% return	1,000.00	1,019.89	4.96		.99

Class 4 - actual return	1,000.00	1,200.54	6.77		1.24

Class 4 - assumed 5% return	1,000.00	1,018.65	6.21		1.24

Growth Fund

Class 1 - actual return	$1,000.00	$1,167.96	$1.83		.34	%

Class 1 - assumed 5% return	1,000.00	1,023.11	1.71		.34

Class 1A - actual return	1,000.00	1,166.58	3.17		.59

Class 1A - assumed 5% return	1,000.00	1,021.87	2.96		.59

Class 2 - actual return	1,000.00	1,166.46	3.17		.59

Class 2 - assumed 5% return	1,000.00	1,021.87	2.96		.59

Class 3 - actual return	1,000.00	1,166.82	2.79		.52

Class 3 - assumed 5% return	1,000.00	1,022.22	2.61		.52

Class 4 - actual return	1,000.00	1,165.10	4.51		.84

Class 4 - assumed 5% return	1,000.00	1,020.63	4.21		.84

International Fund

Class 1 - actual return	$1,000.00	$1,149.41	$2.82		.53	%

Class 1 - assumed 5% return	1,000.00	1,022.17	2.66		.53

Class 1A - actual return	1,000.00	1,147.62	4.15		.78

Class 1A - assumed 5% return	1,000.00	1,020.93	3.91		.78

Class 2 - actual return	1,000.00	1,147.75	4.15		.78

Class 2 - assumed 5% return	1,000.00	1,020.93	3.91		.78

Class 3 - actual return	1,000.00	1,148.73	3.78		.71

Class 3 - assumed 5% return	1,000.00	1,021.27	3.56		.71

Class 4 - actual return	1,000.00	1,146.77	5.48		1.03

Class 4 - assumed 5% return	1,000.00	1,019.69	5.16		1.03

New World Fund

Class 1 - actual return	$1,000.00	$1,192.28	$4.08		.75	%

Class 1 - assumed 5% return	1,000.00	1,021.08	3.76		.75

Class 1A - actual return	1,000.00	1,191.04	5.43		1.00

Class 1A - assumed 5% return	1,000.00	1,019.84	5.01		1.00

Class 2 - actual return	1,000.00	1,190.66	5.43		1.00

Class 2 - assumed 5% return	1,000.00	1,019.84	5.01		1.00

Class 4 - actual return	1,000.00	1,189.60	6.79		1.25

Class 4 - assumed 5% return	1,000.00	1,018.60	6.26		1.25

206 American Funds Insurance Series


	Beginning account value 1/1/2019	Ending account value 6/30/2019	Expenses paid during period	¹	Annualized expense ratio

Blue Chip Income and Growth Fund

Class 1 - actual return	$1,000.00	$1,111.39	$2.15		.41	%

Class 1 - assumed 5% return	1,000.00	1,022.76	2.06		.41

Class 1A - actual return	1,000.00	1,108.91	3.45		.66

Class 1A - assumed 5% return	1,000.00	1,021.52	3.31		.66

Class 2 - actual return	1,000.00	1,108.87	3.45		.66

Class 2 - assumed 5% return	1,000.00	1,021.52	3.31		.66

Class 4 - actual return	1,000.00	1,108.28	4.76		.91

Class 4 - assumed 5% return	1,000.00	1,020.28	4.56		.91

Global Growth and Income Fund

Class 1 - actual return	$1,000.00	$1,194.72	$3.48		.64	%

Class 1 - assumed 5% return	1,000.00	1,021.62	3.21		.64

Class 1A - actual return	1,000.00	1,193.09	4.79		.88

Class 1A - assumed 5% return	1,000.00	1,020.43	4.41		.88

Class 2 - actual return	1,000.00	1,193.92	4.84		.89

Class 2 - assumed 5% return	1,000.00	1,020.38	4.46		.89

Class 4 - actual return	1,000.00	1,192.40	6.20		1.14

Class 4 - assumed 5% return	1,000.00	1,019.14	5.71		1.14

Growth-Income Fund

Class 1 - actual return	$1,000.00	$1,161.54	$1.50		.28	%

Class 1 - assumed 5% return	1,000.00	1,023.41	1.40		.28

Class 1A - actual return	1,000.00	1,160.04	2.84		.53

Class 1A - assumed 5% return	1,000.00	1,022.17	2.66		.53

Class 2 - actual return	1,000.00	1,160.23	2.84		.53

Class 2 - assumed 5% return	1,000.00	1,022.17	2.66		.53

Class 3 - actual return	1,000.00	1,160.50	2.46		.46

Class 3 - assumed 5% return	1,000.00	1,022.51	2.31		.46

Class 4 - actual return	1,000.00	1,158.90	4.18		.78

Class 4 - assumed 5% return	1,000.00	1,020.93	3.91		.78

International Growth and Income Fund

Class 1 - actual return	$1,000.00	$1,148.19	$3.46		.65	%

Class 1 - assumed 5% return	1,000.00	1,021.57	3.26		.65

Class 1A - actual return	1,000.00	1,147.37	4.79		.90

Class 1A - assumed 5% return	1,000.00	1,020.33	4.51		.90

Class 2 - actual return	1,000.00	1,147.53	4.79		.90

Class 2 - assumed 5% return	1,000.00	1,020.33	4.51		.90

Class 4 - actual return	1,000.00	1,146.04	6.12		1.15

Class 4 - assumed 5% return	1,000.00	1,019.09	5.76		1.15

Capital Income Builder

Class 1 - actual return	$1,000.00	$1,100.62	$2.71		.52	%

Class 1 - assumed 5% return	1,000.00	1,022.22	2.61		.52

Class 1A - actual return	1,000.00	1,099.47	4.01		.77

Class 1A - assumed 5% return	1,000.00	1,020.98	3.86		.77

Class 2 - actual return	1,000.00	1,100.46	4.01		.77

Class 2 - assumed 5% return	1,000.00	1,020.98	3.86		.77

Class 4 - actual return	1,000.00	1,098.17	5.31		1.02

Class 4 - assumed 5% return	1,000.00	1,019.74	5.11		1.02

See end of tables for footnotes.

American Funds Insurance Series 207


	Beginning account value 1/1/2019	Ending account value 6/30/2019	Expenses paid during period	¹	Annualized expense ratio

Asset Allocation Fund

Class 1 - actual return	$1,000.00	$1,121.12	$1.47		.28	%

Class 1 - assumed 5% return	1,000.00	1,023.41	1.40		.28

Class 1A - actual return	1,000.00	1,119.51	2.79		.53

Class 1A - assumed 5% return	1,000.00	1,022.17	2.66		.53

Class 2 - actual return	1,000.00	1,119.97	2.84		.54

Class 2 - assumed 5% return	1,000.00	1,022.12	2.71		.54

Class 3 - actual return	1,000.00	1,120.15	2.47		.47

Class 3 - assumed 5% return	1,000.00	1,022.46	2.36		.47

Class 4 - actual return	1,000.00	1,118.65	4.10		.78

Class 4 - assumed 5% return	1,000.00	1,020.93	3.91		.78

Global Balanced Fund

Class 1 - actual return	$1,000.00	$1,130.13	$3.70		.70	%

Class 1 - assumed 5% return	1,000.00	1,021.32	3.51		.70

Class 1A - actual return	1,000.00	1,129.50	5.02		.95

Class 1A - assumed 5% return	1,000.00	1,020.08	4.76		.95

Class 2 - actual return	1,000.00	1,128.63	5.01		.95

Class 2 - assumed 5% return	1,000.00	1,020.08	4.76		.95

Class 4 - actual return	1,000.00	1,128.01	6.33		1.20

Class 4 - assumed 5% return	1,000.00	1,018.84	6.01		1.20

Bond Fund

Class 1 - actual return	$1,000.00	$1,068.12	$1.95		.38	%

Class 1 - assumed 5% return	1,000.00	1,022.91	1.91		.38

Class 1A - actual return	1,000.00	1,066.05	3.23		.63

Class 1A - assumed 5% return	1,000.00	1,021.67	3.16		.63

Class 2 - actual return	1,000.00	1,066.60	3.23		.63

Class 2 - assumed 5% return	1,000.00	1,021.67	3.16		.63

Class 4 - actual return	1,000.00	1,065.38	4.51		.88

Class 4 - assumed 5% return	1,000.00	1,020.43	4.41		.88

Global Bond Fund

Class 1 - actual return	$1,000.00	$1,065.90	$2.92		.57	%

Class 1 - assumed 5% return	1,000.00	1,021.97	2.86		.57

Class 1A - actual return	1,000.00	1,064.66	4.20		.82

Class 1A - assumed 5% return	1,000.00	1,020.73	4.11		.82

Class 2 - actual return	1,000.00	1,064.15	4.20		.82

Class 2 - assumed 5% return	1,000.00	1,020.73	4.11		.82

Class 4 - actual return	1,000.00	1,063.50	5.47		1.07

Class 4 - assumed 5% return	1,000.00	1,019.49	5.36		1.07

High-Income Bond Fund

Class 1 - actual return	$1,000.00	$1,098.08	$2.60		.50	%

Class 1 - assumed 5% return	1,000.00	1,022.32	2.51		.50

Class 1A - actual return	1,000.00	1,096.74	3.85		.74

Class 1A - assumed 5% return	1,000.00	1,021.12	3.71		.74

Class 2 - actual return	1,000.00	1,097.05	3.90		.75

Class 2 - assumed 5% return	1,000.00	1,021.08	3.76		.75

Class 3 - actual return	1,000.00	1,097.32	3.54		.68

Class 3 - assumed 5% return	1,000.00	1,021.42	3.41		.68

Class 4 - actual return	1,000.00	1,095.44	5.20		1.00

Class 4 - assumed 5% return	1,000.00	1,019.84	5.01		1.00

208 American Funds Insurance Series


	Beginning account value 1/1/2019	Ending account value 6/30/2019	Expenses paid during period	¹	Annualized expense ratio

Mortgage Fund

Class 1 - actual return	$1,000.00	$1,041.57	$2.28		.45	%

Class 1 - assumed 5% return	1,000.00	1,022.56	2.26		.45

Class 1A - actual return	1,000.00	1,040.21	3.54		.70

Class 1A - assumed 5% return	1,000.00	1,021.32	3.51		.70

Class 2 - actual return	1,000.00	1,040.25	3.54		.70

Class 2 - assumed 5% return	1,000.00	1,021.32	3.51		.70

Class 4 - actual return	1,000.00	1,039.23	4.80		.95

Class 4 - assumed 5% return	1,000.00	1,020.08	4.76		.95

Ultra-Short Bond Fund

Class 1 - actual return	$1,000.00	$1,010.95	$1.70		.34	%

Class 1 - assumed 5% return	1,000.00	1,023.11	1.71		.34

Class 1A - actual return	1,000.00	1,010.95	1.70		.34

Class 1A - assumed 5% return	1,000.00	1,023.11	1.71		.34

Class 2 - actual return	1,000.00	1,008.98	2.94		.59

Class 2 - assumed 5% return	1,000.00	1,021.87	2.96		.59

Class 3 - actual return	1,000.00	1,009.91	2.59		.52

Class 3 - assumed 5% return	1,000.00	1,022.22	2.61		.52

Class 4 - actual return	1,000.00	1,007.79	4.18		.84

Class 4 - assumed 5% return	1,000.00	1,020.63	4.21		.84

U.S. Government/AAA-Rated Securities Fund

Class 1 - actual return	$1,000.00	$1,047.01	$1.83		.36	%

Class 1 - assumed 5% return	1,000.00	1,023.01	1.81		.36

Class 1A - actual return	1,000.00	1,045.08	3.09		.61

Class 1A - assumed 5% return	1,000.00	1,021.77	3.06		.61

Class 2 - actual return	1,000.00	1,044.47	3.09		.61

Class 2 - assumed 5% return	1,000.00	1,021.77	3.06		.61

Class 3 - actual return	1,000.00	1,045.73	2.74		.54

Class 3 - assumed 5% return	1,000.00	1,022.12	2.71		.54

Class 4 - actual return	1,000.00	1,043.40	4.36		.86

Class 4 - assumed 5% return	1,000.00	1,020.53	4.31		.86

See end of tables for footnotes.

American Funds Insurance Series 209


	Beginning account value 1/1/2019	Ending account value 6/30/2019	Expenses paid during period	^1,2	Annualized expense ratio	²	Effective expenses paid during period	³	Effective annualized expense ratio	⁴

Managed Risk Growth Fund

Class P1 - actual return	$1,000.00	$1,115.56	$1.89		.36	%	$3.67		.70	%

Class P1 - assumed 5% return	1,000.00	1,023.01	1.81		.36		3.51		.70

Class P2 - actual return	1,000.00	1,114.24	3.25		.62		5.03		.96

Class P2 - assumed 5% return	1,000.00	1,021.72	3.11		.62		4.81		.96

Managed Risk International Fund

Class P1 - actual return	$1,000.00	$1,112.70	$1.68		.32	%	$4.30		.82	%

Class P1 - assumed 5% return	1,000.00	1,023.21	1.61		.32		4.11		.82

Class P2 - actual return	1,000.00	1,111.74	3.25		.62		5.86		1.12

Class P2 - assumed 5% return	1,000.00	1,021.72	3.11		.62		5.61		1.12

Managed Risk Blue Chip Income and Growth Fund

Class P1 - actual return	$1,000.00	$1,066.32	$1.59		.31	%	$3.59		.70	%

Class P1 - assumed 5% return	1,000.00	1,023.26	1.56		.31		3.51		.70

Class P2 - actual return	1,000.00	1,065.21	3.12		.61		5.12		1.00

Class P2 - assumed 5% return	1,000.00	1,021.77	3.06		.61		5.01		1.00

Managed Risk Growth-Income Fund

Class P1 - actual return	$1,000.00	$1,113.64	$1.94		.37	%	$3.46		.66	%

Class P1 - assumed 5% return	1,000.00	1,022.96	1.86		.37		3.31		.66

Class P2 - actual return	1,000.00	1,112.62	3.25		.62		4.77		.91

Class P2 - assumed 5% return	1,000.00	1,021.72	3.11		.62		4.56		.91

Managed Risk Asset Allocation Fund

Class P1 - actual return	$1,000.00	$1,097.83	$1.87		.36	%	$3.33		.64	%

Class P1 - assumed 5% return	1,000.00	1,023.01	1.81		.36		3.21		.64

Class P2 - actual return	1,000.00	1,097.43	3.17		.61		4.63		.89

Class P2 - assumed 5% return	1,000.00	1,021.77	3.06		.61		4.46		.89

¹	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).

²	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.

³	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).

⁴	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

210 American Funds Insurance Series

Approval of Investment Advisory and Service Agreement – American Funds Insurance Series

American Funds Insurance Series’ board has approved the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) through April 30, 2020. The agreement was amended to add additional advisory fee breakpoints for International Growth and Income Fund when the fund’s net assets exceed $1.5 billion, and for Capital Income Builder when the fund’s net assets exceed $600 million and $1 billion. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all of the series’ independent board members. The board and the committee determined in the exercise of their business judgment that each fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management, compliance, trading, portfolio accounting and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative, compliance and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with relevant benchmarks, such as market indexes and fund averages, over various periods through September 30, 2018. This report, including the letter to shareholders and related disclosures, contains certain information about each fund’s investment results.

Global Growth Fund seeks to provide long-term growth of capital by investing primarily in common stocks of companies located around the world. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Global Funds Average and (ii) the MSCI All Country World Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund generally compared favorably to the results of these indexes.

Global Small Capitalization Fund seeks to provide long-term growth of capital by investing primarily in stocks of smaller companies located around the world. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Global Small-/Mid-Cap Funds Average and (ii) the MSCI All Country World Small Cap Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes, though the fund’s results were higher for the one-year, 20-year and lifetime periods.

American Funds Insurance Series 211

Growth Fund seeks to provide growth of capital by investing primarily in common stocks of companies that appear to offer superior opportunities for growth of capital. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Capital Appreciation Funds Average, (ii) the Lipper Growth Funds Average and (iii) the Standard & Poor’s 500 Composite Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund generally compared favorably to the results of these indexes.

International Fund seeks to provide long-term growth of capital by investing primarily in common stocks of companies domiciled outside the United States. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper International Funds Average and (ii) the MSCI All Country World Index ex USA. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund generally compared favorably to the results of these indexes.

New World Fund seeks long-term capital appreciation by investing primarily in stocks of companies with significant exposure to countries with developing economies and/or markets. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Emerging Markets Funds Average, (ii) the MSCI All Country World Index and (iii) the MSCI Emerging Markets Index. They reviewed the results for the one-year, three-year, five-year, 10-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

Blue Chip Income and Growth Fund seeks to produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal by investing primarily in dividend-paying common stocks of larger, more established companies domiciled in the United States with market capitalizations of $4 billion and above. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Growth and Income Funds Average and (ii) the Standard & Poor’s 500 Composite Index. They reviewed the results for the one-year, three-year, five-year, 10-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

Global Growth and Income Fund seeks to provide long-term growth of capital while providing current income by investing primarily in well-established companies located around the world. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Global Funds Average and (ii) the MSCI All Country World Index. They reviewed the results for the one-year, three-year, five-year, 10-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund generally compared favorably to the results of these indexes for the longer term periods and were mixed compared to the results of these indexes for the shorter periods.

Growth-Income Fund seeks to provide long-term growth of capital and income by investing primarily in common stocks or other securities that demonstrate the potential for appreciation and/or dividends. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Growth and Income Funds Average and (ii) the Standard & Poor’s 500 Composite Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund generally compared favorably to the results of these indexes.

International Growth and Income Fund seeks to provide long-term growth of capital while providing current income by investing primarily in stocks of larger, well-established companies domiciled outside the United States, including in developing countries. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper International Funds Average and (ii) the MSCI All Country World Index ex USA. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history and that the investment results of the fund were higher than the results of these indexes over the lifetime period, though lower than the results of these indexes over the shorter periods.

212 American Funds Insurance Series

Capital Income Builder seeks to provide a level of current income that exceeds the average yield on U.S. stocks generally and to provide a growing stream of income over the years. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Global Equity Income Funds Average, (ii) the MSCI All Country World Index, (iii) the Bloomberg Barclays U.S. Aggregate Index and (iv) a customized index composed of 70% MSCI index and 30% Bloomberg Barclays index. They reviewed the results for the one-year, three-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history, and that the investment results of the fund were mixed compared to the results of these indexes.

Asset Allocation Fund seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term by investing in a diversified portfolio of stocks and other equity securities, bonds and other intermediate and long-term debt securities, and money market instruments (debt securities maturing in one year or less). The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Balanced Funds Average, (ii) the Bloomberg Barclays U.S. Aggregate Index, (iii) the Standard and Poor’s 500 Composite Index and (iv) a customized index composed of 60% S&P 500 index and 40% Bloomberg Barclays index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

Global Balanced Fund seeks the balanced accomplishment of three objectives – long-term growth of capital, conservation of principal and current income – by investing in equity and debt securities of companies around the world that offer the opportunity for growth and/or provide dividend income, while also constructing its portfolio to protect principal and limit volatility. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Flexible Portfolio Funds Average, (ii) the Bloomberg Barclays Global Aggregate Index, (iii) the MSCI All Country World Index and (iv) a customized index composed of 60% MSCI index and 40% Bloomberg Barclays index. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history, and that the investment results of the fund were mixed compared to the results of these indexes.

Bond Fund seeks to maximize current income and preserve capital by investing primarily in bonds. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Core Bond Funds Average and (ii) the Bloomberg Barclays U.S. Aggregate Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

Global Bond Fund seeks to provide a high level of total return by investing primarily in debt securities of governmental, supranational and corporate issuers domiciled in various countries and denominated in various currencies, including U.S. dollars. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Global Income Funds Average and (ii) the Bloomberg Barclays Global Aggregate Index. They reviewed the results for the one-year, three-year, five-year, 10-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

High-Income Bond Fund seeks to provide a high level of current income and, secondarily, capital appreciation by investing primarily in higher yielding and generally lower quality debt securities. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper High Yield Funds Average and (ii) the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

American Funds Insurance Series 213

Mortgage Fund seeks to provide current income and preservation of capital by investing in mortgage-related securities, including securities collateralized by mortgage loans and contracts for future delivery of such securities. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper GNMA Funds Average, (ii) the Lipper Intermediate U.S. Government Funds Average and (iii) the Bloomberg Barclays U.S. Mortgage Backed Securities Index. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history and that the investment results of the fund were mixed compared to the results of these indexes.

Ultra-Short Bond Fund seeks to provide an opportunity to earn income on cash reserves while preserving the value of investment and maintaining liquidity. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper Ultra Short Obligation Funds Average, (ii) the Lipper Money Market Funds Average and (iii) the Bloomberg Barclays Short-Term Government/ Corporate Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes for the one-year, three-year and lifetime periods, though lower than the results of these indexes for the five-year, 10-year and 20-year periods.

U.S. Government/AAA-Rated Securities Fund seeks to provide a high level of current income, as well as to preserve principal. The board and the committee reviewed the fund’s investment results measured against (i) the Lipper General U.S. Government Funds Average and (ii) the Bloomberg Barclays U.S. Government/Mortgage Backed Securities Index. They reviewed the results for the one-year, three-year, five-year, 10-year, 20-year and lifetime periods, and placed greater emphasis on longer term periods. They noted that the investment results of the fund were mixed compared to the results of these indexes.

The board and the committee concluded that each fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. They observed that the total expenses of each fund were less than the median total expenses of the other funds included in its Lipper category described above. They also observed that each fund’s advisory fees were less than the median fees of the other funds included in its Lipper category, other than Global Balanced Fund.

The board and the committee also considered the breakpoint discounts in each fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. The board and committee noted that CRMC had agreed to additional breakpoints for the advisory fee schedules of International Growth and Income Fund and Capital Income Builder. In addition, they reviewed information regarding advisory fees charged to clients of an affiliate of CRMC. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational and regulatory differences between advising the funds and the other clients. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the fund.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by each fund.

214 American Funds Insurance Series

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds’ advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.

American Funds Insurance Series 215

Approval of Investment Advisory and Service Agreement and Subadvisory Agreement – American Funds Insurance Series Managed Risk Funds

American Funds Insurance Series’ board has approved the series’ Investment Advisory and Service Agreement (the “advisory agreement”) with Capital Research and Management Company (“CRMC”) with respect to the Managed Risk Funds through April 30, 2020. The board has also approved the series’ Subadvisory Agreement (the “subadvisory agreement”) with CRMC and Milliman Financial Risk Management LLC (“Milliman FRM”) with respect to these funds for the same term. The subadvisory agreement was amended to add an additional subadvisory fee breakpoint for when the funds’ net assets exceed $10 billion. The advisory and subadvisory agreements are jointly referred to below as the “agreements.” The board approved the agreements following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all of the series’ independent board members. The board and the committee determined in the exercise of their business judgment that each fund’s advisory fee structure was fair and reasonable in relation to the services provided, and that approving the agreements was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreements, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management, compliance, trading, portfolio accounting and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of the oversight of Milliman FRM’s services provided by CRMC, the administrative, compliance and shareholder services provided by CRMC to the funds under the agreements and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

The board and the committee also considered the depth and quality of Milliman FRM’s investment management process, including its experience in applying the Milliman Managed Risk Strategy to other funds in the series and risk management services for other clients; the experience, capability and integrity of its senior management and other personnel; and the services provided to each fund under the subadvisory agreement. The board and the committee concluded that the nature, extent and quality of the services provided by Milliman FRM have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

Managed Risk Growth Fund seeks to provide growth of capital while seeking to manage volatility and provide downside protection. The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Standard & Poor’s 500 Composite Index and (ii) the S&P 500 Managed Risk Index – Moderate Aggressive. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history and that the investment results of the fund were mixed compared to the results of these indexes.

216 American Funds Insurance Series

Managed Risk International Fund seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection. The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the MSCI All Country World Index ex USA and (ii) the Standard & Poor’s EPAC Ex-Korea LargeMidCap Managed Risk Index – Moderate Aggressive. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history, and that the investment results of the fund were mixed compared to the results of these indexes.

Managed Risk Blue Chip Income and Growth Fund seeks to produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection. The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Standard & Poor’s 500 Composite Index and (ii) the S&P 500 Managed Risk Index – Moderate. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history, and that the investment results of the fund were mixed compared to the results of these indexes for the three-year period, and lower than the results of these indexes for the other periods.

Managed Risk Growth-Income Fund seeks to achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection. The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Standard & Poor’s 500 Composite Index and (ii) the S&P 500 Managed Risk Index – Moderate. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history, and that the investment results of the fund were mixed compared to the results of these indexes.

Managed Risk Asset Allocation Fund seeks 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. The board and the committee reviewed the fund’s investment results measured against the investment results of (i) the Bloomberg Barclays U.S. Aggregate Index, (ii) the Standard & Poor’s 500 Composite Index and (iii) the S&P 500 Managed Risk Index – Moderate Conservative. They reviewed the results for the one-year, three-year, five-year and lifetime periods, and placed greater emphasis on longer term periods. They noted the fund’s relatively short history, and that the investment results of the fund were mixed compared to the results of these indexes.

The board and the committee also considered volatility of the funds compared with the S&P 500 Managed Risk indexes noted above and those of a group of funds with volatility management strategies identified by management for the nine-month, one-year and three-year periods, and for the lifetime of each fund through September 30, 2018. They noted that the volatility of Managed Risk Growth Fund and Managed Risk Growth-Income Fund was greater than that of the S&P 500 Managed Risk index, the average of the peer group funds and most of the selected funds for all periods. They noted that the volatility of Managed Risk International Fund was lower than the average of the peer group funds for all periods, and lower than the S&P 500 Managed Risk index for the three-year and lifetime periods. They also noted that the volatility of Managed Risk Blue Chip Income and Growth Fund was higher than the average of the peer group funds and higher than the S&P 500 Managed Risk index for all periods. In addition, they noted that the volatility for Managed Risk Asset Allocation Fund was higher than that of the S&P 500 Managed Risk index and higher than the average of the peer group funds for all periods. The board and the committee concluded that each fund’s investment results and the results of the services provided by CRMC and Milliman FRM have been satisfactory for renewal of the agreements, and that CRMC’s and Milliman FRM’s record in managing the funds indicated that their continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the total expense levels of each fund to those of other relevant funds. The board and the committee noted CRMC’s waiver of a portion of the advisory fee payable by each fund under the advisory agreement, CRMC’s commitment not to remove the waiver without board approval and CRMC’s agreement to pay the fees due to Milliman FRM under the subadvisory agreement. They observed that the total expenses for Managed Risk Growth Fund were lower than the median and average for the Lipper Growth Funds category, that the total expenses for Managed Risk International Fund were lower than the

American Funds Insurance Series 217

median and average for the Lipper International Funds category, and that the total expenses for Managed Risk Blue Chip Income and Growth Fund were at or slightly above the median of the Lipper Growth and Income Funds category. They also noted that the total expenses for Managed Risk Growth-Income Fund were lower than the median and average for the Lipper Growth and Income Funds category, and that the total expenses for Managed Risk Asset Allocation Fund were lower than the median and average for the Lipper Flexible Portfolio Funds category. The board and the committee also considered the advisory fees payable by the funds and determined that they were reasonable.

The board and the committee also considered the breakpoint discounts in each underlying fund’s advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding advisory fees paid by clients of an affiliate of CRMC. They noted that, to the extent there were differences between the advisory fee schedule for the funds and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and marketing differences between advising the funds and the other clients. They also reviewed the fees paid to Milliman FRM by other funds which it advised or subadvised. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services that CRMC provided, directly and through Milliman FRM, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by the funds.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the funds, and since that time has undertaken to bear the cost of obtaining such research. The Board and the committee also reviewed similar ancillary benefits received by Milliman FRM as a result of its relationship with the series. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by the funds.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They also considered CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and each fund’s shareholders.

218 American Funds Insurance Series

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American Funds Insurance Series 223

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

Custodians of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Bank of New York Mellon

(Managed Risk Funds only)

One Wall Street

New York, NY 10286

Counsel

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

Independent registered public accounting firm

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

224 American Funds Insurance Series

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at americanfunds.com.

“American Funds Proxy Voting Procedures and Principles” – which describes how we vote proxies relating to portfolio securities – is available on the American Funds website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the American Funds website.

Complete June 30, 2019, portfolios of American Funds Insurance Series’ investments are available free of charge by calling AFS or visiting the SEC website (where they are part of Form N-CSR).

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT-EX. This filing is available free of charge on the SEC website. Additionally, the list of portfolio holdings is available by calling AFS.

This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after September 30, 2019, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

Fund attribution data was produced using FactSet, a third-party software system, based on daily portfolios. Securities in their initial period of acquisition may not be included in this analysis. The analysis includes equity investments only and excludes forward contracts and fixed income investments, if applicable. It does not account for buy-and-sell transactions that might have occurred intraday. As a result, average portfolio weight percentages are approximate, and the actual average portfolio weight percentages might be higher or lower. Data elements, such as pricing, income, market cap, etc., were provided by FactSet. The indexes provided for attribution are based on FactSet’s methodology. The indexes are broad-based market benchmarks and may not be used by Capital Group^® as the sole comparative index for the funds. Capital Group believes the software and information from FactSet to be reliable. However, Capital Group cannot be responsible for inaccuracies, incomplete information or updating of information by FactSet.

Futures may not provide an effective hedge of the underlying securities because changes in the prices of futures may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the fund from market declines and will limit the fund’s participation in market gains. The use of the managed risk strategy could cause the fund’s return to lag that of the underlying fund in certain market conditions.

Bloomberg^® is a trademark and service mark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. This report, and any product, index or fund referred to herein, is not sponsored, endorsed or promoted in any way by J.P. Morgan or any of its affiliates who provide no warranties whatsoever, express or implied, and shall have no liability to any prospective investor in connection with this report. J.P. Morgan disclaimer: http://www.jpmorgan.com/pages/jpmorgan/ib/girg. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. The S&P 500 is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright ^© 2019 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.


Lit. No. INGESRX-998-0819P		Litho in USA RCG/RRD/6311-S72938		© 2019 Capital Group. All rights reserved.		Printed on paper containing 10% post-consumer waste


Annuity Service Center P.O. Box 15570 Amarillo, TX 79105-5570 CHANGE SERVICE REQUESTED		PRSRT STD U.S. POSTAGE PAID TOPPAN MERRILL

R3180SA4.2 (8/19)

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term
investment success. Our consistent approach – in combination with The Capital System^SM –

has resulted in superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 27 years of investment experience, including 22 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

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

American Funds Insurance Series superior outcomes

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 91% 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

Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2019.

Based on Class 1 share results for rolling periods through December 31, 2018. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund, Global Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Blue Chip Income and Growth Fund, Growth-Income Fund), Balanced Funds Index (Asset Allocation Fund), Core Bond Funds Index (Bond Fund), Global Income Funds Index (Global Bond Fund), High Yield Funds Index (High-Income Bond Fund), Ultra-Short Obligation Funds Index (Ultra-Short Bond Fund) and General U.S. Government Funds Index (U.S. Government/AAA-Rated Securities Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Thomson Reuters Lipper. There have been periods when the fund has lagged the index.

Based on Class 1 share results as of December 31, 2018. Four of our five fixed income funds showed a three-year correlation below 0.1. Standard & Poor’s 500 Composite Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.

⁴

Based on management fees for the 20-year period ended December 31, 2018, 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.

LOGO

Annuity Service Center

P.O. Box 15570

Amarillo, TX 79105-5570

CHANGE SERVICE REQUESTED

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

R4397SAR.12 (8/19)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the most recent fiscal-half year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)	(1) Not applicable.

(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(4) Not applicable.

(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

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


SunAmerica Series Trust

By:		/s/ John T. Genoy
		John T. Genoy
		President

Date: September 6, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:		/s/ John T. Genoy
		John T. Genoy
		President

Date: September 6, 2019



By:		/s/ Gregory R. Kingston
		Gregory R. Kingston
		Treasurer

Date: September 6, 2019