UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07238

SUNAMERICA SERIES TRUST

(Exact name of registrant as specified in charter)

21650 Oxnard Street, Woodlands Hills, CA 91367

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5, 185 Hudson Street, Suite 3300

Jersey City, NJ 07311

(Name and address of agent for service)

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

Date of fiscal year end: December 31

        Date of reporting period: December 31, 2020

Item 1.    Reports to Stockholders

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

SUNAMERICA SERIES TRUST

ANNUAL REPORT

DECEMBER 31, 2020

Table of Contents

Shareholder Letter	1
Expense Example	2
SunAmerica Series Trust SA American Funds Asset Allocation Portfolio	4
SunAmerica Series Trust SA American Funds Global Growth Portfolio	6
SunAmerica Series Trust SA American Funds Growth Portfolio	8
SunAmerica Series Trust SA American Funds Growth-Income Portfolio	10
SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio	12
Statements of Assets and Liabilities	14
Statements of Operations	15
Statements of Changes in Net Assets	16
Notes to Financial Statements	18
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	29
Approval of Advisory Agreement	30
Trustees and Officers Information	34
Shareholders Tax Information	36
Comparisons: Portfolios vs. Index	37
Supplements to the Prospectus	43

SUNAMERICA SERIES TRUST

SHAREHOLDER LETTER

Dear SunAmerica Series Trust Investor

We are pleased to present the SunAmerica Series Trust annual report, which contains the investment portfolio information and the financial statements of the Trust portfolios that invest exclusively in shares of corresponding funds (“Master Funds”) of the American Funds Insurance Series (“AFIS”) for the reporting period ended December 31, 2020.

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

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

Sincerely,

John T. Genoy

President

SunAmerica Series Trust

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

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

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

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

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

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

• Not FDIC or NCUA/NCUSIF Insured

• May Lose Value • No Bank of Credit Union Guarantee

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

1

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE

December 31, 2020

(unaudited)

Disclosure of Portfolio Expenses in Shareholder Reports

As a shareholder of a separate series (a “Portfolio”) in the SunAmerica Series Trust (the “Trust”), you incur ongoing costs, including management fees; service (12b-1) fees; and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at July 1, 2020 and held until December 31, 2020. Shares of the Trust are not offered directly to the public. Instead, shares are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”) offered by life insurance companies affiliated with SunAmerica Asset Management, LLC, the Trust‘s investment adviser and manager. The fees and expenses associated with the Variable Contracts are not included in these Examples, and had such fees and expenses been included your costs would have been higher. Please see your variable contract prospectus for more details on the fees associated with the variable contract.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended December 31, 2020”, to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended December 31, 2020” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended December 31, 2020” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on the Portfolio‘s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Portfolio‘s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended December 31, 2020” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended December 31, 2020” would have been higher and the “Ending Account Value” would have been lower.

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

2

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE (continued)

December 31, 2020

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at July 1, 2020		Ending Account Value Using Actual Return at December 31, 2020		Expenses Paid During the Six Months Ended December  31, 2020*		Beginning Account Value at July 1, 2020		Ending Account Value Using a Hypothetical 5% Assumed Return at December 31, 2020		Expenses Paid During the Six Months Ended December 31, 2020*		Annualized Expense Ratio*
SA American Funds Asset Allocation
Class 1 #@	$	1,000.00		$1,141.80	$	1.45	$	1,000.00	$	1,023.78	$	1.37		0.27	%
Class 3 #@	$	1,000.00		$1,140.81	$	2.80	$	1,000.00	$	1,022.52	$	2.64		0.52	%
SA American Funds Global Growth
Class 1 #@	$	1,000.00		$1,254.39	$	1.64	$	1,000.00	$	1,023.68	$	1.48		0.29	%
Class 3 #@	$	1,000.00		$1,251.72	$	3.06	$	1,000.00	$	1,022.42	$	2.75		0.54	%
SA American Funds Growth
Class 1 #@	$	1,000.00		$1,359.08	$	1.66	$	1,000.00	$	1,023.73	$	1.42		0.28	%
Class 3 #@	$	1,000.00		$1,356.51	$	3.14	$	1,000.00	$	1,022.47	$	2.69		0.53	%
SA American Funds Growth-Income
Class 1 #@	$	1,000.00		$1,178.97	$	1.59	$	1,000.00	$	1,023.68	$	1.48		0.29	%
Class 3 #@	$	1,000.00		$1,177.86	$	2.96	$	1,000.00	$	1,022.42	$	2.75		0.54	%
SA American Funds VCP Managed Allocation
Class 1 #@	$	1,000.00		$1,089.86	$	1.42	$	1,000.00	$	1,023.78	$	1.37		0.27	%
Class 3 #@	$	1,000.00		$1,088.75	$	2.73	$	1,000.00	$	1,022.52	$	2.64		0.52	%

* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 days divided by 366 (to reflect the one-half year period). These ratios do not reflect expenses associated with the Variable Contracts. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on the expenses that apply to the Variable Contracts of the insurance companies.

# During the stated period, the investment adviser either waived fees and assumed expenses for the Portfolios. As a result, if these fees and expenses had not been waived, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended December 31, 2020” and “Annualized Expense Ratios” would have been higher.

@ Does not include the expenses of the underlying Funds of the American Funds Insurance Series (“Master Funds”) that the Portfolios bear indirectly. If these indirect expenses had been included, the “Actual/Hypothetical Expenses Paid During the Six Months Ended December 31, 2020 and the “Annualized Expense Ratios” would have been higher and the “Actual/Hypothetical Ending Account Value” would have been lower.

3

SunAmerica Series Trust SA American Funds Asset Allocation Portfolio

PORTFOLIO PROFILE — December 31, 2020 — (unaudited)

Industry Allocation*

Asset Allocation Investment Companies 100.0 % 

* Calculated as a percentage of net assets.

4

SunAmerica Series Trust SA American Funds Asset Allocation Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2020

	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.0%
Asset Allocation Investment Companies — 100.0%
American Funds Insurance Series® — Asset Allocation Fund, Class 1		55,890,704		$	1,481,103,645
TOTAL INVESTMENTS (cost $1,277,774,144)@		100.0	%		1,481,103,645
Liabilities in excess of other assets		(0.0	)		(718,918	)
NET ASSETS		100.0	%	$	1,480,384,727

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2020 (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	$	1,481,103,645	$	—	$	—	$	1,481,103,645

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

See Notes to Financial Statements

5

SunAmerica Series Trust SA American Funds Global Growth Portfolio

PORTFOLIO PROFILE — December 31, 2020 — (unaudited)

Industry Allocation*

International Equity Investment Companies 100.1 % 

* Calculated as a percentage of net assets.

6

SunAmerica Series Trust SA American Funds Global Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2020

	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.1%
International Equity Investment Companies — 100.1%
American Funds Insurance Series® — Global Growth Fund, Class 1		10,260,879		$	422,337,792
TOTAL INVESTMENTS (cost $276,397,227)@		100.1	%		422,337,792
Liabilities in excess of other assets		(0.1	)		(244,921	)
NET ASSETS		100.0	%	$	422,092,871

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2020 (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	$	422,337,792	$	—	$	—	$	422,337,792

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

See Notes to Financial Statements

7

SunAmerica Series Trust SA American Funds Growth Portfolio

PORTFOLIO PROFILE — December 31, 2020 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies 100.1 % 

* Calculated as a percentage of net assets.

8

SunAmerica Series Trust SA American Funds Growth Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2020

	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.1%
Domestic Equity Investment Companies — 100.1%
American Funds Insurance Series ® — Growth Fund, Class 1		4,541,219		$	545,899,879
TOTAL INVESTMENTS (cost $338,342,636)@		100.1	%		545,899,879
Liabilities in excess of other assets		(0.1	)		(289,216	)
NET ASSETS		100.0	%	$	545,610,663

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2020 (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	$	545,899,879	$	—	$	—	$	545,899,879

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

See Notes to Financial Statements

9

SunAmerica Series Trust SA American Funds Growth-Income Portfolio

PORTFOLIO PROFILE — December 31, 2020 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies 100.1 % 

* Calculated as a percentage of net assets.

10

SunAmerica Series Trust SA American Funds Growth-Income Portfolio

PORTFOLIO OF INVESTMENTS — December 31, 2020

	Shares			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 100.1%
Domestic Equity Investment Companies — 100.1%
American Funds Insurance Series® — Growth-Income Fund, Class 1		5,889,417		$	326,155,910
TOTAL INVESTMENTS (cost $275,364,842)@		100.1	%		326,155,910
Liabilities in excess of other assets		(0.1	)		(185,198	)
NET ASSETS		100.0	%	$	325,970,712

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2020 (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	$	326,155,910	$	—	$	—	$	326,155,910

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

See Notes to Financial Statements

11

SunAmerica Series Trust SA American Funds VCP Managed Allocation Portfolio

PORTFOLIO PROFILE — December 31, 2020 — (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 — December 31, 2020

	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		150,979,868		$	2,115,227,957
TOTAL INVESTMENTS (cost $1,808,704,958)@		100.0	%		2,115,227,957
Liabilities in excess of other assets		(0.0	)		(994,266	)
NET ASSETS		100.0	%	$	2,114,233,691

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of December 31, 2020 (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	$	2,115,227,957	$	—	$	—	$	2,115,227,957

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

See Notes to Financial Statements

13

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2020

	SA American Funds Asset Allocation Portfolio		SA American Funds Global Growth Portfolio		SA American Funds Growth Portfolio		SA American Funds Growth- Income Portfolio		SA American Funds VCP Managed Allocation Portfolio
ASSETS:
Investment at value (unaffiliated)*	$	1,481,103,645	$	422,337,792	$	545,899,879	$	326,155,910	$	2,115,227,957
Receivable for:
Fund shares sold		4,002,837		—		—		1,693,476		16,847,814
Investments sold		—		5,756,639		21,966,527		—		—
Prepaid expenses and other assets		7,477		6,101		5,965		5,758		9,837
Due from investment adviser for expense reimbursements/fee waivers		739,754		248,832		277,432		161,554		1,227,047
Total assets		1,485,853,713		428,349,364		568,149,803		328,016,698		2,133,312,655
LIABILITIES:
Payable for:
Fund shares redeemed		—		5,756,639		21,966,527		606		—
Investments purchased		4,002,837		—		—		1,692,870		16,847,814
Investment advisory and management fees		1,047,985		337,701		393,029		228,868		1,665,279
Service fees		306,730		88,768		115,452		67,207		438,179
Transfer agent fees		54		89		76		76		67
Trustees’ fees and expenses		801		435		421		450		268
Other accrued expenses		110,579		72,861		63,635		55,909		127,357
Total liabilities		5,468,986		6,256,493		22,539,140		2,045,986		19,078,964
NET ASSETS	$	1,480,384,727	$	422,092,871	$	545,610,663	$	325,970,712	$	2,114,233,691
NET ASSETS REPRESENTED BY:
Paid-in capital		1,243,501,586		273,195,487		309,144,890		259,758,128		1,662,671,197
Total accumulated earnings (loss)		236,883,141		148,897,384		236,465,773		66,212,584		451,562,494
NET ASSETS	$	1,480,384,727	$	422,092,871	$	545,610,663	$	325,970,712	$	2,114,233,691
Class 1 (unlimited shares authorized):
Net assets	$	7,207,426	$	557,531	$	703,653	$	566,988	$	255,201
Shares of beneficial interest issued and outstanding		436,171		42,085		43,142		48,087		15,765
Net asset value, offering and redemption price per share	$	16.52	$	13.25	$	16.31	$	11.79	$	16.19
Class 3 (unlimited shares authorized):
Net assets	$	1,473,177,301	$	421,535,340	$	544,907,010	$	325,403,724	$	2,113,978,490
Shares of beneficial interest issued and outstanding		89,482,630		31,811,132		33,483,068		27,704,737		131,078,033
Net asset value, offering and redemption price per share	$	16.46	$	13.25	$	16.27	$	11.75	$	16.13
*Cost
Investment securities (unaffiliated)	$	1,277,774,144	$	276,397,227	$	338,342,636	$	275,364,842	$	1,808,704,958

See Notes To Financial Statements

14

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2020

	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)	$	25,084,342		$	2,229,294		$	2,447,934		$	4,584,155		$	37,427,640
Total investment income		25,084,342			2,229,294			2,447,934			4,584,155			37,427,640
EXPENSES:
Investment advisory and management fees		10,581,961			3,603,721			3,652,463			2,390,344			18,620,325
Service fees		3,098,569			947,556			1,073,121			702,141			4,899,602
Transfer agent fees		463			969			710			710			658
Custodian and accounting fees		12,013			12,015			12,099			12,040			12,034
Reports to shareholders		109,543			42,845			49,790			37,146			208,821
Audit and tax fees		41,146			46,401			35,893			35,893			41,146
Legal fees		11,618			7,230			6,985			6,383			8,362
Trustees’ fees and expenses		27,411			7,464			8,875			5,821			39,593
Other expenses		35,130			22,003			9,438			11,447			23,281
Total expenses before fee waivers and expense reimbursements		13,917,854			4,690,204			4,849,374			3,201,925			23,853,822
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 4)		(7,469,619	)		(2,655,373	)		(2,578,209	)		(1,687,302	)		(13,720,239	)
Net expenses		6,448,235			2,034,831			2,271,165			1,514,623			10,133,583
Net investment income (loss)		18,636,107			194,463			176,769			3,069,532			27,294,057
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments (unaffiliated)		10,473,694			14,317,218			19,767,724			8,024,409			14,882,915
Net realized gain from capital gain distributions received from underlying funds (unaffliated)		5,630,398			10,887,773			10,204,156			7,427,307			102,926,505
Net realized gain (loss) on investments		16,104,092			25,204,991			29,971,880			15,451,716			117,809,420
Net change in unrealized appreciation (depreciation) on investments (unaffiliated)		123,553,069			76,331,840			159,432,338			20,065,996			28,609,625
Net realized and unrealized gain (loss) on investments		139,657,161			101,536,831			189,404,218			35,517,712			146,419,045
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	158,293,268		$	101,731,294		$	189,580,987		$	38,587,244		$	173,713,102

See Notes To Financial Statements

15

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS

	SA American Funds Asset Allocation Portfolio						SA American Funds Global Growth Portfolio						SA American Funds Growth Portfolio
	For the year ended December 31, 2020			For the year ended December 31, 2019			For the year ended December 31, 2020			For the year ended December 31, 2019			For the year ended December 31, 2020			For the year ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	18,636,107		$	17,832,965		$	194,463		$	3,008,690		$	176,769		$	1,626,589
Net realized gain (loss) on investments		16,104,092			53,198,127			25,204,991			48,949,222			29,971,880			49,238,095
Net unrealized gain (loss) on investments		123,553,069			110,621,498			76,331,840			62,726,695			159,432,338			40,453,808
Net increase (decrease) in net assets resulting from operations		158,293,268			181,652,590			101,731,294			114,684,607			189,580,987			91,318,492
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		(5,036	)		(271,331	)		(32,074	)		(25,901	)		(63,046	)		(315	)
Distributable earnings — Class 3		(1,067,179	)		(70,044,680	)		(29,251,778	)		(46,412,353	)		(49,437,023	)		(1,646,049	)
Total distributions to shareholders		(1,072,215	)		(70,316,011	)		(29,283,852	)		(46,438,254	)		(49,500,069	)		(1,646,364	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		147,461,605			273,639,381			(41,254,261	)		(30,883,101	)		27,547,031			(17,249,591	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		304,682,658			384,975,960			31,193,181			37,363,252			167,627,949			72,422,537
NET ASSETS:
Beginning of period		1,175,702,069			790,726,109			390,899,690			353,536,438			377,982,714			305,560,177
End of period	$	1,480,384,727		$	1,175,702,069		$	422,092,871		$	390,899,690		$	545,610,663		$	377,982,714

See Notes to Financial Statements

16

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS

	SA American Funds Growth-Income Portfolio						SA American Funds VCP Managed Allocation Portfolio
	For the year ended December 31, 2020			For the year ended December 31, 2019			For the year ended December 31, 2020			For the year ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	3,069,532		$	3,632,580		$	27,294,057		$	1,944,339
Net realized gain (loss) on investments		15,451,716			35,596,964			117,809,420			25,454,542
Net unrealized gain (loss) on investments		20,065,996			21,535,910			28,609,625			283,553,888
Net increase (decrease) in net assets resulting from operations		38,587,244			60,765,454			173,713,102			310,952,769
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		(61,852	)		(566	)		(564	)		(4,391	)
Distributable earnings — Class 3		(38,354,060	)		(1,226,850	)		(4,674,638	)		(29,070,206	)
Total distributions to shareholders		(38,415,912	)		(1,227,416	)		(4,675,202	)		(29,074,597	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		39,981,300			(18,949,816	)		(37,257,949	)		41,072,316
TOTAL INCREASE (DECREASE) IN NET ASSETS		40,152,632			40,588,222			131,779,951			322,950,488
NET ASSETS:
Beginning of period		285,818,080			245,229,858			1,982,453,740			1,659,503,252
End of period	$	325,970,712		$	285,818,080		$	2,114,233,691		$	1,982,453,740

See Notes to Financial Statements

17

SUNAMERICA SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2020

Note 1.  Description of Business and Basis of Presentation

SunAmerica Series Trust (the “Trust”), organized as a Massachusetts business trust on September 11, 1992, is an open-end management investment company. The Trust is comprised of sixty-one separate investment series, five of which are included in this report: SA American Funds Asset Allocation Portfolio, SA American Funds Global Growth Portfolio, SA American Funds Growth Portfolio, SA American Funds Growth-Income Portfolio and SA American Funds VCP Managed Allocation Portfolio, (collectively, the “Portfolios”). SunAmerica Asset Management, LLC (“SAAMCO” or the “Adviser”), an indirect wholly-owned 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. It invests all or substantially all of its assets in Class P1 shares of the Master Fund, the American Funds Insurance Series^® Managed Risk Growth-Income Fund (“the Master Managed Risk Fund”), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Managed Risk Fund invests in the shares of an underlying fund, the American Funds Growth-Income Fund and American Funds Bond Fund (the “Underlying Funds”). The Underlying Funds invest in a diversified portfolio of common stocks and other equity securities, bonds and other debt securities and money market instruments.

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

Note 2.  Significant Accounting Policies

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

Security Valuation

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

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

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures 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 December 31, 2020, is reported on a schedule at the end of each Portfolio’s Portfolio of Investments.

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

Master Funds

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

The AFIS investment adviser values the AFIS investments at fair value as defined by U.S. GAAP. The net asset value of per share is calculated once daily as of the close of regular trading on New York Stock Exchange, normally 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 Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), 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 State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are based on the spot and forward exchange rates obtained from 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.

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

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

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

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

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

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

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

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

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

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

Each Portfolio recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Portfolio’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Portfolios are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Portfolios file U.S. federal and certain state income tax returns. The Portfolios federal tax returns for the prior three fiscal years remain subject to examinations by the Internal Revenue Service.

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

In advance of 2021, regulators and market participants will work together to identify or develop successor Reference Rates. Additionally, prior to 2021, it is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to a fund. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a fund or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a fund’s performance and/or NAV.

Recent Accounting and Regulatory Developments:    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. Adoption of the ASU had no material impact on the Portfolios.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. Management is currently evaluating the Rule and its impact to the Portfolios.

Note 3.  Federal Income Taxes

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

	For the year ended December 31, 2020
	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	$	18,636,107	$	15,591,160	$	202,655,874	$	—	$	1,072,215
SA American Funds Global Growth		—		3,249,501		145,647,885		194,463		29,089,389
SA American Funds Growth		176,769		29,270,875		207,018,129		3,420,192		46,079,877
SA American Funds Growth-Income		3,822,091		13,217,705		49,172,789		4,770,252		33,645,660
SA American Funds VCP Managed Allocation		27,294,057		117,809,419		306,459,018		4,675,202		—

	For the year ended December 31, 2019
	Tax Distributions
	Ordinary Income		Long-Term Capital Gains
SA American Funds Asset Allocation	$	17,853,138	$	52,462,873
SA American Funds Global Growth		3,008,690		43,429,564
SA American Funds Growth		—		1,646,364
SA American Funds Growth-Income		—		1,227,416
SA American Funds VCP Managed Allocation		4,948,518		24,126,079

For the year ended December 31, 2020, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to organizational costs were as follows:

Portfolio	Accumulated Undistributed Net Investment Income (Loss)		Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
SA American Funds Asset Allocation	$	—	$	—		$	—
SA American Funds Global Growth		17,844		(17,844	)		—
SA American Funds Growth		—		—			—
SA American Funds Growth-Income		752,559		(752,559	)		—
SA American Funds VCP Managed Allocation		—		—			—

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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	$	203,329,501	$	(673,627	)	$	202,655,874	$	1,278,447,771
SA American Funds Global Growth		145,940,565		(292,680	)		145,647,885		276,689,907
SA American Funds Growth		207,557,243		(539,114	)		207,018,129		338,881,750
SA American Funds Growth-Income		50,791,068		(1,618,279	)		49,172,789		276,983,121
SA American Funds VCP Managed Allocation		306,522,999		(63,981	)		306,459,018		1,808,768,939

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

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

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

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

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

For the year ended December 31, 2020, SAAMCo has agreed to waive advisory fees as follows:

Portfolio	Amount
SA American Funds Asset Allocation	$	7,469,619
SA American Funds Global Growth		2,655,373
SA American Funds Growth		2,578,209
SA American Funds Growth-Income		1,687,302
SA American Funds VCP Managed Allocation		13,720,239

SAAMCo has contractually agreed to waive fees and/or reimburse expenses of the following Portfolio until April 30, 2021; 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, 2021 only with the approval of the Board of Trustees of the Portfolio, including a majority of the Independent Trustees. This agreement will be renewed in terms of one year only if the Adviser agrees to extend the expense limitation.

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

With the exception of advisory fee waivers, for the year ended December 31, 2020, pursuant to the contractual waivers/reimbursement expense referred to above, SAAMCo did not waive or reimburse any expenses.

With the exception of advisory fee waivers, any contractual waivers or reimbursements made by the Adviser are subject to recoupment from that Portfolio within the following two years after the occurrence of the waivers and/or reimbursements provided that the Portfolio is able to effect such payment to the Adviser and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made. For the year ended December 31, 2020, no amounts were repaid to the Adviser, and there are no remaining balances subject to recoupment.

23

The Trust has entered into a master Transfer Agency and Service Agreement with VALIC Retirement Services Company (VRSCO), a wholly-owned subsidiary of VALIC, which is an affiliate of the Adviser. Under the agreement, VRSCO provides services, which include the issuance and redemption of shares, payment of dividends between the Trust and their “institutional” shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. The Trust, and certain other mutual funds advised by SAAMCo pay VRSCO on an annual basis, a fee in the aggregate amount of $150,000 for transfer agency services provided, pursuant to the agreement. Accordingly, for the year ended December 31, 2020, transfer agent fees were paid (see Statement of Operations) based on the aforementioned agreement.

Class 3 shares of each Portfolio are subject to Rule 12b-1 plans that provide for service fees payable at the annual rate 0.25% of the average daily net assets of Class 3 shares. The service fees are used to compensate the Life Companies for costs associated with the servicing of Class 3 shares, including the cost of reimbursing the Life Companies for expenditures made to financial intermediaries for providing services to contract holders who are the indirect beneficial owners of the Portfolios’ Class 3 shares. Accordingly, for the year ended December 31, 2020, service fees were paid (see Statement of Operations) based on the aforementioned rate.

Note 5.  Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended December 31, 2020 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	$	176,014,768	$	35,950,635	$	—	$	—
SA American Funds Global Growth		4,284,460		76,856,360		—		—
SA American Funds Growth		56,860,314		81,031,378		—		—
SA American Funds Growth-Income		25,461,416		25,411,419		—		—
SA American Funds VCP Managed Asset Allocation		90,821,647		142,899,147		—		—

Note 6.  Capital Share Transactions

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

	SA American Funds Asset Allocation Portfolio
	Class 1												Class 3
	For the year ended December 31, 2020						For the year ended December 31, 2019						For the year ended December 31, 2020						For the year ended December 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		151,188		$	2,120,868			222,934		$	3,239,870			12,014,655		$	178,138,937			16,498,719		$	237,438,124
Reinvested dividends		330			5,036			18,522			271,331			70,117			1,067,179			4,784,758			70,044,680
Shares redeemed		(8,959	)		(128,203	)		(11,495	)		(169,328	)		(2,317,917	)		(33,742,212	)		(2,637,839	)		(37,185,296	)
Net increase (decrease)		142,559			1,997,701			229,961		$	3,341,873			9,766,855			145,463,904			18,645,638		$	270,297,508
	SA American Funds Global Growth Portfolio
	Class 1												Class 3
	For the year ended December 31, 2020						For the year ended December 31, 2019						For the year ended December 31, 2020						For the year ended December 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		17,655		$	220,124			7,893		$	87,976			405,126		$	4,771,069			874,642		$	9,388,124
Reinvested dividends		2,476			32,074			2,390			25,901			2,264,245			29,251,778			4,278,941			46,412,353
Shares redeemed		(561	)		(6,767	)		(283	)		(3,101	)		(6,547,398	)		(75,522,539	)		(8,051,947	)		(86,794,354	)
Net increase (decrease)		19,570			245,431			10,000		$	110,776			(3,878,027	)		(41,499,692	)		(2,898,364	)	$	(30,993,877	)
	SA American Funds Growth Portfolio
	Class 1												Class 3
	For the year ended December 31, 2020						For the year ended December 31, 2019						For the year ended December 31, 2020						For the year ended December 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		30,301		$	398,746			8,767		$	100,063			4,211,047		$	58,934,339			3,015,269		$	32,193,311
Reinvested dividends		4,510			63,046			30			315			3,541,334			49,437,023			156,469			1,646,049
Shares redeemed		(5,002	)		(76,749	)		(1,616	)		(19,369	)		(5,781,153	)		(81,209,374	)		(4,728,043	)		(51,169,960	)
Net increase (decrease)		29,809			385,043			7,181		$	81,009			1,971,228			27,161,988			(1,556,305	)	$	(17,330,600	)

24

	SA American Funds Growth-Income Portfolio
	Class 1												Class 3
	For the year ended December 31, 2020						For the year ended December 31, 2019						For the year ended December 31, 2020						For the year ended December 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		29,660		$	351,145			8,378		$	94,666			2,448,044		$	26,639,755			1,718,711		$	18,733,207
Reinvested dividends		5,764			61,852			52			566			3,584,492			38,354,060			113,808			1,226,850
Shares redeemed		(589	)		(6,705	)		(129	)		(1,517	)		(2,255,239	)		(25,418,807	)		(3,611,355	)		(39,003,588	)
Net increase (decrease)		34,835			406,292			8,301		$	93,715			3,777,297			39,575,008			(1,778,836	)	$	(19,043,531	)
	SA American Funds VCP Managed Allocation Portfolio
	Class 1												Class 3
	For the year ended December 31, 2020						For the year ended December 31, 2019						For the year ended December 31, 2020						For the year ended December 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,742		$	113,672			6,181		$	85,928			6,072,969		$	92,554,650			8,554,243		$	117,397,960
Reinvested dividends		37			564			301			4,391			305,332			4,674,638			2,003,304			29,070,206
Shares redeemed		(792	)		(11,391	)		(9,123	)		(135,373	)		(9,311,010	)		(134,590,082	)		(7,526,249	)		(105,350,796	)
Net increase (decrease)		6,987			102,845			(2,641	)	$	(45,054	)		(2,932,709	)		(37,360,794	)		3,031,298		$	41,117,370

Note 7.  Line of Credit

The Trust, along with certain other funds managed by the Adviser, has access to a $75 million committed unsecured line of credit and a $50 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Trust’s custodian. Prior to September 4, 2020, interest is payable on the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Trust, on behalf of each of the Portfolios, has paid State Street for its own account, such Portfolio’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. Effective September 4, 2020, interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the Federal Funds Effective Rate on such date and (b) the Overnight Bank Funding Rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the Federal Funds Effective Rate or the Overnight Bank Funding Rate shall be less than zero, then the Federal Funds Effective Rate or the Overnight Bank Funding Rate, shall be deemed to be zero for the purposes of determining the rate. The Trust, on behalf of each of the Portfolios, has paid State Street for its own account, such Portfolio’s ratable portion of an upfront fee in an amount equal to $40,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit. Borrowings under the line of credit will commence when the respective Portfolio’s cash shortfall exceeds $100,000.

For the year ended December 31, 2020, the Portfolios did not utilize the line of credit.

Note 8.  Transactions with Affiliates

At December 31, 2020, the following affiliates owned outstanding shares of the following Portfolios:

	Holder
Portfolio	USL			AGL			VALIC
SA American Funds Asset Allocation		6.53	%		89.35	%		4.12	%
SA American Funds Global Growth		4.88	%		94.37	%		0.75	%
SA American Funds Growth		4.69	%		93.67	%		1.64	%
SA American Funds Global-Income		5.62	%		92.58	%		1.80	%
SA American Funds VCP Managed Allocation		9.83	%		86.62	%		3.55	%

Note 9.  Other Matters

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

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
12/31/19		12.94		0.43		2.31			2.74			(0.27	)		(0.70	)		(0.97	)		14.71		21.22			4,320		0.27			3.05			2
12/31/20		14.71		0.28		1.54			1.82			—			(0.01	)		(0.01	)		16.52		12.40			7,207		0.27			1.92			3
SA American Funds Asset Allocation Portfolio Class 3
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
12/31/19		12.93		0.26		2.44			2.70			(0.24	)		(0.70	)		(0.94	)		14.69		20.91			1,171,382		0.52			1.82			2
12/31/20		14.69		0.22		1.56			1.78			—			(0.01	)		(0.01	)		16.46		12.14			1,473,177		0.52			1.49			3
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
12/31/19		9.15		0.14		3.07			3.21			(0.12	)		(1.30	)		(1.42	)		10.94		35.27			246		0.29			1.34			1
12/31/20		10.94		0.05		3.25			3.30			(0.04	)		(0.95	)		(0.99	)		13.25		30.48			558		0.29			0.41			1
SA American Funds Global Growth Portfolio Class 3
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
12/31/19		9.16		0.09		3.09			3.18			(0.09	)		(1.30	)		(1.39	)		10.95		34.93			390,653		0.54			0.79			1
12/31/20		10.95		0.01		3.25			3.26			(0.01	)		(0.95	)		(0.96	)		13.25		30.09			421,535		0.54			0.05			1

  * Calculated based on average shares outstanding.

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

† Annualized

# Commencement of operations.

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

Portfolio	12/16			12/17			12/18			12/19			12/20
SA American Funds Asset Allocation Class 1		0.60	%†		0.60	%		0.60	%		0.60	%		0.60	%
SA American Funds Asset Allocation Class 3		0.60			0.60			0.60			0.60			0.60
SA American Funds Global Growth Class 1		0.70	†		0.70			0.70			0.70			0.70
SA American Funds Global Growth Class 3		0.70			0.70			0.70			0.70			0.70

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

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

See Notes to Financial Statements

26

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS

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

Period ended	Net Asset Value, beginning of period		Net investment income (loss)*			Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Dividend from net realized gain on investments			Total Distributions			Net Asset Value, end of period		Total Return**			Net Assets, end of period (000’s)		Ratio of expenses to average net assets(1)(2)			Ratio of net investment income (loss) to average net assets(1)(2)(3)			Portfolio turnover
SA American Funds Growth Portfolio Class 1
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
12/31/19		9.23		0.13			2.70			2.83			—			(0.05	)		(0.05	)		12.01		30.75			160		0.29			1.22			7
12/31/20		12.01		0.05			5.92			5.97			(0.14	)		(1.53	)		(1.67	)		16.31		52.09			704		0.28			0.34			13
SA American Funds Growth Portfolio Class 3
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
12/31/19		9.24		0.05			2.75			2.80			—			(0.05	)		(0.05	)		11.99		30.39			377,823		0.54			0.47			7
12/31/20		11.99		0.01			5.91			5.92			(0.11	)		(1.53	)		(1.64	)		16.27		51.72			544,907		0.53			0.04			13
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
12/31/19		9.54		0.21			2.28			2.49			—			(0.05	)		(0.05	)		11.98		26.17			159		0.31			2.06			4
12/31/20		11.98		0.18			1.27			1.45			(0.23	)		(1.41	)		(1.64	)		11.79		13.47			567		0.29			1.60			9
SA American Funds Growth-Income Portfolio Class 3
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
12/31/19		9.54		0.15			2.30			2.45			—			(0.05	)		(0.05	)		11.94		25.75			285,659		0.55			1.37			4
12/31/20		11.94		0.12			1.30			1.42			(0.20	)		(1.41	)		(1.61	)		11.75		13.25			325,404		0.54			1.09			9

  * Calculated based on average shares outstanding.

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

† Annualized

# Commencement of operations.

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

Portfolio	12/16			12/17			12/18			12/19			12/20
SA American Funds Growth Class 1		0.60	%†		0.60	%		0.60	%		0.60	%		0.60	%
SA American Funds Growth Class 3		0.60			0.60			0.60			0.60			0.60
SA American Funds Growth-Income Class 1		0.60	†		0.60			0.60			0.60			0.60
SA American Funds Growth-Income Class 3		0.60			0.60			0.60			0.60			0.60

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

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

See Notes to Financial Statements

27

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS

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

Period ended	Net Asset Value, beginning of period		Net investment income (loss)*		Net gain (loss) on investments (both realized and unrealized)			Total from investment operations			Dividends from net investment income			Dividend from net realized gain on investments			Total Distributions			Net Asset Value, end of period		Total Return**			Net Assets, end of period (000’s)		Ratio of expenses to average net assets(1)(2)			Ratio of net investment income (loss) to average net assets(1)(2)(3)			Portfolio turnover
SA American Funds VCP Managed Allocation Portfolio Class 1
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
12/31/19		12.68		0.06		2.32			2.38			(0.07	)		(0.18	)		(0.25	)		14.81		18.81			130		0.28			0.42			4
12/31/20		14.81		0.21		1.21			1.42			—			(0.04	)		(0.04	)		16.19		9.57			255		0.27			1.38			5
SA American Funds VCP Managed Allocation Portfolio Class 3
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
12/31/19		12.67		0.01		2.33			2.34			(0.04	)		(0.18	)		(0.22	)		14.79		18.48			1,982,324		0.53			0.11			4
12/31/20		14.79		0.21		1.17			1.38			—			(0.04	)		(0.04	)		16.13		9.32			2,113,978		0.52			1.39			5

  * Calculated based on average shares outstanding.

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

† Annualized

# Commencement of operations.

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

Portfolio	12/16			12/17			12/18			12/19			12/20
SA American Funds VCP Managed Allocation Class 1		0.70	%†		0.70	%		0.70	%		0.70	%		0.70	%
SA American Funds VCP Managed Allocation Class 3		0.70			0.70			0.70			0.70			0.70

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

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

See Notes to Financial Statements

28

SUNAMERICA SERIES TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of SunAmerica Series Trust and Shareholders of SA American Funds Asset

Allocation Portfolio, SA American Funds Global Growth Portfolio, SA American Funds Growth-Income Portfolio, SA American Funds Growth Portfolio and SA American Funds VCP Managed Allocation Portfolio

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of SA American Funds Asset Allocation Portfolio, SA American Funds Global Growth Portfolio, SA American Funds Growth-Income Portfolio, SA American Funds Growth Portfolio and SA American Funds VCP Managed Allocation Portfolio (constituting SunAmerica Series Trust, hereafter collectively referred to as the “Portfolios”) as of December 31, 2020, the related statements of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the periods therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2020 and each of the financial highlights for the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

February 25, 2021

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

29

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2020 (unaudited)

At a meeting held on October 7, 2020, the Board of Trustees (the “Board”), including the Trustees that are not interested persons of SunAmerica Series Trust (the “Trust”), as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved with respect to the American Funds Asset Allocation SAST Portfolio, American Funds Growth SAST Portfolio, American Funds Global Growth SAST Portfolio, American Funds Growth-Income SAST Portfolio and VCP Managed Asset Allocation Portfolio (collectively, the “Portfolios”) the continuation of the Investment Management and Advisory Agreement between SunAmerica Asset Management, LLC (“SAAMCo” or the “Adviser”) and the Trust (the “Advisory Agreement”).

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

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

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

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

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

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

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

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

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

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

Nature, Extent and Quality of Services.

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

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

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

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

30

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2020 (unaudited) (continued)

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

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

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

Portfolio Fees and Expenses; Investment Performance.

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

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

The performance information included annualized returns for the period since inception and the one-, three-, five-and ten-year periods, as applicable, ended June 30, 2020 from Broadridge and performance information as of June 30, 2020 from management. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to each Portfolio’s overall performance, performance relative to each Portfolio’s relevant benchmark and Morningstar and/or Broadridge peer groups, as applicable. The Board considered that management makes particular note of Portfolios that may require closer monitoring or potential corrective action by the Board.

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

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

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

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

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

31

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2020 (unaudited) (continued)

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

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

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

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

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

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

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

Cost of Services & Benefits Derived.

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

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

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

32

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

December 31, 2020 (unaudited) (continued)

Profitability and Economies of Scale.

The Board received information related to SAAMCo’s profitability as well as the profitability of certain affiliates with respect to the services they provide to the Trust’s Portfolios. The profitability analysis reflected the relationship between SAAMCo and the affiliated Life Companies. The Board considered that, pursuant to administrative services agreements between SAAMCo and each of the Life Companies, SAAMCo pays a fee to each Life Company at an annual rate of 25 basis points of the average daily net assets of the Portfolios that are held by the corresponding separate accounts of each Life Company, in exchange for certain administrative services provided to the Portfolios. The Board determined that the profitability to SAAMCo in connection with its relationship to the Trust was reasonable. In addition, the Board considered the Investment Management Profitability Analysis prepared by an independent information service, Broadridge, and noted that SAAMCo’s profitability was generally in the range of the profitability of companies contained in the report.

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

Terms of Advisory Agreement.

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

Conclusions.

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

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

33

SUNAMERICA SERIES TRUST

TRUSTEES AND OFFICERS INFORMATION (unaudited)

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

Name and Age†	Position Held With Trust	Term of Office and Length of Time Served(4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(1)		Other Directorships Held by Trustee(3)
Disinterested Trustee
Garrett F. Bouton Age: 76	Trustee	2007 – Present	Retired (2003-Present); Managing Director and CEO, Barclays Global Investors (1996-2003).		80	Chairman/Director, The LECG Group (consulting services) (2006-2010).
Carl D. Covitz Age: 81	Trustee	2001 – Present	Owner and President, Landmark Capital, Inc. (1973-Present).		80	Director, Arden Realty, Inc. (real estate) (1995-2006).
Jane Jelenko Age: 72	Trustee	2006 – Present	Retired Partner KPMG, LLP and Managing Director Bearingpoint, Inc. (formerly KPMG Consulting). (2003-Present).		80	Director, Countrywide Bank (2003-2008) and Director, Cathay General Bancorp and CathayBank (banking) (2012-Present).
Gilbert T. Ray Age: 76	Trustee	2001 – Present	Retired Partner, O’Melveny & Myers LLP (law firm) (2000-Present).		80	Director, Advanced Auto Parts, Inc. (retail, auto and home supply stores) (2002-2016); Director, Watson, Wyatt Worldwide (services — management consulting services) (2000-2009); Director Dine Equity (services — restaurant) (2004-Present); Director Diamond Rock Hospitality (financial — real estate) (2005-Present); Director, Towers Watson & Co. (services — management consulting services) (2010-2016).
Allan L. Sher Age: 89	Trustee	1997 – Present	Retired Brokerage Executive (1992-Present).		80	Director, Bowl America Inc. (1997-Present).
Bruce G. Willison Age: 72	Trustee and Chairman	2001 – Present	Professor of Management, Anderson School at UCLA (1999-2011); Dean, Anderson School at UCLA (1999-2005); co-founder, Grandpoint Capital, Inc. (2009-2010).		80	Director, GrandPoint Bank (banking). (2011-Present); Director, Indy Mac Bancorp (banking) (2003-2008); Director, Move, Inc. (internet real estate site) (2003-Present); Director, Healthnet International, Inc. (business services) (2000-2016).
Interested Trustee
Sharon French (2) Age: 55	Trustee	2019 – present	President and CEO of SunAmerica (since 2019); Vice President of AIG (since 2019); Executive Vice President and Head of Beta Solutions, OppenheimerFunds (2016-2019); President, F-Squared Capital, LLC (financial services) (2013-2015).		80	None

34

SUNAMERICA SERIES TRUST

TRUSTEES AND OFFICERS INFORMATION (unaudited) — (continued)

Name and Age†	Position Held With Trust	Term of Office and Length of Time Served(4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(1)	Other Directorships Held by Trustee(3)
Officers
John T. Genoy Age: 52	President	2007 – Present	Chief Financial Officer, SAAMCo (2002-Present); Senior Vice President, SAAMCo (2004-Present); Chief Operating Officer, SAAMCo (2006-Present).	N/A	N/A
Kathleen D. Fuentes Age: 51	Chief Legal Officer, Vice President, and Secretary	2015 – Present	Vice President and Deputy General Counsel, SAAMCo (2004-Present).	N/A	N/A
Christopher C. Joe Age: 51	Chief Compliance Officer	2017-Present	Chief Compliance Officer, AIG Funds, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2017-Present); Chief Compliance Officer, VALIC Retirement Services Company (2017-Present); Chief Compliance Officer, Invesco Powershares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010- 2013); U.S. Compliance Director, Invesco, Ltd (2006-2014); Deputy Chief Compliance Officer, Invesco Advisers, Inc. (2014-2015).	N/A	N/A
Gregory N. Bressler Age: 54	Vice President and Assistant Secretary	2005 – Present	Senior Vice President and General Counsel, SAAMCo (2005-Present).	N/A	N/A
Gregory R. Kingston Age 54	Treasurer	2014 – Present	Vice President, SAAMCo (2001-Present); Head of Mutual Fund Administration (2014-Present)	N/A	N/A
Shawn Parry Age: 48	Vice President and Assistant Treasurer	2014 – Present	Assistant Vice President, SAAMCo (2005-2014); Vice President, SAAMCo (2014-Present).	N/A	N/A
Donna McManus Age: 59	Vice President and Assistant Treasurer	2014 – Present	Vice President, SAAMCo (2014-Present); Managing Director, BNY Mellon (2009-2014).	N/A	N/A
Matthew J. Hackethal Age: 49	Anti-Money Laundering Compliance Officer	2006 – Present	Acting Chief Compliance Officer (2016-2017); Chief Compliance Officer, SAAMCo (2006-Present) and Vice President, SAAMCo (2011 to Present).	N/A	N/A

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

(1) The “Fund Complex” consists of all registered investment company portfolios for which SAAMCo serves as investment adviser or administrator. The “Fund Complex” includes the Trust (61 portfolios), the SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (4 portfolios), Seasons Series Trust (19 portfolios), SunAmerica Specialty Series (6 funds), VALIC Company I (45 portfolios), and VALIC Company II (15 funds).

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

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

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

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

35

SUNAMERICA SERIES TRUST

SHAREHOLDERS TAX INFORMATION (unaudited)

Certain tax information regarding the SunAmerica Series Trust is required to be provided to the shareholders based upon each Portfolio’s income and capital gain distributions for the taxable year ended December 31, 2020.

During the year ended December 31, 2020 the Portfolios paid the following dividends per share along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations.

	Total Dividends		Net Investment Income		Net Short-Term Capital Gains*		Net Long-Term Capital Gains*		Qualifying% for the Dividends Received Deduction
SA American Funds Asset Allocation Portfolio Class 1	$	0.01	$	—	$	—	$	0.01		—	%
SA American Funds Asset Allocation Portfolio Class 3		0.01		—		—		0.01		—
SA American Funds Global Growth Portfolio Class 1		0.99		0.04		—		0.95		100.00
SA American Funds Global Growth Portfolio Class 3		0.96		0.01		—		0.95		100.00
SA American Funds Growth Portfolio Class 1		1.67		0.14		—		1.53		100.00
SA American Funds Growth Portfolio Class 3		1.64		0.11		—		1.53		100.00
SA American Funds Growth-Income Portfolio Class 1		1.64		0.23		—		1.41		100.00
SA American Funds Growth-Income Portfolio Class 3		1.61		0.20		—		1.41		100.00
SA American Funds VCP Managed Allocation Portfolio Class 1		0.04		—		0.04		—		100.00
SA American Funds VCP Managed Allocation Portfolio Class 3		0.04		—		0.04		—		100.00

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

36

COMPARISONS: PORTFOLIOS VS. INDEXES (unaudited)

As required by the Securities and Exchange Commission, the following graphs compare the performance of a $10,000 investment in the presented Feeder Portfolios of SunAmerica Series Trust (the “Trust”) to a $10,000 investment in a comparable securities index benchmark since the portfolio’s inception. Importantly, such indices represent “paper” portfolios and do not reflect the costs and expenses of actual investing. Following each graph is a discussion of portfolio performance and factors affecting performance over the year ended December 31, 2020.

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

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

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

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

37

American Funds

SA American Funds Asset Allocation Portfolio — Class 3

SA American Funds Asset Allocation Portfolio
Average Annual Total Returns as of 12/31/20
	Class 1*		Class 3*
1-year		12.40%		12.14%
5-year		N/A		10.27%
10-year		N/A		9.58%
Since Inception		10.63%		7.22%

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

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

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

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

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

The SA American Funds Asset Allocation Portfolio — Class 3 (Feeder Fund), which is a mix of stocks and bonds, returned 12.14% for the twelve months ended December 31, 2020. The S&P 500^® Index increased 18.40% over the same period, while the Bloomberg Barclays U.S. Aggregate Bond Index returned 7.51%. The Blended Index (60% S&P 500 ^® Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index) increased 14.73%. The American Funds Insurance Series^® Asset Allocation Fund — Class 1 (Master Fund), which is a mix of stocks and bonds, returned 12.71% for the annual period.

U.S. equities ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. Information technology, consumer discretionary and communication services stocks that benefited from stay-at-home restrictions led markets, including Amazon and Netflix. Overall, the information technology sector rose 44%, while consumer discretionary and communication services gained 33% and 24%, respectively. Energy lagged all other sectors, declining 34%. The significant reduction in travel reduced the demand for oil, which was briefly priced below $0 for the first time in history amid fears of dwindling storage capacity. The real estate and financials sectors were also negative for the year, each declining 2%.

Investments in the information technology sector, the Master Fund’s largest sector holding, contributed to relative returns. Within the sector, TSMC and ASML Holding contributed to relative results with double-digit returns that outpaced the general market. On the downside, commercial aerospace company Boeing detracted from relative returns as shares slumped in the face of unprecedented disruptions arising from the COVID-19 pandemic. The fixed income investments were additive to relative returns due to sector positioning and security selection.

Past performance is no guarantee of future results.

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

38

American Funds

SA American Funds Global Growth Portfolio — Class 3

SA American Funds Global Growth Portfolio
Average Annual Total Returns as of 12/31/20
	Class 1*		Class 3*
1-year		30.48%		30.09%
5-year		N/A		15.94%
10-year		N/A		12.54%
Since Inception		17.93%		10.04%

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

1 The MSCI ACWI (net) Index captures large and mid cap representation across 23 developed and 27 emerging markets countries. The index covers approximately 85% of the global investable equity opportunity set. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

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

The SA American Funds Global Growth Portfolio — Class 3 (Feeder Fund) returned 30.09% for the twelve months ended December 31, 2020, compared with a 16.26% return for the MSCI ACWI (net) Index. The American Funds Insurance Series^® Global Growth Fund — Class 1 (Master Fund) returned 30.79% for the annual period.

Global stocks rose in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. In a year marked by unprecedented volatility, stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted a few key market indexes to all-time highs. U.S. equities also ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. European stocks declined in local currency terms as the eurozone economy suffered the effects of government-imposed lockdowns and a severe recession. Emerging markets posted solid gains for a second consecutive year, led by China’s economic rebound and the technology-export-driven economies of Taiwan and South Korea.

Stock selection and allocation within the information technology sector were large relative return drivers. The Master Fund’s relative weightings in ASML and TSMC benefitted as both outpaced the wider market and were among the top contributors to relative returns. Consumer discretionary stock Amazon also helped relative returns, as its returns outpaced the market. The biggest drag on relative results was Apple, a stock the Master Fund didn’t own, as it proved to be one of the strongest performers for the year. On a geographic basis, stocks of companies domiciled in the United States and the Netherlands were additive to results, while stocks of companies based in France and Switzerland detracted.

Past performance is no guarantee of future results.

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

39

American Funds

SA American Funds Growth Portfolio — Class 3

SA American Funds Growth Portfolio
Average Annual Total Returns as of 12/31/20
	Class 1*		Class 3*
1-year		52.09%		51.72%
5-year		N/A		22.42%
10-year		N/A		16.51%
Since Inception		25.22%		11.96%

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

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

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

The SA American Funds Growth Portfolio — Class 3 (Feeder Fund) returned 51.72% for the twelve months ended December 31, 2020, compared with a 18.40% increase in the S&P 500^® Index. The American Funds Insurance Series^® Growth Fund — Class 1 (Master Fund) returned 52.45% for the annual period.

U.S. equities ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. Information technology, consumer discretionary and communication services stocks that benefited from stay-at-home restrictions led markets, including Amazon and Netflix. Overall, the information technology sector rose 44%, while consumer discretionary and communication services gained 33% and 24%, respectively. Energy lagged all other sectors, declining 34%. The significant reduction in travel reduced the demand for oil, which was briefly priced below $0 for the first time in history amid fears of dwindling storage capacity. The real estate and financials sectors were also negative for the year, each declining 2%.

The Master Fund’s top contributors in relative terms were the consumer discretionary and communication services sectors. Investments in Tesla and Netflix were additive to relative results. Tesla’s shares soared as founder Elon Musk’s effort to bring electric vehicles into the mainstream gained traction, transforming the company’s underlying financial performance. On the downside, investments in Suncor Energy and MTU Aero Engines detracted from relative returns. The significantly lower-than-benchmark position in Apple, which proved to be a high-performing stock, also detracted from relative returns.

Past performance is no guarantee of future results.

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

40

American Funds

SA American Funds Growth-Income Portfolio — Class 3

SA American Funds Growth-Income Portfolio
Average Annual Total Returns as of 12/31/20
	Class 1*		Class 3*
1-year		13.47%		13.25%
5-year		N/A		13.61%
10-year		N/A		12.42%
Since Inception		14.48%		8.62%

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

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

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

The SA American Funds Growth-Income Portfolio — Class 3 (Feeder Fund) returned 13.25% for the 12 months ended December 31, 2020, while the S&P 500^® Index increased 18.40% over the same period. The American Funds Insurance Series^® Growth-Income Fund — Class 1 (Master Fund) returned 13.81% for annual period.

U.S. equities ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. Information technology, consumer discretionary and communication services stocks that benefited from stay-at-home restrictions led markets, including Amazon and Netflix. Overall, the information technology sector rose 44%, while consumer discretionary and communication services gained 33% and 24%, respectively. Energy lagged all other sectors, declining 34%. The significant reduction in travel reduced the demand for oil, which was briefly priced below $0 for the first time in history amid fears of dwindling storage capacity. The real estate and financials sectors were also negative for the year, each declining 2%.

The Master Fund’s investments in the communications services sector contributed the most to relative returns. Among these stocks, Netflix added the most to relative results as shares soared while stay-at-home orders spurred demand for internet-streaming media. On the downside, the lower-than-index position in information technology stocks, a sector that performed strongly over the period, weighed on relative returns. In particular, the lower-than-index investment in Apple hindered sector results the most as Apple shares outperformed the broader market over the period.

Past performance is no guarantee of future results.

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

41

American Funds

SA American Funds VCP Managed Allocation Portfolio — Class 3

SA American Funds VCP Managed Allocation Portfolio
Average Annual Total Returns as of 12/31/20
	Class 1*		Class 3*
1-year		9.57%		9.32%
5-year		N/A		8.53%
10-year		N/A		N/A
Since Inception		9.01%		7.77%

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

1 The S&P 500^® Managed Risk Index — Moderate is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.

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

The SA American Funds VCP Managed Allocation Portfolio — Class 3 (Feeder Fund) returned 9.32% for the twelve months ended December 31, 2020. The S&P 500^® Managed Risk Index — Moderate Index increased 6.83% over the same period. The American Funds Insurance Series^® Managed Risk Growth-Income Fund — Class P1 (Master Fund) returned 9.85% for the period.

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

The underlying American Funds Insurance Series^® Growth-Income Fund’s stock selection in the communication services sector was a top contributor to relative returns, while stock selection in the information technology sector detracted from relative results.

42

SUNAMERICA SERIES TRUST

SUPPLEMENTS TO THE PROSPECTUS

December 31, 2020 (unaudited)

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

Registration No. 33-52742

SunAmerica Series Trust

SA American Funds Asset Allocation Portfolio

SA American Funds VCP Managed Allocation Portfolio

(each, a “Portfolio,” and together, the “Portfolios”)

Supplement dated November 12, 2020

to the Portfolios’ Summary Prospectus and Prospectus dated

May 1, 2020, as supplemented and amended to date

Capital Group portfolio manager James R. Mulally has announced his intention to retire effective March 31, 2021. Accordingly, effective March 31, 2021, all references to Mr. Mulally will be deleted from the Portfolios’ Prospectus and Summary Prospectuses.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

43

SUNAMERICA SERIES TRUST

SUPPLEMENTS TO THE PROSPECTUS

December 31, 2020 (unaudited) (continued)

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

Registration No. 33-52742

SunAmerica Series Trust

SA American Funds Growth Portfolio

(the “Portfolio”)

Supplement dated November 12, 2020

to the Portfolio’s Summary Prospectus and Prospectus dated

May 1, 2020, as supplemented and amended to date

Michael T. Kerr has retired from Capital Group and is no longer acting as a portfolio manager of the American Funds Insurance Series^® Growth Fund (the “Master Growth Fund”). Accordingly, all references to Mr. Kerr on the Portfolio’s Summary Prospectus and Prospectus are hereby deleted. Dylan Yolles has been named portfolio manager of the Master Growth Fund. Effective immediately, in the section of the Summary Prospectus entitled “Investment Adviser” and in the section of the Prospectus entitled “Portfolio Summary: SA American Funds Growth Portfolio – Investment Adviser,” in the table under the heading “Portfolio Managers” the following information is added:

Name and Title	Portfolio Manager of Master Growth Fund Since
Dylan Yolles Equity Portfolio Manager	2020

In the section of the Prospectus entitled “Management,” under the heading “Portfolio Management of the Master Funds,” the following paragraph is added under “Master Growth Fund Team Members”:

Dylan Yolles is an equity portfolio manager at Capital Group. He has 22 years of investment experience and has been with Capital Group for 20 years. Earlier in his career, as an equity investment analyst at Capital, he covered U.S. and European software companies, as well as U.S. and Canadian railroads. Before joining Capital, Mr. Yolles was a select fund portfolio manager and an equity analyst covering software, chemicals, gaming and lodging at Fidelity in Boston. Mr. Yolles holds an MBA from Stanford Graduate School of Business and a bachelor’s degree from Stanford University. Mr. Yolles is based in Los Angeles.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

44

Past performance is no guarantee of future results.

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

45

SUNAMERICA SERIES TRUST

VOTING PROXIES ON TRUST PORTFOLIO SECURITIES

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

PROXY VOTING RECORD ON TRUST PORTFOLIO SECURITIES

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

DISCLOSURE OF QUARTERLY PORTFOLIO HOLDINGS

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

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

46

Annuity Service Center

P.O. Box 15570

Amarillo, TX 79105-5570

CHANGE SERVICE REQUESTED

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

R4397AR.14 (2/21)

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

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

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

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

Contents
1	Letter to investors
4	Fund reviews
Investment portfolios
46	Global Growth Fund
50	Global Small Capitalization Fund
57	Growth Fund
63	International Fund
68	New World Fund®
80	Blue Chip Income and Growth Fund
84	Global Growth and Income Fund
88	Growth-Income Fund
95	International Growth and Income Fund
99	Capital Income Builder®
115	Asset Allocation Fund
148	Global Balanced Fund
160	Bond Fund
180	Capital World Bond Fund®
200	High-Income Bond Fund
218	American Funds Mortgage Fund®
224	Ultra-Short Bond Fund
226	U.S. Government/AAA-Rated Securities Fund
233	Managed Risk Growth Fund
234	Managed Risk International Fund
235	Managed Risk Blue Chip Income and Growth Fund
236	Managed Risk Growth-Income Fund
238	Managed Risk Asset Allocation Fund
239	Financial statements

Fellow investors:

Global stocks, as measured by the MSCI ACWI (All Country World Index),^1,2 rose 16.25% in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. In a year marked by unprecedented volatility, stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted many market indexes to all-time highs. Technology stocks led markets higher, gaining more than 40%, followed closely by consumer discretionary stocks. Digitally focused companies prospered as millions of homebound customers switched to online services for food, entertainment and other basic needs. Conversely, energy stocks and travel-related stocks plummeted as government-imposed lockdowns brought the global economy to a crawl.

U.S. equities showed resilience during a volatile year that included civil unrest and a contentious presidential election on top of pandemic-related pressures, ending the year at all-time highs, with an increase of 21.37% recorded by the MSCI USA Index^1,3. Massive stimulus helped calm markets even as government restrictions aimed at curbing the spread of COVID-19 brought segments of the economy to a near standstill. In March, Congress passed the $2 trillion CARES Act, which included aid for individuals and businesses most economically impacted by the pandemic. A $900 billion stimulus package followed

in December, after COVID-19 cases accelerated in the fall. The Federal Reserve cut rates 150 basis points in March, bringing the lower range of its target rate near zero for the first time since 2015.

European stocks declined in local currency terms as the eurozone economy suffered the effects of government-imposed lockdowns and a severe recession. Italy was struck hard and early by COVID-19, which then spread quickly throughout the continent, crippling key industries including tourism, banking and aircraft manufacturing. Overall, the MSCI Europe Index^1,4 fell 2.21% in local currency terms. However, in U.S. dollar terms, the index registered a 5.38% gain as a weak dollar provided a currency tailwind to international equity markets. Elsewhere among developed markets, the Japanese economy entered its first recession since 2015 as the pandemic exacerbated a slowdown that began in late 2019. The Summer Olympics in Tokyo were postponed to 2021, dealing another blow to the economy. The MSCI Japan Index^1,5 gained 14.48% over the year.

Emerging markets posted solid gains for a second consecutive year, led by China’s economic rebound and the technology-export-driven economies of Taiwan and South Korea. A weakening U.S. dollar and strengthening prices for industrial metals and oil further boosted gains, which were

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

¹  Source: MSCI.

²  The MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter.

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

⁴  MSCI Europe Index is a free float-adjusted market capitalization-weighted index that is designed to measure results of more than 10 developed equity markets in Europe. Results reflect dividends net of withholding taxes.

⁵  MSCI Japan Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market results of Japan. Results reflect dividends net of withholding taxes.

American Funds Insurance Series      1

led by the information technology and health care sectors. Overall, the MSCI Emerging Markets Investable Market Index^1,6 bounced back from steep losses in early 2020 to finish up 18.39% for the year. Being the first country to shut down its economy and the first to reopen during the pandemic, China led the global economic rebound after quarantine measures there eased.

Government bonds advanced as central banks around the world slashed interest rates and ramped up stimulus programs in an attempt to counter the damaging effects of the pandemic. The U.S. Federal Reserve cut rates to near zero in March, launched an array of emergency lending programs, and expanded an aggressive asset purchase program. The Bloomberg Barclays U.S. Corporate Investment Grade Index^7,8 and the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index^7,9 gained 9.89% and 7.05%, respectively. More broadly, the Bloomberg Barclays Global Aggregate Index^7,10 was up 9.20%, while the Bloomberg Barclays U.S. Aggregate Index^7,11 advanced 7.51%. The J.P. Morgan Emerging Markets Bond Index^7,12 – Global gained 5.88%.

In foreign exchange markets, the U.S. dollar fell against the euro, the yen and most other currencies. Signaling a

potential end to about a decade of dollar strength, the euro rose 9.00% against the greenback. Late in the year, the British pound staged a strong rally as Brexit negotiators approved a new trade agreement governing the relationship between the United Kingdom and the European Union.

Looking ahead

The future path for stocks remains difficult to predict, as always. Investors are currently counting on a strong economic recovery as vaccines roll out and reduce the impact of the coronavirus. They are also counting on a continuation of supportive fiscal and monetary policies from the government, with low, accommodative interest rates. We expect these assumptions to hold true, and that we will find plenty of attractive securities in this environment. Digital-enabled business trends have been accelerated due to the pandemic, and many old-technology businesses should improve as the recovery continues, so there is much to be excited about.

However, we must keep in mind that these conditions are not guaranteed. New variants of the virus may cause a temporary stall, and if interest rates rise too much, there may be a concomitant decrease in the valuation of stocks. So, we will be watching carefully as we execute

our investment approach, which seeks to appropriately balance risk and return. New individual investors attracted by the strong recent results of the stock market may be surprised when a patch of volatility inevitably recurs — but with our long history and investment horizon, we will view any such occurrences as opportunities.

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

Sincerely,

Donald D. O’Neal

Co-President

Alan N. Berro

Co-President

February 12, 2021

⁶  MSCI Emerging Markets Investable Market Index (IMI) is a free float-adjusted market capitalization weighted index that is designed to measure results of the large-, mid-, and small-capitalization segments of more than 20 emerging equity markets. Results reflect dividends net of withholding taxes.

⁷  Source: Bloomberg Index Services Ltd.

⁸ Bloomberg Barclays U.S. Corporate Investment Grade Index represents the universe of investment grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements.

⁹ 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%.

¹⁰ Bloomberg Barclays Global Aggregate Index represents the global investment-grade fixed income markets.

¹¹ Bloomberg Barclays U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market.

¹² JP 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

About the series

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

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

For New World Fund, Capital Income Builder, Capital World Bond Fund and American Funds Mortgage Fund, the investment adviser is currently waiving a portion of its management fee equal to 0.18%, 0.26%, 0.10% and 0.18%, respectively, of each fund’s net assets. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers, without which results would have been lower. See the Financial Highlights tables in this report for details.

For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund’s net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for Managed Risk International Fund. The waivers and reimbursement will be in effect through at least May 1, 2021, unless modified or terminated by the series’ board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursement. The waivers may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers and reimbursement, without which results would have been lower. 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. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Global Growth Fund advanced 30.79% for the 12 months ended December 31, 2020, compared with a 16.25% increase in its benchmark index, MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks rose in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. In a year marked by unprecedented volatility, stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted many market indexes to all-time highs. U.S. equities also ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. European stocks declined in local currency terms as the eurozone economy suffered the effects of government-imposed lockdowns and a severe recession. Emerging markets posted solid gains for a second consecutive year, led by China’s economic rebound and the technology-export-driven economies of Taiwan and South Korea.

Stock selection and allocation within the information technology sector were large relative return drivers. The fund’s relative weightings in ASML and TSMC benefitted the fund as both 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, as its returns outpaced the market.

The biggest drag on relative results was Apple — a stock the fund didn’t own — as it proved to be one of the strongest performers for the year.

On a geographic basis, stocks of companies domiciled in the United States and the Netherlands were additive to results, while stocks of companies based in France and Switzerland detracted.

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.

4      American Funds Insurance Series

Global Growth Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since April 30, 1997)			Expense ratio
Class 1		30.79	%		16.55	%		13.14	%		11.01	%		.56	%
Class 1A		30.49			16.27			12.86			10.74			.81
Class 2		30.47			16.26			12.86			10.74			.81
Class 4		30.17			15.96			12.62			10.48			1.06

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

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

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      5

Global Small Capitalization Fund

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

Global Small Capitalization Fund increased 30.04% for the 12 months ended December 31, 2020. 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 16.33%.

Global stocks rose in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. In a year marked by unprecedented volatility, stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted many market indexes to all-time highs. U.S. equities also ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. European stocks declined in local currency terms as the eurozone economy suffered the effects of government-imposed lockdowns and a severe recession. Emerging markets posted solid gains for a second consecutive year, led by China’s economic rebound and the technology-export-driven economies of Taiwan and South Korea.

Fund holdings in the information technology and financial sectors contributed the most to relative returns. Information technology stock Cree widely outpaced the broader market and was among the fund’s top contributors over the period. However, the fund’s holdings of health care company Cortexyme detracted from returns.

While investments in U.S. companies were additive to returns, investments in companies domiciled in Brazil 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 more than 250 companies diversified across geographies and industries. As always, we maintain our commitment to investing for the long term.

6      American Funds Insurance Series

Global Small Capitalization Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since April 30, 1998)			Expense ratio
Class 1		30.04	%		14.71	%		9.70	%		10.53	%		74	%
Class 1A		29.72			14.45			9.44			10.25			.99
Class 2		29.72			14.43			9.43			10.25			.99
Class 4		29.39			14.15			9.17			9.98			1.24

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

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

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      7

Growth Fund

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

Growth Fund gained 52.45% for the 12 months ended December 31, 2020, compared with a 18.40% 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. equities ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. Information technology, consumer discretionary and communication services stocks that benefited from stay-at-home restrictions led markets, including Amazon and Netflix. Overall, the information technology sector rose 44%, while consumer discretionary and communication services gained 33% and 24%, respectively. Energy lagged all other sectors, declining 34%. The significant reduction in travel reduced the demand for oil, which was briefly priced below $0 for the first time in history amid fears of dwindling storage capacity. The real estate and financials sectors were also negative for the year, each declining 2%.

The fund’s top contributors in relative terms were the consumer discretionary and communication services sectors. Investments in Tesla and Netflix were additive to relative results. Tesla’s shares soared as founder Elon Musk’s effort to bring electric vehicles into the mainstream gained traction, transforming the company’s underlying financial performance.

On the downside, investments in Suncor Energy and MTU Aero Engines detracted from relative returns. The fund’s significantly lower-than-benchmark position in Apple, which proved to be a high-performing stock, also detracted from relative returns.

Although U.S. economic growth remained solid, the fund’s portfolio managers are keeping a close watch on the impact of COVID-recovery and stimulus measures on economic indicators. Portfolio managers continue to favor well-positioned companies with capital appreciation potential that are capable of generating outstanding returns in myriad near-term economic environments. They also remain optimistic that our global research will help us identify attractive long-term investment opportunities.

8      American Funds Insurance Series

Growth Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		52.45	%		23.06	%		17.14	%		13.85	%		.36	%
Class 1A		52.07			22.76			16.85			13.56			.61
Class 2		52.10			22.75			16.85			13.56			.61
Class 3		52.20			22.83			16.93			13.64			.54
Class 4		51.71			22.44			16.57			13.28			.86

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

¹ Source: S&P Dow Jones Indices LLC.

² Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      9

International Fund

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

International Fund advanced 14.28% for the 12 months ended December 31, 2020, compared with a 10.65% increase in its benchmark index, MSCI ACWI (All Country World Index) ex USA,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.).

Global stocks rose in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. In a year marked by unprecedented volatility, stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted many market indexes to all-time highs. U.S. equities also ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. European stocks declined in local currency terms as the eurozone economy suffered the effects of government-imposed lockdowns and a severe recession. Emerging markets posted solid gains for a second consecutive year, led by China’s economic rebound and the technology-export-driven economies of Taiwan and South Korea.

Investments in the consumer discretionary and health care sectors boosted relative returns. MercadoLibre, the leading e-commerce site for Latin America, was among the top contributors as shares surged to fresh highs while the COVID-19 pandemic drove the adoption of online shopping in Latin America. On the downside, some investments in the industrials sector hindered relative returns. In particular, Airbus was a top relative detractor.

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 especially in 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.

10      American Funds Insurance Series

International Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since May 1, 1990)			Expense ratio
Class 1		14.28	%		11.00	%		6.94	%		8.40	%		.55	%
Class 1A		13.96			10.73			6.68			8.13			.80
Class 2		13.97			10.73			6.68			8.13			.80
Class 3		14.00			10.79			6.75			8.21			.73
Class 4		13.66			10.45			6.43			7.87			1.05

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

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

² Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      11

New World Fund^®

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

New World Fund was up 23.89% for the 12 months ended December 31, 2020. 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 16.25%. The MSCI Emerging Markets (EM) Index,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global emerging markets (consisting of more than 20 emerging market country indexes), increased by 18.31%.

Global stocks rose in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. In a year marked by unprecedented volatility, stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted many market indexes to all-time highs. U.S. equities also ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. European stocks declined in local currency terms as the eurozone economy suffered the effects of government-imposed lockdowns and a severe recession. Emerging markets posted solid gains for a second consecutive year, led by China’s economic rebound and the technology-export-driven economies of Taiwan and South Korea.

The fund’s relative returns outpaced emerging markets in general. Investments in the communication services and consumer staples sectors were beneficial to the fund. MercadoLibre, the leading e-commerce site for Latin America, was among the top contributors as shares surged to fresh highs while the COVID-19 pandemic drove the adoption of online shopping in Latin America. On the downside, a position in Societe Generale detracted from relative returns, as its performance lagged the general market.

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.

12      American Funds Insurance Series

New World Fund^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since June 17, 1999)			Gross expense ratio			Net expense ratio
Class 1		23.89	%		13.62	%		6.80	%		9.16	%		.77	%		.59	%
Class 1A		23.63			13.34			6.54			8.89			1.02			.84
Class 2		23.58			13.33			6.54			8.89			1.02			.84
Class 4		23.29			13.05			6.28			8.62			1.27			1.09

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

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

² Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      13

Blue Chip Income and Growth Fund

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

Blue Chip Income and Growth Fund gained 9.04% for the 12 months ended December 31, 2020, trailing the 18.40 % 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. equities ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. Information technology, consumer discretionary and communication services stocks that benefited from stay-at-home restrictions led markets, including Amazon and Netflix. Overall, the information technology sector rose 44%, while consumer discretionary and communication services gained 33% and 24%, respectively. Energy lagged all other sectors, declining 34%. The significant reduction in travel reduced the demand for oil, which was briefly priced below $0 for the first time in history amid fears of dwindling storage capacity. The real estate and financials sectors were also negative for the year, each declining 2%.

Among the fund’s top contributors to relative returns was Broadcom. The semiconductor and wireless company added the most to relative returns, boosted by strong financial results, including revenues of $23.9 billion in fiscal 2020, up 6% over fiscal 2019. Another top contributor was Carrier Global, where sales growth was largely driven by record demand for residential HVAC products in North America.

On the downside, investments in the energy sector were a drag on results. Energy lagged all other sectors as a significant reduction in travel reduced the demand for oil, which was briefly priced below $0 for the first time in history over fears of dwindling storage capacity. Within the sector, investments in Exxon Mobil and Diamondback Energy hurt results. While overall results lagged the market, 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, recovery from the pandemic, economic stimulus and the resulting 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.

14      American Funds Insurance Series

Blue Chip Income and Growth Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020³

	1 year			5 years			10 years			Lifetime (since July 5,2001)			Gross expense ratio			Net expense ratio
Class 1		9.04	%		11.14	%		11.18	%		6.82	%		.43	%		.27	%
Class 1A		8.79			10.89			10.91			6.56			.91			.68
Class 2		8.68			10.85			10.90			6.55			.68			.52
Class 4		8.47			10.58			10.68			6.32			.93			.93

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser intends to waive a portion of its management fees beginning May 1, 2021. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

¹ Source: S&P Dow Jones Indices LLC.

² Source: Refinitiv Lipper. Results for the Lipper indexes do not reflect sales charges. Lipper indexes track the largest mutual funds (no more than 30), represented by one share class per fund, in the corresponding Lipper category.

³ Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      15

Global Growth and Income Fund

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

Global Growth and Income Fund advanced 9.03% for the 12 months ended December 31, 2020, compared with a 16.25% increase in its benchmark index, MSCI ACWI (All Country World Index),¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.

Global stocks rose in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. In a year marked by unprecedented volatility, stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted many market indexes to all-time highs. U.S. equities also ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. European stocks declined in local currency terms as the eurozone economy suffered the effects of government-imposed lockdowns and a severe recession. Emerging markets posted solid gains for a second consecutive year, led by China’s economic rebound and the technology-export-driven economies of Taiwan and South Korea.

The fund’s relative performance benefited from specific stock selection, particularly within the information technology and energy sectors. Information technology firm TSMC was the top contributor to results. On the downside, some investments in the industrials sector hindered relative returns. In particular, Airbus was the top relative detractor.

On a country basis, holdings in Taiwan and Australia contributed the most to relative returns, and holdings in the U.S. and France were a drag on returns.

The fund’s portfolio managers recognize that we are experiencing a slowdown in global economic growth. However, we expect that some sectors’ businesses and companies’ share prices, particularly hard-hit by COVID-19, will recover in the medium term as vaccinations are rolled out globally in 2021. 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 in emerging markets.

16      American Funds Insurance Series

Global Growth and Income Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since May 1, 2006)			Gross expense ratio			Net expense ratio
Class 1		9.03	%		12.05	%		9.83	%		7.66	%		.66	%		.43	%
Class 1A		8.78			11.81			9.58			7.40			.91			.68
Class 2		8.73			11.76			9.56			7.39			.91			.68
Class 4		8.55			11.48			9.31			7.14			1.16			.93

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser intends to waive a portion of its management fees beginning May 1, 2021. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

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

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      17

Growth-Income Fund

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

Growth-Income Fund gained 13.81% for the 12 months ended December 31, 2020, compared with a 18.40% 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. equities ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. Information technology, consumer discretionary and communication services stocks that benefited from stay-at-home restrictions led markets, including Amazon and Netflix. Overall, the information technology sector rose 44%, while consumer discretionary and communication services gained 33% and 24%, respectively. Energy lagged all other sectors, declining 34%. The significant reduction in travel reduced the demand for oil, which was briefly priced below $0 for the first time in history amid fears of dwindling storage capacity. The real estate and financials sectors were also negative for the year, each declining 2%.

Regarding the fund, investments in the communication services sector contributed the most to the fund’s relative returns. Among these stocks, Netflix added the most to the fund’s relative results as shares soared while stay-at-home orders spurred demand for internet-streaming media. 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 they believe represent the best value over the long term.

18      American Funds Insurance Series

Growth-Income Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		13.81	%		14.22	%		13.02	%		11.52	%		.30	%
Class 1A		13.55			13.95			12.75			11.25			.55
Class 2		13.54			13.93			12.74			11.24			.55
Class 3		13.60			14.01			12.82			11.32			.48
Class 4		13.25			13.65			12.47			10.97			.80

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

¹  Source: S&P Dow Jones Indices LLC.

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      19

International Growth and Income Fund

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

International Growth and Income Fund advanced 6.24% for the 12 months ended December 31, 2020, compared with a 10.65% increase in its benchmark index, MSCI ACWI (All Country World Index) ex USA,¹ a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.).

Global stocks rose in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. In a year marked by unprecedented volatility, stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted many market indexes to all-time highs. U.S. equities also ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. European stocks declined in local currency terms as the eurozone economy suffered the effects of government-imposed lockdowns and a severe recession. Emerging markets posted solid gains for a second consecutive year, led by China’s economic rebound and the technology-export-driven economies of Taiwan and South Korea.

The top contributors to the fund’s relative returns were the communication services and utilities sectors due in part to good stock selection. Health care stock Daiichi Sankyo was the top contributor to the fund’s relative returns as it benefited from positive sentiment on Daiichi Sankyo’s sales of mainstay products. The company also indicated it was aiming to initiate clinical studies for an mRNA coronavirus vaccine candidate in March 2021.

On the downside, investments in the industrials and information technology sectors detracted from the fund’s relative returns. Among energy stocks, Royal Dutch Shell was one of the fund’s biggest drags on returns as shares fell sharply when oil prices plummeted, a result of decreasing demand brought about by a pandemic-induced slump in global economic growth.

The fund’s portfolio managers follow global economic and geopolitical uncertainties with an aim to preserve value in any potential market correction while preparing to take advantage of buying opportunities as they arise.

20      American Funds Insurance Series

International Growth and Income Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since November 18, 2008)			Expense ratio
Class 1		6.24	%		8.20	%		5.69	%		9.06	%		.68	%
Class 1A		5.98			7.95			5.44			8.80			.93
Class 2		6.01			7.94			5.43			8.79			.93
Class 4		5.73			7.67			5.20			8.55			1.18

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

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

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      21

Capital Income Builder^®

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

Capital Income Builder, which invests in a mix of stocks and bonds, gained 4.64% for the 12 months ended December 31, 2020. 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 16.25%. The Bloomberg Barclays U.S. Aggregate Index2, which represents the U.S. investment-grade (rated BBB/ Baa and above) fixed-rate bond market, gained 7.51%. The index blend of 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index3 gained 14.28%. Effective May 1, 2021, the fund has elected to use the 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index as its primary benchmark, because it comes closest to reflecting its investment universe and best measures its long-term results and portfolio managers’ success over time. The Lipper Global Equity Income Funds Average4, a measure of similar funds, was up 2.51%.

Global stocks rose in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. In a year marked by unprecedented volatility, stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted many market indexes to all-time highs. U.S. equities also ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. European stocks declined in local currency terms as the eurozone economy suffered the effects of government-imposed lockdowns and a severe recession. Emerging markets posted solid gains for a second consecutive year, led by China’s economic rebound and the technology-export-driven economies of Taiwan and South Korea.

In the equity portfolio, the top contributors in relative terms were the financials and real estate sectors. Semiconductor and wireless company Broadcom added the most to relative returns, boosted by strong financial results, including revenues of $23.9 billion in fiscal 2020, up 6% over fiscal 2019.

On the downside, the consumer discretionary sector was a drag on relative returns. The fund’s top detractor to relative returns was information technology company Apple. The fund had a significantly lower investment in Apple compared to the index and Apple proved to be one of the top performers for the year. The fund’s fixed income portfolio added to relative returns, due to duration, sector positioning and security selection.

Despite expectations for a gradual lessening of the impact of the COVID-19 pandemic, the current market environment continues to be characterized by significant uncertainty. Anticipation is strong for central bankers and legislatures to do everything in their power to maintain economic growth, but the fund’s portfolio managers continue to seek to avoid companies that take on inappropriate levels of debt to pay dividends and are focused instead on identifying companies with strong business models and a commitment to paying and growing dividends over time.

22      American Funds Insurance Series

Capital Income Builder^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020⁵

							Lifetime			Gross			Net
	1 year			5 years			(since May 1, 2014)			expense ratio			expense ratio
Class 1		4.64	%		6.35	%		4.55	%		.53	%		.28	%
Class 1A		4.38			6.09			4.29			.78			.53
Class 2		4.48			6.13			4.39			.78			.53
Class 4		4.11			5.84			4.03			1.03			.78

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

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

²  Source: Bloomberg Index Services Ltd.

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

⁴ Source: Refinitiv 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.

⁵  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      23

Asset Allocation Fund

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

Asset Allocation Fund, which is a mix of stocks and bonds, gained 12.71% for the 12 months ended December 31, 2020. Standard & Poor’s 500 Composite Index1, a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was up 18.40% over the same period, while the Bloomberg Barclays U.S. Aggregate Index2, which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, returned 7.51%. A blend of the two indexes, the 60%/40% S&P 500 Index/ Bloomberg Barclays U.S. Aggregate Index3, gained 14.73%. Effective May 1, 2020, the fund has elected to use the 60%/40% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index as its primary benchmark, because it comes closest to reflecting its investment universe and best measures its long-term results and portfolio managers’ success over time.

U.S. equities ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. Information technology, consumer discretionary and communication services stocks that benefited from stay-at-home restrictions led markets, including Amazon and Netflix. Overall, the information technology sector rose 44%, while consumer discretionary and communication services gained 33% and 24%, respectively. Energy lagged all other sectors, declining 34%. The significant reduction in travel reduced the demand for oil, which was briefly priced below $0 for the first time in history amid fears of dwindling storage capacity. The real estate and financials sectors were also negative for the year, each declining 2%.

Investments in the technology sector – the fund’s largest sector holding – contributed to the fund’s relative returns. Within the sector, TSMC and ASML Holding contributed to relative results with double-digit returns that outpaced the general market.

On the downside, commercial aerospace company Boeing detracted from relative returns as shares slumped in the face of unprecedented disruptions arising from the COVID-19 pandemic. The fund’s fixed income investments were additive to relative returns due to sector positioning and security selection.

The fund’s portfolio managers continue to evaluate the economic and market/sector implications of the current administration’s decisions regarding trade. The fund’s cash position allows portfolio managers to remain flexible and better navigate uncertainty by focusing on opportunities when stock prices are favorable.

24      American Funds Insurance Series

Asset Allocation Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020⁴

	1 year			5 years			10 years			Lifetime (since August 1,1989)			Expense ratio
Class 1		12.71	%		10.86	%		10.19	%		8.76	%		.30	%
Class 1A		12.43			10.60			9.92			8.49			.55
Class 2		12.46			10.59			9.91			8.49			.55
Class 3		12.50			10.66			9.99			8.57			.48
Class 4		12.16			10.31			9.68			8.23			.80

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

¹  Source: S&P Dow Jones Indices LLC.

² Source: Bloomberg Index Services Ltd.

³ Sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. Blends the S&P 500 with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Results assume the blend is rebalanced monthly.

⁴ Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      25

Global Balanced Fund

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

Global Balanced Fund gained 10.53% for the 12 months ended December 31, 2020. 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 16.25%, while the Bloomberg Barclays Global Aggregate Index,² a measure of global investment-grade bonds (rated BBB/Baa and above), increased 9.20%. The 60%/40% MSCI ACWI/Bloomberg Barclays Global Aggregate Index,³ a blend of the two indexes, gained 14.05%. Effective May 1, 2021, the fund has elected to use the 60%/40% MSCI ACWI/Bloomberg Barclays Global Aggregate Index as its primary benchmark, because it comes closest to reflecting its investment universe and best measures its long-term results and portfolio managers’ success over time.

Global stocks rose in the face of a deadly pandemic, boosted by massive government stimulus measures and the rapid development of coronavirus vaccines. In a year marked by unprecedented volatility, stocks declined sharply from February to March, followed by a remarkable nine-month rally that lifted many market indexes to all-time highs. U.S. equities also ended 2020 at record highs, showing resilience during a volatile year that included a pandemic-induced recession, a sharp bear market, civil unrest and a contentious presidential election. European stocks declined in local currency terms as the eurozone economy suffered the effects of government-imposed lockdowns and a severe recession. Emerging markets posted solid gains for a second consecutive year, led by China’s economic rebound and the technology-export-driven economies of Taiwan and South Korea.

Stock selection in the financials sector was additive to relative returns. Investments in information technology firms TSMC and ASML Holding were top contributors to results. Despite COVID-19-related supply-side disruptions, 5G, artificial intelligence and high-performance computing continued to underpin long-term demand for ASML’s extreme ultraviolet lithography products. The fund’s fixed income investments also helped relative returns, with sector positioning, duration and curve being among the additive factors. On the downside, stock selection in the consumer staples and health care sectors detracted from relative returns. An investment in aerospace firm Boeing was a drag on results as it faced unprecedented disruption arising from the pandemic, as well as uncertainty over recertification of the 737 MAX for much of the year. In fixed income, unhedged currency, particularly in euro-denominated bonds, also detracted from relative returns.

Portfolio managers continue to monitor cross-border trade discussions that could have negative economic implications due to a possible reduction in global trade. Further considerations include continued easing by monetary authorities and the possibility of increased fiscal stimulus in a number of countries. Portfolio managers continue to focus on global research and stock-by-stock, bottom-up fundamental analysis.

26      American Funds Insurance Series

Global Balanced Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020⁴

	1 year			5 years			Lifetime (since May 2, 2011)			Expense ratio
Class 1		10.53	%		9.57	%		6.90	%		.72	%
Class 1A		10.25			9.34			6.65			.97
Class 2		10.30			9.30			6.63			.97
Class 4		10.00			9.03			6.49			1.22

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

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

² Source: Bloomberg Index Services Ltd.

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

⁴ Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      27

Bond Fund

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

Bond Fund gained 9.96% for the 12 months ended December 31, 2020. In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Index1, which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, returned 7.51%.

Bond markets rebounded sharply supported by extraordinary measures from the Federal Reserve. The central bank slashed interest rates to near-zero in March, launched an array of emergency lending programs, and purchased corporate and government debt. The yield on the benchmark 10-year Treasury note closed the year at 0.92%, down from 1.92% the previous year. Corporate spreads ended the year near pre-pandemic levels. The Treasury curve steepened amid declining yields.

The fund benefitted from security selection, sector selection and duration positioning. Within sector selection, overweights in investment-grade corporates and agency mortgage backed securities helped relative results. Also, out-of-benchmark investments in Treasury Inflation Protected Securities (TIPS) and high-yield bonds all added to relative returns. Within security selection, bonds issued by Teva Pharmaceutical were notable contributors. Municipal issuers such as the State of Illinois and Chicago Board of Education detracted over the period.

Valuations have largely recovered from the lows seen in March. Consequently, managers have begun reducing risk in the portfolio and will likely continue if valuations improve further. This will enable managers to take advantage of future volatility by purchasing bonds when prices look more attractive at that time. With interest rates at relatively low levels and the Fed holding short-term rates near zero, managers expect longer term yields to rise as the economic backdrop improves.

Managers believe that stimulative fiscal and monetary policy should help to keep U.S. economic growth positive. Although the portfolio is positioned toward an economic recovery, managers anticipate a high level of uncertainty and a fragile state of the economy. As such, careful, research-driven security selection will continue to be an important driver of future investment results.

28      American Funds Insurance Series

Bond Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since January 2, 1996)			Gross expense ratio			Net expense ratio
Class 1		9.96	%		5.20	%		4.18	%		4.93	%		.40	%		.21	%
Class 1A		9.68			4.94			3.92			4.67			.65			.46
Class 2		9.73			4.92			3.92			4.67			.65			.46
Class 4		9.38			4.66			3.67			4.41			.90			.71

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser intends to waive a portion of its management fees beginning May 1, 2021. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

¹ Source: Bloomberg Index Services Ltd.

² Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      29

Capital World Bond Fund^®

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

Capital World Bond Fund gained 10.17% for the 12 months ended December 31, 2020. This outpaced the fund’s benchmark, the Bloomberg Barclays Global Aggregate Index1, which measures global investment-grade bonds (rated BBB/Baa and above) and increased 9.20%.

Government bonds advanced as central banks around the world slashed interest rates and ramped up stimulus programs in an attempt to counter the damaging effects of the pandemic. The U.S. Federal Reserve cut rates to near zero in March and launched an array of emergency lending programs as part of its COVID-19 response. The Treasury curve steepened amid declining yields.

Sector and security selection contributed positively to the fund’s relative returns over the period. The fund managers favored credits from Southern Europe and Eastern Europe, of which Greece and Romania were among top contributors to returns. Diversified exposures to local emerging markets, such as Mexico, also added to results. Government bonds from France and Brazil were among individual detractors to relative returns.

As growth in the U.S. moderates, the fund’s portfolio managers seek to identify long-term investments around the world such as in emerging markets where sovereign, corporate and high-yield debt may present opportunities. Given the fund’s core objective is to provide a high-level of total return over the long term, the fund’s portfolio managers maintain a cautious approach to investing in different sectors of the bond market, such as high-yield debt.

30      American Funds Insurance Series

Capital World Bond Fund^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020³

	1 year			5 years			10 years			Lifetime (since October 4, 2006)			Gross expense ratio			Net expense ratio
Class 1		10.17	%		5.35	%		3.30	%		4.49	%		.58	%		.48	%
Class 1A		9.89			5.12			3.06			4.24			.83			.73
Class 24		9.90			5.10			3.04			4.22			.83			.73
Class 4		9.62			4.84			2.83			4.00			1.08			.98

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

¹ Source: Bloomberg Index Services Ltd.

² Source: Refinitiv Lipper. Results for the Lipper indexes do not reflect sales charges. Lipper indexes track the largest mutual funds (no more than 30), represented by one share class per fund, in the corresponding Lipper category.

³ Periods greater than one year are annualized.

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

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      31

High-Income Bond Fund

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

High-Income Bond Fund gained 8.21% for the 12 months ended December 31, 2020. In comparison, the fund’s benchmark, the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index,¹ which measures fixed-rate non-investment-grade bonds (rated BB/Ba and below) and limits the exposure of an issuer to 2%, was up 7.05%.

Credit markets rebounded sharply from their pandemic lows, supported by extraordinary measures from the Federal Reserve and other global central banks. The Federal Reserve reduced interest rates to near-zero in March and launched an array of emergency programs that included purchasing corporate bonds. The yield on the benchmark 10-year Treasury note closed the year at 0.92%, down from 1.92% the previous year. Corporate spreads ended the year near pre-pandemic levels, after increasing dramatically during the early stages of the pandemic.

Sector and security selection contributed positively to the fund’s relative returns over the period. In particular, security selection within the consumer non-cyclical sector was additive to results. Conversely, investments within the energy sector detracted from relative returns.

The fund’s portfolio managers continue to believe current fundamentals support a mildly constructive outlook for the high-yield market and that ongoing fiscal and monetary support – combined with synchronous global growth as economies gradually reopen – will mitigate adverse impacts of the pandemic. We continue to monitor these themes and believe that high-yield bonds will be supported by stronger economic growth and central bank policies.

32      American Funds Insurance Series

High-Income Bond Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since February 8,1984)			Gross expense ratio			Net expense ratio
Class 1		8.21	%		8.59	%		5.83	%		8.65	%		.52	%		.33	%
Class 1A		7.94			8.35			5.58			8.39			.77			.58
Class 2		7.94			8.34			5.57			8.38			.77			.58
Class 3		7.93			8.39			5.63			8.46			.70			.51
Class 4		7.74			8.05			5.35			8.13			1.02			.83

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser intends to waive a portion of its management fees beginning May 1, 2021. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

¹  Source: Bloomberg Index Services Ltd.

²  Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      33

American Funds Mortgage Fund^®

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

American Funds Mortgage Fund gained 6.98% for the 12 months ended December 31, 2020, 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 3.87%.

Bond markets rebounded sharply supported by extraordinary measures from the Federal Reserve. The central bank slashed interest rates to near-zero in March, launched an array of emergency lending programs, and purchased corporate and government debt. The yield on the benchmark 10-year Treasury note closed the year at 0.92%, down from 1.92% the previous year. Corporate spreads ended the year near pre-pandemic levels. The Treasury curve steepened amid declining yields.

Duration and curve positioning, as well as sector and security selection, all contributed to the fund’s relative returns over the period. The fund benefited from a lower-than-benchmark weighting in mortgages. On the downside, duration positioning in IRS swaps detracted from relative results.

The fund’s portfolio managers remain focused on meeting the core objectives of the fund providing current income and protecting capital. Rate hikes in the near future are unlikely as the Federal Reserve looks to extend economic expansion and raise inflation closer to its stated “strong commitment” for a symmetric target of 2%. Due to the Fed’s interest policy and market optimism with respect to economic growth, the Treasury yield curve steepened considerably in 2020. The fund positioning is intended to provide some stability if we experience another bout of weakness in equity or credit markets. More attractive valuations for mortgage investments are expected to emerge going forward amid a transition from our extended period of extremely low volatility to a more normal period of economic and asset price uncertainty.

34      American Funds Insurance Series

American Funds Mortgage Fund^® (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020²

	1 year			5 years			Lifetime (since May 2, 2011)			Gross expense ratio			Net expense ratio
Class 1		6.98	%		3.34	%		3.12	%		.48	%		.27	%
Class 1A		6.63			3.08			2.86			.73			.52
Class 2		6.72			3.08			2.86			.73			.52
Class 4		6.38			2.82			2.66			.98			.77

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2021. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

¹ Source: Bloomberg Index Services Ltd.

² Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      35

Ultra-Short Bond Fund

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

Ultra-Short Bond Fund gained 0.34% for the 12 months ended December 31, 2020, compared with a 1.31% rise in the Bloomberg Barclays Short-Term Government/Corporate Index1, which consists of investment-grade (rated BBB/Baa and above), fixed-rate, publicly placed, dollar-denominated and non-convertible securities with remaining maturity from one up to (but not including) 12 months within either the government or corporate sector. With a focus on capital preservation and liquidity, the fund continues to be managed in a relatively conservative manner compared to the above-described index.

Short-term interest rates are near zero and have been since the Federal Reserve cut rates in March. The current low interest rate environment may persist, as uncertainty regarding the coronavirus continues even with positive news on the vaccine front.

36      American Funds Insurance Series

Ultra-Short Bond Fund (continued)

Total returns based on a $1,000 investment For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		0.34	%		0.91	%		0.34	%		3.31	%		0.37	%
Class 1A		0.32			0.86			0.19			3.08			0.62
Class 2		0.03			0.65			0.08			3.05			0.62
Class 3		0.13			0.74			0.16			3.12			0.55
Class 4		–0.25			0.40			–0.09			2.81			0.87

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

¹ Source: Bloomberg Index Services Ltd.

² Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

Commercial paper	71.5	%
Federal agency bills & notes	16.2
U.S. Treasury bills	11.4
Other assets less liabilities	.9
Total	100.0	%

American Funds Insurance Series      37

U.S. Government/AAA-Rated Securities Fund

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

U.S. Government/AAA-Rated Securities Fund rose 10.09% for the 12 months ended December 31, 2020, while the Bloomberg Barclays U.S. Government/Mortgage-Backed Securities Index,¹ which covers obligations issued by the U.S. Treasury and U.S. government agencies, increased by 6.36%.

Bond markets rebounded sharply supported by extraordinary measures from the Federal Reserve. The central bank slashed interest rates to near-zero in March, launched an array of emergency lending programs, and purchased corporate and government debt. The yield on the benchmark 10-year Treasury note closed the year at 0.92%, down from 1.92% the previous year. Corporate spreads ended the year near pre-pandemic levels. The Treasury curve steepened amid declining yields.

During the period, the fund’s duration and mortgage positioning were additive to results. On the downside, duration positioning in IRS swaps detracted from relative results.

The fund strives to meet its objective of providing a high level of current income consistent with the preservation of capital. Rate hikes in the near future are unlikely as the Federal Reserve looks to extend economic expansion and raise inflation closer to its stated “strong commitment” symmetric target of 2%. Due to the Fed’s interest policy and market optimism with respect to economic growth, the Treasury yield curve steepened considerably in 2020. The fund positioning is intended to provide some stability if we experience another bout of weakness in equity or credit markets.

38      American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020²

	1 year			5 years			10 years			Lifetime (since December 2, 1985)			Gross expense ratio			Net expense ratio
Class 1		10.09	%		3.93	%		3.37	%		5.83	%		.39	%		.23	%
Class 1A		9.75			3.70			3.12			5.57			.64			.48
Class 2		9.80			3.67			3.10			5.57			.64			.48
Class 3		9.91			3.76			3.18			5.64			.57			.41
Class 4		9.48			3.42			2.90			5.32			.89			.73

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser intends to waive a portion of its management fees beginning May 1, 2021. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited). See the Financial Highlights table in this report for details.

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

¹  Source: Bloomberg Index Services Ltd.

² Periods greater than one year are annualized.

Where the fund’s assets were invested as of December 31, 2020 Percent of net assets

American Funds Insurance Series      39

Managed Risk Growth Fund

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

The fund gained 32.45% for the 12 months ended December 31, 2020. S&P 500 Managed Risk Index — Moderate Aggressive1 was up 6.92%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, increased 18.40%.

The fund pursues its objective by investing in shares of American Funds Insurance Series — Growth FundSM and American Funds Insurance Series – Bond FundSM 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 in consumer discretionary and communication services sectors were top contributors to relative returns, while its cash holdings detracted.

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020³

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		32.45	%		15.97	%		12.65	%		.74	%		.69	%
Class P2		32.03			15.64			12.32			.99			.94

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2021 (unaudited).

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

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

² Source: S&P Dow Jones Indices LLC.

³ Periods greater than one year are annualized.

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

40      American Funds Insurance Series

Managed Risk International Fund

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

The fund gained 3.13% for the 12 months ended December 31, 2020, compared to the S&P EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive1, which was flat at 0.00%. 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.), increased 10.65%.

The fund pursues its objective by investing in shares of American Funds Insurance Series – International FundSM and American Funds Insurance Series – Bond FundSM 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 consumer discretionary and health care sectors were additive to relative returns, while stock selection in the industrials sector detracted from relative results.

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020³

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		3.13	%		6.60	%		3.84	%		.94	%		.86	%
Class P2		2.80			6.19			3.46			1.19			1.11

The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2022. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2021 (unaudited).

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

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

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

³  Periods greater than one year are annualized.

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

American Funds Insurance Series      41

Managed Risk Blue Chip Income and Growth Fund

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

The fund declined 0.93% for the 12 months ended December 31, 2020. S&P 500 Managed Risk Index — Moderate1 gained 7.01%. Standard & Poor’s 500 Composite Index2, a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, increased 18.40%.

The fund pursues its objective by investing in shares of American Funds Insurance Series — Blue Chip Income and Growth FundSM 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 financials sector was additive to relative returns, while stock selection in the energy sector detracted from relative results.

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020³

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–0.93	%		6.68	%		6.01	%		.68	%		.63	%
Class P2		–1.25			6.32			5.64			.93			.88

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2021 (unaudited).

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

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

² Source: S&P Dow Jones Indices LLC.

³ Periods greater than one year are annualized.

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

42      American Funds Insurance Series

Managed Risk Growth-Income Fund

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

The fund gained 9.85% for the 12 months ended December 31, 2020, compared to the S&P 500 Managed Risk Index — Moderate1, which rose 7.01%. Standard & Poor’s 500 Composite Index², a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, increased 18.40%.

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

The underlying Growth-Income Fund’s stock selection in the communication services sector was a top contributor to relative returns, while stock selection in the information technology sector detracted from relative results.

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020³

	1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		9.85	%		10.58	%		9.08	%		.68	%		.63	%
Class P2		9.58			10.27			8.76			.93			.88

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2021 (unaudited).

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

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

²  Source: S&P Dow Jones Indices LLC.

³ Periods greater than one year are annualized.

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

American Funds Insurance Series      43

Managed Risk Asset Allocation Fund

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

The fund gained 6.10% for the 12 months ended December 31, 2020. S&P 500 Managed Risk Index — Moderate Conservative1 was up 7.20%. Standard & Poor’s 500 Composite Index2, a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, increased 18.40%.

The fund pursues its objective by investing in shares of American Funds Insurance Series — Asset Allocation FundSM 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 real estate and information technology sectors were top contributors to relative returns, while stock selection in the energy and industrials sectors detracted from relative results.

44      American Funds Insurance Series

Managed Risk Asset Allocation Fund (continued)

How a hypothetical $10,000 investment has grown

Total returns based on a $1,000 investment For periods ended December 31, 2020⁴

	1 year			5 years			Lifetime (since September 28, 2012)			Gross expense ratio			Net expense ratio
Class P1		6.10	%		8.17	%		7.77	%		.70	%		.65	%
Class P2		5.88			7.91			7.51			.95			.90

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021 (unaudited).

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

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

² Source: S&P Dow Jones Indices LLC.

³ Source: Bloomberg Index Services Ltd.

⁴ Periods greater than one year are annualized.

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

American Funds Insurance Series      45

Global Growth Fund

Investment portfolio December 31, 2020

Common stocks 93.72%

	Shares		Value (000)
Information technology 31.71%
ASML Holding NV1		591,992	$	286,087
ASML Holding NV (New York registered) (ADR)		464,300		226,449
Taiwan Semiconductor Manufacturing Company, Ltd.1		24,817,000		466,100
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		280,000		30,531
Microsoft Corp.		1,902,900		423,243
Paycom Software, Inc.2		357,000		161,453
Adyen NV1,2		61,500		143,105
PayPal Holdings, Inc.2		490,000		114,758
Visa Inc., Class A		515,000		112,646
Broadcom Inc.		233,350		102,172
PagSeguro Digital Ltd., Class A2		1,340,900		76,270
Adobe Inc.2		135,000		67,516
Zendesk, Inc.2		454,000		64,977
Samsung Electronics Co., Ltd.1		785,100		58,676
Amphenol Corp., Class A		373,500		48,843
Keyence Corp.1		72,300		40,689
EPAM Systems, Inc.2		105,240		37,713
Advanced Micro Devices, Inc.2		301,500		27,651
Mastercard Inc., Class A		67,500		24,094
TeamViewer AG1,2		428,000		22,922
Hexagon AB, Class B1		240,000		21,855
Amadeus IT Group SA, Class A, non-registered shares1		212,301		15,370
Worldline SA, non-registered shares1,2		152,800		14,779
Network International Holdings PLC1,2		3,173,000		14,168
Jack Henry & Associates, Inc.		69,400		11,242
				2,613,309
Consumer discretionary 20.46%
Amazon.com, Inc.2		145,050		472,419
Alibaba Group Holding Ltd.1,2		5,241,300		153,138
Chipotle Mexican Grill, Inc.2		107,400		148,933
Just Eat Takeaway (GBP denominated)1,2		640,914		72,424
Just Eat Takeaway (EUR denominated)1,2		347,000		39,116
LVMH Moët Hennessy-Louis Vuitton SE1		158,900		99,286
Ocado Group PLC1,2		2,881,000		90,274
Domino’s Pizza, Inc.		156,800		60,127
NIKE, Inc., Class B		383,100		54,197
Floor & Decor Holdings, Inc., Class A2		546,500		50,742
Prosus NV1		447,800		48,171
Renault SA1,2		1,100,000		48,132
MercadoLibre, Inc.2		16,400		27,474
Meituan, Class B1,2		699,700		26,761
Naspers Ltd., Class N1		122,700		25,113
Home Depot, Inc.		92,275		24,510
Sony Corp.1		243,000		24,432
MGM China Holdings, Ltd.1,3		12,708,000		21,841
Peugeot SA1,2		761,800		20,848
XPeng Inc., Class A (ADR)2,3		445,100		19,064
Delivery Hero SE1,2		118,000		18,315
Wynn Macau, Ltd.1,2		10,510,400		17,672
Flutter Entertainment PLC (EUR denominated)1		84,650		17,339
JD Health International Inc.1,2,3		893,550		17,289
IDP Education Ltd.1		1,119,000		17,141
EssilorLuxottica1		102,335		15,960
Melco Resorts & Entertainment Ltd. (ADR)		835,000		15,489
Moncler SpA1,2		217,370		13,296
THG Holdings PLC1,2		1,026,870		10,965
Marriott International, Inc., Class A		74,000		9,762
Airbnb, Inc., Class A2		41,500		6,092
				1,686,322

46      American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care 11.35%
UnitedHealth Group Inc.		276,800	$	97,068
DexCom, Inc.2		253,000		93,539
Mettler-Toledo International Inc.2		65,000		74,079
AstraZeneca PLC1		674,300		67,369
Pfizer Inc.		1,699,000		62,540
Fisher & Paykel Healthcare Corp. Ltd.1		2,550,000		60,555
Cigna Corp.		290,214		60,417
NovoCure Ltd.2		340,000		58,834
Merck & Co., Inc.		620,000		50,716
Regeneron Pharmaceuticals, Inc.2		98,300		47,490
Tandem Diabetes Care, Inc.2		285,000		27,269
Danaher Corp.		110,000		24,435
Humana Inc.		55,000		22,565
Zoetis Inc., Class A		130,000		21,515
Bayer AG1		363,860		21,387
Catalent, Inc.2		200,000		20,814
bioMérieux SA1		135,000		19,038
Olympus Corp.1		796,800		17,442
Novartis AG1		165,600		15,641
Rede D’Or Sao Luiz SA2		1,060,000		13,938
Sanofi1		135,000		13,044
Teladoc Health, Inc.2		63,600		12,717
Vertex Pharmaceuticals Inc.2		49,500		11,699
GN Store Nord AS1		115,500		9,180
Coloplast A/S, Class B1		55,750		8,516
Viatris Inc.2		179,542		3,365
				935,172
Financials 9.80%
AIA Group Ltd.1		12,338,700		151,984
Tradeweb Markets Inc., Class A		1,685,360		105,251
Kotak Mahindra Bank Ltd.1,2		3,704,500		101,380
MarketAxess Holdings Inc.		151,400		86,383
JPMorgan Chase & Co.		438,700		55,746
AXA SA1		1,692,893		40,614
Prudential PLC1		1,773,082		32,728
Citigroup Inc.		497,600		30,682
Moscow Exchange MICEX-RTS PJSC1		12,640,000		27,274
CME Group Inc., Class A		144,437		26,295
Société Générale1,2		1,011,450		21,071
BlackRock, Inc.		26,500		19,121
Willis Towers Watson PLC		73,000		15,380
HDFC Life Insurance Company Ltd.1,2		1,589,691		14,746
FinecoBank SpA1,2		893,000		14,573
QBE Insurance Group Ltd.1		2,132,000		14,036
Bank of America Corp.		385,000		11,669
Macquarie Group Ltd.1		101,500		10,845
Lufax Holding Ltd. (ADR)2,3		680,000		9,656
Sberbank of Russia PJSC (ADR)1		645,500		9,305
Banco Santander, SA1,2		2,946,020		9,147
				807,886
Communication services 7.24%
Alphabet Inc., Class A2		95,500		167,377
Alphabet Inc., Class C2		63,852		111,861
Tencent Holdings Ltd.1		2,028,000		148,180
Facebook, Inc., Class A2		395,600		108,062
Altice USA, Inc., Class A2		751,200		28,448
Sea Ltd., Class A (ADR)2		95,851		19,079
Twitter, Inc.2		252,000		13,646
				596,653

American Funds Insurance Series      47

Global Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer staples 6.07%
British American Tobacco PLC1		2,921,900	$	108,680
Kweichow Moutai Co., Ltd., Class A1		269,957		82,496
Philip Morris International Inc.		919,500		76,125
Nestlé SA1		495,497		58,334
Keurig Dr Pepper Inc.		1,624,000		51,968
Altria Group, Inc.		1,248,500		51,189
Walgreens Boots Alliance, Inc.		657,651		26,227
Associated British Foods PLC1,2		595,000		18,435
Costco Wholesale Corp.		42,170		15,889
Mondelez International, Inc.		192,000		11,226
				500,569
Industrials 3.51%
MTU Aero Engines AG1		167,000		43,512
Airbus SE, non-registered shares1,2		327,000		35,921
DSV Panalpina A/S1		201,000		33,638
Alliance Global Group, Inc.1		135,603,500		29,946
GT Capital Holdings, Inc.1		2,454,611		29,915
Safran SA1,2		164,000		23,259
NIBE Industrier AB, Class B1		685,000		22,494
Nidec Corp.1		149,100		18,786
SMC Corp.1		22,500		13,741
General Electric Co.		1,260,000		13,608
Country Garden Services Holdings Co., Ltd.1		2,003,000		13,586
Boeing Company		51,300		10,981
				289,387
Materials 1.84%
Sherwin-Williams Company		153,900		113,103
Shin-Etsu Chemical Co., Ltd.1		119,500		20,920
Koninklijke DSM NV1		101,700		17,519
				151,542
Energy 1.10%
Reliance Industries Ltd.1		1,807,924		49,250
Reliance Industries Ltd., interim shares1		106,956		1,640
Gazprom PJSC (ADR)1		4,173,000		23,198
LUKOIL Oil Co. PJSC (ADR)1		246,300		16,794
				90,882
Real estate 0.41%
Goodman Logistics (HK) Ltd. REIT1		1,276,503		18,621
ESR Cayman Ltd.1,2		4,100,000		14,735
				33,356
Utilities 0.23%
Ørsted AS1		91,250		18,663
Total common stocks (cost: $3,554,514,000)				7,723,741
Preferred securities 2.90%
Health care 1.84%
Sartorius AG, nonvoting preferred, non-registered shares1		360,500		151,100
Information technology 1.06%
Samsung Electronics Co., Ltd., nonvoting preferred shares1		1,289,000		87,500
Total preferred securities (cost: $70,623,000)				238,600

48      American Funds Insurance Series

Global Growth Fund (continued)

Short-term securities 3.87%

	Principal amount (000)		Value (000)
Commercial paper 2.12%
Toronto-Dominion Bank 0.19% due 1/19/20214	$	100,000	$	99,993
NRW.Bank 0.21% due 1/22/20214		59,000		58,995
LVMH Moët Hennessy Louis Vuitton Inc. 0.15% due 1/14/20214		16,000		15,999
				174,987
	Shares
Money market investments 1.75%
Capital Group Central Cash Fund 0.12%5,6		1,256,834		125,696
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%5,7		18,274,600		18,274
				143,970
Total short-term securities (cost: $318,936,000)				318,957
Total investment securities 100.49% (cost: $3,944,073,000)				8,281,298
Other assets less liabilities (0.49)%				(40,328	)
Net assets 100.00%			$	8,240,970

Investments in affiliates⁶

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 1.53%
Money market investments 1.53%
Capital Group Central Cash Fund 0.12%5	$	137,140	$	1,204,128	$	1,215,496	$	170	$	(246	)	$	125,696	$	973

¹ Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $3,662,002,000, which represented 44.44% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

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

³ All or a portion of this security was on loan. The total value of all such securities was $21,446,000, which represented .26% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

⁴ Acquired 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 $174,987,000, which represented 2.12% of the net assets of the fund.

⁵ Rate represents the seven-day yield at 12/31/2020.

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

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

Key to abbreviations

ADR = American Depositary Receipts

EUR = Euros

GBP = British pounds

See notes to financial statements.

American Funds Insurance Series      49

Global Small Capitalization Fund

Investment portfolio December 31, 2020

Common stocks 95.25%

	Shares		Value (000)
Information technology 27.03%
Cree, Inc.1		1,356,800	$	143,685
Ceridian HCM Holding Inc.1		730,900		77,885
Net One Systems Co., Ltd.2		1,855,865		65,640
BE Semiconductor Industries NV2		801,930		48,310
Kingdee International Software Group Co. Ltd.2		11,717,074		48,085
PAR Technology Corp.1,3		700,482		43,983
SimCorp AS2		265,750		39,473
Unimicron Technology Corp.2		12,305,000		38,529
Appfolio, Inc., Class A1		203,903		36,711
Inphi Corp.1		215,191		34,532
Avast PLC2		4,532,443		33,340
Silergy Corp.2		383,740		32,898
Avalara, Inc.1		194,419		32,058
C3.ai, Inc., Class A1,3		229,200		31,801
Qorvo, Inc.1		190,000		31,591
Lightspeed POS Inc., subordinate voting shares1		443,300		31,204
Skillz Inc., Class A1,2,4		1,399,676		24,914
Euronet Worldwide, Inc.1		167,890		24,331
Smartsheet Inc., Class A1		337,600		23,392
Bentley Systems, Inc., Class B		563,300		22,819
Pegasystems Inc.		169,591		22,600
Nuance Communications, Inc.1		499,400		22,019
Globant SA1		101,000		21,979
SUMCO Corp.2		999,000		21,934
Carel Industries SpA2		929,751		21,804
Anaplan, Inc.1		295,733		21,248
Alteryx, Inc., Class A1		173,000		21,070
MACOM Technology Solutions Holdings, Inc.1		380,000		20,915
AI inside Inc.1,2		27,813		19,667
Nordic Semiconductor ASA1,2		1,196,967		19,159
LEM Holding SA2		9,570		18,679
Paycom Software, Inc.1		40,000		18,090
Bechtle AG, non-registered shares2		77,700		16,945
Oneconnect Financial Technology Co., Ltd. (ADR)1		830,436		16,368
Network International Holdings PLC1,2		3,434,882		15,338
Silicon Laboratories Inc.1		115,900		14,759
Keywords Studios PLC1,2		350,000		13,734
SoftwareONE Holding AG2		449,700		13,300
JFrog Ltd.1,3		209,100		13,138
ON Semiconductor Corp.1		395,000		12,928
Aspen Technology, Inc.1		93,100		12,126
Tanla Platforms Ltd.2		1,339,330		12,106
Asana, Inc., Class A1		401,900		11,876
Cognex Corp.		136,300		10,943
Rapid7, Inc.1		121,000		10,909
Nuvei Corp., subordinate voting shares1		173,200		10,432
Computer Services, Inc.		163,500		9,712
Paya Holdings Inc., Class A1,3		667,000		9,058
MongoDB, Inc., Class A1		25,000		8,976
SHIFT Inc.1,2		63,700		8,799
Renishaw PLC1,2		100,000		7,876
Globalwafers Co., Ltd.2		311,000		7,870
DocuSign, Inc.1		34,300		7,625
QAD Inc., Class A		115,350		7,288
ALTEN SA, non-registered shares1,2		63,900		7,238
Megaport Ltd.1,2		650,000		7,134
Okta, Inc., Class A1		27,263		6,932
INFICON Holding AG2		7,397		6,748
Allegro Microsystems, Inc.1		246,500		6,572
Coupa Software Inc.1		18,000		6,100
BigCommerce Holdings, Inc., Series 11,3		90,000		5,773
SVMK Inc.1		221,600		5,662

50      American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Information technology (continued)
Pexip Holding ASA1,2,3		676,082	$	5,193
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H2		3,605,500		4,827
Tyro Payments Ltd.1,2,3		1,727,332		4,251
Appen Ltd.2		162,863		3,117
				1,435,998
Health care 22.94%
Insulet Corp.1		567,720		145,126
Haemonetics Corp.1		796,700		94,608
Allakos Inc.1		586,080		82,051
Notre Dame Intermédica Participações SA		4,089,700		61,682
WuXi Biologics (Cayman) Inc.1,2		4,236,000		56,424
GW Pharmaceuticals PLC (ADR)1		473,768		54,678
iRhythm Technologies, Inc.1		213,120		50,554
Mani, Inc.2		1,808,129		49,243
CanSino Biologics Inc., Class H1,2		2,132,400		48,805
Ultragenyx Pharmaceutical Inc.1		325,474		45,055
Applied Molecular Transport Inc.1,3		1,365,957		42,030
Health Catalyst, Inc.1		922,700		40,165
Integra LifeSciences Holdings Corp.1		602,696		39,127
PRA Health Sciences, Inc.1		257,150		32,257
New Frontier Health Corp., Class A1		3,422,000		29,429
Kronos Bio, Inc.1,2		619,195		17,386
Kronos Bio, Inc.1		387,795		11,583
Globus Medical, Inc., Class A1		434,000		28,305
CompuGroup Medical SE & Co. KGaA2		277,700		26,669
GVS SpA1,2		1,350,919		25,165
Allogene Therapeutics, Inc.1		947,234		23,908
Nevro Corp.1		128,100		22,174
Cortexyme, Inc.1,3		759,458		21,098
CONMED Corp.		157,000		17,584
Max Healthcare Institute Ltd.1,2		8,885,394		17,116
Amplifon SpA1,2		401,700		16,646
Guardant Health, Inc.1		119,227		15,366
Ambu AS, Class B, non-registered shares2,3		283,500		12,241
Ocumension Therapeutics1,2		3,168,466		11,051
NuCana PLC (ADR)1,3		2,356,233		10,579
AddLife AB, Class B2		553,888		9,693
Bluebird Bio, Inc.1		196,815		8,516
BioMarin Pharmaceutical Inc.1		92,000		8,067
Shandong Pharmaceutical Glass Co., Ltd., Class A2		955,000		7,342
Madrigal Pharmaceuticals, Inc.1		61,425		6,829
Encompass Health Corp.		79,000		6,533
Bachem Holding AG, Class B2		14,100		6,266
Arjo AB, Class B2		765,000		5,842
Hikma Pharmaceuticals PLC2		131,000		4,512
Hutchison China MediTech Ltd. (ADR)1		124,000		3,970
Uniphar PLC2		1,022,000		2,974
NMC Health PLC1,2,5		219,652		3
				1,218,652
Consumer discretionary 14.67%
Shop Apotheke Europe NV, non-registered shares1,2,3		282,300		51,122
Wyndham Hotels & Resorts, Inc.		808,069		48,032
Helen of Troy Ltd.1		207,200		46,038
Lands’ End, Inc.1,6		2,100,000		45,297
Thor Industries, Inc.		463,600		43,110
YETI Holdings, Inc.1		593,379		40,629
Mattel, Inc.1		2,100,069		36,646
Five Below, Inc.1		199,700		34,944
Evolution Gaming Group AB2		328,676		33,323
Entain PLC1,2		1,748,600		27,143

American Funds Insurance Series      51

Global Small Capitalization Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer discretionary (continued)
Leslie’s, Inc.1,3		824,800	$	22,888
Arco Platform Ltd., Class A1		638,725		22,668
Skechers USA, Inc., Class A1		550,000		19,767
Tongcheng-Elong Holdings Ltd.1,2		10,084,800		19,537
Just Eat Takeaway (EUR denominated)1,2		166,200		18,735
Tube Investments of India Ltd.2		1,700,000		18,641
Everi Holdings Inc.1		1,324,553		18,292
Kindred Group PLC (SDR)1,2		1,806,800		17,683
zooplus AG, non-registered shares1,2		78,700		16,299
Melco International Development Ltd.2		7,826,000		15,240
B2W - Cia. Digital, ordinary nominative1		1,010,093		14,704
SSP Group PLC2		3,233,990		14,687
TopBuild Corp.1		73,600		13,548
Musti Group Oyj1,2		436,550		13,083
Bright Horizons Family Solutions Inc.1		74,300		12,853
Purple Innovation, Inc., Class A1		390,000		12,847
Basic-Fit NV1,2		348,300		12,725
Cie. Plastic Omnium SA2		308,912		10,724
IDP Education Ltd.2		691,561		10,594
Patrick Industries, Inc.		131,700		9,002
Thule Group AB1,2		219,800		8,215
Cairn Homes PLC1,2		6,829,200		7,972
Sushiro Global Holdings Ltd.2		187,000		7,142
OneSpaWorld Holdings Ltd.		695,690		7,054
Zhongsheng Group Holdings Ltd.2		938,500		6,691
Elior Group SA2		882,500		5,961
Countryside Properties PLC2		743,015		4,771
Kerry Express (Thailand) PCL, foreign registered1,2		2,250,000		3,699
Dalata Hotel Group PLC1,2		800,000		3,689
Coursera, Inc.1,2,5,7		160,625		2,409
DraftKings Inc., Class A1		16,755		780
China Zenix Auto International Ltd. (ADR)1		428,500		111
				779,295
Industrials 13.20%
Nihon M&A Center Inc.2		1,304,292		87,283
Boyd Group Services Inc.3		233,326		40,246
International Container Terminal Services, Inc.2		15,047,500		38,708
Stericycle, Inc.1		539,531		37,406
IMCD NV2		285,600		36,288
Meggitt PLC1,2		5,035,900		32,174
Bingo Industries Ltd.2,3		14,571,008		27,435
Instalco AB2		836,795		25,503
Japan Elevator Service Holdings Co., Ltd.2		970,400		24,707
Alfen NV1,2		227,700		22,879
Interpump Group SpA2		447,000		22,084
Nolato AB, Class B1,2		185,100		18,716
Melrose Industries PLC1,2		7,236,000		17,647
Wizz Air Holdings PLC1,2		278,200		17,375
VAT Group AG2		68,150		16,986
Diploma PLC2		556,200		16,689
Avon Rubber PLC2		383,500		16,610
Matson, Inc.		289,400		16,487
Cleanaway Waste Management Ltd.2		7,580,970		13,779
Centre Testing International Group Co., Ltd.2		3,266,269		13,692
Han’s Laser Technology Industry Group Co., Ltd., Class A2		2,037,982		13,354
Woodward, Inc.		105,000		12,761
Granite Construction Inc.		465,000		12,420
Guangzhou Baiyun International Airport Co. Ltd., Class A2		5,704,039		12,329
Marel hf.2		1,971,482		12,157
Rumo SA1		3,025,547		11,207
CAE Inc.		375,000		10,391

52      American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Industrials (continued)
IAA, Inc.1		141,750	$	9,211
Addtech AB, Class B2		497,200		6,583
Montrose Environmental Group, Inc.1		190,800		5,907
Nitto Boseki Co., Ltd.2		132,500		5,853
Atlas Corp.		500,000		5,420
Imperial Logistics Ltd.2		2,103,000		5,351
TOMRA Systems ASA2		106,900		5,268
BWX Technologies, Inc.		85,000		5,124
BELIMO Holding AG2		523		4,543
VARTA AG, non-registered shares1,2,3		30,875		4,459
LIXIL Corp.2		196,500		4,268
Howden Joinery Group PLC1,2		440,000		4,155
McPhy Energy SA1,2,3		74,800		3,144
Vicor Corp, Class A1		27,800		2,564
The AZEK Company Inc., Class A1		54,400		2,092
				701,255
Financials 7.47%
Cannae Holdings, Inc.1		1,931,800		85,521
Trupanion, Inc.1		671,200		80,349
Janus Henderson Group PLC		1,088,400		35,384
Capitec Bank Holdings Ltd.1,2		232,177		22,625
Live Oak Bancshares, Inc.		462,000		21,926
South State Corp.		283,300		20,483
Kotak Mahindra Bank Ltd.1,2		715,825		19,590
Eurobank Ergasias Services and Holdings SA1,2		27,631,908		19,562
East West Bancorp, Inc.		287,300		14,569
Stifel Financial Corp.		271,050		13,677
Independent Bank Group, Inc.		192,300		12,023
Indian Energy Exchange Ltd.2		3,150,000		9,842
IIFL Wealth Management Ltd.2		677,558		9,388
Aavas Financiers Ltd.1,2		402,000		9,335
Multi Commodity Exchange of India Ltd.2		342,375		8,115
Essent Group Ltd.		175,000		7,560
Third Point Reinsurance Ltd.1		340,400		3,241
Fanhua Inc. (ADR)		157,600		1,897
Huize Holding Ltd. (ADR)1		223,220		1,562
				396,649
Materials 2.33%
Nanofilm Technologies International Ltd.1,2		7,424,900		24,720
Lundin Mining Corp.		2,773,100		24,618
PI Industries Ltd.2		778,604		23,446
Navin Fluorine International Ltd.2		445,388		16,030
Fasadgruppen Group AB1,2		770,604		8,233
Vidrala, SA, non-registered shares2		67,694		7,850
Valvoline Inc.		315,300		7,296
SK Materials Co., Ltd.2		16,400		5,411
LANXESS AG2		54,500		4,179
Arkema SA2		15,200		1,737
				123,520
Real estate 2.07%
Altus Group Ltd.		939,007		36,250
Embassy Office Parks REIT2		5,189,400		24,506
MGM Growth Properties LLC REIT, Class A		500,000		15,650
JHSF Participações SA		9,099,476		13,682
Mitre Realty Empreendimentos E Participações SA1		1,955,500		6,400
WHA Corp. PCL2		59,416,400		5,988
Mindspace Business Parks REIT1,2,4		654,600		2,810

American Funds Insurance Series      53

Global Small Capitalization Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Real estate (continued)
Mindspace Business Parks REIT1,2		595,400	$	2,608
DoubleDragon Properties Corp.1,2		6,395,985		1,984
Cyrela Commercial Properties SA, ordinary nominative		105,754		279
				110,157
Communication services 2.00%
Altice Europe NV, Class A1,2		4,115,000		26,791
Bandwidth Inc., Class A1		122,000		18,748
Capcom Co., Ltd.2		226,800		14,745
New York Times Co., Class A		259,500		13,434
Square Enix Holdings Co., Ltd.2		143,200		8,690
Kamakura Shinsho, Ltd.2		677,700		7,514
Euskaltel, SA, non-registered shares2		630,178		6,734
Zee Entertainment Enterprises Ltd.2		1,398,700		4,295
Daily Mail and General Trust PLC, Class A, nonvoting shares2		296,800		3,025
Cardlytics, Inc.1,3		16,500		2,356
				106,332
Consumer staples 1.86%
Freshpet, Inc.1		318,400		45,210
Grocery Outlet Holding Corp.1		755,400		29,649
AAK AB2		511,300		10,311
Hilton Food Group PLC2		586,277		8,938
Vector Group Ltd.		224,000		2,610
Raia Drogasil SA, ordinary nominative		445,000		2,145
				98,863
Utilities 1.22%
ENN Energy Holdings Ltd.2		4,026,200		59,096
Neoenergia SA		1,727,000		5,859
				64,955
Energy 0.46%
Parsley Energy, Inc., Class A		915,000		12,993
Venture Global LNG, Inc., Series C1,2,4,5,7		2,760		10,434
NuVista Energy Ltd.1		1,325,000		979
				24,406
Total common stocks (cost: $2,750,940,000)				5,060,082
Preferred securities 1.81%
Information technology 1.30%
Marqeta, Inc., Series E-1, 8.00% noncumulative, preferred shares1,2,5,7		1,859,092		32,887
Avidxchange, Inc., Series F, preferred shares1,2,5,7		492,864		24,156
Gitlab Inc., Series E, preferred shares1,2,5,7		297,916		11,917
				68,960
Industrials 0.36%
Azul SA, preferred nominative (ADR)1,3		800,316		18,263
Azul SA, preferred nominative1		109,500		829
				19,092
Health care 0.15%
PACT Pharma, Inc., Series C, 8.00% noncumulative, preferred shares1,2,5,7		2,931,405		8,231
Total preferred securities (cost: $62,052,000)				96,283

54      American Funds Insurance Series

Global Small Capitalization Fund (continued)

Rights & warrants 0.03%

	Shares		Value (000)
Consumer staples 0.03%
Qingdao Richen Food Co., Ltd., Class A, warrants, expire 20221,2,4		132,100	$	1,580
Total rights & warrants (cost: $1,550,000)				1,580
Convertible stocks 0.26%
Consumer discretionary 0.26%
Coursera, Inc., Series C, 8.00% noncumulative, convertible preferred shares2,5,7		531,643		9,038
Coursera, Inc., Series B, noncumulative, convertible preferred shares2,5,7		246,302		4,187
Coursera, Inc., Series F, noncumulative, convertible preferred shares2,5,7		36,964		629
				13,854
Total convertible stocks (cost: $10,863,000)				13,854
Short-term securities 4.21%
Commercial paper 2.58%
Toronto-Dominion Bank 0.19% due 1/19/20214		100,000		99,993
NRW.Bank 0.22% due 1/22/20214		37,000		36,997
				136,990
Money market investments 1.63%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%8,9		71,737,955		71,738
Capital Group Central Cash Fund 0.12%6,8		151,346		15,136
				86,874
Total short-term securities (cost: $223,856,000)				223,864
Total investment securities 101.56% (cost: $3,049,261,000)				5,395,663
Other assets less liabilities (1.56)%				(82,922	)
Net assets 100.00%			$	5,312,741

Investments in affiliates⁶

	Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized (depreciation) appreciation (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)
Common stocks 0.85%
Health care 0.00%
NuCana PLC (ADR)1,3,10	$	12,711	$	1,226	$	—	$	—	$	(3,358	)	$	—	$	—
Consumer discretionary 0.85%
Lands’ End, Inc.1		—		14,805		—		—		30,492			45,297		—
Total common stocks													45,297
Short-term securities 0.29%
Money market investments 0.29%
Capital Group Central Cash Fund 0.12%8		192,600		961,788		1,139,083		68		(237	)		15,136		1,310
Total 1.14%							$	68	$	26,897		$	60,433	$	1,310

American Funds Insurance Series      55

Global Small Capitalization Fund (continued)

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 was $2,225,547,000, which represented 41.89% of the net assets of the fund. This amount includes $2,067,250,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

³ All or a portion of this security was on loan. The total value of all such securities was $77,648,000, which represented 1.46% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

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 was $176,728,000, which represented 3.33% of the net assets of the fund.

⁵ Value determined using significant unobservable inputs.

⁶ Affiliate of the fund or part of the same group of investment companies as the fund, in each case as defined under the Investment Company Act of 1940.

⁷  Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.

⁸ Rate represents the seven-day yield at 12/31/2020.

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

¹⁰  Unaffiliated issuer at 12/31/2020.

Private placement securities	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Marqeta, Inc., Series E-1, 8.00% noncumulative, preferred shares	5/27/2020	$	15,500	$	32,887		.62	%
Avidxchange, Inc., Series F, preferred shares	12/26/2019		24,156		24,156		.45
Gitlab Inc., Series E, preferred shares	9/11/2019		5,550		11,917		.22
Venture Global LNG, Inc., Series C	5/1/2015		8,280		10,434		.20
Coursera, Inc., Series C, 8.00% noncumulative, convertible preferred shares	2/20/2020		6,380		9,038		.17
PACT Pharma, Inc., Series C, 8.00% noncumulative, preferred shares	2/7/2020		6,000		8,231		.16
Coursera, Inc., Series B, noncumulative, convertible preferred shares	8/12/2020		3,855		4,187		.08
Coursera, Inc.	8/12/2020		2,514		2,409		.05
Coursera, Inc., Series F, noncumulative, convertible preferred shares	7/15/2020		628		629		.01
Total private placement securities		$	72,863	$	103,888		1.96	%

Key to abbreviations

ADR = American Depositary Receipts

EUR = Euros

SDR = Swedish Depositary Receipts

See notes to financial statements.

56      American Funds Insurance Series

Growth Fund

Investment portfolio December 31, 2020

Common stocks 95.50%

	Shares		Value (000)
Information technology 22.59%
Microsoft Corp.		8,170,085	$	1,817,190
Broadcom Inc.		1,811,536		793,181
ASML Holding NV (New York registered) (ADR)		632,100		308,288
ASML Holding NV1		635,000		306,871
Taiwan Semiconductor Manufacturing Company, Ltd.1		18,618,000		349,673
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		2,218,945		241,954
RingCentral, Inc., Class A2		1,322,397		501,149
Shopify Inc., Class A, subordinate voting shares2		410,400		464,552
Visa Inc., Class A		1,591,570		348,124
PayPal Holdings, Inc.2		1,319,600		309,050
Mastercard Inc., Class A		716,844		255,870
Advanced Micro Devices, Inc.2		2,360,947		216,522
MongoDB, Inc., Class A2		594,973		213,619
Autodesk, Inc.2		654,703		199,907
FleetCor Technologies, Inc.2		710,400		193,818
Keyence Corp.1		300,900		169,341
Cree, Inc.2		1,495,879		158,414
Square, Inc., Class A2		726,255		158,062
Ceridian HCM Holding Inc.2		1,274,711		135,833
ServiceNow, Inc.2		235,806		129,795
Samsung Electronics Co., Ltd.1		1,538,083		114,952
Tyler Technologies, Inc.2		263,200		114,892
Micron Technology, Inc.2		1,447,335		108,811
Guidewire Software, Inc.2		821,399		105,739
Apple Inc.		779,886		103,483
Applied Materials, Inc.		1,033,670		89,206
HubSpot, Inc.2		210,067		83,279
Trimble Inc.2		900,572		60,131
Bill.Com Holdings, Inc.2		433,100		59,118
Adobe Inc.2		115,899		57,963
Intel Corp.		1,136,000		56,596
Elastic NV, non-registered shares2		346,722		50,667
Fidelity National Information Services, Inc.		328,778		46,509
Alteryx, Inc., Class A2		353,058		42,999
Flex Ltd.2		2,234,300		40,173
SK hynix, Inc.1		330,800		36,189
Zendesk, Inc.2		252,368		36,119
NetApp, Inc.		527,540		34,944
Fiserv, Inc.2		304,473		34,667
Jack Henry & Associates, Inc.		167,789		27,180
MKS Instruments, Inc.		157,800		23,741
Okta, Inc., Class A2		93,170		23,689
Motorola Solutions, Inc.		134,257		22,832
ON Semiconductor Corp.2		640,919		20,977
EPAM Systems, Inc.2		52,839		18,935
GoDaddy Inc., Class A2		213,800		17,735
Smartsheet Inc., Class A2		238,281		16,511
Enphase Energy, Inc.2		87,779		15,403
VeriSign, Inc.2		68,100		14,737
Amadeus IT Group SA, Class A, non-registered shares1		160,263		11,603
Concentrix Corp.2		108,272		10,686
Global Payments Inc.		46,612		10,041
SYNNEX Corp.		108,272		8,818
Atlassian Corp. PLC, Class A2		19,317		4,518
				8,795,056
Consumer discretionary 18.83%
Tesla, Inc.2		5,488,000		3,872,717
Amazon.com, Inc.2		270,876		882,224
Dollar General Corp.		1,774,500		373,177
Home Depot, Inc.		848,736		225,441
LVMH Moët Hennessy-Louis Vuitton SE1		330,000		206,194

American Funds Insurance Series      57

Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer discretionary (continued)
Domino’s Pizza, Inc.		448,575	$	172,011
Darden Restaurants, Inc.		1,438,876		171,399
Booking Holdings Inc.2		74,213		165,292
Toll Brothers, Inc.		3,280,000		142,582
Bright Horizons Family Solutions Inc.2		681,000		117,806
Burlington Stores, Inc.2		432,204		113,043
Hermès International1		97,299		104,631
Royal Caribbean Cruises Ltd.		1,201,909		89,771
NIKE, Inc., Class B		546,407		77,300
Floor & Decor Holdings, Inc., Class A2		769,300		71,430
Chipotle Mexican Grill, Inc.2		46,247		64,131
Aramark		1,666,401		64,123
Airbnb, Inc., Class A2		374,400		54,962
Five Below, Inc.2		198,640		34,758
Flutter Entertainment PLC (EUR denominated)1		166,291		34,062
Wynn Resorts, Ltd.		258,022		29,113
Las Vegas Sands Corp.		485,638		28,944
Westwing Group AG, non-registered shares1,2,3		707,000		28,606
Caesars Entertainment, Inc.2		379,500		28,185
Norwegian Cruise Line Holdings Ltd.2,3		1,095,796		27,866
Marriott International, Inc., Class A		210,000		27,703
Peloton Interactive, Inc., Class A2		180,000		27,310
Grand Canyon Education, Inc.2		213,615		19,890
Hilton Worldwide Holdings Inc.		151,700		16,878
Evolution Gaming Group AB1		160,210		16,243
Cie. Financière Richemont SA, Class A1		174,005		15,724
YUM! Brands, Inc.		129,700		14,080
EssilorLuxottica1		69,400		10,823
				7,328,419
Communication services 18.02%
Facebook, Inc., Class A2		7,454,034		2,036,144
Netflix, Inc.2		3,139,599		1,697,675
Alphabet Inc., Class C2		466,472		817,203
Alphabet Inc., Class A2		60,216		105,537
T-Mobile US, Inc.2		4,003,260		539,840
Activision Blizzard, Inc.		5,097,672		473,319
Charter Communications, Inc., Class A2		695,547		460,139
Snap Inc., Class A2		8,325,383		416,852
Comcast Corp., Class A		4,324,019		226,579
Zillow Group, Inc., Class C, nonvoting shares2		347,800		45,144
Zillow Group, Inc., Class A2		271,354		36,888
Pinterest, Inc., Class A2		1,027,744		67,728
Match Group, Inc.2		234,000		35,379
Live Nation Entertainment, Inc.2		400,000		29,392
Twitter, Inc.2		460,000		24,909
				7,012,728
Health care 12.72%
UnitedHealth Group Inc.		2,472,454		867,040
Intuitive Surgical, Inc.2		803,680		657,491
Regeneron Pharmaceuticals, Inc.2		841,544		406,558
Centene Corp.2		5,286,474		317,347
Thermo Fisher Scientific Inc.		632,000		294,373
Humana Inc.		496,800		203,822
Exact Sciences Corp.2		1,296,188		171,732
ResMed Inc.		755,000		160,483
Insulet Corp.2		622,000		159,002
NovoCure Ltd.2		916,689		158,624
Seagen Inc.2		874,815		153,215
Teladoc Health, Inc.2		643,000		128,574
Vertex Pharmaceuticals Inc.2		450,522		106,476

58      American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care (continued)
CRISPR Therapeutics AG2		652,706	$	99,936
Biohaven Pharmaceutical Holding Co. Ltd.2		1,068,637		91,593
Abbott Laboratories		643,963		70,508
CVS Health Corp.		862,934		58,938
DexCom, Inc.2		158,238		58,504
Allakos Inc.2		401,374		56,192
Cigna Corp.		262,355		54,617
Danaher Corp.		235,935		52,411
Gilead Sciences, Inc.		899,185		52,387
Edwards Lifesciences Corp.2		569,100		51,919
Galapagos NV1,2		527,552		51,910
Vir Biotechnology, Inc.2,3		1,555,475		41,656
Verily Life Sciences LLC1,2,4,5		300,178		41,103
Catalent, Inc.2		319,000		33,198
Oak Street Health, Inc.2		538,184		32,915
Pfizer Inc.		884,714		32,566
Neurocrine Biosciences, Inc.2		326,200		31,266
Allogene Therapeutics, Inc.2		1,146,511		28,938
AstraZeneca PLC1		256,500		25,627
Guardant Health, Inc.2		196,303		25,300
Incyte Corp.2		288,800		25,120
Molina Healthcare, Inc.2		96,799		20,587
Chemed Corp.		37,667		20,062
Mettler-Toledo International Inc.2		16,900		19,261
Grail, Inc.1,2,4,5,6		1,864,884		18,350
Eli Lilly and Company		100,800		17,019
Pacific Biosciences of California, Inc.2		619,579		16,072
Ultragenyx Pharmaceutical Inc.2		67,100		9,289
Adaptive Biotechnologies Corp.2		141,048		8,340
Novavax, Inc.2		72,500		8,084
Global Blood Therapeutics, Inc.2		125,000		5,414
GoodRx Holdings, Inc., Class A2		97,500		3,933
Cortexyme, Inc.2,3		128,600		3,573
Zimmer Biomet Holdings, Inc.		13,800		2,126
				4,953,451
Industrials 8.44%
Uber Technologies, Inc.2		8,501,767		433,590
Delta Air Lines, Inc.		10,425,000		419,189
TransDigm Group Inc.2		582,800		360,666
MTU Aero Engines AG1		745,782		194,314
Jacobs Engineering Group Inc.		1,716,000		186,975
CSX Corp.		1,920,800		174,313
United Rentals, Inc.2		520,800		120,779
Airbus SE, non-registered shares1,2		944,893		103,796
Middleby Corp.2		702,000		90,502
Lockheed Martin Corp.		243,441		86,417
Carrier Global Corp.		2,181,661		82,292
ITOCHU Corp.1		2,545,000		73,299
Dun & Bradstreet Holdings, Inc.2		2,885,458		71,848
Ryanair Holdings PLC (ADR)2		634,951		69,832
Ryanair Holdings PLC1,2		96,554		1,923
Komatsu Ltd.1		1,995,900		54,693
Honeywell International Inc.		251,344		53,461
Norfolk Southern Corp.		216,936		51,546
Southwest Airlines Co.		1,100,000		51,271
Equifax Inc.		247,800		47,786
Westinghouse Air Brake Technologies Corp.		641,700		46,972
ASGN Inc.2		560,000		46,777
HEICO Corp.		311,000		41,177
HEICO Corp., Class A		43,500		5,092
Boeing Company		215,302		46,088

American Funds Insurance Series      59

Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Industrials (continued)
Armstrong World Industries, Inc.		616,904	$	45,892
Emerson Electric Co.		508,000		40,828
BWX Technologies, Inc.		615,900		37,126
Safran SA1,2		259,640		36,822
Plug Power Inc.2		1,054,776		35,767
Parker-Hannifin Corp.		113,931		31,036
AMETEK, Inc.		253,600		30,670
Waste Connections, Inc.		290,200		29,766
FedEx Corp.		99,600		25,858
Caterpillar Inc.		111,500		20,295
Lennox International Inc.		55,533		15,214
Northrop Grumman Corp.		47,900		14,596
Generac Holdings Inc.2		31,762		7,223
				3,285,691
Financials 5.43%
Bank of America Corp.		14,780,700		448,003
First Republic Bank		1,800,955		264,614
Intercontinental Exchange, Inc.		1,735,900		200,132
Berkshire Hathaway Inc., Class B2		582,700		135,111
Berkshire Hathaway Inc., Class A2		57		19,825
SVB Financial Group2		349,456		135,529
BlackRock, Inc.		150,000		108,231
S&P Global Inc.		236,500		77,745
State Street Corp.		973,886		70,879
Marsh & McLennan Companies, Inc.		577,751		67,597
American International Group, Inc.		1,761,110		66,676
JPMorgan Chase & Co.		510,000		64,806
MSCI Inc.		117,900		52,646
London Stock Exchange Group PLC1		426,339		52,553
Arch Capital Group Ltd.2		1,326,267		47,838
Capital One Financial Corp.		390,000		38,551
Moody’s Corp.		102,277		29,685
CME Group Inc., Class A		134,493		24,484
Onex Corp.		425,000		24,393
KKR & Co. Inc.		600,300		24,306
Bank of New York Mellon Corp.		559,000		23,724
The Blackstone Group Inc., Class A		360,000		23,332
Aon PLC, Class A		110,000		23,240
East West Bancorp, Inc.		326,417		16,553
Everest Re Group, Ltd.		66,500		15,567
Ares Management Corp., Class A		310,500		14,609
Western Alliance Bancorporation		241,906		14,502
RenaissanceRe Holdings Ltd.		63,000		10,447
BNP Paribas SA1,2		180,106		9,500
PNC Financial Services Group, Inc.		56,934		8,483
				2,113,561
Consumer staples 3.22%
Kroger Co.		8,065,000		256,144
Philip Morris International Inc.		2,996,360		248,069
British American Tobacco PLC1		3,967,410		147,567
British American Tobacco PLC (ADR)		195,000		7,311
Costco Wholesale Corp.		403,332		151,967
Constellation Brands, Inc., Class A		617,500		135,263
Altria Group, Inc.		2,873,699		117,822
Molson Coors Beverage Company, Class B, restricted voting shares		1,104,700		49,921
Associated British Foods PLC1,2		1,515,607		46,958
Estée Lauder Companies Inc., Class A		146,800		39,077
Grocery Outlet Holding Corp.2		529,261		20,774

60      American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer staples (continued)
Church & Dwight Co., Inc.		151,700	$	13,233
Anheuser-Busch InBev SA/NV1		162,528		11,358
Monster Beverage Corp.2		73,900		6,834
				1,252,298
Materials 3.09%
Vale SA, ordinary nominative (ADR)		14,554,387		243,931
Wheaton Precious Metals Corp.		3,176,400		132,583
Franco-Nevada Corp.		937,000		117,484
LyondellBasell Industries NV		1,249,142		114,496
Grupo México, SAB de CV, Series B		25,084,100		106,037
Barrick Gold Corp.		4,058,000		92,441
CCL Industries Inc., Class B, nonvoting shares		1,615,000		73,321
Royal Gold, Inc.		517,000		54,988
Sherwin-Williams Company		71,200		52,326
Celanese Corp.		350,400		45,531
CF Industries Holdings, Inc.		979,000		37,897
Allegheny Technologies Inc.2		2,070,860		34,728
Shin-Etsu Chemical Co., Ltd.1		194,100		33,980
Linde PLC		120,000		31,621
PPG Industries, Inc.		149,623		21,579
Nucor Corp.		95,800		5,096
Dow Inc.		66,000		3,663
				1,201,702
Energy 1.66%
Halliburton Co.		13,300,000		251,370
Canadian Natural Resources, Ltd. (CAD denominated)		5,048,400		121,322
Canadian Natural Resources, Ltd.		105,100		2,527
Cenovus Energy Inc.		12,798,618		77,924
EOG Resources, Inc.		1,139,372		56,820
Suncor Energy Inc.		3,326,066		55,787
ConocoPhillips		527,835		21,108
Concho Resources Inc.		319,500		18,643
Cimarex Energy Co.		435,500		16,336
Equitrans Midstream Corp.		1,858,695		14,944
Schlumberger Ltd.		363,800		7,942
				644,723
Real estate 0.95%
Equinix, Inc. REIT		311,485		222,456
American Tower Corp. REIT		349,342		78,413
Park Hotels & Resorts Inc. REIT		2,181,898		37,420
Pebblebrook Hotel Trust REIT		1,660,276		31,213
				369,502
Utilities 0.55%
PG&E Corp.2		7,278,900		90,695
Edison International		751,381		47,202
Xcel Energy Inc.		680,000		45,336
Ørsted AS1		125,286		25,624
AES Corp.		312,000		7,332
				216,189
Total common stocks (cost: $16,215,513,000)				37,173,320
Preferred securities 0.12%
Information technology 0.12%
Samsung Electronics Co., Ltd., nonvoting preferred shares1		654,840		44,452
Total preferred securities (cost: $27,479,000)				44,452

American Funds Insurance Series      61

Growth Fund (continued)

Convertible bonds & notes 0.07%

	Principal amount (000)		Value (000)
Consumer staples 0.07%
JUUL Labs, Inc., convertible notes, 7.00% 2025 (100% PIK)1,4,5,7	$	40,439	$	29,464
Total convertible bonds & notes (cost: $40,250,000)				29,464
	Shares
Short-term securities 4.19%
Money market investments 4.19%
Capital Group Central Cash Fund 0.12%8,9		16,235,284		1,623,691
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%8,10		6,803,461		6,803
Total short-term securities (cost: $1,630,388,000)				1,630,494
Total investment securities 99.88% (cost: $17,913,630,000)				38,877,730
Other assets less liabilities 0.12%				46,314
Net assets 100.00%			$	38,924,044

Investments in affiliates⁹

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 4.17%
Money market investments 4.17%
Capital Group Central Cash Fund 0.12%8	$	1,102,492	$	7,443,677	$	6,923,077	$	602	$	(3	)	$	1,623,691	$	6,391

¹ Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $2,408,205,000, which represented 6.19% of the net assets of the fund. This amount includes $2,319,288,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

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

³ All or a portion of this security was on loan. The total value of all such securities was $7,302,000, which represented .02% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

⁴  Value determined using significant unobservable inputs.

⁵ Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.

⁶ 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 was $18,350,000, which represented .05% of the net assets of the fund.

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

⁸ Rate represents the seven-day yield at 12/31/2020.

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

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

Private placement securities	Acquisition date(s)		Cost (000)		Value (000)		Percent of net assets
Verily Life Sciences LLC		12/21/2018	$	37,000	$	41,103		.10	%
JUUL Labs, Inc., convertible notes, 7.00% 2025		2/3/2020-11/3/2020		40,250		29,464		.08
Grail, Inc.		4/17/2020		9,526		18,350		.05
Total private placement securities			$	86,776	$	88,917		.23	%

Key To abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

EUR = Euros

See notes to financial statements.

62      American Funds Insurance Series

International Fund

Investment portfolio December 31, 2020

Common stocks 93.80%

	Shares		Value (000)
Financials 17.06%
AIA Group Ltd.1		36,489,500	$	449,466
HDFC Bank Ltd.1,2		17,086,200		336,563
HDFC Bank Ltd. (ADR)2		531,294		38,392
Kotak Mahindra Bank Ltd.1,2		10,657,149		291,651
Ping An Insurance (Group) Company of China, Ltd., Class H1		11,877,600		145,893
Ping An Insurance (Group) Company of China, Ltd., Class A1		962,202		12,803
Bank Rakyat Indonesia (Persero) Tbk PT1		214,873,000		63,782
Sberbank of Russia PJSC (ADR)1		4,253,000		61,311
XP Inc., Class A2		1,483,000		58,831
BNP Paribas SA1,2		847,058		44,677
B3 SA - Brasil, Bolsa, Balcao		3,338,300		39,834
Axis Bank Ltd.1,2		3,890,055		33,115
Aegon NV1		7,120,095		28,434
London Stock Exchange Group PLC1		217,000		26,748
Banco Santander, SA1,2		7,887,200		24,489
Lufax Holding Ltd. (ADR)2,3		1,676,700		23,809
PICC Property and Casualty Co. Ltd., Class H1		26,414,000		20,013
FinecoBank SpA1,2		1,211,135		19,765
Deutsche Bank AG1,2		1,715,430		18,676
Bajaj Finance Ltd.1		244,400		17,750
ING Groep NV1,2		1,486,000		14,077
IndusInd Bank Ltd.1,2		941,500		11,568
BOC Hong Kong (Holdings) Ltd.1		3,739,000		11,363
China Merchants Bank Co., Ltd., Class H1		1,254,500		7,967
The People’s Insurance Co. (Group) of China Ltd., Class H1		17,500,000		5,560
				1,806,537
Consumer discretionary 14.88%
MercadoLibre, Inc.2		190,800		319,632
Alibaba Group Holding Ltd.1,2		8,148,200		238,071
Alibaba Group Holding Ltd. (ADR)2		17,700		4,119
Sony Corp.1		1,610,700		161,946
Delivery Hero SE1,2		854,887		132,687
Galaxy Entertainment Group Ltd.1		9,203,000		71,582
Meituan, Class B1,2		1,755,447		67,139
B2W - Cia. Digital, ordinary nominative2		3,734,000		54,354
Fast Retailing Co., Ltd.1		58,900		52,854
adidas AG1,2		138,518		50,425
Evolution Gaming Group AB1		483,000		48,970
LVMH Moët Hennessy-Louis Vuitton SE1		72,223		45,127
Kering SA1		61,638		44,811
Maruti Suzuki India Ltd.1		422,000		44,280
Melco Resorts & Entertainment Ltd. (ADR)		2,334,881		43,312
Cie. Financière Richemont SA, Class A1		454,500		41,070
Prosus NV1		361,000		38,834
Naspers Ltd., Class N1		147,000		30,087
Flutter Entertainment PLC (GBP denominated)1		112,374		23,266
H & M Hennes & Mauritz AB, Class B1,2		768,000		16,042
EssilorLuxottica1		90,000		14,036
Just Eat Takeaway (GBP denominated)1,2		79,800		9,017
Astra International Tbk PT1		19,726,000		8,472
Pan Pacific International Holdings Corp.1		354,000		8,177
Bandai Namco Holdings Inc.1		86,442		7,482
				1,575,792
Health care 14.59%
Daiichi Sankyo Company, Ltd.1		6,480,000		222,137
Chugai Pharmaceutical Co., Ltd.1		3,896,700		208,040
WuXi Biologics (Cayman) Inc.1,2		13,919,700		185,411
Olympus Corp.1		4,813,000		105,357
Novartis AG1		1,008,000		95,206
Grifols, SA, Class A, non-registered shares1,3		2,691,000		78,559

American Funds Insurance Series      63

International Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care (continued)
Grifols, SA, Class B (ADR)		793,690	$	14,636
Fresenius SE & Co. KGaA1		1,959,154		90,529
M3, Inc.1		882,000		83,426
Hikma Pharmaceuticals PLC1		2,371,000		81,673
Teva Pharmaceutical Industries Ltd. (ADR)2		7,216,598		69,640
Alcon Inc.1,2		872,151		58,225
Aier Eye Hospital Group Co., Ltd., Class A1		4,254,057		48,723
WuXi AppTec Co., Ltd., Class A1		2,102,800		43,412
WuXi AppTec Co., Ltd., Class H1		260,000		5,108
Notre Dame Intermédica Participações SA		3,111,000		46,921
Fresenius Medical Care AG & Co. KGaA1		325,140		27,120
HOYA Corp.1		189,100		26,139
Merck KGaA1		129,000		22,112
Takeda Pharmaceutical Company, Ltd.1		533,765		19,350
Yunnan Baiyao Group Co., Ltd., Class A1		790,600		13,767
NMC Health PLC1,2,4		449,500		6
				1,545,497
Industrials 11.54%
Airbus SE, non-registered shares1,2		2,732,749		300,191
Recruit Holdings Co., Ltd.1		3,195,109		134,014
Knorr-Bremse AG, non-registered shares1		847,671		115,475
Melrose Industries PLC1,2		45,834,933		111,783
Safran SA1,2		701,300		99,459
NIBE Industrier AB, Class B1		2,666,589		87,563
Ryanair Holdings PLC (ADR)2		591,300		65,031
Ryanair Holdings PLC1,2		348,056		6,933
MTU Aero Engines AG1		182,000		47,420
Airports of Thailand PCL, foreign registered1		21,472,000		44,267
Rheinmetall AG1		381,264		40,293
ASSA ABLOY AB, Class B1		1,510,047		37,142
International Container Terminal Services, Inc.1		12,890,350		33,159
CCR SA, ordinary nominative		9,410,222		24,403
Shanghai International Airport Co., Ltd., Class A1		2,032,685		23,527
Jardine Matheson Holdings Ltd.1		336,600		18,852
BAE Systems PLC1		2,510,000		16,788
Brenntag AG1		77,900		6,029
Rumo SA2		1,514,700		5,611
Alliance Global Group, Inc.1		20,000,000		4,417
				1,222,357
Information technology 8.15%
StoneCo Ltd., Class A2		1,215,600		102,013
PagSeguro Digital Ltd., Class A2		1,743,000		99,142
Nice Ltd. (ADR)2		263,000		74,571
Nomura Research Institute, Ltd.1		1,945,500		69,515
Taiwan Semiconductor Manufacturing Company, Ltd.1		3,433,000		64,477
ASML Holding NV1		125,945		60,864
Samsung Electronics Co., Ltd.1		777,000		58,071
Atlassian Corp. PLC, Class A2		210,500		49,230
Keyence Corp.1		83,000		46,711
Delta Electronics, Inc.1		4,812,409		44,891
Silergy Corp.1		474,000		40,636
OBIC Co., Ltd.1		172,600		34,712
Oneconnect Financial Technology Co., Ltd. (ADR)2		1,716,000		33,822
Avast PLC1		4,289,000		31,550
STMicroelectronics NV1		631,500		23,397
Hexagon AB, Class B1		208,900		19,023
Xero Ltd.1,2		95,031		10,819
				863,444

64      American Funds Insurance Series

International Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Communication services 7.69%
SoftBank Group Corp.1		2,723,400	$	213,285
Tencent Holdings Ltd.1		1,729,587		126,376
Z Holdings Corp.1		14,787,000		89,685
Square Enix Holdings Co., Ltd.1		1,251,900		75,968
SoftBank Corp.1		4,438,300		55,641
Sea Ltd., Class A (ADR)2		273,600		54,460
Nintendo Co., Ltd.1		82,500		52,651
Bharti Airtel Ltd.1		6,879,515		48,090
Altice Europe NV, Class A1,2		5,269,395		34,307
Altice Europe NV, Class B1,2		1,077,927		6,955
Bilibili Inc., Class Z (ADR)2		429,261		36,796
Scout24 AG1		154,000		12,616
América Móvil, SAB de CV, Series L (ADR)		409,657		5,957
América Móvil, SAB de CV, Series L		2,139,900		1,558
				814,345
Energy 6.24%
Reliance Industries Ltd.1		8,944,564		243,658
Reliance Industries Ltd., interim shares1		196,599		3,015
Neste Oyj1		1,676,225		121,090
Royal Dutch Shell PLC, Class B1		5,001,407		86,166
Royal Dutch Shell PLC, Class A (GBP denominated)1		620,800		11,021
Canadian Natural Resources, Ltd. (CAD denominated)		2,290,400		55,042
Total SE1,3		1,147,298		49,492
BP PLC1		13,959,863		48,089
Cenovus Energy Inc.		6,343,100		38,620
Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR)		426,000		4,784
				660,977
Materials 5.26%
Vale SA, ordinary nominative (ADR)		15,872,642		266,026
Vale SA, ordinary nominative		608,881		10,251
First Quantum Minerals Ltd.		5,508,100		98,877
Shin-Etsu Chemical Co., Ltd.1		321,400		56,265
Linde PLC (EUR denominated)1		207,300		53,837
BHP Group PLC1		976,400		25,732
Akzo Nobel NV1		118,578		12,737
BASF SE1		151,600		11,971
CRH PLC1		250,861		10,604
Koninklijke DSM NV1		61,300		10,560
				556,860
Consumer staples 4.32%
Nestlé SA1		970,200		114,221
Pernod Ricard SA1		294,714		56,493
Inner Mongolia Yili Industrial Group Co., Ltd., Class A1		8,254,713		56,087
Imperial Brands PLC1		2,046,000		42,989
Kweichow Moutai Co., Ltd., Class A1		134,543		41,115
British American Tobacco PLC1		951,000		35,372
Kirin Holdings Company, Ltd.1,3		1,365,800		32,247
Treasury Wine Estates Ltd.1		3,771,435		27,358
Heineken NV1		135,200		15,077
Chocoladefabriken Lindt & Sprüngli AG1		107		10,693
Shiseido Company, Ltd.1		152,000		10,544
JBS SA, ordinary nominative		1,811,000		8,249
Dabur India Ltd.1		980,000		7,170
				457,615

American Funds Insurance Series      65

International Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Utilities 3.28%
ENN Energy Holdings Ltd.1		13,250,000	$	194,483
China Gas Holdings Ltd.1		24,134,000		96,227
E.ON SE1		5,147,000		57,003
				347,713
Real estate 0.79%
Ayala Land, Inc.1		54,527,900		46,441
China Overseas Land & Investment Ltd.1		13,502,000		29,371
CK Asset Holdings Ltd.1		1,442,000		7,417
				83,229
Total common stocks (cost: $6,233,438,000)				9,934,366
Preferred securities 1.19%
Energy 0.66%
Petróleo Brasileiro SA (Petrobras), preferred nominative (ADR)		6,336,898		70,086
Health care 0.53%
Grifols, SA, Class B, nonvoting preferred, non-registered shares1		3,026,230		56,376
Total preferred securities (cost: $104,416,000)				126,462
Rights & warrants 0.40%
Health care 0.40%
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expire 20211,5		1,448,500		16,590
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expire 20211,2,5		578,554		6,527
WuXi AppTec Co., Ltd., Class A, warrants, expire 20211,5		896,000		18,498
				41,615
Consumer discretionary 0.00%
Cie. Financière Richemont SA, Class A, warrants, expire 20232		909,000		236
Total rights & warrants (cost: $21,623,000)				41,851
	Principal amount (000)
Convertible bonds & notes 0.01%
Health care 0.01%
NMC Health Jersey Ltd., convertible notes, 1.875% 20256	$	28,000		1,260
Total convertible bonds & notes (cost: $5,855,000)				1,260
Bonds, notes & other debt instruments 0.17%
Bonds & notes of governments & government agencies outside the U.S. 0.11%
United Mexican States, Series M, 8.00% 2023		MXN203,000		11,204
Corporate bonds, notes & loans 0.06%
Materials 0.06%
Vale Overseas Ltd. 3.75% 2030	$	5,936		6,610
Total bonds, notes & other debt instruments (cost: $15,915,000)				17,814

66      American Funds Insurance Series

International Fund (continued)

	Shares		Value (000)
Short-term securities 5.08%
Money market investments 5.08%
Capital Group Central Cash Fund 0.12%7,8		5,237,912	$	523,844
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%7,9		13,975,150		13,975
Total short-term securities (cost: $537,755,000)				537,819
Total investment securities 100.65% (cost: $6,919,002,000)				10,659,572
Other assets less liabilities (0.65)%				(68,714	)
Net assets 100.00%			$	10,590,858

Forward currency contracts

Contract amount						Unrealized appreciation
Purchases (000)	Sales (000)		Counterparty	Settlement date		(depreciation) at 12/31/2020 (000)
GBP  18,500		USD  24,992	Citibank		1/11/2021	$	309
USD  24,907		GBP  18,500	Citibank		1/11/2021		(395	)
						$	(86	)

Investments in affiliates⁸

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 4.95%
Money market investments 4.95%
Capital Group Central Cash Fund 0.12%7	$	544,457	$	2,134,592	$	2,155,054	$	36	$	(187	)	$	523,844	$	3,029

¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $8,284,434,000, which represented 78.22% of the net assets of the fund. This amount includes $8,284,428,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

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

³  All or a portion of this security was on loan. The total value of all such securities was $83,899,000, which represented .79% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

⁴  Value determined using significant unobservable inputs.

⁵  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 was $41,615,000, which represented .39% of the net assets of the fund.

⁶  Scheduled interest and/or principal payment was not received.

⁷  Rate represents the seven-day yield at 12/31/2020.

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

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

Key to abbreviations and symbol

ADR = American Depositary Receipts

CAD = Canadian dollars

EUR = Euros

GBP = British pounds

MXN = Mexican pesos

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series      67

New World Fund

Investment portfolio December 31, 2020

Common stocks 89.66%

	Shares		Value (000)
Information technology 18.98%
Microsoft Corp.		410,007	$	91,194
Taiwan Semiconductor Manufacturing Company, Ltd.1		3,960,000		74,375
PagSeguro Digital Ltd., Class A2		1,145,350		65,147
StoneCo Ltd., Class A2		712,435		59,788
Mastercard Inc., Class A		146,107		52,151
PayPal Holdings, Inc.2		204,345		47,858
Keyence Corp.1		68,700		38,663
Broadcom Inc.		86,409		37,834
Adobe Inc.2		67,840		33,928
ASML Holding NV1		62,856		30,376
Cree, Inc.2		253,513		26,847
Silergy Corp.1		307,000		26,319
Samsung Electronics Co., Ltd.1		308,854		23,083
EPAM Systems, Inc.2		52,701		18,885
Kingdee International Software Group Co. Ltd.1		3,135,000		12,866
Accenture PLC, Class A		43,462		11,353
Apple Inc.		82,604		10,961
Visa Inc., Class A		45,355		9,920
Trimble Inc.2		143,946		9,611
Hexagon AB, Class B1		91,408		8,324
Oneconnect Financial Technology Co., Ltd. (ADR)2		417,419		8,227
Tokyo Electron Ltd.1		18,600		6,937
MediaTek Inc.1		259,000		6,917
Edenred SA1		112,405		6,378
Advanced Micro Devices, Inc.2		67,034		6,148
FleetCor Technologies, Inc.2		20,916		5,706
Network International Holdings PLC1,2		1,260,807		5,630
Inphi Corp.2		32,349		5,191
Atlassian Corp. PLC, Class A2		20,258		4,738
Chindata Group Holdings Ltd., Class A (ADR)2		172,368		4,130
Halma PLC1		121,095		4,057
Autodesk, Inc.2		12,375		3,779
NetEase, Inc.1		194,400		3,720
Logitech International SA1		37,097		3,598
Nokia Corp.1,2		802,140		3,059
Micron Technology, Inc.2		39,018		2,933
Cognizant Technology Solutions Corp., Class A		35,343		2,896
ON Semiconductor Corp.2		82,489		2,700
GDS Holdings Ltd., Class A1,2		230,900		2,691
Nice Ltd. (ADR)2		9,355		2,652
Aspen Technology, Inc.2		19,209		2,502
Elastic NV, non-registered shares2		15,997		2,338
Globant SA2		10,638		2,315
Amphenol Corp., Class A		16,828		2,201
Hamamatsu Photonics KK1		30,700		1,758
SAP SE1		12,349		1,623
TravelSky Technology Ltd., Class H1		664,000		1,602
KLA Corp.		5,692		1,474
Hangzhou Hikvision Digital Technology Co., Ltd., Class A1		193,443		1,438
Intel Corp.		28,781		1,434
CMC Materials, Inc.		8,338		1,261
VeriSign, Inc.2		5,316		1,150
Amadeus IT Group SA, Class A, non-registered shares1		14,929		1,081
Vontier Corp.2		31,087		1,038
Coforge Ltd.1		20,580		765
				805,550
Consumer discretionary 14.40%
MercadoLibre, Inc.2		53,020		88,820
Alibaba Group Holding Ltd.1,2		2,075,204		60,633
LVMH Moët Hennessy-Louis Vuitton SE1		57,683		36,042
Delivery Hero SE1,2		228,670		35,492

68      American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer discretionary (continued)
Naspers Ltd., Class N1		129,169	$	26,437
General Motors Company		531,686		22,139
Galaxy Entertainment Group Ltd.1		2,777,000		21,600
Hermès International1		19,805		21,297
Meituan, Class B1,2		523,802		20,034
Kering SA1		26,627		19,358
XPeng Inc., Class A (ADR)2,3		434,541		18,611
EssilorLuxottica1		106,218		16,565
Evolution Gaming Group AB1		158,058		16,025
JD Health International Inc.1,2		710,150		13,741
adidas AG1,2		32,858		11,961
Cie. Financière Richemont SA, Class A1		115,827		10,466
Sony Corp.1		103,800		10,436
NIKE, Inc., Class B		71,017		10,047
Booking Holdings Inc.2		4,420		9,845
Gree Electric Appliances, Inc. of Zhuhai, Class A1		895,846		8,504
Li Ning Co. Ltd.1		1,231,501		8,484
Pop Mart International Group Ltd.1,2		778,200		8,166
Melco Resorts & Entertainment Ltd. (ADR)		411,713		7,637
IDP Education Ltd.1		418,781		6,415
Jumbo SA1		362,261		6,308
Astra International Tbk PT1		14,461,800		6,211
YUM! Brands, Inc.		52,525		5,702
Wyndham Hotels & Resorts, Inc.		95,196		5,659
Marriott International, Inc., Class A		42,036		5,545
JD.com, Inc., Class A1,2		120,550		5,309
Zhongsheng Group Holdings Ltd.1		683,500		4,873
Midea Group Co., Ltd., Class A1		307,835		4,642
Fast Retailing Co., Ltd.1		4,900		4,397
Suzuki Motor Corp.1		86,400		4,011
Wynn Macau, Ltd.1,2		2,336,800		3,929
Ferrari NV1		14,576		3,371
China MeiDong Auto Holdings Ltd.1		816,000		3,318
Prosus NV1		30,717		3,304
Industria de Diseño Textil, SA1		101,889		3,244
Samsonite International SA1,2		1,787,100		3,175
Allegro.eu1,2		136,887		3,111
Maruti Suzuki India Ltd.1		28,401		2,980
Domino’s Pizza, Inc.		7,473		2,866
Flutter Entertainment PLC (GBP denominated)1		12,491		2,586
Hyundai Motor Co.1		12,662		2,246
Shangri-La Asia Ltd.1,2		2,212,000		1,973
Aptiv PLC		14,036		1,829
InterContinental Hotels Group PLC1,2		26,077		1,694
Airbnb, Inc., Class A2		10,563		1,551
Lojas Americanas SA, ordinary nominative		384,328		1,513
Entain PLC1,2		94,780		1,471
Peugeot SA1,2		39,005		1,068
Vivo Energy PLC1		919,486		1,063
Dada Nexus Ltd. (ADR)2,3		25,200		920
Levi Strauss & Co., Class A		45,515		914
Wynn Resorts, Ltd.		7,397		835
Bayerische Motoren Werke AG1		6,118		540
				610,913
Health care 12.35%
Zai Lab Ltd. (ADR)2		384,191		51,996
Thermo Fisher Scientific Inc.		83,711		38,991
WuXi Biologics (Cayman) Inc.1,2		2,647,600		35,266
Carl Zeiss Meditec AG, non-registered shares1		205,241		27,310
WuXi AppTec Co., Ltd., Class A1		871,716		17,996
WuXi AppTec Co., Ltd., Class H1		459,100		9,020

American Funds Insurance Series      69

New World Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care (continued)
AstraZeneca PLC1		232,864	$	23,265
Notre Dame Intermédica Participações SA		1,465,403		22,102
Abbott Laboratories		200,515		21,954
BioMarin Pharmaceutical Inc.2		179,080		15,704
PerkinElmer, Inc.		107,200		15,383
Asahi Intecc Co., Ltd.1		412,600		15,062
bioMérieux SA1		95,915		13,526
Jiangsu Hengrui Medicine Co., Ltd., Class A1		779,198		13,311
BeiGene, Ltd. (ADR)2		46,796		12,091
BeiGene, Ltd.1,2		54,000		1,086
CSL Ltd.1		57,968		12,666
Pharmaron Beijing Co., Ltd., Class H1		431,200		7,308
Pharmaron Beijing Co., Ltd., Class A1		265,800		4,894
Aier Eye Hospital Group Co., Ltd., Class A1		1,033,827		11,841
Yunnan Baiyao Group Co., Ltd., Class A1		679,100		11,826
Koninklijke Philips NV (EUR denominated)1,2		205,320		10,988
Shionogi & Co., Ltd.1		179,300		9,801
Olympus Corp.1		440,900		9,651
Novo Nordisk A/S, Class B1		111,509		7,800
Hypera SA, ordinary nominative		1,156,915		7,629
Hugel, Inc.1,2		43,840		7,585
CanSino Biologics Inc., Class H1,2		323,600		7,406
Straumann Holding AG1		6,192		7,211
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A1		346,233		6,802
Pfizer Inc.		171,061		6,297
Hangzhou Tigermed Consulting Co., Ltd., Class A1		227,271		5,632
Teva Pharmaceutical Industries Ltd. (ADR)2		573,624		5,536
Novartis AG1		55,224		5,216
Zoetis Inc., Class A		31,037		5,137
Alibaba Health Information Technology Ltd.1,2		1,650,600		4,898
Hikma Pharmaceuticals PLC1		135,368		4,663
Medtronic PLC		39,620		4,641
Danaher Corp.		20,736		4,606
HOYA Corp.1		27,600		3,815
Baxter International Inc.		47,480		3,810
Alcon Inc.1,2		55,002		3,672
Grifols, SA, Class A, non-registered shares1		84,195		2,458
Grifols, SA, Class B (ADR)		30,657		565
Mettler-Toledo International Inc.2		1,661		1,893
Lupin Ltd.1		140,828		1,885
OdontoPrev SA, ordinary nominative		554,693		1,554
Viatris Inc.2		21,294		399
NMC Health PLC1,2,4		49,400		1
				524,149
Financials 11.00%
Kotak Mahindra Bank Ltd.1,2		2,768,189		75,756
AIA Group Ltd.1		4,488,200		55,284
HDFC Bank Ltd.1,2		2,384,834		46,976
HDFC Bank Ltd. (ADR)2		76,097		5,499
B3 SA - Brasil, Bolsa, Balcao		2,627,316		31,351
Société Générale1,2		1,218,593		25,386
XP Inc., Class A2		480,952		19,079
Bajaj Finance Ltd.1		261,996		19,028
Capitec Bank Holdings Ltd.1,2		185,645		18,091
Sberbank of Russia PJSC (ADR)1		1,012,500		14,596
Sberbank of Russia PJSC (ADR)		226,687		3,287
Ping An Insurance (Group) Company of China, Ltd., Class H1		1,371,300		16,844
Ping An Insurance (Group) Company of China, Ltd., Class A1		36,100		480
UniCredit SpA1,2		1,762,672		16,312
HDFC Life Insurance Company Ltd.1,2		1,109,818		10,295
ICICI Bank Ltd. (ADR)2		495,101		7,357

70      American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Financials (continued)
ICICI Bank Ltd.1,2		384,782	$	2,825
Moody’s Corp.		31,860		9,247
Banco Bilbao Vizcaya Argentaria, SA1		1,830,437		8,973
Hong Kong Exchanges and Clearing Ltd.1		153,700		8,454
S&P Global Inc.		22,691		7,459
Discovery Ltd.1		565,192		5,849
Bajaj Finserv Ltd.1		45,189		5,518
Fairfax Financial Holdings Ltd., subordinate voting shares		15,658		5,337
TCS Group Holding PLC (GDR)1,5		140,222		4,584
TCS Group Holding PLC (GDR)1		1,553		51
Bank Central Asia Tbk PT1		1,879,300		4,528
Lufax Holding Ltd. (ADR)2		291,670		4,142
China Merchants Bank Co., Ltd., Class H1		605,500		3,845
UBS Group AG1		225,557		3,155
AU Small Finance Bank Ltd.1,2		259,859		3,050
Moscow Exchange MICEX-RTS PJSC1		1,404,664		3,031
Eurobank Ergasias Services and Holdings SA1,2		4,206,715		2,978
PICC Property and Casualty Co. Ltd., Class H1		3,623,000		2,745
Alpha Bank SA1,2		2,100,154		2,453
Chubb Ltd.		15,529		2,390
The People’s Insurance Co. (Group) of China Ltd., Class H1		6,833,000		2,171
Axis Bank Ltd.1,2		219,958		1,872
BB Seguridade Participações SA		273,314		1,559
Bank of the Philippine Islands1		839,100		1,424
Kasikornbank PCL, foreign registered1		345,200		1,318
Banco Santander México, SA, Institución de Banca Múltiple, Grupo Financiero Santander México, Class B2		1,278,484		1,305
Credicorp Ltd.		4,951		812
				466,696
Communication services 8.28%
Tencent Holdings Ltd.1		1,058,700		77,356
Sea Ltd., Class A (ADR)2		259,149		51,584
Facebook, Inc., Class A2		183,040		49,999
Alphabet Inc., Class C2		22,802		39,946
Alphabet Inc., Class A2		3,487		6,112
Netflix, Inc.2		48,388		26,165
Yandex NV, Class A2		283,230		19,707
América Móvil, SAB de CV, Series L (ADR)		1,066,269		15,504
Electronic Arts Inc.		92,639		13,303
Activision Blizzard, Inc.		126,033		11,702
Bharti Airtel Ltd.1		892,598		6,239
Indus Towers Ltd.1		1,872,343		5,909
Vodafone Group PLC1		3,261,452		5,367
JOYY Inc., Class A (ADR)		53,334		4,266
Bilibili Inc., Class Z (ADR)2		47,070		4,035
MTN Group Ltd.1		943,276		3,868
China Tower Corp. Ltd., Class H1		23,738,000		3,494
SoftBank Group Corp.1		39,400		3,086
Informa PLC1		186,868		1,404
JCDecaux SA1,2		48,473		1,107
Telkom Indonesia (Persero) Tbk PT, Class B1		4,360,300		1,029
				351,182
Materials 5.95%
Vale SA, ordinary nominative		1,721,168		28,977
Vale SA, ordinary nominative (ADR)		1,497,718		25,102
First Quantum Minerals Ltd.		1,278,353		22,948
Sika AG1		70,329		19,200
Asian Paints Ltd.1		499,171		18,927
Freeport-McMoRan Inc.		394,687		10,270
Shin-Etsu Chemical Co., Ltd.1		56,900		9,961

American Funds Insurance Series      71

New World Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Materials (continued)
Rio Tinto PLC1		106,811	$	7,992
Linde PLC		29,913		7,882
LANXESS AG1		98,732		7,571
Koninklijke DSM NV1		39,449		6,796
Givaudan SA1		1,578		6,647
AngloGold Ashanti Ltd. (ADR)		210,144		4,753
AngloGold Ashanti Ltd.1		70,895		1,621
Gerdau SA (ADR)		1,298,914		6,066
Shree Cement Ltd.1		18,011		5,933
Arkema SA1		44,846		5,126
BHP Group PLC1		192,429		5,071
CCL Industries Inc., Class B, nonvoting shares		93,655		4,252
Umicore SA1		87,348		4,196
Air Liquide SA, non-registered shares1		25,294		4,151
Akzo Nobel NV1		36,592		3,931
Loma Negra Compania Industrial Argentina SA (ADR)		599,550		3,687
BASF SE1		45,331		3,580
Alrosa PJSC1		2,643,724		3,515
Barrick Gold Corp.		142,586		3,248
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A1		546,193		3,242
Chr. Hansen Holding A/S1,2		27,666		2,847
SIG Combibloc Group AG1		122,353		2,834
Huntsman Corp.		103,725		2,608
Turquoise Hill Resources Ltd.2		156,812		1,948
Turquoise Hill Resources Ltd. (CAD denominated)2		49,730		618
Amcor PLC (CDI)1		162,847		1,934
Celanese Corp.		14,743		1,916
Dow Inc.		32,269		1,791
Asahi Kasei Corp.1		130,400		1,341
				252,482
Industrials 5.91%
Shanghai International Airport Co., Ltd., Class A1		2,560,277		29,634
Airbus SE, non-registered shares1,2		244,231		26,829
Safran SA1,2		162,243		23,009
CCR SA, ordinary nominative		8,621,584		22,358
Wizz Air Holdings PLC1,2		220,032		13,742
IMCD NV1		99,924		12,696
International Container Terminal Services, Inc.1		4,297,260		11,054
DSV Panalpina A/S1		64,161		10,738
SMC Corp.1		16,500		10,077
Rumo SA2		2,191,897		8,119
Nidec Corp.1		56,800		7,157
TransDigm Group Inc.2		11,118		6,880
Ryanair Holdings PLC (ADR)2		52,278		5,750
Fortive Corp.		76,735		5,434
Daikin Industries, Ltd.1		23,300		5,189
Han’s Laser Technology Industry Group Co., Ltd., Class A1		771,125		5,053
Airports of Thailand PCL, foreign registered1		2,363,200		4,872
Spirax-Sarco Engineering PLC1		28,754		4,444
Centre Testing International Group Co., Ltd.1		1,056,096		4,427
Copa Holdings, SA, Class A		48,964		3,782
Jardine Matheson Holdings Ltd.1		59,000		3,305
Guangzhou Baiyun International Airport Co. Ltd., Class A1		1,501,303		3,245
Epiroc AB, Class B1		178,529		3,025
A-Living Smart City Services Co., Ltd., Class H1		659,500		2,938
Boeing Company		11,550		2,472
ABB Ltd.1		83,200		2,327
Komatsu Ltd.1		81,500		2,233
Experian PLC1		56,793		2,164
Air Lease Corp., Class A		43,452		1,930
Hefei Meyer Optoelectronic Technology Inc., Class A1		254,600		1,728

72      American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Industrials (continued)
Atlas Copco AB, Class B1		37,156	$	1,669
Havells India Ltd.1		126,664		1,589
Carrier Global Corp.		23,873		901
				250,770
Consumer staples 5.71%
Kweichow Moutai Co., Ltd., Class A1		253,607		77,500
Nestlé SA1		162,495		19,130
Foshan Haitian Flavouring and Food Co. Ltd., Class A1		597,861		18,388
Nongfu Spring Co., Ltd., Class H1,2,3		2,018,605		14,354
Anheuser-Busch InBev SA/NV1		176,745		12,351
Carlsberg A/S, Class B1		55,396		8,881
Raia Drogasil SA, ordinary nominative		1,594,597		7,687
Pernod Ricard SA1		39,282		7,530
Avenue Supermarts Ltd.1,2		142,505		5,389
Mondelez International, Inc.		85,994		5,028
Reckitt Benckiser Group PLC1		53,352		4,772
Fomento Económico Mexicano, SAB de CV		618,449		4,672
Unilever PLC1		76,805		4,623
British American Tobacco PLC1		117,770		4,380
United Spirits Ltd.1,2		535,599		4,246
Wal-Mart de México, SAB de CV, Series V		1,351,284		3,801
Shiseido Company, Ltd.1		50,800		3,524
Inner Mongolia Yili Industrial Group Co., Ltd., Class A1		513,300		3,488
ITC Ltd.1		1,169,574		3,350
Heineken NV1		27,072		3,019
Kimberly-Clark de México, SAB de CV, Class A		1,647,040		2,813
Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd., Class A1		266,585		2,725
Constellation Brands, Inc., Class A		11,586		2,538
Uni-Charm Corp.1		52,100		2,472
L’Oréal SA, non-registered shares1		6,491		2,466
Kirin Holdings Company, Ltd.1		89,700		2,118
Herbalife Nutrition Ltd.2		41,972		2,017
Japan Tobacco Inc.1,3		97,300		1,983
Colgate-Palmolive Company		18,811		1,609
Danone SA1		21,048		1,383
McCormick & Co., Inc., nonvoting shares		13,126		1,255
JBS SA, ordinary nominative		259,002		1,180
Chengdu Hongqi Chain Co., Ltd.1		1,109,901		1,124
Diageo PLC1		11,617		459
				242,255
Energy 3.77%
Reliance Industries Ltd.1		2,911,135		79,302
Reliance Industries Ltd., interim shares1		152,741		2,343
Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR)		3,866,812		43,424
Royal Dutch Shell PLC, Class B1		446,106		7,686
Rosneft Oil Company PJSC (GDR)1		1,301,724		7,340
New Fortress Energy Inc., Class A		96,956		5,196
Gazprom PJSC (ADR)1		780,774		4,341
Schlumberger Ltd.		172,397		3,763
Total SE1,3		74,483		3,213
Chevron Corp.		31,798		2,685
United Tractors Tbk PT1		326,800		620
				159,913
Real estate 1.68%
American Tower Corp. REIT		45,257		10,158
Shimao Services Holdings Ltd.1,2		6,203,187		9,570
ESR Cayman Ltd.1,2		2,262,400		8,131
CK Asset Holdings Ltd.1		1,249,500		6,427
BR Malls Participacoes SA, ordinary nominative2		3,304,622		6,298

American Funds Insurance Series      73

New World Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Real estate (continued)
Ayala Land, Inc.1		6,681,900	$	5,691
KE Holdings Inc., Class A (ADR)2		87,058		5,358
CIFI Holdings (Group) Co. Ltd.1		5,873,674		4,981
Embassy Office Parks REIT1		939,200		4,435
Shimao Group Holdings Ltd.1		1,282,000		4,099
China Overseas Land & Investment Ltd.1		1,464,500		3,186
Longfor Group Holdings Ltd.1		495,000		2,907
				71,241
Utilities 1.63%
ENN Energy Holdings Ltd.1		1,619,800		23,776
China Gas Holdings Ltd.1		5,533,000		22,061
AES Corp.		345,838		8,127
China Resources Gas Group Ltd.1		1,092,000		5,808
Enel SpA1		515,991		5,211
Engie SA1,2		275,227		4,214
				69,197
Total common stocks (cost: $2,195,857,000)				3,804,348
Preferred securities 1.14%
Industrials 0.31%
Azul SA, preferred nominative (ADR)2,3		357,605		8,161
GOL Linhas Aéreas Inteligentes SA, preferred nominative2		847,943		4,071
GOL Linhas Aéreas Inteligentes SA, preferred nominative (ADR)2		72,525		712
				12,944
Materials 0.29%
Gerdau SA, preferred nominative		2,652,635		12,487
Consumer discretionary 0.22%
Volkswagen AG, nonvoting preferred shares1		35,834		6,676
Lojas Americanas SA, preferred nominative		489,555		2,478
				9,154
Health care 0.10%
Grifols, SA, Class B, nonvoting preferred, non-registered shares1		235,609		4,389
Consumer staples 0.07%
Henkel AG & Co. KGaA, nonvoting preferred shares1		27,859		3,139
Information technology 0.07%
Samsung Electronics Co., Ltd., nonvoting preferred shares1		44,182		2,999
Energy 0.05%
Petróleo Brasileiro SA (Petrobras), preferred nominative (ADR)		101,360		1,121
Petróleo Brasileiro SA (Petrobras), preferred nominative		182,615		997
				2,118
Financials 0.03%
Itaúsa SA, preferred nominative		525,633		1,187
Real estate 0.00%
Ayala Land, Inc., preferred shares1,2,4		15,000,000		—	6
Total preferred securities (cost: $30,866,000)				48,417

74      American Funds Insurance Series

New World Fund (continued)

Rights & warrants 0.27%

	Shares		Value (000)
Consumer staples 0.25%
Foshan Haitian Flavouring and Food Co., Ltd., Class A, warrants, expire 20221,5		336,160	$	10,339
Health care 0.02%
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expire 20211,5		54,200		621
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expire 20211,2,5		21,625		244
				865
Consumer discretionary 0.00%
Cie. Financière Richemont SA, Class A, warrants, expire 20232		144,354		37
Total rights & warrants (cost: $3,236,000)				11,241
Convertible bonds & notes 0.00%
	Principal amount (000)
Health care 0.00%
BioMarin Pharmaceutical Inc., convertible bonds, 1.25% 20275	$	114		120
Total convertible bonds & notes (cost: $121,000)				120
Bonds, notes & other debt instruments 2.83%
Bonds & notes of governments & government agencies outside the U.S. 2.47%
Abu Dhabi (Emirate of) 2.50% 20295		1,900		2,055
Abu Dhabi (Emirate of) 1.70% 20315		455		456
Angola (Republic of) 9.50% 2025		800		833
Angola (Republic of) 8.25% 2028		200		192
Angola (Republic of) 8.00% 20295		2,800		2,639
Angola (Republic of) 8.00% 2029		200		189
Argentine Republic 1.00% 2029		384		167
Argentine Republic 0.125% 2030 (0.50% on 7/9/2021)7		757		308
Argentine Republic 0.125% 2035 (1.125% on 7/9/2021)7		4,190		1,538
Argentine Republic 0.125% 2038 (2.00% on 7/9/2021)7		1,318		541
Argentine Republic 0.125% 2041 (2.50% on 7/9/2021)7		5,900		2,239
Armenia (Republic of) 7.15% 2025		490		566
Bahrain (Kingdom of) 6.75% 20295		500		576
Belarus (Republic of) 6.875% 2023		1,775		1,860
Belarus (Republic of) 5.875% 2026		230		237
Belarus (Republic of) 7.625% 2027		335		370
Buenos Aires (City of) 8.95% 2021		359		359
Cameroon (Republic of) 9.50% 2025		805		899
Colombia (Republic of) 4.50% 2026		1,250		1,419
Colombia (Republic of) 7.375% 2037		600		878
Colombia (Republic of) 4.125% 2051		350		390
Costa Rica (Republic of) 4.375% 2025		234		219
Costa Rica (Republic of) 6.125% 20315		1,250		1,170
Costa Rica (Republic of) 6.125% 2031		818		766
Costa Rica (Republic of) 7.158% 2045		498		464
Cote d’Ivoire (Republic of) 4.875% 2032	€	150		189
Dominican Republic 9.75% 2026	DOP	18,150		336
Dominican Republic 8.625% 20275	$	575		733
Dominican Republic 11.375% 2029	DOP	12,800		265
Dominican Republic 7.45% 20445	$	1,125		1,458
Dominican Republic 7.45% 2044		1,100		1,426
Dominican Republic 6.85% 2045		100		122
Dominican Republic 5.875% 20605		280		309
Egypt (Arab Republic of) 5.75% 20245		450		483
Egypt (Arab Republic of) 5.625% 2030	€	260		333
Egypt (Arab Republic of) 7.625% 20325	$	1,140		1,294
Egypt (Arab Republic of) 8.50% 2047		1,200		1,364
Egypt (Arab Republic of) 8.15% 20595		900		993

American Funds Insurance Series      75

New World Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Ethiopia (Federal Democratic Republic of) 6.625% 2024	$	1,230	$	1,255
Export-Import Bank of India 3.25% 2030		1,180		1,265
Gabonese Republic 6.375% 2024		2,480		2,589
Guatemala (Republic of) 4.375% 2027		600		668
Honduras (Republic of) 6.25% 2027		1,750		2,032
Honduras (Republic of) 5.625% 20305		200		230
Indonesia (Republic of) 6.625% 2037		700		999
Indonesia (Republic of) 5.25% 2042		840		1,091
Iraq (Republic of) 6.752% 2023		960		941
Jordan (Hashemite Kingdom of) 4.95% 20255		600		639
Jordan (Hashemite Kingdom of) 5.75% 20275		1,530		1,691
Jordan (Hashemite Kingdom of) 5.75% 2027		200		221
Kazakhstan (Republic of) 5.125% 20255		900		1,066
Kazakhstan (Republic of) 6.50% 20455		800		1,294
Kenya (Republic of) 6.875% 20245		900		988
Kenya (Republic of) 8.25% 20485		2,200		2,526
Malaysia (Federation of), Series 0419, 3.828% 2034	MYR	430		114
Malaysia (Federation of), Series 0418, 4.893% 2038		1,150		338
Pakistan (Islamic Republic of) 8.25% 2024	$	500		547
Pakistan (Islamic Republic of) 8.25% 20255		410		453
Pakistan (Islamic Republic of) 6.875% 20275		1,250		1,309
Pakistan (Islamic Republic of) 7.875% 2036		400		415
Panama (Republic of) 3.75% 20265		1,380		1,513
Panama (Republic of) 4.50% 2047		1,155		1,489
Panama (Republic of) 4.50% 2050		400		516
Panama (Republic of) 4.30% 2053		400		510
Paraguay (Republic of) 5.00% 20265		500		588
Paraguay (Republic of) 5.00% 2026		210		247
Paraguay (Republic of) 4.70% 20275		800		938
Paraguay (Republic of) 4.70% 2027		500		586
Paraguay (Republic of) 4.95% 2031		320		388
Peru (Republic of) 6.55% 2037		1,070		1,628
Peru (Republic of) 2.78% 2060		840		849
PETRONAS Capital Ltd. 3.50% 20305		200		230
PETRONAS Capital Ltd. 4.55% 20505		400		536
Philippines (Republic of) 6.375% 2034		820		1,206
Philippines (Republic of) 2.95% 2045		1,220		1,291
PT Indonesia Asahan Aluminium Tbk 6.757% 2048		200		274
Qatar (State of) 4.50% 20285		3,000		3,640
Qatar (State of) 4.50% 2028		1,000		1,213
Romania 2.00% 2032	€	1,510		1,940
Romania 5.125% 20485	$	1,700		2,180
Russian Federation 4.375% 20295		1,000		1,169
Russian Federation 5.10% 2035		1,200		1,520
Russian Federation 5.25% 2047		1,400		1,943
Senegal (Republic of) 4.75% 2028	€	1,100		1,436
Serbia (Republic of) 3.125% 2027		1,020		1,403
South Africa (Republic of) 5.875% 2030	$	2,110		2,396
Sri Lanka (Democratic Socialist Republic of) 5.75% 2022		250		196
Sri Lanka (Democratic Socialist Republic of) 5.875% 2022		1,000		697
Sri Lanka (Democratic Socialist Republic of) 6.125% 2025		410		247
Sri Lanka (Democratic Socialist Republic of) 6.85% 2025		700		426
Sri Lanka (Democratic Socialist Republic of) 6.825% 2026		1,610		934
Sri Lanka (Democratic Socialist Republic of) 7.55% 2030		800		462
Sri Lanka (Democratic Socialist Republic of) 7.55% 20305		500		289
Tunisia (Republic of) 6.75% 2023	€	110		129
Tunisia (Republic of) 5.625% 2024		710		805
Tunisia (Republic of) 5.75% 2025	$	875		801
Turkey (Republic of) 6.375% 2025		475		514
Turkey (Republic of) 11.875% 2030		600		877
Turkey (Republic of) 4.875% 2043		1,295		1,137

76      American Funds Insurance Series

New World Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Turkey (Republic of) 5.75% 2047	$	2,205	$	2,106
Ukraine 7.75% 2027		2,328		2,648
Ukraine 9.75% 2028		700		863
Ukraine 7.375% 2032		2,180		2,402
United Mexican States 3.90% 2025		320		360
United Mexican States 4.50% 2029		1,070		1,258
United Mexican States 4.75% 2032		870		1,049
United Mexican States 4.75% 2044		1,090		1,300
Venezuela (Bolivarian Republic of) 7.00% 20188		64		6
Venezuela (Bolivarian Republic of) 7.75% 20198		1,149		111
Venezuela (Bolivarian Republic of) 6.00% 20208		950		92
Venezuela (Bolivarian Republic of) 12.75% 20228		85		8
Venezuela (Bolivarian Republic of) 9.00% 20238		1,383		134
Venezuela (Bolivarian Republic of) 8.25% 20248		299		29
Venezuela (Bolivarian Republic of) 7.65% 20258		129		13
Venezuela (Bolivarian Republic of) 11.75% 20268		64		6
Venezuela (Bolivarian Republic of) 9.25% 20278		170		17
Venezuela (Bolivarian Republic of) 9.25% 20288		319		31
Venezuela (Bolivarian Republic of) 11.95% 20318		106		10
Venezuela (Bolivarian Republic of) 7.00% 20388		107		10
				104,902
Corporate bonds, notes & loans 0.36%
Energy 0.10%
Oleoducto Central SA 4.00% 20275		255		277
Petrobras Global Finance Co. 5.60% 2031		575		662
Petrobras Global Finance Co. 6.75% 2050		110		137
Petrobras Global Finance Co. 6.85% 2115		314		392
Petróleos Mexicanos 6.875% 20255		624		685
Petróleos Mexicanos 6.875% 2026		755		826
Petróleos Mexicanos 6.49% 2027		910		962
PTT Exploration and Production PCL 2.587% 20275		320		335
				4,276
Financials 0.08%
Bangkok Bank PCL 3.733% 2034 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.90% on 9/25/2029)7		1,140		1,189
HSBK (Europe) BV 7.25% 20215		665		674
Power Financial Corp Ltd. 5.25% 2028		425		491
Power Financial Corp Ltd. 6.15% 2028		432		527
Power Financial Corp Ltd. 4.50% 2029		273		301
				3,182
Utilities 0.06%
AES Panama Generation Holdings SRL 4.375% 20305		280		303
Empresas Publicas de Medellin ESP 4.25% 20295		665		716
Empresas Publicas de Medellin ESP 4.375% 20315		360		387
State Grid Overseas Investment Ltd. 3.50% 20275		900		1,002
State Grid Overseas Investment Ltd. 4.25% 2028		200		234
				2,642
Industrials 0.05%
DP World Crescent 4.848% 20285		835		973
Empresa de Transporte de Pasajeros Metro SA 4.70% 20505		270		340
Mexico City Airport Trust 4.25% 2026		675		716
Mexico City Airport Trust 3.875% 2028		200		207
				2,236

American Funds Insurance Series      77

New World Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services 0.04%
Axiata SPV5 Labuan Ltd. 3.064% 2050	$	357	$	359
PLDT Inc. 2.50% 2031		210		220
Tencent Holdings Ltd. 3.975% 2029		400		456
Tencent Holdings Ltd. 3.24% 20505		580		601
				1,636
Materials 0.02%
Braskem Idesa SAPI 7.45% 2029		775		728
Braskem Idesa SAPI 7.45% 20295		300		282
				1,010
Consumer discretionary 0.01%
Sands China Ltd. 4.375% 20305		220		246
Total corporate bonds, notes & loans				15,228
Total bonds, notes & other debt instruments (cost: $110,988,000)				120,130
Short-term securities 5.62%	Shares
Money market investments 5.62%
Capital Group Central Cash Fund 0.12%9,10		2,244,744		224,497
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%9,11		14,020,660		14,020
Total short-term securities (cost: $238,510,000)				238,517
Total investment securities 99.52% (cost: $2,579,578,000)				4,222,773
Other assets less liabilities 0.48%				20,380
Net assets 100.00%			$	4,243,153

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount12 (000)			Value at 12/31/202013 (000)			Unrealized appreciation (depreciation) at 12/31/2020 (000)
10 Year Ultra U.S. Treasury Note Futures	Short		8	March 2021	$	(800	)	$	(1,251	)	$	3
30 Year Ultra U.S. Treasury Bond Futures	Long		10	March 2021		1,000			2,136			(13	)
											$	(10	)

Forward currency contracts

Contract amount					Unrealized depreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date		at 12/31/2020 (000)
USD             3,404	EUR         2,830	Bank of New York Mellon		1/8/2021	$	(54	)

78      American Funds Insurance Series

New World Fund (continued)

Investments in affiliates¹⁰

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 5.29%
Money market investments 5.29%
Capital Group Central Cash Fund 0.12%9	$	238,673	$	930,010	$	944,104	$	40	$	(122	)	$	224,497	$	1,220

¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $2,245,296,000, which represented 52.92% of the net assets of the fund. This amount includes $2,245,295,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

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

³  All or a portion of this security was on loan. The total value of all such securities was $18,411,000, which represented .43% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

⁴  Value determined using significant unobservable inputs.

⁵  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 was $56,174,000, which represented 1.32% of the net assets of the fund.

⁶  Amount less than one thousand.

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

⁸  Scheduled interest and/or principal payment was not received.

⁹  Rate represents the seven-day yield at 12/31/2020.

¹⁰  Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

¹¹  Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.

¹²  Notional amount is calculated based on the number of contracts and notional contract size.

¹³  Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbols

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

DOP = Dominican pesos

EUR/€ = Euros

GBP = British pounds

GDR = Global Depositary Receipts

MYR = Malaysian ringgits

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series      79

Blue Chip Income and Growth Fund

Investment portfolio December 31, 2020

Common stocks 97.04%

	Shares		Value (000)
Health care 17.33%
Abbott Laboratories		3,362,500	$	368,160
Amgen Inc.		1,258,510		289,357
UnitedHealth Group Inc.		593,400		208,093
AbbVie Inc.		1,890,460		202,563
Gilead Sciences, Inc.		3,005,712		175,113
Teva Pharmaceutical Industries Ltd. (ADR)1		10,333,800		99,721
Medtronic PLC		700,000		81,998
Stryker Corp.		296,800		72,728
Humana Inc.		124,700		51,161
Merck & Co., Inc.		500,000		40,900
Zimmer Biomet Holdings, Inc.		225,000		34,670
PerkinElmer, Inc.		210,400		30,192
GlaxoSmithKline PLC (ADR)		148,000		5,446
				1,660,102
Information technology 17.11%
Microsoft Corp.		2,598,300		577,914
Broadcom Inc.		1,007,100		440,959
Mastercard Inc., Class A		613,600		219,018
Apple Inc.		1,600,000		212,304
SS&C Technologies Holdings, Inc.		1,153,800		83,939
Intel Corp.		1,100,000		54,802
Cognizant Technology Solutions Corp., Class A		486,000		39,828
QUALCOMM Inc.		68,000		10,359
				1,639,123
Industrials 13.56%
CSX Corp.		3,255,142		295,404
Raytheon Technologies Corp.		3,935,100		281,399
General Dynamics Corp.		908,000		135,129
Union Pacific Corp.		565,600		117,769
General Electric Co.		9,974,300		107,722
Carrier Global Corp.		2,549,000		96,148
Illinois Tool Works Inc.		450,000		91,746
Airbus Group SE (ADR)1		2,639,000		72,097
RELX PLC (ADR)		1,225,000		30,209
Stanley Black & Decker, Inc.		136,000		24,284
Otis Worldwide Corp.		277,500		18,745
L3Harris Technologies, Inc.		85,000		16,067
ManpowerGroup Inc.		131,500		11,859
Rolls-Royce Holdings PLC (ADR)2		356,800		564
				1,299,142
Communication services 9.47%
Comcast Corp., Class A		5,789,400		303,364
Facebook, Inc., Class A1		967,600		264,310
Alphabet Inc., Class A1		80,975		141,920
Alphabet Inc., Class C1		3,000		5,256
Netflix, Inc.1		201,800		109,119
Omnicom Group Inc.		1,000,000		62,370
Activision Blizzard, Inc.		113,000		10,492
Electronic Arts Inc.		73,000		10,483
				907,314
Energy 9.05%
EOG Resources, Inc.		4,588,100		228,809
Baker Hughes Co., Class A		10,437,000		217,611
Chevron Corp.		1,099,000		92,811
Diamondback Energy, Inc.		1,320,033		63,890
Royal Dutch Shell PLC, Class B (ADR)		1,839,000		61,809
Pioneer Natural Resources Company		486,800		55,442
Concho Resources Inc.		616,100		35,949

80      American Funds Insurance Series

Blue Chip Income and Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Energy (continued)
Williams Companies, Inc.		1,661,000	$	33,303
Canadian Natural Resources, Ltd.		1,230,250		29,587
TC Energy Corp.		600,000		24,432
Schlumberger Ltd.		1,045,400		22,821
				866,464
Consumer staples 8.16%
Philip Morris International Inc.		3,090,600		255,871
Altria Group, Inc.		2,448,000		100,368
British American Tobacco PLC (ADR)		2,630,706		98,625
Constellation Brands, Inc., Class A		408,300		89,438
Coca-Cola Company		1,250,000		68,550
PepsiCo, Inc.		400,000		59,320
Keurig Dr Pepper Inc.		1,746,500		55,888
Lamb Weston Holdings, Inc.		400,000		31,496
Mondelez International, Inc.		384,000		22,452
				782,008
Consumer discretionary 7.63%
General Motors Company		4,485,500		186,776
Royal Caribbean Cruises Ltd.		1,525,200		113,917
McDonald’s Corp.		500,000		107,290
Starbucks Corp.		608,000		65,044
Lowe’s Companies, Inc.		392,000		62,920
Sony Corp. (ADR)		561,000		56,717
Home Depot, Inc.		150,000		39,843
NIKE, Inc., Class B		225,000		31,831
Hasbro, Inc.		315,000		29,465
Williams-Sonoma, Inc.		273,700		27,874
Darden Restaurants, Inc.		76,000		9,053
				730,730
Financials 6.98%
Citigroup Inc.		2,947,300		181,730
JPMorgan Chase & Co.		1,349,300		171,456
American International Group, Inc.		3,230,000		122,288
Discover Financial Services		920,000		83,288
Franklin Resources, Inc.		1,550,000		38,734
Nasdaq, Inc.		260,000		34,512
PNC Financial Services Group, Inc.		125,300		18,670
CME Group Inc., Class A		96,500		17,568
				668,246
Utilities 3.42%
Public Service Enterprise Group Inc.		1,520,000		88,616
Entergy Corp.		812,300		81,100
DTE Energy Company		421,000		51,114
Sempra Energy		331,000		42,173
American Electric Power Company, Inc.		450,000		37,471
NextEra Energy, Inc.		200,000		15,430
E.ON SE (ADR)		1,090,000		12,055
				327,959
Materials 2.58%
Linde PLC		782,200		206,118
Freeport-McMoRan Inc.		1,565,000		40,721
				246,839

American Funds Insurance Series      81

Blue Chip Income and Growth Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Real estate 1.75%
Crown Castle International Corp. REIT		525,000	$	83,575
Americold Realty Trust REIT		690,000		25,758
Digital Realty Trust, Inc. REIT		177,500		24,763
Alexandria Real Estate Equities, Inc. REIT		98,500		17,555
Equinix, Inc. REIT		22,400		15,997
				167,648
Total common stocks (cost: $6,473,788,000)				9,295,575
Rights & warrants 0.00%
Financials 0.00%
American International Group, Inc., warrants, expire 20211		1,151,554		138
Total rights & warrants (cost: $17,794,000)				138
Convertible stocks 0.90%
Consumer discretionary 0.70%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023		431,213		66,536
Health care 0.20%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20232		8,921		11,607
Danaher Corp., Series A, cumulative convertible preferred shares, 4.75% 2022		4,900		7,437
				19,044
Total convertible stocks (cost: $57,918,000)				85,580
Convertible bonds & notes 0.14%	Principal amount (000)
Consumer discretionary 0.14%
Royal Caribbean Cruises Ltd., convertible notes, 2.875% 20233	$	11,376		13,651
Total convertible bonds & notes (cost: $11,376,000)				13,651
Short-term securities 1.90%	Shares
Money market investments 1.90%
Capital Group Central Cash Fund 0.12%4,5		1,785,145		178,532
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%4,6		3,229,762		3,230
Total short-term securities (cost: $181,729,000)				181,762
Total investment securities 99.98% (cost: $6,742,605,000)				9,576,706
Other assets less liabilities 0.02%				2,360
Net assets 100.00%			$	9,579,066

Investments in affiliates⁵

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 1.86%
Money market investments 1.86%
Capital Group Central Cash Fund 0.12%4	$	312,462	$	1,545,068	$	1,679,415	$	414	$	3	$	178,532	$	2,015

82      American Funds Insurance Series

Blue Chip Income and Growth Fund (continued)

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

²  All or a portion of this security was on loan. The total value of all such securities was $3,447,000, which represented .04% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

³  Acquired in a transaction exempt from registration under Rule 144A 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 $13,651,000, which represented .14% of the net assets of the fund.

⁴  Rate represents the seven-day yield at 12/31/2020.

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

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

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

American Funds Insurance Series      83

Global Growth and Income Fund

Investment portfolio December 31, 2020

Common stocks 94.88%

	Shares		Value (000)
Information technology 18.51%
Taiwan Semiconductor Manufacturing Company, Ltd.1		4,709,800	$	88,457
Broadcom Inc.		155,700		68,173
Apple Inc.		423,960		56,255
Microsoft Corp.		213,200		47,420
ASML Holding NV1		70,000		33,828
Tokyo Electron Ltd.1		49,000		18,276
Afterpay Ltd.1,2		184,495		16,914
GoDaddy Inc., Class A2		142,000		11,779
Fiserv, Inc.2		88,000		10,020
Advanced Micro Devices, Inc.2		98,400		9,024
NetEase, Inc.1		420,800		8,052
PagSeguro Digital Ltd., Class A2		130,000		7,395
Texas Instruments Inc.		40,000		6,565
Murata Manufacturing Co., Ltd.1		67,000		6,034
MediaTek Inc.1		194,000		5,181
SAP SE1		34,500		4,534
Atlassian Corp. PLC, Class A2		19,200		4,490
				402,397
Financials 15.82%
Société Générale1,2		2,306,018		48,040
Fannie Mae2		16,006,000		38,254
Sberbank of Russia PJSC (ADR)1		2,177,000		31,383
HDFC Bank Ltd.1,2		1,166,577		22,979
Discover Financial Services		249,000		22,542
AIA Group Ltd.1		1,590,000		19,585
Toronto-Dominion Bank (CAD denominated)		320,492		18,108
B3 SA - Brasil, Bolsa, Balcao		1,500,000		17,899
UniCredit SpA1,2		1,686,696		15,608
DBS Group Holdings Ltd.1		805,000		15,226
Macquarie Group Ltd.1		142,118		15,186
Ping An Insurance (Group) Company of China, Ltd., Class H1		1,195,000		14,678
CME Group Inc., Class A		70,000		12,744
JPMorgan Chase & Co.		92,000		11,690
The Blackstone Group Inc., Class A		136,700		8,860
HDFC Life Insurance Company Ltd.1,2		773,990		7,180
Barclays PLC1,2		3,365,000		6,754
Zurich Insurance Group AG1		14,000		5,934
BB Seguridade Participações SA		997,600		5,691
Truist Financial Corp.		116,550		5,586
				343,927
Industrials 11.32%
Airbus SE, non-registered shares1,2		607,200		66,700
CCR SA, ordinary nominative		18,355,800		47,602
Lockheed Martin Corp.		66,000		23,429
Safran SA1,2		123,500		17,515
Honeywell International Inc.		71,700		15,251
Illinois Tool Works Inc.		54,000		11,009
Rheinmetall AG1		98,800		10,441
VAT Group AG1		35,200		8,773
Boeing Company		35,500		7,599
CSX Corp.		73,000		6,625
Experian PLC1		171,000		6,516
Watsco, Inc.		23,500		5,324
Union Pacific Corp.		24,400		5,081
PACCAR Inc.		58,600		5,056
Aeroflot - Russian Airlines PJSC1,2		3,920,000		3,773
Seven Group Holdings Ltd.1		180,000		3,244
International Consolidated Airlines Group SA (CDI)1,2		1,035,000		2,265
				246,203

84      American Funds Insurance Series

Global Growth and Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care 9.11%
Novartis AG1		337,000	$	31,830
UnitedHealth Group Inc.		86,300		30,264
Sarepta Therapeutics, Inc.2		94,500		16,111
Abbott Laboratories		125,000		13,686
Hikma Pharmaceuticals PLC1		340,000		11,712
Allogene Therapeutics, Inc.2		461,000		11,636
Centene Corp.2		186,000		11,166
HOYA Corp.1		76,700		10,602
DexCom, Inc.2		23,700		8,762
AstraZeneca PLC1		83,000		8,292
CSL Ltd.1		35,200		7,691
Eli Lilly and Company		45,000		7,598
Gilead Sciences, Inc.		130,000		7,574
Insulet Corp.2		28,300		7,234
CVS Health Corp.		95,000		6,489
Pfizer Inc.		104,000		3,828
Regeneron Pharmaceuticals, Inc.2		7,650		3,696
				198,171
Consumer discretionary 9.09%
LVMH Moët Hennessy-Louis Vuitton SE1		74,096		46,298
Flutter Entertainment PLC (EUR denominated)1		126,077		25,825
Home Depot, Inc.		81,000		21,515
General Motors Company		400,000		16,656
Alibaba Group Holding Ltd.1,2		522,600		15,269
Li Ning Co. Ltd.1		1,685,000		11,608
Amazon.com, Inc.2		3,005		9,787
Aston Martin Lagonda Global Holdings PLC1,2		267,252		7,360
NIKE, Inc., Class B		51,800		7,328
Tesla, Inc.2		9,000		6,351
Restaurant Brands International Inc. (CAD denominated)		103,600		6,335
Gentex Corp.		166,000		5,632
Naspers Ltd., Class N1		27,000		5,526
Melco Resorts & Entertainment Ltd. (ADR)		297,000		5,509
lululemon athletica inc.2		9,800		3,411
Strategic Education, Inc.		34,000		3,241
				197,651
Communication services 7.63%
Alphabet Inc., Class A2		21,800		38,208
Alphabet Inc., Class C2		7,000		12,263
Comcast Corp., Class A		546,000		28,610
Facebook, Inc., Class A2		65,000		17,755
Warner Music Group Corp., Class A		419,376		15,932
Walt Disney Company2		67,000		12,139
Activision Blizzard, Inc.		101,000		9,378
SoftBank Corp.1		663,800		8,322
New York Times Co., Class A		160,000		8,283
Tencent Holdings Ltd.1		100,000		7,307
Koninklijke KPN NV1		1,528,000		4,633
Netflix, Inc.2		5,500		2,974
				165,804
Utilities 6.03%
Ørsted AS1		189,456		38,748
Enel SpA1		3,539,000		35,738
Dominion Energy, Inc.		150,000		11,280
E.ON SE1		1,015,000		11,241
China Resources Gas Group Ltd.1		1,778,000		9,457
National Grid PLC1		750,000		8,933

American Funds Insurance Series      85

Global Growth and Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Utilities (continued)
Brookfield Infrastructure Partners LP		170,000	$	8,411
American Electric Power Company, Inc.		72,700		6,054
Brookfield Infrastructure Corp., Class A, subordinate voting shares		18,888		1,368
				131,230
Materials 5.75%
Vale SA, ordinary nominative		1,409,600		23,732
Vale SA, ordinary nominative (ADR)		385,600		6,463
BHP Group PLC1		870,000		22,928
Koninklijke DSM NV1		96,800		16,675
Fortescue Metals Group Ltd.1		915,000		16,544
Evonik Industries AG1		375,000		12,217
Shin-Etsu Chemical Co., Ltd.1		63,000		11,029
Eastman Chemical Company		68,000		6,819
Air Products and Chemicals, Inc.		18,700		5,109
Lynas Rare Earths Ltd.1,2		1,180,000		3,624
				125,140
Energy 4.63%
Reliance Industries Ltd.1		1,606,099		43,752
Reliance Industries Ltd., interim shares1		107,073		1,642
Canadian Natural Resources, Ltd. (CAD denominated)		904,000		21,725
EOG Resources, Inc.		350,000		17,454
Gazprom PJSC (ADR)1		2,141,000		11,902
Total SE1,3		95,600		4,124
				100,599
Consumer staples 4.47%
Nestlé SA1		298,275		35,116
Keurig Dr Pepper Inc.		405,000		12,960
ITC Ltd.1		3,410,972		9,769
British American Tobacco PLC1		252,000		9,373
Pernod Ricard SA1		35,000		6,709
Philip Morris International Inc.		80,000		6,623
Altria Group, Inc.		145,000		5,945
Mondelez International, Inc.		72,000		4,210
Reckitt Benckiser Group PLC1		42,000		3,756
Beyond Meat, Inc.2,3		21,500		2,688
				97,149
Real estate 2.52%
Mindspace Business Parks REIT1,2		2,124,800		9,308
Mindspace Business Parks REIT1,2,4		1,309,000		5,619
Alexandria Real Estate Equities, Inc. REIT		75,000		13,367
Prologis, Inc. REIT		90,000		8,969
Iron Mountain Inc. REIT		219,200		6,462
Longfor Group Holdings Ltd.1		1,025,000		6,020
CIFI Holdings (Group) Co. Ltd.1		5,910,000		5,011
				54,756
Total common stocks (cost: $1,313,317,000)				2,063,027
Bonds, notes & other debt instruments 1.58%
	Principal amount (000)
Corporate bonds, notes & loans 1.58%
Communication services 1.58%
Sprint Corp. 7.25% 2021	$	33,000		34,378
Total bonds, notes & other debt instruments (cost: $32,569,000)				34,378

86      American Funds Insurance Series

Global Growth and Income Fund (continued)

Short-term securities 3.35%

	Shares		Value (000)
Money market investments 3.35%
Capital Group Central Cash Fund 0.12%5,6		664,822	$	66,489
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%5,7		6,440,115		6,440
Total short-term securities (cost: $72,921,000)				72,929
Total investment securities 99.81% (cost: $1,418,807,000)				2,170,334
Other assets less liabilities 0.19%				4,116
Net assets 100.00%			$	2,174,450

Investments in affiliates⁶

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 3.06%
Money market investments 3.06%
Capital Group Central Cash Fund 0.12%5	$	28,561	$	583,471	$	545,530	$	51	$	(64	)	$	66,489	$	578

¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,044,566,000, which represented 48.04% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

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

³  All or a portion of this security was on loan. The total value of all such securities was $6,890,000, which represented .32% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

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 was $5,619,000, which represented .26% of the net assets of the fund.

⁵  Rate represents the seven-day yield at 12/31/2020.

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

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

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

See notes to financial statements.

American Funds Insurance Series      87

Growth-Income Fund

Investment portfolio December 31, 2020

Common stocks 96.33%

	Shares		Value (000)
Information technology 19.97%
Microsoft Corp.		10,689,658	$	2,377,594
Broadcom Inc.		2,735,734		1,197,841
Mastercard Inc., Class A		1,692,300		604,049
Accenture PLC, Class A		991,200		258,911
Intel Corp.		4,856,300		241,941
Visa Inc., Class A		1,093,800		239,247
Taiwan Semiconductor Manufacturing Company, Ltd.1		10,147,000		190,576
Adobe Inc.2		360,100		180,093
Apple Inc.		1,220,400		161,935
Autodesk, Inc.2		530,000		161,830
ServiceNow, Inc.2		280,100		154,175
QUALCOMM Inc.		1,007,952		153,551
Automatic Data Processing, Inc.		845,000		148,889
ASML Holding NV (New York registered) (ADR)		147,800		72,085
ASML Holding NV1		140,000		67,657
Ceridian HCM Holding Inc.2		1,240,574		132,196
StoneCo Ltd., Class A2		1,285,500		107,879
Global Payments Inc.		498,100		107,301
CDK Global, Inc.		2,042,800		105,878
Cognizant Technology Solutions Corp., Class A		1,219,000		99,897
Samsung Electronics Co., Ltd.1		1,110,000		82,958
MKS Instruments, Inc.		481,000		72,366
Fidelity National Information Services, Inc.		504,200		71,324
Euronet Worldwide, Inc.2		491,600		71,243
PayPal Holdings, Inc.2		298,500		69,909
Concentrix Corp.2		641,935		63,359
Fiserv, Inc.2		536,700		61,109
Atlassian Corp. PLC, Class A2		247,800		57,953
NetApp, Inc.		873,100		57,834
Micron Technology, Inc.2		760,600		57,182
Amphenol Corp., Class A		386,000		50,477
FleetCor Technologies, Inc.2		167,000		45,563
SAP SE1		239,500		31,472
Applied Materials, Inc.		337,400		29,118
Trimble Inc.2		413,300		27,596
Teradata Corp.2		1,056,057		23,730
Vontier Corp.2		434,000		14,496
VeriSign, Inc.2		61,000		13,200
GoDaddy Inc., Class A2		143,400		11,895
Analog Devices, Inc.		75,000		11,080
				7,687,389
Communication services 15.48%
Facebook, Inc., Class A2		7,410,800		2,024,334
Alphabet Inc., Class C2		336,784		590,005
Alphabet Inc., Class A2		308,780		541,180
Netflix, Inc.2		1,952,025		1,055,518
Comcast Corp., Class A		15,095,800		791,020
Charter Communications, Inc., Class A2		443,970		293,708
Electronic Arts Inc.		1,168,000		167,725
Verizon Communications Inc.		2,665,513		156,599
ViacomCBS Inc., Class B		2,666,983		99,372
Tencent Holdings Ltd.1		1,295,500		94,659
Cable One, Inc.		33,300		74,183
Vodafone Group PLC1		20,000,000		32,913
Activision Blizzard, Inc.		262,939		24,414
Fox Corp., Class A		473,666		13,793
				5,959,423

88      American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care 14.22%
UnitedHealth Group Inc.		2,609,900	$	915,240
Abbott Laboratories		6,645,169		727,580
Gilead Sciences, Inc.		9,502,600		553,621
Amgen Inc.		1,909,500		439,032
Merck & Co., Inc.		3,038,880		248,580
Thermo Fisher Scientific Inc.		392,000		182,586
AstraZeneca PLC1		1,451,800		145,048
AstraZeneca PLC (ADR)		721,200		36,053
Seagen Inc.2		871,319		152,603
Daiichi Sankyo Company, Ltd.1		4,176,000		143,155
AbbVie Inc.		1,296,036		138,870
PRA Health Sciences, Inc.2		1,023,500		128,388
Royalty Pharma PLC, Class A		2,557,706		128,013
Novo Nordisk A/S, Class B1		1,611,056		112,686
Chugai Pharmaceutical Co., Ltd.1		2,105,700		112,421
Anthem, Inc.		342,000		109,813
GlaxoSmithKline PLC1		5,827,300		106,774
Eli Lilly and Company		625,800		105,660
Medtronic PLC		860,000		100,740
Novartis AG1		1,066,059		100,690
PerkinElmer, Inc.		596,500		85,598
Baxter International Inc.		995,800		79,903
Allakos Inc.2		511,000		71,540
Ultragenyx Pharmaceutical Inc.2		508,100		70,336
Galapagos NV1,2		268,105		26,381
Galapagos NV (ADR)2,3		209,697		20,756
Zimmer Biomet Holdings, Inc.		305,670		47,101
Vertex Pharmaceuticals Inc.2		192,000		45,377
Incyte Corp.2		473,200		41,159
NovoCure Ltd.2		193,600		33,501
Roche Holding AG, nonvoting, non-registered shares1		93,081		32,477
Allogene Therapeutics, Inc.2		1,258,500		31,764
Edwards Lifesciences Corp.2		330,750		30,174
AmerisourceBergen Corp.		283,400		27,705
Humana Inc.		65,300		26,791
Stryker Corp.		106,535		26,105
Biohaven Pharmaceutical Holding Co. Ltd.2		259,600		22,250
Karuna Therapeutics, Inc.2		215,600		21,903
Cigna Corp.		59,413		12,369
GoodRx Holdings, Inc., Class A2		243,100		9,807
Cortexyme, Inc.2		258,690		7,186
Vir Biotechnology, Inc.2,3		258,400		6,920
Bluebird Bio, Inc.2		109,400		4,734
Agios Pharmaceuticals, Inc.2		89,350		3,871
				5,473,261
Financials 10.23%
JPMorgan Chase & Co.		4,105,630		521,702
Intercontinental Exchange, Inc.		3,183,555		367,032
CME Group Inc., Class A		1,779,800		324,013
Aon PLC, Class A		1,214,800		256,651
Marsh & McLennan Companies, Inc.		2,162,201		252,978
PNC Financial Services Group, Inc.		1,587,422		236,526
State Street Corp.		3,126,915		227,577
Nasdaq, Inc.		1,609,900		213,698
Chubb Ltd.		1,239,153		190,730
Moody’s Corp.		640,058		185,770
BlackRock, Inc.		180,700		130,382
Travelers Companies, Inc.		906,955		127,309
S&P Global Inc.		342,408		112,560
Bank of New York Mellon Corp.		2,299,000		97,570
American International Group, Inc.		2,572,000		97,376

American Funds Insurance Series      89

Growth-Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Financials (continued)
KeyCorp		4,886,953	$	80,195
Arthur J. Gallagher & Co.		617,000		76,329
Power Corp. of Canada, subordinate voting shares3		2,625,000		60,279
B3 SA - Brasil, Bolsa, Balcao		5,032,000		60,045
London Stock Exchange Group PLC1		424,000		52,264
Citizens Financial Group, Inc.		1,457,453		52,119
Charles Schwab Corp.		879,000		46,622
Discover Financial Services		478,900		43,355
Truist Financial Corp.		870,732		41,734
Wells Fargo & Company		1,222,300		36,889
Bank of America Corp.		914,300		27,712
UBS Group AG1		1,343,666		18,793
				3,938,210
Industrials 9.50%
CSX Corp.		3,114,900		282,677
Woodward, Inc.		2,204,500		267,913
Carrier Global Corp.		6,668,375		251,531
Norfolk Southern Corp.		946,977		225,011
Northrop Grumman Corp.		733,200		223,421
BWX Technologies, Inc.		3,080,911		185,717
TransDigm Group Inc.2		295,700		182,994
Airbus SE, non-registered shares1,2		1,617,590		177,691
Raytheon Technologies Corp.		2,349,100		167,984
Union Pacific Corp.		746,200		155,374
Meggitt PLC1,2		24,131,952		154,177
Equifax Inc.		777,300		149,895
Waste Connections, Inc.		1,042,100		106,888
Lockheed Martin Corp.		294,900		104,684
Westinghouse Air Brake Technologies Corp.		1,422,942		104,159
Air Lease Corp., Class A		2,097,300		93,162
Waste Management, Inc.		767,700		90,535
L3Harris Technologies, Inc.		443,000		83,736
Old Dominion Freight Line, Inc.		405,000		79,048
Fortive Corp.		1,085,000		76,840
Safran SA1,2		539,713		76,542
General Electric Co.		7,022,250		75,840
General Dynamics Corp.		482,600		71,821
Ryanair Holdings PLC (ADR)2		445,550		49,002
Ryanair Holdings PLC1,2		611,907		12,189
Middleby Corp.2		441,000		56,854
Otis Worldwide Corp.		555,100		37,497
Fastenal Co.		635,000		31,007
ManpowerGroup Inc.		252,000		22,725
Cummins Inc.		100,000		22,710
Caterpillar Inc.		101,600		18,493
Nielsen Holdings PLC		856,400		17,873
				3,655,990
Consumer discretionary 8.11%
Amazon.com, Inc.2		346,130		1,127,321
General Motors Company		7,736,000		322,127
Wyndham Hotels & Resorts, Inc.		3,198,334		190,109
Home Depot, Inc.		623,900		165,720
Royal Caribbean Cruises Ltd.		2,084,381		155,683
Burlington Stores, Inc.2		555,458		145,280
Thor Industries, Inc.		1,289,600		119,920
MercadoLibre, Inc.2		70,000		117,265
Lowe’s Companies, Inc.		666,000		106,900
Booking Holdings Inc.2		47,600		106,018
Flutter Entertainment PLC (GBP denominated)1		387,005		80,125
Chipotle Mexican Grill, Inc.2		53,110		73,648

90      American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer discretionary (continued)
Darden Restaurants, Inc.		600,000	$	71,472
D.R. Horton, Inc.		913,000		62,924
Hasbro, Inc.		600,000		56,124
Wynn Resorts, Ltd.		490,966		55,396
Kering SA1		62,207		45,224
Marriott International, Inc., Class A		250,500		33,046
Aptiv PLC		233,000		30,358
Hilton Worldwide Holdings Inc.		197,720		21,998
YUM! Brands, Inc.		196,630		21,346
Airbnb, Inc., Class A2		99,500		14,607
				3,122,611
Consumer staples 5.06%
Keurig Dr Pepper Inc.		10,220,935		327,070
British American Tobacco PLC1		8,704,673		323,770
Philip Morris International Inc.		3,549,640		293,875
Costco Wholesale Corp.		459,800		173,243
Nestlé SA1		1,227,796		144,547
Lamb Weston Holdings, Inc.		1,506,566		118,627
Carlsberg A/S, Class B1		720,474		115,505
Reckitt Benckiser Group PLC1		1,275,000		114,030
Mondelez International, Inc.		1,676,300		98,013
Clorox Co.		255,000		51,490
Herbalife Nutrition Ltd.2		849,000		40,795
Church & Dwight Co., Inc.		424,500		37,029
General Mills, Inc.		428,800		25,213
Pernod Ricard SA1		117,200		22,466
Constellation Brands, Inc., Class A		100,700		22,058
Anheuser-Busch InBev SA/NV1		281,571		19,677
Kraft Heinz Company		567,200		19,659
				1,947,067
Materials 4.89%
Celanese Corp.		2,593,233		336,965
LyondellBasell Industries NV		2,453,100		224,851
Vale SA, ordinary nominative (ADR)		9,206,039		154,293
Vale SA, ordinary nominative		3,404,848		57,325
Linde PLC		774,300		204,036
Dow Inc.		2,859,700		158,713
Sherwin-Williams Company		162,500		119,423
International Flavors & Fragrances Inc.3		1,075,000		117,003
Freeport-McMoRan Inc.		4,073,000		105,980
Air Products and Chemicals, Inc.		312,100		85,272
Rio Tinto PLC1		1,020,655		76,369
Barrick Gold Corp.		2,373,000		54,057
Mosaic Co.		2,333,266		53,688
PPG Industries, Inc.		295,550		42,624
Centerra Gold Inc.		2,917,909		33,789
DuPont de Nemours Inc.		459,700		32,689
Asahi Kasei Corp.1		2,392,300		24,606
				1,881,683
Energy 3.42%
Canadian Natural Resources, Ltd. (CAD denominated)		10,768,800		258,793
Chevron Corp.		2,670,200		225,498
Enbridge Inc. (CAD denominated)		5,382,362		172,139
EOG Resources, Inc.		3,255,400		162,347
Baker Hughes Co., Class A		5,510,024		114,884
ConocoPhillips		2,307,010		92,257
Equitrans Midstream Corp.		8,547,400		68,721
Schlumberger Ltd.		2,727,900		59,550
Royal Dutch Shell PLC, Class B (ADR)		1,622,300		54,525

American Funds Insurance Series      91

Growth-Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Energy (continued)
Royal Dutch Shell PLC, Class A (ADR)		13,204		$ 464
TC Energy Corp. (CAD denominated)3		1,168,019		47,486
Concho Resources Inc.		653,000		38,103
Exxon Mobil Corp.		500,000		20,610
Tullow Oil PLC1,2		3,674,051		1,473
Weatherford International2		128,424		771
				1,317,621
Utilities 2.89%
Edison International		2,916,721		183,228
CenterPoint Energy, Inc.		6,548,899		141,718
Enel SpA1		13,587,341		137,210
AES Corp.		5,203,200		122,275
Sempra Energy		750,000		95,557
American Electric Power Company, Inc.		1,036,600		86,318
Exelon Corp.		1,576,100		66,543
Endesa, SA1		2,286,838		62,703
PG&E Corp.2		4,171,900		51,982
CMS Energy Corp.		692,700		42,262
Public Service Enterprise Group Inc.		686,500		40,023
Xcel Energy Inc.		423,300		28,221
Entergy Corp.		274,900		27,446
DTE Energy Company		125,900		15,286
E.ON SE1		937,841		10,387
			1,111,159
Real estate 2.56%
Equinix, Inc. REIT		541,418		386,670
Crown Castle International Corp. REIT		1,561,966		248,649
MGM Growth Properties LLC REIT, Class A		3,346,000		104,730
American Tower Corp. REIT		421,300		94,565
Digital Realty Trust, Inc. REIT		645,000		89,984
SBA Communications Corp. REIT		210,000		59,247
				983,845
Total common stocks (cost: $22,668,560,000)				37,078,259
Convertible stocks 0.81%
Health care 0.47%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20233		80,972		105,353
Danaher Corp., Series A, cumulative convertible preferred shares, 4.75% 2022		50,000		75,882
				181,235
Information technology 0.33%
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		88,400		125,746
Industrials 0.01%
Stanley Black & Decker, Inc., convertible preferred shares, 5.25% 2022		35,448		3,965
Consumer discretionary 0.00%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023		675		104
Total convertible stocks (cost: $234,248,000)				311,050

92      American Funds Insurance Series

Growth-Income Fund (continued)

Bonds, notes & other debt instruments 0.12%

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 0.12%
Consumer discretionary 0.09%
Carnival Corp. 11.50% 20234	$	27,790	$	32,174
General Motors Financial Co. 4.30% 2025		160		180
General Motors Financial Co. 5.25% 2026		827		976
				33,330
Energy 0.02%
Weatherford International PLC 8.75% 20244		1,983		1,990
Weatherford International PLC 11.00% 20244		5,280		4,132
				6,122
Industrials 0.01%
Boeing Company 4.875% 2025		4,706		5,367
Total corporate bonds, notes & loans				44,819
Total bonds, notes & other debt instruments (cost: $40,235,000)				44,819
	Shares
Short-term securities 3.06%
Money market investments 3.06%
Capital Group Central Cash Fund 0.12%5,6		10,056,640		1,005,764
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%5,7		174,462,623		174,463
				1,180,227
Total short-term securities (cost: $1,180,023,000)				1,180,227
Total investment securities 100.32% (cost: $24,123,066,000)				38,614,355
Other assets less liabilities (0.32)%				(122,820	)
Net assets 100.00%			$	38,491,535

Investments in affiliates⁶

	Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized depreciation (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)
Common stocks 0.00%
Industrials 0.00%
BWX Technologies, Inc.8	$	336,143	$	16,890	$	138,597	$	(18,623	)	$	(10,096	)	$	—	$	3,020
Short-term securities 2.61%
Money market investments 2.61%
Capital Group Central Cash Fund 0.12%5		1,940,600		5,169,467		6,103,677		262			(888	)		1,005,764		9,905
Total 2.61%							$	(18,361	)	$	(10,984	)	$	1,005,764	$	12,925

¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $2,949,615,000, which represented 7.66% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

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

³  All or a portion of this security was on loan. The total value of all such securities was $188,806,000, which represented .49% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

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 was $38,296,000, which represented .10% of the net assets of the fund.

⁵  Rate represents the seven-day yield at 12/31/2020.

⁶  Affiliate of the fund or part of the same group of investment companies as the fund, in each case as defined under the Investment Company Act of 1940.

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

⁸  Unaffiliated issuer at 12/31/2020.

American Funds Insurance Series      93

Growth-Income Fund (continued)

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

GBP = British pounds

See notes to financial statements.

94      American Funds Insurance Series

International Growth and Income Fund

Investment portfolio December 31, 2020

Common stocks 94.17%

	Shares		Value (000)
Financials 17.86%
HDFC Bank Ltd.1,2		2,457,600	$	48,410
AIA Group Ltd.1		2,338,600		28,806
ING Groep NV1,2		2,789,300		26,424
Zurich Insurance Group AG1		54,100		22,930
DNB ASA1,2		825,000		16,243
B3 SA - Brasil, Bolsa, Balcao		1,302,000		15,536
Sberbank of Russia PJSC (ADR)1		999,000		14,402
IndusInd Bank Ltd.1,2		1,105,000		13,577
Moscow Exchange MICEX-RTS PJSC1		5,665,000		12,224
DBS Group Holdings Ltd.1		558,000		10,555
Banco Santander, SA1,2		3,393,521		10,536
Haci Ömer Sabanci Holding AS1		6,520,900		10,063
Aegon NV1		2,483,308		9,917
Ping An Insurance (Group) Company of China, Ltd., Class H1		690,500		8,481
PICC Property and Casualty Co. Ltd., Class H1		7,905,000		5,989
Great-West Lifeco Inc. (CAD denominated)		248,102		5,916
				260,009
Industrials 12.94%
Shanghai International Airport Co., Ltd., Class A1		3,091,967		35,788
Airbus SE, non-registered shares1,2		246,912		27,123
Ryanair Holdings PLC (ADR)2		179,000		19,686
Singapore Technologies Engineering Ltd1		5,270,000		15,216
SAAB AB, Class B1,2		510,000		14,838
Recruit Holdings Co., Ltd.1		319,900		13,418
Komatsu Ltd.1		445,000		12,194
Alliance Global Group, Inc.1		54,617,900		12,062
Airports of Thailand PCL, foreign registered1		5,250,000		10,824
GT Capital Holdings, Inc.1		797,142		9,715
Aena SME, SA, non-registered shares1,2		52,450		9,159
LIXIL Corp.1		385,000		8,362
				188,385
Communication services 12.10%
SoftBank Corp.1		4,691,700		58,818
SoftBank Group Corp.1		580,800		45,486
Yandex NV, Class A2		470,000		32,702
Tencent Holdings Ltd.1		297,700		21,752
Rightmove PLC1,2		1,290,000		11,488
Bilibili Inc., Class Z (ADR)2,3		69,200		5,932
				176,178
Consumer discretionary 11.91%
LVMH Moët Hennessy-Louis Vuitton SE1		48,000		29,992
Sony Corp.1		265,900		26,734
Taylor Wimpey PLC1,2		10,317,400		23,457
Kering SA1		29,000		21,083
Naspers Ltd., Class N1		95,400		19,526
Flutter Entertainment PLC (GBP denominated)1		73,000		15,114
Alibaba Group Holding Ltd.1,2		442,500		12,929
Galaxy Entertainment Group Ltd.1		1,345,000		10,461
Entain PLC1,2		494,100		7,670
Prosus NV1		59,100		6,357
				173,323
Health care 9.62%
Daiichi Sankyo Company, Ltd.1		1,359,000		46,587
Aier Eye Hospital Group Co., Ltd., Class A1		1,937,655		22,193
Fresenius SE & Co. KGaA1		283,701		13,109
Chugai Pharmaceutical Co., Ltd.1		228,900		12,221
HOYA Corp.1		85,000		11,750
Novartis AG1		113,564		10,726

American Funds Insurance Series      95

International Growth and Income Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Health care (continued)
GlaxoSmithKline PLC1		386,500	$	7,082
Richter Gedeon Nyrt.1		265,232		6,656
Teva Pharmaceutical Industries Ltd. (ADR)2		662,000		6,388
Alcon Inc.1,2		48,672		3,249
NMC Health PLC1,2,4		304,610		4
				139,965
Materials 6.96%
Vale SA, ordinary nominative		1,712,500		28,832
Vale SA, ordinary nominative (ADR)		424,300		7,111
Rio Tinto PLC1		379,300		28,381
Linde PLC		53,000		13,966
Air Liquide SA, non-registered shares1		79,200		12,999
Akzo Nobel NV1		93,955		10,092
				101,381
Consumer staples 6.72%
Imperial Brands PLC1		2,228,016		46,814
Treasury Wine Estates Ltd.1		2,607,742		18,916
Philip Morris International Inc.		140,000		11,591
British American Tobacco PLC1		216,802		8,064
Pernod Ricard SA1		39,400		7,553
Kirin Holdings Company, Ltd.1		209,500		4,946
				97,884
Information technology 5.36%
ASML Holding NV1		47,800		23,100
Nice Ltd. (ADR)2		73,400		20,812
Taiwan Semiconductor Manufacturing Company, Ltd.1		1,010,000		18,969
SUMCO Corp.1		692,000		15,193
				78,074
Utilities 5.20%
E.ON SE1		2,453,000		27,167
ENN Energy Holdings Ltd.1		1,358,000		19,933
Ørsted AS1		63,707		13,030
Iberdrola, SA, non-registered shares1		623,669		8,919
SSE PLC1		325,350		6,706
				75,755
Energy 2.84%
Royal Dutch Shell PLC, Class A (GBP denominated)1		792,000		14,061
Royal Dutch Shell PLC, Class B1		482,000		8,304
Canadian Natural Resources, Ltd. (CAD denominated)		272,500		6,549
Canadian Natural Resources, Ltd.		92,000		2,212
Cenovus Energy Inc.		935,000		5,692
Total SE1,3		104,750		4,519
				41,337
Real estate 2.66%
CK Asset Holdings Ltd.1		2,626,000		13,507
China Resources Mixc Lifestyle Services Ltd.1,2		2,193,461		10,171
Sun Hung Kai Properties Ltd.1		747,000		9,644
China Resources Land Ltd.1		1,308,000		5,420
				38,742
Total common stocks (cost: $998,798,000)				1,371,033

96      American Funds Insurance Series

International Growth and Income Fund (continued)

Preferred securities 1.67%

	Shares		Value (000)
Energy 1.67%
Petróleo Brasileiro SA (Petrobras), preferred nominative (ADR)		1,182,200	$	13,075
Petróleo Brasileiro SA (Petrobras), preferred nominative		2,062,500		11,253
				24,328
Total preferred securities (cost: $16,583,000)				24,328
Rights & warrants 1.05%
Health care 1.05%
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expire 20211,5		958,500		10,978
Aier Eye Hospital Group Co., Ltd., Class A, warrants, expire 20211,2,5		382,799		4,319
Total rights & warrants (cost: $8,134,000)				15,297
Bonds, notes & other debt instruments 0.61%
	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 0.34%
Brazil (Federative Republic of) 10.00% 2025	BRL	22,000		4,900
Corporate bonds, notes & loans 0.27%
Health care 0.27%
Teva Pharmaceutical Finance Co. BV 3.15% 2026	$	1,060		1,021
Teva Pharmaceutical Finance Co. BV 4.10% 2046		1,160		1,035
Valeant Pharmaceuticals International, Inc. 6.125% 20255		1,865		1,924
				3,980
Total bonds, notes & other debt instruments (cost: $9,565,000)				8,880
Short-term securities 2.62%
	Shares
Money market investments 2.62%
Capital Group Central Cash Fund 0.12%6,7		317,516		31,755
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%6,8		6,385,194		6,385
Total short-term securities (cost: $38,133,000)				38,140
Total investment securities 100.12% (cost: $1,071,213,000)				1,457,678
Other assets less liabilities (0.12)%				(1,795	)
Net assets 100.00%			$	1,455,883

Investments in affiliates⁷    

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 2.18%
Money market investments 2.18%
Capital Group Central Cash Fund 0.12%6	$	128,026	$	424,730	$	520,991	$	29	$	(39	)	$	31,755	$	543

American Funds Insurance Series      97

International Growth and Income Fund (continued)

¹ Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,203,405,000, which represented 82.66% of the net assets of the fund. This amount includes $1,203,401,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

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

³ All or a portion of this security was on loan. The total value of all such securities was $6,820,000, which represented .47% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

⁴ Value determined using significant unobservable inputs.

⁵ 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 was $17,221,000, which represented 1.18% of the net assets of the fund.

⁶ Rate represents the seven-day yield at 12/31/2020.

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

BRL = Brazilian reais

CAD = Canadian dollars

GBP = British pounds

See notes to financial statements.

98      American Funds Insurance Series

Capital Income Builder

Investment portfolio December 31, 2020

Common stocks 73.08%

	Shares		Value (000)
Financials 13.08%
Zurich Insurance Group AG1		31,951	$	13,542
JPMorgan Chase & Co.		93,281		11,853
Toronto-Dominion Bank (CAD denominated)		177,227		10,014
Münchener Rückversicherungs-Gesellschaft AG1		32,434		9,606
Ping An Insurance (Group) Company of China, Ltd., Class H1		519,000		6,375
Ping An Insurance (Group) Company of China, Ltd., Class A1		67,300		895
Truist Financial Corp.		146,476		7,021
CME Group Inc., Class A		37,418		6,812
Hong Kong Exchanges and Clearing Ltd.1		107,600		5,918
PNC Financial Services Group, Inc.		38,822		5,784
DBS Group Holdings Ltd.1		258,926		4,898
Power Corp. of Canada, subordinate voting shares		200,855		4,612
Principal Financial Group, Inc.		89,574		4,444
Great-West Lifeco Inc. (CAD denominated)		179,325		4,276
State Street Corp.		56,582		4,118
Citizens Financial Group, Inc.		99,875		3,572
American International Group, Inc.		78,458		2,970
Kaspi.kz JSC1,2,3		42,503		2,855
Kaspi.kz JSC (GDR)1,2		528		35
Royal Bank of Canada		34,719		2,853
China Pacific Insurance (Group) Co., Ltd., Class H1		672,000		2,639
KeyCorp		159,523		2,618
Citigroup Inc.		34,320		2,116
East West Bancorp, Inc.		41,043		2,081
Moscow Exchange MICEX-RTS PJSC1		879,942		1,899
Travelers Companies, Inc.		13,301		1,867
Sberbank of Russia PJSC (ADR)1		124,715		1,798
DNB ASA1,2		89,834		1,769
AIA Group Ltd.1		109,200		1,345
U.S. Bancorp		27,892		1,300
National Bank of Canada (Canada)		21,800		1,227
BOC Hong Kong (Holdings) Ltd.1		401,500		1,220
BNP Paribas SA1,2		21,885		1,154
Tryg A/S1		32,699		1,031
Franklin Resources, Inc.		36,936		923
PICC Property and Casualty Co. Ltd., Class H1		1,170,000		887
Everest Re Group, Ltd.		3,444		806
Banco Santander, SA1,2		256,104		795
Banca Mediolanum SpA1,2		79,459		688
B3 SA - Brasil, Bolsa, Balcao		51,891		619
Marsh & McLennan Companies, Inc.		5,080		594
China Merchants Bank Co., Ltd., Class H1		92,000		584
Euronext NV1		3,260		359
Wells Fargo & Company		9,632		291
The Blackstone Group Inc., Class A		2,897		188
UBS Group AG1		12,103		169
TISCO Financial Group PCL, foreign registered1		31,200		93
				143,513
Information technology 9.11%
Broadcom Inc.		85,538		37,453
Microsoft Corp.		80,505		17,906
Taiwan Semiconductor Manufacturing Company, Ltd.1		710,800		13,350
Vanguard International Semiconductor Corp.1		1,036,700		4,296
International Business Machines Corp.		29,876		3,761
Intel Corp.		70,500		3,512
NetApp, Inc.		51,604		3,418
Globalwafers Co., Ltd.1		111,000		2,809
Paychex, Inc.		30,081		2,803
Western Union Company		127,630		2,800
QUALCOMM Inc.		14,936		2,275
KLA Corp.		8,387		2,172

American Funds Insurance Series      99

Capital Income Builder (continued)

Common stocks (continued)

	Shares		Value (000)
Information technology (continued)
Apple Inc.		11,238	$	1,491
Texas Instruments Inc.		6,003		985
Tokyo Electron Ltd.1		2,300		858
				99,889
Consumer staples 9.03%
Philip Morris International Inc.		310,514		25,706
British American Tobacco PLC1		439,883		16,361
Coca-Cola Company		141,409		7,755
Altria Group, Inc.		157,834		6,471
General Mills, Inc.		103,684		6,097
Nestlé SA1		49,230		5,796
Unilever PLC1		77,436		4,661
Imperial Brands PLC1		204,285		4,292
Carlsberg A/S, Class B1		25,128		4,029
Danone SA1		48,065		3,159
Kraft Heinz Company		54,961		1,905
Anheuser-Busch InBev SA/NV1		25,927		1,812
ITC Ltd.1		581,859		1,667
Kirin Holdings Company, Ltd.1		63,700		1,504
Kimberly-Clark Corp.		10,979		1,480
Keurig Dr Pepper Inc.		43,352		1,387
Japan Tobacco Inc.1,4		62,300		1,270
Reckitt Benckiser Group PLC1		14,019		1,254
Vector Group Ltd.		102,492		1,194
Procter & Gamble Company		4,639		645
PepsiCo, Inc.		3,593		533
Treasury Wine Estates Ltd.1		13,106		95
Convenience Retail Asia Ltd.1		510,000		39
				99,112
Health care 8.92%
AbbVie Inc.		195,093		20,904
Amgen Inc.		79,926		18,377
GlaxoSmithKline PLC1		894,600		16,392
Gilead Sciences, Inc.		263,841		15,371
Novartis AG1		111,820		10,561
Merck & Co., Inc.		52,966		4,333
AstraZeneca PLC1		36,532		3,650
Roche Holding AG, nonvoting, non-registered shares1		7,659		2,672
Abbott Laboratories		23,690		2,594
Royalty Pharma PLC, Class A		33,980		1,701
Eli Lilly and Company		5,814		982
UnitedHealth Group Inc.		811		284
				97,821
Utilities 8.26%
E.ON SE1		1,163,311		12,884
Iberdrola, SA, non-registered shares1		883,550		12,636
Dominion Energy, Inc.		125,783		9,459
Enel SpA1		707,229		7,142
Duke Energy Corp.		75,190		6,884
DTE Energy Company		55,834		6,779
National Grid PLC1		527,889		6,287
SSE PLC1		182,254		3,756
Southern Co.		56,300		3,459
Consolidated Edison, Inc.		42,140		3,045
Exelon Corp.		58,099		2,453
Naturgy Energy Group, SA1		95,933		2,239
Power Grid Corp. of India Ltd.1		707,310		1,844
EDP - Energias de Portugal, SA1		237,733		1,498
Endesa, SA1		54,319		1,489

100      American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)

	Shares		Value (000)
Utilities (continued)
Public Service Enterprise Group Inc.		21,289	$	1,241
AES Corp.		51,108		1,201
Infratil Ltd.1		177,514		932
Centrica PLC1,2		1,385,547		884
China Gas Holdings Ltd.1		218,200		870
Power Assets Holdings Ltd.1		134,500		730
Engie SA1,2		43,725		670
Sempra Energy		3,323		423
Ratch Group PCL, foreign registered1		239,000		421
Keppel Infrastructure Trust1		1,021,236		421
CLP Holdings Ltd.1		44,000		407
Guangdong Investment Ltd.1		222,000		401
NextEra Energy, Inc.		1,367		106
				90,561
Real estate 5.64%
Crown Castle International Corp. REIT		124,703		19,851
Digital Realty Trust, Inc. REIT		62,741		8,753
Link Real Estate Investment Trust REIT1		528,018		4,811
VICI Properties Inc. REIT		180,807		4,611
CK Asset Holdings Ltd.1		683,000		3,513
Gaming and Leisure Properties, Inc. REIT		82,780		3,510
Federal Realty Investment Trust REIT		32,070		2,730
Longfor Group Holdings Ltd.1		394,500		2,317
TAG Immobilien AG1		70,512		2,229
Charter Hall Group REIT1		160,868		1,826
MGM Growth Properties LLC REIT, Class A		50,154		1,570
American Tower Corp. REIT		4,721		1,060
Embassy Office Parks REIT1		223,400		1,055
Mindspace Business Parks REIT1,2		115,800		507
Mindspace Business Parks REIT1,2,3		110,400		474
Americold Realty Trust REIT		25,291		944
Sun Hung Kai Properties Ltd.1		61,755		797
China Overseas Land & Investment Ltd.1		215,000		468
Ventas, Inc. REIT		6,719		329
China Resources Land Ltd.1		72,000		298
AvalonBay Communities, Inc. REIT		1,264		203
				61,856
Communication services 5.11%
Verizon Communications Inc.		169,518		9,959
BCE Inc.		186,983		7,996
SoftBank Corp.1		573,300		7,187
Comcast Corp., Class A		129,064		6,763
Koninklijke KPN NV1		1,905,767		5,778
Nippon Telegraph and Telephone Corp.1		141,600		3,631
HKT Trust and HKT Ltd., units1		2,729,240		3,543
Vodafone Group PLC1		1,455,807		2,396
AT&T Inc.		59,287		1,705
TELUS Corp.		75,253		1,490
Indus Towers Ltd.1		362,801		1,145
ITV PLC1,2		755,275		1,104
HKBN Ltd.1		466,500		722
KT Corp. (ADR)		65,529		721
ProSiebenSat.1 Media SE1,2		38,716		651
Omnicom Group Inc.		10,004		624
Lumen Technologies, Inc.		39,066		381
Zegona Communications PLC1		190,674		274
				56,070

American Funds Insurance Series      101

Capital Income Builder (continued)

Common stocks (continued)

	Shares		Value (000)
Energy 4.55%
Chevron Corp.		145,007	$	12,246
TC Energy Corp. (CAD denominated)		168,661		6,857
TC Energy Corp.		50,505		2,056
Enbridge Inc. (CAD denominated)		205,928		6,586
Canadian Natural Resources, Ltd. (CAD denominated)		216,326		5,199
Total SE1,4		81,796		3,528
ConocoPhillips		73,490		2,939
Royal Dutch Shell PLC, Class B1		150,315		2,590
Royal Dutch Shell PLC, Class B (ADR)		8,064		271
EOG Resources, Inc.		54,719		2,729
BP PLC1		719,280		2,478
Equitrans Midstream Corp.		199,833		1,606
Gazprom PJSC (ADR)1		113,653		632
Exxon Mobil Corp.		4,511		186
				49,903
Industrials 4.27%
Raytheon Technologies Corp.		140,295		10,032
United Parcel Service, Inc., Class B		38,043		6,406
VINCI SA1		38,230		3,804
Singapore Technologies Engineering Ltd1		1,141,700		3,296
BOC Aviation Ltd.1		378,700		3,275
Caterpillar Inc.		14,767		2,688
Deutsche Post AG1		45,308		2,242
Trinity Industries, Inc.		81,264		2,145
RELX PLC1		75,368		1,854
Cía. de Distribución Integral Logista Holdings, SA, non-registered shares1		76,271		1,479
Stanley Black & Decker, Inc.		7,147		1,276
Union Pacific Corp.		6,033		1,256
BAE Systems PLC1		162,460		1,087
ABB Ltd.1		36,607		1,024
CCR SA, ordinary nominative		320,739		832
ComfortDelGro Corp., Ltd.1		643,200		813
Lockheed Martin Corp.		2,118		752
ALD SA1		52,301		735
Cummins Inc.		2,832		643
Melrose Industries PLC1,2		200,791		490
General Dynamics Corp.		2,392		356
Honeywell International Inc.		1,235		263
L3Harris Technologies, Inc.		655		124
				46,872
Materials 3.88%
Dow Inc.		143,551		7,967
Rio Tinto PLC1		93,848		7,022
BHP Group PLC1		250,488		6,601
LyondellBasell Industries NV		54,261		4,974
Vale SA, ordinary nominative		100,331		1,689
Vale SA, ordinary nominative (ADR)		87,319		1,464
Fortescue Metals Group Ltd.1		138,322		2,501
Evonik Industries AG1		74,726		2,435
Nutrien Ltd.		30,705		1,479
BASF SE1		18,013		1,422
Asahi Kasei Corp.1		121,900		1,254
Amcor PLC (CDI)1		90,984		1,081
Celanese Corp.		6,820		886
Nexa Resources SA4		49,159		474
CRH PLC1		9,678		409

102      American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)

	Shares		Value (000)
Materials (continued)
Linde PLC		1,401	$	369
WestRock Co.		7,219		314
Air Products and Chemicals, Inc.		704		192
				42,533
Consumer discretionary 1.23%
McDonald’s Corp.		10,713		2,299
Kering SA1		2,740		1,992
Hasbro, Inc.		17,740		1,659
Sands China Ltd.1		290,000		1,275
Home Depot, Inc.		4,332		1,151
Gree Electric Appliances, Inc. of Zhuhai, Class A1		109,338		1,038
LVMH Moët Hennessy-Louis Vuitton SE1		1,515		946
Taylor Wimpey PLC1,2		307,380		699
Starbucks Corp.		5,854		626
VF Corp.		6,812		582
Industria de Diseño Textil, SA1		15,355		489
YUM! Brands, Inc.		3,958		430
Cie. Financière Richemont SA, Class A1		3,565		322
				13,508
Total common stocks (cost: $658,866,000)				801,638
Preferred securities 0.18%
Information technology 0.18%
Samsung Electronics Co., Ltd., nonvoting preferred shares1		29,272		1,987
Total preferred securities (cost: $1,093,000)				1,987
Rights & warrants 0.00%
Consumer discretionary 0.00%
Cie. Financière Richemont SA, Class A, warrants, expire 20232		7,130		2
Total rights & warrants (cost: $0)				2
Convertible stocks 1.26%
Utilities 0.57%
Sempra Energy, Series A, convertible preferred shares, 6.00% 2021		17,965		1,792
NextEra Energy, Inc., convertible preferred units, 4.872% 2022		29,485		1,745
Dominion Energy, Inc., Series A, convertible preferred shares, 7.25% 2022		16,000		1,605
American Electric Power Company, Inc., convertible preferred units, 6.125% 2023		15,148		767
American Electric Power Company, Inc., convertible preferred shares, 6.125% 2022		6,400		321
				6,230
Information technology 0.35%
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		2,746		3,906
Health care 0.21%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20234		1,745		2,270
Industrials 0.10%
Stanley Black & Decker, Inc., convertible preferred shares, 5.25% 20224		10,100		1,130

American Funds Insurance Series      103

Capital Income Builder (continued)

Convertible stocks (continued)

	Shares		Value (000)
Consumer discretionary 0.03%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023		1,948	$	301
Total convertible stocks (cost: $11,489,000)				13,837
Convertible bonds & notes 0.07%
	Principal amount (000)
Consumer discretionary 0.07%
Carnival Corp., convertible notes, 5.75% 20233	$	110		261
Royal Caribbean Cruises Ltd., convertible notes, 4.25% 20233		392		523
				784
Total convertible bonds & notes (cost: $540,000)				784
Bonds, notes & other debt instruments 20.79%
U.S. Treasury bonds & notes 9.20%
U.S. Treasury 8.40%
U.S. Treasury 0.125% 2022		20,800		20,806
U.S. Treasury 0.125% 2022		9,600		9,601
U.S. Treasury 0.125% 2022		5,850		5,851
U.S. Treasury 0.125% 2022		2,600		2,600
U.S. Treasury 0.125% 2022		2,500		2,501
U.S. Treasury 0.25% 2025		7,612		7,582
U.S. Treasury 0.375% 2025		907		910
U.S. Treasury 0.375% 2025		850		851
U.S. Treasury 2.00% 20255		10,000		10,773
U.S. Treasury 1.875% 2026		6,300		6,795
U.S. Treasury 2.00% 20265		2,800		3,047
U.S. Treasury 0.50% 2027		2,900		2,892
U.S. Treasury 0.875% 2030		3,154		3,142
U.S. Treasury 1.125% 20405		2,400		2,278
U.S. Treasury 1.375% 20505		13,332		12,475
				92,104
U.S. Treasury inflation-protected securities 0.80%
U.S. Treasury Inflation-Protected Security 0.125% 20256		4,133		4,445
U.S. Treasury Inflation-Protected Security 0.125% 20306		2,226		2,484
U.S. Treasury Inflation-Protected Security 0.25% 20505,6		1,544		1,840
				8,769
Total U.S. Treasury bonds & notes				100,873
Corporate bonds, notes & loans 5.98%
Health care 0.87%
Abbott Laboratories 3.75% 2026		240		281
AbbVie Inc. 2.95% 2026		369		409
AbbVie Inc. 4.25% 2049		92		116
Amgen Inc. 3.375% 2050		150		168
AstraZeneca PLC 3.375% 2025		200		225
Becton, Dickinson and Company 3.70% 2027		930		1,067
Boston Scientific Corp. 2.65% 2030		250		268
Centene Corp. 4.625% 2029		530		589
Centene Corp. 3.375% 2030		179		189
Novartis Capital Corp. 1.75% 2025		208		218
Novartis Capital Corp. 2.00% 2027		120		128
Partners HealthCare System, Inc. 3.192% 2049		210		232
Pfizer Inc. 2.70% 2050		425		457
Regeneron Pharmaceuticals, Inc. 1.75% 2030		54		53
Regeneron Pharmaceuticals, Inc. 2.80% 2050		109		106
Shire PLC 3.20% 2026		182		204
Takeda Pharmaceutical Company, Ltd. 4.40% 2023		1,330		1,475
Tenet Healthcare Corp. 7.50% 20253		325		356

104      American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Teva Pharmaceutical Finance Co. BV 6.00% 2024	$	700	$	744
Teva Pharmaceutical Finance Co. BV 3.15% 2026		1,375		1,324
Teva Pharmaceutical Finance Co. BV 4.10% 2046		300		268
Thermo Fisher Scientific Inc. 4.497% 2030		95		119
UnitedHealth Group Inc. 2.375% 2024		35		37
UnitedHealth Group Inc. 4.45% 2048		170		235
Upjohn Inc. 2.70% 20303		83		88
Upjohn Inc. 3.85% 20403		32		36
Upjohn Inc. 4.00% 20503		70		80
				9,472
Energy 0.82%
Apache Corp. 4.25% 2030		385		405
Baker Hughes, a GE Co. 4.08% 2047		37		42
BP Capital Markets America Inc. 3.633% 2030		360		419
BP Capital Markets America Inc. 2.772% 2050		90		89
BP Capital Markets America Inc. 2.939% 2051		80		82
Canadian Natural Resources Ltd. 3.85% 2027		185		208
Canadian Natural Resources Ltd. 2.95% 2030		83		89
Canadian Natural Resources Ltd. 4.95% 2047		91		115
Cenovus Energy Inc. 5.40% 2047		75		88
Cheniere Energy, Inc. 3.70% 2029		252		281
Concho Resources Inc. 4.30% 2028		210		248
Enbridge Energy Partners, LP 7.375% 2045		37		56
Energy Transfer Operating, LP 5.00% 2050		361		391
Energy Transfer Partners, LP 5.30% 2047		60		67
Energy Transfer Partners, LP 6.00% 2048		161		192
Energy Transfer Partners, LP 6.25% 2049		150		181
Enterprise Products Operating LLC 3.20% 2052		24		24
EQT Corp. 5.00% 2029		35		37
Equinor ASA 2.375% 2030		365		391
Exxon Mobil Corp. 2.995% 2039		200		217
Exxon Mobil Corp. 3.452% 2051		72		82
Kinder Morgan, Inc. 5.05% 2046		925		1,134
MPLX LP 5.50% 2049		625		823
ONEOK, Inc. 3.10% 2030		42		45
ONEOK, Inc. 4.95% 2047		51		57
ONEOK, Inc. 5.20% 2048		184		215
ONEOK, Inc. 7.15% 2051		97		134
Pemex Project Funding Master Trust, Series 13, 6.625% 2035		150		149
Petrobras Global Finance Co. 5.60% 2031		150		173
Petróleos Mexicanos 7.69% 2050		75		76
Pioneer Natural Resources Company 1.90% 2030		163		162
Plains All American Pipeline, LP 3.80% 2030		11		12
Sabine Pass Liquefaction, LLC 4.50% 20303		215		255
Shell International Finance BV 2.00% 2024		420		443
Total Capital International 2.434% 2025		175		187
Total Capital International 3.127% 2050		250		271
TransCanada PipeLines Ltd. 4.10% 2030		205		242
TransCanada PipeLines Ltd. 5.10% 2049		425		569
Williams Companies, Inc. 3.50% 2030		216		245
Williams Partners LP 6.30% 2040		95		126
				9,022
Financials 0.82%
Allstate Corp. 3.85% 2049		170		214
American International Group, Inc. 4.375% 2050		250		327
AON Corp. 2.20% 2022		249		258
Bank of America Corp. 0.81% 2024 (USD-SOFR + 0.74% on 10/24/2023)7		150		151
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)7		1,125		1,140

American Funds Insurance Series      105

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Citigroup Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)7	$	540	$	576
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)3,7		500		589
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)7		150		154
Goldman Sachs Group, Inc. 3.50% 2025		177		197
Goldman Sachs Group, Inc. 2.60% 2030		400		431
Hartford Financial Services Group, Inc. 2.80% 2029		300		326
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)7		500		532
HSBC Holdings PLC 3.973% 2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)7		250		289
JPMorgan Chase & Co. 1.764% 2031 (USD-SOFR + 1.05% on 11/19/2030)7		120		121
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)7		475		511
JPMorgan Chase & Co. 2.525% 2041 (USD-SOFR + 1.51% on 11/19/2040)7		75		77
JPMorgan Chase & Co. 3.109% 2051 (USD-SOFR + 3.109% on 4/22/2050)7		241		268
Lloyds Banking Group PLC 3.87% 2025 (UST Yield Curve Rate T Note Constant Maturity 1-year + 3.50% on 7/9/2024)7		390		430
MetLife, Inc. 4.55% 2030		190		238
Metropolitan Life Global Funding I 1.95% 20233		380		392
Mitsubishi UFJ Financial Group, Inc. 3.195% 2029		290		327
Morgan Stanley 3.70% 2024		260		290
Morgan Stanley 1.794% 2032 (USD-SOFR + 1.034% on 2/13/2031)7		100		101
Morgan Stanley 5.597% 2051 (USD-SOFR + 4.84% on 3/24/2050)7		115		185
Navient Corp. 5.00% 2027		150		152
New York Life Global Funding 3.00% 20283		150		168
New York Life Insurance Company 3.75% 20503		62		74
Travelers Companies, Inc. 4.10% 2049		130		171
Wells Fargo & Company 4.60% 2021		300		303
				8,992
Communication services 0.77%
Alphabet Inc. 2.05% 2050		80		76
AT&T Inc. 2.25% 2032		75		76
AT&T Inc. 3.50% 2041		75		81
AT&T Inc. 3.50% 20533		624		624
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 20273		235		250
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031		158		167
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20313		360		380
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20323		950		1,016
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2049		65		79
CCO Holdings LLC and CCO Holdings Capital Corp. 3.70% 2051		100		104
CenturyLink, Inc. 7.50% 2024		300		340
Comcast Corp. 3.75% 2040		138		166
Comcast Corp. 2.80% 2051		200		208
Discovery Communications, Inc. 4.65% 2050		139		174
NBCUniversal Enterprise, Inc., junior subordinated, 5.25% 20493		630		643
Sprint Corp. 11.50% 2021		1,425		1,549
Sprint Corp. 6.875% 2028		325		429
T-Mobile US, Inc. 3.875% 20303		625		725
T-Mobile US, Inc. 3.00% 20413		100		104
T-Mobile US, Inc. 3.30% 20513		186		192
Verizon Communications Inc. 4.329% 2028		192		231
Verizon Communications Inc. 3.875% 2029		25		30
Verizon Communications Inc. 4.016% 2029		215		255
Verizon Communications Inc. 1.75% 2031		98		98
Verizon Communications Inc. 2.875% 2050		125		126
Vodafone Group PLC 4.25% 2050		75		93
Walt Disney Co. 4.625% 2040		120		160
				8,376

106      American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities 0.67%
AEP Transmission Co. LLC 3.15% 2049	$	60	$	67
AEP Transmission Co. LLC 3.80% 2049		45		56
AEP Transmission Co. LLC 3.65% 2050		75		91
American Electric Power Company, Inc. 3.65% 2021		300		309
American Electric Power Company, Inc. 1.00% 2025		25		25
CenterPoint Energy, Inc. 2.95% 2030		345		376
Connecticut Light and Power Co. 3.20% 2027		445		500
Consumers Energy Co. 3.10% 2050		159		184
Duke Energy Florida, LLC 2.50% 2029		430		470
Edison International 3.55% 2024		375		404
Edison International 5.75% 2027		158		189
Edison International 4.125% 2028		332		370
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)7		120		140
Evergy Metro, Inc. 2.25% 2030		125		132
FirstEnergy Corp. 3.90% 2027 (4.40% on 1/16/2021)7		50		55
FirstEnergy Corp. 2.25% 2030		162		157
FirstEnergy Corp. 2.65% 2030		493		495
Jersey Central Power & Light Co. 4.30% 20263		115		129
NSTAR Electric Co. 3.95% 2030		50		61
Pacific Gas and Electric Co. 2.95% 2026		97		103
Pacific Gas and Electric Co. 3.75% 2028		105		115
Pacific Gas and Electric Co. 4.65% 2028		284		325
Pacific Gas and Electric Co. 2.50% 2031		450		451
Pacific Gas and Electric Co. 3.30% 2040		100		100
Pacific Gas and Electric Co. 3.50% 2050		325		324
Public Service Company of Colorado 3.80% 2047		20		25
San Diego Gas & Electric Co. 3.75% 2047		227		266
San Diego Gas & Electric Co. 4.10% 2049		115		144
Southern California Edison Co. 4.125% 2048		235		281
Southern California Edison Co. 3.65% 2050		298		339
Southern California Edison Co., Series C, 3.60% 2045		256		284
Virginia Electric and Power Co. 2.45% 2050		25		25
Xcel Energy Inc. 2.60% 2029		175		189
Xcel Energy Inc. 3.50% 2049		145		170
				7,351
Consumer discretionary 0.63%
Amazon.com, Inc. 2.50% 2050		75		78
Amazon.com, Inc. 2.70% 2060		30		32
Bayerische Motoren Werke AG 4.15% 20303		290		351
Carnival Corp. 11.50% 20233		775		897
Carnival Corp. 10.50% 20263		165		192
Ford Motor Co. 9.625% 2030		50		71
General Motors Company 5.95% 2049		90		122
Home Depot, Inc. 3.35% 2050		350		417
PetSmart, Inc. 7.125% 20233		125		125
Royal Caribbean Cruises Ltd. 10.875% 20233		600		684
Royal Caribbean Cruises Ltd. 11.50% 20253		1,210		1,416
Toyota Motor Credit Corp. 2.15% 2022		505		521
Toyota Motor Credit Corp. 2.60% 2022		856		876
Toyota Motor Credit Corp. 3.00% 2025		1,010		1,111
				6,893
Consumer staples 0.46%
Altria Group, Inc. 5.95% 2049		327		458
Anheuser-Busch Co. / InBev Worldwide 4.90% 2046		420		548
British American Tobacco PLC 3.215% 2026		250		276
British American Tobacco PLC 3.557% 2027		660		735
British American Tobacco PLC 4.906% 2030		350		423
British American Tobacco PLC 4.54% 2047		73		81

American Funds Insurance Series      107

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
British American Tobacco PLC 4.758% 2049	$	130	$	151
Coca-Cola Co. 1.375% 2031		100		100
Coca-Cola Co. 2.50% 2051		65		67
Conagra Brands, Inc. 5.30% 2038		18		24
Conagra Brands, Inc. 5.40% 2048		52		74
Constellation Brands, Inc. 3.15% 2029		190		212
Constellation Brands, Inc. 2.875% 2030		210		230
Keurig Dr Pepper Inc. 3.20% 2030		25		28
Keurig Dr Pepper Inc. 5.085% 2048		64		91
Keurig Dr Pepper Inc. 3.80% 2050		51		61
Kimberly-Clark Corp. 3.10% 2030		56		65
Kraft Heinz Company 3.00% 2026		100		104
Molson Coors Brewing Co. 4.20% 2046		65		75
PepsiCo, Inc. 1.40% 2031		40		40
PepsiCo, Inc. 3.625% 2050		240		305
Philip Morris International Inc. 3.375% 2029		450		516
Procter & Gamble Company 0.55% 2025		185		187
Wal-Mart Stores, Inc. 2.85% 2024		210		227
				5,078
Industrials 0.45%
Boeing Company 2.70% 2022		300		308
Boeing Company 2.75% 2026		91		96
Boeing Company 2.95% 2030		190		197
Boeing Company 3.60% 2034		90		95
Boeing Company 5.805% 2050		235		325
Carrier Global Corp. 2.242% 2025		102		108
Carrier Global Corp. 2.493% 2027		84		91
Carrier Global Corp. 2.722% 2030		74		79
CSX Corp. 4.75% 2048		50		68
CSX Corp. 3.35% 2049		310		354
CSX Corp. 2.50% 2051		50		50
General Electric Co. 3.45% 2027		50		56
General Electric Co. 4.25% 2040		75		89
General Electric Co. 4.35% 2050		50		61
Honeywell International Inc. 2.15% 2022		305		313
Honeywell International Inc. 2.30% 2024		175		187
Honeywell International Inc. 2.70% 2029		70		78
Norfolk Southern Corp. 3.00% 2022		224		230
Raytheon Technologies Corp. 3.125% 2050		125		138
TransDigm Inc. 6.50% 2024		455		464
TransDigm Inc. 8.00% 20253		230		255
TransDigm Inc. 6.25% 20263		445		474
Union Pacific Corp. 3.70% 2029		430		499
Union Pacific Corp. 4.30% 2049		110		144
Union Pacific Corp. 3.25% 2050		53		60
Union Pacific Corp. 3.95% 2059		45		56
Westinghouse Air Brake Technologies Corp. 4.40% 20247		39		43
				4,918
Information technology 0.35%
Adobe Inc. 2.30% 2030		645		698
Apple Inc. 0.55% 2025		125		126
Apple Inc. 2.40% 2050		75		77
Broadcom Inc. 5.00% 2030		420		511
Broadcom Ltd. 3.875% 2027		370		416
Fiserv, Inc. 3.50% 2029		870		995
Intuit Inc. 0.95% 2025		50		51
Lenovo Group Ltd. 5.875% 2025		400		461

108      American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Microsoft Corp. 2.525% 2050	$	227		$	239
Oracle Corp. 3.60% 2050		150			175
ServiceNow, Inc. 1.40% 2030		130			127
					3,876
Real estate 0.07%
Corporate Office Properties LP 2.25% 2026		68			71
Equinix, Inc. 2.90% 2026		266			291
Equinix, Inc. 1.55% 2028		25			26
Equinix, Inc. 3.20% 2029		288			318
Equinix, Inc. 3.00% 2050		18			18
Equinix, Inc. 2.95% 2051		25			25
Westfield Corp. Ltd. 3.50% 20293		54			57
					806
Materials 0.07%
Anglo American Capital PLC 5.625% 20303		240			306
Braskem SA 4.50% 20303		200			206
Dow Chemical Co. 4.80% 2049		67			90
LYB International Finance III, LLC 2.25% 2030		32			33
LYB International Finance III, LLC 4.20% 2050		75			88
LYB International Finance III, LLC 3.625% 2051		52			57
					780
Total corporate bonds, notes & loans					65,564
Mortgage-backed obligations 5.07%
Federal agency mortgage-backed obligations 4.46%
Fannie Mae Pool #695412 5.00% 20338		—	9		—	9
Fannie Mae Pool #MA4124 2.50% 20358		2,633			2,755
Fannie Mae Pool #AD3566 5.00% 20358		2			2
Fannie Mae Pool #MA4228 1.50% 20368		2,670			2,749
Fannie Mae Pool #AC0794 5.00% 20398		10			11
Fannie Mae Pool #931768 5.00% 20398		2			2
Fannie Mae Pool #AE0311 3.50% 20408		17			18
Fannie Mae Pool #932606 5.00% 20408		5			6
Fannie Mae Pool #AJ1873 4.00% 20418		7			8
Fannie Mae Pool #AE1248 5.00% 20418		11			13
Fannie Mae Pool #AE1274 5.00% 20418		9			10
Fannie Mae Pool #AE1277 5.00% 20418		5			6
Fannie Mae Pool #AE1283 5.00% 20418		3			4
Fannie Mae Pool #AE1290 5.00% 20428		6			7
Fannie Mae Pool #AL3829 3.50% 20438		64			70
Fannie Mae Pool #AT7161 3.50% 20438		29			31
Fannie Mae Pool #AR1512 3.50% 20438		14			15
Fannie Mae Pool #AT0412 3.50% 20438		7			8
Fannie Mae Pool #AT3954 3.50% 20438		4			4
Fannie Mae Pool #AT0300 3.50% 20438		3			3
Fannie Mae Pool #AY1829 3.50% 20448		5			6
Fannie Mae Pool #AW8240 3.50% 20448		1			1
Fannie Mae Pool #BE5017 3.50% 20458		36			39
Fannie Mae Pool #BE5009 3.50% 20458		29			31
Fannie Mae Pool #BE8740 3.50% 20478		33			36
Fannie Mae Pool #BE8742 3.50% 20478		10			11
Fannie Mae Pool #BH2848 3.50% 20478		5			5
Fannie Mae Pool #BH2847 3.50% 20478		3			4
Fannie Mae Pool #BH2846 3.50% 20478		4			4
Fannie Mae Pool #BJ5015 4.00% 20478		79			87
Fannie Mae Pool #BH3122 4.00% 20478		3			3
Fannie Mae Pool #BJ4901 3.50% 20488		23			25
Fannie Mae Pool #CA2850 4.00% 20488		91			102

American Funds Insurance Series      109

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BK6840 4.00% 20488	$	51	$	55
Fannie Mae Pool #BK5232 4.00% 20488		40		45
Fannie Mae Pool #BK9743 4.00% 20488		14		15
Fannie Mae Pool #CA2804 4.50% 20488		654		709
Fannie Mae Pool #BK7665 4.50% 20488		336		373
Fannie Mae Pool #BK0951 4.50% 20488		257		288
Fannie Mae Pool #BK9761 4.50% 20488		14		15
Fannie Mae Pool #CA4151 3.50% 20498		318		350
Fannie Mae Pool #BJ8411 3.50% 20498		67		73
Fannie Mae Pool #CA5540 3.00% 20508		5,289		5,632
Freddie Mac Pool #SB8083 1.50% 20368		285		294
Freddie Mac Pool #Q18236 3.50% 20438		29		31
Freddie Mac Pool #Q19133 3.50% 20438		18		20
Freddie Mac Pool #Q17696 3.50% 20438		16		18
Freddie Mac Pool #Q15874 4.00% 20438		2		2
Freddie Mac Pool #Q52069 3.50% 20478		48		52
Freddie Mac Pool #Q55056 3.50% 20488		60		65
Freddie Mac Pool #Q54709 3.50% 20488		36		39
Freddie Mac Pool #Q54701 3.50% 20488		34		37
Freddie Mac Pool #Q54782 3.50% 20488		30		32
Freddie Mac Pool #Q54781 3.50% 20488		27		30
Freddie Mac Pool #Q54700 3.50% 20488		26		29
Freddie Mac Pool #Q55060 3.50% 20488		19		20
Freddie Mac Pool #Q56591 3.50% 20488		18		19
Freddie Mac Pool #Q56590 3.50% 20488		17		18
Freddie Mac Pool #Q56589 3.50% 20488		16		17
Freddie Mac Pool #Q54698 3.50% 20488		14		15
Freddie Mac Pool #Q54699 3.50% 20488		13		14
Freddie Mac Pool #Q54831 3.50% 20488		9		10
Freddie Mac Pool #G67711 4.00% 20488		440		486
Freddie Mac Pool #Q56599 4.00% 20488		57		63
Freddie Mac Pool #Q56175 4.00% 20488		43		47
Freddie Mac Pool #Q55971 4.00% 20488		38		42
Freddie Mac Pool #Q56576 4.00% 20488		29		31
Freddie Mac Pool #Q55970 4.00% 20488		19		21
Freddie Mac Pool #Q58411 4.50% 20488		116		129
Freddie Mac Pool #Q58436 4.50% 20488		52		59
Freddie Mac Pool #Q58378 4.50% 20488		43		48
Freddie Mac Pool #Q57242 4.50% 20488		31		34
Freddie Mac Pool #RA1463 3.50% 20498		216		238
Freddie Mac Pool #QA2748 3.50% 20498		29		32
Freddie Mac Pool #SD7512 3.00% 20508		6,954		7,446
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20568		390		418
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20568,10		390		410
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20568,10		193		203
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20578,10		149		162
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20578		121		132
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20578		36		39
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 20588		1,422		1,553
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20588		1,026		1,118
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 20588		715		777
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 20588		34		37
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20588		15		16
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20288		1,440		1,524
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 20298		2,121		2,232
Government National Mortgage Assn. 2.00% 20518,11		3,390		3,533
Government National Mortgage Assn. 2.00% 20518,11		1,710		1,786

110      American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. 2.50% 20518,11	$	2,650		$	2,794
Government National Mortgage Assn. 3.50% 20518,11		21			22
Government National Mortgage Assn. 3.50% 20518,11		21			22
Government National Mortgage Assn. Pool #MA5764 4.50% 20498		1,476			1,597
Government National Mortgage Assn. Pool #MA5877 4.50% 20498		165			179
Government National Mortgage Assn. Pool #694836 5.661% 20598		1			1
Government National Mortgage Assn. Pool #765152 4.14% 20618		—	9		—	9
Government National Mortgage Assn. Pool #766525 4.70% 20628		—	9		—	9
Government National Mortgage Assn. Pool #777452 3.676% 20638		6			7
Government National Mortgage Assn. Pool #767639 3.913% 20638		9			9
Government National Mortgage Assn. Pool #AA1709 4.343% 20638		4			4
Government National Mortgage Assn. Pool #725893 5.20% 20648		1			1
Government National Mortgage Assn. Pool #AA7554 6.64% 20648		2			2
Uniform Mortgage-Backed Security 1.50% 20368,11		1,632			1,676
Uniform Mortgage-Backed Security 2.00% 20368,11		2,100			2,193
Uniform Mortgage-Backed Security 3.50% 20518,11		1,775			1,879
Uniform Mortgage-Backed Security 4.50% 20518,11		1,477			1,603
					48,998
Collateralized mortgage-backed obligations (privately originated) 0.45%
Cascade Funding Mortgage Trust, Series 2019-HB1, Class A, 2.386% 20293,8,10		295			297
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20303,8,10		194			194
Citigroup Mortgage Loan Trust Inc., Series 2020-EXP1, Class A1A, 1.804% 20603,8,10		75			76
Finance of America HECM Buyout, Series 2020-HB1, Class A, 2.012% 20303,8,10		592			597
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 20593,8,10		213			215
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 20593,8,10		186			186
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.898% 20523,8,10		1,000			1,001
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 0.996% 20533,8,10		175			175
Mello Warehouse Securitization Trust, Series 2020-1, Class A, (1-month USD-LIBOR + 0.90%) 1.048% 20533,8,10		279			280
Nationstar HECM Loan Trust, Series 2019-2A, Class A, 2.272% 20293,8,10		82			83
Nationstar HECM Loan Trust, Series 2019-1A, Class A, 2.651% 20293,8,10		58			58
New York Mortgage Trust, Series 2020-SP1, Class A1, 3.962% 20603,8		302			305
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 20563,8,10		106			108
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 20573,8,10		115			119
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 20573,8,10		94			97
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 20583,8,10		261			274
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 20583,8,10		63			66
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 20603,8		787			806
					4,937
Commercial mortgage-backed securities 0.16%
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 1.079% 20253,8,10		243			239
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 1.309% 20383,8,10		300			299
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.75%) 2.25% 20211,3,8,10		1,057			1,057
Multi Family Connecticut Avenue Securities, Series 2019-1, Class M10, (1-month USD-LIBOR + 3.25%) 3.398% 20493,8,10		150			141
					1,736
Total mortgage-backed obligations					55,671
Asset-backed obligations 0.35%
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 20273,8		297			303
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 20273,8		100			102
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 20603,8		372			380
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 20603,8		95			97

American Funds Insurance Series      111

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 20603,8	$	95	$	97
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 20603,8		95		97
Drivetime Auto Owner Trust, Series 2019-3, Class A, 2.55% 20223,8		40		40
Drivetime Auto Owner Trust, Series 2020-1, Class A, 1.94% 20233,8		222		223
Exeter Automobile Receivables Trust, Series 2019-4A, Class A, 2.18% 20233,8		96		97
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 20373,8		425		428
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 20453,8		678		682
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 20393,8		172		173
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20603,8,10		226		231
Westlake Automobile Receivables Trust, Series 2019-3A, Class A2, 2.15% 20233,8		845		851
				3,801
Bonds & notes of governments & government agencies outside the U.S. 0.13%
Portuguese Republic 5.125% 2024		18		21
Qatar (State of) 4.50% 2028		200		243
Saudi Arabia (Kingdom of) 3.625% 2028		200		225
United Mexican States, Series M, 6.50% 2021	MXN	15,000		760
United Mexican States 3.25% 2030	$	200		216
				1,465
Municipals 0.06%
Illinois 0.02%
G.O. Bonds, Pension Funding Series 2003, 5.10% 2033		225		242
South Carolina 0.04%
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 2035		350		429
Total municipals				671
Total bonds, notes & other debt instruments (cost: $218,849,000)				228,045
Short-term securities 5.28%
	Shares
Money market investments 5.28%
Capital Group Central Cash Fund 0.12%12,13		567,564		56,762
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%12,14		1,184,688		1,185
Total short-term securities (cost: $57,947,000)				57,947
Total investment securities 100.66% (cost: $948,784,000)				1,104,240
Other assets less liabilities (0.66)%				(7,288	)
Net assets 100.00%			$	1,096,952

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount15 (000)			Value at 12/31/202016 (000)			Unrealized (depreciation) appreciation at 12/31/2020 (000)
90 Day Euro Dollar Futures		Short		80		March 2021	$	(20,000	)	$	(19,966	)	$	(13	)
2 Year U.S. Treasury Note Futures		Short		8		April 2021		(1,600	)		(1,768	)		(1	)
5 Year U.S. Treasury Note Futures		Long		83		April 2021		8,300			10,472			23
10 Year U.S. Treasury Note Futures		Long		14		March 2021		1,400			1,933			2
10 Year Ultra U.S. Treasury Note Futures		Short		38		March 2021		(3,800	)		(5,942	)		14

112      American Funds Insurance Series

Capital Income Builder (continued)

Futures contracts (continued)

Contracts	Type		Number of contracts		Expiration		Notional amount15 (000)		Value at 12/31/202016 (000)		Unrealized (depreciation) appreciation at 12/31/2020 (000)
20 Year U.S. Treasury Bond Futures		Long		6		March 2021	$	600	$	1,039	$	(10	)
30 Year Ultra U.S. Treasury Bond Futures		Long		48		March 2021		4,800		10,251		(65	)
											$	(50	)

Forward currency contracts

Contract amount							Unrealized appreciation (depreciation)
Purchases (000)		Sales (000)		Counterparty	Settlement date		at 12/31/2020 (000)
MXN	3,100	USD	154	HSBC Bank		1/8/2021	$	1
GBP	1,594	USD	2,151	Bank of New York Mellon		1/11/2021		29
GBP	382	USD	519	Goldman Sachs		1/11/2021		4
USD	169	GBP	127	Bank of New York Mellon		1/11/2021		(4	)
USD	2,663	GBP	1,985	Standard Chartered Bank		1/11/2021		(52	)
							$	(22	)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2020 (000)		Upfront premium paid (000)		Unrealized appreciation at 12/31/2020 (000)
U.S. EFFR	0.11%		5/18/2024	$	6,200	$	7	$	—	$	7
3-month USD-LIBOR	0.337%		5/18/2025		21,500		23		—		23
U.S. EFFR	0.1275%		6/25/2025		2,700		10		—		10
U.S. EFFR	0.105%		6/30/2025		2,700		13		—		13
U.S. EFFR	0.0975%		6/30/2025		1,460		8		—		8
U.S. EFFR	0.106%		6/30/2025		1,190		6		—		6
U.S. EFFR	0.10875%		7/6/2025		2,600		13		—		13
U.S. EFFR	0.105%		7/9/2025		1,300		7		—		7
U.S. EFFR	0.0995%		7/9/2025		1,300		7		—		7
U.S. EFFR	0.099%		7/10/2025		3,000		16		—		16
3-month USD-LIBOR	0.5935%		5/18/2030		7,200		187		—		187
3-month USD-LIBOR	0.807%		5/18/2050		1,800		272		—		272
								$	—	$	569

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Receive/ Payment frequency	Pay	Expiration date		Notional (000)		Value at 12/31/2020 (000)		Upfront premium paid (000)		Unrealized appreciation at 12/31/2020 (000)
5.00%/Quarterly	CDX.NA.HY.25		6/20/2025	$	3,335	$	309	$	157	$	152

American Funds Insurance Series      113

Capital Income Builder (continued)

Investments in affiliates¹³

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 5.17%
Money market investments 5.17%
Capital Group Central Cash Fund 0.12%12	$	76,520	$	398,466	$	418,149	$	52	$	(127	)	$	56,762	$	436

¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $323,175,000, which represented 29.46% of the net assets of the fund. This amount includes $322,118,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

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

³  Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $25,651,000, which represented 2.34% of the net assets of the fund.

⁴  All or a portion of this security was on loan. The total value of all such securities was $5,528,000, which represented .50% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

⁵  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,268,000, which represented .21% of the net assets of the fund.

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

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

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

⁹  Amount less than one thousand.

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

¹¹  Purchased on a TBA basis.

¹²  Rate represents the seven-day yield at 12/31/2020.

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

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

¹⁵  Notional amount is calculated based on the number of contracts and notional contract size.

¹⁶ Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

ADR = American Depositary Receipts

Auth. = Authority

CAD = Canadian dollars

CDI = CREST Depository Interest

EFFR = Effective Federal Funds Rate

G.O. = General Obligation

GBP = British pounds

GDR = Global Depositary Receipts

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

114      American Funds Insurance Series

Asset Allocation Fund

Investment portfolio December 31, 2020

Common stocks 65.78%

	Shares		Value (000)
Information technology 16.49%
Microsoft Corp.		4,891,900	$	1,088,056
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		6,056,700		660,423
Broadcom Inc.		1,490,000		652,397
ASML Holding NV (New York registered) (ADR)		795,900		388,177
ASML Holding NV1		70,000		33,828
MKS Instruments, Inc.		2,200,000		330,990
Flex Ltd.2		14,500,000		260,710
FleetCor Technologies, Inc.2		900,000		245,547
Dell Technologies Inc., Class C2		3,250,000		238,193
VeriSign, Inc.2		1,100,000		238,040
Mastercard Inc., Class A		510,000		182,039
Visa Inc., Class A		700,200		153,155
RingCentral, Inc., Class A2		221,100		83,790
PayPal Holdings, Inc.2		316,300		74,077
Shopify Inc., Class A, subordinate voting shares2		55,800		63,163
Intel Corp.		1,250,000		62,275
Okta, Inc., Class A2		174,680		44,414
NVIDIA Corp.		68,566		35,805
MongoDB, Inc., Class A2		94,819		34,044
Smartsheet Inc., Class A2		311,910		21,612
				4,890,735
Health care 10.70%
Johnson & Johnson		3,885,000		611,421
UnitedHealth Group Inc.		1,322,300		463,704
Humana Inc.		865,000		354,884
Cigna Corp.		1,275,000		265,429
Thermo Fisher Scientific Inc.		507,000		236,150
Abbott Laboratories		2,000,000		218,980
Daiichi Sankyo Company, Ltd.1		3,873,900		132,799
Vertex Pharmaceuticals Inc.2		550,000		129,987
Merck & Co., Inc.		1,400,000		114,520
Pfizer Inc.		3,060,000		112,639
Gilead Sciences, Inc.		1,600,000		93,216
Regeneron Pharmaceuticals, Inc.2		150,000		72,466
Zoetis Inc., Class A		434,700		71,943
IDEXX Laboratories, Inc.2		94,102		47,039
Allakos Inc.2		293,700		41,118
Cortexyme, Inc.2,3		1,218,038		33,837
Centene Corp.2		562,770		33,783
Ultragenyx Pharmaceutical Inc.2		217,400		30,095
AbCellera Biologics Inc.2,3		625,100		25,154
Viatris Inc.2		1,121,937		21,025
Sarepta Therapeutics, Inc.2		115,700		19,726
Bluebird Bio, Inc.2		378,900		16,395
NuCana PLC (ADR)2,4		2,977,153		13,367
Rotech Healthcare Inc.1,2,5,6		184,138		13,074
Advanz Pharma Corp. Ltd.2,6		175,310		773
Advanz Pharma Corp. Ltd.2		41,657		184
				3,173,708
Financials 10.36%
Chubb Ltd.		2,200,000		338,624
First Republic Bank		1,780,000		261,535
Capital One Financial Corp.		2,000,000		197,700
CME Group Inc., Class A		977,200		177,899
JPMorgan Chase & Co.		1,400,000		177,898
Bank of America Corp.		5,750,000		174,283
Synchrony Financial		5,000,000		173,550
The Blackstone Group Inc., Class A		2,190,950		141,995
Sberbank of Russia PJSC (ADR)1		9,788,000		141,103
Citigroup Inc.		2,250,000		138,735

American Funds Insurance Series      115

Asset Allocation Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Financials (continued)
Apollo Global Management, Inc., Class A		2,769,732	$	135,661
Aon PLC, Class A		620,000		130,987
Arch Capital Group Ltd.2		3,234,000		116,650
Nasdaq, Inc.		844,100		112,046
MSCI Inc.		225,200		100,559
Intercontinental Exchange, Inc.		840,000		96,844
Truist Financial Corp.		1,966,000		94,230
PNC Financial Services Group, Inc.		500,000		74,500
Kotak Mahindra Bank Ltd.1,2		2,713,240		74,253
RenaissanceRe Holdings Ltd.		357,000		59,198
Ares Management Corp., Class A		1,015,403		47,775
BlackRock, Inc.		56,000		40,406
S&P Global Inc.		102,000		33,530
Berkshire Hathaway Inc., Class A2		61		21,217
Tradeweb Markets Inc., Class A		156,400		9,767
Jonah Energy Parent LLC1,2,5		32,117		482
				3,071,427
Consumer discretionary 6.66%
Amazon.com, Inc.2		134,822		439,106
Aramark		8,000,000		307,840
Home Depot, Inc.		1,113,000		295,635
General Motors Company		4,100,000		170,724
LVMH Moët Hennessy-Louis Vuitton SE1		256,896		160,516
MercadoLibre, Inc.2		91,300		152,948
Kontoor Brands, Inc.4		3,700,000		150,072
VF Corp.		1,000,000		85,410
Darden Restaurants, Inc.		627,109		74,701
NIKE, Inc., Class B		357,000		50,505
Restaurant Brands International Inc.		595,000		36,360
Booking Holdings Inc.2		12,750		28,398
XPeng Inc., Class A (ADR)2,3		517,000		22,143
				1,974,358
Consumer staples 5.31%
Philip Morris International Inc.		7,543,000		624,485
Nestlé SA1		2,700,000		317,868
Nestlé SA (ADR)		665,000		78,337
British American Tobacco PLC (ADR)		3,919,700		146,949
British American Tobacco PLC1		1,060,000		39,427
Altria Group, Inc.		3,750,000		153,750
Mondelez International, Inc.		1,200,000		70,164
Colgate-Palmolive Company		677,300		57,916
Archer Daniels Midland Company		1,000,000		50,410
Avenue Supermarts Ltd.1,2		970,539		36,704
				1,576,010
Communication services 5.01%
Charter Communications, Inc., Class A2		754,600		499,206
Facebook, Inc., Class A2		952,100		260,076
Comcast Corp., Class A		4,278,910		224,215
Alphabet Inc., Class C2		78,600		137,698
Alphabet Inc., Class A2		27,616		48,401
Netflix, Inc.2		226,700		122,583
New York Times Co., Class A		1,450,000		75,066
Tencent Holdings Ltd.1		965,000		70,510
Activision Blizzard, Inc.		519,500		48,235
				1,485,990

116      American Funds Insurance Series

Asset Allocation Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Industrials 4.28%
Northrop Grumman Corp.		1,211,900	$	369,290
Lockheed Martin Corp.		663,000		235,352
CSX Corp.		2,038,000		184,949
L3Harris Technologies, Inc.		791,100		149,534
Komatsu Ltd.1		4,604,900		126,186
Boeing Company		583,000		124,797
Honeywell International Inc.		152,000		32,330
Waste Management, Inc.		214,000		25,237
Cintas Corp.		34,000		12,018
Associated Materials Group Inc.1,2,5		1,588,250		9,974
ACR III LSC Holdings LLC1,2,5		467		703
				1,270,370
Materials 3.16%
Dow Inc.		4,800,000		266,400
LyondellBasell Industries NV		2,368,100		217,060
Franco-Nevada Corp.		838,620		105,149
Rio Tinto PLC1		1,250,000		93,530
Royal Gold, Inc.		695,000		73,920
Nucor Corp.		1,000,000		53,190
First Quantum Minerals Ltd.		2,775,000		49,814
Allegheny Technologies Inc.2		2,589,437		43,425
Barrick Gold Corp.		1,455,000		33,145
				935,633
Energy 1.53%
Chevron Corp.		2,100,000		177,345
Pioneer Natural Resources Company		800,000		91,112
EOG Resources, Inc.		1,352,400		67,444
Suncor Energy Inc.		4,000,000		67,091
Rosneft Oil Company PJSC (GDR)1		3,730,353		21,035
ConocoPhillips		335,000		13,397
Euronav NV		750,000		6,000
Scorpio Tankers Inc.		345,000		3,860
Oasis Petroleum Inc.2		79,058		2,930
Weatherford International2		289,547		1,737
Tribune Resources, LLC1,2,5		926,514		843
McDermott International, Inc.2		40,219		33
Sable Permian Resources, LLC, units1,2,5		24,001,604		—	7
				452,827
Real estate 1.28%
Crown Castle International Corp. REIT		1,032,335		164,337
American Tower Corp. REIT		328,100		73,645
VICI Properties Inc. REIT		2,805,000		71,528
Alexandria Real Estate Equities, Inc. REIT		399,000		71,110
				380,620
Utilities 1.00%
Enel SpA1		24,000,000		242,361
DTE Energy Company		226,000		27,439
Xcel Energy Inc.		400,000		26,668
				296,468
Total common stocks (cost: $11,273,725,000)				19,508,146

American Funds Insurance Series      117

Asset Allocation Fund (continued)

	Shares		Value (000)
Rights & warrants 0.00%
Energy 0.00%
Tribune Resources, LLC, Class A, warrants, expire 20231,2,5		311,755	$	—	7
Tribune Resources, LLC, Class B, warrants, expire 20231,2,5		242,476		—	7
Tribune Resources, LLC, Class C, warrants, expire 20231,2,5		227,540		—	7
Total rights & warrants (cost: $47,000)				—	7
Convertible stocks 0.50%
Information technology 0.29%
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		60,000		85,348
Financials 0.15%
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 20238		37,778		45,378
Health care 0.06%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20233		13,300		17,304
Total convertible stocks (cost: $110,591,000)				148,030
Bonds, notes & other debt instruments 30.11%
	Principal amount (000)
Corporate bonds, notes & loans 12.99%
Financials 2.27%
ACE INA Holdings Inc. 2.875% 2022	$	3,880		4,047
ACE INA Holdings Inc. 3.35% 2026		1,380		1,556
ACE INA Holdings Inc. 4.35% 2045		800		1,085
Advisor Group Holdings, LLC 6.25% 20288		2,445		2,479
AG Merger Sub II, Inc. 10.75% 20278		2,484		2,752
Allstate Corp. 3.85% 2049		950		1,194
Ally Financial Inc. 8.00% 2031		3,000		4,274
American International Group, Inc. 2.50% 2025		15,800		16,992
American International Group, Inc. 4.20% 2028		565		671
American International Group, Inc. 3.40% 2030		4,540		5,203
American International Group, Inc. 4.375% 2050		1,770		2,318
AON Corp. 2.20% 2022		2,236		2,312
Banco Santander, SA 2.749% 2030		5,400		5,578
Bangkok Bank PCL 3.733% 2034 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.90% on 9/25/2029)9		1,278		1,333
Bank of America Corp. 3.55% 2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)9		6,000		6,413
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)9		2,500		2,534
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)9		2,345		2,653
Bank of America Corp. 1.898% 2031 (USD-SOFR + 1.53% on 7/23/2030)9		42,674		43,128
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)9		11,065		11,215
Bank of America Corp. 2.676% 2041 (USD-SOFR + 1.93% on 6/19/2040)9		750		783
Bank of Nova Scotia 1.625% 2023		5,000		5,145
BB&T Corp. 2.625% 2022		2,500		2,557
BB&T Corp. 2.75% 2022		762		784
Berkshire Hathaway Finance Corp. 4.20% 2048		6,570		8,679
Berkshire Hathaway Finance Corp. 4.25% 2049		1,125		1,495
Berkshire Hathaway Inc. 2.20% 2021		500		501
Berkshire Hathaway Inc. 2.75% 2023		1,615		1,696
Berkshire Hathaway Inc. 3.125% 2026		500		559
BNP Paribas 3.375% 20258		3,225		3,538
Citigroup Inc. 2.312% 2022 (USD-SOFR + 0.867% on 11/4/2021)9		9,000		9,146
Citigroup Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)9		3,254		3,585
Citigroup Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)9		5,575		5,944
CME Group Inc. 3.75% 2028		3,425		4,059
Commonwealth Bank of Australia 3.35% 2024		1,225		1,342
Commonwealth Bank of Australia 3.35% 20248		1,000		1,096
Compass Diversified Holdings 8.00% 20268		3,245		3,419

118      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Crédit Agricole SA 4.375% 20258	$	850	$	955
Credit Suisse AG (New York Branch) 2.95% 2025		2,700		2,963
Credit Suisse Group AG 3.80% 2023		1,625		1,751
Credit Suisse Group AG 3.869% 2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)8,9		800		907
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)8,9		11,625		13,683
Danske Bank AS 2.70% 20228		1,000		1,025
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)9		5,800		5,935
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)9		4,050		4,401
DNB Bank ASA 2.375% 20218		2,000		2,018
Ford Motor Credit Co. 3.375% 2025		5,750		5,896
FS Energy and Power Fund 7.50% 20238		2,995		2,883
Goldman Sachs Group, Inc. 1.093% 2026 (USD-SOFR + 0.789% on 12/9/2025)9		11,150		11,275
Goldman Sachs Group, Inc. 3.691% 2028 (3-month USD-LIBOR + 1.51% on 6/5/2027)9		2,000		2,307
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)9		390		452
Goldman Sachs Group, Inc. 2.60% 2030		7,000		7,538
Groupe BPCE SA 2.75% 20238		600		628
Groupe BPCE SA 5.70% 20238		3,460		3,918
Groupe BPCE SA 5.15% 20248		2,500		2,849
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)8,9		6,375		6,530
Hartford Financial Services Group, Inc. 2.80% 2029		3,480		3,786
Hartford Financial Services Group, Inc. 3.60% 2049		1,000		1,175
HSBC Holdings PLC 3.262% 2023 (3-month USD-LIBOR + 1.055% on 3/13/2022)9		1,500		1,551
HSBC Holdings PLC 4.25% 2024		3,000		3,312
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)9		625		665
HSBC Holdings PLC 2.099% 2026 (USD-SOFR + 1.929% on 6/4/2025)9		6,000		6,240
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)9		4,675		5,532
HSBC Holdings PLC 3.973% 2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)9		9,675		11,191
HSBC Holdings PLC 2.357% 2031 (USD-SOFR + 1.947% on 8/18/2030)9		12,025		12,439
Icahn Enterprises Finance Corp. 6.25% 2022		5,675		5,702
Icahn Enterprises Finance Corp. 5.25% 2027		1,185		1,273
Intercontinental Exchange, Inc. 2.65% 2040		7,425		7,643
Intercontinental Exchange, Inc. 3.00% 2060		2,380		2,499
Intesa Sanpaolo SpA 3.375% 20238		750		786
Intesa Sanpaolo SpA 3.25% 20248		750		802
Intesa Sanpaolo SpA 5.017% 20248		1,730		1,893
Intesa Sanpaolo SpA 3.875% 20278		300		330
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)9		4,725		5,066
JPMorgan Chase & Co. 1.045% 2026 (USD-SOFR + 0.80% on 11/19/2025)9		3,955		4,001
JPMorgan Chase & Co. 1.764% 2031 (USD-SOFR + 1.05% on 11/19/2030)9		5,000		5,053
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)9		7,325		7,879
JPMorgan Chase & Co. 3.109% 2051 (USD-SOFR + 3.109% on 4/22/2050)9		3,236		3,603
JPMorgan Chase & Co., Series Z, junior subordinated, 4.014% (3-month USD-LIBOR + 3.80% on 2/1/2021)9		500		498
Kasikornbank PC HK 3.343% 2031 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.70% on 10/2/2026)9		1,222		1,257
Ladder Capital Corp. 5.25% 20228		475		478
Ladder Capital Corp. 4.25% 20278		3,157		3,110
Lloyds Banking Group PLC 2.907% 2023 (3-month USD-LIBOR + 0.81% on 11/7/2022)9		750		784
Lloyds Banking Group PLC 4.05% 2023		2,000		2,187
Lloyds Banking Group PLC 3.87% 2025 (UST Yield Curve Rate T Note Constant Maturity 1-year + 3.50% on 7/9/2024)9		6,340		6,998
Lloyds Banking Group PLC 4.45% 2025		800		918
Lloyds Banking Group PLC 4.375% 2028		2,150		2,559
LPL Financial Holdings Inc. 4.625% 20278		2,200		2,284
Marsh & McLennan Companies, Inc. 3.875% 2024		820		905
Marsh & McLennan Companies, Inc. 4.375% 2029		1,705		2,076
Marsh & McLennan Companies, Inc. 4.90% 2049		1,539		2,233
MetLife, Inc. 4.55% 2030		3,770		4,715
Metropolitan Life Global Funding I 1.95% 20218		1,250		1,265
Metropolitan Life Global Funding I 1.95% 20238		7,800		8,050

American Funds Insurance Series      119

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Metropolitan Life Global Funding I 0.95% 20258	$	18,767	$	19,024
MGIC Investment Corp. 5.25% 2028		1,175		1,259
Mitsubishi UFJ Financial Group, Inc. 2.623% 2022		1,610		1,665
Mitsubishi UFJ Financial Group, Inc. 2.801% 2024		1,610		1,727
Mitsubishi UFJ Financial Group, Inc. 3.195% 2029		5,000		5,636
Morgan Stanley 2.50% 2021		3,000		3,019
Morgan Stanley 3.70% 2024		2,410		2,684
Morgan Stanley 3.737% 2024 (3-month USD-LIBOR + 0.847% on 4/24/2023)9		300		323
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)9		18,706		18,853
Morgan Stanley 3.125% 2026		325		364
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)9		6,000		6,518
Morgan Stanley 1.794% 2032 (USD-SOFR + 1.034% on 2/13/2031)9		3,000		3,020
Navient Corp. 6.50% 2022		3,675		3,898
Navient Corp. 5.50% 2023		10,165		10,654
Navient Corp. 7.25% 2023		725		796
Navient Corp. 5.875% 2024		1,005		1,070
Navient Corp. 6.125% 2024		8,030		8,597
New York Life Global Funding 1.70% 20218		1,125		1,136
New York Life Global Funding 2.30% 20228		250		257
New York Life Global Funding 0.95% 20258		8,537		8,658
New York Life Global Funding 2.35% 20268		890		951
New York Life Global Funding 1.20% 20308		3,528		3,424
New York Life Insurance Company 3.75% 20508		527		631
Owl Rock Capital Corp. 4.625% 20248		2,305		2,363
Owl Rock Capital Corp. 3.75% 2025		2,874		2,985
Owl Rock Capital Corp. 4.00% 2025		102		107
Owl Rock Capital Corp. 3.375% 2026		1,290		1,308
PNC Bank 2.55% 2021		4,000		4,079
PNC Financial Services Group, Inc. 2.854% 20229		1,445		1,513
PNC Financial Services Group, Inc. 3.50% 2024		3,850		4,198
PNC Financial Services Group, Inc. 3.90% 2024		2,000		2,217
PNC Financial Services Group, Inc. 2.55% 2030		2,000		2,192
Power Financial Corp Ltd. 5.25% 2028		383		442
Power Financial Corp Ltd. 6.15% 2028		350		427
Power Financial Corp Ltd. 4.50% 2029		554		611
Power Financial Corp Ltd. 3.95% 2030		1,213		1,298
Progressive Corp. 3.20% 2030		1,380		1,592
Prudential Financial, Inc. 3.878% 2028		500		588
Prudential Financial, Inc. 4.35% 2050		7,000		9,196
Quicken Loans, LLC 3.625% 20298		1,505		1,538
Rabobank Nederland 2.75% 2022		2,250		2,307
Rabobank Nederland 4.375% 2025		4,500		5,138
Royal Bank of Canada 3.20% 2021		12,000		12,115
Royal Bank of Canada 1.15% 2025		11,711		11,972
Skandinaviska Enskilda Banken AB 1.875% 2021		1,675		1,694
Skandinaviska Enskilda Banken AB 2.625% 2021		250		251
Skandinaviska Enskilda Banken AB 2.80% 2022		700		721
Springleaf Finance Corp. 6.125% 2024		5,825		6,371
Starwood Property Trust, Inc. 5.00% 2021		6,625		6,753
Starwood Property Trust, Inc. 5.50% 20238		1,160		1,214
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (UST Yield Curve Rate T Note Constant Maturity 5-year + 3.582% on 4/2/2029)8,9		2,800		3,271
Toronto-Dominion Bank 2.65% 2024		625		670
Toronto-Dominion Bank 0.75% 2025		5,375		5,398
Toronto-Dominion Bank 1.15% 2025		12,000		12,259
Travelers Companies, Inc. 4.00% 2047		860		1,116
Travelers Companies, Inc. 4.10% 2049		910		1,199
Travelers Companies, Inc. 2.55% 2050		172		181
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 8.00%) 1.06% 2025 (72.22% PIK)10,11,12		1,460		1,445

120      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 5.00%) 5.254% 202610,12	$	1,795	$	1,244
U.S. Bancorp 2.625% 2022		1,805		1,847
U.S. Bancorp 2.40% 2024		2,000		2,133
U.S. Bancorp 3.70% 2024		5,000		5,486
U.S. Bancorp 2.375% 2026		4,000		4,339
UBS Group AG 4.125% 20258		2,750		3,152
UBS Group AG 1.364% 2027 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.08% on 1/30/2026)8,9		2,925		2,959
UniCredit SpA 3.75% 20228		5,725		5,934
UniCredit SpA 6.572% 20228		475		501
UniCredit SpA 4.625% 20278		625		712
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)8,9		1,200		1,353
Wells Fargo & Company 2.164% 2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)9		8,000		8,416
Wells Fargo & Company 3.196% 2027 (3-month USD-LIBOR + 1.17% on 6/17/2026)9		1,988		2,205
Wells Fargo & Company 3.584% 2028 (3-month USD-LIBOR + 1.31% on 5/22/2027)9		217		246
Wells Fargo & Company 2.879% 2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)9		2,904		3,169
Wells Fargo & Company 2.572% 2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)9		12,846		13,604
Wells Fargo & Company 3.068% 2041 (USD-SOFR + 2.53% on 4/30/2040)9		3,076		3,351
Westpac Banking Corp. 2.75% 2023		1,750		1,840
Westpac Banking Corp. 2.894% 2030 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.35% on 2/4/2025)9		8,500		8,914
Westpac Banking Corp. 2.668% 2035 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.75% on 11/15/2030)9		3,325		3,429
Westpac Banking Corp. 2.963% 2040		1,500		1,597
				674,041
Utilities 1.54%
AEP Transmission Co. LLC 3.75% 2047		2,390		2,915
AEP Transmission Co. LLC 4.25% 2048		1,524		2,015
AEP Transmission Co. LLC 3.65% 2050		550		669
Ameren Corp. 2.50% 2024		969		1,034
Ameren Corp. 3.50% 2031		4,829		5,560
Ameren Corp. 4.50% 2049		425		579
American Electric Power Company, Inc. 2.95% 2022		3,020		3,155
American Electric Power Company, Inc. 1.00% 2025		625		633
American Electric Power Company, Inc. 2.30% 2030		4,500		4,706
CenterPoint Energy, Inc. 2.50% 2022		900		931
CenterPoint Energy, Inc. 3.85% 2024		3,275		3,585
CenterPoint Energy, Inc. 2.95% 2030		1,350		1,471
CenterPoint Energy, Inc. 3.70% 2049		2,775		3,202
CenterPoint Energy, Inc. 2.90% 2050		350		380
CMS Energy Corp. 3.00% 2026		1,004		1,108
CMS Energy Corp. 3.45% 2027		1,850		2,093
Comisión Federal de Electricidad 4.75% 20278		645		734
Commonwealth Edison Co. 4.35% 2045		1,585		2,070
Commonwealth Edison Co. 4.00% 2048		2,600		3,293
Connecticut Light and Power Co. 0.75% 2025		825		835
Connecticut Light and Power Co. 3.20% 2027		1,525		1,713
Consolidated Edison Co. of New York, Inc. 4.50% 2058		6,100		8,064
Consumers Energy Co. 3.25% 2046		507		580
Consumers Energy Co. 4.05% 2048		3,017		3,954
Consumers Energy Co. 3.10% 2050		1,730		2,004
Consumers Energy Co. 3.75% 2050		1,193		1,500
Dominion Resources, Inc. 2.00% 2021		665		671
Dominion Resources, Inc. 2.75% 2022		800		818
Dominion Resources, Inc. 3.30% 2025		1,164		1,283
Dominion Resources, Inc. 2.85% 2026		750		827
Dominion Resources, Inc., junior subordinated, 3.071% 20249		1,775		1,917
DPL Inc. 4.125% 20258		1,160		1,254

American Funds Insurance Series      121

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
DTE Energy Co. 3.95% 2049	$	1,800	$	2,337
Duke Energy Carolinas, LLC 3.95% 2028		1,250		1,491
Duke Energy Corp. 0.90% 2025		800		802
Duke Energy Florida, LLC 3.20% 2027		1,445		1,615
Duke Energy Florida, LLC 1.75% 2030		5,000		5,116
Duke Energy Indiana, Inc. 3.25% 2049		1,225		1,387
Duke Energy Ohio, Inc. 2.125% 2030		850		891
Duke Energy Progress Inc. 3.70% 2046		750		907
Duke Energy Progress, LLC 2.50% 2050		1,459		1,471
Edison International 3.55% 2024		4,763		5,133
Edison International 4.95% 2025		250		286
Edison International 5.75% 2027		5,436		6,512
Edison International 4.125% 2028		5,904		6,584
EDP Finance BV 3.625% 20248		4,100		4,478
Electricité de France SA 4.75% 20358		1,250		1,558
Electricité de France SA 4.875% 20388		2,750		3,434
Electricité de France SA 5.60% 2040		525		705
Emera US Finance LP 3.55% 2026		320		360
Enersis Américas SA 4.00% 2026		245		275
Entergy Corp. 2.95% 2026		872		962
Entergy Corp. 3.12% 2027		3,000		3,346
Entergy Corp. 1.60% 2030		875		885
Entergy Corp. 2.80% 2030		4,700		5,081
Entergy Corp. 3.75% 2050		850		987
Entergy Louisiana, LLC 4.20% 2048		4,200		5,475
Entergy Texas, Inc. 1.75% 2031		5,575		5,597
Evergy Metro, Inc. 2.25% 2030		1,320		1,399
Eversource Energy 3.80% 2023		2,730		2,991
Exelon Corp. 3.40% 2026		100		113
Exelon Corp. 4.70% 2050		500		666
Exelon Corp., junior subordinated, 3.497% 20229		1,075		1,118
FirstEnergy Corp. 1.60% 2026		4,160		4,070
FirstEnergy Corp. 3.90% 2027 (4.40% on 1/16/2021)9		6,708		7,400
FirstEnergy Corp. 2.25% 2030		25,443		24,629
FirstEnergy Corp. 2.65% 2030		11,581		11,630
FirstEnergy Corp. 3.40% 2050		9,400		9,037
Florida Power & Light Co. 3.15% 2049		1,975		2,276
Gulf Power Co. 3.30% 2027		4,500		5,075
Interstate Power and Light Co. 2.30% 2030		825		874
Jersey Central Power & Light Co. 4.30% 20268		1,790		2,004
MidAmerican Energy Holdings Co. 3.10% 2027		2,000		2,244
Mississippi Power Co. 3.95% 2028		2,814		3,283
National Grid PLC 3.15% 20278		275		306
NextEra Energy Capital Holdings, Inc. 2.75% 2029		641		699
Northern States Power Co. 4.125% 2044		6,000		7,781
Northern States Power Co. 2.60% 2051		147		156
Oncor Electric Delivery Company LLC 2.75% 2024		1,525		1,636
Oncor Electric Delivery Company LLC 0.55% 20258		1,625		1,624
Pacific Gas and Electric Co. 1.75% 2022		1,575		1,580
Pacific Gas and Electric Co. 4.25% 2023		3,445		3,701
Pacific Gas and Electric Co. 3.40% 2024		1,385		1,476
Pacific Gas and Electric Co. 2.95% 2026		7,825		8,282
Pacific Gas and Electric Co. 3.15% 2026		6,925		7,385
Pacific Gas and Electric Co. 2.10% 2027		14,885		15,127
Pacific Gas and Electric Co. 3.30% 2027		5,118		5,484
Pacific Gas and Electric Co. 3.30% 2027		4,775		5,104
Pacific Gas and Electric Co. 3.75% 2028		500		547
Pacific Gas and Electric Co. 4.65% 2028		5,449		6,229
Pacific Gas and Electric Co. 2.50% 2031		21,246		21,300
Pacific Gas and Electric Co. 3.30% 2040		375		375
Pacific Gas and Electric Co. 3.75% 2042		1,505		1,517

122      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Pacific Gas and Electric Co. 3.50% 2050	$	5,012	$	4,993
PacifiCorp., First Mortgage Bonds, 3.60% 2024		5,695		6,210
PacifiCorp., First Mortgage Bonds, 4.125% 2049		5,500		7,072
Peco Energy Co. 2.80% 2050		975		1,038
PG&E Corp. 5.00% 2028		3,850		4,105
Public Service Company of Colorado 2.25% 2022		2,000		2,048
Public Service Company of Colorado 1.90% 2031		2,500		2,612
Public Service Company of Colorado 3.80% 2047		1,720		2,132
Public Service Electric and Gas Co. 3.65% 2028		1,700		1,975
Public Service Electric and Gas Co. 3.20% 2029		2,333		2,663
Public Service Electric and Gas Co. 2.45% 2030		679		738
Public Service Electric and Gas Co. 3.60% 2047		548		661
Public Service Electric and Gas Co. 2.05% 2050		1,840		1,731
Public Service Electric and Gas Co. 3.15% 2050		4,150		4,740
Public Service Enterprise Group Inc. 2.65% 2022		1,900		1,981
Public Service Enterprise Group Inc. 2.25% 2026		345		373
Public Service Enterprise Group Inc. 1.60% 2030		4,375		4,320
Puget Energy, Inc. 6.00% 2021		1,823		1,887
Puget Energy, Inc. 5.625% 2022		1,965		2,081
Puget Sound Energy, Inc. 3.25% 2049		3,000		3,339
San Diego Gas & Electric Co. 1.70% 2030		851		861
San Diego Gas & Electric Co. 6.125% 2037		1,450		1,998
San Diego Gas & Electric Co. 4.50% 2040		750		956
San Diego Gas & Electric Co. 3.75% 2047		331		388
San Diego Gas & Electric Co. 4.10% 2049		1,607		2,008
San Diego Gas & Electric Co. 3.32% 2050		500		570
Southern California Edison Co. 2.90% 2021		8,000		8,033
Southern California Edison Co. 3.70% 2025		611		686
Southern California Edison Co. 3.65% 2028		821		922
Southern California Edison Co. 2.85% 2029		5,450		5,949
Southern California Edison Co. 2.25% 2030		7,642		7,965
Southern California Edison Co. 6.00% 2034		2,500		3,482
Southern California Edison Co. 5.35% 2035		3,000		4,075
Southern California Edison Co. 5.75% 2035		675		933
Southern California Edison Co. 4.00% 2047		1,406		1,652
Southern California Edison Co. 4.125% 2048		2,902		3,468
Southern California Edison Co. 4.875% 2049		3,745		4,946
Southern California Edison Co. 3.65% 2050		1,030		1,171
Southern California Edison Co., Series C, 3.60% 2045		3,840		4,261
Southern California Gas Company 2.55% 2030		4,650		5,047
Talen Energy Corp. 10.50% 20268		885		789
Talen Energy Corp. 7.25% 20278		4,130		4,405
Talen Energy Supply, LLC 7.625% 20288		1,575		1,700
Union Electric Co. 2.625% 2051		5,625		5,896
Virginia Electric and Power Co. 3.80% 2028		2,000		2,343
Virginia Electric and Power Co. 4.00% 2043		969		1,220
Virginia Electric and Power Co. 4.60% 2048		2,650		3,723
Virginia Electric and Power Co. 2.45% 2050		1,825		1,835
Xcel Energy Inc. 3.35% 2026		5,000		5,646
Xcel Energy Inc. 2.60% 2029		4,758		5,155
Xcel Energy Inc. 3.40% 2030		1,000		1,151
Xcel Energy Inc. 6.50% 2036		2,000		3,011
Xcel Energy Inc. 3.50% 2049		1,276		1,496
				456,786
Energy 1.53%
American Energy-Permian Basin, LLC / AEPB Finance Corp. 12.00% 20248,13		2,935		22
Antero Resources Corp. 7.875% 20268		207		214
Apache Corp. 4.875% 2027		2,150		2,282
Apache Corp. 4.375% 2028		2,580		2,690

American Funds Insurance Series      123

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Baker Hughes, a GE Co. 4.486% 2030	$	1,596	$	1,919
Baker Hughes, a GE Co. 4.08% 2047		571		645
BP Capital Markets America Inc. 1.749% 2030		2,024		2,032
BP Capital Markets America Inc. 3.633% 2030		1,190		1,385
BP Capital Markets America Inc. 2.772% 2050		7,552		7,472
BP Capital Markets America Inc. 2.939% 2051		1,260		1,287
Canadian Natural Resources Ltd. 2.95% 2023		1,935		2,024
Canadian Natural Resources Ltd. 2.05% 2025		5,814		6,104
Canadian Natural Resources Ltd. 3.85% 2027		4,448		4,996
Canadian Natural Resources Ltd. 2.95% 2030		10,682		11,439
Canadian Natural Resources Ltd. 4.95% 2047		1,559		1,980
Cenovus Energy Inc. 3.80% 2023		3,970		4,125
Cenovus Energy Inc. 4.25% 2027		5,690		6,216
Cenovus Energy Inc. 6.75% 2039		400		529
Cheniere Energy Partners, LP 5.625% 2026		2,475		2,584
Cheniere Energy, Inc. 4.625% 20288		4,595		4,831
Cheniere Energy, Inc. 3.70% 2029		5,977		6,663
Chesapeake Energy Corp. 4.875% 202213		7,225		361
Chesapeake Energy Corp. 11.50% 20258,13		5,122		904
Chesapeake Energy Corp., Term Loan, (3-month USD-LIBOR + 8.00%) 8.223% 202410,12,13		6,132		5,028
Chevron Corp. 1.995% 2027		2,631		2,791
Chevron Corp. 2.236% 2030		1,862		1,994
Chevron Corp. 2.978% 2040		268		297
Chevron Corp. 3.078% 2050		301		335
Chevron USA Inc. 0.687% 2025		3,135		3,154
Chevron USA Inc. 1.018% 2027		7,311		7,309
CNX Resources Corp. 7.25% 20278		1,725		1,848
CNX Resources Corp. 6.00% 20298		425		436
Comstock Resources, Inc. 9.75% 2026		1,266		1,360
Concho Resources Inc. 4.30% 2028		9,615		11,370
Concho Resources Inc. 2.40% 2031		963		1,010
Concho Resources Inc. 4.85% 2048		750		1,010
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)8,11		1,084		309
Continental Resources Inc. 5.75% 20318		1,430		1,590
DCP Midstream Operating LP 4.95% 2022		3,145		3,250
Diamond Offshore Drilling, Inc. 4.875% 204313		5,610		711
Enbridge Energy Partners, LP 5.875% 2025		3,200		3,915
Enbridge Energy Partners, LP 7.375% 2045		544		831
Enbridge Energy Partners, LP, Series B, 7.50% 2038		2,000		2,841
Enbridge Inc. 4.00% 2023		1,678		1,827
Enbridge Inc. 2.50% 2025		1,700		1,822
Enbridge Inc. 3.70% 2027		162		185
Energy Transfer Operating, LP 2.90% 2025		1,601		1,695
Energy Transfer Operating, LP 3.75% 2030		1,361		1,469
Energy Transfer Operating, LP 5.00% 2050		23,216		25,161
Energy Transfer Partners, LP 4.50% 2024		1,210		1,325
Energy Transfer Partners, LP 4.75% 2026		2,494		2,823
Energy Transfer Partners, LP 5.25% 2029		5,757		6,723
Energy Transfer Partners, LP 6.00% 2048		774		921
Energy Transfer Partners, LP 6.25% 2049		6,257		7,569
Enterprise Products Operating LLC 2.80% 2030		942		1,022
Enterprise Products Operating LLC 4.90% 2046		500		637
Enterprise Products Operating LLC 3.20% 2052		1,954		1,993
EQM Midstream Partners, LP 4.125% 2026		686		692
EQM Midstream Partners, LP 6.50% 20278		2,690		3,033
EQM Midstream Partners, LP 5.50% 2028		2,588		2,834
EQT Corp. 7.875% 2025		1,295		1,477
EQT Corp. 3.90% 2027		450		448
EQT Corp. 5.00% 2029		340		359
EQT Corp. 8.75% 2030		1,110		1,358

124      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Equinor ASA 1.75% 2026	$	4,064	$	4,270
Equinor ASA 3.625% 2028		3,685		4,295
Equinor ASA 3.25% 2049		5,320		5,912
Extraction Oil & Gas, Inc. 5.625% 20268,13		4,125		757
Exxon Mobil Corp. 2.222% 2021		3,070		3,074
Exxon Mobil Corp. 2.019% 2024		643		677
Exxon Mobil Corp. 2.992% 2025		2,000		2,190
Exxon Mobil Corp. 2.44% 2029		1,963		2,133
Exxon Mobil Corp. 3.452% 2051		596		681
Genesis Energy, LP 5.625% 2024		575		560
Genesis Energy, LP 6.50% 2025		3,572		3,480
Genesis Energy, LP 8.00% 2027		595		594
Halliburton Company 3.80% 2025		16		18
Harvest Midstream I, LP 7.50% 20288		850		906
Hess Midstream Partners LP 5.125% 20288		2,155		2,255
Hilcorp Energy I, LP 5.75% 20258		2,575		2,613
Kinder Morgan, Inc. 4.30% 2028		4,359		5,116
Kinder Morgan, Inc. 2.00% 2031		3,000		3,034
Kinder Morgan, Inc. 3.25% 2050		1,338		1,347
Marathon Oil Corp. 4.40% 2027		1,005		1,117
MPLX LP 1.75% 2026		1,756		1,818
MPLX LP 4.125% 2027		500		577
MPLX LP 4.80% 2029		1,724		2,084
MPLX LP 2.65% 2030		8,266		8,672
MPLX LP 4.50% 2038		750		858
MPLX LP 4.70% 2048		2,500		2,970
MPLX LP 5.50% 2049		6,393		8,419
New Fortress Energy Inc. 6.75% 20258		17		18
NGL Energy Partners LP 7.50% 2023		1,610		1,143
NGL Energy Partners LP 6.125% 2025		8,322		5,295
Occidental Petroleum Corp. 4.85% 2021		2,751		2,763
Occidental Petroleum Corp. 2.90% 2024		2,698		2,601
Occidental Petroleum Corp. 5.50% 2025		1,640		1,713
Occidental Petroleum Corp. 6.375% 2028		1,855		1,965
ONEOK, Inc. 2.20% 2025		527		550
ONEOK, Inc. 5.85% 2026		16,837		20,185
ONEOK, Inc. 3.10% 2030		2,141		2,283
ONEOK, Inc. 6.35% 2031		1,601		2,056
ONEOK, Inc. 5.20% 2048		298		348
ONEOK, Inc. 4.50% 2050		873		918
ONEOK, Inc. 7.15% 2051		812		1,125
Ovintiv Inc. 6.50% 2034		1,825		2,114
Parsley Energy, Inc. 5.25% 20258		403		421
Peabody Energy Corp. 6.00% 20228		2,750		2,013
Petrobras Global Finance Co. 6.75% 2050		2,240		2,786
Petróleos Mexicanos 6.875% 20258		5,700		6,255
Petróleos Mexicanos 5.35% 2028		1,870		1,848
Phillips 66 3.90% 2028		2,107		2,432
Phillips 66 2.15% 2030		1,541		1,567
Phillips 66 Partners LP 3.55% 2026		160		175
Phillips 66 Partners LP 4.68% 2045		400		434
Phillips 66 Partners LP 4.90% 2046		275		308
Pioneer Natural Resources Company 1.90% 2030		2,564		2,542
Plains All American Pipeline, LP 3.80% 2030		830		893
Rattler Midstream Partners LP 5.625% 20258		355		376
Rockies Express Pipeline LLC 4.95% 20298		2,689		2,802
Sabine Pass Liquefaction, LLC 5.875% 2026		923		1,117
Sabine Pass Liquefaction, LLC 4.20% 2028		1,307		1,501
Sabine Pass Liquefaction, LLC 4.50% 20308		11,548		13,696
Saudi Arabian Oil Co. 1.25% 20238		250		253
Saudi Arabian Oil Co. 1.625% 20258		1,160		1,189

American Funds Insurance Series      125

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Saudi Arabian Oil Co. 2.25% 20308	$	1,800	$	1,834
Schlumberger BV 3.75% 20248		495		540
Schlumberger BV 4.00% 20258		70		80
Shell International Finance BV 3.875% 2028		2,787		3,302
Shell International Finance BV 2.75% 2030		5,000		5,520
Shell International Finance BV 3.25% 2050		907		1,029
Southwestern Energy Co. 6.45% 20259		1,760		1,829
Southwestern Energy Co. 7.50% 2026		335		352
Southwestern Energy Co. 8.375% 2028		395		429
Statoil ASA 2.75% 2021		1,925		1,964
Statoil ASA 3.25% 2024		2,850		3,143
Statoil ASA 4.25% 2041		2,000		2,515
Suncor Energy Inc. 3.10% 2025		3,687		4,042
Sunoco Logistics Operating Partners, LP 5.40% 2047		650		733
Tallgrass Energy Partners, LP 7.50% 20258		550		595
Targa Resources Partners LP 5.875% 2026		1,350		1,434
Targa Resources Partners LP 5.50% 2030		2,260		2,456
Targa Resources Partners LP 4.875% 20318		1,065		1,157
Teekay Corp. 9.25% 20228		4,825		4,934
Teekay Offshore Partners LP 8.50% 20238		3,550		3,026
Total Capital International 3.127% 2050		808		877
Total SE 2.986% 2041		11,607		12,705
TransCanada PipeLines Ltd. 4.25% 2028		1,090		1,288
TransCanada PipeLines Ltd. 4.10% 2030		7,951		9,400
TransCanada PipeLines Ltd. 4.75% 2038		3,000		3,754
TransCanada PipeLines Ltd. 4.875% 2048		700		905
Valero Energy Corp. 4.00% 2029		4,000		4,501
Vine Oil & Gas LP 8.75% 20238		2,500		2,000
Weatherford International PLC 8.75% 20248		3,571		3,584
Weatherford International PLC 11.00% 20248		9,918		7,761
Western Gas Partners LP 4.50% 2028		4,450		4,628
Williams Companies, Inc. 3.50% 2030		10,474		11,871
Williams Partners LP 4.30% 2024		85		94
Woodside Finance Ltd. 4.60% 20218		1,965		1,973
				453,833
Health care 1.51%
Abbott Laboratories 3.40% 2023		185		201
Abbott Laboratories 3.75% 2026		5,012		5,874
Abbott Laboratories 4.75% 2036		460		634
Abbott Laboratories 4.90% 2046		500		740
AbbVie Inc. 2.60% 2024		3,000		3,218
AbbVie Inc. 3.60% 2025		10,000		11,150
AbbVie Inc. 3.80% 2025		206		230
AbbVie Inc. 2.95% 2026		1,445		1,600
Amgen Inc. 2.20% 2027		2,429		2,605
Anthem, Inc. 2.375% 2025		818		875
AstraZeneca PLC 2.375% 2022		4,072		4,186
AstraZeneca PLC 3.375% 2025		13,790		15,515
AstraZeneca PLC 0.70% 2026		8,935		8,892
AstraZeneca PLC 1.375% 2030		2,000		1,981
Bausch Health Companies Inc. 5.00% 20288		1,735		1,790
Bausch Health Companies Inc. 5.25% 20318		1,610		1,685
Bayer US Finance II LLC 3.875% 20238		1,685		1,837
Bayer US Finance II LLC 4.25% 20258		425		486
Bayer US Finance II LLC 4.375% 20288		312		367
Bayer US Finance II LLC 4.20% 20348		460		510
Becton, Dickinson and Company 2.894% 2022		9,020		9,325
Becton, Dickinson and Company 3.363% 2024		647		703
Becton, Dickinson and Company 3.70% 2027		19,246		22,091

126      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Becton, Dickinson and Company 2.823% 2030	$	1,271	$	1,398
Boston Scientific Corp. 3.45% 2024		3,100		3,361
Boston Scientific Corp. 1.90% 2025		5,856		6,154
Boston Scientific Corp. 3.85% 2025		2,289		2,584
Boston Scientific Corp. 3.75% 2026		2,595		2,946
Boston Scientific Corp. 4.00% 2029		1,550		1,827
Boston Scientific Corp. 2.65% 2030		4,030		4,328
Boston Scientific Corp. 4.70% 2049		515		707
Centene Corp. 4.75% 2025		4,000		4,110
Centene Corp. 4.25% 2027		565		600
Centene Corp. 4.625% 2029		9,665		10,743
Centene Corp. 3.00% 2030		6,895		7,317
Centene Corp. 3.375% 2030		3,397		3,579
Cigna Corp. 3.40% 2021		1,350		1,379
Cigna Corp. 3.75% 2023		1,836		1,985
Cigna Corp. 4.125% 2025		2,000		2,304
Cigna Corp. 4.80% 2038		3,880		5,058
CVS Health Corp. 3.35% 2021		194		195
CVS Health Corp. 3.70% 2023		69		74
CVS Health Corp. 1.30% 2027		3,760		3,778
CVS Health Corp. 4.30% 2028		588		700
CVS Health Corp. 1.75% 2030		4,000		4,025
CVS Health Corp. 1.875% 2031		4,000		4,050
Eli Lilly and Co. 3.375% 2029		3,330		3,867
Encompass Health Corp. 4.50% 2028		1,449		1,517
Endo Dac / Endo Finance LLC / Endo Finco 9.50% 20278		4,517		5,051
Endo International PLC 5.75% 20228		7,340		7,129
GlaxoSmithKline PLC 3.625% 2025		4,585		5,154
HCA Inc. 5.875% 2023		2,125		2,338
HCA Inc. 5.375% 2025		515		580
HCA Inc. 4.125% 2029		2,250		2,612
HCA Inc. 3.50% 2030		2,125		2,259
HealthSouth Corp. 5.75% 2025		2,685		2,779
LifePoint Health, Inc. 5.375% 20298		1,680		1,681
Mallinckrodt PLC 10.00% 20258		7,120		7,743
Medtronic, Inc. 3.50% 2025		701		787
Molina Healthcare, Inc. 5.375% 2022		6,985		7,408
Molina Healthcare, Inc. 3.875% 20308		720		774
Novartis Capital Corp. 1.75% 2025		4,731		4,965
Novartis Capital Corp. 2.00% 2027		4,336		4,630
Novartis Capital Corp. 2.20% 2030		2,385		2,562
Owens & Minor, Inc. 4.375% 2024		5,615		5,773
Owens & Minor, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.655% 202510,12		1,867		1,865
Par Pharmaceutical Inc. 7.50% 20278		7,028		7,635
Partners HealthCare System, Inc. 3.192% 2049		1,920		2,124
Pfizer Inc. 2.95% 2024		3,825		4,128
Pfizer Inc. 3.45% 2029		8,000		9,352
Regeneron Pharmaceuticals, Inc. 1.75% 2030		5,529		5,451
Regeneron Pharmaceuticals, Inc. 2.80% 2050		6,055		5,891
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% 2023 (100% PIK)1,5,10,11,12		4,079		4,079
Shire PLC 2.40% 2021		1,227		1,243
Shire PLC 2.875% 2023		3,413		3,621
Shire PLC 3.20% 2026		14,821		16,589
Takeda Pharmaceutical Company, Ltd. 2.05% 2030		3,408		3,489
Team Health Holdings, Inc. 6.375% 20258		8,415		7,279
Team Health Holdings, Inc., Term Loan B, 3.75% 202410,12		2,177		1,962
Tenet Healthcare Corp. 4.625% 2024		1,953		2,004
Tenet Healthcare Corp. 4.875% 20268		16,225		16,993
Teva Pharmaceutical Finance Co. BV 2.80% 2023		12,560		12,457
Teva Pharmaceutical Finance Co. BV 6.00% 2024		12,016		12,765

American Funds Insurance Series      127

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Teva Pharmaceutical Finance Co. BV 7.125% 2025	$	1,935	$	2,143
Teva Pharmaceutical Finance Co. BV 3.15% 2026		28,373		27,327
Teva Pharmaceutical Finance Co. BV 4.10% 2046		3,550		3,168
Thermo Fisher Scientific Inc. 4.497% 2030		883		1,104
UnitedHealth Group Inc. 2.375% 2024		590		629
UnitedHealth Group Inc. 3.50% 2024		4,500		4,925
UnitedHealth Group Inc. 3.375% 2027		245		280
UnitedHealth Group Inc. 3.875% 2028		2,500		3,001
UnitedHealth Group Inc. 2.875% 2029		1,050		1,194
UnitedHealth Group Inc. 4.45% 2048		5,315		7,337
Upjohn Inc. 2.30% 20278		2,447		2,608
Upjohn Inc. 2.70% 20308		5,692		6,042
Upjohn Inc. 3.85% 20408		3,531		3,985
Upjohn Inc. 4.00% 20508		2,907		3,331
Valeant Pharmaceuticals International, Inc. 6.125% 20258		14,550		15,011
Zimmer Holdings, Inc. 3.15% 2022		7,070		7,273
				447,591
Communication services 1.37%
Alphabet Inc. 1.998% 2026		3,000		3,218
Alphabet Inc. 1.10% 2030		10,770		10,620
Alphabet Inc. 1.90% 2040		2,190		2,150
Alphabet Inc. 2.05% 2050		440		420
Alphabet Inc. 2.25% 2060		4,085		3,955
AT&T Inc. 1.65% 2028		10,775		11,003
AT&T Inc. 2.75% 2031		9,742		10,417
AT&T Inc. 2.25% 2032		7,525		7,644
AT&T Inc. 2.55% 20338		348		359
AT&T Inc. 3.50% 20538		6,966		6,966
CCO Holdings LLC and CCO Holdings Capital Corp. 4.908% 2025		500		581
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20268		5,050		5,217
CCO Holdings LLC and CCO Holdings Capital Corp. 5.05% 2029		1,150		1,399
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20308		3,500		3,719
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20308		2,500		2,701
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031		10,842		11,468
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20318		2,975		3,139
CCO Holdings LLC and CCO Holdings Capital Corp. 2.30% 2032		2,500		2,504
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20328		2,710		2,897
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2049		570		696
CCO Holdings LLC and CCO Holdings Capital Corp. 4.80% 2050		800		956
CCO Holdings LLC and CCO Holdings Capital Corp. 3.70% 2051		3,770		3,922
CenturyLink, Inc. 6.75% 2023		2,500		2,789
CenturyLink, Inc. 7.50% 2024		1,500		1,701
CenturyLink, Inc. 5.125% 20268		2,050		2,168
CenturyLink, Inc. 4.00% 20278		700		724
Comcast Corp. 3.00% 2024		500		538
Comcast Corp. 3.70% 2024		2,245		2,471
Comcast Corp. 3.95% 2025		1,470		1,690
Comcast Corp. 2.35% 2027		4,000		4,307
Comcast Corp. 4.15% 2028		2,608		3,140
Comcast Corp. 1.50% 2031		4,000		3,976
Comcast Corp. 1.95% 2031		9,236		9,506
Comcast Corp. 3.20% 2036		750		853
Comcast Corp. 3.90% 2038		1,000		1,224
Comcast Corp. 4.60% 2038		2,000		2,635
Comcast Corp. 3.75% 2040		594		716
Comcast Corp. 4.00% 2048		250		315
Comcast Corp. 2.80% 2051		1,791		1,866
Comcast Corp. 2.45% 2052		2,000		1,948
Deutsche Telekom International Finance BV 9.25% 2032		3,570		6,016

128      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Discovery Communications, Inc. 3.625% 2030	$	5,512	$	6,318
Discovery Communications, Inc. 4.65% 2050		920		1,152
Embarq Corp. 7.995% 2036		3,075		3,799
Fox Corp. 4.03% 2024		1,120		1,234
France Télécom 4.125% 2021		2,500		2,563
Frontier Communications Corp. 5.875% 20278		2,225		2,410
Frontier Communications Corp. 5.00% 20288		2,175		2,272
Frontier Communications Corp. 6.75% 20298		775		831
Gogo Inc. 9.875% 20248		20,346		21,823
iHeartCommunications, Inc. 5.25% 20278		2,493		2,616
Intelsat Jackson Holding Co. 8.00% 20248		7,275		7,460
Intelsat Jackson Holding Co. 8.50% 20248,13		7,650		5,488
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 5.50%) 6.50% 202110,12		2,072		2,122
Intelsat Jackson Holding Co., Term Loan, 6.625% 202410		1,400		1,428
Liberty Global PLC 5.50% 20288		2,075		2,193
Ligado Networks LLC 15.50% 20238,11		4,325		4,217
Live Nation Entertainment, Inc. 3.75% 20288		575		582
MDC Partners Inc. 6.50% 20248		3,225		3,274
NBCUniversal Enterprise, Inc., junior subordinated, 5.25% 20498		4,630		4,728
Nexstar Broadcasting, Inc. 4.75% 20288		1,350		1,415
Scripps Escrow II, Inc. 3.875% 20298		450		470
Sinclair Television Group, Inc. 4.125% 20308		1,175		1,206
Sirius XM Radio Inc. 3.875% 20228		3,450		3,506
Sirius XM Radio Inc. 4.625% 20248		3,345		3,470
Sprint Corp. 7.625% 2026		4,125		5,126
Sprint Corp. 6.875% 2028		6,900		9,110
TEGNA Inc. 4.75% 20268		2,350		2,512
TEGNA Inc. 4.625% 20288		425		435
T-Mobile US, Inc. 1.50% 20268		3,000		3,077
T-Mobile US, Inc. 2.05% 20288		10,100		10,518
T-Mobile US, Inc. 3.875% 20308		18,459		21,399
T-Mobile US, Inc. 2.55% 20318		9,149		9,619
T-Mobile US, Inc. 4.50% 20508		7,638		9,435
T-Mobile US, Inc. 3.30% 20518		7,565		7,797
Trilogy International Partners, LLC 8.875% 20228		12,800		12,381
Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC 7.875% 20258		425		457
Univision Communications Inc. 6.625% 20278		4,800		5,164
Verizon Communications Inc. 3.00% 2027		2,200		2,439
Verizon Communications Inc. 4.329% 2028		5,785		6,968
Verizon Communications Inc. 3.875% 2029		250		295
Verizon Communications Inc. 4.016% 2029		1,902		2,259
Verizon Communications Inc. 1.68% 20308		983		980
Verizon Communications Inc. 1.75% 2031		6,012		5,989
Verizon Communications Inc. 4.50% 2033		2,000		2,522
Verizon Communications Inc. 4.272% 2036		582		722
Verizon Communications Inc. 2.65% 2040		16,740		16,931
Verizon Communications Inc. 2.875% 2050		5,500		5,547
Verizon Communications Inc. 3.00% 2060		2,500		2,517
Virgin Media O2 4.25% 20318		2,075		2,125
Virgin Media Secured Finance PLC 4.50% 20308		2,590		2,709
Vodafone Group PLC 3.75% 2024		3,788		4,141
Vodafone Group PLC 4.125% 2025		2,500		2,860
Vodafone Group PLC 4.375% 2028		350		419
Vodafone Group PLC 5.25% 2048		500		696
Vodafone Group PLC 4.25% 2050		8,000		9,928
Walt Disney Company 2.65% 2031		2,000		2,193
Ziggo Bond Co. BV 5.125% 20308		1,775		1,875
Ziggo Bond Finance BV 5.50% 20278		4,813		5,032
				407,288

American Funds Insurance Series      129

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials 1.01%
Allison Transmission Holdings, Inc. 3.75% 20318	$	2,175	$	2,229
Associated Materials, LLC 9.00% 20258		3,749		3,983
Avis Budget Car Rental, LLC 5.75% 20278		2,025		2,072
Avis Budget Group, Inc. 5.25% 20258		2,275		2,291
Avis Budget Group, Inc. 10.50% 20258		2,719		3,214
Avolon Holdings Funding Ltd. 3.625% 20228		1,254		1,281
Avolon Holdings Funding Ltd. 3.95% 20248		1,587		1,677
Avolon Holdings Funding Ltd. 4.25% 20268		1,126		1,214
Avolon Holdings Funding Ltd. 4.375% 20268		1,975		2,141
Boeing Company 2.70% 2022		4,400		4,524
Boeing Company 4.875% 2025		5,529		6,306
Boeing Company 2.75% 2026		18,731		19,706
Boeing Company 3.10% 2026		1,508		1,615
Boeing Company 5.04% 2027		3,000		3,511
Boeing Company 3.25% 2028		13,481		14,460
Boeing Company 5.15% 2030		2,061		2,498
Boeing Company 3.625% 2031		4,615		5,064
Boeing Company 3.60% 2034		7,500		7,933
Boeing Company 3.50% 2039		250		253
Boeing Company 3.75% 2050		1,300		1,367
Boeing Company 5.805% 2050		1,100		1,520
Bombardier Inc. 8.75% 20218		1,250		1,302
Bombardier Inc. 7.875% 20278		2,120		1,952
Burlington Northern Santa Fe, LLC 4.40% 2042		5,000		6,639
Burlington Northern Santa Fe, LLC 3.05% 2051		4,860		5,519
Canadian National Railway Company 3.20% 2046		1,320		1,566
Carrier Global Corp. 2.242% 2025		1,560		1,653
Carrier Global Corp. 2.493% 2027		762		823
Carrier Global Corp. 2.722% 2030		687		735
CSX Corp. 3.80% 2028		4,060		4,737
CSX Corp. 4.25% 2029		3,062		3,713
CSX Corp. 4.30% 2048		1,125		1,448
CSX Corp. 3.35% 2049		563		642
CSX Corp. 2.50% 2051		5,350		5,314
Dun & Bradstreet Corp. 6.875% 20268		1,067		1,149
Fortress Transportation and Infrastructure Investors LLC 6.50% 20258		1,040		1,091
GE Capital International Funding Co. 4.418% 2035		1,200		1,433
General Dynamics Corp. 3.375% 2023		1,000		1,070
General Dynamics Corp. 3.50% 2025		329		368
General Electric Co. 3.45% 2027		2,150		2,428
General Electric Co. 3.625% 2030		800		915
General Electric Co. 4.25% 2040		550		650
General Electric Co. 4.35% 2050		1,075		1,307
Honeywell International Inc. 2.15% 2022		4,400		4,519
Honeywell International Inc. 2.30% 2024		6,925		7,386
Honeywell International Inc. 1.35% 2025		5,947		6,157
Honeywell International Inc. 2.70% 2029		4,330		4,849
Honeywell International Inc. 1.95% 2030		2,000		2,119
Howmet Aerospace Inc. 6.875% 2025		1,885		2,227
Icahn Enterprises Finance Corp. 4.75% 2024		3,590		3,735
L3Harris Technologies, Inc. 1.80% 2031		2,625		2,675
MasTec, Inc. 4.50% 20288		1,425		1,498
Meritor, Inc. 4.50% 20288		1,025		1,053
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 20258		2,175		2,236
Norfolk Southern Corp. 3.00% 2022		2,056		2,111
Norfolk Southern Corp. 3.05% 2050		4,151		4,552
Northrop Grumman Corp. 2.55% 2022		5,400		5,610
Northrop Grumman Corp. 2.93% 2025		1,820		1,980
Northrop Grumman Corp. 3.25% 2028		3,495		3,953
Otis Worldwide Corp. 2.293% 2027		2,135		2,283
Otis Worldwide Corp. 2.565% 2030		3,000		3,225

130      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
R.R. Donnelley & Sons Co. 6.50% 2023	$	2,635	$	2,724
Raytheon Technologies Corp. 2.80% 2022		1,500		1,543
Rolls-Royce PLC 5.75% 20278		765		848
Siemens AG 2.70% 20228		2,685		2,758
SkyMiles IP Ltd. 4.75% 20288		3,975		4,342
The Brink’s Co. 4.625% 20278		2,385		2,497
TransDigm Inc. 6.50% 2024		33,817		34,480
TransDigm Inc. 6.25% 20268		451		481
TransDigm Inc. 5.50% 2027		1,100		1,158
Triumph Group, Inc. 5.25% 2022		740		707
Triumph Group, Inc. 6.25% 20248		970		964
Triumph Group, Inc. 8.875% 20248		970		1,066
Triumph Group, Inc. 7.75% 20258		875		803
Union Pacific Corp. 3.15% 2024		1,287		1,394
Union Pacific Corp. 3.75% 2025		4,643		5,273
Union Pacific Corp. 2.15% 2027		2,318		2,465
Union Pacific Corp. 3.95% 2028		1,875		2,228
Union Pacific Corp. 3.70% 2029		6,500		7,547
Union Pacific Corp. 2.40% 2030		2,414		2,603
Union Pacific Corp. 4.30% 2049		2,690		3,511
Union Pacific Corp. 3.25% 2050		371		423
Union Pacific Corp. 3.95% 2059		1,365		1,697
Union Pacific Corp. 3.75% 2070		1,091		1,323
United Airlines Holdings, Inc. 6.50% 20278		2,200		2,369
United Rentals, Inc. 3.875% 2031		675		709
United Technologies Corp. 3.65% 2023		52		56
United Technologies Corp. 3.95% 2025		5,155		5,914
United Technologies Corp. 4.125% 2028		1,960		2,337
Vertical U.S. Newco Inc. 5.25% 20278		2,000		2,124
Vinci SA 3.75% 20298		2,237		2,626
Wesco Aircraft Holdings, Inc. 9.00% 20268		1,045		991
WESCO Distribution, Inc. 7.125% 20258		1,210		1,332
WESCO Distribution, Inc. 7.25% 20288		1,320		1,503
XPO Logistics, Inc. 6.25% 20258		660		711
				300,988
Consumer discretionary 0.95%
Adient US LLC 9.00% 20258		521		582
Amazon.com, Inc. 1.50% 2030		2,000		2,033
Amazon.com, Inc. 2.50% 2050		920		955
Amazon.com, Inc. 2.70% 2060		4,485		4,802
American Honda Finance Corp. 0.875% 2023		13,000		13,162
American Honda Finance Corp. 1.20% 2025		2,546		2,607
American Honda Finance Corp. 3.50% 2028		750		865
Bayerische Motoren Werke AG 2.25% 20238		300		313
Bayerische Motoren Werke AG 3.45% 20238		1,870		1,994
Bayerische Motoren Werke AG 3.15% 20248		8,510		9,179
Caesars Entertainment, Inc. 6.25% 20258		3,315		3,535
Carnival Corp. 11.50% 20238		5,575		6,455
Ford Motor Credit Co. 3.20% 2021		2,250		2,255
Ford Motor Credit Co. 3.087% 2023		405		413
Ford Motor Credit Co. 3.664% 2024		455		468
Ford Motor Credit Co. 3.81% 2024		1,070		1,098
Ford Motor Credit Co. 5.584% 2024		423		457
Ford Motor Credit Co. 5.125% 2025		12,355		13,449
Ford Motor Credit Co. 4.542% 2026		2,455		2,624
Ford Motor Credit Co. 3.815% 2027		250		257
General Motors Company 4.20% 2027		5,156		5,844
General Motors Company 5.95% 2049		2,200		2,978
General Motors Financial Co. 3.45% 2022		2,000		2,054

American Funds Insurance Series      131

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
General Motors Financial Co. 3.55% 2022	$	1,780	$	1,857
General Motors Financial Co. 5.20% 2023		7,768		8,521
General Motors Financial Co. 3.50% 2024		4,145		4,483
General Motors Financial Co. 2.75% 2025		5,000		5,350
General Motors Financial Co. 4.30% 2025		400		449
General Motors Financial Co. 4.35% 2027		500		570
Hanesbrands Inc. 4.625% 20248		860		902
Hanesbrands Inc. 5.375% 20258		706		748
Hanesbrands Inc. 4.875% 20268		2,700		2,936
Hilton Worldwide Holdings Inc. 5.125% 2026		2,675		2,769
Hilton Worldwide Holdings Inc. 4.00% 20318		1,035		1,094
Home Depot, Inc. 3.90% 2028		825		993
Home Depot, Inc. 2.95% 2029		9,301		10,575
Home Depot, Inc. 2.70% 2030		2,180		2,434
Home Depot, Inc. 4.25% 2046		3,500		4,643
Home Depot, Inc. 4.50% 2048		428		601
Home Depot, Inc. 3.35% 2050		3,060		3,642
Hyundai Capital America 3.25% 20228		480		500
Hyundai Capital America 1.80% 20258		4,523		4,641
Hyundai Capital America 2.375% 20278		2,579		2,707
International Game Technology PLC 6.25% 20228		687		711
International Game Technology PLC 6.50% 20258		4,555		5,104
International Game Technology PLC 5.25% 20298		940		1,014
Lithia Motors, Inc. 4.375% 20318		1,025		1,101
Lowe’s Companies, Inc. 3.65% 2029		3,574		4,172
Macy’s, Inc. 8.375% 20258		1,230		1,367
Magna International Inc. 2.45% 2030		6,875		7,400
Mattel, Inc. 6.75% 20258		3,225		3,407
Melco International Development Ltd. 5.75% 20288		1,485		1,584
MGM Growth Properties LLC 4.625% 20258		1,050		1,126
MGM Growth Properties LLC 3.875% 20298		1,175		1,204
MGM Resorts International 7.75% 2022		1,700		1,814
Nissan Motor Co., Ltd. 3.043% 20238		1,686		1,764
Nissan Motor Co., Ltd. 3.522% 20258		4,180		4,485
Nissan Motor Co., Ltd. 4.345% 20278		9,815		10,849
Nissan Motor Co., Ltd. 4.81% 20308		4,000		4,514
Panther BF Aggregator 2, LP 6.25% 20268		556		597
PetSmart, Inc. 8.875% 20258		12,215		12,561
PetSmart, Inc., Term Loan, (3-month USD-LIBOR + 3.00%) 4.00% 202210,12		5,870		5,824
Royal Caribbean Cruises Ltd. 11.50% 20258		1,225		1,434
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025		5,255		5,407
Sally Holdings LLC and Sally Capital Inc. 8.75% 20258		2,347		2,614
Scientific Games Corp. 5.00% 20258		1,996		2,062
Scientific Games Corp. 8.625% 20258		1,260		1,381
Scientific Games Corp. 8.25% 20268		6,905		7,453
Scientific Games Corp. 7.00% 20288		950		1,023
Scientific Games Corp. 7.25% 20298		1,615		1,775
Staples, Inc. 7.50% 20268		3,055		3,195
Toyota Motor Credit Corp. 2.15% 2022		545		562
Toyota Motor Credit Corp. 2.60% 2022		924		946
Toyota Motor Credit Corp. 0.80% 2025		2,994		3,016
Toyota Motor Credit Corp. 3.05% 2028		2,430		2,732
Toyota Motor Credit Corp. 3.375% 2030		2,225		2,605
VICI Properties LP 4.625% 20298		995		1,066
VICI Properties LP / VICI Note Co. Inc. 3.50% 20258		2,100		2,152
VICI Properties LP / VICI Note Co. Inc. 3.75% 20278		450		461
VICI Properties LP / VICI Note Co. Inc. 4.125% 20308		2,225		2,351
Volkswagen Group of America Finance, LLC 4.00% 20218		2,500		2,577
Volkswagen Group of America Finance, LLC 4.25% 20238		5,320		5,856
Volkswagen Group of America Finance, LLC 1.25% 20258		3,610		3,642
Volkswagen Group of America Finance, LLC 3.35% 20258		2,578		2,836

132      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Volkswagen Group of America Finance, LLC 4.625% 20258	$	3,845	$	4,485
Volkswagen Group of America Finance, LLC 3.20% 20268		3,201		3,539
Volkswagen Group of America Finance, LLC 1.625% 20278		985		994
Wyndham Worldwide Corp. 5.375% 20268		625		648
Wyndham Worldwide Corp. 4.375% 20288		1,855		1,931
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20238		3,468		3,525
				281,660
Consumer staples 0.89%
Albertsons Companies, Inc. 3.50% 20298		660		668
Altria Group, Inc. 3.80% 2024		2,630		2,873
Altria Group, Inc. 4.40% 2026		445		517
Altria Group, Inc. 4.80% 2029		1,681		2,017
Altria Group, Inc. 3.40% 2030		437		491
Altria Group, Inc. 5.80% 2039		4,820		6,351
Altria Group, Inc. 4.50% 2043		3,000		3,445
Altria Group, Inc. 5.95% 2049		490		686
Altria Group, Inc. 4.45% 2050		3,500		4,145
Anheuser-Busch InBev NV 4.15% 2025		8,000		9,112
Anheuser-Busch InBev NV 4.00% 2028		4,345		5,124
Anheuser-Busch InBev NV 4.75% 2029		886		1,093
Anheuser-Busch InBev NV 5.45% 2039		7,070		9,557
Anheuser-Busch InBev NV 5.55% 2049		2,500		3,554
Anheuser-Busch InBev NV 4.50% 2050		2,150		2,710
B&G Foods, Inc. 5.25% 2025		2,175		2,248
British American Tobacco International Finance PLC 3.95% 20258		4,250		4,783
British American Tobacco PLC 2.789% 2024		4,000		4,280
British American Tobacco PLC 3.222% 2024		2,826		3,061
British American Tobacco PLC 3.215% 2026		3,323		3,664
British American Tobacco PLC 3.557% 2027		1,384		1,541
British American Tobacco PLC 2.259% 2028		2,509		2,607
British American Tobacco PLC 3.462% 2029		2,000		2,185
British American Tobacco PLC 4.906% 2030		4,770		5,764
British American Tobacco PLC 2.726% 2031		4,000		4,148
British American Tobacco PLC 4.39% 2037		5,500		6,157
British American Tobacco PLC 4.54% 2047		2,953		3,279
Coca-Cola Co. 1.00% 2028		3,015		3,028
Coca-Cola Co. 1.375% 2031		1,460		1,458
Coca-Cola Co. 2.50% 2051		1,040		1,075
Conagra Brands, Inc. 4.30% 2024		4,685		5,245
Conagra Brands, Inc. 1.375% 2027		4,105		4,145
Conagra Brands, Inc. 5.30% 2038		55		74
Conagra Brands, Inc. 5.40% 2048		412		588
Constellation Brands, Inc. 2.65% 2022		7,846		8,156
Constellation Brands, Inc. 2.70% 2022		195		201
Constellation Brands, Inc. 3.20% 2023		1,340		1,416
Constellation Brands, Inc. 3.60% 2028		938		1,072
Constellation Brands, Inc. 2.875% 2030		2,259		2,479
Constellation Brands, Inc. 4.50% 2047		220		278
Constellation Brands, Inc. 3.75% 2050		351		414
Costco Wholesale Corp. 2.75% 2024		10,000		10,763
Costco Wholesale Corp. 1.60% 2030		5,000		5,127
H.J. Heinz Co. 3.875% 20278		2,475		2,669
H.J. Heinz Co. 5.50% 20508		1,215		1,534
Imperial Tobacco Finance PLC 3.50% 20238		4,000		4,190
Keurig Dr Pepper Inc. 4.057% 2023		2,000		2,174
Keurig Dr Pepper Inc. 4.597% 2028		2,000		2,437
Keurig Dr Pepper Inc. 3.20% 2030		3,771		4,274
Keurig Dr Pepper Inc. 4.985% 2038		3,351		4,495
Keurig Dr Pepper Inc. 5.085% 2048		75		106

American Funds Insurance Series      133

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
Keurig Dr Pepper Inc. 3.80% 2050	$	2,552	$	3,062
Kimberly-Clark Corp. 1.05% 2027		1,395		1,414
Kimberly-Clark Corp. 3.10% 2030		844		972
Kraft Heinz Company 3.95% 2025		2,195		2,418
Kraft Heinz Company 4.375% 2046		840		909
Kraft Heinz Company 4.875% 20498		1,725		2,013
Molson Coors Brewing Co. 4.20% 2046		2,270		2,605
Nestlé Holdings, Inc. 3.35% 20238		750		809
Nestlé Holdings, Inc. 0.625% 20268		5,240		5,217
Nestlé Holdings, Inc. 1.00% 20278		19,720		19,773
Nestlé Holdings, Inc. 1.25% 20308		5,000		4,979
PepsiCo, Inc. 1.40% 2031		3,795		3,825
PepsiCo, Inc. 3.625% 2050		2,180		2,769
Philip Morris International Inc. 1.875% 2021		1,500		1,500
Philip Morris International Inc. 2.375% 2022		1,960		2,023
Philip Morris International Inc. 2.625% 2022		1,670		1,712
Philip Morris International Inc. 2.875% 2024		788		849
Philip Morris International Inc. 3.25% 2024		2,000		2,203
Philip Morris International Inc. 0.875% 2026		2,990		3,004
Philip Morris International Inc. 3.375% 2029		3,268		3,746
Philip Morris International Inc. 1.75% 2030		4,974		5,039
Philip Morris International Inc. 2.10% 2030		2,477		2,585
Post Holdings, Inc. 4.625% 20308		2,886		3,040
Procter & Gamble Company 1.70% 2021		400		405
Procter & Gamble Company 0.55% 2025		5,595		5,646
Procter & Gamble Company 1.20% 2030		8,210		8,224
Reckitt Benckiser Group PLC 2.375% 20228		1,125		1,157
Reynolds American Inc. 4.45% 2025		1,425		1,623
Reynolds American Inc. 5.85% 2045		2,030		2,598
TreeHouse Foods, Inc. 4.00% 2028		320		332
Wal-Mart Stores, Inc. 2.35% 2022		1,000		1,042
Wal-Mart Stores, Inc. 2.85% 2024		1,805		1,953
Wal-Mart Stores, Inc. 3.05% 2026		2,060		2,320
				265,224
Materials 0.76%
Anglo American Capital PLC 2.625% 20308		11,275		11,808
Anglo American Capital PLC 5.625% 20308		720		918
Anglo American Capital PLC 3.95% 20508		2,945		3,313
Ardagh Packaging Finance 5.25% 20258		833		880
Chevron Phillips Chemical Co. LLC 3.30% 20238		595		630
Cleveland-Cliffs Inc. 4.875% 20248		3,975		4,057
Cleveland-Cliffs Inc. 5.75% 2025		9,456		9,616
Cleveland-Cliffs Inc. 9.875% 20258		925		1,089
Cleveland-Cliffs Inc. 6.75% 20268		2,035		2,200
Cleveland-Cliffs Inc. 5.875% 2027		10,500		10,719
CVR Partners, LP 9.25% 20238		2,350		2,355
Dow Chemical Co. 4.55% 2025		1,405		1,645
Dow Chemical Co. 3.625% 2026		1,884		2,124
Dow Chemical Co. 2.10% 2030		4,000		4,105
Dow Chemical Co. 4.80% 2049		627		845
Dow Chemical Co. 3.60% 2050		15,250		17,135
First Quantum Minerals Ltd. 7.25% 20238		1,200		1,239
First Quantum Minerals Ltd. 6.50% 20248		4,704		4,842
First Quantum Minerals Ltd. 7.50% 20258		15,400		16,055
First Quantum Minerals Ltd. 6.875% 20268		11,375		11,880
First Quantum Minerals Ltd. 6.875% 20278		3,240		3,520
Freeport-McMoRan Inc. 3.875% 2023		825		862
Freeport-McMoRan Inc. 4.25% 2030		2,550		2,750
FXI Holdings, Inc. 7.875% 20248		2,226		2,248

134      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
FXI Holdings, Inc. 12.25% 20268	$	4,392	$	5,014
Glencore Funding LLC 4.125% 20248		945		1,041
Hexion Inc. 7.875% 20278		2,045		2,192
International Paper Co. 7.30% 2039		2,005		3,218
Joseph T. Ryerson & Son, Inc. 8.50% 20288		1,148		1,302
LSB Industries, Inc. 9.625% 20238		5,170		5,344
LYB International Finance III, LLC 1.25% 2025		5,780		5,885
LYB International Finance III, LLC 2.25% 2030		3,690		3,819
LYB International Finance III, LLC 3.375% 2040		11,184		11,977
LYB International Finance III, LLC 3.625% 2051		2,922		3,199
LYB International Finance III, LLC 3.80% 2060		1,186		1,281
Methanex Corp. 5.125% 2027		4,525		4,924
Mosaic Co. 3.25% 2022		1,788		1,869
Mosaic Co. 4.05% 2027		1,587		1,799
Newcrest Finance Pty Ltd. 3.25% 20308		1,329		1,470
Newcrest Finance Pty Ltd. 4.20% 20508		371		455
Nutrition & Biosciences, Inc. 1.832% 20278		7,468		7,699
Nutrition & Biosciences, Inc. 2.30% 20308		5,310		5,471
Praxair, Inc. 1.10% 2030		6,604		6,540
Praxair, Inc. 2.00% 2050		1,605		1,505
Sherwin-Williams Co. 2.75% 2022		29		30
Sherwin-Williams Co. 3.125% 2024		275		299
Sherwin-Williams Co. 2.95% 2029		4,000		4,407
Sherwin-Williams Co. 3.80% 2049		5,208		6,295
Tronox Ltd. 6.50% 20268		1,980		2,064
Vale Overseas Ltd. 3.75% 2030		3,949		4,397
Valvoline Inc. 4.375% 2025		670		692
Venator Materials Corp. 5.75% 20258		5,845		5,476
Venator Materials Corp. 9.50% 20258		1,495		1,637
Warrior Met Coal, Inc. 8.00% 20248		5,095		5,214
Westlake Chemical Corp. 4.375% 2047		500		595
				223,945
Information technology 0.74%
Adobe Inc. 1.90% 2025		2,216		2,344
Adobe Inc. 2.30% 2030		11,627		12,593
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 202510,12		4,150		4,172
Apple Inc. 3.00% 2024		625		673
Apple Inc. 0.55% 2025		14,140		14,213
Apple Inc. 1.125% 2025		1,866		1,920
Apple Inc. 3.35% 2027		40		46
Apple Inc. 1.25% 2030		8,760		8,768
Apple Inc. 2.40% 2050		3,000		3,077
Avaya Inc. 6.125% 20288		1,600		1,712
Broadcom Inc. 3.125% 2022		1,575		1,649
Broadcom Inc. 3.625% 2024		1,575		1,731
Broadcom Inc. 4.25% 2026		7,508		8,606
Broadcom Inc. 4.75% 2029		4,710		5,634
Broadcom Inc. 4.15% 2030		5,000		5,791
Broadcom Inc. 5.00% 2030		1,807		2,198
Broadcom Ltd. 3.625% 2024		750		811
Broadcom Ltd. 3.875% 2027		3,060		3,440
CommScope Finance LLC 6.00% 20268		2,425		2,558
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 3.004% 202310,12		1,342		1,312
Diebold Nixdorf, Inc. 9.375% 20258		3,775		4,235
Diebold, Inc. 8.50% 2024		1,400		1,419
Fiserv, Inc. 2.75% 2024		1,600		1,719
Fiserv, Inc. 3.20% 2026		7,455		8,355
Fiserv, Inc. 2.25% 2027		1,030		1,099
Fiserv, Inc. 3.50% 2029		4,070		4,654

American Funds Insurance Series      135

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Fiserv, Inc. 2.65% 2030	$	12,611	$	13,653
Fiserv, Inc. 4.40% 2049		1,800		2,411
Gartner, Inc. 4.50% 20288		650		687
Global Payments Inc. 2.90% 2030		3,528		3,839
Intuit Inc. 0.95% 2025		1,530		1,551
Intuit Inc. 1.35% 2027		3,565		3,652
Intuit Inc. 1.65% 2030		4,870		5,006
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 3.75%) 4.004% 202410,12		2,602		2,606
Microsoft Corp. 3.30% 2027		4,000		4,565
Microsoft Corp. 4.20% 2035		6,000		7,890
Microsoft Corp. 4.10% 2037		628		825
Microsoft Corp. 2.525% 2050		2,961		3,123
Oracle Corp. 3.60% 2050		6,730		7,860
PayPal Holdings, Inc. 2.65% 2026		2,364		2,599
PayPal Holdings, Inc. 2.85% 2029		2,770		3,081
PayPal Holdings, Inc. 2.30% 2030		3,303		3,541
PayPal Holdings, Inc. 3.25% 2050		932		1,077
Sabre Holdings Corp. 5.25% 20238		325		330
Sabre Holdings Corp. 9.25% 20258		1,025		1,221
ServiceNow, Inc. 1.40% 2030		8,965		8,752
Unisys Corp. 6.875% 20278		725		794
Veritas Holdings Ltd. 7.50% 20258		3,860		3,966
ViaSat, Inc. 5.625% 20278		555		584
Visa Inc. 2.80% 2022		2,000		2,093
Visa Inc. 3.15% 2025		5,500		6,173
Visa Inc. 0.75% 2027		4,450		4,441
Visa Inc. 1.10% 2031		10,000		9,872
Visa Inc. 2.00% 2050		5,000		4,776
Xerox Corp. 4.125% 2023		906		953
Xerox Corp. 5.50% 20288		2,450		2,604
				219,254
Real estate 0.42%
Alexandria Real Estate Equities, Inc. 3.80% 2026		315		363
Alexandria Real Estate Equities, Inc. 3.95% 2028		1,220		1,418
Alexandria Real Estate Equities, Inc. 2.75% 2029		1,940		2,122
Alexandria Real Estate Equities, Inc. 3.375% 2031		1,320		1,513
Alexandria Real Estate Equities, Inc. 1.875% 2033		4,095		4,097
Alexandria Real Estate Equities, Inc. 4.85% 2049		410		576
American Campus Communities, Inc. 3.75% 2023		3,055		3,230
American Campus Communities, Inc. 4.125% 2024		2,075		2,267
American Campus Communities, Inc. 3.30% 2026		1,698		1,855
American Campus Communities, Inc. 3.625% 2027		9,545		10,528
American Campus Communities, Inc. 2.85% 2030		144		151
American Campus Communities, Inc. 3.875% 2031		744		844
American Tower Corp. 3.55% 2027		1,425		1,613
American Tower Corp. 1.50% 2028		10,000		10,068
American Tower Corp. 3.60% 2028		1,000		1,137
Brandywine Operating Partnership, LP 3.95% 2023		1,070		1,115
Brookfield Property REIT Inc. 5.75% 20268		6,050		5,980
Communications Sales & Leasing, Inc. 6.00% 20238		2,475		2,529
Corporate Office Properties LP 3.60% 2023		390		413
Corporate Office Properties LP 5.25% 2024		3,595		3,976
Corporate Office Properties LP 2.25% 2026		1,431		1,493
Equinix, Inc. 2.625% 2024		501		536
Equinix, Inc. 2.90% 2026		6,087		6,664
Equinix, Inc. 1.80% 2027		1,295		1,334
Equinix, Inc. 1.55% 2028		5,920		6,023
Equinix, Inc. 3.20% 2029		6,170		6,810
Equinix, Inc. 2.15% 2030		2,969		3,025

136      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Equinix, Inc. 3.00% 2050	$	2,095	$	2,128
Essex Portfolio LP 3.875% 2024		1,000		1,099
Essex Portfolio LP 3.50% 2025		6,825		7,566
Gaming and Leisure Properties, Inc. 3.35% 2024		1,263		1,330
Hospitality Properties Trust 4.50% 2023		1,945		1,958
Hospitality Properties Trust 4.50% 2025		150		148
Hospitality Properties Trust 4.95% 2027		500		504
Hospitality Properties Trust 3.95% 2028		1,950		1,888
Host Hotels & Resorts LP 4.50% 2026		355		389
Howard Hughes Corp. 5.375% 20288		2,450		2,640
Iron Mountain Inc. 5.25% 20308		3,695		3,995
Iron Mountain Inc. 4.50% 20318		2,015		2,113
Ladder Capital Corp. 5.25% 20258		440		440
Public Storage 2.37% 2022		565		584
QTS Realty Trust, Inc. 3.875% 20288		2,025		2,068
Scentre Group 3.25% 20258		1,000		1,066
Scentre Group 3.50% 20258		3,075		3,290
Scentre Group 3.75% 20278		2,430		2,620
UDR, Inc. 2.95% 2026		760		835
Westfield Corp. Ltd. 3.15% 20228		4,290		4,364
Westfield Corp. Ltd. 3.50% 20298		443		465
				123,170
Total corporate bonds, notes & loans				3,853,780
U.S. Treasury bonds & notes 8.47%
U.S. Treasury 6.99%
U.S. Treasury 1.50% 2021		3,777		3,811
U.S. Treasury 1.625% 2021		3,704		3,732
U.S. Treasury 1.625% 2021		98		99
U.S. Treasury 1.75% 2021		425		431
U.S. Treasury 2.25% 202114		95,000		95,664
U.S. Treasury 2.50% 2021		200,000		200,359
U.S. Treasury 2.75% 2021		19,232		19,586
U.S. Treasury 0.125% 2022		114,525		114,548
U.S. Treasury 0.125% 2022		20,000		20,004
U.S. Treasury 1.375% 2022		5,000		5,068
U.S. Treasury 1.375% 2022		280		286
U.S. Treasury 1.50% 2022		9,407		9,627
U.S. Treasury 1.625% 2022		94		97
U.S. Treasury 1.875% 2022		80,000		81,633
U.S. Treasury 1.875% 2022		4,000		4,122
U.S. Treasury 2.125% 2022		37,000		38,471
U.S. Treasury 0.125% 2023		5,362		5,355
U.S. Treasury 0.125% 2023		2,000		1,999
U.S. Treasury 0.25% 2023		30,000		30,077
U.S. Treasury 1.375% 2023		5,309		5,449
U.S. Treasury 2.25% 2023		5,000		5,312
U.S. Treasury 2.375% 2023		5,000		5,233
U.S. Treasury 2.75% 2023		15,000		15,908
U.S. Treasury 1.50% 2024		22,500		23,583
U.S. Treasury 1.50% 2024		907		950
U.S. Treasury 2.125% 2024		5,000		5,313
U.S. Treasury 2.25% 2024		5,000		5,319
U.S. Treasury 2.375% 2024		70,000		75,442
U.S. Treasury 2.50% 2024		225,000		241,055
U.S. Treasury 2.50% 2024		700		754
U.S. Treasury 0.25% 2025		89,250		89,011
U.S. Treasury 0.25% 2025		84,812		84,641
U.S. Treasury 0.25% 2025		2,272		2,263
U.S. Treasury 0.375% 2025		3,368		3,372

American Funds Insurance Series      137

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 0.375% 2025	$	2,705	$	2,715
U.S. Treasury 2.50% 2025		3,500		3,818
U.S. Treasury 2.75% 2025		3,229		3,581
U.S. Treasury 1.50% 2026		500		529
U.S. Treasury 1.625% 2026		60,000		63,990
U.S. Treasury 1.625% 2026		27,000		28,786
U.S. Treasury 1.625% 2026		7,000		7,444
U.S. Treasury 1.625% 2026		1,500		1,597
U.S. Treasury 0.50% 2027		46,770		46,591
U.S. Treasury 0.50% 2027		33,050		32,899
U.S. Treasury 0.50% 2027		4,418		4,389
U.S. Treasury 1.125% 2027		762		790
U.S. Treasury 2.25% 2027		78,250		86,472
U.S. Treasury 2.375% 2027		880		981
U.S. Treasury 2.875% 2028		5,217		6,042
U.S. Treasury 0.625% 2030		18,400		17,985
U.S. Treasury 0.875% 2030		128,258		127,767
U.S. Treasury 1.50% 2030		36,651		38,765
U.S. Treasury 1.125% 2040		60,975		57,877
U.S. Treasury 2.50% 2046		3,755		4,486
U.S. Treasury 3.00% 2047		9,355		12,252
U.S. Treasury 3.00% 2048		336		441
U.S. Treasury 2.25% 204914		15,000		17,169
U.S. Treasury 2.375% 204914		75,000		88,101
U.S. Treasury 1.375% 2050		194,447		181,954
U.S. Treasury 1.625% 2050		20,000		19,905
U.S. Treasury 2.00% 205014		15,075		16,370
				2,072,270
U.S. Treasury inflation-protected securities 1.48%
U.S. Treasury Inflation-Protected Security 0.125% 202415		86,266		92,498
U.S. Treasury Inflation-Protected Security 0.625% 202415		87,479		93,915
U.S. Treasury Inflation-Protected Security 0.125% 202515		23,186		24,937
U.S. Treasury Inflation-Protected Security 0.75% 202815		18,153		21,133
U.S. Treasury Inflation-Protected Security 0.875% 202915		20,465		24,068
U.S. Treasury Inflation-Protected Security 0.125% 203015		23,488		26,199
U.S. Treasury Inflation-Protected Security 1.00% 204915		102,525		144,589
U.S. Treasury Inflation-Protected Security 0.25% 205015		10,301		12,271
				439,610
Total U.S. Treasury bonds & notes				2,511,880
Mortgage-backed obligations 7.41%
Federal agency mortgage-backed obligations 7.05%
Fannie Mae Pool #885290 6.00% 202116		2		2
Fannie Mae Pool #AD7072 4.00% 202516		5		5
Fannie Mae Pool #AE3069 4.00% 202516		3		3
Fannie Mae Pool #AE2321 4.00% 202516		2		2
Fannie Mae Pool #AH9695 4.00% 202616		519		552
Fannie Mae Pool #AH6431 4.00% 202616		472		503
Fannie Mae Pool #890329 4.00% 202616		72		76
Fannie Mae Pool #AJ3010 4.00% 202616		42		45
Fannie Mae Pool #AH8174 4.00% 202616		5		6
Fannie Mae Pool #AL3908 4.00% 202616		4		4
Fannie Mae Pool #AH5618 4.00% 202616		4		4
Fannie Mae Pool #AH0829 4.00% 202616		4		4
Fannie Mae Pool #AH8275 4.00% 202616		2		3
Fannie Mae Pool #AL7299 4.00% 202716		265		281
Fannie Mae Pool #MA1109 4.00% 202716		5		5
Fannie Mae Pool #MA3653 3.00% 202916		45		48
Fannie Mae Pool #AL8347 4.00% 202916		534		567

138      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #254767 5.50% 203316	$	321	$	374
Fannie Mae Pool #555956 5.50% 203316		217		253
Fannie Mae Pool #BN1085 4.00% 203416		820		870
Fannie Mae Pool #BN3172 4.00% 203416		408		432
Fannie Mae Pool #MA4228 1.50% 203616		64,738		66,646
Fannie Mae Pool #MA4229 2.00% 203616		12,064		12,621
Fannie Mae Pool #AS8554 3.00% 203616		12,279		12,934
Fannie Mae Pool #929185 5.50% 203616		473		556
Fannie Mae Pool #893641 6.00% 203616		1,046		1,251
Fannie Mae Pool #893688 6.00% 203616		286		342
Fannie Mae Pool #907239 6.00% 203616		60		70
Fannie Mae Pool #AD0249 5.50% 203716		177		206
Fannie Mae Pool #190379 5.50% 203716		94		111
Fannie Mae Pool #924952 6.00% 203716		1,205		1,431
Fannie Mae Pool #888292 6.00% 203716		969		1,153
Fannie Mae Pool #928031 6.00% 203716		117		138
Fannie Mae Pool #888637 6.00% 203716		16		19
Fannie Mae Pool #AD0119 6.00% 203816		1,484		1,761
Fannie Mae Pool #AD0095 6.00% 203816		1,154		1,365
Fannie Mae Pool #995674 6.00% 203816		562		667
Fannie Mae Pool #AE0021 6.00% 203816		468		553
Fannie Mae Pool #AL7164 6.00% 203816		281		328
Fannie Mae Pool #AB0538 6.00% 203816		222		260
Fannie Mae Pool #995391 6.00% 203816		32		38
Fannie Mae Pool #889983 6.00% 203816		30		35
Fannie Mae Pool #995224 6.00% 203816		18		21
Fannie Mae Pool #AD0833 6.00% 203916		1		1
Fannie Mae Pool #AL0013 6.00% 204016		294		347
Fannie Mae Pool #AL0309 6.00% 204016		96		114
Fannie Mae Pool #AB4536 6.00% 204116		565		669
Fannie Mae Pool #AL7228 6.00% 204116		395		467
Fannie Mae Pool #AP2131 3.50% 204216		5,880		6,346
Fannie Mae Pool #AU8813 4.00% 204316		2,968		3,356
Fannie Mae Pool #AU9348 4.00% 204316		1,768		2,000
Fannie Mae Pool #AU9350 4.00% 204316		1,410		1,568
Fannie Mae Pool #AL8773 3.50% 204516		9,959		10,820
Fannie Mae Pool #AL8354 3.50% 204516		2,392		2,614
Fannie Mae Pool #BC4764 3.00% 204616		21,678		22,815
Fannie Mae Pool #AL8522 3.50% 204616		4,748		5,188
Fannie Mae Pool #BD9699 3.50% 204616		1,895		2,040
Fannie Mae Pool #BD9307 4.00% 204616		1,733		1,897
Fannie Mae Pool #BC7611 4.00% 204616		501		549
Fannie Mae Pool #BH4084 3.50% 204716		20,500		21,774
Fannie Mae Pool #BE1290 3.50% 204716		3,822		4,145
Fannie Mae Pool #CA0770 3.50% 204716		3,514		3,735
Fannie Mae Pool #MA3211 4.00% 204716		6,971		7,490
Fannie Mae Pool #257036 7.00% 204716		11		12
Fannie Mae Pool #256975 7.00% 204716		2		2
Fannie Mae Pool #BJ3775 3.50% 204816		13,514		14,336
Fannie Mae Pool #BK7655 3.899% 204812,16		683		719
Fannie Mae Pool #CA2377 4.00% 204816		16,923		18,085
Fannie Mae Pool #BK0920 4.00% 204816		2,979		3,182
Fannie Mae Pool #BJ9256 4.00% 204816		2,968		3,170
Fannie Mae Pool #BJ9252 4.00% 204816		891		952
Fannie Mae Pool #BK0915 4.00% 204816		265		283
Fannie Mae Pool #BK6971 4.00% 204816		216		231
Fannie Mae Pool #MA3277 4.00% 204816		28		30
Fannie Mae Pool #BK5255 4.00% 204816		27		30
Fannie Mae Pool #CA2493 4.50% 204816		1,894		2,058
Fannie Mae Pool #CA4756 3.00% 204916		10,033		10,863
Fannie Mae Pool #BK8767 4.00% 204916		189		206

American Funds Insurance Series      139

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #MA4256 2.50% 205116	$	3,051	$	3,218
Fannie Mae, Series 2001-T10, Class A1, 7.00% 204116		121		144
Fannie Mae, Series 2002-W3, Class A5, 7.50% 204116		32		39
Fannie Mae, Series 2012-M14, Class A2, Multi Family, 2.301% 202212,16		1,160		1,191
Fannie Mae, Series 2012-M9, Class A2, Multi Family, 2.482% 202216		2,248		2,288
Fannie Mae, Series 2012-M5, Class A2, Multi Family, 2.715% 202216		1,603		1,627
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.128% 202312,16		5,566		5,880
Fannie Mae, Series 2013-M14, Class A2, Multi Family, 3.329% 202312,16		5,262		5,589
Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 202312,16		4,544		4,869
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 202412,16		5,881		6,372
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 202412,16		4,697		5,080
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.477% 202612,16		9,665		10,575
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 202712,16		2,891		3,241
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 203616		67		63
Freddie Mac Pool #Q46021 3.50% 204716		2,396		2,592
Freddie Mac Pool #ZK7598 3.00% 202716		10,439		10,976
Freddie Mac Pool #ZK7580 3.00% 202716		4,541		4,828
Freddie Mac Pool #QN1174 2.50% 203416		642		670
Freddie Mac Pool #SB8083 1.50% 203616		14,002		14,415
Freddie Mac Pool #SB8084 2.00% 203616		3,275		3,426
Freddie Mac Pool #C91912 3.00% 203716		19,815		20,882
Freddie Mac Pool #G03978 5.00% 203816		692		805
Freddie Mac Pool #G04553 6.50% 203816		84		95
Freddie Mac Pool #G08347 4.50% 203916		121		135
Freddie Mac Pool #C03518 5.00% 204016		1,211		1,409
Freddie Mac Pool #Q05807 4.00% 204216		2,988		3,295
Freddie Mac Pool #Q23185 4.00% 204316		1,886		2,134
Freddie Mac Pool #Q23190 4.00% 204316		1,446		1,608
Freddie Mac Pool #760014 3.116% 204512,16		420		439
Freddie Mac Pool #Q37988 4.00% 204516		10,020		11,077
Freddie Mac Pool #G60344 4.00% 204516		8,736		9,678
Freddie Mac Pool #Z40130 3.00% 204616		6,415		7,004
Freddie Mac Pool #Q41909 4.50% 204616		884		970
Freddie Mac Pool #Q41090 4.50% 204616		547		600
Freddie Mac Pool #760015 2.849% 204712,16		980		1,013
Freddie Mac Pool #Q52216 3.50% 204716		13,195		14,009
Freddie Mac Pool #Q52157 3.50% 204716		2,902		3,081
Freddie Mac Pool #SI2002 4.00% 204816		6,236		6,675
Freddie Mac Pool #ZM6968 4.00% 204816		3,718		3,970
Freddie Mac Pool #SD7507 3.00% 204916		33,113		35,812
Freddie Mac Pool #RA2020 3.00% 205016		13,908		14,949
Freddie Mac, Series T041, Class 3A, 5.222% 203212,16		240		272
Freddie Mac, Series K723, Class A2, Multi Family, 2.454% 202316		3,025		3,176
Freddie Mac, Series K725, Class A2, Multi Family, 3.002% 202416		5,555		5,981
Freddie Mac, Series K044, Class A2, Multi Family, 2.811% 202516		4,265		4,648
Freddie Mac, Series K047, Class A2, Multi Family, 3.329% 202516		4,000		4,466
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 202512,16		9,778		10,998
Freddie Mac, Series K055, Class A2, Multi Family, 2.673% 202616		10,050		11,062
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 202616		7,370		8,226
Freddie Mac, Series K066, Class A2, Multi Family, 3.117% 202716		4,755		5,420
Freddie Mac, Series K067, Class A2, Multi Family, 3.194% 202716		5,770		6,622
Freddie Mac, Series K063, Class A2, Multi Family, 3.43% 202716		4,375		5,035
Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 202816		3,237		3,884
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 205616		8,475		9,091
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 205612,16		8,495		8,927
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 205612,16		4,449		4,677
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 205612,16		1,877		1,990

140      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 205712,16	$	1,401	$	1,527
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 205716		3,306		3,582
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 205716		2,852		3,115
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 205716		1,135		1,239
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 205816		15,488		16,882
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 205916		8,737		9,322
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 202816		3,363		3,558
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 202916		4,393		4,650
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 202916		7,001		7,426
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 202916		2,455		2,714
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 3.448% 202712,16		1,301		1,338
Government National Mortgage Assn. 2.00% 205116,17		149,150		155,465
Government National Mortgage Assn. 2.00% 205116,17		83,050		86,703
Government National Mortgage Assn. 2.50% 205116,17		5,375		5,668
Government National Mortgage Assn. 3.00% 205116,17		74,000		77,425
Government National Mortgage Assn. 3.50% 205116,17		13,404		14,202
Government National Mortgage Assn. 3.50% 205116,17		13,352		14,139
Government National Mortgage Assn. 4.00% 205116,17		13,107		13,981
Government National Mortgage Assn. 4.50% 205116,17		7,053		7,560
Government National Mortgage Assn. 4.50% 205116,17		2,947		3,156
Government National Mortgage Assn. Pool #BD7245 4.00% 204816		1,191		1,302
Government National Mortgage Assn. Pool #MA5876 4.00% 204916		17,039		18,229
Government National Mortgage Assn. Pool #MA5986 4.00% 204916		2,226		2,391
Government National Mortgage Assn. Pool #MA5764 4.50% 204916		28,452		30,796
Government National Mortgage Assn. Pool #MA6092 4.50% 204916		6,837		7,374
Government National Mortgage Assn. Pool #MA5877 4.50% 204916		4,167		4,506
Government National Mortgage Assn. Pool #MA7052 2.50% 205016		15,905		16,854
Uniform Mortgage-Backed Security 1.50% 203616,17		89,384		91,842
Uniform Mortgage-Backed Security 1.50% 203616,17		15,049		15,455
Uniform Mortgage-Backed Security 2.00% 203616,17		54,690		57,117
Uniform Mortgage-Backed Security 2.00% 203616,17		17,235		18,017
Uniform Mortgage-Backed Security 3.00% 203616,17		8,784		9,218
Uniform Mortgage-Backed Security 2.00% 205116,17		69,840		72,297
Uniform Mortgage-Backed Security 2.00% 205116,17		45,476		47,153
Uniform Mortgage-Backed Security 2.50% 205116,17		123,053		129,292
Uniform Mortgage-Backed Security 2.50% 205116,17		92,374		97,198
Uniform Mortgage-Backed Security 3.00% 205116,17		114,305		119,939
Uniform Mortgage-Backed Security 3.00% 205116,17		24,371		25,555
Uniform Mortgage-Backed Security 3.50% 205116,17		147,126		155,725
Uniform Mortgage-Backed Security 4.00% 205116,17		105,276		112,587
Uniform Mortgage-Backed Security 4.50% 205116,17		41,792		45,352
				2,091,688
Collateralized mortgage-backed obligations (privately originated) 0.18%
Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.763% 20488,12,16		1,624		1,651
Bellemeade Re Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.748% 20298,12,16		3,810		3,817
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 20688,12,16		2,163		2,240
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 20378,16		4,191		4,353
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 203416		216		228
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20698,16		10,763		11,678
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 20698,16		3,798		4,172
JPMorgan Mortgage Trust, Series 2019-INV3, Class A13, 3.50% 20508,12,16		1,120		1,167

American Funds Insurance Series      141

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
JPMorgan Mortgage Trust, Series 2019-INV3, Class A3, 3.50% 20508,12,16	$	1,069	$	1,114
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 20598,12,16		5,422		5,483
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 20598,12,16		1,408		1,412
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 20598,12,16		765		768
MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 203416		495		518
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.898% 20528,12,16		3,001		3,005
Mortgage Repurchase Agreement Financing Trust, Series 2020-1, Class A1,
(1-month USD-LIBOR + 2.00%) 2.149% 20228,12,16		1,625		1,629
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, Class A1, (1-month USD-LIBOR + 1.00%) 1.149% 20238,12,16		2,862		2,884
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 20498,12,16		2,427		2,505
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20638,12,16		981		987
Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.00% 20488,12,16		1,794		1,845
Station Place Securitization Trust, Series 2020-WL1, Class A, (1-month USD-LIBOR + 1.15%) 1.298% 20518,12,16		2,500		2,504
				53,960
Commercial mortgage-backed securities 0.18%
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 206316		2,909		3,130
Barclays Commercial Mortgage Securities LLC, Series 2017-DELC, Class A, 1.009% 20368,12,16		2,000		1,982
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 205116		1,000		1,146
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 205316		2,960		3,168
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 204816		1,015		1,058
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 205016		4,735		5,308
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 204816		1,335		1,426
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 20408,16		5,201		5,517
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 205316		5,602		6,040
Manhattan West, Series 2020-OMW, Class A, 2.13% 20398,16		13,772		14,516
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 204716		981		1,044
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 204816		1,038		1,086
Morgan Stanley Capital I Trust, Series 2014-CPT, Class A, 3.35% 20298,16		2,650		2,669
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.75%) 2.25% 20211,8,12,16		5,219		5,219
				53,309
Total mortgage-backed obligations				2,198,957
Asset-backed obligations 0.79%
Aesop Funding LLC, Series 2017-2A, Class A, 2.97% 20248,16		1,920		1,998
Aesop Funding LLC, Series 2018-1A, Class A, 3.70% 20248,16		1,114		1,176
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 20278,16		539		551
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 20278,16		138		141
CarMaxAuto Owner Trust, Series 2020-1, Class A2, 1.87% 202316		993		1,000
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 20608,16		15,289		15,616
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 20608,16		2,633		2,677
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 20608,16		945		962
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 20608,16		177		179
CLI Funding V LLC, Series 2020-2A, Class A, 2.03% 20458,16		7,267		7,339
CLI Funding V LLC, Series 2020-3A, Class A, 2.07% 20458,16		1,527		1,544
CLI Funding V LLC, Series 2020-1A, Class A, 2.08% 20458,16		9,277		9,403
CLI Funding V LLC, Series 2020-3A, Class B, 3.30% 20458,16		973		983
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.554% 20228,12,16		918		930
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 20298,16		2,964		3,032
Drive Auto Receivables Trust, Series 2020-1, Class A2, 1.99% 202216		153		153
Drive Auto Receivables Trust, Series 2019-3, Class A3, 2.49% 202316		1,498		1,502
Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65% 202416		595		601

142      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 202516	$	820	$	845
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 202616		2,262		2,316
Drivetime Auto Owner Trust, Series 2019-3, Class A, 2.55% 20228,16		40		40
Drivetime Auto Owner Trust, Series 2019-2A, Class A, 2.85% 20228,16		36		36
Drivetime Auto Owner Trust, Series 2019-3, Class B, 2.60% 20238,16		285		287
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 20258,16		110		112
Exeter Automobile Receivables Trust, Series 2018-1A, Class C, 3.03% 20238,16		688		690
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 20378,16		13,474		13,572
Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.03% 20278,16		3,900		3,932
Ford Credit Auto Owner Trust, Series 2017-1, Class A, 2.62% 20288,16		4,330		4,441
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 20308,16		13,095		14,053
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 20308,16		9,756		10,650
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 20318,16		8,861		9,354
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 20318,16		11,965		13,165
Ford Credit Auto Owner Trust, Series 2020-2, Class A, 1.06% 20338,16		12,376		12,516
Ford Credit Floorplan Master Owner Trust, Series 2020-2, Class A, 1.06% 202716		10,000		10,172
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 20458,16		917		922
GCI Funding I LLC, Series 2020-1, Class B, 3.81% 20458,16		369		359
Global SC Finance II SRL, Series 2014-1A, Class A1, 3.19% 20298,16		159		159
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 20398,16		3,152		3,169
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 20408,16		13,337		13,504
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 20408,16		16,701		16,926
Global SC Finance VII SRL, Series 2020-2A, Class B, 3.32% 20408,16		691		700
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2017-2A, Class A, 3.29% 20238,16		483		484
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2018-1A, Class A, 3.29% 20248,16		746		748
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2018-3A, Class A, 4.03% 20248,16		280		281
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-3A, Class A, 2.67% 20258,16		730		731
Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.52% 202316		2,815		2,868
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 1.134% 20288,12,16		3,400		3,404
Santander Drive Auto Receivables Trust, Series 2020-1, Class A2A, 2.07% 202316		380		382
Santander Drive Auto Receivables Trust, Series 2020-1, Class A3, 2.03% 202416		444		450
Santander Drive Auto Receivables Trust, Series 2020-1, Class B, 3.03% 202416		345		357
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 202516		1,000		1,069
Symphony Ltd., CLO, Series 2013-12A, Class AR, (3-month USD-LIBOR + 1.03%) 1.267% 20258,12,16		2,976		2,977
TAL Advantage V LLC, Series 2020-1A, Class A, 2.05% 20458,16		2,320		2,348
TAL Advantage V LLC, Series 2020-1A, Class B, 3.29% 20458,16		260		263
Textainer Marine Containers Ltd., Series 2020-2A, Class A, 2.10% 20458,16		3,648		3,710
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 20318,16		3,250		3,474
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 20338,16		889		917
Triton Container Finance LLC, Series 2020-1A, Class A, 2.11% 20458,16		18,596		18,875
Westlake Automobile Receivables Trust, Series 2019-2A, Class A2, 2.57% 20238,16		915		919
Westlake Automobile Receivables Trust, Series 2019-2A, Class B, 2.62% 20248,16		870		881
Westlake Automobile Receivables Trust, Series 2019-2A, Class C, 2.84% 20248,16		1,390		1,419
World Financial Network Credit Card Master Note Trust, Series 2018-A, Class A, 3.07% 202416		7,000		7,023
				235,287
Bonds & notes of governments & government agencies outside the U.S. 0.21%
CPPIB Capital Inc. 2.375% 20218		6,000		6,009
CPPIB Capital Inc. 2.25% 20228		4,286		4,377
CPPIB Capital Inc. 2.75% 20278		6,600		7,436
KfW 2.125% 2022		375		384
Manitoba (Province of) 3.05% 2024		2,600		2,824
Morocco (Kingdom of) 3.00% 20328		3,000		3,054

American Funds Insurance Series      143

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Morocco (Kingdom of) 4.00% 20508	$	3,000	$	3,103
Peru (Republic of) 1.862% 2032		2,525		2,550
Peru (Republic of) 2.78% 2060		3,775		3,817
Qatar (State of) 3.375% 20248		2,315		2,511
Qatar (State of) 4.00% 20298		745		885
Qatar (State of) 4.817% 20498		750		1,025
Quebec (Province of) 2.375% 2022		5,057		5,173
Quebec (Province of) 2.75% 2027		9,000		10,077
Saudi Arabia (Kingdom of) 3.25% 20308		1,750		1,933
Saudi Arabia (Kingdom of) 5.25% 20508		1,000		1,366
United Mexican States 2.659% 2031		2,703		2,773
United Mexican States 3.771% 2061		1,528		1,595
				60,892
Federal agency bonds & notes 0.13%
Fannie Mae 1.875% 2026		13,000		14,062
Fannie Mae 0.875% 2030		23,958		23,506
				37,568
Municipals 0.11%
California 0.01%
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.316% 2027		2,285		2,323
Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 2030		1,340		1,355
				3,678
Connecticut 0.00%
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 2044		25		26
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044		35		37
				63
Florida 0.04%
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 2027		5,335		5,541
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 2030		5,365		5,650
				11,191
Illinois 0.02%
G.O. Bonds, Pension Funding Series 2003, Assured Guaranty Municipal insured, 5.10% 2033		4,125		4,757
Maryland 0.00%
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-E, 2.857% 2040		40		40
Minnesota 0.00%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 2038		70		74
Nebraska 0.00%
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-A, 3.00% 2043		15		15
South Carolina 0.04%
Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 2041		20		21
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2013-E, 5.00% 2048		20		22
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2014-A, 5.50% 2054		1,350		1,552

144      American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Municipals (continued)
South Carolina (continued)
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-A, 5.00% 2050	$	1,390	$	1,606
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-A, 5.00% 2055		2,955		3,408
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2015-E, 5.25% 2055		3,020		3,572
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 2035		410		502
Public Service Auth., Rev. Obligations (Santee Cooper), Series 2016-B, 5.00% 2036		1,685		2,058
Public Service Auth., Rev. Ref. Obligations (Santee Cooper), Series 2016-C, 5.00% 2035		650		796
				13,537
South Dakota 0.00%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 2034		10		10
Tennessee 0.00%
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 2043		15		16
Total municipals				33,381
Total bonds, notes & other debt instruments (cost: $8,502,239,000)				8,931,745
Short-term securities 7.71%
	Shares
Money market investments 7.71%
Capital Group Central Cash Fund 0.12%4,18		22,734,631		2,273,691
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%18,19		12,643,336		12,643
Total short-term securities (cost: $2,285,981,000)				2,286,334
Total investment securities 104.10% (cost: $22,172,583,000)				30,874,255
Other assets less liabilities (4.10)%				(1,216,604	)
Net assets 100.00%			$	29,657,651

American Funds Insurance Series      145

Asset Allocation Fund (continued)

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount20 (000)			Value at 12/31/202021 (000)			Unrealized appreciation (depreciation) at 12/31/2020 (000)
2 Year U.S. Treasury Note Futures	Long		1,726	April 2021	$	345,200		$	381,405		$	362
5 Year U.S. Treasury Note Futures	Long		485	April 2021		48,500			61,190			128
10 Year U.S. Treasury Note Futures	Long		116	March 2021		11,600			16,017			27
10 Year Ultra U.S. Treasury Note Futures	Short		3,275	March 2021		(327,500	)		(512,077	)		1,093
20 Year U.S. Treasury Bond Futures	Long		1,185	March 2021		118,500			205,227			(1,792	)
30 Year Ultra U.S. Treasury Bond Futures	Long		494	March 2021		49,400			105,500			(590	)
											$	(772	)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2020 (000)		Upfront premium paid (000)		Unrealized appreciation at 12/31/2020 (000)
U.S. EFFR	0.0795%		7/13/2025	$	125,400	$	796	$	—	$	796

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Receive/ Payment frequency	Pay	Expiration date		Notional (000)		Value at 12/31/2020 (000)		Upfront premium paid (000)		Unrealized appreciation at 12/31/2020 (000)
1.00%/Quarterly	CDX.NA.IG.35		12/20/2025	$	100	$	2	$	2	$	—	7

Investments in affiliates⁴

	Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)
Common stocks 0.55%
Information technology 0.00%
MKS Instruments, Inc.22	$	308,028	$	14,580	$	87,945	$	13,498	$	82,829		$	—	$	2,040
Health care 0.04%
NuCana PLC (ADR)2		7,257		8,574		1		—		(2,463	)		13,367		—
Consumer discretionary 0.51%
Kontoor Brands, Inc.		136,467		9,313		—		—		4,292			150,072		3,300
Total common stocks													163,439
Short-term securities 7.67%
Money market investments 7.67%
Capital Group Central Cash Fund 0.12%18		1,584,844		5,613,428		4,925,712		1,347		(216	)		2,273,691		10,928
Total 8.22%							$	14,845	$	84,442		$	2,437,130	$	16,268

146      American Funds Insurance Series

Asset Allocation Fund (continued)

¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,524,494,000, which represented 5.14% of the net assets of the fund. This amount includes $1,490,120,000 related to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

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

³  All or a portion of this security was on loan. The total value of all such securities was $13,741,000, which represented .05% of the net assets of the fund. Refer to Note 5 for more information on securities lending.

⁴  Affiliate of the fund or part of the same group of investment companies as the fund, in each case as defined under the Investment Company Act of 1940.

⁵  Value determined using significant unobservable inputs.

⁶  Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.

⁷  Amount less than one thousand.

⁸  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 was $1,283,591,000, which represented 4.33% of the net assets of the fund.

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

¹⁰  Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $33,087,000, which represented .11% of the net assets of the fund.

¹¹  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.

¹²  Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

¹³  Scheduled interest and/or principal payment was not received.

¹⁴  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $8,238,000, which represented .03% of the net assets of the fund.

¹⁵  Index-linked bond whose principal amount moves with a government price index.

¹⁶  Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.

¹⁷  Purchased on a TBA basis.

¹⁸  Rate represents the seven-day yield at 12/31/2020.

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

²⁰  Notional amount is calculated based on the number of contracts and notional contract size.

²¹  Value is calculated based on the notional amount and current market price.

²²  Unaffiliated issuer at 12/31/2020.

Private placement securities	Acquisition date(s)		Cost (000)		Value (000)		Percent of net assets
Rotech Healthcare Inc.		9/26/2013	$	6,949	$	13,074		.04	%
Advanz Pharma Corp. Ltd.		8/31/2018-9/4/2018		2,219		773		.01
Total private placement securities			$	9,168	$	13,847		.05	%

Key to abbreviations and symbol

ADR = American Depositary Receipts

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

CLO = Collateralized Loan Obligations

Dept. = Department

Dev. = Development

EFFR = Effective Federal Funds Rate

Fin. = Finance

G.O. = General Obligation

GDR = Global Depositary Receipts

ICE = Intercontinental Exchange, Inc.

LIBOR = London Interbank Offered Rate

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series      147

Global Balanced Fund

Investment portfolio December 31, 2020

Common stocks 58.02%

	Shares		Value (000)
Information technology 14.67%
Taiwan Semiconductor Manufacturing Company, Ltd.1		772,000	$	14,499
Microsoft Corp.		51,361		11,423
ASML Holding NV1		21,414		10,349
Broadcom Inc.		19,688		8,620
PagSeguro Digital Ltd., Class A2		98,303		5,591
Tokyo Electron Ltd.1		12,300		4,588
Keyence Corp.1		3,900		2,195
Edenred SA1		38,207		2,168
Visa Inc., Class A		8,945		1,957
Mastercard Inc., Class A		5,259		1,877
Amphenol Corp., Class A		13,928		1,821
Murata Manufacturing Co., Ltd.1		18,800		1,693
				66,781
Health care 8.83%
AstraZeneca PLC1		68,312		6,825
UnitedHealth Group Inc.		14,645		5,136
Humana Inc.		8,875		3,641
Pfizer Inc.		88,181		3,246
Thermo Fisher Scientific Inc.		6,032		2,810
Merck & Co., Inc.		33,487		2,739
Coloplast A/S, Class B1		17,427		2,662
Mettler-Toledo International Inc.2		2,089		2,381
Fisher & Paykel Healthcare Corp. Ltd.1		87,349		2,074
Novartis AG1		20,845		1,969
Cigna Corp.		6,958		1,449
Carl Zeiss Meditec AG, non-registered shares1		10,029		1,334
Viatris Inc.2		63,052		1,182
Gilead Sciences, Inc.		16,639		969
Koninklijke Philips NV (EUR denominated)1,2		16,938		906
Bayer AG1		14,514		853
				40,176
Financials 7.28%
JPMorgan Chase & Co.		53,654		6,818
Zurich Insurance Group AG1		13,094		5,550
Berkshire Hathaway Inc., Class A2		11		3,826
BlackRock, Inc.		4,013		2,895
AIA Group Ltd.1		206,600		2,545
Hong Kong Exchanges and Clearing Ltd.1		43,100		2,370
Tokio Marine Holdings, Inc.1		40,000		2,072
S&P Global Inc.		5,890		1,936
B3 SA - Brasil, Bolsa, Balcao		154,305		1,841
Deutsche Boerse AG1		10,789		1,832
FinecoBank SpA1,2		89,681		1,464
				33,149
Consumer staples 6.32%
Nestlé SA1		49,011		5,770
Philip Morris International Inc.		62,968		5,213
Kweichow Moutai Co., Ltd., Class A1		12,400		3,790
British American Tobacco PLC1		88,645		3,297
British American Tobacco PLC (ADR)		4,587		172
Altria Group, Inc.		81,153		3,327
Keurig Dr Pepper Inc.		98,392		3,149
Budweiser Brewing Co. APAC Ltd.1		367,900		1,216
Coca-Cola European Partners PLC		20,787		1,036
Coca-Cola Company		17,456		957
Procter & Gamble Company		5,916		823
				28,750

148      American Funds Insurance Series

Global Balanced Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Consumer discretionary 5.27%
LVMH Moët Hennessy-Louis Vuitton SE1		7,305	$	4,564
Home Depot, Inc.		14,441		3,836
Amazon.com, Inc.2		905		2,947
Ocado Group PLC1,2		91,873		2,879
Darden Restaurants, Inc.		17,400		2,073
Domino’s Pizza, Inc.		4,733		1,815
Alibaba Group Holding Ltd.1,2		57,300		1,674
General Motors Company		34,796		1,449
Ferrari NV1		5,608		1,297
Peugeot SA1,2		31,465		861
Wynn Resorts, Ltd.		5,258		593
				23,988
Industrials 4.99%
Airbus SE, non-registered shares1,2		25,944		2,850
SITC International Holdings Co. Ltd.1		1,109,000		2,401
SMC Corp.1		3,700		2,260
Lockheed Martin Corp.		6,285		2,231
Spirax-Sarco Engineering PLC1		12,695		1,962
MTU Aero Engines AG1		7,308		1,904
Watsco, Inc.		6,594		1,494
CSX Corp.		16,155		1,466
BAE Systems PLC1		201,878		1,350
Honeywell International Inc.		5,705		1,214
United Parcel Service, Inc., Class B		6,356		1,070
Union Pacific Corp.		4,976		1,036
Nidec Corp.1		7,400		932
Boeing Company		2,458		526
				22,696
Communication services 2.86%
SoftBank Corp.1		295,200		3,701
Alphabet Inc., Class C2		1,708		2,992
Nintendo Co., Ltd.1		4,500		2,872
Verizon Communications Inc.		46,262		2,718
América Móvil, SAB de CV, Series L (ADR)		49,856		725
				13,008
Materials 2.86%
Givaudan SA1		657		2,768
Vale SA, ordinary nominative		138,510		2,332
Croda International PLC1		24,263		2,192
LyondellBasell Industries NV		17,400		1,595
Akzo Nobel NV1		14,721		1,581
Koninklijke DSM NV1		8,699		1,499
Rio Tinto PLC1		13,862		1,037
				13,004
Real estate 2.69%
Crown Castle International Corp. REIT		18,510		2,947
Equinix, Inc. REIT		3,430		2,450
Longfor Group Holdings Ltd.1		374,000		2,196
Gaming and Leisure Properties, Inc. REIT		43,213		1,832
American Tower Corp. REIT		7,855		1,763
Shimao Group Holdings Ltd.1		334,500		1,069
Shimao Services Holdings Ltd.1,2		4,271		7
				12,264

American Funds Insurance Series      149

Global Balanced Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Energy 1.25%
TC Energy Corp. (CAD denominated)		51,157	$	2,080
Baker Hughes Co., Class A		78,260		1,632
Chevron Corp.		13,871		1,171
Petróleo Brasileiro SA (Petrobras), ordinary nominative (ADR)		73,448		825
				5,708
Utilities 1.00%
Enel SpA1		365,980		3,696
Brookfield Infrastructure Partners LP		17,213		852
				4,548
Total common stocks (cost: $171,327,000)				264,072
Preferred securities 0.45%
Information technology 0.45%
Samsung Electronics Co., Ltd., nonvoting preferred shares1		30,276		2,055
Total preferred securities (cost: $1,560,000)				2,055
	Principal amount (000)
Bonds, notes & other debt instruments 31.89%
Bonds & notes of governments & government agencies outside the U.S. 14.75%
Abu Dhabi (Emirate of) 2.50% 20223	$	200		207
Abu Dhabi (Emirate of) 0.75% 20233		275		276
Abu Dhabi (Emirate of) 3.125% 20273		200		225
Agricultural Development Bank of China 3.75% 2029	CNY	550		85
Agricultural Development Bank of China 2.96% 2030		4,350		630
Australia (Commonwealth of), Series 152, 2.75% 2028	A$	1,175		1,046
Australia (Commonwealth of), Series 162, 1.75% 2051		400		294
Bermuda 2.375% 20303	$	200		210
Brazil (Federative Republic of) 0% 2021	BRL	3,000		572
Brazil (Federative Republic of) 6.00% 20244		2,395		532
Brazil (Federative Republic of) 10.00% 2027		1,200		273
Canada 2.25% 2025	C$	1,400		1,191
Canada 2.25% 2029		1,440		1,286
Chile (Republic of) 4.50% 2026	CLP	235,000		379
China (People’s Republic of), Series 1916, 3.12% 2026	CNY	6,650		1,017
China (People’s Republic of), Series INBK, 2.85% 2027		6,000		902
China (People’s Republic of), Series 1906, 3.29% 2029		5,500		845
China (People’s Republic of), Series 1910, 3.86% 2049		5,010		778
China (People’s Republic of), Series INBK, 3.39% 2050		300		43
China Development Bank Corp., Series 1805, 4.04% 2028		5,000		789
China Development Bank Corp., Series 1905, 3.48% 2029		11,780		1,785
Colombia (Republic of) 5.75% 2027	COP	2,154,200		669
Colombia (Republic of), Series B, 7.75% 2030		453,000		156
French Republic O.A.T. 3.25% 2045	€	160		338
Germany (Federal Republic of) 0% 2025		910		1,152
Germany (Federal Republic of) 0.50% 2027		675		893
Germany (Federal Republic of) 0.25% 2029		830		1,091
Germany (Federal Republic of) 0% 2030		705		910
Germany (Federal Republic of) 0% 2030		400		516
Germany (Federal Republic of) 0% 2050		610		782
Greece (Hellenic Republic of) 3.375% 2025		475		659
Greece (Hellenic Republic of) 3.75% 2028		280		421
Greece (Hellenic Republic of) 3.875% 2029		270		418
Indonesia (Republic of) 3.75% 2022	$	410		427
Indonesia (Republic of) 3.85% 20273		400		458
Indonesia (Republic of), Series 78, 8.25% 2029	IDR	3,977,000		327
Indonesia (Republic of), Series 82, 7.00% 2030		1,000,000		77

150      American Funds Insurance Series

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Indonesia (Republic of), Series 87, 6.50% 2031	IDR	2,010,000	$	150
Indonesia (Republic of), Series 74, 7.50% 2032		597,000		46
Indonesia (Republic of), Series 65, 6.625% 2033		1,493,000		109
Israel (State of) 2.875% 2024	€	200		267
Israel (State of) 1.50% 2027		100		133
Israel (State of) 2.00% 2027	ILS	2,600		888
Israel (State of) 5.50% 2042		700		373
Italy (Republic of) 0.10% 20234	€	772		965
Italy (Republic of) 0.95% 2027		1,025		1,315
Japan, Series 134, 0.10% 2022	¥	31,900		310
Japan, Series 17, 0.10% 20234		10,450		101
Japan, Series 19, 0.10% 20244		30,330		294
Japan, Series 18, 0.10% 20244		20,780		202
Japan, Series 145, 0.10% 2025		110,200		1,078
Japan, Series 21, 0.10% 20264		40,483		394
Japan, Series 346, 0.10% 2027		173,250		1,699
Japan, Series 22, 0.10% 20274		25,376		247
Japan, Series 23, 0.10% 20284		66,293		644
Japan, Series 24, 0.10% 20294		213,289		2,076
Japan, Series 356, 0.10% 2029		112,800		1,105
Japan, Series 360, 0.10% 2030		415,150		4,052
Japan, Series 152, 1.20% 2035		212,000		2,339
Japan, Series 42, 1.70% 2044		94,100		1,156
Kuwait (State of) 2.75% 20223	$	200		206
Malaysia (Federation of), Series 0119, 3.906% 2026	MYR	1,380		372
Malaysia (Federation of), Series 0417, 3.899% 2027		1,300		355
Malaysia (Federation of), Series 0418, 4.893% 2038		2,800		822
Malaysia (Federation of), Series 0519, 3.757% 2040		1,650		431
Malaysia (Federation of), Series 0216, 4.736% 2046		609		173
Morocco (Kingdom of) 4.25% 2022	$	200		211
Morocco (Kingdom of) 3.50% 2024	€	100		133
Morocco (Kingdom of) 1.375% 2026		130		160
Morocco (Kingdom of) 1.50% 2031		125		149
Morocco (Kingdom of) 1.50% 2031		100		119
Morocco (Kingdom of) 3.00% 20323	$	200		204
National Highways Authority of India 7.17% 2021	INR	30,000		424
Netherlands (Kingdom of the) 0% 2027	€	810		1,029
Netherlands (Kingdom of the) 5.50% 2028		100		176
Norway (Kingdom of) 1.75% 2025	NKr	4,000		489
Nova Scotia (Province of) 3.15% 2051	C$	170		165
Panama (Republic of) 3.16% 2030	$	265		294
Peru (Republic of) 2.392% 2026		90		96
Peru (Republic of) 6.15% 2032	PEN	600		202
Peru (Republic of) 5.625% 2050	$	20		32
Philippines (Republic of) 1.648% 2031		200		203
Qatar (State of) 3.40% 20253		200		221
Qatar (State of) 4.50% 20283		500		607
Quebec (Province of) 1.90% 2030	C$	700		581
Romania 3.624% 2030	€	692		1,011
Romania 3.624% 2030		225		329
Romania 2.00% 2032		100		128
Romania 3.50% 2034		65		95
Romania 3.875% 2035		170		255
Romania 3.375% 2038		250		352
Romania 4.625% 2049		184		304
Romania 4.625% 2049		25		41
Romania 3.375% 2050		73		103
Russian Federation 7.00% 2023	RUB	16,600		237
Russian Federation 2.875% 2025	€	200		270
Russian Federation 2.875% 2025		100		135
Russian Federation 4.25% 2027	$	200		229

American Funds Insurance Series      151

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Russian Federation 6.90% 2029	RUB	25,250	$	367
Russian Federation 7.65% 2030		6,000		92
Russian Federation 8.50% 2031		5,530		90
Russian Federation 7.70% 2033		23,030		351
Russian Federation 7.25% 2034		8,140		120
Saudi Arabia (Kingdom of) 2.894% 20223	$	200		206
Saudi Arabia (Kingdom of) 3.625% 20283		200		224
Serbia (Republic of) 3.125% 2027	€	915		1,259
Singapore (Republic of) 2.625% 2028	S$	275		236
Singapore (Republic of) 2.875% 2029		155		137
Singapore (Republic of) 2.875% 2030		165		148
South Africa (Republic of), Series R-214, 6.50% 2041	ZAR	2,200		98
South Africa (Republic of), Series R-2048, 8.75% 2048		6,300		353
South Korea (Republic of), Series 2209, 2.00% 2022	KRW	560,000		525
South Korea (Republic of), Series 2503, 1.50% 2025		639,700		595
Sri Lanka (Democratic Socialist Republic of) 6.25% 2021	$	250		218
Thailand (Kingdom of) 2.125% 2026	THB	16,450		594
Ukraine 6.75% 2026	€	150		202
United Kingdom 1.75% 2022	£	280		395
United Kingdom 2.75% 2024		50		76
United Kingdom 4.75% 2030		460		911
United Kingdom 4.25% 2032		280		553
United Kingdom 4.50% 2034		225		476
United Kingdom 0.625% 2035		600		833
United Kingdom 3.25% 2044		250		526
United Mexican States 0.70% 2021	¥	100,000		968
United Mexican States, Series M, 7.50% 2027	MXN	25,740		1,473
United Mexican States, Series M20, 8.50% 2029		11,500		705
United Mexican States 2.659% 2031	$	216		222
United Mexican States, Series M, 8.00% 2047	MXN	4,000		237
				67,135
U.S. Treasury bonds & notes 10.85%
U.S. Treasury 10.36%
U.S. Treasury 0.125% 2022	$	8,318		8,319
U.S. Treasury 1.875% 2022		700		713
U.S. Treasury 1.875% 2022		600		617
U.S. Treasury 0.375% 2025		8,605		8,616
U.S. Treasury 2.25% 2027		700		774
U.S. Treasury 2.25% 2027		300		333
U.S. Treasury 2.875% 20285		1,275		1,477
U.S. Treasury 2.875% 2028		700		813
U.S. Treasury 0.625% 2030		2,640		2,580
U.S. Treasury 0.625% 2030		650		633
U.S. Treasury 0.875% 2030		14,286		14,231
U.S. Treasury 2.875% 2046		400		511
U.S. Treasury 1.375% 20505		8,058		7,540
				47,157
U.S. Treasury inflation-protected securities 0.49%
U.S. Treasury Inflation-Protected Security 0.25% 20294		713		807
U.S. Treasury Inflation-Protected Security 1.375% 20444,5		279		403
U.S. Treasury Inflation-Protected Security 1.00% 20494,5		724		1,021
				2,231
Total U.S. Treasury bonds & notes				49,388

152      American Funds Insurance Series

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 4.81%
Financials 1.23%
ACE INA Holdings Inc. 2.875% 2022	$	10	$	10
ACE INA Holdings Inc. 3.35% 2026		10		11
ACE INA Holdings Inc. 4.35% 2045		20		27
Allianz SE 4.75% 2049 (3-month EUR-EURIBOR + 3.60% on 10/24/2023)6	€	100		137
Bank of America Corp. 3.55% 2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)6	$	100		107
Bank of America Corp. 1.319% 2026 (USD-SOFR + 1.15% on 6/19/2025)6		500		511
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)6		236		267
Bank of America Corp. 2.496% 2031 (3-month USD-LIBOR + 0.99% on 2/13/2030)6		20		21
CaixaBank, SA 3.50% 2027 (5-year EUR Mid-Swap + 3.35% on 2/15/2022)6	€	100		126
China Construction Bank Corp. 2.45% 2030 (UST Yield Curve Rate T Note Constant Maturity 5-year + 2.15% on 6/24/2025)6	$	300		308
Citigroup Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)6		175		192
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022)6		130		135
Goldman Sachs Group, Inc. 3.50% 2025		207		230
Goldman Sachs Group, Inc. 4.017% 2038 (3-month USD-LIBOR + 1.373% on 10/31/2037)6		78		95
Groupe BPCE SA 0.64% 2022	¥	100,000		972
Groupe BPCE SA 5.70% 20233	$	200		227
Groupe BPCE SA 1.00% 2025	€	100		127
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)6	$	200		228
JPMorgan Chase & Co. 3.25% 2022		28		30
JPMorgan Chase & Co. 4.493% 2031 (USD-SOFR + 3.79% on 3/24/2030)6		160		197
Mizuho Financial Group, Ltd. 2.721% 2023 (3-month USD-LIBOR + 0.84% on 7/16/2022)6		271		280
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)6		200		202
Morgan Stanley 3.125% 2026		110		123
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)6		72		78
New York Life Insurance Company 3.75% 20503		23		28
PNC Financial Services Group, Inc. 2.854% 20226		100		105
Rabobank Nederland 3.875% 2023	€	100		134
Skandinaviska Enskilda Banken AB 2.80% 2022	$	250		257
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)6		400		426
				5,591
Utilities 1.05%
Abu Dhabi National Energy Company PJSC (TAQA) 3.625% 20233		200		212
Berkshire Hathaway Energy Company 3.70% 20303		25		30
Berkshire Hathaway Energy Company 1.65% 20313		175		175
CMS Energy Corp. 3.00% 2026		150		166
Duke Energy Carolinas, LLC 3.05% 2023		280		296
Duke Energy Progress, LLC 3.70% 2028		75		88
Edison International 4.125% 2028		160		178
Enel Finance International SA 2.75% 20233		200		209
Enel Finance International SA 3.50% 20283		200		228
Enersis Américas SA 4.00% 2026		35		39
Exelon Corp. 3.40% 2026		150		169
Exelon Corp., junior subordinated, 3.497% 20226		25		26
FirstEnergy Corp. 3.90% 2027 (4.40% on 1/16/2021)6		120		132
FirstEnergy Corp. 3.50% 20283		35		37
Interstate Power and Light Co. 2.30% 2030		50		53
NextEra Energy Capital Holdings, Inc. 2.75% 2029		234		255
NextEra Energy Capital Holdings, Inc. 2.25% 2030		478		502
Niagara Mohawk Power Corp. 3.508% 20243		85		93
Pacific Gas and Electric Co. 2.95% 2026		25		26
Pacific Gas and Electric Co. 2.10% 2027		100		102
Pacific Gas and Electric Co. 4.65% 2028		114		130
Pacific Gas and Electric Co. 4.55% 2030		31		35
Pacific Gas and Electric Co. 2.50% 2031		600		602
Pacific Gas and Electric Co. 3.50% 2050		137		137

American Funds Insurance Series      153

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
State Grid Overseas Investment Ltd. 1.25% 2022	€	100	$	124
State Grid Overseas Investment Ltd. 3.50% 20273	$	450		501
Xcel Energy Inc. 3.35% 2026		216		244
				4,789
Communication services 0.48%
AT&T Inc. 2.75% 2031		375		401
AT&T Inc. 2.55% 20333		64		66
Comcast Corp. 3.95% 2025		80		92
Deutsche Telekom International Finance BV 9.25% 2032		45		76
France Télécom 9.00% 20316		65		107
KT Corp. 0.22% 2022	¥	100,000		966
T-Mobile US, Inc. 2.05% 20283	$	200		208
Walt Disney Company 2.65% 2031		240		263
				2,179
Health care 0.46%
Abbott Laboratories 3.75% 2026		51		60
Aetna Inc. 2.80% 2023		10		10
Amgen Inc. 1.90% 2025		40		42
Amgen Inc. 2.20% 2027		30		32
AstraZeneca PLC 3.50% 2023		150		162
Bayer US Finance II LLC 3.875% 20233		200		218
Becton, Dickinson and Company 2.894% 2022		47		49
Becton, Dickinson and Company 3.734% 2024		35		39
Becton, Dickinson and Company 3.70% 2027		43		49
Becton, Dickinson and Company 2.823% 2030		28		31
Bristol-Myers Squibb Co. 2.90% 2024		178		193
Cigna Corp. 4.125% 2025		80		92
EMD Finance LLC 3.25% 20253		250		274
Medtronic, Inc. 3.50% 2025		31		35
Novartis Capital Corp. 1.75% 2025		31		33
Novartis Capital Corp. 2.00% 2027		34		36
Novartis Capital Corp. 2.20% 2030		73		78
Stryker Corp. 0.75% 2029	€	210		267
Takeda Pharmaceutical Company, Ltd. 2.25% 2026		100		137
Thermo Fisher Scientific Inc. 4.133% 2025	$	84		96
Upjohn Inc. 2.70% 20303		142		151
				2,084
Energy 0.39%
Canadian Natural Resources Ltd. 2.95% 2030		161		173
Enbridge Inc. 4.25% 2026		70		82
Enbridge Inc. 3.70% 2027		45		51
Equinor ASA 1.75% 2026		35		37
Equinor ASA 2.375% 2030		70		75
Exxon Mobil Corp. 2.992% 2025		135		148
Exxon Mobil Corp. 3.482% 2030		170		198
Halliburton Company 3.80% 2025		3		3
MPLX LP 2.65% 2030		75		79
Petróleos Mexicanos 7.19% 2024	MXN	1,335		61
Petróleos Mexicanos 7.47% 2026		5,330		224
Saudi Arabian Oil Co. 1.625% 20253	$	200		205
Shell International Finance BV 3.50% 2023		330		359
Statoil ASA 3.70% 2024		50		55
				1,750

154      American Funds Insurance Series

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary 0.36%
Amazon.com, Inc. 2.80% 2024	$	170	$	184
Amazon.com, Inc. 1.20% 2027		50		51
Amazon.com, Inc. 2.50% 2050		305		316
Bayerische Motoren Werke AG 3.90% 20253		70		79
Bayerische Motoren Werke AG 4.15% 20303		70		85
DaimlerChrysler North America Holding Corp. 2.00% 20213		200		201
Hyundai Capital America 3.25% 20223		65		68
Hyundai Capital America 2.375% 20273		109		114
Hyundai Capital Services Inc. 3.75% 20233		250		266
Toyota Motor Credit Corp. 2.90% 2023		100		106
Toyota Motor Credit Corp. 3.00% 2025		100		110
Toyota Motor Credit Corp. 3.375% 2030		33		39
				1,619
Consumer staples 0.35%
Altria Group, Inc. 1.00% 2023	€	110		137
Altria Group, Inc. 2.20% 2027		270		360
Anheuser-Busch InBev NV 4.00% 2028	$	100		118
Anheuser-Busch InBev NV 4.75% 2029		220		272
British American Tobacco PLC 3.215% 2026		62		68
British American Tobacco PLC 3.557% 2027		105		117
British American Tobacco PLC 3.462% 2029		75		82
Conagra Brands, Inc. 4.30% 2024		210		235
Keurig Dr Pepper Inc. 4.597% 2028		175		213
				1,602
Real estate 0.19%
American Campus Communities, Inc. 3.75% 2023		100		106
American Campus Communities, Inc. 4.125% 2024		90		98
Corporate Office Properties LP 3.60% 2023		65		69
Equinix, Inc. 2.15% 2030		197		201
Essex Portfolio LP 3.50% 2025		120		133
Essex Portfolio LP 3.375% 2026		40		45
WEA Finance LLC 3.75% 20243		200		211
				863
Industrials 0.15%
Carrier Global Corp. 2.242% 2025		36		38
Carrier Global Corp. 2.493% 2027		30		32
CCCI Treasure Ltd. 3.425%
(UST Yield Curve Rate T Note Constant Maturity 5-year + 1.998% on 2/21/2025)6		200		198
CSX Corp. 3.80% 2050		6		7
CSX Corp. 2.50% 2051		75		75
Lima Metro Line 2 Finance Ltd. 5.875% 20343		105		127
United Technologies Corp. 4.125% 2028		170		203
				680
Information technology 0.13%
Broadcom Inc. 3.15% 2025		70		76
Broadcom Inc. 4.15% 2030		70		81
Microsoft Corp. 2.40% 2026		187		204
Oracle Corp. 2.65% 2026		216		238
				599
Materials 0.02%
Vale Overseas Ltd. 3.75% 2030		94		105
Total corporate bonds, notes & loans				21,861

American Funds Insurance Series      155

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations 1.42%
Other mortgage-backed securities 0.73%
Korea Housing Finance Corp. 2.00% 20213,7	$	250	$	253
Nordea Kredit 0.50% 20407	DKr	1,846		305
Nykredit Realkredit AS, Series 01E, 1.50% 20377		821		140
Nykredit Realkredit AS, Series 01E, 0.50% 20407		12,241		2,021
Nykredit Realkredit AS, Series 01E, 1.50% 20407		2,102		358
Nykredit Realkredit AS, Series 01E, 0.50% 20507		1,466		238
				3,315
Federal agency mortgage-backed obligations 0.69%
Fannie Mae Pool #MA4228 1.50% 20367	$	1,042		1,073
Freddie Mac Pool #SB8083 1.50% 20367		267		275
Freddie Mac Pool #2B7343 3.711% 20497,8		136		142
Government National Mortgage Assn. 4.00% 20517,9		75		80
Government National Mortgage Assn. Pool #MA5986 4.00% 20497		18		19
Uniform Mortgage-Backed Security 1.50% 20367,9		1,508		1,550
				3,139
Total mortgage-backed obligations				6,454
Municipals 0.04%
Ohio 0.02%
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2048		100		102
Texas 0.02%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052		80		84
Total municipals				186
Asset-backed obligations 0.02%
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20603,7,8		93		95
Total bonds, notes & other debt instruments (cost: $137,636,000)				145,119
Short-term securities 9.30%
Money market investments 5.35%
Capital Group Central Cash Fund 0.12%10,11		243,271		24,329
Commercial paper 3.95%
Toronto-Dominion Bank 0.19% due 1/19/20213		9,000		9,000
NRW.Bank 0.21% due 1/22/20213		9,000		8,999
				17,999
Total short-term securities (cost: $42,325,000)				42,328
Total investment securities 99.66% (cost: $352,848,000)				453,574
Other assets less liabilities 0.34%				1,558
Net assets 100.00%			$	455,132

156      American Funds Insurance Series

Global Balanced Fund (continued)

Futures contracts

Contracts	Type		Number of contracts		Expiration	Notional amount12 (000)			Value at 12/31/202013 (000)			Unrealized appreciation at 12/31/2020 (000)
10 Year Ultra U.S. Treasury Note Futures		Short		18	March 2021	$	(1,800	)	$	(2,814	)	$	3

Forward currency contracts

Contract amount							Unrealized appreciation (depreciation)
Purchases (000)		Sales (000)		Counterparty	Settlement date		at 12/31/2020 (000)
GBP	626	USD	833	Citibank		1/6/2021	$	24
EUR	560	USD	665	Goldman Sachs		1/6/2021		19
ILS	800	USD	239	Standard Chartered Bank		1/6/2021		9
JPY	39,700	USD	383	UBS AG		1/6/2021		2
CAD	10	USD	8	Standard Chartered Bank		1/6/2021		—	14
GBP	200	EUR	224	Citibank		1/6/2021		—	14
USD	275	MXN	5,550	HSBC Bank		1/6/2021		(4	)
PLN	1,400	USD	372	Citibank		1/7/2021		3
EUR	715	USD	860	Bank of New York Mellon		1/8/2021		14
CNH	3,320	USD	505	HSBC Bank		1/8/2021		6
USD	377	PLN	1,400	Barclays Bank PLC		1/8/2021		3
USD	451	EUR	370	Citibank		1/8/2021		(1	)
USD	520	EUR	430	JPMorgan Chase		1/8/2021		(5	)
USD	717	MXN	14,415	HSBC Bank		1/8/2021		(6	)
USD	541	CAD	700	Standard Chartered Bank		1/8/2021		(9	)
USD	397	ZAR	6,080	Standard Chartered Bank		1/8/2021		(16	)
USD	899		ILS2,960	Citibank		1/8/2021		(23	)
CAD	1,400	USD	1,094	Goldman Sachs		1/12/2021		6
USD	260	AUD	350	Citibank		1/12/2021		(10	)
JPY	234,930	USD	2,252	HSBC Bank		1/14/2021		24
CLP	175,000	USD	237	Citibank		1/14/2021		9
KRW	320,500	USD	295	Standard Chartered Bank		1/14/2021		—	14
USD	421	INR	31,100	HSBC Bank		1/14/2021		(4	)
USD	11	RUB	800	Citibank		1/15/2021		—	14
EUR	717	USD	871	Goldman Sachs		1/19/2021		5
CZK	11,700	EUR	444	Standard Chartered Bank		1/19/2021		2
USD	549	CAD	700	Barclays Bank PLC		1/19/2021		(1	)
USD	513	CNH	3,360	Goldman Sachs		1/19/2021		(3	)
USD	540	CZK	11,700	Standard Chartered Bank		1/19/2021		(5	)
ILS	2,000	USD	617	Goldman Sachs		1/21/2021		6
MXN	8,100	USD	404	Morgan Stanley		1/21/2021		2
CNH	1,700	USD	261	Goldman Sachs		1/21/2021		—	14
USD	174	JPY	18,000	Goldman Sachs		1/21/2021		—	14
USD	523	ILS	1,700	JPMorgan Chase		1/21/2021		(6	)
USD	545	BRL	2,788	Goldman Sachs		1/22/2021		8
KRW	476,000	USD	435	Citibank		1/22/2021		3
USD	431	KRW	476,000	Citibank		1/22/2021		(7	)
EUR	3,234	USD	3,945	HSBC Bank		1/25/2021		8
CAD	1,170	USD	896	Morgan Stanley		1/29/2021		24
CAD	1,170	USD	897	Citibank		1/29/2021		22
MXN	6,630	USD	317	Morgan Stanley		1/29/2021		15
MXN	6,640	USD	319	Morgan Stanley		1/29/2021		13
ZAR	2,790	USD	177	JPMorgan Chase		1/29/2021		12
EUR	502	DKK	3,737	Citibank		1/29/2021		—	14
EUR	63	DKK	467	Goldman Sachs		1/29/2021		—	14
EUR	63	DKK	467	Citibank		1/29/2021		—	14

American Funds Insurance Series      157

Global Balanced Fund (continued)

Forward currency contracts (continued)

Contract amount							Unrealized appreciation (depreciation)
Purchases (000)		Sales (000)		Counterparty	Settlement date		at 12/31/2020 (000)
EUR	1,219	DKK	9,069	Citibank		1/29/2021	$	—	14
USD	280	AUD	370	HSBC Bank		1/29/2021		(5	)
USD	169	ZAR	2,790	Bank of America		1/29/2021		(21	)
USD	617	MXN	13,270	Morgan Stanley		1/29/2021		(48	)
USD	1,764	CAD	2,340	Citibank		1/29/2021		(74	)
CAD	1,390	USD	1,074	Barclays Bank PLC		2/10/2021		18
USD	1,027	CAD	1,320	Goldman Sachs		2/10/2021		(11	)
							$	(2	)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2020 (000)		Upfront premium paid (000)		Unrealized appreciation at 12/31/2020 (000)
(0.0955)%	6-month EURIBOR		7/22/2024	€	2,200	$	21	$	—	$	21

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Receive/ Payment frequency	Pay	Expiration date		Notional (000)		Value at 12/31/2020 (000)		Upfront premium paid (000)		Unrealized depreciation at 12/31/2020 (000)
1.00%/Quarterly	CDX.NA.IG.35		12/20/2025	$	3,800	$	93	$	93	$	—	14

Investments in affiliates¹¹

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 5.35%
Money market investments 5.35%
Capital Group Central Cash Fund 0.12%10	$	2,825	$	130,916	$	109,410	$	3	$	(5	)	$	24,329	$	103

158      American Funds Insurance Series

Global Balanced Fund (continued)

¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $131,628,000, which represented 28.92% of the net assets of the fund. This entire amount relates to certain securities trading outside the U.S. whose values were adjusted as a result of significant market movements following the close of local trading.

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

³  Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $25,404,000, which represented 5.58% of the net assets of the fund.

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

⁵  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $184,000, which represented .04% of the net assets of the fund.

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

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

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

⁹  Purchased on a TBA basis.

¹⁰  Rate represents the seven-day yield at 12/31/2020.

¹¹  Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

¹²  Notional amount is calculated based on the number of contracts and notional contract size.

¹³  Value is calculated based on the notional amount and current market price.

¹⁴  Amount less than one thousand.

Key to abbreviations and symbols

ADR = American Depositary Receipts

AUD/A$ = Australian dollars

BRL = Brazilian reais

CAD/C$ = Canadian dollars

CLP = Chilean pesos

CNH/CNY = Chinese yuan renminbi

COP = Colombian pesos

CZK = Czech korunas

DKK/DKr = Danish kroner

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

GBP/£ = British pounds

IDR = Indonesian rupiah

ILS = Israeli shekels

INR = Indian rupees

JPY/¥ = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NKr = Norwegian kroner

PEN = Peruvian nuevos soles

PLN = Polish zloty

Ref. = Refunding

Rev. = Revenue

RUB = Russian rubles

S$ = Singapore dollars

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

THB = Thai baht

USD/$ = U.S. dollars

ZAR = South African rand

See notes to financial statements.

American Funds Insurance Series      159

Bond Fund

Investment portfolio December 31, 2020

Bonds, notes & other debt instruments 96.71%

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 33.25%
Financials 7.75%
ACE INA Holdings Inc. 2.875% 2022	$	3,625	$	3,781
ACE INA Holdings Inc. 3.35% 2026		2,025		2,283
ACE INA Holdings Inc. 4.35% 2045		2,220		3,011
AerCap Holdings NV 6.50% 2025		1,798		2,151
Ally Financial Inc. 5.125% 2024		1,500		1,730
Ally Financial Inc. 8.00% 2031		8,479		12,081
Ally Financial Inc. 8.00% 2031		7,070		10,393
American International Group, Inc. 4.20% 2028		9,875		11,733
American International Group, Inc. 3.40% 2030		12,313		14,111
American International Group, Inc. 4.375% 2050		3,455		4,524
Assicurazioni Generali SpA 10.125% 2042 (3-month EUR-EURIBOR + 9.181% on 7/10/2022)1	€	3,800		5,376
Banco Do Brasil, SA 4.75% 20242	$	10,000		10,775
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)1		16,676		18,867
Bank of America Corp. 1.898% 2031 (USD-SOFR + 1.53% on 7/23/2030)1		2,515		2,542
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)1		21,177		21,463
Berkshire Hathaway Finance Corp. 4.20% 2048		8,720		11,520
BNP Paribas 3.80% 20242		18,775		20,490
BNP Paribas 2.819% 2025 (3-month USD-LIBOR + 1.111% on 11/19/2024)1,2		2,875		3,073
BNP Paribas 3.375% 20252		6,425		7,049
BNP Paribas 2.219% 2026 (USD-SOFR + 2.074% on 6/9/2025)1,2		12,000		12,565
CIT Group Inc. 3.929% 2024 (USD-SOFR + 3.827% on 6/19/2023)1		5,410		5,728
CIT Group Inc. 4.75% 2024		2,066		2,263
Citigroup Inc. 4.60% 2026		1,800		2,111
Citigroup Inc. 3.668% 2028 (3-month USD-LIBOR + 1.39% on 7/24/2027)1		1,000		1,134
Citigroup Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)1		3,001		3,306
Citigroup Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)1		18,102		19,300
Citigroup Inc. 4.412% 2031 (USD-SOFR + 3.914% on 3/31/2030)1		18,470		22,399
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)1,2		4,450		4,620
Credit Suisse Group AG 2.997% 2023 (3-month USD-LIBOR + 1.20% on 12/14/2022)1,2		12,000		12,555
Credit Suisse Group AG 3.80% 2023		12,925		13,927
Credit Suisse Group AG 4.207% 2024 (3-month USD-LIBOR + 1.24% on 6/12/2023)1,2		500		542
Credit Suisse Group AG 2.593% 2025 (USD-SOFR + 1.56% on 9/11/2024)1,2		850		895
Credit Suisse Group AG 2.193% 2026 (USD-SOFR + 2.044% on 6/5/2025)1,2		5,750		6,014
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)1,2		3,096		3,644
Deutsche Bank AG 3.15% 2021		28,037		28,068
Deutsche Bank AG 3.375% 2021		1,300		1,313
Deutsche Bank AG 4.25% 2021		27,043		27,116
Deutsche Bank AG 4.25% 2021		525		538
Deutsche Bank AG 3.30% 2022		2,695		2,812
Deutsche Bank AG 5.00% 2022		2,675		2,798
Deutsche Bank AG 3.95% 2023		6,350		6,751
Deutsche Bank AG 2.222% 2024 (USD-SOFR + 2.159% on 9/18/2023)1		10,475		10,782
Deutsche Bank AG 3.70% 2024		4,950		5,330
Deutsche Bank AG 3.70% 2024		2,750		2,967
Deutsche Bank AG 3.961% 2025 (USD-SOFR + 2.581% on 11/26/2024)1		8,835		9,662
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)1		42,015		42,990
Deutsche Bank AG 4.10% 2026		7,305		8,154
Deutsche Bank AG 4.10% 2026		857		950
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)1		2,900		3,151
GE Capital Funding, LLC 4.05% 20272		5,346		6,119
GE Capital Funding, LLC 4.40% 20302		10,000		11,791
Goldman Sachs Group, Inc. 5.75% 2022		4,800		5,074
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)1		9,600		11,126
Goldman Sachs Group, Inc., junior subordinated, 5.30% (3-month USD-LIBOR + 3.834% on 11/10/2026)1		1,750		1,916
Groupe BPCE SA 2.75% 20232		6,875		7,192
Groupe BPCE SA 5.70% 20232		28,166		31,898
Groupe BPCE SA 5.15% 20242		5,481		6,247
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)1,2		6,350		6,504

160      American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)1	$	12,000	$	14,200
Intesa Sanpaolo SpA 3.375% 20232		10,035		10,514
Intesa Sanpaolo SpA 3.25% 20242		770		823
Intesa Sanpaolo SpA 5.017% 20242		68,143		74,578
Intesa Sanpaolo SpA 5.71% 20262		15,400		17,634
Intesa Sanpaolo SpA 3.875% 20272		6,250		6,866
Intesa Sanpaolo SpA 3.875% 20282		1,986		2,194
JPMorgan Chase & Co. 2.182% 2028 (USD-SOFR + 1.89% on 6/1/2027)1		4,750		5,046
JPMorgan Chase & Co. 3.509% 2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)1		9,600		10,958
JPMorgan Chase & Co. 4.203% 2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)1		11,980		14,331
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)1		1,766		1,900
Lloyds Banking Group PLC 2.438% 2026 (UST Yield Curve Rate T Note Constant Maturity 1-year + 1.00% on 2/5/2025)1		2,675		2,827
Lloyds Banking Group PLC 4.375% 2028		8,825		10,505
MetLife Capital Trust IV, junior subordinated, 7.875% 2067 (3-month USD-LIBOR + 3.96% on 12/1/2037)1,2		1,405		1,985
MetLife, Inc. 3.60% 2025		3,490		3,954
Mizuho Financial Group, Inc. 0.849% 2024 (3-month USD-LIBOR + 0.61% on 9/8/2023)1		6,000		6,036
Morgan Stanley 2.50% 2021		19,200		19,320
Morgan Stanley 2.72% 2025 (USD-SOFR + 1.152% on 7/22/2024)1		2,300		2,461
New York Life Insurance Company 3.75% 20502		5,749		6,884
PNC Financial Services Group, Inc. 2.854% 20221		5,850		6,127
PNC Funding Corp. 3.30% 2022		8,700		8,989
Rede D’Or Finance SARL 4.50% 20302		3,000		3,133
Santander Holdings USA, Inc. 3.50% 2024		8,325		8,997
Synchrony Financial 2.85% 2022		5,400		5,578
Synchrony Financial 4.375% 2024		3,640		4,009
Travelers Companies, Inc. 2.55% 2050		768		809
UBS Group AG 1.364% 2027 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.08% on 1/30/2026)1,2		1,675		1,695
UniCredit SpA 3.75% 20222		2,545		2,638
UniCredit SpA 6.572% 20222		11,295		11,904
UniCredit SpA 4.625% 20272		1,395		1,588
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)1,2		16,130		18,192
UniCredit SpA 7.296% 2034 (5-year USD-ICE Swap + 4.914% on 4/2/2029)1,2		10,221		12,362
UniCredit SpA 5.459% 2035 (5-year USD-ICE Swap + 4.75% on 6/30/2030)1,2		606		668
Wells Fargo & Company 2.10% 2021		16,800		16,971
Wells Fargo & Company 2.406% 2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)1		20,480		21,659
Wells Fargo & Company 2.188% 2026 (USD-SOFR + 2.00% on 4/30/2025)1		10,408		10,968
Wells Fargo & Company 2.572% 2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)1		14,200		15,038
				883,546
Energy 5.65%
Apache Corp. 4.625% 2025		645		678
Apache Corp. 4.875% 2027		5,475		5,812
Apache Corp. 4.25% 2030		2,465		2,593
Apache Corp. 4.75% 2043		12,100		12,569
Apache Corp. 4.25% 2044		2,100		2,077
Apache Corp. 5.35% 2049		800		823
Baker Hughes, a GE Co. 4.486% 2030		914		1,099
Boardwalk Pipeline Partners, LP 3.375% 2023		1,900		1,984
BP Capital Markets America Inc. 2.772% 2050		6,417		6,349
BP Capital Markets PLC 3.00% 2050		8,284		8,490
Canadian Natural Resources Ltd. 2.05% 2025		3,849		4,041
Canadian Natural Resources Ltd. 3.85% 2027		1,151		1,293
Canadian Natural Resources Ltd. 2.95% 2030		2,374		2,542
Cenovus Energy Inc. 3.80% 2023		1,120		1,164
Cenovus Energy Inc. 4.25% 2027		12,685		13,858
Cenovus Energy Inc. 5.25% 2037		770		872
Cenovus Energy Inc. 5.40% 2047		15,180		17,821

American Funds Insurance Series      161

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Cheniere Energy, Inc. 7.00% 2024	$	410	$	479
Cheniere Energy, Inc. 5.125% 2027		16,000		18,946
Cheniere Energy, Inc. 3.70% 2029		7,369		8,215
Chevron Corp. 2.355% 2022		4,800		4,973
Chevron Corp. 3.078% 2050		1,114		1,239
Chevron USA Inc. 2.343% 2050		1,365		1,330
Columbia Pipeline Partners LP 5.80% 2045		1,410		1,929
Concho Resources Inc. 4.30% 2028		6,095		7,207
Concho Resources Inc. 4.85% 2048		5,000		6,735
DCP Midstream Operating LP 4.95% 2022		500		517
Enbridge Energy Partners, LP 4.20% 2021		6,325		6,432
Enbridge Energy Partners, LP 5.875% 2025		7,700		9,420
Enbridge Energy Partners, LP 7.375% 2045		18,154		27,723
Enbridge Inc. 4.00% 2023		1,500		1,633
Energy Transfer Operating, LP 5.875% 2024		294		331
Energy Transfer Operating, LP 2.90% 2025		4,402		4,661
Energy Transfer Operating, LP 3.75% 2030		7,707		8,319
Energy Transfer Operating, LP 5.00% 2050		15,408		16,699
Energy Transfer Partners, LP 4.20% 2023		2,860		3,085
Energy Transfer Partners, LP 4.50% 2024		4,915		5,380
Energy Transfer Partners, LP 4.75% 2026		1,506		1,705
Energy Transfer Partners, LP 4.20% 2027		45		50
Energy Transfer Partners, LP 4.95% 2028		4,559		5,256
Energy Transfer Partners, LP 5.25% 2029		1,275		1,489
Energy Transfer Partners, LP 6.125% 2045		11,780		13,993
Energy Transfer Partners, LP 5.30% 2047		10,459		11,681
Energy Transfer Partners, LP 6.00% 2048		1,868		2,223
Energy Transfer Partners, LP 6.25% 2049		1,775		2,147
Energy Transfer Partners, LP, junior subordinated, 6.25% (3-month USD-LIBOR + 4.028% on 2/15/2023)1		7,850		6,260
Energy Transfer Partners, LP, junior subordinated, 6.625% (3-month USD-LIBOR + 4.155% on 2/15/2028)1		500		425
Enterprise Products Operating LLC 3.20% 2052		3,031		3,091
EOG Resources, Inc. 4.375% 2030		451		549
EOG Resources, Inc. 4.95% 2050		1,776		2,409
EQT Corp. 3.00% 2022		6,700		6,763
EQT Corp. 8.75% 2030		7,500		9,178
Equinor ASA 3.625% 2028		4,928		5,744
Equinor ASA 3.125% 2030		20,000		22,706
Equinor ASA 3.25% 2049		5,687		6,320
Exxon Mobil Corp. 3.043% 2026		4,625		5,127
Exxon Mobil Corp. 2.61% 2030		1,293		1,413
Exxon Mobil Corp. 3.452% 2051		4,701		5,373
Kinder Morgan Energy Partners, LP 6.50% 2037		900		1,167
Kinder Morgan Energy Partners, LP 5.50% 2044		700		881
Kinder Morgan, Inc. 5.30% 2034		760		937
MPLX LP 1.75% 2026		5,557		5,754
MPLX LP 4.00% 2028		4,665		5,368
MPLX LP 2.65% 2030		2,404		2,522
MPLX LP 5.50% 2049		4,741		6,243
Noble Energy, Inc. 3.25% 2029		744		855
Noble Energy, Inc. 5.05% 2044		2,407		3,386
Noble Energy, Inc. 4.95% 2047		4,845		6,889
Noble Energy, Inc. 4.20% 2049		10,334		13,419
Occidental Petroleum Corp. 2.90% 2024		4,336		4,180
Odebrecht Drilling Norbe 7.35% 20262,3		37		10
Odebrecht Drilling Norbe 0% 20492		1,150		7
ONEOK, Inc. 2.20% 2025		193		201
ONEOK, Inc. 5.85% 2026		896		1,074
ONEOK, Inc. 3.10% 2030		540		576
ONEOK, Inc. 6.35% 2031		2,794		3,587

162      American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
ONEOK, Inc. 5.20% 2048	$	9,563	$	11,162
ONEOK, Inc. 4.50% 2050		1,266		1,331
ONEOK, Inc. 7.15% 2051		3,275		4,538
Petrobras Global Finance Co. 5.093% 2030		5,000		5,594
Petrobras Global Finance Co. 6.90% 2049		4,000		5,080
Petróleos Mexicanos 6.875% 2026		43,810		47,928
Petróleos Mexicanos 6.50% 2027		29,533		31,156
Pioneer Natural Resources Company 1.90% 2030		5,726		5,676
Plains All American Pipeline, LP 3.80% 2030		590		635
QEP Resources, Inc. 5.25% 2023		3,420		3,605
Sabine Pass Liquefaction, LLC 6.25% 2022		2,300		2,421
Sabine Pass Liquefaction, LLC 5.625% 20231		1,000		1,099
Sabine Pass Liquefaction, LLC 5.75% 2024		8,000		9,149
Sabine Pass Liquefaction, LLC 5.625% 2025		10,000		11,667
Sabine Pass Liquefaction, LLC 5.875% 2026		15,700		18,991
Sabine Pass Liquefaction, LLC 4.50% 20302		1,797		2,131
Saudi Arabian Oil Co. 2.875% 20242		4,885		5,189
Saudi Arabian Oil Co. 1.625% 20252		1,410		1,446
Schlumberger BV 4.00% 20252		7,915		9,004
Shell International Finance BV 3.875% 2028		9,410		11,149
Southwestern Energy Co. 6.45% 20251		920		956
Sunoco Logistics Operating Partners, LP 5.40% 2047		6,190		6,982
Targa Resources Partners LP 5.125% 2025		175		180
Targa Resources Partners LP 5.375% 2027		175		184
TC PipeLines, LP 4.375% 2025		405		457
Total Capital Canada Ltd. 2.75% 2023		2,140		2,273
Total Capital International 3.127% 2050		6,910		7,496
Total SE 2.986% 2041		1,726		1,889
Total SE 3.386% 2060		5,200		5,916
TransCanada PipeLines Ltd. 4.25% 2028		11,275		13,320
TransCanada PipeLines Ltd. 4.10% 2030		4,776		5,646
Transcontinental Gas Pipe Line Company, LLC 3.95% 2050		1,372		1,556
Western Midstream Operating, LP 4.10% 20251		2,782		2,871
Western Midstream Operating, LP 4.05% 2030		2,202		2,453
Western Midstream Operating, LP 5.25% 2050		3,079		3,392
Williams Partners LP 4.50% 2023		500		552
Williams Partners LP 4.30% 2024		595		657
WPX Energy, Inc. 4.50% 2030		7,995		8,487
				644,494
Utilities 4.13%
Abu Dhabi National Energy Co. PJSC (TAQA) 4.375% 20252		10,500		11,896
Abu Dhabi National Energy Co. PJSC (TAQA) 4.375% 20262		300		348
AEP Transmission Co. LLC 3.65% 2050		350		426
Alliant Energy Finance LLC 4.25% 20282		500		581
Ameren Corp. 3.50% 2031		325		374
Ameren Corp. 4.50% 2049		2,875		3,914
American Electric Power Company, Inc. 2.30% 2030		1,825		1,909
Berkshire Hathaway Energy Company 4.50% 2045		5,895		7,475
Consolidated Edison Co. of New York, Inc. 3.875% 2047		9,200		10,892
Consumers Energy Co. 4.05% 2048		8,270		10,839
Consumers Energy Co. 3.75% 2050		5,625		7,074
Duke Energy Corp. 3.75% 2024		3,826		4,214
Duke Energy Florida, LLC 3.40% 2046		6,445		7,372
Duke Energy Progress, LLC 3.70% 2028		3,750		4,393
Edison International 3.125% 2022		2,900		3,013
Edison International 3.55% 2024		6,850		7,382
Edison International 4.95% 2025		175		200
Edison International 5.75% 2027		3,181		3,810
Edison International 4.125% 2028		3,644		4,064

American Funds Insurance Series      163

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)1	$	1,950	$	2,282
Enel Società per Azioni 8.75% 2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)1,2		1,000		1,170
Entergy Louisiana, LLC 4.20% 2048		6,325		8,245
Eversource Energy 2.75% 2022		527		541
Eversource Energy 3.80% 2023		5,000		5,478
Exelon Corp. 3.40% 2026		1,570		1,769
Exelon Corp. 4.05% 2030		1,250		1,481
Exelon Corp. 4.70% 2050		250		333
FirstEnergy Corp. 2.85% 2022 (3.10% on 1/15/2021)1		8,750		8,897
FirstEnergy Corp. 1.60% 2026		481		471
FirstEnergy Corp. 3.90% 2027 (4.40% on 1/16/2021)1		12,178		13,434
FirstEnergy Corp. 3.50% 20282		2,400		2,555
FirstEnergy Corp. 2.25% 2030		1,184		1,146
FirstEnergy Corp. 2.65% 2030		3,428		3,442
FirstEnergy Corp. 7.375% 2031		5,150		7,349
FirstEnergy Corp., Series B, 4.25% 2023 (4.75% on 3/15/2021)1		2,750		2,905
Georgia Power Co. 3.70% 2050		1,938		2,337
IPALCO Enterprises, Inc. 3.70% 2024		200		218
Mississippi Power Co. 4.25% 2042		11,247		13,614
NextEra Energy Capital Holdings, Inc. 2.25% 2030		2,700		2,833
Niagara Mohawk Power Corp. 3.508% 20242		7,575		8,325
Niagara Mohawk Power Corp. 4.278% 20342		1,000		1,248
Pacific Gas and Electric Co. 1.75% 2022		13,000		13,038
Pacific Gas and Electric Co. 3.25% 2023		5,615		5,862
Pacific Gas and Electric Co. 3.40% 2024		850		906
Pacific Gas and Electric Co. 2.95% 2026		9,436		9,988
Pacific Gas and Electric Co. 3.15% 2026		8,705		9,283
Pacific Gas and Electric Co. 2.10% 2027		456		463
Pacific Gas and Electric Co. 3.30% 2027		9,125		9,754
Pacific Gas and Electric Co. 3.30% 2027		4,675		5,009
Pacific Gas and Electric Co. 3.75% 2028		6,788		7,421
Pacific Gas and Electric Co. 4.65% 2028		7,900		9,030
Pacific Gas and Electric Co. 4.55% 2030		14,505		16,539
Pacific Gas and Electric Co. 2.50% 2031		19,695		19,745
Pacific Gas and Electric Co. 3.30% 2040		8,898		8,891
Pacific Gas and Electric Co. 3.75% 2042		7,825		7,885
Pacific Gas and Electric Co. 4.75% 2044		336		378
Pacific Gas and Electric Co. 3.95% 2047		2,835		2,941
Pacific Gas and Electric Co. 3.50% 2050		6,567		6,542
Progress Energy, Inc. 7.75% 2031		1,820		2,713
Public Service Electric and Gas Co. 3.20% 2029		6,000		6,849
Puget Energy, Inc. 6.00% 2021		3,135		3,245
Puget Energy, Inc. 5.625% 2022		8,004		8,477
Puget Energy, Inc. 3.65% 2025		3,000		3,312
San Diego Gas & Electric Co. 3.32% 2050		1,350		1,539
Southern California Edison Co. 3.70% 2025		1,275		1,431
Southern California Edison Co. 2.85% 2029		7,500		8,186
Southern California Edison Co. 4.20% 2029		11,700		13,853
Southern California Edison Co. 5.35% 2035		6,450		8,762
Southern California Edison Co. 5.75% 2035		4,550		6,291
Southern California Edison Co. 5.625% 2036		7,050		9,007
Southern California Edison Co. 5.55% 2037		2,775		3,553
Southern California Edison Co. 5.95% 2038		5,654		7,691
Southern California Edison Co. 4.50% 2040		8,620		10,400
Southern California Edison Co. 5.50% 2040		607		811
Southern California Edison Co. 4.00% 2047		9,061		10,644
Southern California Edison Co. 4.125% 2048		9,027		10,788
Southern California Edison Co. 4.875% 2049		5,034		6,649
Southern California Edison Co. 3.65% 2050		3,461		3,935
Southern California Edison Co., Series C, 3.60% 2045		2,717		3,015

164      American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Southern California Gas Company 2.55% 2030	$	625	$	678
Southern Co. 3.70% 2030		5,450		6,318
Southern Co. 4.25% 2036		1,725		2,118
Southern Co. 4.40% 2046		787		991
Tampa Electric Co. 2.60% 2022		4,350		4,486
Wisconsin Power and Light Co. 3.65% 2050		1,550		1,842
Xcel Energy Inc. 3.30% 2025		5,650		6,215
Xcel Energy Inc. 2.60% 2029		2,925		3,169
				470,892
Health care 3.88%
Abbott Laboratories 3.40% 2023		910		987
Abbott Laboratories 3.75% 2026		2,244		2,630
Abbott Laboratories 4.75% 2036		4,565		6,291
AbbVie Inc. 3.20% 2022		9,600		10,054
AbbVie Inc. 3.20% 2029		23,754		26,648
Amgen Inc. 2.45% 2030		10,000		10,720
Anthem, Inc. 2.375% 2025		1,534		1,641
AstraZeneca PLC 4.00% 2029		5,920		7,056
Bayer US Finance II LLC 3.875% 20232		8,783		9,576
Bayer US Finance II LLC 4.25% 20252		17,570		20,106
Becton, Dickinson and Company 3.734% 2024		903		1,001
Becton, Dickinson and Company 4.669% 2047		3,395		4,458
Boston Scientific Corp. 3.375% 2022		350		365
Boston Scientific Corp. 3.85% 2025		255		288
Centene Corp. 4.75% 2025		325		334
Centene Corp. 4.25% 2027		14,860		15,786
Centene Corp. 4.625% 2029		14,945		16,611
Centene Corp. 3.375% 2030		15,718		16,561
Cigna Corp. 4.375% 2028		7,090		8,571
EMD Finance LLC 2.95% 20222		2,100		2,157
Gilead Sciences, Inc. 1.20% 2027		3,828		3,859
GlaxoSmithKline PLC 3.375% 2023		16,800		18,030
Laboratory Corp. of America Holdings 4.70% 2045		4,160		5,465
Novartis Capital Corp. 1.75% 2025		2,361		2,478
Novartis Capital Corp. 2.20% 2030		5,446		5,851
Shire PLC 3.20% 2026		15,100		16,901
Teva Pharmaceutical Finance Co. BV 2.20% 2021		4,911		4,908
Teva Pharmaceutical Finance Co. BV 2.80% 2023		16,420		16,286
Teva Pharmaceutical Finance Co. BV 7.125% 2025		45,000		49,828
Teva Pharmaceutical Finance Co. BV 3.15% 2026		68,853		66,315
Teva Pharmaceutical Finance Co. BV 6.75% 2028		26,824		30,394
Teva Pharmaceutical Finance Co. BV 4.10% 2046		46,666		41,649
UnitedHealth Group Inc. 3.35% 2022		4,385		4,597
UnitedHealth Group Inc. 3.75% 2025		5,410		6,166
Zimmer Holdings, Inc. 3.15% 2022		7,845		8,070
				442,638
Consumer discretionary 3.74%
Carnival Corp. 11.50% 20232		9,140		10,582
DaimlerChrysler North America Holding Corp. 1.75% 20232		8,000		8,216
DaimlerChrysler North America Holding Corp. 3.35% 20232		2,000		2,118
Ford Motor Credit Co. 4.375% 2023		16,400		17,056
Ford Motor Credit Co. 4.063% 2024		17,230		18,123
Ford Motor Credit Co. 3.815% 2027		3,630		3,737
Ford Motor Credit Co. 4.125% 2027		28,345		29,727
Ford Motor Credit Co. 4.271% 2027		17,442		18,314
Ford Motor Credit Co. 5.113% 2029		8,075		9,003
General Motors Company 5.40% 2023		421		472
General Motors Company 6.125% 2025		28,743		34,886

American Funds Insurance Series      165

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
General Motors Company 6.80% 2027	$	1,030	$	1,325
General Motors Company 5.00% 2035		5,000		6,026
General Motors Company 6.75% 2046		1,093		1,579
General Motors Company 5.40% 2048		7,200		9,068
General Motors Company 5.95% 2049		334		452
General Motors Financial Co. 3.15% 2022		25		26
General Motors Financial Co. 3.45% 2022		200		205
General Motors Financial Co. 3.55% 2022		3,703		3,863
General Motors Financial Co. 3.25% 2023		964		1,011
General Motors Financial Co. 3.70% 2023		2,076		2,202
General Motors Financial Co. 5.20% 2023		4,371		4,795
General Motors Financial Co. 3.50% 2024		9,945		10,757
General Motors Financial Co. 3.95% 2024		6,269		6,830
General Motors Financial Co. 5.10% 2024		1,081		1,210
General Motors Financial Co. 2.75% 2025		3,819		4,086
General Motors Financial Co. 2.90% 2025		1,032		1,103
General Motors Financial Co. 4.00% 2025		587		647
General Motors Financial Co. 4.35% 2025		11,358		12,692
General Motors Financial Co. 5.25% 2026		995		1,174
General Motors Financial Co. 2.70% 2027		6,079		6,454
General Motors Financial Co. 3.60% 2030		465		519
Home Depot, Inc. 4.40% 2021		7,200		7,200
Home Depot, Inc. 2.95% 2029		6,081		6,914
Home Depot, Inc. 4.50% 2048		1,915		2,691
Hyundai Capital America 3.75% 20212		8,500		8,626
Hyundai Capital America 2.85% 20222		4,118		4,270
Hyundai Capital America 3.00% 20222		4,500		4,642
Hyundai Capital America 3.25% 20222		1,521		1,584
Hyundai Capital America 3.95% 20222		8,000		8,268
Hyundai Capital America 1.25% 20232		3,150		3,189
Hyundai Capital America 2.375% 20232		9,977		10,292
Hyundai Capital America 3.40% 20242		8,180		8,730
Hyundai Capital America 1.80% 20252		12,714		13,047
Hyundai Capital America 2.65% 20252		13,054		13,854
Hyundai Capital America 2.375% 20272		6,264		6,575
Hyundai Capital America 3.00% 20272		10,408		11,325
International Game Technology PLC 6.25% 20272		880		1,009
International Game Technology PLC 5.25% 20292		4,075		4,397
McDonald’s Corp. 2.125% 2030		2,482		2,620
McDonald’s Corp. 4.45% 2047		3,535		4,593
McDonald’s Corp. 3.625% 2049		2,938		3,454
MGM Resorts International 7.75% 2022		2,000		2,134
NIKE, Inc. 3.25% 2040		6,171		7,183
NIKE, Inc. 3.875% 2045		1,560		2,025
Nissan Motor Co., Ltd. 2.60% 20222		1,415		1,452
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025		300		309
Starbucks Corp. 3.75% 2047		3,785		4,429
Starbucks Corp. 4.50% 2048		7,680		10,027
Toyota Motor Credit Corp. 3.375% 2030		6,664		7,802
Volkswagen Group of America Finance, LLC 4.00% 20212		4,510		4,649
Volkswagen Group of America Finance, LLC 2.70% 20222		2,473		2,565
Volkswagen Group of America Finance, LLC 3.125% 20232		2,459		2,598
Volkswagen Group of America Finance, LLC 4.25% 20232		15,000		16,512
Volkswagen Group of America Finance, LLC 2.85% 20242		2,996		3,202
Volkswagen Group of America Finance, LLC 3.35% 20252		2,636		2,900
Volkswagen Group of America Finance, LLC 4.625% 20252		1,177		1,373
Volkswagen Group of America Finance, LLC 1.625% 20272		1,645		1,660
				426,358

166      American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials 2.75%
Air Lease Corp. 2.875% 2026	$	11,453	$	12,127
Airbus Group SE 2.70% 20232		2,120		2,227
Avolon Holdings Funding Ltd. 3.625% 20222		2,810		2,872
Avolon Holdings Funding Ltd. 3.95% 20242		12,514		13,225
Avolon Holdings Funding Ltd. 4.25% 20262		3,302		3,560
Avolon Holdings Funding Ltd. 3.25% 20272		8,000		8,181
BNSF Funding Trust I, junior subordinated, 6.613% 2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)1		1,680		1,922
Boeing Company 4.508% 2023		7,801		8,435
Boeing Company 1.95% 2024		8,719		8,983
Boeing Company 2.80% 2024		500		525
Boeing Company 4.875% 2025		31,752		36,216
Boeing Company 2.75% 2026		15,262		16,056
Boeing Company 3.10% 2026		649		695
Boeing Company 2.70% 2027		12,728		13,241
Boeing Company 5.04% 2027		10,099		11,818
Boeing Company 3.25% 2028		5,379		5,770
Boeing Company 3.25% 2028		1,925		2,039
Boeing Company 3.45% 2028		1,400		1,504
Boeing Company 3.20% 2029		675		713
Boeing Company 5.15% 2030		13,626		16,514
Boeing Company 3.625% 2031		7,358		8,074
Boeing Company 3.90% 2049		1,411		1,497
Boeing Company 5.805% 2050		1,782		2,462
Bohai Financial Investment Holding Co., Ltd. 5.25% 20222		2,485		2,609
Carrier Global Corp. 2.722% 2030		855		914
Carrier Global Corp. 3.377% 2040		15,000		16,400
Continental Airlines, Inc., Series 2001-1, Class A1, 6.703% 2022		38		38
Continental Airlines, Inc., Series 2000-2, Class A1, 7.707% 2022		164		163
GE Capital International Funding Co. 4.418% 2035		20,075		23,965
General Electric Capital Corp. 3.373% 2025		4,615		5,139
General Electric Capital Corp. 6.15% 2037		1,425		1,967
General Electric Co. 3.45% 2027		1,250		1,412
General Electric Co. 3.625% 2030		675		772
General Electric Co. 4.25% 2040		5,500		6,502
General Electric Co. 4.35% 2050		6,575		7,997
Mexico City Airport Trust 5.50% 2046		1,959		2,090
Mexico City Airport Trust 5.50% 2047		5,909		6,238
Mexico City Airport Trust 5.50% 20472		1,132		1,195
Northrop Grumman Corp. 3.25% 2028		10,845		12,266
Union Pacific Corp. 2.15% 2027		2,213		2,354
Union Pacific Corp. 2.40% 2030		4,454		4,802
Union Pacific Corp. 3.25% 2050		7,000		7,980
United Rentals, Inc. 5.50% 2027		5,000		5,366
United Technologies Corp. 3.125% 2027		9,525		10,695
Vinci SA 3.75% 20292		12,456		14,620
				314,140
Consumer staples 2.24%
Altria Group, Inc. 2.85% 2022		4,800		4,986
Altria Group, Inc. 4.40% 2026		8,840		10,266
Altria Group, Inc. 4.50% 2043		1,585		1,820
Altria Group, Inc. 5.95% 2049		9,039		12,664
Anheuser-Busch InBev NV 4.75% 2029		7,500		9,255
Anheuser-Busch InBev NV 5.55% 2049		11,149		15,850
Anheuser-Busch InBev NV 4.50% 2050		5,000		6,302
British American Tobacco International Finance PLC 3.95% 20252		16,879		18,997
British American Tobacco International Finance PLC 1.668% 2026		4,070		4,168
British American Tobacco PLC 3.557% 2027		10,991		12,241
British American Tobacco PLC 2.259% 2028		4,348		4,517

American Funds Insurance Series      167

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
British American Tobacco PLC 4.39% 2037	$	1,500	$	1,679
British American Tobacco PLC 4.54% 2047		12,786		14,199
British American Tobacco PLC 4.758% 2049		23,659		27,475
Conagra Brands, Inc. 5.30% 2038		436		584
Conagra Brands, Inc. 5.40% 2048		57		81
Constellation Brands, Inc. 3.50% 2027		7,500		8,470
General Mills, Inc. (3-month USD-LIBOR + 0.54%) 0.770% 20214		10,620		10,636
General Mills, Inc. 3.20% 2021		2,170		2,187
Imperial Tobacco Finance PLC 3.50% 20232		2,335		2,446
JBS Investments GmbH II 7.00% 20262		3,868		4,181
JBS Investments GmbH II 7.00% 2026		1,665		1,800
Keurig Dr Pepper Inc. 4.057% 2023		6,190		6,730
Keurig Dr Pepper Inc. 4.597% 2028		10,752		13,101
Molson Coors Brewing Co. 2.10% 2021		2,415		2,435
Molson Coors Brewing Co. 4.20% 2046		9,955		11,423
Philip Morris International Inc. 4.25% 2044		9,550		12,029
Reynolds American Inc. 4.45% 2025		14,570		16,598
Reynolds American Inc. 5.85% 2045		1,970		2,521
Wal-Mart Stores, Inc. 2.85% 2024		6,765		7,321
Wal-Mart Stores, Inc. 3.05% 2026		7,720		8,694
				255,656
Communication services 1.48%
AT&T Inc. 2.55% 20332		4,953		5,104
AT&T Inc. 3.50% 20532		1,915		1,915
AT&T Inc. 3.55% 20552		8,325		8,297
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 20272		4,800		5,100
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031		5,642		5,968
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2048		5,000		6,547
CenturyLink, Inc. 4.00% 20272		16,374		16,929
CenturyLink, Inc. 7.65% 2042		5,000		6,066
Comcast Corp. 3.15% 2028		7,200		8,130
Comcast Corp. 2.65% 2030		7,500		8,199
Comcast Corp. 4.00% 2048		5,000		6,292
NBCUniversal Enterprise, Inc., junior subordinated, 5.25% 20492		5,170		5,280
SoftBank Group Corp. 3.36% 20232		2,175		2,199
Tencent Holdings Ltd. 2.39% 20302		10,000		10,264
T-Mobile US, Inc. 3.50% 20252		3,275		3,622
T-Mobile US, Inc. 3.75% 20272		5,000		5,699
T-Mobile US, Inc. 3.875% 20302		4,500		5,217
T-Mobile US, Inc. 3.00% 20412		2,100		2,181
T-Mobile US, Inc. 4.50% 20502		11,575		14,298
Verizon Communications Inc. 4.40% 2034		5,080		6,342
Verizon Communications Inc. 2.875% 2050		3,000		3,026
Vodafone Group PLC 4.375% 2028		10,000		11,979
Vodafone Group PLC 4.25% 2050		3,050		3,785
Walt Disney Company 2.65% 2031		15,000		16,450
				168,889
Information technology 1.02%
Apple Inc. 1.55% 2021		11,630		11,714
Broadcom Inc. 3.625% 2024		3,000		3,297
Broadcom Inc. 3.15% 2025		5,000		5,462
Broadcom Inc. 4.25% 2026		41,375		47,428
Broadcom Ltd. 3.875% 2027		14,860		16,706
Financial & Risk US Holdings, Inc. 6.25% 20262		3,325		3,556
Microsoft Corp. 2.525% 2050		10,000		10,546

168      American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
PayPal Holdings, Inc. 1.65% 2025	$	6,989	$	7,308
Simon Property Group, LP 3.50% 2025		4,775		5,305
Simon Property Group, LP 2.65% 2030		5,225		5,569
				116,891
Real estate 0.36%
Alexandria Real Estate Equities, Inc. 3.95% 2028		1,425		1,657
Alexandria Real Estate Equities, Inc. 4.50% 2029		150		184
American Campus Communities, Inc. 3.75% 2023		2,900		3,066
American Campus Communities, Inc. 3.875% 2031		620		703
Corporate Office Properties LP 5.25% 2024		10		11
Equinix, Inc. 2.90% 2026		3,287		3,599
Equinix, Inc. 3.20% 2029		3,846		4,245
Essex Portfolio LP 3.25% 2023		335		353
Essex Portfolio LP 3.875% 2024		1,000		1,099
Hospitality Properties Trust 5.00% 2022		1,270		1,295
Hospitality Properties Trust 4.50% 2025		855		844
Hospitality Properties Trust 3.95% 2028		1,710		1,655
Iron Mountain Inc. 4.875% 20272		1,605		1,682
Iron Mountain Inc. 5.25% 20282		3,500		3,700
Iron Mountain Inc. 4.875% 20292		2,770		2,925
Iron Mountain Inc. 5.25% 20302		3,000		3,244
Iron Mountain Inc. 4.50% 20312		2,080		2,181
Kimco Realty Corp. 3.40% 2022		1,045		1,098
Omega Healthcare Investors, Inc. 4.375% 2023		900		974
Piedmont Operating Partnership LP 4.45% 2024		1,000		1,072
Scentre Group 2.375% 20212		175		176
Scentre Group 3.50% 20252		4,565		4,885
				40,648
Materials 0.25%
Air Products and Chemicals, Inc. 2.70% 2040		5,736		6,182
Braskem SA 4.50% 20302		2,500		2,572
LYB International Finance III, LLC 2.25% 2030		3,802		3,935
LYB International Finance III, LLC 3.375% 2040		2,996		3,208
LYB International Finance III, LLC 3.625% 2051		8,881		9,723
LYB International Finance III, LLC 3.80% 2060		2,833		3,061
				28,681
Total corporate bonds, notes & loans				3,792,833
Mortgage-backed obligations 31.72%
Federal agency mortgage-backed obligations 30.74%
Fannie Mae Pool #976945 5.50% 20235		67		68
Fannie Mae Pool #AB1068 4.50% 20255		136		145
Fannie Mae Pool #AB4088 3.00% 20265		629		662
Fannie Mae Pool #AJ9156 3.00% 20265		326		343
Fannie Mae Pool #AJ6967 3.00% 20265		164		173
Fannie Mae Pool #AJ5522 3.00% 20265		4		4
Fannie Mae Pool #256133 4.50% 20265		161		175
Fannie Mae Pool #AK5394 3.00% 20275		774		814
Fannie Mae Pool #AL5603 3.00% 20275		685		719
Fannie Mae Pool #AX3597 3.00% 20275		318		335
Fannie Mae Pool #AL4641 3.00% 20275		300		315
Fannie Mae Pool #AB4281 3.00% 20275		136		143
Fannie Mae Pool #AJ9355 3.00% 20275		88		92
Fannie Mae Pool #AB4486 3.00% 20275		69		73
Fannie Mae Pool #AB5236 3.00% 20275		27		29
Fannie Mae Pool #AO0800 3.00% 20275		24		25
Fannie Mae Pool #AK0971 3.00% 20275		12		12
Fannie Mae Pool #AL3802 3.00% 20285		957		1,005

American Funds Insurance Series      169

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #AR3058 3.00% 20285	$	107		$	113
Fannie Mae Pool #AL8241 3.00% 20295		908			954
Fannie Mae Pool #BM4299 3.00% 20305		2,701			2,834
Fannie Mae Pool #AL9573 3.00% 20315		109			114
Fannie Mae Pool #AS8018 3.00% 20315		81			87
Fannie Mae Pool #BM4741 3.00% 20325		66			69
Fannie Mae Pool #MA4229 2.00% 20365		58,877			61,594
Fannie Mae Pool #924866 2.265% 20374,5		728			737
Fannie Mae Pool #945680 6.00% 20375		709			840
Fannie Mae Pool #913966 6.00% 20375		70			81
Fannie Mae Pool #889982 5.50% 20385		1,514			1,779
Fannie Mae Pool #988588 5.50% 20385		271			319
Fannie Mae Pool #AB1297 5.00% 20405		323			376
Fannie Mae Pool #AH8144 5.00% 20415		1,915			2,228
Fannie Mae Pool #AH9479 5.00% 20415		1,866			2,170
Fannie Mae Pool #AI1862 5.00% 20415		1,569			1,825
Fannie Mae Pool #AI3510 5.00% 20415		923			1,073
Fannie Mae Pool #AJ0704 5.00% 20415		837			974
Fannie Mae Pool #AJ5391 5.00% 20415		479			554
Fannie Mae Pool #BM6240 2.754% 20444,5		3,104			3,245
Fannie Mae Pool #AZ3904 4.00% 20455		85			92
Fannie Mae Pool #AL8522 3.50% 20465		1,516			1,656
Fannie Mae Pool #BD1968 4.00% 20465		2,149			2,347
Fannie Mae Pool #BE0592 4.00% 20465		851			912
Fannie Mae Pool #BD5477 4.00% 20465		517			566
Fannie Mae Pool #CA0770 3.50% 20475		10,841			11,523
Fannie Mae Pool #BJ1910 3.50% 20475		4,361			4,626
Fannie Mae Pool #CA0706 4.00% 20475		268			288
Fannie Mae Pool #MA3058 4.00% 20475		108			116
Fannie Mae Pool #BM4413 4.50% 20475		7,086			7,724
Fannie Mae Pool #BF0293 3.00% 20485		13,107			13,989
Fannie Mae Pool #BF0318 3.50% 20485		12,283			13,278
Fannie Mae Pool #CA1189 3.50% 20485		3,157			3,352
Fannie Mae Pool #BK0920 4.00% 20485		1,600			1,709
Fannie Mae Pool #BJ9252 4.00% 20485		506			540
Fannie Mae Pool #MA3384 4.00% 20485		308			330
Fannie Mae Pool #BJ9256 4.00% 20485		287			306
Fannie Mae Pool #BJ0639 4.00% 20485		214			229
Fannie Mae Pool #BJ9169 4.00% 20485		182			195
Fannie Mae Pool #BK0915 4.00% 20485		150			160
Fannie Mae Pool #BJ5749 4.00% 20485		33			36
Fannie Mae Pool #BM4676 4.00% 20485		25			27
Fannie Mae Pool #CA2493 4.50% 20485		1,774			1,928
Fannie Mae Pool #CA4534 3.00% 20495		16,409			17,767
Fannie Mae Pool #CA3807 3.00% 20495		2,275			2,468
Fannie Mae Pool #CA3806 3.00% 20495		1,230			1,338
Fannie Mae Pool #FM0007 3.50% 20495		31,664			34,351
Fannie Mae Pool #CA4802 3.50% 20495		30,616			33,658
Fannie Mae Pool #FM1954 3.50% 20495		14,979			16,159
Fannie Mae Pool #FM1589 3.50% 20495		9,307			10,016
Fannie Mae Pool #FM2092 3.50% 20495		9,040			9,875
Fannie Mae Pool #FM1262 4.00% 20495		125,351			136,525
Fannie Mae Pool #MA4256 2.50% 20515		2,843			2,998
Fannie Mae Pool #BF0264 3.50% 20585		14,025			15,509
Fannie Mae Pool #BF0332 3.00% 20595		30,573			33,245
Fannie Mae, Series 2001-4, Class GA, 9.081% 20254,5		—	6		—	6
Fannie Mae, Series 2001-50, Class BA, 7.00% 20415		10			12
Fannie Mae, Series 2002-W3, Class A5, 7.50% 20415		23			28
Fannie Mae, Series 2002-W1, Class 2A, 5.522% 20424,5		30			34
Freddie Mac Pool #ZA2657 3.00% 20265		455			479
Freddie Mac Pool #ZK3537 3.00% 20265		88			92

170      American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #ZK4277 3.00% 20275	$	575	$	605
Freddie Mac Pool #ZK3836 3.00% 20275		190		200
Freddie Mac Pool #ZK3970 3.00% 20275		181		190
Freddie Mac Pool #ZS6521 3.00% 20275		119		125
Freddie Mac Pool #ZK3893 3.00% 20275		59		62
Freddie Mac Pool #ZK4162 3.00% 20275		45		47
Freddie Mac Pool #ZS8452 3.00% 20275		15		15
Freddie Mac Pool #ZK4039 3.00% 20275		6		7
Freddie Mac Pool #ZS8463 3.00% 20275		6		6
Freddie Mac Pool #ZS8507 3.00% 20285		225		236
Freddie Mac Pool #ZK7590 3.00% 20295		4,648		4,925
Freddie Mac Pool #ZK7593 3.00% 20295		235		249
Freddie Mac Pool #ZT1931 3.00% 20335		306		322
Freddie Mac Pool #A15120 5.50% 20335		64		72
Freddie Mac Pool #QN1073 3.00% 20345		154		163
Freddie Mac Pool #SB8083 1.50% 20365		14,702		15,135
Freddie Mac Pool #SB8084 2.00% 20365		15,986		16,724
Freddie Mac Pool #G05196 5.50% 20385		84		99
Freddie Mac Pool #G05267 5.50% 20385		62		73
Freddie Mac Pool #G06020 5.50% 20395		121		142
Freddie Mac Pool #A93948 4.50% 20405		269		303
Freddie Mac Pool #G05860 5.50% 20405		448		525
Freddie Mac Pool #G06868 4.50% 20415		294		329
Freddie Mac Pool #G06841 5.50% 20415		689		810
Freddie Mac Pool #841039 3.54% 20434,5		3,059		3,166
Freddie Mac Pool #G60138 3.50% 20455		23,567		25,901
Freddie Mac Pool #Z40130 3.00% 20465		29,938		32,684
Freddie Mac Pool #G61733 3.00% 20475		7,668		8,318
Freddie Mac Pool #Q52157 3.50% 20475		4,216		4,476
Freddie Mac Pool #G08789 4.00% 20475		1,664		1,788
Freddie Mac Pool #G67709 3.50% 20485		23,635		25,832
Freddie Mac Pool #G67710 3.50% 20485		21,713		23,367
Freddie Mac Pool #G61628 3.50% 20485		657		712
Freddie Mac Pool #SI2002 4.00% 20485		3,356		3,592
Freddie Mac Pool #Q58494 4.00% 20485		1,884		2,015
Freddie Mac Pool #QA4673 3.00% 20495		42,800		46,229
Freddie Mac Pool #SD7507 3.00% 20495		28,385		30,699
Freddie Mac Pool #SD7509 3.00% 20495		8,724		9,372
Freddie Mac Pool #QA5125 3.50% 20495		27,889		30,661
Freddie Mac Pool #SD7508 3.50% 20495		19,850		21,774
Freddie Mac Pool #RA1369 3.50% 20495		4,667		5,071
Freddie Mac Pool #ZN4842 3.50% 20495		1,676		1,818
Freddie Mac Pool #RA2020 3.00% 20505		3,353		3,604
Freddie Mac Pool #SD7514 3.50% 20505		39,178		42,144
Freddie Mac, Series 3061, Class PN, 5.50% 20355		90		105
Freddie Mac, Series 3318, Class JT, 5.50% 20375		236		272
Freddie Mac, Series K716, Class A2, Multi Family, 3.13% 20215		6,104		6,143
Freddie Mac, Series K020, Class A2, Multi Family, 2.373% 20225		4,300		4,402
Freddie Mac, Series K718, Class A2, Multi Family, 2.791% 20225		9,240		9,432
Freddie Mac, Series 3156, Class PO, principal only, 0% 20365		189		177
Freddie Mac, Series 3146, Class PO, principal only, 0% 20365		190		175
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20575		15,166		16,431
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20585		3,146		3,429
Government National Mortgage Assn. 2.00% 20515,7		285,328		297,877
Government National Mortgage Assn. 2.00% 20515,7		144,122		150,225
Government National Mortgage Assn. Pool #MA5817 4.00% 20495		38,672		41,466
Government National Mortgage Assn. Pool #MA5876 4.00% 20495		5,631		6,024
Government National Mortgage Assn. Pool #MA6221 4.50% 20495		17,517		18,955
Government National Mortgage Assn. Pool #MA5764 4.50% 20495		1,913		2,071
Government National Mortgage Assn. Pool #MA5878 5.00% 20495		44,710		48,986
Government National Mortgage Assn. Pool #MA6042 5.00% 20495		119		131

American Funds Insurance Series      171

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Uniform Mortgage-Backed Security 1.50% 20365,7	$	408,695	$	419,729
Uniform Mortgage-Backed Security 1.50% 20365,7		343,501		352,950
Uniform Mortgage-Backed Security 2.00% 20365,7		197,784		206,562
Uniform Mortgage-Backed Security 2.00% 20515,7		330,010		341,624
Uniform Mortgage-Backed Security 2.00% 20515,7		170,554		176,843
Uniform Mortgage-Backed Security 2.50% 20515,7		134,685		141,513
Uniform Mortgage-Backed Security 2.50% 20515,7		86,091		90,588
Uniform Mortgage-Backed Security 3.00% 20515,7		166,000		174,066
Uniform Mortgage-Backed Security 3.50% 20515,7		31,602		33,449
Uniform Mortgage-Backed Security 4.00% 20515,7		52,938		56,615
Uniform Mortgage-Backed Security 4.50% 20515,7		68,056		73,853
				3,506,261
Collateralized mortgage-backed obligations (privately originated) 0.64%
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 20552,5		390		394
Bellemeade Re Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.748% 20292,4,5		3,175		3,181
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 20592,5		1,381		1,426
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 20592,4,5		1,127		1,167
Bunker Hill Loan Depositary Trust, Series 2019-1, Class A1, 3.613% 20482,4,5		1,038		1,050
Bunker Hill Loan Depositary Trust, Series 2019-1, Class A3, 3.919% 20482,4,5		1,546		1,572
Cascade Funding Mortgage Trust, Series 2019-HB1, Class M1, 2.572% 20292,4,5		1,950		1,960
Cascade Funding Mortgage Trust, Series 2019-HB1, Class M2, 2.863% 20292,4,5		475		478
Cascade Funding Mortgage Trust, Series 2019-HB1, Class M3, 3.257% 20292,4,5		243		241
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20302,4,5		1,162		1,163
Citigroup Mortgage Loan Trust Inc., Series 2020-EXP1, Class A1A, 1.804% 20602,4,5		1,479		1,491
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 20372,5		1,612		1,674
Finance of America HECM Buyout, Series 2019-HB1, Class M1, 2.105% 20302,4,5		1,400		1,407
Finance of America HECM Buyout, Series 2020-HB1, Class M2, 2.389% 20302,4,5		500		490
Finance of America HECM Buyout, Series 2020-HB1, Class M3, 2.723% 20302,4,5		253		243
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20692,5		4,485		4,866
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 20692,5		3,798		4,172
JPMorgan Mortgage Trust, Series 2020-INV1, Class A3, 3.50% 20502,4,5		4,399		4,584
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 20592,4,5		1,529		1,536
Mortgage Repurchase Agreement Financing Trust, Series 2020-1, Class A1, (1-month USD-LIBOR + 2.00%) 2.149% 20222,4,5		6,556		6,571
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, Class A1, (1-month USD-LIBOR + 1.00%) 1.149% 20232,4,5		11,402		11,490
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 20492,4,5		2,119		2,187
Starwood Mortgage Residential Trust, Series 2019-IMC1, Class A1, 3.468% 20492,4,5		1,684		1,697
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 20602,5		17,877		18,323
				73,363
Commercial mortgage-backed securities 0.34%
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 20525		100		117
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 20525		770		915
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 20615		1,018		1,156
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 20615		130		147
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 20615		205		237
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 20614,5		2,444		2,916
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 20635		295		317
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 20525		2,541		3,057
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 20534,5		781		955
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class AS, 3.514% 20495		250		277
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 20495		610		687
Commercial Mortgage Trust, Series 2012-CR3, Class B, 3.922% 20452,5		430		425
Commercial Mortgage Trust, Series 2013-LC13, Class B, 5.009% 20462,4,5		312		330
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 20475		350		385
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class C, 4.563% 20484,5		204		211
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class B, 4.044% 20504,5		300		318

172      American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 20495	$	200	$	219
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 20402,5		2,601		2,759
GS Mortgage Securities Trust, Series 2011-GC5, Class B, 5.555% 20442,4,5		530		529
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 20505		400		457
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 20525		100		119
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 20535		1,536		1,656
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 20475		3,280		3,597
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 20505		240		272
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 20505		640		732
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON, Class A, 3.735% 20312,5		785		818
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 20494,5		2,040		2,327
L.A. Arena Funding, LLC, Series 1, Class A, 7.656% 20262,5		153		153
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 20475		2,038		2,224
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.306% 20485		410		447
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72% 20495		245		281
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 20485		730		814
Morgan Stanley Capital I Trust, Series 2016-UBS9, Class C, 4.608% 20494,5		208		204
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4, 3.789% 20485		2,437		2,714
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class C, 4.094% 20484,5		220		225
Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class B, 2.967% 20495		350		360
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class AS, 3.484% 20495		130		143
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 20495		2,550		2,932
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 20525		1,019		1,154
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class AS, 3.988% 20595		250		280
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 20605		205		235
				38,101
Total mortgage-backed obligations				3,617,725
U.S. Treasury bonds & notes 24.40%
U.S. Treasury 22.29%
U.S. Treasury 0.125% 2022		63,000		63,006
U.S. Treasury 2.625% 2023		70,000		75,132
U.S. Treasury 2.75% 2023		173,600		184,108
U.S. Treasury 2.125% 2024		72,100		77,178
U.S. Treasury 2.125% 20248		72,100		77,015
U.S. Treasury 0.25% 20258		402,459		401,224
U.S. Treasury 0.25% 2025		11,240		11,190
U.S. Treasury 2.875% 20258		96,200		107,380
U.S. Treasury 2.875% 2025		72,100		80,105
U.S. Treasury 1.375% 20268		75,000		78,872
U.S. Treasury 1.625% 2026		50,000		53,288
U.S. Treasury 0.50% 2027		185,625		185,110
U.S. Treasury 0.50% 2027		160,000		158,960
U.S. Treasury 2.25% 20278		120,200		133,420
U.S. Treasury 2.25% 20278		72,100		79,675
U.S. Treasury 6.125% 2027		24,000		32,951
U.S. Treasury 2.875% 2028		72,100		83,726
U.S. Treasury 0.875% 2030		147,750		147,185
U.S. Treasury 1.125% 2040		88,288		83,802
U.S. Treasury 2.25% 2049		41,697		47,726

American Funds Insurance Series      173

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 3.00% 20498	$	150,000	$	197,801
U.S. Treasury 1.25% 2050		44,000		39,906
U.S. Treasury 1.375% 2050		153,811		143,929
				2,542,689
U.S. Treasury inflation-protected securities 2.11%
U.S. Treasury Inflation-Protected Security 0.375% 20278,9		79,834		89,865
U.S. Treasury Inflation-Protected Security 0.50% 20288,9		79,172		89,819
U.S. Treasury Inflation-Protected Security 1.00% 20499		14,978		21,124
U.S. Treasury Inflation-Protected Security 0.25% 20509		33,837		40,307
				241,115
Total U.S. Treasury bonds & notes				2,783,804
Bonds & notes of governments & government agencies outside the U.S. 3.06%
Dominican Republic 5.95% 20272		8,100		9,548
Italy (Republic of) 0.95% 2023	€	45,000		56,628
Italy (Republic of) 1.50% 2025		33,327		43,649
Japan, Series 20, 0.10% 20259	¥	11,396,250		110,591
Paraguay (Republic of) 4.625% 2023	$	1,025		1,104
Paraguay (Republic of) 5.00% 2026		1,250		1,469
Paraguay (Republic of) 4.95% 2031		3,487		4,232
Portuguese Republic 5.125% 2024		24,775		28,835
Portuguese Republic 5.65% 2024	€	20,000		29,205
PT Indonesia Asahan Aluminium Tbk 5.23% 20212	$	1,862		1,935
PT Indonesia Asahan Aluminium Tbk 5.71% 20232		1,020		1,129
PT Indonesia Asahan Aluminium Tbk 4.75% 20252		1,270		1,405
PT Indonesia Asahan Aluminium Tbk 5.45% 20302		340		410
PT Indonesia Asahan Aluminium Tbk 5.80% 20502		1,150		1,431
Qatar (State of) 4.50% 20282		5,100		6,188
Qatar (State of) 5.103% 20482		3,400		4,790
Saudi Arabia (Kingdom of) 3.628% 20272		5,000		5,624
Saudi Arabia (Kingdom of) 3.625% 20282		11,435		12,835
United Mexican States, Series M, 5.75% 2026	MXN	527,500		27,728
				348,736
Asset-backed obligations 2.19%
Aesop Funding LLC, Series 2020-1A, Class A, 2.33% 20262,5	$	7,689		7,958
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 20272,5		2,427		2,480
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 20272,5		623		637
Aesop Funding LLC, Series 2020-2A, Class C, 4.25% 20272,5		1,279		1,316
American Credit Acceptance Receivables Trust, Series 2020-3, Class B, 1.15% 20242,5		900		905
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 20262,5		2,602		2,648
American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.40% 20262,5		2,500		2,587
AmeriCredit Automobile Receivables Trust, Series 2017-1, Class C, 2.71% 20225		3,749		3,771
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 20255		400		420
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 20602,5		10,894		11,127
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 20602,5		2,086		2,121
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 20602,5		3,567		3,634
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 20602,5		387		392
CPS Auto Receivables Trust, Series 2019-B, Class C, 3.35% 20242,5		835		852
CPS Auto Receivables Trust, Series 2019-C, Class C, 2.84% 20252,5		743		759
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 20252,5		1,125		1,166
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 20252,5		3,045		3,140
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 20292,5		7,411		7,581
Drive Auto Receivables Trust, Series 2019-2, Class B, 3.17% 20235		2,087		2,101
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 20255		4,910		5,060
Drive Auto Receivables Trust, Series 2019-2, Class C, 3.42% 20255		4,665		4,794
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 20265		4,020		4,190

174      American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 20252,5	$	880	$	898
Drivetime Auto Owner Trust, Series 2019-3, Class D, 2.96% 20252,5		1,915		1,981
Drivetime Auto Owner Trust, Series 2019-2A, Class C, 3.18% 20252,5		2,565		2,619
Drivetime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 20252,5		4,250		4,414
Drivetime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 20262,5		817		825
Exeter Automobile Receivables Trust, Series 2017-3A, Class B, 2.81% 20222,5		572		572
Exeter Automobile Receivables Trust, Series 2019-2A, Class B, 3.06% 20232,5		1,791		1,800
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 20242,5		5,000		5,108
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30% 20242,5		2,500		2,553
Exeter Automobile Receivables Trust, Series 2019-1A, Class C, 3.82% 20242,5		4,145		4,208
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 20255		780		787
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 20252,5		5,000		5,171
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 20252,5		6,000		6,271
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 20265		1,012		1,027
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 20372,5		18,161		18,292
Ford Credit Auto Owner Trust, Series 2016-2, Class A, 2.03% 20272,5		26,755		26,972
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 20302,5		17,675		18,968
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 20302,5		939		1,025
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 20312,5		6,672		7,043
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 20312,5		30,740		33,823
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A1, 2.23% 20245		2,625		2,709
GM Financial Automobile Leasing Trust, Series 2020-2, Class B, 1.56% 20245		360		367
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 20245		301		312
GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 20245		425		444
GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class B, 2.57% 20235		520		528
GM Financial Consumer Automobile Receivables Trust, Series 2018-1, Class C, 2.77% 20235		360		366
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2016-4A, Class A, 2.65% 20222,5		838		840
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-3A, Class A, 2.67% 20252,5		1,894		1,898
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-2A, Class A, 3.42% 20252,5		1,027		1,031
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 20242,5		2,190		2,248
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 20252,5		1,355		1,402
Santander Drive Auto Receivables Trust, Series 2017-3, Class C, 2.76% 20225		435		436
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 20255		3,110		3,236
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 20265		3,344		3,373
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 20265		2,211		2,246
Social Professional Loan Program LLC, Series 2015-C, Class A2, 2.51% 20332,5		688		691
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 20312,5		6,000		6,414
Verizon Owner Trust, Series 2017-3A, Class B, 2.38% 20222,5		1,572		1,575
Voya Ltd., CLO, Series 2014-3A, Class A1R, (3-month USD-LIBOR + 0.72%) 0.935% 20262,4,5		928		927
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 20252,5		1,557		1,567
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 20262,5		3,023		3,062
				249,668
Municipals 1.98%
California 0.06%
G.O. Bonds, Series 2009, 7.50% 2034		2,100		3,503
High-Speed Passenger Train G.O. Rev. Ref. Bonds, Series 2017-A, 2.367% 2022		3,775		3,871
				7,374

American Funds Insurance Series      175

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Municipals (continued)
Illinois 1.88%
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 2039	$	30,835	$	32,542
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 2029		65		70
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 2040		8,945		9,285
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2011-A, 5.50% 2039		410		417
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2015-C, 5.25% 2039		1,190		1,288
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2026		1,100		1,260
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2030		2,205		2,537
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-C, 5.00% 2034		490		556
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-D, 5.00% 2031		980		1,123
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-G, 5.00% 2044		1,350		1,514
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2036		980		1,107
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2017-H, 5.00% 2046		2,770		3,090
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2026		730		836
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2028		855		1,079
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2029		430		536
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2029		245		286
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2030		245		304
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2030		245		286
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2031		490		605
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2032		490		602
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2033		245		300
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-A, Assured Guaranty Municipal insured, 5.00% 2034		280		323
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2028		1,090		1,378
City of Chicago, Board of Education, Unlimited Tax G.O. Rev. Ref. Bonds (Dedicated Rev.), Series 2018-C, Assured Guaranty Municipal insured, 5.00% 2029		730		914
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Capital Appreciation Bonds, Series 1998-B-1, National insured, 0% 2031		490		351
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2011-A, 5.00% 2041		665		674
City of Chicago, School Reform Board of Trustees of the Board of Education, Unlimited Tax G.O. Bonds (Dedicated Tax Rev.), Series 2012-A, 5.00% 2042		1,875		1,923
G.O. Bonds, Pension Funding Series 2003, 4.95% 2023		22,553		23,112
G.O. Bonds, Pension Funding Series 2003, 5.10% 2033		107,310		115,570
G.O. Bonds, Series 2013-B, 4.11% 2022		750		761
G.O. Bonds, Series 2013-B, 4.31% 2023		2,125		2,175

176      American Funds Insurance Series

Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Municipals (continued)
Illinois (continued)
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.85% 2022	$	2,370	$	2,449
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023		3,210		3,396
G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 6.20% 2021		1,946		1,979
				214,628
Texas 0.04%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052		4,075		4,265
Total municipals				226,267
Federal agency bonds & notes 0.11%
Fannie Mae 2.125% 2026		11,910		12,979
Total bonds, notes & other debt instruments (cost: $10,403,219,000)				11,032,012
	Shares
Short-term securities 23.58%
Money market investments 23.58%
Capital Group Central Cash Fund 0.12%10,11		26,897,764		2,690,045
Total short-term securities (cost: $2,690,027,000)				2,690,045
Total investment securities 120.29% (cost: $13,093,246,000)				13,722,057
Other assets less liabilities (20.29)%				(2,314,638	)
Net assets 100.00%			$	11,407,419

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount12 (000)			Value at 12/31/202013 (000)			Unrealized appreciation (depreciation) at 12/31/2020 (000)
2 Year U.S. Treasury Note Futures		Long		4,793		April 2021	$	958,600		$	1,059,141		$	791
5 Year Euro-Bobl Futures		Short		1,321		March 2021	€	(132,100	)		(218,153	)		(211	)
5 Year U.S. Treasury Note Futures		Long		18,935		April 2021	$	1,893,500			2,388,916			5,023
10 Year Euro-Bund Futures		Short		468		March 2021	€	(46,800	)		(101,563	)		(438	)
10 Year U.S. Treasury Note Futures		Short		953		March 2021	$	(95,300	)		(131,588	)		(140	)
10 Year Ultra U.S. Treasury Note Futures		Short		4,048		March 2021		(404,800	)		(632,943	)		809
30 Year Euro-Buxl Futures		Long		245		March 2021	€	24,500			67,415			1,008
30 Year Ultra U.S. Treasury Bond Futures		Short		84		March 2021	$	(8,400	)		(17,939	)		(35	)
													$	6,807

Forward currency contracts

Contract amount							Unrealized (depreciation) appreciation
Purchases (000)		Sales (000)		Counterparty	Settlement date		at 12/31/2020 (000)
USD	13,934	JPY	1,445,000	UBS AG		1/6/2021	$ (62)
USD	55,331	EUR	46,000	Bank of New York Mellon		1/8/2021	(877)
USD	37,932	MXN	755,000	Morgan Stanley		1/12/2021	46

American Funds Insurance Series      177

Bond Fund (continued)

Forward currency contracts (continued)

Contract amount							Unrealized (depreciation) appreciation
Purchases (000)		Sales (000)		Counterparty	Settlement date		at 12/31/2020 (000)
USD	132,884	EUR	109,250	HSBC Bank		1/12/2021	$	(624	)
USD	102,847	JPY	10,730,000	HSBC Bank		1/14/2021		(1,090	)
							$	(2,607	)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2020 (000)			Upfront premium paid (000)		Unrealized (depreciation) appreciation at 12/31/2020 (000)
3-month USD-LIBOR	2.18075%		3/29/2024	$	31,600	$	(1,973	)	$	—	$	(1,973	)
3-month USD-LIBOR	2.194%		3/29/2024		31,900		(2,005	)		—		(2,005	)
3-month USD-LIBOR	2.21875%		3/29/2024		33,500		(2,133	)		—		(2,133	)
3-month USD-LIBOR	2.3105%		5/3/2024		275,590		(18,844	)		—		(18,844	)
6-month EURIBOR	0.9852%		10/17/2024	€	25,000		(1,733	)		—		(1,733	)
U.S. EFFR	0.10875%		7/6/2025	$	121,300		595			—		595
U.S. EFFR	0.0995%		7/9/2025		60,700		325			—		325
U.S. EFFR	0.105%		7/9/2025		60,600		310			—		310
U.S. EFFR	0.099%		7/10/2025		149,000		804			—		804
6-month JPY-LIBOR	0.0875%		3/10/2026	¥	11,100,000		(698	)		—		(698	)
6-month JPY-LIBOR	0.58295%		3/23/2046		2,000,000		(1,131	)		—		(1,131	)
0.64355%	6-month JPY-LIBOR		4/27/2046		2,000,000		1,422			—		1,422
									$	—	$	(25,061	)

Investments in affiliates¹¹

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 23.58%
Money market investments 23.58%
Capital Group Central Cash Fund 0.12%10	$	602,451	$	5,522,355	$	3,435,554	$	885	$	(92	)	$	2,690,045	$	5,601

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

²  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 was $1,081,328,000, which represented 9.48% of the net assets of the fund.

³  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.

⁴  Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

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

⁶  Amount less than one thousand.

⁷  Purchased on a TBA basis.

⁸  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $28,008,000, which represented .25% of the net assets of the fund.

⁹  Index-linked bond whose principal amount moves with a government price index.

¹⁰  Rate represents the seven-day yield at 12/31/2020.

¹¹  Part of the same group of investment companies as the fund as defined under the Investment Company Act of 1940.

¹²  Notional amount is calculated based on the number of contracts and notional contract size.

¹³  Value is calculated based on the notional amount and current market price.

178      American Funds Insurance Series

Bond Fund (continued)

Key to abbreviations and symbols

CLO = Collateralized Loan Obligations

EFFR = Effective Federal Funds Rate

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

JPY/¥ = Japanese yen

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series      179

CapitalWorld Bond Fund (formerly Global Bond Fund)

Investment portfolio December 31, 2020

Bonds, notes & other debt instruments 93.64%

	Principal amount (000)		Value (000)
Euros 17.23%
Allianz SE 4.75% 2049 (3-month EUR-EURIBOR + 3.60% on 10/24/2023)1	€	4,200	$	5,748
Altria Group, Inc. 1.00% 2023		1,020		1,272
Altria Group, Inc. 1.70% 2025		1,600		2,071
Altria Group, Inc. 2.20% 2027		2,900		3,870
American Honda Finance Corp. 1.60% 2022		620		775
American Honda Finance Corp. 1.95% 2024		560		736
AT&T Inc. 1.60% 2028		2,350		3,136
Bank of America Corp. 3.648% 2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)1,2		5,000		7,602
Barclays Bank PLC 6.00% 2021		1,000		1,223
Barclays Bank PLC 6.625% 2022		1,070		1,416
CaixaBank, SA 3.50% 2027 (5-year EUR Mid-Swap + 3.35% on 2/15/2022)1		1,500		1,890
CaixaBank, SA 2.25% 2030 (EUR Annual (vs. 6-month EUR-EURIBOR) 5-year + 1.68% on 4/17/2025)1		2,400		3,071
Comcast Corp. 0.25% 2027		1,250		1,552
Cote d’Ivoire (Republic of) 5.25% 2030		900		1,182
Cote d’Ivoire (Republic of) 5.875% 2031		840		1,137
Deutsche Telekom International Finance BV 7.50% 2033		200		446
Dow Chemical Co. 0.50% 2027		1,110		1,371
Dow Chemical Co. 1.125% 2032		1,010		1,284
Egypt (Arab Republic of) 5.625% 2030		745		954
European Financial Stability Facility 0.40% 2025		6,000		7,637
European Union 0% 2035		220		276
French Republic O.A.T. 0% 2030		17,930		22,663
Germany (Federal Republic of) 0.50% 2027		2,510		3,319
Germany (Federal Republic of) 0% 2030		21,090		27,221
Germany (Federal Republic of) 0% 2050		3,540		4,540
Goldman Sachs Group, Inc. 3.375% 20252		5,000		6,961
Greece (Hellenic Republic of) 3.375% 2025		21,435		29,726
Greece (Hellenic Republic of) 3.75% 2028		4,964		7,468
Greece (Hellenic Republic of) 3.875% 2029		6,884		10,666
Greece (Hellenic Republic of) 1.50% 2030		5,160		6,812
Groupe BPCE SA 4.625% 2023		1,200		1,637
Groupe BPCE SA 1.00% 2025		2,900		3,687
Honeywell International Inc. 0.75% 2032		370		471
Intesa Sanpaolo SpA 6.625% 2023		510		712
Ireland (Republic of) 0.20% 2030		900		1,155
Israel (State of) 2.875% 2024		1,180		1,577
Israel (State of) 1.50% 2027		775		1,031
Israel (State of) 1.50% 2029		725		982
Italy (Republic of) 0.10% 20233		8,578		10,711
Italy (Republic of) 1.85% 2025		21,390		28,444
Italy (Republic of) 0.95% 2027		7,270		9,326
Italy (Republic of) 2.80% 2028		5,828		8,505
Italy (Republic of) 1.35% 2030		1,657		2,192
Italy (Republic of) 1.65% 2030		7,400		10,033
JPMorgan Chase & Co. 0.389% 2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)1,2		3,208		3,988
Lloyds Banking Group PLC 1.75% 2028 (5-year EUR-EURIBOR + 1.30% on 9/7/2023)1		2,400		3,020
Morocco (Kingdom of) 3.50% 2024		1,400		1,867
Morocco (Kingdom of) 1.375% 2026		1,130		1,394
Morocco (Kingdom of) 2.00% 2030		1,285		1,595
Morocco (Kingdom of) 1.50% 2031		4,100		4,895
Morocco (Kingdom of) 1.50% 2031		1,700		2,030
Netherlands (Kingdom of the) 0% 2027		10,320		13,104
Philippines (Republic of) 0.70% 2029		940		1,156
Portuguese Republic 0.475% 2030		1,610		2,053
Rabobank Nederland 2.50% 2026 (5-year EUR Mid-Swap + 1.40% on 5/26/2021)1		2,400		2,962
Rolls-Royce PLC 4.625% 2026		100		133
Romania 3.624% 2030		6,530		9,538
Romania 2.00% 2032		2,665		3,424
Romania 3.50% 2034		835		1,217
Romania 3.875% 2035		2,810		4,213
Romania 3.375% 2038		4,170		5,877

180      American Funds Insurance Series

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Euros (continued)
Romania 4.625% 2049	€	5,795	$	9,586
Russian Federation 2.875% 2025		4,500		6,082
Serbia (Republic of) 3.125% 2027		15,747		21,665
Serbia (Republic of) 1.50% 2029		4,943		6,260
Spain (Kingdom of) 0.80% 2027		2,280		2,983
Spain (Kingdom of) 1.45% 2029		1,890		2,610
Spain (Kingdom of) 1.25% 2030		13,840		18,906
Spain (Kingdom of) 2.70% 2048		850		1,528
State Grid Europe Development (2014) PLC 1.50% 2022		194		241
State Grid Overseas Investment Ltd. 1.25% 2022		765		948
State Grid Overseas Investment Ltd. 1.375% 2025		441		562
State Grid Overseas Investment Ltd. 2.125% 2030		200		273
Stryker Corp. 0.25% 2024		480		594
Stryker Corp. 0.75% 2029		980		1,246
Stryker Corp. 1.00% 2031		450		576
Takeda Pharmaceutical Company, Ltd. 2.25% 2026		2,275		3,128
Tunisia (Republic of) 6.75% 2023		1,250		1,460
Tunisia (Republic of) 6.375% 2026		3,800		4,273
Ukraine 6.75% 2026		4,344		5,862
Ukraine 4.375% 2030		2,705		3,169
				402,906
Japanese yen 9.28%
Export-Import Bank of India 0.59% 2022	¥	400,000		3,860
Goldman Sachs Group, Inc. 1.00% 20212		28,000		272
Goldman Sachs Group, Inc. 2.80% 20222		100,000		996
Groupe BPCE SA 0.64% 2022		400,000		3,886
Indonesia (Republic of) 0.67% 2021		200,000		1,937
Indonesia (Republic of) 0.54% 2022		100,000		967
Intesa Sanpaolo SpA 1.36% 2022		600,000		5,851
Japan, Series 19, 0.10% 20243		1,839,110		17,847
Japan, Series 18, 0.10% 20243		1,021,233		9,910
Japan, Series 20, 0.10% 20253		678,710		6,586
Japan, Series 21, 0.10% 20263		986,778		9,595
Japan, Series 346, 0.10% 2027		875,700		8,587
Japan, Series 23, 0.10% 20283		1,988,280		19,316
Japan, Series 356, 0.10% 2029		3,529,000		34,576
Japan, Series 24, 0.10% 20293		1,604,510		15,619
Japan, Series 116, 2.20% 2030		576,100		6,715
Japan, Series 145, 1.70% 2033		2,210,000		25,534
Japan, Series 152, 1.20% 2035		966,000		10,656
Japan, Series 21, 2.30% 2035		720,000		9,085
Japan, Series 173, 0.40% 2040		492,000		4,773
Japan, Series 42, 1.70% 2044		641,900		7,888
Japan, Series 59, 0.70% 2048		260,500		2,597
Japan, Series 12, 0.50% 2059		138,850		1,266
KT Corp. 0.38% 2021		200,000		1,938
United Mexican States 0.70% 2021		600,000		5,810
United Mexican States 0.62% 2022		100,000		965
				217,032
Chinese yuan renminbi 6.03%
Agricultural Development Bank of China 3.75% 2029	CNY	9,850		1,518
Agricultural Development Bank of China 2.96% 2030		90,980		13,176
China (People’s Republic of), Series 1916, 3.12% 2026		50,200		7,677
China (People’s Republic of), Series 1906, 3.29% 2029		73,800		11,343
China (People’s Republic of), Series 1910, 3.86% 2049		259,860		40,357
China Development Bank Corp., Series 1814, 4.15% 2025		20,900		3,325
China Development Bank Corp., Series 1909, 3.50% 2026		10,400		1,599
China Development Bank Corp., Series 2004, 3.43% 2027		150,100		22,961

American Funds Insurance Series      181

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Chinese yuan renminbi (continued)
China Development Bank Corp., Series 1805, 4.04% 2028	CNY	51,800	$	8,174
China Development Bank Corp., Series 1905, 3.48% 2029		128,200		19,425
China Development Bank Corp., Series 2005, 3.07% 2030		78,250		11,451
				141,006
British pounds 3.90%
American Honda Finance Corp. 0.75% 2026	£	1,420		1,952
France Télécom 5.375% 2050		300		741
Lloyds Banking Group PLC 7.625% 2025		655		1,138
Rolls-Royce PLC 5.75% 2027		200		304
United Kingdom 2.75% 2024		1,210		1,828
United Kingdom 1.25% 2027		570		842
United Kingdom 4.25% 2027		2,800		4,954
United Kingdom 1.625% 2028		2,215		3,400
United Kingdom 0.375% 2030		4,970		6,905
United Kingdom 4.75% 2030		14,360		28,430
United Kingdom 4.25% 2032		3,414		6,742
United Kingdom 4.50% 2034		2,210		4,672
United Kingdom 0.625% 2035		8,262		11,473
United Kingdom 3.25% 2044		4,440		9,347
United Kingdom 0.625% 2050		6,330		8,387
				91,115
Danish kroner 2.55%
Nordea Kredit 0.50% 20404	DKr	19,969		3,295
Nykredit Realkredit AS, Series 01E, 1.50% 20374		27,851		4,768
Nykredit Realkredit AS, Series 01E, 2.00% 20374		8,278		1,423
Nykredit Realkredit AS, Series 01E, 0.50% 20404		210,985		34,839
Nykredit Realkredit AS, Series 01E, 1.50% 20404		87,271		14,876
Nykredit Realkredit AS, Series 01E, 2.50% 20474		2,934		509
				59,710
Canadian dollars 2.06%
Canada 1.00% 2022	C$	1,050		837
Canada 2.25% 2025		15,900		13,528
Canada 2.25% 2029		26,105		23,312
Canada 2.75% 2048		3,500		3,774
Quebec (Province of) 1.90% 2030		8,200		6,807
				48,258
Mexican pesos 2.00%
Petróleos Mexicanos 7.19% 2024	MXN	27,473		1,252
Petróleos Mexicanos 7.47% 2026		95,267		3,999
United Mexican States, Series M20, 10.00% 2024		54,000		3,248
United Mexican States, Series M, 7.50% 2027		341,420		19,539
United Mexican States, Series M20, 8.50% 2029		140,400		8,607
United Mexican States, Series M30, 8.50% 2038		21,100		1,316
United Mexican States, Series M, 8.00% 2047		147,500		8,755
				46,716
Malaysian ringgits 1.79%
Malaysia (Federation of), Series 0417, 3.899% 2027	MYR	19,152		5,226
Malaysia (Federation of), Series 0310, 4.498% 2030		8,420		2,406
Malaysia (Federation of), Series 0418, 4.893% 2038		60,780		17,838
Malaysia (Federation of), Series 0219, 4.467% 2039		9,167		2,569
Malaysia (Federation of), Series 0519, 3.757% 2040		40,283		10,526
Malaysia (Federation of), Series 0216, 4.736% 2046		7,559		2,149
Malaysia (Federation of), Series 0518, 4.921% 2048		2,773		815
Malaysia (Federation of), Series 0519, 4.638% 2049		560		157
Malaysia (Federation of), Series 0120, 4.065% 2050		1,110		287
				41,973

182      American Funds Insurance Series

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Australian dollars 1.34%
Australia (Commonwealth of), Series 152, 2.75% 2028	A$	3,690	$	3,284
Australia (Commonwealth of), Series 163, 1.00% 2031		32,100		24,628
Australia (Commonwealth of), Series 162, 1.75% 2051		4,620		3,393
				31,305
Russian rubles 1.16%
Russian Federation 7.00% 2023	RUB	430,300		6,137
Russian Federation 6.90% 2029		403,750		5,871
Russian Federation 7.65% 2030		485,000		7,408
Russian Federation 8.50% 2031		82,440		1,339
Russian Federation 7.70% 2033		295,840		4,509
Russian Federation 7.25% 2034		121,920		1,795
				27,059
Israeli shekels 1.09%
Israel (State of) 2.00% 2027	ILS	42,900		14,658
Israel (State of) 5.50% 2042		20,200		10,768
				25,426
South Korean won 0.89%
South Korea (Republic of), Series 2503, 1.50% 2025	KRW	13,411,000		12,465
South Korea (Republic of), Series 2712, 2.375% 2027		8,658,930		8,427
				20,892
Indonesian rupiah 0.67%
Indonesia (Republic of), Series 84, 7.25% 2026	IDR	22,733,000		1,751
Indonesia (Republic of), Series 56, 8.375% 2026		6,725,000		549
Indonesia (Republic of), Series 59, 7.00% 2027		11,000,000		845
Indonesia (Republic of), Series 78, 8.25% 2029		30,605,000		2,514
Indonesia (Republic of), Series 82, 7.00% 2030		59,605,000		4,601
Indonesia (Republic of), Series 87, 6.50% 2031		17,649,000		1,316
Indonesia (Republic of), Series 74, 7.50% 2032		7,073,000		549
Indonesia (Republic of), Series 65, 6.625% 2033		17,683,000		1,295
Indonesia (Republic of), Series 68, 8.375% 2034		27,353,000		2,274
				15,694
Colombian pesos 0.64%
Colombia (Republic of) 5.75% 2027	COP	16,661,900		5,171
Colombia (Republic of) 7.25% 2050		31,167,000		9,836
				15,007
Brazilian reais 0.47%
Brazil (Federative Republic of) 6.00% 20243	BRL	34,215		7,606
Brazil (Federative Republic of) 10.00% 2027		15,000		3,417
				11,023
New Zealand dollars 0.41%
New Zealand 1.75% 2041	NZ$	13,580		9,638
Thai baht 0.40%
Thailand (Kingdom of) 2.125% 2026	THB	257,750		9,308
Chilean pesos 0.36%
Chile (Republic of) 4.50% 2026	CLP	5,205,000		8,404
South African rand 0.34%
South Africa (Republic of), Series R-2048, 8.75% 2048	ZAR	140,650		7,886

American Funds Insurance Series      183

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Ukrainian hryvnia 0.31%
Ukraine 16.06% 2022	UAH	86,536	$	3,268
Ukraine 17.00% 2022		60,180		2,279
Ukraine 17.25% 2022		47,384		1,775
				7,322
Singapore dollars 0.27%
Singapore (Republic of) 2.625% 2028	S$	3,307		2,834
Singapore (Republic of) 2.875% 2029		1,906		1,688
Singapore (Republic of) 2.875% 2030		2,037		1,832
				6,354
Norwegian kroner 0.26%
Norway (Kingdom of) 1.75% 2025	NKr	48,880		5,980
Peruvian nuevos soles 0.24%
Peru (Republic of) 6.15% 2032	PEN	16,770		5,639
Indian rupees 0.16%
National Highways Authority of India 7.17% 2021	INR	220,000		3,112
National Highways Authority of India 7.27% 2022		50,000		717
				3,829
Dominican pesos 0.13%
Dominican Republic 9.75% 2026	DOP	158,600		2,938
Polish zloty 0.06%
Poland (Republic of), Series 1029, 2.75% 2029	PLN	4,900		1,500
Romanian leu 0.06%
Romania 4.75% 2025	RON	5,000		1,361
U.S. dollars 39.54%
99 Escrow Issuer, Inc. 7.50% 20262	$	70		70
Abbott Laboratories 3.40% 2023		137		149
Abbott Laboratories 3.75% 2026		793		929
AbbVie Inc. 2.90% 2022		1,170		1,224
AbbVie Inc. 3.20% 2022		200		209
Abu Dhabi (Emirate of) 0.75% 20232		5,460		5,477
Abu Dhabi (Emirate of) 2.50% 20252		2,195		2,349
ACE INA Holdings Inc. 2.875% 2022		195		203
ACE INA Holdings Inc. 3.35% 2026		195		220
ACE INA Holdings Inc. 4.35% 2045		425		576
Adobe Inc. 2.15% 2027		1,062		1,140
Advisor Group Holdings, LLC 6.25% 20282		425		431
Aetna Inc. 2.80% 2023		340		358
Affinity Gaming 6.875% 20272		205		215
AG Merger Sub II, Inc. 10.75% 20272		311		345
Albertsons Companies, Inc. 3.50% 20292		65		66
Alexandria Real Estate Equities, Inc. 1.875% 2033		2,047		2,048
Alliant Holdings Intermediate, LLC 6.75% 20272		410		439
Allied Universal Holdco LLC 9.75% 20272		200		218
Allison Transmission Holdings, Inc. 3.75% 20312		100		102
Allstate Corp. 0.75% 2025		1,563		1,572
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 20255,6		650		654
Altice NV 7.50% 20262		50		53
Altria Group, Inc. 5.95% 2049		131		184

184      American Funds Insurance Series

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
Amazon.com, Inc. 1.50% 2030	$	2,040	$	2,073
Amazon.com, Inc. 2.50% 2050		2,500		2,594
American Campus Communities, Inc. 3.75% 2023		1,810		1,914
American Campus Communities, Inc. 4.125% 2024		1,195		1,305
American Campus Communities, Inc. 3.875% 2031		514		583
American Electric Power Company, Inc. 1.00% 2025		250		253
American Energy-Permian Basin, LLC / AEPB Finance Corp. 12.00% 20242,7		355		3
American Honda Finance Corp. 1.20% 2025		3,202		3,278
Amgen Inc. 1.90% 2025		580		611
Amgen Inc. 2.20% 2027		445		477
Amipeace Ltd. 2.50% 2024		4,100		4,275
Anglo American Capital PLC 3.95% 20502		521		586
Angola (Republic of) 9.50% 2025		2,400		2,500
Angola (Republic of) 8.25% 2028		2,200		2,116
Anheuser-Busch Co. / InBev Worldwide 4.70% 2036		1,780		2,260
Anheuser-Busch InBev NV 4.15% 2025		2,230		2,540
Anheuser-Busch InBev NV 4.00% 2028		1,050		1,238
Anheuser-Busch InBev NV 4.75% 2029		2,535		3,128
Anheuser-Busch InBev NV 4.50% 2050		2,250		2,836
Apache Corp. 4.625% 2025		100		105
Apache Corp. 4.875% 2027		305		324
Apache Corp. 4.375% 2028		171		178
Apache Corp. 5.10% 2040		100		107
Apple Inc. 3.35% 2027		1,075		1,227
Apple Inc. 2.40% 2050		1,100		1,128
Ardagh Group SA 6.50% 20272,8		210		224
Argentine Republic 1.00% 2029		427		185
Argentine Republic 0.125% 2030 (0.50% on 7/9/2021)1		4,221		1,718
Argentine Republic 0.125% 2035 (1.125% on 7/9/2021)1		3,025		1,110
Ascent Resources - Utica LLC 8.25% 20282		230		230
Associated Materials, LLC 9.00% 20252		400		425
AssuredPartners, Inc. 7.00% 20252		200		208
AssuredPartners, Inc. 5.625% 20292		230		240
AstraZeneca PLC 3.50% 2023		2,700		2,911
AT&T Inc. 1.65% 2028		1,575		1,608
AT&T Inc. 2.55% 20332		4,414		4,549
AT&T Inc. 3.30% 2052		2,080		2,062
ATS Automation Tooling Systems Inc. 4.125% 20282		230		235
Austin BidCo Inc. 7.125% 20282		120		125
Austin BidCo Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.732% 20275,6		25		25
Autoridad del Canal de Panama 4.95% 20352		1,000		1,267
Avis Budget Car Rental, LLC 5.75% 20272		220		225
Avis Budget Group, Inc. 5.25% 20252		350		352
Avis Budget Group, Inc. 10.50% 20252		202		239
Axiata SPV2 Bhd. 2.163% 2030		651		659
B&G Foods, Inc. 5.25% 2025		100		103
B&G Foods, Inc. 5.25% 2027		210		223
Baidu Inc. 3.425% 2030		675		748
Baker Hughes, a GE Co. 4.486% 2030		68		82
Banff Merger Sub Inc. 9.75% 20262		210		227
Bank of America Corp. 2.456% 2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)1		847		903
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)1		7,710		7,815
Bausch Health Companies Inc. 9.25% 20262		795		887
Bausch Health Companies Inc. 5.00% 20282		315		325
Bausch Health Companies Inc. 5.00% 20292		225		232
Bausch Health Companies Inc. 5.25% 20312		85		89
Bayer AG 3.375% 20242		840		918
Bayer US Finance II LLC 3.875% 20232		900		981
Bayer US Finance II LLC 4.25% 20252		203		232
Bayerische Motoren Werke AG 2.95% 20222		3,675		3,801
Bayerische Motoren Werke AG 3.15% 20242		5,000		5,393
Bayerische Motoren Werke AG 3.90% 20252		900		1,014

American Funds Insurance Series      185

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
Bayerische Motoren Werke AG 4.15% 20302	$	900	$	1,089
Becton, Dickinson and Company 3.70% 2027		933		1,071
Becton, Dickinson and Company 2.823% 2030		3,312		3,643
Berkshire Hathaway Energy Company 2.85% 20512		300		309
Bermuda 2.375% 20302		760		799
Black Knight Inc. 3.625% 20282		335		343
Blue Racer Midstream LLC and Blue Racer Finance Corp. 7.625% 20252		225		240
BMC Software, Inc. 7.125% 20252		70		76
BMC Software, Inc. 9.125% 20262		150		162
Boeing Company 5.15% 2030		4,000		4,848
Bombardier Inc. 8.75% 20212		50		52
Bombardier Inc. 5.75% 20222		100		102
Bombardier Inc. 6.125% 20232		245		240
Bombardier Inc. 7.50% 20242		10		10
Bombardier Inc. 7.875% 20272		125		115
Boyd Gaming Corp. 4.75% 2027		220		229
BP Capital Markets America Inc. 2.939% 2051		2,280		2,328
Brandywine Operating Partnership, LP 3.95% 2023		190		198
Brasil Foods SA 5.75% 20502		220		245
Braskem SA 4.50% 20302		745		766
Brightstar Escrow Corp. 9.75% 20252		180		193
British Airways, Series 2020-1, Class B, 8.375% 20282		100		111
British Airways, Series 2020-1, Class A, 4.25% 20322		100		107
British American Tobacco PLC 2.789% 2024		1,150		1,230
British American Tobacco PLC 3.215% 2026		955		1,053
British American Tobacco PLC 3.557% 2027		1,545		1,721
British American Tobacco PLC 3.462% 2029		1,150		1,256
British American Tobacco PLC 4.758% 2049		894		1,038
Broadcom Inc. 3.15% 2025		910		994
Broadcom Inc. 4.15% 2030		1,450		1,680
Brookfield Property REIT Inc. 5.75% 20262		760		751
Brookfield Residential Properties Inc. 4.875% 20302		85		88
Cablevision Systems Corp. 6.75% 2021		950		995
Caesars Entertainment, Inc. 6.25% 20252		445		474
Canadian Natural Resources Ltd. 2.95% 2030		2,343		2,509
Carnival Corp. 11.50% 20232		2,630		3,045
Carrier Global Corp. 2.242% 2025		530		562
Carrier Global Corp. 2.493% 2027		438		473
Cars.com Inc. 6.375% 20282		220		234
CCCI Treasure Ltd. 3.425% (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.998% on 2/21/2025)1		2,680		2,648
CCCI Treasure Ltd. 3.65% (UST Yield Curve Rate T Note Constant Maturity 5-year + 3.00% on 2/21/2027)1		510		502
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20262		475		491
CCO Holdings LLC and CCO Holdings Capital Corp. 3.75% 2028		2,650		2,975
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20302		1,045		1,110
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20302		275		297
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20312		375		396
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20322		210		224
Cenovus Energy Inc. 5.375% 2025		175		197
Cenovus Energy Inc. 6.75% 2039		50		66
Centene Corp. 4.75% 2025		350		360
Centene Corp. 4.625% 2029		405		450
Central Garden & Pet Co. 4.125% 2030		99		103
Cheniere Energy Partners, LP 5.625% 2026		210		219
Cheniere Energy Partners, LP 4.50% 2029		210		222
Cheniere Energy, Inc. 4.625% 20282		405		426
Chesapeake Energy Corp. 4.875% 20227		915		46
Chesapeake Energy Corp. 11.50% 20252,7		636		112
Chesapeake Energy Corp., Term Loan, (3-month USD-LIBOR + 8.00%) 8.223% 20245,6,7		756		620
China Construction Bank Corp. (Hong Kong Branch) 1.00% 2023		6,000		6,016

186      American Funds Insurance Series

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
Cigna Corp. 3.40% 2021	$	750	$	766
Cigna Corp. 4.125% 2025		830		956
Cirsa Gaming Corp. SA 7.875% 20232		200		202
Citigroup Inc. 2.35% 2021		1,500		1,518
Citigroup Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)1		4,500		4,922
Citigroup Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)1		425		468
Cleveland-Cliffs Inc. 9.875% 20252		425		500
Cleveland-Cliffs Inc. 6.75% 20262		315		341
Cleveland-Cliffs Inc. 5.875% 2027		100		102
CMS Energy Corp. 3.875% 2024		100		109
CMS Energy Corp. 3.00% 2026		1,200		1,324
CNX Resources Corp. 7.25% 20272		210		225
CNX Resources Corp. 6.00% 20292		225		231
Colombia (Republic of) 3.875% 2027		350		391
Colombia (Republic of) 4.50% 2029		1,165		1,351
Comcast Corp. 3.95% 2025		2,610		3,000
Community Health Systems Inc. 5.625% 20272		90		97
Community Health Systems Inc. 6.00% 20292		230		249
Compass Diversified Holdings 8.00% 20262		475		500
Comstock Resources, Inc. 9.75% 2026		295		317
Conagra Brands, Inc. 4.30% 2024		2,380		2,664
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)2,8		2,741		781
Consumers Energy Co. 3.375% 2023		345		370
Continental Airlines, Inc., Series 2000-2, Class A1, 7.707% 2022		4		4
Convey Park Energy LLC 7.50% 20252		125		127
Costa Rica (Republic of) 6.125% 20312		640		599
CP Atlas Buyer, Inc. 7.00% 20282		50		52
Crédit Agricole SA 4.375% 20252		1,100		1,236
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)1,2		2,675		2,777
Credit Suisse AG (New York Branch) 2.95% 2025		875		960
CSX Corp. 3.80% 2050		75		93
CSX Corp. 2.50% 2051		1,075		1,068
CVR Partners, LP 9.25% 20232		230		231
CVS Health Corp. 3.35% 2021		277		279
CVS Health Corp. 3.50% 2022		430		449
CVS Health Corp. 3.70% 2023		97		104
DaimlerChrysler North America Holding Corp. 2.00% 20212		2,100		2,117
DaimlerChrysler North America Holding Corp. 2.875% 20212		2,275		2,285
DaimlerChrysler North America Holding Corp. 3.00% 20212		6,425		6,446
Dana Inc. 5.625% 2028		410		442
Danske Bank AS 2.70% 20222		1,400		1,436
Danske Bank AS 3.875% 20232		1,675		1,806
Darling Ingredients Inc. 5.25% 20272		210		224
Dave & Buster’s, Inc. 7.625% 20252		220		232
DCP Midstream LP 7.375% 2049 (3-month USD-LIBOR + 5.148% on 12/15/2022)1		50		42
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)1		850		870
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)1		1,500		1,630
Deutsche Telekom International Finance BV 1.95% 20212		575		580
Deutsche Telekom International Finance BV 2.82% 20222		1,675		1,712
Deutsche Telekom International Finance BV 4.375% 20282		890		1,052
Deutsche Telekom International Finance BV 9.25% 2032		930		1,567
Diamond Offshore Drilling, Inc. 4.875% 20437		825		105
Diamond Sports Group LLC 6.625% 20272		385		233
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 3.004% 20235,6		108		106
Diebold Nixdorf, Inc. 9.375% 20252		630		707
Diebold, Inc. 8.50% 2024		150		152
Discovery Communications, Inc. 3.625% 2030		468		536
Dominican Republic 5.50% 20252		1,375		1,552
Dominican Republic 5.95% 2027		624		736
Dominican Republic 8.625% 20272		225		287
Dominican Republic 4.50% 20302		1,400		1,524
Dominican Republic 6.40% 20492		1,613		1,899

American Funds Insurance Series      187

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
Dominican Republic 5.875% 20602	$	1,075	$	1,188
DP World Crescent 4.848% 20282		550		641
DPL Inc. 4.125% 20252		95		103
Duke Energy Corp. 3.75% 2024		550		606
Duke Energy Progress, LLC 3.70% 2028		1,225		1,435
Dun & Bradstreet Corp. 6.875% 20262		123		132
Edison International 5.75% 2027		370		443
Edison International 4.125% 2028		2,390		2,665
Egypt (Arab Republic of) 7.50% 20272		2,200		2,550
Electricité de France SA 4.875% 20382		795		993
Embarq Corp. 7.995% 2036		530		655
EMD Finance LLC 2.95% 20222		225		231
EMD Finance LLC 3.25% 20252		2,924		3,206
Empire Communities Corp. 7.00% 20252		100		106
Empresas Publicas de Medellin ESP 4.25% 20292		1,030		1,109
Enbridge Inc. 4.00% 2023		600		653
Enbridge Inc. 2.50% 2025		900		965
Enbridge Inc. 4.25% 2026		655		767
Enbridge Inc. 3.70% 2027		754		860
Encompass Health Corp. 4.50% 2028		100		105
Encompass Health Corp. 4.75% 2030		200		215
Endo Dac / Endo Finance LLC / Endo Finco 9.50% 20272		551		616
Endo Dac / Endo Finance LLC / Endo Finco 6.00% 20282		292		248
Enel Finance International SA 2.75% 20232		5,000		5,235
Enel Finance International SA 3.625% 20272		2,375		2,698
Enel Finance International SA 3.50% 20282		1,800		2,052
Energizer Holdings, Inc. 4.375% 20292		210		218
Energy Transfer Operating, LP 5.00% 2050		3,337		3,617
Energy Transfer Partners, LP 4.20% 2027		110		121
Energy Transfer Partners, LP 6.00% 2048		70		83
Energy Transfer Partners, LP 6.25% 2049		910		1,101
Engie Energia Chile SA 3.40% 20302		547		593
EnLink Midstream Partners, LLC 5.625% 20282		135		138
ENN Energy Holdings Ltd. 2.625% 20302		2,982		3,001
Entergy Corp. 0.90% 2025		750		750
Entergy Texas, Inc. 1.75% 2031		525		527
Enterprise Products Operating LLC 2.80% 2030		377		409
EQM Midstream Partners, LP 6.50% 20272		340		383
EQT Corp. 8.75% 2030		105		128
Equinix, Inc. 1.80% 2027		1,145		1,180
Equinix, Inc. 2.15% 2030		9,390		9,566
Equinor ASA 1.75% 2026		462		485
Equinor ASA 2.375% 2030		928		994
Equinor ASA 3.70% 2050		1,441		1,740
Essex Portfolio LP 3.50% 2025		2,835		3,143
Essex Portfolio LP 3.375% 2026		885		994
European Investment Bank 2.25% 2022		700		717
Exelon Corp. 3.40% 2026		1,465		1,651
Exelon Corp., junior subordinated, 3.497% 20221		525		546
Export-Import Bank of India 3.25% 2030		3,489		3,741
Extraction Oil & Gas, Inc. 5.625% 20262,7		425		78
Exxon Mobil Corp. 3.482% 2030		4,170		4,860
Fannie Mae, Series 2012-M17, Class A2, Multi Family, 2.184% 20224		1,159		1,188
Fannie Mae Pool #MA2754 3.00% 20264		155		163
Fannie Mae Pool #AB4281 3.00% 20274		23		24
Fannie Mae Pool #MA4228 1.50% 20364		6,429		6,618
Fannie Mae Pool #AP7888 3.50% 20424		527		576
Fannie Mae Pool #AO4151 3.50% 20424		205		222
Fannie Mae Pool #AQ0770 3.50% 20424		177		195
FEL Energy VI SARL 5.75% 20402		200		213
First Quantum Minerals Ltd. 7.25% 20232		665		686
First Quantum Minerals Ltd. 7.50% 20252		895		933

188      American Funds Insurance Series

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
U.S. dollars (continued)
First Quantum Minerals Ltd. 6.875% 20262	$	325	$	339
First Quantum Minerals Ltd. 6.875% 20272		440		478
FirstEnergy Corp. 3.90% 2027 (4.40% on 1/16/2021)1		1,800		1,986
FirstEnergy Corp. 3.40% 2050		240		231
Ford Motor Credit Co. 3.81% 2024		800		821
Ford Motor Credit Co. 5.125% 2025		1,035		1,127
Ford Motor Credit Co. 4.00% 2030		125		132
France Télécom 9.00% 20311		2,434		4,005
Freddie Mac Pool #ZS8588 3.00% 20304		93		97
Freddie Mac, Series 3213, Class OG, principal only, 0% 20364		8		7
Freddie Mac Pool #SB8083 1.50% 20364		252		260
Freddie Mac, Series 3292, Class BO, principal only, 0% 20374		33		31
Freddie Mac Pool #SI2002 4.00% 20484		3,151		3,373
Freddie Mac Pool #2B7343 3.711% 20494,6		2,053		2,146
Freedom Mortgage Corp. 7.625% 20262		225		238
Freeport-McMoRan Inc. 3.875% 2023		75		78
Freeport-McMoRan Inc. 4.25% 2030		275		297
Fresnillo PLC 4.25% 20502		973		1,070
Frontier Communications Corp. 11.00% 20257		1,515		798
Frontier Communications Corp. 5.875% 20272		125		135
Frontier Communications Corp. 5.00% 20282		125		131
Frontier Communications Corp. 6.75% 20292		125		134
FS Energy and Power Fund 7.50% 20232		525		505
FXI Holdings, Inc. 7.875% 20242		246		248
FXI Holdings, Inc. 12.25% 20262		652		744
General Mills, Inc. 3.20% 2021		455		459
General Motors Company 6.125% 2025		117		142
General Motors Financial Co. 5.20% 2023		1,190		1,305
Genesis Energy, LP 8.00% 2027		205		204
Global Payments Inc. 2.90% 2030		683		743
Gogo Inc. 9.875% 20242		985		1,057
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022)1		1,200		1,247
Goldman Sachs Group, Inc. 3.50% 2025		5,111		5,688
GPC Merger Sub Inc. 7.125% 20282		210		232
GrafTech Finance Inc. 4.625% 20282		25		25
Groupe BPCE SA 5.70% 20232		1,800		2,038
Grupo Energia Bogota SA ESP 4.875% 20302		660		778
H.J. Heinz Co. 3.875% 20272		300		324
Halliburton Company 3.80% 2025		54		61
Hanesbrands Inc. 4.625% 20242		85		89
Hanesbrands Inc. 5.375% 20252		86		91
Hanesbrands Inc. 4.875% 20262		350		381
Harsco Corp. 5.75% 20272		210		222
Harvest Midstream I, LP 7.50% 20282		100		107
HCA Inc. 5.875% 2023		145		160
HCA Inc. 5.375% 2025		55		62
HCA Inc. 5.625% 2028		190		225
HCA Inc. 3.50% 2030		100		106
HCA Inc. 5.25% 2049		170		225
Hess Midstream Partners LP 5.125% 20282		140		146
Hexion Inc. 7.875% 20272		370		397
Hilton Worldwide Holdings Inc. 4.00% 20312		130		137
Howard Hughes Corp. 5.375% 20282		435		469
Howmet Aerospace Inc. 6.875% 2025		190		224
HSBC Holdings PLC 3.033% 2023 (3-month USD-LIBOR + 0.923% on 11/12/2022)1		430		452
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)1		305		325
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)1		4,172		4,759
HSBC Holdings PLC 2.357% 2031 (USD-SOFR + 1.947% on 8/18/2030)1		1,032		1,068
HSBC Holdings PLC 2.848% 2031 (USD-SOFR + 2.387% on 6/4/2030)1		6,000		6,453
Humana Inc. 3.85% 2024		1,000		1,108
Hyundai Capital America 3.25% 20222		250		260
Hyundai Capital America 2.375% 20272		1,284		1,348

American Funds Insurance Series      189

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
U.S. dollars (continued)
Hyundai Capital Services Inc. 3.75% 20232	$	2,450	$	2,606
Imperial Tobacco Finance PLC 3.50% 20232		2,000		2,095
Indonesia (Republic of) 3.75% 2022		1,110		1,157
Indonesia (Republic of) 4.75% 2026		3,500		4,100
Indonesia (Republic of) 3.85% 2030		315		367
International Game Technology PLC 6.50% 20252		500		560
International Game Technology PLC 5.25% 20292		200		216
International Paper Co. 7.30% 2039		600		963
Interstate Power and Light Co. 2.30% 2030		1,275		1,350
Intesa Sanpaolo SpA 5.017% 20242		3,270		3,579
Intuit Inc. 1.35% 2027		700		717
Iraq (Republic of) 6.752% 20232		545		534
Iron Mountain Inc. 5.25% 20302		290		314
Iron Mountain Inc. 4.50% 20312		280		294
Israel (State of) 2.50% 2030		3,850		4,176
Israel (State of) 2.75% 2030		1,135		1,253
Israel (State of) 3.375% 2050		1,470		1,631
Israel (State of) 3.875% 2050		1,265		1,524
J2 Global, Inc. 4.625% 20302		220		233
Jaguar Land Rover PLC 7.75% 20252		225		243
Jaguar Land Rover PLC 5.875% 20282		150		152
Jordan (Hashemite Kingdom of) 5.75% 20272		1,035		1,144
Joseph T. Ryerson & Son, Inc. 8.50% 20282		157		178
JPMorgan Chase & Co. 1.045% 2026 (USD-SOFR + 0.80% on 11/19/2025)1		6,710		6,787
KB Home 6.875% 2027		370		435
Keurig Dr Pepper Inc. 4.597% 2028		2,740		3,339
Keurig Dr Pepper Inc. 3.20% 2030		146		165
Keurig Dr Pepper Inc. 5.085% 2048		1,075		1,521
Kimberly-Clark Corp. 1.05% 2027		770		781
Kimberly-Clark Corp. 3.10% 2030		110		127
Kraft Heinz Company 3.95% 2025		235		259
Kraft Heinz Company 4.375% 2046		825		893
Kronos Acquisition Holdings Inc. 5.00% 20262		95		99
Kronos Acquisition Holdings Inc. 7.00% 20272		45		47
Kuwait (State of) 2.75% 20222		3,550		3,655
L3Harris Technologies, Inc. 1.80% 2031		950		968
Lamar Media Corp. 3.75% 2028		210		216
LBM Acquisition LLC 6.25% 20292		50		52
LD Holdings Group LLC 6.50% 20252		220		232
Liberty Global PLC 5.50% 20282		250		264
Ligado Networks LLC 15.50% 20232,8		225		219
Lima Metro Line 2 Finance Ltd. 5.875% 20342		1,052		1,273
Lima Metro Line 2 Finance Ltd. 5.875% 2034		721		872
Lima Metro Line 2 Finance Ltd. 4.35% 20362		630		700
Live Nation Entertainment, Inc. 3.75% 20282		50		51
Lloyds Banking Group PLC 1.326% 2023 (UST Yield Curve Rate T Note Constant Maturity 1-year on 6/15/2022)1		1,825		1,846
LPL Financial Holdings Inc. 4.625% 20272		395		410
LSB Industries, Inc. 9.625% 20232		760		786
LYB International Finance III, LLC 1.25% 2025		1,452		1,478
Magna International Inc. 2.45% 2030		725		780
Mallinckrodt PLC 10.00% 20252		1,190		1,294
MasTec, Inc. 4.50% 20282		100		105
Mattel, Inc. 6.75% 20252		210		222
MDC Partners Inc. 6.50% 20242		470		477
Medical Properties Trust, Inc. 3.50% 2031		450		465
Medtronic, Inc. 3.50% 2025		1,091		1,225
Methanex Corp. 5.125% 2027		350		381
Methanex Corp. 5.65% 2044		240		258
Mexico City Airport Trust 5.50% 2047		432		456
MGM Growth Properties LLC 3.875% 20292		100		102
MGM Resorts International 7.75% 2022		200		213

190      American Funds Insurance Series

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
U.S. dollars (continued)
Microsoft Corp. 2.40% 2026	$	2,688	$	2,933
Molina Healthcare, Inc. 5.375% 2022		1,200		1,273
Molina Healthcare, Inc. 3.875% 20302		75		81
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)1		5,730		5,775
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)1		1,510		1,640
Morocco (Kingdom of) 5.50% 2042		3,100		3,881
MPLX LP 2.65% 2030		837		878
MPLX LP 5.50% 2049		1,900		2,502
MSCI Inc. 3.875% 20312		410		434
National CineMedia, LLC 5.875% 20282		100		85
National Financial Partners Corp. 6.875% 20282		210		224
Nationstar Mortgage Holdings Inc. 5.125% 20302		230		241
Navient Corp. 5.50% 2023		440		461
Navient Corp. 5.875% 2024		600		639
Navient Corp. 6.125% 2024		100		107
NCL Corp. Ltd. 3.625% 20242		345		328
NCL Corp. Ltd. 5.875% 20262		115		121
Neon Holdings, Inc. 10.125% 20262		200		219
Nestlé Holdings, Inc. 0.625% 20262		5,550		5,525
Netflix, Inc. 4.875% 20302		190		219
New Fortress Energy Inc. 6.75% 20252		103		109
New York Life Global Funding 1.20% 20302		2,725		2,645
New York Life Insurance Company 3.75% 20502		413		495
Newcrest Finance Pty Ltd. 3.25% 20302		909		1,005
Newell Rubbermaid Inc. 4.70% 2026		100		110
Newell Rubbermaid Inc. 5.875% 20361		100		122
Nexstar Broadcasting, Inc. 4.75% 20282		215		225
NGL Energy Partners LP 7.50% 2023		175		124
Niagara Mohawk Power Corp. 3.508% 20242		180		198
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 20252		225		231
Nielsen Finance LLC and Nielsen Finance Co. 5.625% 20282		210		229
NIKE, Inc. 3.375% 2050		602		741
Nissan Motor Co., Ltd. 3.043% 20232		1,543		1,614
Nissan Motor Co., Ltd. 3.522% 20252		2,260		2,425
Northriver Midstream Finance LP 5.625% 20262		220		228
Nouryon Holding BV 8.00% 20262		210		224
Nova Chemicals Corp. 5.25% 20272		120		128
Novartis Capital Corp. 1.75% 2025		460		483
Novartis Capital Corp. 2.00% 2027		501		535
Novartis Capital Corp. 2.20% 2030		1,060		1,139
NRG Energy, Inc. 3.375% 20292		225		231
NRG Energy, Inc. 3.625% 20312		225		232
Occidental Petroleum Corp. 2.70% 2023		230		230
Occidental Petroleum Corp. 5.875% 2025		240		256
Occidental Petroleum Corp. 6.375% 2028		234		248
Occidental Petroleum Corp. 6.125% 2031		155		166
State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2048		1,410		1,438
ONEOK, Inc. 6.35% 2031		31		40
ONEOK, Inc. 4.95% 2047		111		124
ONEOK, Inc. 5.20% 2048		1,378		1,608
ONEOK, Inc. 7.15% 2051		355		492
Oracle Corp. 2.65% 2026		2,327		2,560
Oracle Corp. 3.25% 2027		1,880		2,144
Oracle Corp. 3.60% 2050		980		1,145
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20602,4,6		621		636
Oversea-Chinese Banking Corp. Ltd. 1.832% 2030 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.58% on 9/10/2025)1,2		1,416		1,440
Owens & Minor, Inc. 4.375% 2024		425		437
Owens & Minor, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.655% 20255,6		352		352
Pacific Gas and Electric Co. 2.95% 2026		590		624
Pacific Gas and Electric Co. 2.10% 2027		9,935		10,097

American Funds Insurance Series      191

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
U.S. dollars (continued)
Pacific Gas and Electric Co. 3.30% 2027	$	659	$	706
Pacific Gas and Electric Co. 4.65% 2028		542		620
Pacific Gas and Electric Co. 4.55% 2030		783		893
Pacific Gas and Electric Co. 3.30% 2040		6,850		6,845
Pacific Gas and Electric Co. 3.50% 2050		931		927
Pakistan (Islamic Republic of) 5.50% 20212		3,535		3,588
Panama (Republic of) 3.75% 20262		1,440		1,579
Panama (Republic of) 3.16% 2030		3,730		4,138
Panama (Republic of) 4.50% 2050		1,230		1,587
Panama (Republic of) 4.50% 2056		1,465		1,893
Panther BF Aggregator 2, LP 6.25% 20262		55		59
Panther BF Aggregator 2, LP 8.50% 20272		200		218
Par Pharmaceutical Inc. 7.50% 20272		206		224
Paraguay (Republic of) 4.625% 2023		947		1,020
Paraguay (Republic of) 5.00% 2026		235		276
Paraguay (Republic of) 4.70% 20272		350		410
Paraguay (Republic of) 5.60% 20482		2,340		3,019
Paraguay (Republic of) 5.40% 20502		1,510		1,918
PayPal Holdings, Inc. 2.30% 2030		541		580
Peabody Energy Corp. 6.00% 20222		225		165
PennyMac Financial Services, Inc. 5.375% 20252		210		222
Peru (Republic of) 2.392% 2026		500		534
Petrobras Global Finance Co. 6.75% 2050		1,370		1,704
Petróleos Mexicanos 6.875% 20252		1,340		1,471
Petróleos Mexicanos 6.49% 2027		100		106
Petróleos Mexicanos 6.35% 2048		723		657
Petróleos Mexicanos 7.69% 2050		250		252
Petróleos Mexicanos 6.95% 2060		201		189
PETRONAS Capital Ltd. 3.50% 20302		605		697
PetSmart, Inc. 5.875% 20252		790		813
PetSmart, Inc. 8.875% 20252		1,035		1,064
PG&E Corp. 5.00% 2028		220		235
PG&E Corp. 5.25% 2030		125		138
Philip Morris International Inc. 2.10% 2030		634		662
Philippines (Republic of) 1.648% 2031		1,637		1,662
Pioneer Natural Resources Company 1.90% 2030		1,078		1,069
Plains All American Pipeline, LP 3.80% 2030		352		379
Poland (Republic of) 3.25% 2026		3,090		3,491
Post Holdings, Inc. 4.625% 20302		579		610
PowerTeam Services, LLC 9.033% 20252		100		111
Prime Healthcare Services, Inc. 7.25% 20252		140		149
Prime Security Services Borrower, LLC 3.375% 20272		160		159
Procter & Gamble Company 3.00% 2030		338		390
Progress Energy, Inc. 7.75% 2031		150		224
PT Indonesia Asahan Aluminium Tbk 5.23% 20212		555		577
PT Indonesia Asahan Aluminium Tbk 5.45% 20302		500		602
PTT Exploration and Production PCL 2.587% 20272		200		209
Public Service Electric and Gas Co. 2.05% 2050		415		391
Puget Energy, Inc. 6.00% 2021		1,023		1,059
Puget Energy, Inc. 5.625% 2022		480		508
Qatar (State of) 3.875% 20232		475		511
Qatar (State of) 3.40% 20252		4,805		5,306
Qatar (State of) 4.50% 20282		3,205		3,889
Qatar (State of) 5.103% 20482		530		747
Rabobank Nederland 4.625% 2023		2,180		2,431
Radiology Partners, Inc. 9.25% 20282		410		462
Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 4.476% 20255,6		325		321
Rattler Midstream Partners LP 5.625% 20252		220		233
Rayonier A.M. Products Inc. 7.625% 20262		40		42
Regeneron Pharmaceuticals, Inc. 1.75% 2030		1,014		1,000
Reynolds American Inc. 4.45% 2025		2,115		2,409
Rolls-Royce PLC 5.75% 20272		220		244

192      American Funds Insurance Series

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
U.S. dollars (continued)
Roper Technologies, Inc. 1.00% 2025	$	2,210	$	2,238
Royal Caribbean Cruises Ltd. 11.50% 20252		95		111
RP Escrow Issuer, LLC 5.25% 20252		75		79
Russian Federation 4.25% 2027		1,400		1,600
Sabine Pass Liquefaction, LLC 4.50% 20302		88		104
Sabre GLBL Inc. 7.375% 20252		210		228
Sabre Holdings Corp. 5.25% 20232		50		51
Sabre Holdings Corp. 9.25% 20252		125		149
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025		640		659
Sally Holdings LLC and Sally Capital Inc. 8.75% 20252		283		315
Santander Holdings USA, Inc. 3.244% 2026		3,750		4,095
Saudi Arabia (Kingdom of) 2.894% 20222		1,900		1,959
Saudi Arabia (Kingdom of) 2.90% 2025		2,000		2,158
Saudi Arabia (Kingdom of) 3.628% 20272		1,900		2,137
Saudi Arabia (Kingdom of) 3.625% 20282		3,840		4,310
Saudi Arabian Oil Co. 1.625% 20252		430		441
Scentre Group 3.50% 20252		210		225
Scentre Group 3.75% 20272		110		119
Schlumberger BV 4.00% 20252		935		1,064
Scientific Games Corp. 5.00% 20252		539		557
Scientific Games Corp. 8.25% 20262		615		664
Scientific Games Corp. 7.00% 20282		100		108
Scientific Games Corp. 7.25% 20292		160		176
Scripps Escrow II, Inc. 3.875% 20292		50		52
Service Properties Trust 5.50% 2027		85		93
ServiceNow, Inc. 1.40% 2030		1,830		1,787
Shell International Finance BV 3.25% 2050		1,000		1,135
Shire PLC 2.40% 2021		1,072		1,086
Sinclair Television Group, Inc. 5.125% 20272		155		158
Sinclair Television Group, Inc. 4.125% 20302		230		236
Six Flags Entertainment Corp. 4.875% 20242		230		231
Sizzling Platter LLC 8.50% 20252		200		209
Skandinaviska Enskilda Banken AB 2.625% 2021		2,250		2,261
Skandinaviska Enskilda Banken AB 2.80% 2022		2,100		2,162
SkyMiles IP Ltd. 4.75% 20282		210		229
Sotera Health Holdings LLC, Term Loan, (3-months USD-LIBOR + 4.50%) 5.50% 20265,6		184		185
Southern California Edison Co. 2.85% 2029		200		218
Southwestern Energy Co. 6.45% 20251		200		208
Southwestern Energy Co. 8.375% 2028		60		65
Springleaf Finance Corp. 6.125% 2024		650		711
Sprint Corp. 7.625% 2026		180		224
Sprint Corp. 6.875% 2028		725		957
Sri Lanka (Democratic Socialist Republic of) 6.25% 2021		7,010		6,101
Sri Lanka (Democratic Socialist Republic of) 5.75% 2022		3,700		2,902
Sri Lanka (Democratic Socialist Republic of) 5.75% 2023		2,890		1,863
State Grid Overseas Investment Ltd. 3.50% 20272		5,600		6,232
Statoil ASA 3.70% 2024		1,950		2,145
Statoil ASA 4.25% 2041		1,000		1,257
Stericycle, Inc. 3.875% 20292		65		67
Summit Materials, Inc. 6.50% 20272		210		224
Sunoco Logistics Operating Partners, LP 4.00% 2027		1,490		1,631
Sunoco LP 5.50% 2026		210		216
Sunoco LP 4.50% 20292		220		229
Surgery Center Holdings 10.00% 20272		210		232
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (UST Yield Curve Rate T Note Constant Maturity 5-year + 3.582% on 4/2/2029)1,2		800		935
Syneos Health, Inc. 3.625% 20292		45		45
Talen Energy Corp. 10.50% 20262		105		94
Talen Energy Corp. 7.25% 20272		510		544
Talen Energy Supply, LLC 7.625% 20282		70		76
Targa Resources Partners LP 5.875% 2026		125		133
Targa Resources Partners LP 5.50% 2030		230		250

American Funds Insurance Series      193

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
U.S. dollars (continued)
Targa Resources Partners LP 4.875% 20312	$	90	$	98
Teekay Offshore Partners LP 8.50% 20232		550		469
TEGNA Inc. 4.75% 20262		100		107
Tencent Holdings Ltd. 3.24% 20502		7,950		8,245
Tencent Music Entertainment Group 2.00% 2030		610		607
Tenet Healthcare Corp. 4.875% 20262		865		906
Teva Pharmaceutical Finance Co. BV 2.20% 2021		71		71
Teva Pharmaceutical Finance Co. BV 2.80% 2023		4,361		4,325
Teva Pharmaceutical Finance Co. BV 6.00% 2024		4,600		4,887
Teva Pharmaceutical Finance Co. BV 7.125% 2025		3,910		4,329
Teva Pharmaceutical Finance Co. BV 3.15% 2026		2,900		2,793
State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052		1,780		1,863
The Home Company Inc. 7.25% 20252		290		299
Thermo Fisher Scientific Inc. 4.133% 2025		1,170		1,331
T-Mobile US, Inc. 3.875% 20302		2,925		3,391
T-Mobile US, Inc. 2.55% 20312		9,390		9,872
Toronto-Dominion Bank 1.15% 2025		7,000		7,151
Total Capital International 3.127% 2050		3,283		3,562
Total Play Telecomunicaciones, SA de CV 7.50% 20252		230		230
Toyota Motor Credit Corp. 2.90% 2023		1,360		1,439
Toyota Motor Credit Corp. 1.80% 2025		8,000		8,392
Toyota Motor Credit Corp. 3.00% 2025		1,360		1,496
Toyota Motor Credit Corp. 3.375% 2030		453		530
TransCanada PipeLines Ltd. 4.10% 2030		1,342		1,587
TransDigm Inc. 6.50% 2024		25		25
TransDigm Inc. 6.25% 20262		204		218
TransDigm Inc. 5.50% 2027		220		232
Transocean Guardian Ltd. 5.875% 20242		43		36
Transocean Inc. 6.125% 20252		94		89
Transocean Poseidon Ltd. 6.875% 20272		130		119
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 5.00%) 5.254% 20265,6		73		51
TreeHouse Foods, Inc. 4.00% 2028		50		52
Trilogy International Partners, LLC 8.875% 20222		1,585		1,533
Trivium Packaging BV 8.50% 20272		200		219
Tronox Ltd. 6.50% 20262		375		391
Turkey (Republic of) 6.25% 2022		1,880		1,971
Turkey (Republic of) 5.75% 2024		2,500		2,638
Turkey (Republic of) 6.35% 2024		2,220		2,388
U.S. Treasury 0.125% 2022		12,340		12,341
U.S. Treasury 2.625% 2023		6,900		7,270
U.S. Treasury 1.875% 2024		4,515		4,787
U.S. Treasury 2.75% 2025		10,140		11,245
U.S. Treasury 2.875% 2025		5,400		6,063
U.S. Treasury 0.625% 2030		11,600		11,338
U.S. Treasury 1.125% 2040		9,170		8,704
U.S. Treasury 2.75% 20479		1,625		2,040
U.S. Treasury 3.00% 2048		5,045		6,637
U.S. Treasury 1.25% 20509		12,900		11,700
U.S. Treasury 2.00% 20509		8,100		8,796
U.S. Treasury Inflation-Protected Security 0.125% 20213		3,340		3,352
U.S. Treasury Inflation-Protected Security 1.125% 20213		3,321		3,322
U.S. Treasury Inflation-Protected Security 0.125% 20303,9		14,594		16,279
U.S. Treasury Inflation-Protected Security 0.75% 20423		720		918
U.S. Treasury Inflation-Protected Security 0.625% 20433		1,359		1,697
U.S. Treasury Inflation-Protected Security 1.375% 20443		5,921		8,540
U.S. Treasury Inflation-Protected Security 1.00% 20493,9		5,381		7,588
U.S. Treasury Inflation-Protected Security 0.25% 20503,9		5,672		6,756
Uber Technologies, Inc. 8.00% 20262		300		327
UBS Group AG 1.008% 2024 (UST Yield Curve Rate T Note Constant Maturity 5-year + 0.83% on 7/30/2023)1,2		1,950		1,970

194      American Funds Insurance Series

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
U.S. dollars (continued)
Ultimate Software Group Inc., Term Loan, (3-month USD-LIBOR + 4.00%) 4.75% 20265,6	$	319	$	321
UniCredit SpA 3.75% 20222		1,750		1,814
UniCredit SpA 4.625% 20272		6,805		7,749
Uniform Mortgage-Backed Security 1.50% 20364,10		19,656		20,196
Uniform Mortgage-Backed Security 2.00% 20514,10		5,652		5,851
Uniform Mortgage-Backed Security 2.00% 20514,10		4,350		4,510
Unisys Corp. 6.875% 20272		50		55
United Airlines Holdings, Inc. 6.50% 20272		290		312
United Mexican States 3.90% 2025		1,080		1,213
United Mexican States 3.25% 2030		2,685		2,906
United Mexican States 2.659% 2031		1,822		1,869
United Mexican States 4.75% 2032		950		1,146
United Mexican States 5.00% 2051		890		1,111
United Natural Foods, Inc. 6.75% 20282		175		183
United Rentals, Inc. 3.875% 2031		50		53
United Technologies Corp. 4.125% 2028		1,900		2,266
Univision Communications Inc. 6.625% 20272		220		237
Upjohn Inc. 2.30% 20272		794		846
Upjohn Inc. 3.85% 20402		970		1,095
Uruguay (Oriental Republic of) 4.375% 2031		600		737
Vale Overseas Ltd. 3.75% 2030		1,873		2,086
Valeant Pharmaceuticals International, Inc. 6.125% 20252		800		825
Valvoline Inc. 4.375% 2025		90		93
Valvoline Inc. 3.625% 20312		210		216
Venator Materials Corp. 5.75% 20252		620		581
Venator Materials Corp. 9.50% 20252		420		460
Veritas Holdings Ltd. 7.50% 20232		440		442
Veritas Holdings Ltd. 10.50% 20242		200		204
Veritas Holdings Ltd. 7.50% 20252		285		293
Verizon Communications Inc. 0.85% 2025		4,480		4,516
Verizon Communications Inc. 3.15% 2030		575		645
Vertical U.S. Newco Inc. 5.25% 20272		225		239
VICI Properties LP 4.25% 20262		175		182
VICI Properties LP 4.625% 20292		45		48
VICI Properties LP / VICI Note Co. Inc. 3.50% 20252		110		113
VICI Properties LP / VICI Note Co. Inc. 4.125% 20302		250		264
Vine Oil & Gas LP 8.75% 20232		175		140
Virgin Media O2 4.25% 20312		275		282
Volkswagen Group of America Finance, LLC 4.00% 20212		1,900		1,959
Volkswagen Group of America Finance, LLC 4.625% 20252		1,280		1,493
Walt Disney Company 2.65% 2031		5,520		6,053
Warner Music Group 3.875% 20302		210		224
WEA Finance LLC 3.75% 20242		535		565
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)1		11,775		12,542
WESCO Distribution, Inc. 7.125% 20252		195		215
WESCO Distribution, Inc. 7.25% 20282		215		245
Western Gas Partners LP 4.50% 2028		230		239
Western Global Airlines LLC 10.375% 20252		80		89
Western Midstream Operating, LP 4.10% 20251		155		160
Western Midstream Operating, LP 4.75% 2028		70		73
Westfield Corp. Ltd. 3.15% 20222		245		249
Westpac Banking Corp. 2.894% 2030 (UST Yield Curve Rate T Note Constant Maturity 5-year + 1.35% on 2/4/2025)1		2,900		3,041
Williams Companies, Inc. 3.50% 2030		1,024		1,161
Williams Partners LP 4.30% 2024		820		905
Wyndham Worldwide Corp. 4.375% 20282		230		239
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20232		228		232
Wynn Macau, Ltd. 5.625% 20282		200		210
Wynn Resorts Ltd. 7.75% 20252		180		195
Xcel Energy Inc. 3.35% 2026		2,581		2,914
Xerox Corp. 5.50% 20282		450		478
Ziggo Bond Co. BV 5.125% 20302		200		211

American Funds Insurance Series      195

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
U.S. dollars (continued)
Ziggo Bond Finance BV 5.50% 20272	$	412	$	431
Ziggo Bond Finance BV 4.875% 20302		100		105
Zimmer Holdings, Inc. 3.15% 2022		790		813
				924,718
Total bonds, notes & other debt instruments (cost: $2,015,926,000)				2,189,999
Common stocks 0.08%
	Shares
U.S. dollars 0.08%
Associated Materials Group Inc.11,12,13		174,911		1,098
Oasis Petroleum Inc.13		8,735		324
Weatherford International13		29,931		180
Tribune Resources, LLC11,12,13		158,988		145
ACR III LSC Holdings LLC11,12,13		49		74
Advanz Pharma Corp. Ltd.13,14		9,130		40
Advanz Pharma Corp. Ltd.13		6,028		27
McDermott International, Inc.13		4,287		3
Jonah Energy Parent LLC11,12,13		130		2
Sable Permian Resources, LLC, units11,12,13		2,905,980		—	15
Total common stocks (cost: $4,556,000)				1,893
Rights & warrants 0.00%
U.S. dollars 0.00%
Tribune Resources, LLC, Class A, warrants, expire 202311,12,13		53,128		—	15
Tribune Resources, LLC, Class B, warrants, expire 202311,12,13		41,322		—	15
Tribune Resources, LLC, Class C, warrants, expire 202311,12,13		39,060		—	15
Total rights & warrants (cost: $8,000)				—	15
Short-term securities 6.44%
Money market investments 6.28%
Capital Group Central Cash Fund 0.12%16,17		1,470,026		147,017
	Principal amount
	(000)
Bills & notes of governments outside the U.S. 0.16%
Greek Treasury Bill 0.13% due 1/4/2021	€	3,000		3,665
Total short-term securities (cost: $150,388,000)				150,682
Total investment securities 100.16% (cost: $2,170,878,000)				2,342,574
Other assets less liabilities (0.16)%				(3,829	)
Net assets 100.00%			$	2,338,745

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount18 (000)			Value at 12/31/202019 (000)			Unrealized appreciation (depreciation) at 12/31/2020 (000)
5 Year U.S. Treasury Note Futures		Long		53		April 2021	$	5,300		$	6,687		$	14
10 Year Japanese Government Bond Futures		Long		1		March 2021	¥	100,000			1,471			(1	)
10 Year Ultra U.S. Treasury Note Futures		Short		256		March 2021	$	(25,600	)		(40,028	)		88

196      American Funds Insurance Series

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Futures contracts (continued)

Contracts	Type		Number of contracts		Expiration		Notional amount18 (000)			Value at 12/31/202019 (000)			Unrealized appreciation (depreciation) at 12/31/2020 (000)
10 Year U.S. Treasury Note Futures		Short		363		March 2021		(36,300	)	$	(50,122	)	$	(53	)
30 Year Euro-Buxl Futures		Long		50		March 2021	€	5,000			13,758			206
30 Year Ultra U.S. Treasury Bond Futures		Long		75		March 2021	$	7,500			16,017			(101	)
													$	153

Forward currency contracts

Contract amount							Unrealized appreciation (depreciation)
Purchases (000)		Sales (000)		Counterparty	Settlement date		at 12/31/2020 (000)
AUD	1,830	USD	1,338	Bank of New York Mellon		1/6/2021	$	73
USD	1,384	AUD	1,830	HSBC Bank		1/6/2021		(27	)
USD	7,916	NZD	11,400	Bank of America		1/6/2021		(287	)
EUR	5,320	USD	6,419	Bank of America		1/7/2021		81
EUR	2,080	USD	2,519	HSBC Bank		1/7/2021		23
USD	4,624	EUR	3,790	Citibank		1/7/2021		(7	)
JPY	11,212,630	USD	107,405	Goldman Sachs		1/8/2021		1,198
EUR	74,298	USD	89,863	JPMorgan Chase		1/8/2021		924
CAD	16,330	USD	12,628	Standard Chartered Bank		1/8/2021		202
SEK	23,400	USD	2,746	Bank of America		1/8/2021		99
MXN	220,660	USD	10,980	HSBC Bank		1/8/2021		98
AUD	1,260	USD	928	HSBC Bank		1/8/2021		44
NOK	10,500	USD	1,188	Bank of New York Mellon		1/8/2021		36
CHF	800	USD	894	Bank of America		1/8/2021		10
CZK	181,540	EUR	6,914	HSBC Bank		1/8/2021		5
EUR	10,116	DKK	75,300	Bank of New York Mellon		1/8/2021		(2	)
USD	2,299	EUR	1,890	Citibank		1/8/2021		(11	)
PLN	12,600	USD	3,397	Citibank		1/8/2021		(24	)
USD	2,283	MXN	46,000	Goldman Sachs		1/8/2021		(26	)
USD	1,861	AUD	2,460	HSBC Bank		1/8/2021		(36	)
USD	984	ZAR	15,210	Bank of America		1/8/2021		(49	)
USD	2,623	GBP	1,970	Citibank		1/8/2021		(71	)
USD	6,270	CZK	136,930	Citibank		1/8/2021		(106	)
USD	12,699	CAD	16,330	Goldman Sachs		1/8/2021		(130	)
USD	17,096	ILS	56,300	Citibank		1/8/2021		(427	)
USD	15,021	AUD	20,170	UBS AG		1/8/2021		(531	)
CNH	137,510	USD	21,027	UBS AG		1/12/2021		102
USD	2,914	THB	88,000	Citibank		1/12/2021		(24	)
JPY	1,485,880	USD	14,244	HSBC Bank		1/14/2021		149
COP	4,735,500	USD	1,368	Citibank		1/14/2021		19
KRW	28,454,610	USD	26,193	Citibank		1/14/2021		7
USD	2,244	IDR	31,688,220	Standard Chartered Bank		1/14/2021		(8	)
USD	3,313	INR	244,900	HSBC Bank		1/14/2021		(34	)
USD	1,765	CLP	1,302,100	Citibank		1/14/2021		(67	)
USD	6,914	KRW	7,636,890	Citibank		1/14/2021		(117	)
USD	5,644	DKK	34,570	Goldman Sachs		1/19/2021		(34	)
USD	10,438	NZD	14,740	Goldman Sachs		1/21/2021		(169	)
CAD	13,240	USD	10,150	Citibank		1/29/2021		253
CAD	13,190	USD	10,114	Bank of America		1/29/2021		249
MXN	76,040	USD	3,645	Goldman Sachs		1/29/2021		163
USD	2,093	ZAR	30,700	UBS AG		1/29/2021		13
EUR	5,779	DKK	43,000	Citibank		1/29/2021		2
EUR	722	DKK	5,372	Goldman Sachs		1/29/2021		—	15

American Funds Insurance Series      197

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

Forward currency contracts (continued)

Contract amount							Unrealized appreciation (depreciation)
Purchases (000)		Sales (000)		Counterparty	Settlement date		at 12/31/2020 (000)
EUR	722	DKK	5,372	Citibank		1/29/2021	$	—	15
EUR	14,020	DKK	104,345	Citibank		1/29/2021		—	15
USD	1,769	ZAR	29,280	Bank of America		1/29/2021		(215	)
USD	7,227	MXN	155,490	Morgan Stanley		1/29/2021		(560	)
USD	19,929	CAD	26,430	Citibank		1/29/2021		(837	)
CAD	17,000	USD	13,128	UBS AG		2/10/2021		230
RUB	422,320	USD	5,511	Goldman Sachs		2/10/2021		175
							$	356

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2020 (000)			Upfront premium paid (000)		Unrealized depreciation at 12/31/2020 (000)
0.0079%	6-month JPY-LIBOR		4/8/2030	¥	1,620,000	$	(32	)	$	32	$	(64	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive	Pay/ Payment frequency	Expiration date	Notional (000)	Value at 12/31/2020 (000)	Upfront premium paid (000)	Unrealized depreciation at 12/31/2020 (000)
CDX.EM.34	1.00%/Quarterly	12/20/2025	$25,000	$602	$1,300	$(698)

Centrally cleared credit default swaps on credit indices — buy protection

Receive	Pay/ Payment frequency	Expiration date	Notional (000)	Value at 12/31/2020 (000)	Upfront premium paid (000)	Unrealized depreciation at 12/31/2020 (000)
CDX.EM.34	1.00%/Quarterly	12/20/2025	$25,000	$602	$1,300	$(698)

Centrally cleared credit default swaps on credit indices — sell protection

Receive/ Payment frequency	Pay	Expiration date		Notional (000)		Value at 12/31/2020 (000)		Upfront premium paid (000)		Unrealized appreciation at 12/31/2020 (000)
1.00%/Quarterly	CDX.NA.IG.35		12/20/2025	$	13,090	$	321	$	290	$	31

Investments in affiliates¹⁷

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 6.29%
Money market investments 6.29%
Capital Group Central Cash Fund 0.12%16	$	77,745	$	900,757	$	831,352	$	35	$	(168	)	$	147,017	$	477

198      American Funds Insurance Series

CapitalWorld Bond Fund (formerly Global Bond Fund) (continued)

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

²  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 was $282,947,000, which represented 12.10% 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  Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $2,635,000, which represented .11% of the net assets of the fund.

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

⁷  Scheduled interest and/or principal payment was not received.

⁸  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.

⁹  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $4,515,000, which represented .19% of the net assets of the fund.

¹⁰  Purchased on a TBA basis.

¹¹  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,319,000, which represented .06% of the net assets of the fund.

¹²  Value determined using significant unobservable inputs.

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

¹⁴  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.

¹⁵  Amount less than one thousand.

¹⁶  Rate represents the seven-day yield at 12/31/2020.

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

¹⁸  Notional amount is calculated based on the number of contracts and notional contract size.

¹⁹  Value is calculated based on the notional amount and current market price.

Private placement security	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Advanz Pharma Corp. Ltd.	8/31/2018	$	116	$	40	.00%

Key to abbreviations and symbols

AUD/A$ = Australian dollars

BRL = Brazilian reais

CAD/C$ = Canadian dollars

CHF = Swiss francs

CLP = Chilean pesos

CNH/CNY = Chinese yuan renminbi

COP = Colombian pesos

CZK = Czech korunas

DKK/DKr = Danish kroner

DOP = Dominican pesos

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

GBP/£ = British pounds

IDR = Indonesian rupiah

ILS = Israeli shekels

INR = Indian rupees

JPY/¥ = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK/NKr = Norwegian kroner

NZD/NZ$ = New Zealand dollars

PEN = Peruvian nuevos soles

PLN = Polish zloty

Ref. = Refunding

Rev. = Revenue

RON = Romanian leu

RUB = Russian rubles

S$ = Singapore dollars

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

THB = Thai baht

UAH = Ukrainian hryvnia

USD/$ = U.S. dollars

ZAR = South African rand

See notes to financial statements.

American Funds Insurance Series      199

High-Income Bond Fund

Investment portfolio December 31, 2020

Bonds, notes & other debt instruments 89.34%

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 89.33%
Communication services 13.43%
Brightstar Escrow Corp. 9.75% 20251	$	575	$	616
Cars.com Inc. 6.375% 20281		625		665
CCO Holdings LLC and CCO Holdings Capital Corp. 4.00% 20231		1,155		1,164
CCO Holdings LLC and CCO Holdings Capital Corp. 5.50% 20261		263		273
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 20261		3,182		3,287
CCO Holdings LLC and CCO Holdings Capital Corp. 5.00% 20281		96		102
CCO Holdings LLC and CCO Holdings Capital Corp. 5.375% 20291		24		26
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20301		304		323
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20301		787		850
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20311		4,535		4,785
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20321		2,549		2,725
CenturyLink, Inc. 6.75% 2023		2,235		2,493
CenturyLink, Inc. 7.50% 2024		583		661
CenturyLink, Inc. 5.125% 20261		2,069		2,188
CenturyLink, Inc. 4.00% 20271		134		139
Clear Channel Worldwide Holdings, Inc. 9.25% 2024		561		569
Diamond Sports Group LLC 5.375% 20261		993		809
Diamond Sports Group LLC 6.625% 20271		1,155		700
Discovery Communications, Inc. 4.65% 2050		442		553
Embarq Corp. 7.995% 2036		927		1,145
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 4.25%) 5.25% 20272,3		75		75
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 8.75% 20282,3		525		549
Front Range BidCo, Inc. 6.125% 20281		1,089		1,153
Frontier Communications Corp. 10.50% 20224		4,500		2,356
Frontier Communications Corp. 5.875% 20271		1,550		1,679
Frontier Communications Corp. 5.00% 20281		3,500		3,655
Frontier Communications Corp. 6.75% 20291		1,675		1,795
Gogo Inc. 9.875% 20241		10,414		11,170
Gray Television, Inc. 7.00% 20271		808		886
iHeartCommunications, Inc. 5.25% 20271		1,235		1,296
Inmarsat PLC 6.75% 20261		1,475		1,591
Intelsat Jackson Holding Co. 8.00% 20241		1,675		1,718
Intelsat Jackson Holding Co. 8.50% 20241,4		3,175		2,278
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 5.50%) 6.50% 20212,3		1,212		1,241
Intelsat Jackson Holding Co., Term Loan, 6.625% 20242		3,900		3,976
Lamar Media Corp. 3.75% 2028		61		63
Lamar Media Corp. 4.875% 2029		300		320
Lamar Media Corp. 4.00% 2030		260		270
Liberty Global PLC 5.50% 20281		656		693
Ligado Networks LLC 15.50% 20231,5		1,750		1,706
Live Nation Entertainment, Inc. 3.75% 20281		450		456
Match Group, Inc. 4.625% 20281		1,100		1,155
MDC Partners Inc. 6.50% 20241		5,170		5,249
Meredith Corp. 6.875% 2026		2,239		2,187
National CineMedia, LLC 5.875% 20281		250		213
Netflix, Inc. 5.375% 2021		1,300		1,307
Netflix, Inc. 4.875% 2028		360		407
Netflix, Inc. 4.875% 20301		174		200
Nexstar Broadcasting, Inc. 4.75% 20281		2,500		2,620
Nexstar Escrow Corp. 5.625% 20271		289		310
Numericable Group SA 7.375% 20261		1,049		1,105
Qwest Capital Funding, Inc. 6.875% 2028		660		705
Scripps Escrow II, Inc. 3.875% 20291		1,125		1,175
Sinclair Television Group, Inc. 5.125% 20271		345		352
Sinclair Television Group, Inc. 4.125% 20301		1,800		1,847
Sirius XM Radio Inc. 4.625% 20241		74		77
Sirius XM Radio Inc. 4.125% 20301		345		368
Sprint Corp. 11.50% 2021		987		1,073
Sprint Corp. 7.625% 2026		2,000		2,485
Sprint Corp. 6.875% 2028		3,671		4,847
Sprint Corp. 8.75% 2032		2,440		3,866

200      American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
TEGNA Inc. 4.75% 20261	$	850	$	909
TEGNA Inc. 4.625% 20281		635		650
TEGNA Inc. 5.00% 2029		716		757
T-Mobile US, Inc. 3.875% 20301		292		339
T-Mobile US, Inc. 4.50% 20501		379		468
Total Play Telecomunicaciones, SA de CV 7.50% 20251		725		725
Trilogy International Partners, LLC 8.875% 20221		4,500		4,353
Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC 7.875% 20251		75		81
Univision Communications Inc. 5.125% 20251		3,195		3,225
Univision Communications Inc. 6.625% 20271		3,050		3,281
Virgin Media O2 4.25% 20311		1,925		1,971
Virgin Media Secured Finance PLC 4.50% 20301		790		826
Vodafone Group PLC 7.00% 2079 (5-year USD Swap + 4.873% on 4/4/2029)6		105		131
Warner Music Group 5.50% 20261		228		236
Warner Music Group 3.875% 20301		850		905
Ziggo Bond Co. BV 5.125% 20301		419		443
Ziggo Bond Finance BV 5.50% 20271		1,491		1,559
Ziggo Bond Finance BV 4.875% 20301		1,075		1,132
				116,538
Energy 12.44%
American Energy-Permian Basin, LLC / AEPB Finance Corp. 12.00% 20241,4		1,934		14
Antero Resources Corp. 5.375% 2024		875		855
Antero Resources Corp. 7.875% 20261		92		95
Apache Corp. 4.625% 2025		770		809
Apache Corp. 4.875% 2027		1,360		1,444
Apache Corp. 4.375% 2028		791		825
Apache Corp. 6.00% 2037		165		183
Apache Corp. 5.10% 2040		795		854
Apache Corp. 4.75% 2043		295		306
Ascent Resources - Utica LLC 7.00% 20261		765		734
Ascent Resources - Utica LLC 9.00% 20271		120		134
Ascent Resources - Utica LLC 8.25% 20281		271		271
Ascent Resources - Utica LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 9.233% 20251,2,3		228		249
Blue Racer Midstream LLC and Blue Racer Finance Corp. 6.125% 20221		1,300		1,303
Blue Racer Midstream LLC and Blue Racer Finance Corp. 7.625% 20251		871		930
Carrizo Oil & Gas Inc. 6.25% 2023		750		478
Cenovus Energy Inc. 5.375% 2025		755		852
Cenovus Energy Inc. 6.75% 2039		125		165
Cenovus Energy Inc. 5.40% 2047		400		470
Centennial Resource Production, LLC 6.875% 20271		465		335
Cheniere Energy Partners, LP 5.625% 2026		1,146		1,197
Cheniere Energy Partners, LP 4.50% 2029		583		618
Cheniere Energy, Inc. 7.00% 2024		319		373
Cheniere Energy, Inc. 5.875% 2025		495		576
Cheniere Energy, Inc. 4.625% 20281		5,055		5,314
Chesapeake Energy Corp. 4.875% 20224		4,300		215
Chesapeake Energy Corp. 11.50% 20251,4		2,824		498
Chesapeake Energy Corp., Term Loan, (3-month USD-LIBOR + 8.00%) 8.223% 20242,3,4		2,627		2,154
CITGO Petroleum Corp. 7.00% 20251		500		500
CNX Resources Corp. 7.25% 20271		935		1,002
CNX Resources Corp. 6.00% 20291		1,345		1,380
Comstock Resources, Inc. 9.75% 2026		1,363		1,464
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)1,5		7,784		2,219
Continental Resources Inc. 5.75% 20311		655		728
Convey Park Energy LLC 7.50% 20251		417		423
DCP Midstream LP 7.375% 2049 (3-month USD-LIBOR + 5.148% on 12/15/2022)6		270		225
DCP Midstream Operating LP 4.95% 2022		1,072		1,108

American Funds Insurance Series      201

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Diamond Offshore Drilling, Inc. 7.875% 20254	$	508	$	65
Diamond Offshore Drilling, Inc. 4.875% 20434		1,362		173
Endeavor Energy Resources, LP 6.625% 20251		850		911
Energy Transfer Operating, LP 5.00% 2050		2,051		2,223
EnLink Midstream Partners, LLC 5.625% 20281		660		676
EnLink Midstream Partners, LP 4.15% 2025		400		393
EQM Midstream Partners, LP 4.75% 2023		400		421
EQM Midstream Partners, LP 4.125% 2026		127		128
EQM Midstream Partners, LP 6.50% 20271		2,365		2,666
EQM Midstream Partners, LP 5.50% 2028		1,231		1,348
EQT Corp. 7.875% 2025		630		718
EQT Corp. 3.90% 2027		125		124
EQT Corp. 5.00% 2029		480		507
EQT Corp. 8.75% 2030		400		489
Extraction Oil & Gas, Inc. 5.625% 20261,4		1,575		289
Genesis Energy, LP 5.625% 2024		150		146
Genesis Energy, LP 6.50% 2025		2,235		2,178
Genesis Energy, LP 8.00% 2027		1,528		1,524
Harvest Midstream I, LP 7.50% 20281		1,325		1,413
Hess Midstream Partners LP 5.125% 20281		687		719
Hilcorp Energy I, LP 5.75% 20251		775		787
Lealand Finance Company BV, Term Loan, (3-month USD-LIBOR + 3.00%) 3.146% 20242,3,7		12		10
Lealand Finance Company BV, Term Loan,
(3-month USD-LIBOR + 4.00%) 4.146% 20252,3,5		146		100
MPLX LP 5.50% 2049		417		549
Murphy Oil Corp. 6.875% 2024		1,000		1,019
Nabors Industries Inc. 5.75% 2025		355		186
New Fortress Energy Inc. 6.75% 20251		1,034		1,097
NGL Energy Partners LP 7.50% 2023		767		545
NGL Energy Partners LP 6.125% 2025		3,179		2,023
Northriver Midstream Finance LP 5.625% 20261		625		647
NuStar Logistics, LP 6.75% 20211		15		15
NuStar Logistics, LP 6.00% 2026		686		743
Occidental Petroleum Corp. 2.70% 2023		275		275
Occidental Petroleum Corp. 2.90% 2024		2,093		2,018
Occidental Petroleum Corp. 5.50% 2025		755		789
Occidental Petroleum Corp. 5.875% 2025		710		757
Occidental Petroleum Corp. 8.00% 2025		1,475		1,683
Occidental Petroleum Corp. 3.40% 2026		600		573
Occidental Petroleum Corp. 6.375% 2028		575		609
Occidental Petroleum Corp. 3.50% 2029		210		192
Occidental Petroleum Corp. 6.625% 2030		885		962
Occidental Petroleum Corp. 8.875% 2030		375		441
Occidental Petroleum Corp. 6.125% 2031		845		906
Occidental Petroleum Corp. 4.20% 2048		165		134
ONEOK, Inc. 5.85% 2026		273		327
ONEOK, Inc. 4.95% 2047		23		26
ONEOK, Inc. 5.20% 2048		282		329
ONEOK, Inc. 7.15% 2051		83		115
Ovintiv Inc. 6.50% 2034		550		637
Parsley Energy, Inc. 5.25% 20251		150		157
PBF Holding Company LLC 9.25% 20251		235		231
PDC Energy Inc. 5.75% 2026		1,100		1,138
Peabody Energy Corp. 6.00% 20221		1,738		1,272
Peabody Energy Corp. 6.375% 20251		100		55
Petrobras Global Finance Co. 5.60% 2031		250		288
Petrobras Global Finance Co. 6.90% 2049		375		476
Petrobras Global Finance Co. 6.75% 2050		850		1,057
Petróleos Mexicanos 6.875% 20251		350		384
Petróleos Mexicanos 6.49% 2027		495		523

202      American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Petróleos Mexicanos 5.35% 2028	$	449	$	444
Petróleos Mexicanos 6.375% 2045		210		193
Petróleos Mexicanos 6.35% 2048		108		98
Petróleos Mexicanos 7.69% 2050		651		657
PowerTeam Services, LLC 9.033% 20251		560		624
QEP Resources, Inc. 5.625% 2026		435		478
Range Resources Corp. 4.875% 2025		472		447
Rattler Midstream Partners LP 5.625% 20251		1,105		1,169
Rockies Express Pipeline LLC 4.95% 20291		1,000		1,042
Sabine Pass Liquefaction, LLC 4.50% 20301		256		304
Sanchez Energy Corp. 7.25% 20231,4		739		7
SM Energy Co. 5.625% 2025		247		201
SM Energy Co. 6.625% 2027		290		233
Southwestern Energy Co. 6.45% 20256		935		972
Southwestern Energy Co. 7.50% 2026		1,224		1,286
Southwestern Energy Co. 7.75% 2027		72		78
Southwestern Energy Co. 8.375% 2028		865		940
Sunoco LP 5.50% 2026		513		528
Sunoco LP 6.00% 2027		147		156
Sunoco LP 4.50% 20291		1,205		1,255
Tallgrass Energy Partners, LP 5.50% 20241		1,000		1,020
Tallgrass Energy Partners, LP 7.50% 20251		585		633
Tapstone Energy, Term Loan, (3-month USD-LIBOR + 4.00%) 4.741% 20242,3,7,8		11		6
Targa Resources Partners LP 5.875% 2026		321		341
Targa Resources Partners LP 6.50% 2027		133		145
Targa Resources Partners LP 6.875% 2029		332		374
Targa Resources Partners LP 5.50% 2030		477		518
Targa Resources Partners LP 4.875% 20311		2,000		2,173
Teekay Corp. 9.25% 20221		3,108		3,178
Teekay Offshore Partners LP 8.50% 20231		2,009		1,712
Transocean Guardian Ltd. 5.875% 20241		862		726
Transocean Inc. 6.125% 20251		1,876		1,788
Transocean Poseidon Ltd. 6.875% 20271		655		598
USA Compression Partners, LP 6.875% 2026		264		276
USA Compression Partners, LP 6.875% 2027		247		264
Vine Oil & Gas LP 8.75% 20231		1,767		1,414
Weatherford International PLC 8.75% 20241		1,346		1,351
Weatherford International PLC 11.00% 20241		4,211		3,295
Western Gas Partners LP 4.50% 2028		1,368		1,423
Western Gas Partners LP 5.45% 2044		55		56
Western Midstream Operating, LP 4.10% 20256		369		381
Western Midstream Operating, LP 4.75% 2028		160		167
Western Midstream Operating, LP 5.25% 2050		500		551
WPX Energy, Inc. 5.75% 2026		297		313
WPX Energy, Inc. 5.25% 2027		160		170
WPX Energy, Inc. 5.875% 2028		620		677
WPX Energy, Inc. 4.50% 2030		759		806
				107,954
Consumer discretionary 12.17%
99 Escrow Issuer, Inc. 7.50% 20261		405		403
Adient US LLC 9.00% 20251		205		229
Affinity Gaming 6.875% 20271		1,125		1,180
Allied Universal Holdco LLC 6.625% 20261		858		916
Allied Universal Holdco LLC 9.75% 20271		826		902
At Home Holding III Inc. 8.75% 20251		300		325
Boyd Gaming Corp. 8.625% 20251		120		134
Boyd Gaming Corp. 4.75% 2027		861		896
Brookfield Residential Properties Inc. 4.875% 20301		325		336
Caesars Entertainment, Inc. 6.25% 20251		1,195		1,274

American Funds Insurance Series      203

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Caesars Resort Collection, LLC 5.75% 20251	$	345		$	366
Carnival Corp. 11.50% 20231		1,812			2,098
Carnival Corp. 7.625% 20261		175			191
Carnival Corp. 10.50% 20261		275			321
Cedar Fair, LP 5.25% 2029		271			279
Churchill Downs Inc. 4.75% 20281		430			454
Cirsa Gaming Corp. SA 7.875% 20231		2,277			2,300
Clarios Global LP 6.75% 20251		375			405
Dana Inc. 5.625% 2028		675			728
Dave & Buster’s, Inc. 7.625% 20251		375			396
Empire Communities Corp. 7.00% 20251		525			555
Fertitta Entertainment, Inc. 6.75% 20241		371			369
Ford Motor Co. 8.50% 2023		1,787			2,018
Ford Motor Co. 9.00% 2025		684			841
Ford Motor Co. 9.625% 2030		250			353
Ford Motor Co. 7.45% 2031		275			353
Ford Motor Credit Co. 3.087% 2023		400			408
Ford Motor Credit Co. 3.664% 2024		500			514
Ford Motor Credit Co. 3.81% 2024		887			910
Ford Motor Credit Co. 5.584% 2024		350			378
Ford Motor Credit Co. 5.125% 2025		6,285			6,842
Ford Motor Credit Co. 4.542% 2026		510			545
Ford Motor Credit Co. 3.815% 2027		275			283
Ford Motor Credit Co. 4.125% 2027		835			876
Ford Motor Credit Co. 4.271% 2027		525			551
Ford Motor Credit Co. 5.113% 2029		200			223
Ford Motor Credit Co. 4.00% 2030		1,820			1,917
Hanesbrands Inc. 4.625% 20241		445			467
Hanesbrands Inc. 5.375% 20251		432			458
Hanesbrands Inc. 4.875% 20261		274			298
Hilton Worldwide Holdings Inc. 5.125% 2026		700			724
Hilton Worldwide Holdings Inc. 4.875% 2030		508			556
Hilton Worldwide Holdings Inc. 4.00% 20311		870			920
International Game Technology PLC 6.25% 20221		403			417
International Game Technology PLC 6.50% 20251		1,383			1,550
International Game Technology PLC 5.25% 20291		1,455			1,570
Jaguar Land Rover PLC 7.75% 20251		450			486
Jaguar Land Rover PLC 5.875% 20281		550			556
KB Home 6.875% 2027		330			388
Landry’s Finance Acquisition Co., Term Loan, (3-month USD-LIBOR + 12.00%) 13.00% 20232,3,7		17			20
Landry’s Finance Acquisition Co., Term Loan B, (3-month USD-LIBOR + 12.00%) 13.00% 20232,3		—	9		—	9
Lennar Corp. 4.50% 2024		40			44
Levi Strauss & Co. 5.00% 2025		452			464
Limited Brands, Inc. 6.875% 20251		245			266
Limited Brands, Inc. 6.625% 20301		380			423
Limited Brands, Inc. 6.875% 2035		346			389
Limited Brands, Inc. 6.75% 2036		495			552
Lithia Motors, Inc. 4.375% 20311		475			510
M.D.C. Holdings, Inc. 6.00% 2043		823			1,105
Macy’s, Inc. 8.375% 20251		145			161
Mattel, Inc. 6.75% 20251		904			955
McGraw-Hill Global Education Holdings, LLC, Term Loan B, (3-month USD-LIBOR + 4.00%) 5.00% 20222,3		1,224			1,196
Melco International Development Ltd. 5.75% 20281		2,000			2,133
Merlin Entertainment 5.75% 20261		792			834
MGM Growth Properties LLC 5.625% 2024		307			334
MGM Growth Properties LLC 4.625% 20251		900			965
MGM Growth Properties LLC 3.875% 20291		1,490			1,526
MGM Resorts International 7.75% 2022		740			789

204      American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
MGM Resorts International 6.00% 2023	$	541	$	582
MGM Resorts International 5.50% 2027		541		604
MYT Holding LLC 7.50% 20251,5		1,712		1,725
NCL Corp. Ltd. 3.625% 20241		650		619
NCL Corp. Ltd. 12.25% 20241		175		210
NCL Corp. Ltd. 5.875% 20261		475		501
Neiman Marcus Group Ltd. LLC, Term Loan, (3-month USD-LIBOR + 12.00%) 13.00% 20252,3		1,497		1,601
Newell Rubbermaid Inc. 4.875% 2025		445		490
Newell Rubbermaid Inc. 5.875% 20366		30		37
Nissan Motor Co., Ltd. 4.81% 20301		425		480
Norwegian Cruise Line Holdings Ltd. 10.25% 20261		275		322
Panther BF Aggregator 2, LP 6.25% 20261		155		166
Panther BF Aggregator 2, LP 8.50% 20271		990		1,077
Party City Holdings Inc. 6.625% 20261		500		376
PetSmart, Inc. 7.125% 20231		6,489		6,495
PetSmart, Inc. 5.875% 20251		3,342		3,440
PetSmart, Inc. 8.875% 20251		1,846		1,898
PetSmart, Inc., Term Loan, (3-month USD-LIBOR + 3.00%) 4.00% 20222,3		2,555		2,535
Royal Caribbean Cruises Ltd. 10.875% 20231		325		370
Royal Caribbean Cruises Ltd. 11.50% 20251		775		907
Sally Holdings LLC and Sally Capital Inc. 5.50% 2023		57		57
Sally Holdings LLC and Sally Capital Inc. 5.625% 2025		2,825		2,907
Sally Holdings LLC and Sally Capital Inc. 8.75% 20251		1,244		1,386
Scientific Games Corp. 5.00% 20251		301		311
Scientific Games Corp. 8.625% 20251		2,170		2,379
Scientific Games Corp. 8.25% 20261		3,644		3,933
Scientific Games Corp. 7.00% 20281		85		92
Scientific Games Corp. 7.25% 20291		845		929
Six Flags Entertainment Corp. 4.875% 20241		1,277		1,283
Six Flags Theme Parks Inc. 7.00% 20251		140		151
Sizzling Platter LLC 8.50% 20251		450		469
Staples, Inc. 7.50% 20261		1,366		1,429
Stars Group Holdings BV 7.00% 20261		525		554
The Home Company Inc. 7.25% 20251		725		746
Vail Resorts, Inc. 6.25% 20251		315		337
VICI Properties LP 4.25% 20261		962		999
VICI Properties LP 4.625% 20291		135		145
VICI Properties LP / VICI Note Co. Inc. 3.50% 20251		851		872
VICI Properties LP / VICI Note Co. Inc. 3.75% 20271		379		388
VICI Properties LP / VICI Note Co. Inc. 4.125% 20301		1,774		1,875
Viking Cruises Ltd. 6.25% 20251		140		138
Viking Cruises Ltd. 13.00% 20251		430		515
Viking Cruises Ltd. 5.875% 20271		185		181
Wyndham Destinations, Inc. 6.625% 20261		525		602
Wyndham Worldwide Corp. 5.375% 20261		860		892
Wyndham Worldwide Corp. 4.375% 20281		1,380		1,436
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20231		1,171		1,190
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.25% 20271		373		385
Wynn Macau, Ltd. 5.125% 20291		200		205
Wynn Resorts Ltd. 7.75% 20251		820		890
Wynn Resorts Ltd. 5.125% 20291		342		359
				105,595
Materials 11.58%
Alcoa Netherlands Holding BV 5.50% 20271		510		559
Anglo American Capital PLC 5.625% 20301		310		395
Arconic Corp. 6.00% 20251		810		866
Ardagh Group SA 6.50% 20271,5		622		665
Ardagh Packaging Finance 5.25% 20251		495		523

American Funds Insurance Series      205

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Ardagh Packaging Finance 6.00% 20251	$	533	$	553
Ardagh Packaging Finance 5.25% 20271		425		447
Axalta Coating Systems LLC 4.75% 20271		460		490
Blue Cube Spinco Inc. 10.00% 2025		660		700
BWAY Parent Co., Inc. 5.50% 20241		1,619		1,653
CANPACK SA and Eastern PA Land Investment Holding LLC 3.125% 20251		425		428
Carlyle Group LP 8.75% 20231,5		215		217
Cascades Inc. 5.125% 20261		495		524
Cascades Inc. 5.375% 20281		340		362
Cleveland-Cliffs Inc. 4.875% 20241		2,245		2,291
Cleveland-Cliffs Inc. 5.75% 2025		2,739		2,785
Cleveland-Cliffs Inc. 9.875% 20251		309		364
Cleveland-Cliffs Inc. 6.75% 20261		1,167		1,262
Cleveland-Cliffs Inc. 5.875% 2027		4,675		4,773
Cleveland-Cliffs Inc. 7.00% 20271		297		288
Consolidated Energy Finance SA 6.50% 20261		1,250		1,253
CVR Partners, LP 9.25% 20231		2,248		2,253
Element Solutions Inc. 3.875% 20281		620		639
First Quantum Minerals Ltd. 7.25% 20231		2,073		2,140
First Quantum Minerals Ltd. 6.50% 20241		411		423
First Quantum Minerals Ltd. 7.50% 20251		7,943		8,281
First Quantum Minerals Ltd. 6.875% 20261		3,076		3,213
First Quantum Minerals Ltd. 6.875% 20271		5,790		6,289
Freeport-McMoRan Inc. 3.875% 2023		189		198
Freeport-McMoRan Inc. 4.25% 2030		925		998
Freeport-McMoRan Inc. 5.40% 2034		300		376
FXI Holdings, Inc. 7.875% 20241		3,425		3,459
FXI Holdings, Inc. 12.25% 20261		4,575		5,223
GPC Merger Sub Inc. 7.125% 20281		434		480
GrafTech Finance Inc. 4.625% 20281		425		431
Hexion Inc. 7.875% 20271		2,304		2,470
INEOS Group Holdings SA 5.625% 20241		772		785
Joseph T. Ryerson & Son, Inc. 8.50% 20281		1,260		1,429
LSB Industries, Inc. 9.625% 20231		3,363		3,476
LYB International Finance III, LLC 3.80% 2060		213		230
Methanex Corp. 5.125% 2027		4,075		4,434
Methanex Corp. 5.25% 2029		450		489
Methanex Corp. 5.65% 2044		475		510
Neon Holdings, Inc. 10.125% 20261		2,500		2,744
Newcrest Finance Pty Ltd. 4.20% 20501		550		674
Nouryon Holding BV 8.00% 20261		931		991
Nova Chemicals Corp. 4.875% 20241		495		516
Nova Chemicals Corp. 5.25% 20271		1,036		1,105
Novelis Corp. 5.875% 20261		950		994
Novelis Corp. 4.75% 20301		990		1,068
OCI NV 5.25% 20241		278		289
Olin Corp. 9.50% 20251		490		613
Olin Corp. 5.00% 2030		280		299
Owens-Illinois, Inc. 5.875% 20231		1,670		1,792
Owens-Illinois, Inc. 6.375% 20251		265		294
Plastipak Holdings, Inc. 6.25% 20251		200		206
Rayonier A.M. Products Inc. 7.625% 20261		745		778
Scotts Miracle-Gro Co. 4.50% 2029		639		691
Sealed Air Corp. 4.875% 20221		660		693
Sealed Air Corp. 5.25% 20231		267		285
Sealed Air Corp. 4.00% 20271		316		338
Silgan Holdings Inc. 4.125% 2028		377		393
Summit Materials, Inc. 6.50% 20271		360		384
Summit Materials, Inc. 5.25% 20291		1,275		1,340
Trivium Packaging BV 5.50% 20261		530		561
Trivium Packaging BV 8.50% 20271		403		442

206      American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Tronox Ltd. 5.75% 20251	$	700	$	728
Tronox Ltd. 6.50% 20261		775		808
Valvoline Inc. 4.375% 2025		555		573
Valvoline Inc. 4.25% 20301		353		375
Valvoline Inc. 3.625% 20311		620		638
Venator Materials Corp. 5.75% 20251		5,956		5,580
Venator Materials Corp. 9.50% 20251		2,175		2,382
W. R. Grace & Co. 4.875% 20271		790		839
Warrior Met Coal, Inc. 8.00% 20241		1,400		1,433
				100,470
Health care 11.31%
Auris Luxembourg III SARL, Term Loan, (3-month USD-LIBOR + 3.75%) 3.897% 20262,3		845		817
Avantor Funding, Inc. 4.625% 20281		1,510		1,599
Bausch Health Companies Inc. 9.25% 20261		2,644		2,952
Bausch Health Companies Inc. 5.00% 20281		587		606
Bausch Health Companies Inc. 7.00% 20281		1,153		1,269
Bausch Health Companies Inc. 5.00% 20291		891		918
Bausch Health Companies Inc. 6.25% 20291		815		886
Bausch Health Companies Inc. 5.25% 20301		852		893
Bausch Health Companies Inc. 5.25% 20311		3,055		3,197
Catalent Pharma Solutions Inc. 5.00% 20271		53		56
Centene Corp. 4.75% 2025		1,000		1,027
Centene Corp. 5.375% 20261		850		898
Centene Corp. 5.375% 20261		330		349
Centene Corp. 4.25% 2027		634		674
Centene Corp. 4.625% 2029		2,505		2,784
Centene Corp. 3.00% 2030		2,805		2,977
Centene Corp. 3.375% 2030		132		139
Charles River Laboratories International, Inc. 5.50% 20261		584		613
Charles River Laboratories International, Inc. 4.25% 20281		241		253
Community Health Systems Inc. 5.625% 20271		730		786
Community Health Systems Inc. 6.00% 20291		653		706
Concordia International Corp. 8.00% 2024		34		35
Concordia International Corp., Term Loan, (3-month USD-LIBOR + 5.50%) 6.50% 20242,3		59		58
Encompass Health Corp. 4.50% 2028		496		519
Encompass Health Corp. 4.75% 2030		635		681
Endo Dac / Endo Finance LLC / Endo Finco 9.50% 20271		1,644		1,838
Endo Dac / Endo Finance LLC / Endo Finco 6.00% 20281		1,185		1,008
Endo International PLC 5.75% 20221		2,937		2,853
Endo International PLC 5.875% 20241		1,300		1,320
HCA Inc. 5.875% 2023		604		665
HCA Inc. 5.375% 2025		175		197
HCA Inc. 5.875% 2026		321		370
HCA Inc. 4.50% 2027		173		201
HCA Inc. 5.625% 2028		1,315		1,556
HCA Inc. 3.50% 2030		1,325		1,408
HCA Inc. 5.50% 2047		128		171
HCA Inc. 5.25% 2049		475		627
HealthSouth Corp. 5.75% 2025		942		975
IMS Health Holdings, Inc. 5.00% 20261		823		864
Jaguar Holding Co. II 4.625% 20251		350		370
Jaguar Holding Co. II 5.00% 20281		375		401
Mallinckrodt International Finance SA 5.50% 20251,4		1,118		391
Mallinckrodt PLC 5.75% 20221		420		147
Mallinckrodt PLC 10.00% 20251		4,358		4,739
Molina Healthcare, Inc. 5.375% 2022		4,589		4,867
Molina Healthcare, Inc. 4.375% 20281		920		969
Molina Healthcare, Inc. 3.875% 20301		1,420		1,527
Owens & Minor, Inc. 4.375% 2024		1,440		1,481

American Funds Insurance Series      207

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Owens & Minor, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.655% 20252,3	$	1,460	$	1,458
Par Pharmaceutical Inc. 7.50% 20271		4,612		5,010
PAREXEL International Corp. 6.375% 20251		685		703
Prime Healthcare Services, Inc. 7.25% 20251		600		639
Radiology Partners, Inc. 9.25% 20281		1,293		1,458
Radiology Partners, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 4.476% 20252,3		575		567
Rotech Healthcare Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% 2023 (100% PIK)2,3,5,7,8		3,850		3,850
RP Escrow Issuer, LLC 5.25% 20251		655		686
Select Medical Holdings Corp. 6.25% 20261		554		597
Sotera Health Holdings LLC, Term Loan, (3-months USD-LIBOR + 4.50%) 5.50% 20262,3		570		573
Surgery Center Holdings 10.00% 20271		416		460
Syneos Health, Inc. 3.625% 20291		630		633
Team Health Holdings, Inc. 6.375% 20251		3,171		2,743
Team Health Holdings, Inc., Term Loan B, 3.75% 20242,3		917		826
Tenet Healthcare Corp. 4.625% 2024		559		574
Tenet Healthcare Corp. 4.875% 20261		6,080		6,368
Tenet Healthcare Corp. 5.125% 20271		710		753
Tenet Healthcare Corp. 6.125% 20281		275		288
Teva Pharmaceutical Finance Co. BV 2.20% 2021		75		75
Teva Pharmaceutical Finance Co. BV 2.80% 2023		1,908		1,892
Teva Pharmaceutical Finance Co. BV 6.00% 2024		4,779		5,077
Teva Pharmaceutical Finance Co. BV 7.125% 2025		1,309		1,449
Teva Pharmaceutical Finance Co. BV 3.15% 2026		1,684		1,622
Teva Pharmaceutical Finance Co. BV 6.75% 2028		1,188		1,346
Teva Pharmaceutical Finance Co. BV 4.10% 2046		525		469
U.S. Renal Care, Inc. 10.625% 20271		359		398
Valeant Pharmaceuticals International, Inc. 6.125% 20251		1,584		1,634
Valeant Pharmaceuticals International, Inc. 9.00% 20251		581		644
Valeant Pharmaceuticals International, Inc. 8.50% 20271		608		677
				98,106
Industrials 9.51%
ADT Corp. 3.50% 2022		1,221		1,255
Aircastle Ltd. 5.25% 20251		650		716
Alaska Air Group, Inc. 4.80% 20271		575		635
Allison Transmission Holdings, Inc. 3.75% 20311		1,950		1,999
ASGN Inc. 4.625% 20281		330		344
Ashtead Group PLC 4.25% 20291		488		536
Associated Materials, LLC 9.00% 20251		2,156		2,291
ATS Automation Tooling Systems Inc. 4.125% 20281		275		281
Aviation Capital Group LLC 5.50% 20241		500		554
Avis Budget Car Rental, LLC 5.75% 20271		1,375		1,407
Avis Budget Group, Inc. 6.375% 20241		1,710		1,747
Avis Budget Group, Inc. 5.25% 20251		437		440
Avis Budget Group, Inc. 10.50% 20251		800		946
Avolon Holdings Funding Ltd. 5.25% 20241		660		718
Avolon Holdings Funding Ltd. 4.25% 20261		218		235
Boeing Company 3.625% 2031		1,400		1,536
Boeing Company 3.50% 2039		70		71
Boeing Company 3.75% 2050		400		421
Boeing Company 5.93% 2060		700		993
Bohai Financial Investment Holding Co., Ltd. 5.25% 20221		1,600		1,680
Bohai Financial Investment Holding Co., Ltd. 4.50% 20231		1,072		1,124
Bohai Financial Investment Holding Co., Ltd. 5.125% 20231		660		707
Bohai Financial Investment Holding Co., Ltd. 5.50% 20241		600		655
Bombardier Inc. 8.75% 20211		445		464
Bombardier Inc. 5.75% 20221		255		260
Bombardier Inc. 6.125% 20231		338		331
Bombardier Inc. 7.50% 20241		140		135

208      American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Bombardier Inc. 7.50% 20251	$	1,191	$	1,106
Bombardier Inc. 7.875% 20271		1,598		1,472
British Airways, Series 2020-1, Class B, 8.375% 20281		185		205
British Airways, Series 2020-1, Class A, 4.25% 20321		370		397
BWX Technologies, Inc. 4.125% 20281		615		642
Clean Harbors, Inc. 4.875% 20271		766		800
Covanta Holding Corp. 5.875% 2025		858		895
Covanta Holding Corp. 5.00% 2030		1,000		1,071
CP Atlas Buyer, Inc. 7.00% 20281		450		468
Dun & Bradstreet Corp. 6.875% 20261		203		219
Dun & Bradstreet Corp. 10.25% 20271		2,098		2,370
F-Brasile SpA 7.375% 20261		1,338		1,301
Fortress Transportation and Infrastructure Investors LLC 6.50% 20251		480		503
Fortress Transportation and Infrastructure Investors LLC 9.75% 20271		445		511
Harsco Corp. 5.75% 20271		650		689
Howmet Aerospace Inc. 6.875% 2025		1,662		1,963
Icahn Enterprises Finance Corp. 4.75% 2024		1,080		1,124
JELD-WEN Holding, Inc. 4.875% 20271		1,033		1,095
JetBlue Airways Corp., Pass Through Trust Certificates, Series 2019-1, Class B, 8.00% 2027		158		171
JetBlue Airways Corp., Pass Through Trust Certificates, Series 2020-1, Class A, 7.75% 2028		350		382
Kratos Defense & Security Solutions, Inc. 6.50% 20251		1,710		1,785
LABL Escrow Issuer, LLC 10.50% 20271		690		778
LBM Acquisition LLC 6.25% 20291		400		417
LSC Communications, Inc. 8.75% 20231,4,7,8		8,744		482
LSC Communications, Inc., Term Loan B, (3-month USD-LIBOR + 5.50%) 6.25% 20222,3,4,7,8		195		16
MasTec, Inc. 4.50% 20281		1,250		1,314
Meritor, Inc. 4.50% 20281		325		334
Moog Inc. 4.25% 20271		125		130
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 20251		750		771
Nielsen Finance LLC and Nielsen Finance Co. 5.625% 20281		250		272
Nielsen Finance LLC and Nielsen Finance Co. 5.875% 20301		1,400		1,586
Prime Security Services Borrower, LLC 3.375% 20271		925		919
Prime Security Services Borrower, LLC 6.25% 20281		627		674
R.R. Donnelley & Sons Co. 6.50% 2023		1,100		1,137
R.R. Donnelley & Sons Co., Term Loan B, (3-month USD-LIBOR + 5.00%) 5.254% 20242,3		1,323		1,290
Rexnord Corp. 4.875% 20251		848		867
Rolls-Royce PLC 4.625% 2026	€	300		398
Rolls-Royce PLC 5.75% 20271	$	1,060		1,175
Rolls-Royce PLC 5.75% 2027	£	275		417
Sensata Technologies, Inc. 3.75% 20311	$	500		519
Signature Aviation PLC 4.00% 20281		185		187
SkyMiles IP Ltd. 4.50% 20251		275		294
SkyMiles IP Ltd. 4.75% 20281		2,285		2,496
SkyMiles IP Ltd., Term Loan, (3-month USD-LIBOR + 3.75%) 4.75% 20272,3		525		545
Specialty Building Products Holdings LLC 6.375% 20261		450		477
Spirit AeroSystems, Inc. (3-month USD-LIBOR + 0.80%) 1.017% 20213		120		118
Stericycle, Inc. 5.375% 20241		1,135		1,186
Stericycle, Inc. 3.875% 20291		500		514
The Brink’s Co. 4.625% 20271		719		753
TransDigm Inc. 6.50% 2024		529		539
TransDigm Inc. 8.00% 20251		658		729
TransDigm Inc. 6.25% 20261		513		547
TransDigm Inc. 5.50% 2027		855		900
Triumph Group, Inc. 5.25% 2022		240		229
Triumph Group, Inc. 6.25% 20241		310		308
Triumph Group, Inc. 8.875% 20241		445		489
Triumph Group, Inc. 7.75% 20251		270		248
Uber Technologies, Inc. 8.00% 20261		498		543

American Funds Insurance Series      209

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
United Airlines Holdings, Inc. 6.50% 20271	$	4,625	$	4,981
United Parcel Service, Inc. 3.125% 2021		200		200
United Rentals, Inc. 5.875% 2026		53		56
United Rentals, Inc. 3.875% 2031		650		683
Vertical Holdco GMBH 7.625% 20281		975		1,065
Vertical U.S. Newco Inc. 5.25% 20271		2,375		2,522
Virgin Australia Holdings Ltd. 7.875% 20211,4		800		66
Wesco Aircraft Holdings, Inc. 8.50% 20241		233		223
Wesco Aircraft Holdings, Inc. 9.00% 20261		939		891
WESCO Distribution, Inc. 7.125% 20251		1,865		2,054
WESCO Distribution, Inc. 7.25% 20281		1,770		2,016
Western Global Airlines LLC 10.375% 20251		385		430
XPO Logistics, Inc. 6.75% 20241		198		211
XPO Logistics, Inc. 6.25% 20251		800		862
				82,508
Financials 6.63%
Advisor Group Holdings, LLC 6.25% 20281		1,551		1,572
AG Merger Sub II, Inc. 10.75% 20271		1,862		2,063
Alliant Holdings Intermediate, LLC 6.75% 20271		1,036		1,110
Ally Financial Inc. 8.00% 2031		403		592
Ally Financial Inc. 8.00% 2031		63		90
American International Group, Inc. 4.375% 2050		245		321
AssuredPartners, Inc. 7.00% 20251		373		388
AssuredPartners, Inc. 8.00% 20271		603		656
AssuredPartners, Inc. 5.625% 20291		365		381
CIT Group Inc. 4.125% 2021		950		953
Compass Diversified Holdings 8.00% 20261		3,214		3,386
Credit Acceptance Corp. 5.125% 20241		765		798
Fairstone Financial Inc. 7.875% 20241		1,258		1,337
Ford Motor Credit Co. 3.375% 2025		1,875		1,923
Freedom Mortgage Corp. 7.625% 20261		625		662
FS Energy and Power Fund 7.50% 20231		3,999		3,850
HUB International Ltd. 7.00% 20261		1,950		2,041
Icahn Enterprises Finance Corp. 6.25% 2022		2,334		2,345
Icahn Enterprises Finance Corp. 5.25% 2027		377		405
Iris Merger Sub 2019 Inc. 9.375% 20281		349		383
Ladder Capital Corp. 5.25% 20221		150		151
Ladder Capital Corp. 4.25% 20271		1,239		1,220
LD Holdings Group LLC 6.50% 20251		625		659
LPL Financial Holdings Inc. 4.625% 20271		1,209		1,255
MGIC Investment Corp. 5.25% 2028		525		563
MSCI Inc. 5.375% 20271		320		342
MSCI Inc. 3.625% 20301		66		69
MSCI Inc. 3.875% 20311		2,150		2,276
National Financial Partners Corp. 6.875% 20281		1,094		1,169
Nationstar Mortgage Holdings Inc. 5.50% 20281		425		448
Nationstar Mortgage Holdings Inc. 5.125% 20301		650		680
Navient Corp. 6.50% 2022		3,533		3,748
Navient Corp. 5.50% 2023		3,086		3,235
Navient Corp. 5.875% 2024		1,020		1,086
Navient Corp. 6.125% 2024		417		447
Navient Corp. 5.00% 2027		2,483		2,508
Navient Corp. 5.625% 2033		978		941
New Residential Investment Corp. 6.25% 20251		275		277
NMI Holdings, Inc. 7.375% 20251		290		325
OneMain Holdings, Inc. 7.125% 2026		685		811
Owl Rock Capital Corp. 4.625% 20241		750		769
Owl Rock Capital Corp. 3.75% 2025		900		935
Owl Rock Capital Corp. 3.375% 2026		390		396

210      American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
PennyMac Financial Services, Inc. 5.375% 20251	$	525	$	556
Quicken Loans, LLC 3.625% 20291		455		465
Springleaf Finance Corp. 6.125% 2024		1,517		1,659
Springleaf Finance Corp. 6.625% 2028		190		226
Springleaf Finance Corp. 5.375% 2029		183		206
Starwood Property Trust, Inc. 5.00% 2021		2,371		2,417
Starwood Property Trust, Inc. 5.50% 20231		465		487
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 8.00%) 1.06% 2025 (72.22% PIK)2,3,5		895		886
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 5.00%) 5.254% 20262,3		1,483		1,028
				57,496
Information technology 3.94%
Almonde Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 20252,3		3,324		3,342
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20252,3		822		829
Austin BidCo Inc. 7.125% 20281		940		983
Austin BidCo Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 4.732% 20272,3		125		125
Avaya Inc. 6.125% 20281		490		524
Banff Merger Sub Inc. 9.75% 20261		723		782
Black Knight Inc. 3.625% 20281		815		835
BMC Software, Inc. 7.125% 20251		225		245
BMC Software, Inc. 9.125% 20261		240		259
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 4.25%) 4.504% 20252,3		372		371
CommScope Finance LLC 6.00% 20261		833		879
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 3.004% 20232,3		647		632
Diebold Nixdorf, Inc. 9.375% 20251		4,850		5,441
Diebold, Inc. 8.50% 2024		1,534		1,555
Gartner, Inc. 4.50% 20281		1,475		1,558
Internet Brands, Inc., Term Loan, (3-month USD-LIBOR + 7.50%) 7.647% 20252,3		448		450
Logan Merger Sub, Inc. 5.50% 20271		725		760
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 3.75%) 4.004% 20242,3		1,035		1,036
MoneyGram International Inc., Term Loan B, (3-month USD-LIBOR + 6.00%) 7.00% 20232,3		1,216		1,223
Sabre GLBL Inc. 7.375% 20251		600		652
Sabre Holdings Corp. 5.25% 20231		83		84
Sabre Holdings Corp. 9.25% 20251		546		651
Solera Holdings, Inc. 10.50% 20241		726		753
Ultimate Software Group Inc., Term Loan, (3-month USD-LIBOR + 6.75%) 7.50% 20272,3		1,325		1,366
Unisys Corp. 6.875% 20271		1,725		1,889
VeriSign, Inc. 4.625% 2023		429		434
VeriSign, Inc. 5.25% 2025		132		150
Veritas Holdings Ltd. 7.50% 20231		852		856
Veritas Holdings Ltd. 10.50% 20241		625		638
Veritas Holdings Ltd. 7.50% 20251		2,140		2,199
ViaSat, Inc. 5.625% 20271		175		184
Xerox Corp. 4.125% 2023		314		330
Xerox Corp. 5.50% 20281		2,035		2,163
				34,178
Utilities 2.98%
AES Corp. 3.95% 20301		675		764
AES Panama Generation Holdings SRL 4.375% 20301		200		217
AmeriGas Partners, LP 5.75% 2027		297		339
Calpine Corp. 5.25% 20261		96		99
Calpine Corp. 4.50% 20281		500		521
Calpine Corp. 5.125% 20281		518		546
Calpine Corp. 5.00% 20311		1,000		1,046
DPL Inc. 4.125% 20251		765		827
DPL Inc. 4.35% 2029		575		646

American Funds Insurance Series      211

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Emera Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)6	$	1,155	$	1,352
Enel Società per Azioni 8.75% 2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)1,6		1,050		1,229
FEL Energy VI SARL 5.75% 20401		550		586
FirstEnergy Corp. 7.375% 2031		364		519
FirstEnergy Corp. 4.85% 2047 (5.10% on 1/15/2021)6		550		685
FirstEnergy Corp. 3.40% 2050		1,430		1,375
NextEra Energy Partners, LP 4.25% 20241		122		131
NextEra Energy Partners, LP 3.875% 20261		92		98
NGL Energy Partners LP 7.50% 2026		1,492		928
NRG Energy, Inc. 7.25% 2026		328		347
NRG Energy, Inc. 3.375% 20291		630		646
NRG Energy, Inc. 3.625% 20311		630		649
Pacific Gas and Electric Co. 3.75% 2028		203		221
Pacific Gas and Electric Co. 4.55% 2030		473		539
Pacific Gas and Electric Co. 4.95% 2050		600		716
PG&E Corp. 5.00% 2028		1,655		1,765
PG&E Corp. 5.25% 2030		675		743
PG&E Corp., Term Loan, (3-month USD-LIBOR + 4.50%) 5.50% 20252,3		254		257
Talen Energy Corp. 10.50% 20261		3,248		2,897
Talen Energy Corp. 7.25% 20271		2,773		2,958
Talen Energy Supply, LLC 7.625% 20281		1,590		1,716
UEP Penonome II SA 6.50% 20381		250		261
Vistra Operations Co. LLC 3.55% 20241		231		250
				25,873
Consumer staples 2.72%
Albertsons Companies, Inc. 3.50% 20291		585		592
Albertsons Companies, Inc. 4.875% 20301		335		370
B&G Foods, Inc. 5.25% 2025		612		633
B&G Foods, Inc. 5.25% 2027		228		243
Brasil Foods SA 5.75% 20501		370		412
C&S Wholsesale Grocers Inc. 5.00% 20281		650		649
Central Garden & Pet Co. 4.125% 2030		420		439
Darling Ingredients Inc. 5.25% 20271		579		617
Edgewell Personal Care Co. 5.50% 20281		275		296
Energizer Holdings, Inc. 7.75% 20271		227		253
Energizer Holdings, Inc. 4.375% 20291		545		565
H.J. Heinz Co. 3.875% 20271		725		782
H.J. Heinz Co. 4.25% 20311		713		795
H.J. Heinz Co. 4.625% 20391		165		185
H.J. Heinz Co. 5.50% 20501		1,341		1,694
Kraft Heinz Company 3.95% 2025		580		639
Kraft Heinz Company 5.20% 2045		330		392
Kraft Heinz Company 4.375% 2046		1,466		1,586
Kraft Heinz Company 4.875% 20491		985		1,149
Kronos Acquisition Holdings Inc. 5.00% 20261		385		402
Kronos Acquisition Holdings Inc. 7.00% 20271		485		509
Lamb Weston Holdings, Inc. 4.625% 20241		561		586
Nestle Skin Health SA, Term Loan B1, (3-month USD-LIBOR + 4.00%) 4.254% 20262,3		1,806		1,813
Post Holdings, Inc. 5.00% 20261		1,958		2,025
Post Holdings, Inc. 5.625% 20281		569		607
Post Holdings, Inc. 5.50% 20291		166		181
Post Holdings, Inc. 4.625% 20301		1,905		2,006
Prestige Brands International Inc. 6.375% 20241		260		266
Prestige Brands International Inc. 5.125% 20281		103		110
Spectrum Brands Inc. 5.75% 2025		528		546

212      American Funds Insurance Series

High-Income Bond Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
TreeHouse Foods, Inc. 6.00% 20241	$	1,188	$	1,213
TreeHouse Foods, Inc. 4.00% 2028		145		150
United Natural Foods, Inc. 6.75% 20281		865		906
				23,611
Real estate 2.62%
Brookfield Property REIT Inc. 5.75% 20261		2,839		2,806
Diversified Healthcare Trust 4.75% 2024		275		283
Diversified Healthcare Trust 9.75% 2025		650		739
Hospitality Properties Trust 7.50% 2025		238		274
Howard Hughes Corp. 5.375% 20251		2,568		2,655
Howard Hughes Corp. 5.375% 20281		1,950		2,101
Iron Mountain Inc. 4.875% 20271		1,266		1,327
Iron Mountain Inc. 5.00% 20281		617		656
Iron Mountain Inc. 5.25% 20281		1,214		1,283
Iron Mountain Inc. 5.25% 20301		2,450		2,649
Iron Mountain Inc. 4.50% 20311		1,960		2,056
Ladder Capital Corp. 5.25% 20251		140		140
Medical Properties Trust, Inc. 5.00% 2027		1,333		1,420
Medical Properties Trust, Inc. 3.50% 2031		1,369		1,416
Park Hotels & Resorts Inc. 7.50% 20251		425		460
QTS Realty Trust, Inc. 3.875% 20281		625		638
Realogy Corp. 9.375% 20271		740		821
Realogy Group LLC 7.625% 20251		260		283
Service Properties Trust 5.50% 2027		335		366
Xenia Hotels & Resorts, Inc. 6.375% 20251		300		317
				22,690
Total corporate bonds, notes & loans				775,019
Asset-backed obligations 0.01%
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 20601,10		95		97
Municipals 0.00%
Puerto Rico 0.00%
Aqueduct and Sewer Auth., Rev. Bonds, Series 2012-B, 5.35% 2027		5		5
Total bonds, notes & other debt instruments (cost: $755,326,000)				775,121
Convertible bonds & notes 0.61%
Communication services 0.27%
Cinemark USA, Inc., convertible notes, 4.50% 20251		190		278
DISH DBS Corp., convertible notes, 3.375% 2026		635		607
Liberty Broadband Corp., convertible notes, 2.75% 20501		321		344
Live Nation Entertainment, Inc., convertible notes, 2.125% 20251		430		459
Match Group Financeco 2 Inc., convertible notes, 0.875% 20261		175		321
Zillow Group, Inc., convertible notes, 1.50% 2023		180		307
				2,316
Information technology 0.15%
LivePerson, Inc., convertible notes, 0% 20261		219		240
Sabre Holdings Corp., convertible notes, 4.00% 20251		390		702
Shift4 Payments, Inc., convertible notes, 0% 20251		267		327
				1,269
Industrials 0.12%
American Airlines Group Inc., convertible notes, 6.50% 2025		183		230
Southwest Airlines Co., convertible notes, 1.25% 2025		403		587
Uber Technologies, Inc., convertible notes, 0% 20251		270		278
				1,095

American Funds Insurance Series      213

High-Income Bond Fund (continued)

Convertible bonds & notes (continued)

	Principal amount (000)		Value (000)
Consumer discretionary 0.06%
NCL Corp. Ltd., convertible notes, 5.375% 20251	$	155	$	263
Royal Caribbean Cruises Ltd., convertible notes, 4.25% 20231		200		267
				530
Energy 0.01%
Mesquite Energy Inc., convertible notes, 15.04% 2023 (100% PIK)1,5,7,8		65		65
Total convertible bonds & notes (cost: $4,324,000)				5,275
Convertible stocks 0.38%
	Shares
Utilities 0.14%
PG&E Corp., convertible preferred units, 5.50% 202311		3,350		411
American Electric Power Company, Inc., convertible preferred shares, 6.125% 2022		8,000		401
NextEra Energy, Inc., convertible preferred units, 5.279% 2023		4,300		219
Essential Utilities, Inc., convertible preferred units, 6.00% 2022		2,600		161
				1,192
Financials 0.10%
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 20231		411		494
KKR & Co. Inc., Series C, convertible preferred shares, 6.00%		6,980		421
				915
Information technology 0.07%
Broadcom Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		450		640
Health care 0.07%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023		291		379
Boston Scientific Corp., Series A, convertible preferred shares, 5.50% 2023		1,935		212
				591
Total convertible stocks (cost: $2,799,000)				3,338
Preferred securities 0.33%
Consumer discretionary 0.33%
MYT Holding LLC, Series A, preferred shares7,11		2,470,906		2,841
Total preferred securities (cost: $2,212,000)				2,841
Common stocks 4.07%
Health care 1.71%
Rotech Healthcare Inc.7,8,11,12		201,793		14,327
Advanz Pharma Corp. Ltd.11,12		80,350		354
Advanz Pharma Corp. Ltd.11		29,584		131
				14,812
Energy 0.84%
Denbury Inc.11		63,840		1,640
Oasis Petroleum Inc.11		43,838		1,625
Ascent Resources - Utica, LLC, Class A7,8,11,12		6,297,894		1,385
Weatherford International11		156,870		941
Tribune Resources, LLC7,8,11		1,006,339		916
California Resources Corp.11		17,202		406
Whiting Petroleum Corp.11		12,063		302
McDermott International, Inc.11		107,875		87

214      American Funds Insurance Series

High-Income Bond Fund (continued)

Common stocks (continued)

	Shares		Value (000)
Energy (continued)
Mesquite Energy, Inc.7,8,11		3,557	$	21
Tapstone Energy, LLC1,7,8,11		14,603		—	9
Sable Permian Resources, LLC, units7,8,11		15,816,020		—	9
				7,323
Industrials 0.81%
Associated Materials Group Inc.7,8,11		949,277		5,961
ACR III LSC Holdings LLC7,8,11		1,061		1,098
				7,059
Consumer discretionary 0.37%
MYT Holding Co., Class B7,11		608,846		1,644
NMG Parent LLC7,11		14,350		947
NMG Parent LLC1,7,8,11		1,615		75
Chewy, Inc., Class A11		3,070		276
Scientific Games Corp.11		6,000		249
				3,191
Materials 0.12%
Hexion Holdings Corp., Class B11		81,939		1,004
Information technology 0.10%
Snowflake Inc., Class A11		1,200		338
MoneyGram International, Inc.11		50,000		273
C3.ai, Inc., Class A11		1,800		250
				861
Financials 0.09%
Jonah Energy Parent LLC7,8,11		38,716		581
Navient Corp.		20,000		196
				777
Communication services 0.03%
iHeartMedia, Inc., Class A11		22,639		294
Total common stocks (cost: $41,154,000)				35,321
Rights & warrants 0.01%
Consumer discretionary 0.01%
NMG Parent LLC, warrants, expire 20277,11		27,111		76
Energy 0.00%
Tribune Resources, LLC, Class A, warrants, expire 20237,8,11		336,564		—	9
Tribune Resources, LLC, Class B, warrants, expire 20237,8,11		261,772		—	9
Tribune Resources, LLC, Class C, warrants, expire 20237,8,11		247,225		—	9
				—	9
Total rights & warrants (cost: $215,000)				76

American Funds Insurance Series      215

High-Income Bond Fund (continued)

Short-term securities 3.86%

	Shares		Value (000)
Money market investments 3.86%
Capital Group Central Cash Fund 0.12%13,14		334,899	$	33,493
Total short-term securities (cost: $33,489,000)				33,493
Total investment securities 98.60% (cost: $839,519,000)				855,465
Other assets less liabilities 1.40%				12,114
Net assets 100.00%			$	867,579

Futures contracts

Contracts	Type		Number of contracts		Expiration	Notional amount15 (000)			Value at 12/31/202016 (000)			Unrealized appreciation (depreciation) at 12/31/2020 (000)
10 Year Ultra U.S. Treasury Note Futures		Short		24	March 2021	$	(2,400	)	$	(3,753	)	$	8
10 Year U.S. Treasury Note Futures		Short		82	March 2021		(8,200	)		(11,322	)		(27	)
												$	(19	)

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 12/31/2020 (000)			Upfront premium received (000)			Unrealized appreciation (depreciation) at 12/31/2020 (000)
CDX.NA.IG.35		1.00%/Quarterly		12/20/2025	$	15,200	$	(372	)	$	(379	)	$	7
CDX.NA.HY.35		5.00%/Quarterly		12/20/2025		20,525		(1,911	)		(1,183	)		(728	)
										$	(1,562	)	$	(721	)

Investments in affiliates¹⁴

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 12/31/2020 (000)		Dividend income (000)
Short-term securities 3.86%
Money market investments 3.86%
Capital Group Central Cash Fund 0.12%13	$	39,112	$	330,467	$	336,030	$	73	$	(129	)	$	33,493	$	227

216      American Funds Insurance Series

High-Income Bond Fund (continued)

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 was $517,886,000, which represented 59.69% of the net assets of the fund.

²  Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $37,070,000, which represented 4.27% of the net assets of the fund.

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

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

⁵  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.

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

⁷  Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $34,321,000, which represented 3.96% of the net assets of the fund.

⁸  Value determined using significant unobservable inputs.

⁹  Amount less than one thousand.

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

¹¹  Security did not produce income during the last 12 months.

¹²  Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear on the following page.

¹³  Rate represents the seven-day yield at 12/31/2020.

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

¹⁵  Notional amount is calculated based on the number of contracts and notional contract size.

¹⁶  Value is calculated based on the notional amount and current market price.

Private placement securities	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Rotech Healthcare Inc.	9/26/2013	$	4,331	$	14,327	1.65%
Ascent Resources - Utica, LLC, Class A	11/15/2016		302		1,385	.16
Advanz Pharma Corp. Ltd.	8/31/2018		1,017		354	.04
Total private placement securities		$	5,650	$	16,066	1.85%

Key to abbreviations and symbols

Auth. = Authority

£ = British pounds

€ = Euros

LIBOR = London Interbank Offered Rate

Rev. = Revenue

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series      217

American Funds Mortgage Fund (formerly Mortgage Fund)

Investment portfolio December 31, 2020

Bonds, notes & other debt instruments 78.54%

	Principal amount			Value
	(000)			(000)
Mortgage-backed obligations 68.70%
Federal agency mortgage-backed obligations 64.32%
Fannie Mae Pool #AS7638 2.50% 20311	$	1,073		$	1,120
Fannie Mae Pool #695412 5.00% 20331		—	2		—	2
Fannie Mae Pool #AD3566 5.00% 20351		2			2
Fannie Mae Pool #MA4228 1.50% 20361		80			82
Fannie Mae Pool #256583 5.00% 20361,3		35			37
Fannie Mae Pool #889101 2.125% 20381,4		35			36
Fannie Mae Pool #964279 2.633% 20381,4		32			32
Fannie Mae Pool #964708 2.765% 20381,4		4			4
Fannie Mae Pool #AC0794 5.00% 20391		10			11
Fannie Mae Pool #931768 5.00% 20391		2			2
Fannie Mae Pool #AL9335 2.604% 20401,4		1,327			1,389
Fannie Mae Pool #932606 5.00% 20401		5			6
Fannie Mae Pool #AL9327 3.122% 20411,4		1,241			1,302
Fannie Mae Pool #AL9326 3.302% 20411,4		1,704			1,788
Fannie Mae Pool #AJ1873 4.00% 20411		7			8
Fannie Mae Pool #AE1248 5.00% 20411		11			13
Fannie Mae Pool #AE1274 5.00% 20411		9			10
Fannie Mae Pool #AE1277 5.00% 20411		5			6
Fannie Mae Pool #AE1283 5.00% 20411		3			4
Fannie Mae Pool #AP7553 3.00% 20421		402			430
Fannie Mae Pool #AE1290 5.00% 20421		6			7
Fannie Mae Pool #AL3829 3.50% 20431		64			70
Fannie Mae Pool #AT7161 3.50% 20431		29			31
Fannie Mae Pool #AR1512 3.50% 20431		14			15
Fannie Mae Pool #AT0412 3.50% 20431		7			8
Fannie Mae Pool #AT3954 3.50% 20431		4			4
Fannie Mae Pool #AT0300 3.50% 20431		3			3
Fannie Mae Pool #AY1829 3.50% 20441		5			6
Fannie Mae Pool #AW8240 3.50% 20441		1			1
Fannie Mae Pool #BE5017 3.50% 20451		36			39
Fannie Mae Pool #BE5009 3.50% 20451		29			31
Fannie Mae Pool #BE8740 3.50% 20471		33			36
Fannie Mae Pool #BE8742 3.50% 20471		10			11
Fannie Mae Pool #BH2848 3.50% 20471		5			5
Fannie Mae Pool #BH2847 3.50% 20471		3			4
Fannie Mae Pool #BH2846 3.50% 20471		4			4
Fannie Mae Pool #BJ5015 4.00% 20471		79			87
Fannie Mae Pool #BH3122 4.00% 20471		3			3
Fannie Mae Pool #BM4488 3.398% 20481,4		892			928
Fannie Mae Pool #BJ4901 3.50% 20481		23			25
Fannie Mae Pool #CA2850 4.00% 20481		91			102
Fannie Mae Pool #BK6840 4.00% 20481		51			55
Fannie Mae Pool #BK5232 4.00% 20481		40			44
Fannie Mae Pool #BK9743 4.00% 20481		14			15
Fannie Mae Pool #BK7665 4.50% 20481		336			373
Fannie Mae Pool #BK0951 4.50% 20481		257			288
Fannie Mae Pool #CA2205 4.50% 20481		67			72
Fannie Mae Pool #BK9761 4.50% 20481		14			15
Fannie Mae Pool #CA4867 3.00% 20491,3		4,614			5,010
Fannie Mae Pool #CA4151 3.50% 20491		318			350
Fannie Mae Pool #BJ8411 3.50% 20491		67			73
Fannie Mae Pool #BJ8402 3.53% 20491,4		178			185
Fannie Mae Pool #CA5496 3.00% 20501		9,365			10,214
Fannie Mae Pool #MA4256 2.50% 20511		7			7
Freddie Mac Pool #A18781 5.00% 20341,3		907			1,049
Freddie Mac Pool #SB8083 1.50% 20361		1,256			1,293
Freddie Mac Pool #C91883 4.00% 20361		3,471			3,792
Freddie Mac Pool #840222 2.803% 20401,4		363			382
Freddie Mac Pool #Q18236 3.50% 20431		29			31
Freddie Mac Pool #Q19133 3.50% 20431		18			20
Freddie Mac Pool #Q17696 3.50% 20431		16			18

218 American Funds Insurance Series

American Funds Mortgage Fund (formerly Mortgage Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #Q15874 4.00% 20431	$	2	$	2
Freddie Mac Pool #760012 3.097% 20451,4		83		86
Freddie Mac Pool #760014 3.116% 20451,4		788		823
Freddie Mac Pool #760013 3.162% 20451,4		46		48
Freddie Mac Pool #760015 2.849% 20471,4		140		145
Freddie Mac Pool #Q52069 3.50% 20471		48		52
Freddie Mac Pool #Q47615 3.50% 20471		33		36
Freddie Mac Pool #Q55056 3.50% 20481		60		65
Freddie Mac Pool #Q54709 3.50% 20481		36		39
Freddie Mac Pool #Q54701 3.50% 20481		34		37
Freddie Mac Pool #Q54782 3.50% 20481		30		32
Freddie Mac Pool #Q54781 3.50% 20481		27		30
Freddie Mac Pool #Q54700 3.50% 20481		26		29
Freddie Mac Pool #Q55060 3.50% 20481		19		20
Freddie Mac Pool #Q56591 3.50% 20481		18		19
Freddie Mac Pool #Q56590 3.50% 20481		17		18
Freddie Mac Pool #Q56589 3.50% 20481		16		17
Freddie Mac Pool #Q54698 3.50% 20481		14		15
Freddie Mac Pool #Q54699 3.50% 20481		13		14
Freddie Mac Pool #Q54831 3.50% 20481		9		10
Freddie Mac Pool #G67711 4.00% 20481		440		486
Freddie Mac Pool #Q56599 4.00% 20481		57		63
Freddie Mac Pool #Q56175 4.00% 20481		43		47
Freddie Mac Pool #Q55971 4.00% 20481		38		42
Freddie Mac Pool #Q55970 4.00% 20481		19		21
Freddie Mac Pool #Q58411 4.50% 20481		116		129
Freddie Mac Pool #Q58436 4.50% 20481		52		59
Freddie Mac Pool #Q58378 4.50% 20481		43		48
Freddie Mac Pool #Q57242 4.50% 20481		31		34
Freddie Mac Pool #RA1339 3.00% 20491		3,063		3,282
Freddie Mac Pool #RA1463 3.50% 20491		216		238
Freddie Mac Pool #QA2748 3.50% 20491		29		32
Freddie Mac Pool #SD7514 3.50% 20501,3		10,578		11,378
Freddie Mac, Series K030, Class A2, Multi Family, 3.25% 20231		1,746		1,850
Freddie Mac, Series K031, Class A2, Multi Family, 3.30% 20231		4,722		5,026
Freddie Mac, Series K083, Class A2, Multi Family, 4.05% 20281,4		900		1,096
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561		1,257		1,348
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20561,4		1,260		1,324
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20561,4		1,032		1,084
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 20561		136		149
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 20571		722		783
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20571,4		4,576		4,990
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20571		2,640		2,861
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20571		2,020		2,205
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20571		1,097		1,198
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 20581		42		46
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20581		27		30
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281		5,765		6,099
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20281		1,608		1,692
Government National Mortgage Assn. 2.00% 20511,5		18,325		19,101
Government National Mortgage Assn. 2.50% 20511,5		4,750		5,009
Government National Mortgage Assn. 3.00% 20511,5		150		157
Government National Mortgage Assn. 3.50% 20511,5		19		20
Government National Mortgage Assn. 3.50% 20511,5		18		20
Government National Mortgage Assn. Pool #AH5894 3.75% 20341		988		1,062
Government National Mortgage Assn. Pool #AD0028 3.75% 20381		663		714
Government National Mortgage Assn. Pool #AH5897 3.75% 20391		624		671
Government National Mortgage Assn. Pool #004410 4.00% 20391		60		62
Government National Mortgage Assn. Pool #783690 6.00% 20391		134		155

American Funds Insurance Series 219

American Funds Mortgage Fund (formerly Mortgage Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. Pool #004823 4.00% 20401	$	141	$	146
Government National Mortgage Assn. Pool #005142 4.50% 20411		29		31
Government National Mortgage Assn. Pool #005104 5.00% 20411		553		608
Government National Mortgage Assn. Pool #005165 6.50% 20411		145		167
Government National Mortgage Assn. Pool #AA5326 3.50% 20421		243		252
Government National Mortgage Assn. Pool #MA0366 3.50% 20421		210		217
Government National Mortgage Assn. Pool #AA5526 3.50% 20421		143		151
Government National Mortgage Assn. Pool #AA7301 3.50% 20431		1,338		1,493
Government National Mortgage Assn. Pool #AD7278 3.50% 20431,3		1,043		1,120
Government National Mortgage Assn. Pool #AF0140 3.50% 20431		237		251
Government National Mortgage Assn. Pool #AD4360 3.50% 20431		96		102
Government National Mortgage Assn. Pool #AH5882 3.75% 20441		532		587
Government National Mortgage Assn. Pool #AH5884 4.25% 20441		1,444		1,631
Government National Mortgage Assn. Pool #MA3727 4.00% 20461		463		487
Government National Mortgage Assn. Pool #MA5877 4.50% 20491		783		847
Government National Mortgage Assn. Pool #MA6092 4.50% 20491		336		362
Government National Mortgage Assn. Pool #AO0409 4.55% 20651		218		237
Government National Mortgage Assn. Pool #AO0461 4.562% 20651		118		128
Government National Mortgage Assn. Pool #AN1825 4.573% 20651		375		407
Government National Mortgage Assn. Pool #AO0385 4.502% 20661		836		920
Government National Mortgage Assn. Pool #725897 5.20% 20661		4		4
Uniform Mortgage-Backed Security 1.50% 20361,5		23,863		24,519
Uniform Mortgage-Backed Security 1.50% 20361,5		12,400		12,735
Uniform Mortgage-Backed Security 2.00% 20361,5		10,700		11,175
Uniform Mortgage-Backed Security 2.00% 20511,5		12,555		12,997
Uniform Mortgage-Backed Security 2.00% 20511,5		9,663		10,019
Uniform Mortgage-Backed Security 2.50% 20511,5		280		295
Uniform Mortgage-Backed Security 2.50% 20511,5		211		221
Uniform Mortgage-Backed Security 3.00% 20511,5		3,656		3,833
Uniform Mortgage-Backed Security 3.50% 20511,5		5,206		5,511
Uniform Mortgage-Backed Security 4.00% 20511,5		77		82
Uniform Mortgage-Backed Security 4.50% 20511,5		6,348		6,889
				205,560
Collateralized mortgage-backed obligations (privately originated) 3.68%
Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.763% 20481,4,6		464		472
Cascade Funding Mortgage Trust, Series 2019-HB1, Class A, 2.386% 20291,4,6		221		223
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20301,4,6		726		727
Cascade Funding Mortgage Trust, Series 2020-HB3, Class A, 2.812% 20301,4,6		921		930
Cascade Funding Mortgage Trust, Series 2020-HBA, Class A, 3.405% 20301,4,6		217		220
Finance of America HECM Buyout, Series 2020-HB1, Class A, 2.012% 20301,4,6		449		453
JPMorgan Mortgage Trust, Series 2019-INV3, Class A3, 3.50% 20501,4,6		534		557
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.898% 20521,4,6		750		751
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 0.996% 20531,4,6		583		584
Mello Warehouse Securitization Trust, Series 2020-1, Class A, (1-month USD-LIBOR + 0.90%) 1.048% 20531,4,6		809		811
Mortgage Repurchase Agreement Financing Trust, Series 2020-1, Class A1, (1-month USD-LIBOR + 2.00%) 2.149% 20221,4,6		500		501
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, Class A1, (1-month USD-LIBOR + 1.00%) 1.149% 20231,4,6		750		756
Nationstar HECM Loan Trust, Series 2019-2A, Class A, 2.272% 20291,4,6		268		269
Nationstar HECM Loan Trust, Series 2019-1A, Class A, 2.651% 20291,4,6		347		347
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 20491,4,6		314		324
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20631,4,6		806		811
Starwood Mortgage Residential Trust, Series 2020-2, Class A1, 2.718% 20601,4,6		395		403
Station Place Securitization Trust, Series 2020-WL1, Class A, (1-month USD-LIBOR + 1.15%) 1.298% 20511,4,6		750		751
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 20561,4,6		435		444

220 American Funds Insurance Series

American Funds Mortgage Fund (formerly Mortgage Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Towd Point Mortgage Trust, Series 2017-5, Class A1, 0.748% 20571,4,6	$	32	$	32
Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75% 20571,4,6		118		122
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 20571,4,6		87		90
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 20571,4,6		72		74
Towd Point Mortgage Trust, Series 2015-2, Class 2A11, 3.00% 20571,4,6		78		78
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 20581,4,6		185		194
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 20601,6		721		739
Vendee Mortgage Trust, Series 2010-1, Class DA, 4.25% 20351		93		94
				11,757
Commercial mortgage-backed securities 0.70%
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.75%) 2.25% 20211,4,6,7		2,250		2,250
Total mortgage-backed obligations				219,567
U.S. Treasury bonds & notes 8.02%
U.S. Treasury 6.74%
U.S. Treasury 0.375% 2025		200		200
U.S. Treasury 0.625% 2030		2,000		1,949
U.S. Treasury 1.25% 2050		6,655		6,036
U.S. Treasury 1.375% 2050		6,150		5,755
U.S. Treasury 1.625% 2050		7,640		7,604
				21,544
U.S. Treasury inflation-protected securities 1.28%
U.S. Treasury Inflation-Protected Security 2.125% 20418		131		205
U.S. Treasury Inflation-Protected Security 0.75% 20423,8		1,640		2,091
U.S. Treasury Inflation-Protected Security 1.00% 20498		1,268		1,788
				4,084
Total U.S. Treasury bonds & notes				25,628
Asset-backed obligations 1.73%
American Express Credit Account Master Trust, Series 2018-3, Class A, 0.479% 20251,4		210		211
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 20601,6		635		648
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 20601,6		105		106
Drivetime Auto Owner Trust, Series 2019-3, Class A, 2.55% 20221,6		30		30
Dryden Senior Loan Fund, Series 2014-33A, Class AR3, CLO, (3-month USD-LIBOR + 1.00%) 1.237% 20291,4,6		250		250
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 20241,6		1,000		1,022
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 20371,6		879		885
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A1, 2.23% 20241		1,000		1,032
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A2B, 1.203% 20231,4		116		117
GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A3, 1.49% 20241		74		76
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20601,4,6		128		131
Palmer Square Loan Funding, CLO, Series 2019-2, Class A1, (3-month USD-LIBOR + 0.97%) 1.188% 20271,4,6		587		586
Palmer Square Ltd., Series 2015-1A, Class A1R3, (3-month USD-LIBOR + 1.00%) 1.245% 20291,4,6		330		330
Symphony Ltd., CLO, Series 2013-12A, Class AR, (3-month USD-LIBOR + 1.03%) 1.267% 20251,4,6		122		122
				5,546

American Funds Insurance Series 221

American Funds Mortgage Fund (formerly Mortgage Fund) (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Federal agency bonds & notes 0.09%
Fannie Mae 0.875% 2030	$	300	$	294
Total bonds, notes & other debt instruments (cost: $246,328,000)				251,035
Short-term securities 44.24%
Commercial paper 27.57%
Army and Air Force Exchange Service 0.11% due 1/7/20216		8,300		8,299
Atlantic Asset Securitization LLC 0.16% due 1/11/20216		6,600		6,600
Chariot Funding, LLC 0.16% due 1/11/20216		5,000		5,000
CHARTA, LLC 0.17% due 1/19/20216		8,000		7,999
Chevron Corp. 0.11% due 2/1/20216		8,000		7,999
Emerson Electric Co. 0.11%-0.12% due 1/22/2021-2/22/20216		7,804		7,803
ExxonMobil Corp. 0.10%-0.13% due 1/27/202-2/22/2021		9,000		8,999
Johnson & Johnson 0% due 6/1/20216		4,000		3,998
Kaiser Foundation Hospitals 0% due 5/4/2021		8,027		8,019
National Rural Utilities Cooperative Finance Corp. 0.12% due 2/4/2021		5,000		4,999
Old Line Funding, LLC 0.15% due 1/7/20216		7,900		7,900
Paccar Financial Corp. 0.11%-0.12% due 1/11/2021-2/9/2021		9,000		8,999
Regents of the University of California 0.17% due 2/18/2021		1,500		1,500
				88,114
Federal agency bills & notes 16.67%
Federal Farm Credit Banks 0.07%-0.10% due 1/20/2021-5/12/2021		23,100		23,092
Federal Home Loan Bank 0.07%-0.09% due 1/4/2021-3/5/2021		30,200		30,198
				53,290
Total short-term securities (cost: $141,410,000)				141,404
Total investment securities 122.78% (cost: $387,738,000)				392,439
Other assets less liabilities (22.78)%				(72,820	)
Net assets 100.00%			$	319,619

Futures contracts
Contracts	Type		Number of contracts		Expiration		Notional amount9 (000)			Value at 12/31/202010 (000)			Unrealized (depreciation) appreciation at 12/31/2020 (000)
90 Day Euro Dollar Futures		Short		123		March 2021	$	(30,750	)	$	(30,698	)	$	(15	)
5 Year U.S. Treasury Note Futures		Long		7		April 2021		700			883			1
10 Year U.S. Treasury Note Futures		Long		23		March 2021		2,300			3,176			5
10 Year Ultra U.S. Treasury Note Futures		Short		122		March 2021		(12,200	)		(19,076	)		44
20 Year U.S. Treasury Bond Futures		Long		4		March 2021		400			693			(6	)
30 Year Ultra U.S. Treasury Bond Futures		Short		3		March 2021		(300	)		(640	)		4
													$	33

222 American Funds Insurance Series

American Funds Mortgage Fund (formerly Mortgage Fund) (continued)

Swap contracts
Interest rate swaps
Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2020 (000)		Upfront premium paid (000)		Unrealized (depreciation) appreciation at 12/31/2020 (000)
3-month USD-LIBOR	0.243%		5/2/2024	$	33,400	$	18	$	22	$	(4	)
U.S. EFFR	0.11%		5/18/2024		9,400		11		—		11
U.S. EFFR	0.1275%		6/25/2025		4,400		17		—		17
U.S. EFFR	0.105%		6/30/2025		4,300		22		—		22
U.S. EFFR	0.0975%		6/30/2025		2,387		13		—		13
U.S. EFFR	0.106%		6/30/2025		1,913		9		—		9
3-month USD-LIBOR	0.32%		9/23/2025		3,600		13		—		13
3-month USD-LIBOR	0.81%		7/28/2045		5,700		696		16		680
3-month USD-LIBOR	0.811%		7/27/2050		3,000		453		—		453
								$	38	$	1,214

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  Amount less than one thousand.

³  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,200,000, which represented .69% of the net assets of the fund.

⁴  Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.

⁵  Purchased on a TBA basis.

⁶  Acquired in a transaction exempt from registration under Rule 144A or 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 $73,621,000, which represented 23.03% of the net assets of the fund.

⁷  Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $2,250,000, which represented .70% of the net assets of the fund.

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

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

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

Key to abbreviations and symbol

CLO = Collateralized Loan Obligations

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 223

Ultra-Short Bond Fund

Investment portfolio December 31, 2020

Short-term securities 99.10%

	Principal amount (000)		Value (000)
Commercial paper 71.47%
Alberta (Province of) 0.16% due 1/15/20211	$	3,000	$	3,000
Alberta (Province of) 0.16% due 2/8/20211		6,700		6,699
Apple Inc. 0.12% due 1/8/20211		10,000		10,000
Army and Air Force Exchange Service 0.10% due 1/8/20211		10,000		9,999
Bank of Nova Scotia 0.20% due 1/26/20211		8,000		7,999
British Columbia (Province of) 0.10% due 1/7/2021		8,600		8,600
Caisse d’Amortissement de la Dette Sociale 0.17% due 1/20/2021		10,000		9,999
Canadian Imperial Bank of Commerce 0.17% due 1/13/20211		8,300		8,300
Chariot Funding, LLC 0.16% due 1/6/20211		10,000		10,000
CHARTA, LLC 0.16% due 1/6/20211		10,000		10,000
DBS Bank Ltd. 0.19% due 1/4/20211		10,000		10,000
Denmark (Kingdom of) 0.13% due 1/25/2021		10,000		9,999
Emerson Electric Co. 0.11% due 2/2/20211		7,000		6,999
Equinor ASA 0.17% due 2/23/20211		7,500		7,498
European Investment Bank 0.14% due 1/21/2021		9,500		9,499
ExxonMobil Corp. 0.09% due 1/22/2021		4,100		4,100
Fairway Finance Company, LLC 0.15% due 1/21/20211		3,700		3,700
FMS Wertmanagement 0.21% due 3/10/20211		8,000		7,997
L’Oréal USA, Inc. 0.08% due 1/19/20211		2,800		2,800
LVMH Moët Hennessy Louis Vuitton Inc. 0.21% due 3/22/20211		9,500		9,496
Merck & Co. Inc. 0.09% due 2/9/20211		10,000		9,999
National Rural Utilities Cooperative Finance Corp. 0.11% due 1/7/2021		9,000		9,000
NRW.Bank 0.15% due 1/6/20211		5,000		5,000
OMERS Finance Trust 0.13% due 1/5/2021		9,000		9,000
Paccar Financial Corp. 0.10% due 1/13/2021		3,500		3,500
Paccar Financial Corp. 0.11% due 1/14/2021		2,500		2,500
Shell International Finance BV 0.20% due 5/25/20211		7,000		6,994
Siemens Capital Co. LLC 0.11% due 1/5/20211		4,000		4,000
Sumitomo Mitsui Banking Corp. 0.21% due 2/23/20211		7,500		7,498
Thunder Bay Funding, LLC 0.17% due 1/25/20211		10,000		9,999
Toronto-Dominion Bank 0.21% due 1/28/20211		10,000		9,999
Total Capital Canada Ltd. 0.19% due 2/17/20211		5,700		5,699
Total Capital Canada Ltd. 0.19% due 2/23/20211		4,000		3,999
Toyota Industries Commercial Finance, Inc. 0.16% due 1/15/20211		9,698		9,698
Unilever Capital Corp. 0.12% due 1/26/20211		5,000		5,000
Victory Receivables Corp. 0.19% due 2/22/20211		10,000		9,997
				268,566
Federal agency bills & notes 16.21%
Federal Farm Credit Banks 0.07% due 1/20/2021		5,000		5,000
Federal Farm Credit Banks 0.08% due 5/14/2021		5,000		4,998
Federal Home Loan Bank 0.09% due 1/6/2021		6,700		6,700
Federal Home Loan Bank 0.07% due 1/22/2021		8,000		8,000
Federal Home Loan Bank 0.10% due 1/27/2021		10,000		9,999
Federal Home Loan Bank 0.08% due 2/5/2021		5,000		5,000
Federal Home Loan Bank 0.08% due 2/8/2021		9,700		9,699
Federal Home Loan Bank 0.08% due 2/10/2021		11,500		11,499
				60,895

224 American Funds Insurance Series

Ultra-Short Bond Fund (continued)

Short-term securities (continued)

	Principal amount		Value
	(000)		(000)
U.S. Treasury bills 11.42%
U.S. Treasury 0.09% due 1/5/2021	$	6,600	$	6,600
U.S. Treasury 0.09% due 2/4/2021		11,600		11,599
U.S. Treasury 0.09% due 2/16/2021		8,000		8,000
U.S. Treasury 0.09% due 3/4/2021		2,800		2,799
U.S. Treasury 0.09% due 3/9/2021		3,800		3,800
U.S. Treasury 0.10% due 4/13/2021		10,100		10,098
				42,896
Total short-term securities (cost: $372,351,000)				372,357
Total investment securities 99.10% (cost: $372,351,000)				372,357
Other assets less liabilities 0.90%				3,392
Net assets 100.00%			$	375,749

¹  Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $202,368,000, which represented 53.86% of the net assets of the fund.

See notes to financial statements.

American Funds Insurance Series 225

U.S. Government/AAA-Rated Securities Fund

Investment portfolio December 31, 2020

Bonds, notes & other debt instruments 81.82%

	Principal amount		Value
	(000)		(000)
Mortgage-backed obligations 35.15%
Federal agency mortgage-backed obligations 35.10%
Fannie Mae Pool #257104 6.50% 20281	$	97	$	108
Fannie Mae Pool #695412 5.00% 20331		1		1
Fannie Mae Pool #AD3566 5.00% 20351		8		9
Fannie Mae Pool #MA4228 1.50% 20361		24,617		25,343
Fannie Mae Pool #MA4229 2.00% 20361		1,731		1,811
Fannie Mae Pool #MA2746 4.00% 20361		2,283		2,487
Fannie Mae Pool #MA2588 4.00% 20361		1,234		1,344
Fannie Mae Pool #256860 6.50% 20371		20		23
Fannie Mae Pool #888698 7.00% 20371		44		51
Fannie Mae Pool #256828 7.00% 20371		4		5
Fannie Mae Pool #970343 6.00% 20381		15		16
Fannie Mae Pool #AC0794 5.00% 20391		38		44
Fannie Mae Pool #931768 5.00% 20391		6		8
Fannie Mae Pool #932606 5.00% 20401		20		23
Fannie Mae Pool #AJ1873 4.00% 20411		29		33
Fannie Mae Pool #AI1862 5.00% 20411		613		713
Fannie Mae Pool #AI3510 5.00% 20411		361		419
Fannie Mae Pool #AJ0704 5.00% 20411		327		380
Fannie Mae Pool #AJ5391 5.00% 20411		187		216
Fannie Mae Pool #AE1248 5.00% 20411		45		52
Fannie Mae Pool #AE1274 5.00% 20411		36		42
Fannie Mae Pool #AE1277 5.00% 20411		21		24
Fannie Mae Pool #AE1283 5.00% 20411		13		14
Fannie Mae Pool #AP7553 3.00% 20421		3,453		3,695
Fannie Mae Pool #AE1290 5.00% 20421		25		29
Fannie Mae Pool #AL3829 3.50% 20431		257		281
Fannie Mae Pool #AT7161 3.50% 20431		114		124
Fannie Mae Pool #AR1512 3.50% 20431		55		60
Fannie Mae Pool #AT0412 3.50% 20431		28		30
Fannie Mae Pool #AT3954 3.50% 20431		15		16
Fannie Mae Pool #AT0300 3.50% 20431		12		12
Fannie Mae Pool #BM6240 2.754% 20441,2		810		846
Fannie Mae Pool #AY1829 3.50% 20441		20		22
Fannie Mae Pool #AW8240 3.50% 20441		4		4
Fannie Mae Pool #BE5017 3.50% 20451		142		155
Fannie Mae Pool #BE5009 3.50% 20451		115		124
Fannie Mae Pool #MA3120 3.50% 20471		5,723		6,075
Fannie Mae Pool #BE8740 3.50% 20471		132		144
Fannie Mae Pool #BE8742 3.50% 20471		39		43
Fannie Mae Pool #BH2848 3.50% 20471		20		22
Fannie Mae Pool #BH2846 3.50% 20471		16		17
Fannie Mae Pool #BH2847 3.50% 20471		13		14
Fannie Mae Pool #BJ5015 4.00% 20471		315		347
Fannie Mae Pool #BH2597 4.00% 20471		10		11
Fannie Mae Pool #BH3122 4.00% 20471		10		11
Fannie Mae Pool #BM3788 3.50% 20481		8,392		9,169
Fannie Mae Pool #FM3164 3.50% 20481		4,066		4,291
Fannie Mae Pool #BJ4901 3.50% 20481		91		99
Fannie Mae Pool #CA2850 4.00% 20481		363		406
Fannie Mae Pool #BK6840 4.00% 20481		202		222
Fannie Mae Pool #BK5232 4.00% 20481		162		178
Fannie Mae Pool #BK9743 4.00% 20481		56		61
Fannie Mae Pool #MA3416 4.50% 20481		4,016		4,361
Fannie Mae Pool #BK7665 4.50% 20481		1,345		1,493
Fannie Mae Pool #BK0951 4.50% 20481		1,027		1,150
Fannie Mae Pool #BK9761 4.50% 20481		54		60
Fannie Mae Pool #CA1909 4.50% 20481		49		53
Fannie Mae Pool #CA4151 3.50% 20491		1,271		1,401
Fannie Mae Pool #FM1062 3.50% 20491		774		853
Fannie Mae Pool #FM1443 3.50% 20491		646		709
Fannie Mae Pool #BJ8411 3.50% 20491		267		293

226 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #CA5229 3.00% 20501	$	27,582		$	29,859
Fannie Mae Pool #FM2179 3.00% 20501		10,829			11,643
Fannie Mae Pool #FM3834 4.50% 20501		2,462			2,660
Fannie Mae Pool #MA4256 2.50% 20511		11			12
Fannie Mae, Series 2001-4, Class NA, 9.011% 20251,2		—	3		—	3
Fannie Mae, Series 2001-4, Class GA, 9.081% 20251,2		—	3		—	3
Fannie Mae, Series 2012-M2, Class A2, Multi Family, 2.717% 20221		444			452
Fannie Mae, Series 2012-M3, Class 1A2, Multi Family, 3.044% 20221		460			470
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.128% 20231,2		625			660
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 20241,2		1,292			1,397
Freddie Mac Pool #SB8083 1.50% 20361		2,805			2,887
Freddie Mac Pool #SB8084 2.00% 20361		996			1,042
Freddie Mac Pool #1H1354 2.442% 20361,2		137			145
Freddie Mac Pool #C03518 5.00% 20401		590			686
Freddie Mac Pool #G06459 5.00% 20411		1,175			1,367
Freddie Mac Pool #Q18236 3.50% 20431		115			125
Freddie Mac Pool #Q19133 3.50% 20431		73			79
Freddie Mac Pool #Q17696 3.50% 20431		64			70
Freddie Mac Pool #841039 3.54% 20431,2		832			861
Freddie Mac Pool #Q23190 4.00% 20431		277			308
Freddie Mac Pool #Q15874 4.00% 20431		7			7
Freddie Mac Pool #Q28558 3.50% 20441		345			378
Freddie Mac Pool #760014 3.116% 20451,2		630			658
Freddie Mac Pool #Q52069 3.50% 20471		192			209
Freddie Mac Pool #Q47615 3.50% 20471		90			99
Freddie Mac Pool #ZM4352 3.50% 20471		17			18
Freddie Mac Pool #Q55056 3.50% 20481		239			259
Freddie Mac Pool #Q54709 3.50% 20481		144			156
Freddie Mac Pool #Q54701 3.50% 20481		135			147
Freddie Mac Pool #Q54782 3.50% 20481		118			129
Freddie Mac Pool #Q54781 3.50% 20481		110			120
Freddie Mac Pool #Q54700 3.50% 20481		105			115
Freddie Mac Pool #Q55060 3.50% 20481		74			80
Freddie Mac Pool #Q56591 3.50% 20481		70			75
Freddie Mac Pool #Q56590 3.50% 20481		67			73
Freddie Mac Pool #Q56589 3.50% 20481		64			70
Freddie Mac Pool #Q54698 3.50% 20481		55			61
Freddie Mac Pool #Q54699 3.50% 20481		51			56
Freddie Mac Pool #Q54831 3.50% 20481		38			42
Freddie Mac Pool #G67711 4.00% 20481		2,642			2,914
Freddie Mac Pool #Q56599 4.00% 20481		228			250
Freddie Mac Pool #Q56175 4.00% 20481		171			188
Freddie Mac Pool #Q55971 4.00% 20481		152			168
Freddie Mac Pool #Q56576 4.00% 20481		118			126
Freddie Mac Pool #Q55970 4.00% 20481		75			83
Freddie Mac Pool #Q58411 4.50% 20481		464			516
Freddie Mac Pool #Q58436 4.50% 20481		209			234
Freddie Mac Pool #Q58378 4.50% 20481		174			191
Freddie Mac Pool #Q57242 4.50% 20481		122			134
Freddie Mac Pool #ZT0522 4.50% 20481		61			66
Freddie Mac Pool #ZS4774 4.50% 20481		56			61
Freddie Mac Pool #RA1463 3.50% 20491		864			953
Freddie Mac Pool #QA0284 3.50% 20491		372			408
Freddie Mac Pool #RA1580 3.50% 20491		299			332
Freddie Mac Pool #QA2748 3.50% 20491		115			127
Freddie Mac Pool #RA2236 4.50% 20491		733			796
Freddie Mac Pool #QA4453 4.50% 20491		47			51
Freddie Mac Pool #QA8801 3.00% 20501		16,922			18,221
Freddie Mac, Series 1567, Class A, (1-month USD-LIBOR + 0.40%) 0.559% 20231,2		6			6
Freddie Mac, Series K031, Class A1, Multi Family, 2.778% 20221		202			206
Freddie Mac, Series KS01, Class A2, Multi Family, 2.522% 20231		788			811

American Funds Insurance Series 227

U.S. Government/AAA-Rated Securities Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 20231	$	200	$	212
Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 20231,2		2,565		2,757
Freddie Mac, Series K034, Class A2, Multi Family, 3.531% 20231		2,745		2,955
Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 20241		2,000		2,197
Freddie Mac, Series K038, Class A2, Multi Family, 3.389% 20241		6,895		7,513
Freddie Mac, Series K063, Class A2, Multi Family, 3.43% 20271		1,080		1,243
Freddie Mac, Series K095, Class A1, Multi Family, 2.631% 20281		518		566
Freddie Mac, Series K081, Class A2, Multi Family, 3.90% 20281,2		4,200		5,055
Freddie Mac, Series K082, Class A2, Multi Family, 3.92% 20281,2		3,300		3,985
Freddie Mac, Series K083, Class A2, Multi Family, 4.05% 20281,2		3,500		4,261
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561		8,362		8,970
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20561,2		7,932		8,337
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20561,2		7,589		7,975
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 20561		2,298		2,466
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 20561		447		491
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 20571		2,367		2,567
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20571,2		4,382		4,778
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20571		7,399		8,080
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20571		5,672		6,145
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20571		2,723		2,973
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50% 20571		1,183		1,279
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20581		4,700		5,122
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 20581		2,695		2,943
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 20581		1,400		1,522
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 20581		1,005		1,097
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20581		589		648
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 20591		5,350		5,708
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281		33,151		35,072
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20281		7,871		8,284
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 20291		9,710		10,277
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 20301		3,111		3,210
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 20301		535		555
Government National Mortgage Assn. 5.50% 20381		162		185
Government National Mortgage Assn. 5.50% 20381		46		51
Government National Mortgage Assn. 2.00% 20511,4		11,627		12,139
Government National Mortgage Assn. 2.00% 20511,4		9,780		10,194
Government National Mortgage Assn. 2.50% 20511,4		460		485
Government National Mortgage Assn. 3.00% 20511,4		800		837
Government National Mortgage Assn. 3.50% 20511,4		22,750		24,105
Government National Mortgage Assn. 3.50% 20511,4		22,662		23,998
Government National Mortgage Assn. Pool #699537 5.50% 20381		94		105
Government National Mortgage Assn. Pool #700778 5.50% 20381		25		29
Government National Mortgage Assn. Pool #782365 6.00% 20381		149		179
Government National Mortgage Assn. Pool #004269 6.50% 20381		260		305
Government National Mortgage Assn. Pool #698406 5.00% 20391		317		359
Government National Mortgage Assn. Pool #783690 6.00% 20391		134		155
Government National Mortgage Assn. Pool #783689 5.50% 20401		3,959		4,560
Government National Mortgage Assn. Pool #783687 4.50% 20411		880		952
Government National Mortgage Assn. Pool #783688 5.00% 20411		1,546		1,743
Government National Mortgage Assn. Pool #MA0533 3.00% 20421		32		35
Government National Mortgage Assn. Pool #MA1012 3.50% 20431		1,119		1,223
Government National Mortgage Assn. Pool #MA5764 4.50% 20491		10,111		10,944
Government National Mortgage Assn. Pool #MA5877 4.50% 20491		4,528		4,898
Government National Mortgage Assn. Pool #MA6092 4.50% 20491		769		829
Government National Mortgage Assn. Pool #MA7052 2.50% 20501		6,040		6,400
Uniform Mortgage-Backed Security 1.50% 20361,4		119,476		122,702

228 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Uniform Mortgage-Backed Security 1.50% 20361,4	$	89,298		$	91,755
Uniform Mortgage-Backed Security 2.00% 20361,4		70,158			73,272
Uniform Mortgage-Backed Security 2.00% 20511,4		16,809			17,401
Uniform Mortgage-Backed Security 2.00% 20511,4		9,414			9,761
Uniform Mortgage-Backed Security 2.50% 20511,4		451			474
Uniform Mortgage-Backed Security 2.50% 20511,4		339			357
Uniform Mortgage-Backed Security 3.00% 20511,4		2			2
Uniform Mortgage-Backed Security 3.50% 20511,4		20,663			21,871
					755,912
Collateralized mortgage-backed obligations 0.05%
Vendee Mortgage Trust, Series 2010-1, Class DA, 4.25% 20351		1,050			1,063
Total mortgage-backed obligations					756,975
U.S. Treasury bonds & notes 30.83%
U.S. Treasury 24.25%
U.S. Treasury 1.375% 2022		3,100			3,142
U.S. Treasury 1.75% 2022		32,093			32,831
U.S. Treasury 2.125% 2023		—	3		—	3
U.S. Treasury 2.875% 2023		5,000			5,394
U.S. Treasury 0.25% 2025		65,000			64,801
U.S. Treasury 0.25% 2025		4,000			3,984
U.S. Treasury 0.375% 2025		10,000			10,013
U.S. Treasury 1.625% 2026		10,000			10,665
U.S. Treasury 0.50% 2027		5,314			5,280
U.S. Treasury 0.625% 2030		1,175			1,145
U.S. Treasury 1.125% 2040		10,750			10,176
U.S. Treasury 1.125% 2040		7,000			6,644
U.S. Treasury 2.50% 2046		5,400			6,453
U.S. Treasury 2.50% 2046		3,900			4,659
U.S. Treasury 2.875% 2046		2,700			3,450
U.S. Treasury 2.25% 20495		25,700			29,416
U.S. Treasury 2.375% 2049		13,000			15,271
U.S. Treasury 2.875% 20495		26,000			33,565
U.S. Treasury 3.00% 20495		22,500			29,670
U.S. Treasury 1.25% 20505		46,500			42,173
U.S. Treasury 1.375% 20505		100,000			93,575
U.S. Treasury 1.625% 20505		110,500			109,973
					522,280
U.S. Treasury inflation-protected securities 6.58%
U.S. Treasury Inflation-Protected Security 0.125% 20216		65,918			66,164
U.S. Treasury Inflation-Protected Security 0.125% 20226		6,097			6,209
U.S. Treasury Inflation-Protected Security 0.125% 20306		27,420			30,761
U.S. Treasury Inflation-Protected Security 0.125% 20306		6,222			6,940
U.S. Treasury Inflation-Protected Security 2.125% 20416		369			579
U.S. Treasury Inflation-Protected Security 0.75% 20425,6		15,199			19,375
U.S. Treasury Inflation-Protected Security 1.00% 20496		8,278			11,674
					141,702
Total U.S. Treasury bonds & notes					663,982
Federal agency bonds & notes 15.84%
Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012 LLC 2.646% 2026		483			508
Fannie Mae 1.25% 2021		2,900			2,921
Fannie Mae 2.875% 2023		36,000			38,605
Fannie Mae 0.625% 2025		10,000			10,116

American Funds Insurance Series 229

U.S. Government/AAA-Rated Securities Fund (continued)

Bonds, notes & other debt instruments (continued)

	Principal amount (000)		Value (000)
Federal agency bonds & notes (continued)
Fannie Mae 0.75% 2027	$	2,900	$	2,916
Fannie Mae 0.875% 2030		8,600		8,438
Fannie Mae 7.125% 2030		2,000		3,059
Federal Farm Credit Banks 0.375% 2022		1,500		1,505
Federal Home Loan Bank 3.375% 2023		16,715		18,125
Federal Home Loan Bank 3.25% 2028		6,500		7,745
Federal Home Loan Bank 5.50% 2036		300		464
Freddie Mac 2.375% 2021		40,000		40,108
Private Export Funding Corp. 3.266% 20217		34,000		34,886
Private Export Funding Corp. 3.55% 2024		3,190		3,500
Small Business Administration, Series 2001-20F, 6.44% 2021		7		7
Tennessee Valley Authority, Series A, 3.875% 2021		32,975		33,117
Tennessee Valley Authority 0.75% 2025		1,800		1,828
Tennessee Valley Authority 2.875% 2027		5,000		5,639
Tennessee Valley Authority 4.65% 2035		1,780		2,472
Tennessee Valley Authority 5.88% 2036		875		1,340
Tennessee Valley Authority, Series A, 4.625% 2060		250		391
TVA Southaven 3.846% 2033		1,112		1,214
U.S. Agency for International Development, Iraq (State of) 2.149% 2022		3,370		3,439
U.S. Agency for International Development, Jordan (Kingdom of) 2.578% 2022		41,500		42,998
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 2025		14,779		16,354
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 2026		2,669		3,168
U.S. Agency for International Development, Tunisia (Kingdom of) 1.416% 2021		1,500		1,513
U.S. Agency for International Development, Ukraine 1.471% 2021		2,210		2,234
U.S. Department of Housing and Urban Development, Series 2015-A-7, 2.35% 2021		3,750		3,799
U.S. Department of Housing and Urban Development, Series 2015-A-8, 2.45% 2022		6,000		6,212
U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 2023		1,500		1,599
U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 2024		2,250		2,455
U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 2025		2,640		2,892
U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 2026		2,625		2,889
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 2027		11,482		12,649
U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 2028		3,856		4,259
U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 2029		2,650		2,934
U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 2030		2,482		2,729
U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 2031		2,475		2,726
U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 2032		2,377		2,621
U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 2033		2,059		2,275
U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 2034		651		720
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp. 3.82% 2032		833		994
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp. 3.938% 2032		681		792
				341,155
Total bonds, notes & other debt instruments (cost: $1,717,324,000)				1,762,112
Short-term securities 33.97%
Commercial paper 25.22%
Amazon.com, Inc. 0.08% due 1/25/20217		15,000		14,999
Apple Inc. 0.10%-0.11% due 1/21/2021-1/29/20217		40,700		40,698
Army and Air Force Exchange Service 0.11% due 1/7/20217		11,700		11,699
Atlantic Asset Securitization LLC 0.16% due 1/11/20217		12,000		11,999
CAFCO, LLC 0.16% due 1/4/20217		25,000		25,000
Chariot Funding, LLC 0.16%-0.20% due 1/11/2021-2/12/20217		46,000		45,992
Chevron Corp. 0.08%-0.12% due 1/7/2021-2/26/20217		46,800		46,794
CRC Funding, LLC 0.16%-0.17% due 1/4/2021-1/22/20217		35,000		34,997
Emerson Electric Co. 0.12%-0.13% due 1/14/2021-1/26/20217		52,650		52,647
ExxonMobil Corp. 0.12%-0.15% due 1/5/2021-2/17/2021		45,000		44,996

230 American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund (continued)

Short-term securities (continued)

	Principal amount (000)		Value (000)
Commercial paper (continued)
Johnson & Johnson 0.11% due 6/1/20217	$	26,000	$	25,985
Kaiser Foundation Hospitals 0.18% due 5/4/2021		17,000		16,983
Merck & Co. Inc. 0.09%-0.12% due 1/22/2021-2/19/20217		46,000		45,995
National Rural Utilities Cooperative Finance Corp. 0.12% due 2/4/2021		10,000		9,999
Paccar Financial Corp. 0.11%-0.12% due 1/19/2021-2/3/2021		33,500		33,498
PepsiCo Inc. 0.15% due 3/1/20217		3,000		2,999
Pfizer Inc. 0.10% due 1/7/20217		28,800		28,800
Regents of the University of California 0.17% due 2/18/2021		18,500		18,496
Sumitomo Mitsui Banking Corp. 0.15% due 2/3/20217		30,500		30,496
				543,072
Federal agency bills & notes 8.29%
Federal Farm Credit Banks 0.07%-0.10% due 1/7/2021-5/5/2021		83,300		83,289
Federal Home Loan Bank 0.07%-0.09% due 1/4/2021-2/9/2021		95,200		95,195
				178,484
U.S. Treasury bills 0.46%
U.S. Treasury 0.09% due 1/14/2021		10,000		10,000
Total short-term securities (cost: $731,564,000)				731,556
Total investment securities 115.79% (cost: $2,448,888,000)				2,493,668
Other assets less liabilities (15.79)%				(340,011	)
Net assets 100.00%			$	2,153,657

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount8 (000)			Value at 12/31/20209 (000)			Unrealized appreciation (depreciation) at 12/31/2020 (000)
30 Day Federal Funds Futures		Short		759		January 2021	$	(316,275	)	$	(316,022	)	$	173
90 Day Euro Dollar Futures		Short		1,703		March 2021		(425,750	)		(425,026	)		(173	)
2 Year U.S. Treasury Note Futures		Short		195		April 2021		(39,000	)		(43,090	)		(41	)
5 Year U.S. Treasury Note Futures		Long		1,142		April 2021		114,200			144,079			307
10 Year U.S. Treasury Note Futures		Short		1,087		March 2021		(108,700	)		(150,091	)		(178	)
10 Year Ultra U.S. Treasury Note Futures		Short		2,164		March 2021		(216,400	)		(338,362	)		755
20 Year U.S. Treasury Bond Futures		Long		214		March 2021		21,400			37,062			(336	)
30 Year Ultra U.S. Treasury Bond Futures		Long		695		March 2021		69,500			148,426			(547	)
													$	(40	)

American Funds Insurance Series 231

U.S. Government/AAA-Rated Securities Fund (continued)

Swap contracts

Interest rate swaps
Receive	Pay	Expiration date		Notional (000)		Value at 12/31/2020 (000)			Upfront premium paid (received) (000)			Unrealized appreciation (depreciation) at 12/31/2020 (000)
2.5775%	U.S. EFFR		7/16/2022	$	181,639	$	4,629		$	—		$	4,629
1.2525%	U.S. EFFR		2/14/2023		156,941		3,951			—			3,951
U.S. EFFR	0.11%		5/18/2024		163,600		187			—			187
U.S. EFFR	0.1275%		6/25/2025		48,600		188			—			188
U.S. EFFR	0.126%		6/25/2025		20,100		79			—			79
U.S. EFFR	0.106%		6/30/2025		35,063		173			—			173
U.S. EFFR	0.105%		6/30/2025		28,500		142			—			142
U.S. EFFR	0.0975%		6/30/2025		15,429		82			—			82
3-month USD-LIBOR	1.867%		7/11/2025		49,400		(2,059	)		—			(2,059	)
2.91%	3-month USD-LIBOR		2/1/2028		16,000		1,613			—			1,613
2.908%	3-month USD-LIBOR		2/1/2028		16,000		1,611			—			1,611
2.925%	3-month USD-LIBOR		2/1/2028		12,800		1,300			—			1,300
2.92%	3-month USD-LIBOR		2/2/2028		12,200		1,236			—			1,236
U.S. EFFR	0.5385%		3/26/2030		49,000		658			—			658
0.913%	3-month USD-LIBOR		6/9/2030		31,000		93			—			93
U.S. EFFR	0.666%		11/19/2030		15,500		107			—			107
3-month USD-LIBOR	2.986%		2/1/2038		7,800		(892	)		—			(892	)
3-month USD-LIBOR	2.9625%		2/1/2038		9,800		(1,100	)		—			(1,100	)
3-month USD-LIBOR	2.963%		2/1/2038		9,800		(1,100	)		—			(1,100	)
0.833%	3-month USD-LIBOR		4/3/2040		15,800		(1,319	)		—			(1,319	)
3-month USD-LIBOR	0.81%		7/28/2045		87,600		10,704			(52	)		10,756
0.8235%	3-month USD-LIBOR		4/24/2050		5,300		(776	)		—			(776	)
3-month USD-LIBOR	0.811%		7/27/2050		52,500		7,921			—			7,921
									$	(52	)	$	27,480

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

³  Amount less than one thousand.

⁴  Purchased on a TBA basis.

⁵  All or a portion of this security was pledged as collateral. The total value of pledged collateral was $22,183,000, which represented 1.03% of the net assets of the fund.

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

⁷  Acquired in a transaction exempt from registration under Rule 144A or 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 $453,986,000, which represented 21.08% of the net assets of the fund.

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

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

Key to abbreviations and symbol

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

232 American Funds Insurance Series

Managed Risk Growth Fund

Investment portfolio December 31, 2020

	Shares		Value (000)
Growth funds 80.18%
American Funds Insurance Series – Growth Fund, Class 1		3,764,738	$	452,559
Total growth funds (cost: $296,745,000)				452,559
Fixed income funds 15.04%
American Funds Insurance Series – Bond Fund, Class 1		7,142,308		84,922
Total fixed income funds (cost: $84,212,000)				84,922
Short-term securities 4.84%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%1		27,316,055		27,316
Total short-term securities (cost: $27,316,000)				27,316
Total investment securities 100.06% (cost: $408,273,000)				564,797
Other assets less liabilities (0.06)%				(351	)
Net assets 100.00%			$	564,446

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount2 (000)		Value at 12/31/20203 (000)		Unrealized appreciation at 12/31/2020 (000)
5 Year U.S. Treasury Note Futures	Long		242	March 2021	$	24,200	$	30,532	$	69

Investments in affiliates⁴

	Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)		Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80.18%
American Funds Insurance Series - Growth Fund, Class 1	$	358,426	$	260,676	$	327,558	$	49,300	$	111,715		$	452,559	$	2,083	$	9,098
Fixed income funds 15.04%
American Funds Insurance Series - Bond Fund, Class 1		66,685		100,237		84,848		4,035		(1,187	)		84,922		1,784		580
Total 95.22%							$	53,335	$	110,528		$	537,481	$	3,867	$	9,678

¹  Rate represents the seven-day yield at 12/31/2020.

²  Notional amount is calculated based on the number of contracts and notional contract size.

³  Value is calculated based on the notional amount and current market price.

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

See notes to financial statements.

American Funds Insurance Series 233

Managed Risk International Fund

Investment portfolio December 31, 2020

	Shares		Value (000)
Growth funds 80.05%
American Funds Insurance Series – International Fund, Class 1		5,742,124	$	135,744
Total growth funds (cost: $102,112,000)				135,744
Fixed income funds 15.02%
American Funds Insurance Series – Bond Fund, Class 1		2,142,314		25,472
Total fixed income funds (cost: $25,280,000)				25,472
Short-term securities 4.73%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%1		8,021,459		8,021
Total short-term securities (cost: $8,021,000)				8,021
Total investment securities 99.80% (cost: $135,413,000)				169,237
Other assets less liabilities 0.20%				332
Net assets 100.00%			$	169,569

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount2 (000)		Value at 12/31/20203 (000)		Unrealized appreciation at 12/31/2020 (000)
5 Year U.S. Treasury Note Futures	Long		72	March 2021	$	7,200	$	9,084	$	21

Investments in affiliates⁴

	Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 80.05%
American Funds Insurance Series – International Fund, Class 1	$	133,862	$	72,083	$	88,432	$	(1,268	)	$	19,499		$	135,744	$	1,092	$	—
Fixed income funds 15.02%
American Funds Insurance Series – Bond Fund, Class 1		24,465		30,573		30,185		1,103			(484	)		25,472		529		159
Total 95.07%							$	(165	)	$	19,015		$	161,216	$	1,621	$	159

¹  Rate represents the seven-day yield at 12/31/2020.

²  Notional amount is calculated based on the number of contracts and notional contract size.

³  Value is calculated based on the notional amount and current market price.

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

See notes to financial statements.

234 American Funds Insurance Series

Managed Risk Blue Chip Income and Growth Fund

Investment portfolio December 31, 2020

	Shares		Value (000)
Growth-and-income funds 80.10%
American Funds Insurance Series – Blue Chip Income and Growth Fund, Class 1		19,891,981	$	285,450
Total growth-and-income funds (cost: $223,384,000)				285,450
Fixed income funds 15.03%
American Funds Insurance Series – U.S. Government/AAA-Rated Securities Fund, Class 1		4,107,687		53,565
Total fixed income funds (cost: $54,284,000)				53,565
Short-term securities 4.92%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%1		17,540,474		17,540
Total short-term securities (cost: $17,540,000)				17,540
Total investment securities 100.05% (cost: $295,208,000)				356,555
Other assets less liabilities (0.05)%				(195	)
Net assets 100.00%			$	356,360

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount2 (000)		Value at 12/31/20203 (000)		Unrealized appreciation at 12/31/2020 (000)
5 Year U.S. Treasury Note Futures	Long		167	March 2021	$	16,700	$	21,069	$	38

Investments in affiliates⁴

	Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized (loss) gain (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 80.10%
American Funds Insurance Series - Blue Chip Income and Growth Fund, Class 1	$	299,536	$	237,327	$	269,536	$	(40,214	)	$	58,337		$	285,450	$	5,176	$	3,353
Fixed income funds 15.03%
American Funds Insurance Series - U.S. Government/AAA-Rated Securities Fund, Class 1		53,524		87,643		90,377		4,226			(1,451	)		53,565		1,038		976
Total 95.13%							$	(35,988	)	$	56,886		$	339,015	$	6,214	$	4,329

¹  Rate represents the seven-day yield at 12/31/2020.

²  Notional amount is calculated based on the number of contracts and notional contract size.

³  Value is calculated based on the notional amount and current market price.

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

See notes to financial statements.

American Funds Insurance Series 235

Managed Risk Growth-Income Fund

Investment portfolio December 31, 2020

	Shares		Value (000)
Growth-and-income funds 79.61%
American Funds Insurance Series – Growth-Income Fund, Class 1		34,999,287	$	1,938,260
Total growth-and-income funds (cost: $1,602,958,000)				1,938,260
Fixed income funds 14.94%
American Funds Insurance Series – Bond Fund, Class 1		30,589,705		363,712
Total fixed income funds (cost: $350,930,000)				363,712
Short-term securities 4.72%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%1		114,850,821		114,851
Total short-term securities (cost: $114,851,000)				114,851
Options purchased 0.49%
Options purchased*				12,028
Total options purchased (cost: $44,381,000)				12,028
Total investment securities 99.76% (cost: $2,113,120,000)				2,428,851
Other assets less liabilities 0.24%				5,765
Net assets 100.00%			$	2,434,616

*Options purchased

Put
Description	Number of contracts		Notional amount (000)		Exercise price		Expiration date		Value at 12/31/2020 (000)
S&P 500 Index		460	$	1,728	$	2,025.00		3/19/2021	$	122
S&P 500 Index		965		3,625		2,050.00		3/19/2021		251
S&P 500 Index		9,680		36,359		2,075.00		3/19/2021		2,759
S&P 500 Index		750		2,817		2,100.00		3/19/2021		225
S&P 500 Index		120		451		2,175.00		3/19/2021		41
S&P 500 Index		200		751		2,325.00		6/18/2021		312
S&P 500 Index		275		1,033		2,350.00		6/18/2021		483
S&P 500 Index		625		2,347		2,375.00		6/18/2021		1,147
S&P 500 Index		1,980		7,437		2,400.00		6/18/2021		3,514
S&P 500 Index		1,285		4,826		2,425.00		6/18/2021		2,397
S&P 500 Index		55		207		2,475.00		6/18/2021		113
S&P 500 Index		130		488		2,325.00		9/17/2021		367
S&P 500 Index		100		376		2,350.00		9/17/2021		297
									$	12,028

Futures contracts

Contracts	Type		Number of contracts		Expiration		Notional amount2 (000)		Value at 12/31/20203 (000)		Unrealized appreciation at 12/31/2020 (000)
5 Year U.S. Treasury Note Futures		Long		1,167		March 2021	$	116,700	$	147,234	$	341
S&P 500 E-mini Index Contracts		Long		601		March 2021		30		112,651		2,637
											$	2,978

236 American Funds Insurance Series

Managed Risk Growth-Income Fund (continued)

Investments in affiliates⁴

	Value of affiliates at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (depreciation) (000)			Value of affiliates at 12/31/2020 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 79.61%
American Funds Insurance Series – Growth-Income Fund, Class 1	$	1,841,827	$	536,730	$	621,211	$	8,083	$	172,831		$	1,938,260	$	27,764	$	46,619
Fixed income funds 14.94%
American Funds Insurance Series – Bond Fund, Class 1		337,186		271,155		261,381		23,965		(7,213	)		363,712		7,976		3,178
Total 94.55%							$	32,048	$	165,618		$	2,301,972	$	35,740	$	49,797

¹  Rate represents the seven-day yield at 12/31/2020.

²  Notional amount is calculated based on the number of contracts and notional contract size.

³  Value is calculated based on the notional amount and current market price.

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

See notes to financial statements.

American Funds Insurance Series 237

Managed Risk Asset Allocation Fund

Investment portfolio December 31, 2020

	Shares		Value (000)
Asset allocation funds 95.25%
American Funds Insurance Series – Asset Allocation Fund, Class 1		99,876,172	$	2,646,718
Total asset allocation funds (cost: $2,242,813,000)				2,646,718
Short-term securities 4.82%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%1		133,963,576		133,964
Total short-term securities (cost: $133,964,000)				133,964
Total investment securities 100.07% (cost: $2,376,777,000)				2,780,682
Other assets less liabilities (0.07)%				(1,911	)
Net assets 100.00%			$	2,778,771

Futures contracts

Contracts	Type	Number of contracts		Expiration	Notional amount2 (000)		Value at 12/31/20203 (000)		Unrealized appreciation at 12/31/2020 (000)
5 Year U.S. Treasury Note Futures	Long		1,187	March 2021	$	118,700	$	149,757	$	358

Investments in affiliates⁴

	Value of affiliate at 1/1/2020 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliate at 12/31/2020 (000)		Dividend income (000)		Capital gain distributions received (000)
Asset allocation funds 95.25%
American Funds Insurance Series – Asset Allocation Fund, Class 1	$	2,704,731	$	748,623	$	1,032,662	$	65,756	$	160,270	$	2,646,718	$	46,786	$	11,668

¹  Rate represents the seven-day yield at 12/31/2020.

²  Notional amount is calculated based on the number of contracts and notional contract size.

³  Value is calculated based on the notional amount and current market price.

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

See notes to financial statements.

238 American Funds Insurance Series

Financial statements

Statements of assets and liabilities at December 31, 2020

							(dollars in thousands)
	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	8,155,602	$	5,335,230	$	37,254,039	$	10,135,728	$	3,998,276
Affiliated issuers		125,696		60,433		1,623,691		523,844		224,497
Cash		50		3,005		210		41		2,018
Cash collateral received for securities on loan		2,031		7,971		756		1,553		1,558
Cash collateral pledged for futures contracts		—		—		—		—		85
Cash denominated in currencies other than U.S. dollars		2,207		97		3,164		2,778		304
Unrealized appreciation on open forward currency contracts		—		—		—		309		—
Receivables for:
Sales of investments		—		238		150,761		3,290		10,960
Sales of fund’s shares		1,566		2,116		16,007		1,802		37,379
Dividends and interest		10,576		1,569		18,278		9,735		3,890
Variation margin on futures contracts		—		—		—		—		8
Securities lending income		22		278		4		19		24
Other		494		—		81		141		1,813
		8,298,244		5,410,937		39,066,991		10,679,240		4,280,812
Liabilities:
Collateral for securities on loan		20,305		79,709		7,559		15,528		15,578
Unrealized depreciation on open forward currency contracts		—		—		—		395		54
Payables for:
Purchases of investments		24		1,561		1,824		1,556		215
Repurchases of fund’s shares		23,218		6,758		114,829		37,500		3,100
Investment advisory services		3,454		3,020		10,027		4,312		1,758
Insurance administrative fees		311		150		1,347		249		468
Services provided by related parties		1,221		734		5,719		1,278		487
Trustees’ deferred compensation		88		59		528		205		42
Variation margin on futures contracts		—		—		—		—		2
Non-U.S. taxes		8,523		6,043		1,032		27,099		15,804
Other		130		162		82		260		151
		57,274		98,196		142,947		88,382		37,659
Net assets at December 31, 2020	$	8,240,970	$	5,312,741	$	38,924,044	$	10,590,858	$	4,243,153
Net assets consist of:
Capital paid in on shares of beneficial interest	$	3,464,639	$	2,848,920	$	12,646,186	$	7,030,548	$	2,476,998
Total distributable earnings		4,776,331		2,463,821		26,277,858		3,560,310		1,766,155
Net assets at December 31, 2020	$	8,240,970	$	5,312,741	$	38,924,044	$	10,590,858	$	4,243,153
Investment securities on loan, at value	$	21,446	$	77,648	$	7,302	$	83,899	$	18,411
Investment securities, at cost
Unaffiliated issuers		3,818,393		3,019,323		16,290,045		6,395,222		2,355,089
Affiliated issuers		125,680		29,938		1,623,585		523,780		224,489
Cash denominated in currencies other than U.S. dollars, at cost		2,119		96		3,115		2,761		304

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

American Funds Insurance Series 239

Statements of assets and liabilities at December 31, 2020 (continued)

							(dollars in thousands)
	Blue Chip Income and Growth Fund		Global Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder
Assets:
Investment securities, at value:
Unaffiliated issuers	$	9,398,174	$	2,103,845	$	37,608,591	$	1,425,923	$	1,047,478
Affiliated issuers		178,532		66,489		1,005,764		31,755		56,762
Cash		795		192		1,475		50		208
Cash collateral received for securities on loan		359		716		19,384		710		131
Cash denominated in currencies other than U.S. dollars		—		529		8,131		1,847		1,180
Unrealized appreciation on open forward currency contracts		—		—		—		—		34
Receivables for:
Sales of investments		—		12,647		1,628		824		40,739
Sales of fund’s shares		1,354		1,765		25,220		180		1,808
Dividends and interest		14,453		3,886		50,590		3,015		4,041
Variation margin on futures contracts		—		—		—		—		44
Variation margin on swap contracts		—		—		—		—		4
Securities lending income		5		6		268		1		3
Other		4		427		592		184		63
		9,593,676		2,190,502		38,721,643		1,464,489		1,152,495
Liabilities:
Collateral for securities on loan		3,589		7,156		193,847		7,095		1,316
Unrealized depreciation on open forward currency contracts		—		—		—		—		56
Payables for:
Purchases of investments		76		8		2,168		4		50,258
Repurchases of fund’s shares		6,089		3,403		18,913		455		3,045
Investment advisory services		3,113		1,074		8,083		738		197
Insurance administrative fees		471		96		829		65		280
Services provided by related parties		1,047		371		4,183		106		124
Trustees’ deferred compensation		105		27		603		14		7
Variation margin on futures contracts		—		—		—		—		9
Variation margin on swap contracts		—		—		—		—		36
Non-U.S. taxes		—		3,879		1,398		81		205
Other		120		38		84		48		10
		14,610		16,052		230,108		8,606		55,543
Net assets at December 31, 2020	$	9,579,066	$	2,174,450	$	38,491,535	$	1,455,883	$	1,096,952
Net assets consist of:
Capital paid in on shares of beneficial interest	$	6,782,313	$	1,372,114	$	23,517,537	$	1,145,069	$	1,004,823
Total distributable earnings		2,796,753		802,336		14,973,998		310,814		92,129
Net assets at December 31, 2020	$	9,579,066	$	2,174,450	$	38,491,535	$	1,455,883	$	1,096,952
Investment securities on loan, at value	$	3,447	$	6,890	$	188,806	$	6,820	$	5,528
Investment securities, at cost
Unaffiliated issuers		6,564,106		1,352,326		23,117,506		1,039,465		892,022
Affiliated issuers		178,499		66,481		1,005,560		31,748		56,762
Cash denominated in currencies other than U.S. dollars, at cost		—		524		8,047		1,847		1,175

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

240 American Funds Insurance Series

Statements of assets and liabilities at December 31, 2020 (continued)

							(dollars in thousands)
	Asset Allocation Fund		Global Balanced Fund		Bond Fund		Capital World Bond Fund (formerly Global Bond Fund)		High- Income Bond Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	28,437,125	$	429,245	$	11,032,012	$	2,195,557	$	821,972
Affiliated issuers		2,437,130		24,329		2,690,045		147,017		33,493
Cash		1,502		60		1,931		234		13
Cash collateral received for securities on loan		1,405		—		—		—		—
Cash collateral pledged for futures contracts		—		—		—		—		180
Cash collateral pledged for swap contracts		—		—		—		—		1,527
Cash denominated in currencies other than U.S. dollars		1,043		243		8		1,536		—	*
Unrealized appreciation on open forward currency contracts		—		257		46		4,155		—
Receivables for:
Sales of investments		2,211,415		2,039		4,259,301		37,036		2,195
Sales of fund’s shares		18,047		120		16,175		2,630		10
Dividends and interest		82,937		1,399		56,775		18,981		12,591
Variation margin on futures contracts		854		—		1,067		60		—
Variation margin on swap contracts		—		2		3		4		—
Securities lending income		35		—		—		—		—
Unrealized appreciation on unfunded commitments		740		—		—		—		323
Other		317		60		208		457		4
		33,192,550		457,754		18,057,571		2,407,667		872,308
Liabilities:
Collateral for securities on loan		14,048		—		—		—		—
Unrealized depreciation on open forward currency contracts		—		259		2,653		3,799		—
Payables for:
Purchases of investments		3,495,044		1,762		6,637,389		63,377		3,274
Repurchases of fund’s shares		6,458		154		3,405		217		789
Investment advisory services		6,508		250		3,453		841		355
Insurance administrative fees		3,028		63		426		35		39
Services provided by related parties		2,894		75		1,237		293		177
Trustees’ deferred compensation		326		4		137		29		41
Variation margin on futures contracts		716		4		1,143		114		14
Variation margin on swap contracts		66		—		295		18		39
Non-U.S. taxes		5,162		43		—		89		—
Other		649		8		14		110		1
		3,534,899		2,622		6,650,152		68,922		4,729
Net assets at December 31, 2020	$	29,657,651	$	455,132	$	11,407,419	$	2,338,745	$	867,579
Net assets consist of:
Capital paid in on shares of beneficial interest	$	20,079,887	$	352,482	$	10,340,097	$	2,109,516	$	1,110,844
Total distributable earnings (accumulated loss)		9,577,764		102,650		1,067,322		229,229		(243,265	)
Net assets at December 31, 2020	$	29,657,651	$	455,132	$	11,407,419	$	2,338,745	$	867,579
Investment securities on loan, at value	$	13,741	$	—	$	—	$	—	$	—
Investment securities, at cost
Unaffiliated issuers		19,781,571		328,521		10,403,219		2,023,861		806,030
Affiliated issuers		2,391,012		24,327		2,690,027		147,017		33,489
Cash denominated in currencies other than U.S. dollars, at cost		1,010		243		8		1,529		—	*

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

American Funds Insurance Series 241

Statements of assets and liabilities at December 31, 2020 (continued)

								(dollars in thousands)
	American Funds Mortgage Fund (formerly Mortgage Fund)		Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund		Managed Risk Growth Fund		Managed Risk International Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	392,439	$	372,357		$	2,493,668	$	27,316	$	8,021
Affiliated issuers		—		—			—		537,481		161,216
Cash		388		98			231		—		—
Cash collateral pledged for futures contracts		—		—			—		139		42
Receivables for:
Sales of investments		179,573		—			1,028,854		706		854
Sales of fund’s shares		429		3,527			4,197		191		—
Dividends and interest		460		—			5,801		1		—	*
Variation margin on futures contracts		4		—			648		11		3
Variation margin on swap contracts		—		—			160		—		—
Other		1		—			—		—		—
		573,294		375,982			3,533,559		565,845		170,136
Liabilities:
Payables for:
Purchases of investments		253,353		—			1,376,273		482		175
Repurchases of fund’s shares		123		11			946		427		241
Investment advisory services		65		102			641		47		14
Insurance administrative fees		23		25			174		328		101
Services provided by related parties		28		80			415		112		35
Trustees’ deferred compensation		3		15			54		3		1
Variation margin on futures contracts		29		—			613		—		—
Variation margin on swap contracts		51		—			785		—		—
Other		—		—			1		—		—
		253,675		233			1,379,902		1,399		567
Net assets at December 31, 2020	$	319,619	$	375,749		$	2,153,657	$	564,446	$	169,569
Net assets consist of:
Capital paid in on shares of beneficial interest	$	302,094	$	375,759		$	1,908,506	$	386,634	$	155,543
Total distributable earnings (accumulated loss)		17,525		(10	)		245,151		177,812		14,026
Net assets at December 31, 2020	$	319,619	$	375,749		$	2,153,657	$	564,446	$	169,569
Investment securities, at cost
Unaffiliated issuers	$	387,738	$	372,351		$	2,448,888	$	27,316	$	8,021
Affiliated issuers		—		—			—		380,957		127,392

See end of statements of assets and liabilities for footnote.

See notes to financial statements.

242 American Funds Insurance Series

Statements of assets and liabilities at December 31, 2020 (continued)

				(dollars in thousands)
	Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	17,540		$	126,879	$	133,964
Affiliated issuers		339,015			2,301,972		2,646,718
Cash collateral pledged for futures contracts		132			6,144		683
Receivables for:
Sales of investments		702			—		2,195
Sales of fund’s shares		2			16,998		149
Dividends and interest		—	*		3		3
Variation margin on futures contracts		8			794		56
		357,399			2,452,790		2,783,768
Liabilities:
Payables for:
Purchases of investments		489			16,441		—
Repurchases of fund’s shares		226			6		2,460
Investment advisory services		30			202		234
Insurance administrative fees		218			1,449		1,697
Services provided by related parties		73			64		575
Trustees’ deferred compensation		3			12		31
		1,039			18,174		4,997
Net assets at December 31, 2020	$	356,360		$	2,434,616	$	2,778,771
Net assets consist of:
Capital paid in on shares of beneficial interest	$	357,836		$	2,054,184	$	2,392,464
Total (accumulated loss) distributable earnings		(1,476	)		380,432		386,307
Net assets at December 31, 2020	$	356,360		$	2,434,616	$	2,778,771
Investment securities, at cost
Unaffiliated issuers	$	17,540		$	159,232	$	133,964
Affiliated issuers		277,668			1,953,888		2,242,813

* Amount less than one thousand.

See notes to financial statements.

American Funds Insurance Series 243

Statements of assets and liabilities at December 31, 2020 (continued)

			(dollars and shares in thousands, except per-share amounts)
	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:
Net assets	$	3,309,395	$	2,390,834	$	15,644,155	$	5,652,007	$	2,308,973
Shares outstanding		80,401		73,257		130,131		239,107		73,091
Net asset value per share	$	41.16	$	32.64	$	120.22	$	23.64	$	31.59
Class 1A:
Net assets	$	11,706	$	1,226	$	60,452	$	9,847	$	17,803
Shares outstanding		285		38		505		418		566
Net asset value per share	$	41.02	$	32.49	$	119.59	$	23.55	$	31.43
Class 2:
Net assets	$	4,386,644	$	2,652,518	$	20,593,851	$	4,480,961	$	1,108,860
Shares outstanding		107,734		84,047		172,799		190,374		35,483
Net asset value per share	$	40.72	$	31.56	$	119.18	$	23.54	$	31.25
Class 3:
Net assets					$	278,776	$	24,720
Shares outstanding		Not applicable		Not applicable		2,301		1,043		Not applicable
Net asset value per share					$	121.13	$	23.69
Class 4:
Net assets	$	533,225	$	268,163	$	2,346,810	$	423,323	$	807,517
Shares outstanding		13,182		8,469		20,017		18,209		26,016
Net asset value per share	$	40.45	$	31.67	$	117.24	$	23.25	$	31.04
	Blue Chip Income and Growth Fund		Global Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:
Net assets	$	5,684,371	$	657,344	$	22,902,591	$	1,119,711	$	620,828
Shares outstanding		396,056		39,436		413,533		58,897		57,099
Net asset value per share	$	14.35	$	16.67	$	55.38	$	19.01	$	10.87
Class 1A:
Net assets	$	24,659	$	2,375	$	15,908	$	2,967	$	6,465
Shares outstanding		1,727		143		288		156		595
Net asset value per share	$	14.28	$	16.62	$	55.16	$	18.97	$	10.86
Class 2:
Net assets	$	3,081,893	$	1,348,612	$	14,012,328	$	221,049	$	7,705
Shares outstanding		217,731		81,086		256,372		11,666		709
Net asset value per share	$	14.15	$	16.63	$	54.66	$	18.95	$	10.87
Class 3:
Net assets					$	153,750
Shares outstanding		Not applicable		Not applicable		2,771		Not applicable		Not applicable
Net asset value per share					$	55.49
Class 4:
Net assets	$	788,143	$	166,119	$	1,406,958	$	112,156	$	461,954
Shares outstanding		56,038		10,162		26,061		5,961		42,571
Net asset value per share	$	14.06	$	16.35	$	53.99	$	18.82	$	10.85

See notes to financial statements.

244 American Funds Insurance Series

Statements of assets and liabilities at December 31, 2020 (continued)

			(dollars and shares in thousands, except per-share amounts)
	Asset Allocation Fund		Global Balanced Fund		Bond Fund		Capital World Bond Fund (formerly Global Bond Fund)		High- Income Bond Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:
Net assets	$	19,237,782	$	139,461	$	6,844,251	$	1,218,619	$	122,902
Shares outstanding		725,940		9,827		575,693		94,166		12,541
Net asset value per share	$	26.50	$	14.19	$	11.89	$	12.94	$	9.80
Class 1A:
Net assets	$	14,543	$	2,724	$	9,495	$	703	$	997
Shares outstanding		550		192		802		54		102
Net asset value per share	$	26.42	$	14.16	$	11.84	$	12.91	$	9.78
Class 2:
Net assets	$	5,241,950	$	207,779	$	3,839,814	$	1,058,224	$	664,940
Shares outstanding		200,022		14,669		327,353		82,417		69,210
Net asset value per share	$	26.21	$	14.16	$	11.73	$	12.84	$	9.61
Class 3:
Net assets	$	32,685							$	9,938
Shares outstanding		1,232		Not applicable		Not applicable		Not applicable		1,010
Net asset value per share	$	26.53							$	9.84
Class 4:
Net assets	$	5,130,691	$	105,168	$	713,859	$	61,199	$	68,802
Shares outstanding		196,868		7,501		61,047		4,815		6,530
Net asset value per share	$	26.06	$	14.02	$	11.69	$	12.71	$	10.54
	American Funds Mortgage Fund (formerly Mortgage Fund)		Ultra-Short Bond Fund		U.S. Government/ AAA-Rated Securities Fund		Managed Risk Growth Fund		Managed Risk International Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:
Net assets	$	223,554	$	43,579	$	428,683
Shares outstanding		20,121		3,855		32,878		Not applicable		Not applicable
Net asset value per share	$	11.11	$	11.31	$	13.04
Class 1A:
Net assets	$	1,161	$	10	$	3,585
Shares outstanding		105		1		276		Not applicable		Not applicable
Net asset value per share	$	11.08	$	11.31	$	13.00
Class 2:
Net assets	$	57,906	$	287,757	$	1,439,405
Shares outstanding		5,222		26,184		111,630		Not applicable		Not applicable
Net asset value per share	$	11.09	$	10.99	$	12.89
Class 3:
Net assets			$	4,301	$	10,295
Shares outstanding		Not applicable		387		788		Not applicable		Not applicable
Net asset value per share			$	11.12	$	13.07
Class 4:
Net assets	$	36,998	$	40,102	$	271,689
Shares outstanding		3,371		3,618		21,091		Not applicable		Not applicable
Net asset value per share	$	10.97	$	11.08	$	12.88
Class P1:
Net assets							$	10,705	$	1,538
Shares outstanding		Not applicable		Not applicable		Not applicable		621		139
Net asset value per share							$	17.25	$	11.07
Class P2:
Net assets							$	553,741	$	168,031
Shares outstanding		Not applicable		Not applicable		Not applicable		32,357		15,286
Net asset value per share							$	17.11	$	10.99

See notes to financial statements.

American Funds Insurance Series 245

Statements of assets and liabilities at December 31, 2020 (continued)

	(dollars and shares in thousands, except per-share amounts)
	Managed Risk Blue Chip Income and Growth Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class P1:
Net assets	$	1,525	$	2,119,963	$	5,317
Shares outstanding		136		151,361		384
Net asset value per share	$	11.24	$	14.01	$	13.84
Class P2:
Net assets	$	354,835	$	314,653	$	2,773,454
Shares outstanding		31,732		22,583		206,250
Net asset value per share	$	11.18	$	13.93	$	13.45

See notes to financial statements.

246 American Funds Insurance Series

Financial statements (continued)

Statements of operations for the year ended December 31, 2020

							(dollars in thousands)
	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	78,231		$	25,305		$	243,220		$	108,464		$	35,320
Affiliated issuers		973			1,310			6,391			3,029			1,220
		79,204			26,615			249,611			111,493			36,540
Interest from unaffiliated issuers		18			3			2,485			4,177			6,645
Securities lending income (net of fees)		176			3,888			37			175			133
		79,398			30,506			252,133			115,845			43,318
Fees and expenses1:
Investment advisory services		35,225			30,652			98,281			45,293			24,693
Distribution services		10,622			6,084			47,087			10,718			3,931
Insurance administrative services		1,063			518			4,484			905			1,653
Transfer agent services		1			1			4			1			—	2
Administrative services		2,068			1,324			9,318			2,752			1,062
Reports to shareholders		143			91			634			199			85
Registration statement and prospectus		44			75			231			94			31
Trustees’ compensation		36			23			162			47			18
Auditing and legal		67			85			75			83			116
Custodian		905			710			527			1,874			975
Other		5			72			16			7			58
Total fees and expenses before waivers/reimbursements		50,179			39,635			160,819			61,973			32,622
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		1			—			—			—			4,382
Miscellaneous fee reimbursements		—			—			—			—			—
Total waivers/reimbursements of fees and expenses		1			—			—			—			4,382
Total fees and expenses after waivers/reimbursements		50,178			39,635			160,819			61,973			28,240
Net investment income (loss)		29,220			(9,129	)		91,314			53,872			15,078
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		460,355			114,077			5,288,250			41,340			134,422
Affiliated issuers		170			68			602			36			40
Futures contracts		—			—			—			—			140
Forward currency contracts		—			—			—			182			(245	)
Currency transactions		(1,374	)		(445	)		176			(1,536	)		(1,712	)
		459,151			113,700			5,289,028			40,022			132,645
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		1,448,079			1,153,033			8,444,104			1,257,109			658,964
Affiliated issuers		(246	)		26,897			(3	)		(187	)		(122	)
Futures contracts		—			—			—			—			(10	)
Forward currency contracts		—			—			—			45			(54	)
Currency translations		113			(297	)		77			45			(150	)
		1,447,946			1,179,633			8,444,178			1,257,012			658,628
Net realized gain (loss) and unrealized appreciation (depreciation)		1,907,097			1,293,333			13,733,206			1,297,034			791,273
Net increase (decrease) in net assets resulting from operations	$	1,936,317		$	1,284,204		$	13,824,520		$	1,350,906		$	806,351

See end of statements of operations for footnotes.

See notes to financial statements.

American Funds Insurance Series 247

Statements of operations for the year ended December 31, 2020 (continued)

							(dollars in thousands)
	Blue Chip Income and Growth Fund			Global Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	206,845		$	38,168		$	607,278		$	30,125		$	28,587
Affiliated issuers		2,015			578			12,925			543			436
		208,860			38,746			620,203			30,668			29,023
Interest from unaffiliated issuers		66			2,960			3,327			810			4,459
Securities lending income (net of fees)		5			34			620			13			39
		208,931			41,740			624,150			31,491			33,521
Fees and expenses1:
Investment advisory services		33,547			11,651			87,809			8,128			4,711
Distribution services		8,654			3,375			35,109			727			1,084
Insurance administrative services		1,660			348			3,054			239			1,083
Transfer agent services		1			—	2		4			—	2		—	2
Administrative services		2,579			585			10,328			398			294
Reports to shareholders		137			32			761			15			10
Registration statement and prospectus		112			20			241			7			33
Trustees’ compensation		44			10			177			7			5
Auditing and legal		47			71			89			69			49
Custodian		120			413			571			395			91
Other		5			2			20			2			2
Total fees and expenses before waivers/reimbursements		46,906			16,507			138,163			9,987			7,362
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		—			—			—			—			1,735
Miscellaneous fee reimbursements		—			—			—			—			—
Total waivers/reimbursements of fees and expenses		—			—			—			—			1,735
Total fees and expenses after waivers/reimbursements		46,906			16,507			138,163			9,987			5,627
Net investment income (loss)		162,025			25,233			485,987			21,504			27,894
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		(75,549	)		51,131			377,029			(43,978	)		(48,491	)
Affiliated issuers		414			51			(18,361	)		29			52
Futures contracts		—			—			—			—			3,606
Forward currency contracts		—			(521	)		—			18			38
Swap contracts		—			—			—			—			2,686
Currency transactions		2			(974	)		470			714			54
		(75,133	)		49,687			359,138			(43,217	)		(42,055	)
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		717,525			113,105			3,860,050			123,508			60,596
Affiliated issuers		3			(64	)		(10,984	)		(39	)		(127	)
Futures contracts		—			—			—			—			281
Forward currency contracts		—			137			—			12			(22	)
Swap contracts		—			—			—			—			(108	)
Currency translations		(6	)		38			282			144			46
		717,522			113,216			3,849,348			123,625			60,666
Net realized gain (loss) and unrealized appreciation (depreciation)		642,389			162,903			4,208,486			80,408			18,611
Net increase (decrease) in net assets resulting from operations	$	804,414		$	188,136		$	4,694,473		$	101,912		$	46,505

See end of statements of operations for footnotes.

See notes to financial statements.

248 American Funds Insurance Series

Statements of operations for the year ended December 31, 2020 (continued)

							(dollars in thousands)
	Asset Allocation Fund			Global Balanced Fund			Bond Fund			Capital World Bond Fund3			High- Income Bond Fund
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	331,247		$	5,802		$	—		$	—		$	161
Affiliated issuers		16,268			103			5,601			477			227
		347,515			5,905			5,601			477			388
Interest from unaffiliated issuers		216,938			2,516			251,927			55,130			62,664
Securities lending income (net of fees)		690			—			—			—			—
		565,143			8,421			257,528			55,607			63,052
Fees and expenses1:
Investment advisory services		71,046			2,767			38,894			11,401			4,534
Distribution services		23,649			721			10,588			2,609			1,726
Insurance administrative services		11,402			239			1,504			131			140
Transfer agent services		3			—	2		1			—	2		—	2
Administrative services		8,053			126			3,223			642			281
Reports to shareholders		481			5			227			35			22
Registration statement and prospectus		330			5			80			22			7
Trustees’ compensation		135			2			51			11			4
Auditing and legal		72			53			54			48			47
Custodian		753			76			147			389			16
Other		14			2			7			9			17
Total fees and expenses before waivers/reimbursements		115,938			3,996			54,776			15,297			6,794
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		—			—			—			1,458			—
Miscellaneous fee reimbursements		—			—			—			—			—
Total waivers/reimbursements of fees and expenses		—			—			—			1,458			—
Total fees and expenses after waivers/reimbursements		115,938			3,996			54,776			13,839			6,794
Net investment income (loss)		449,205			4,425			202,752			41,768			56,258
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		767,904			17,369			406,202			33,450			(55,642	)
Affiliated issuers		14,845			3			885			35			73
Futures contracts		36,747			442			89,071			(180	)		(166	)
Forward currency contracts		—			801			(15,906	)		16,206			—
Swap contracts		(10,831	)		(123	)		44			(2,905	)		3,842
Currency transactions		(271	)		(237	)		(14	)		(766	)		6
		808,394			18,255			480,282			45,840			(51,887	)
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		1,914,198			18,521			308,933			114,258			18,771
Affiliated issuers		84,442			(5	)		(92	)		(168	)		(129	)
Futures contracts		2,190			19			10,886			958			(178	)
Forward currency contracts		—			97			(1,417	)		2,566			—
Swap contracts		4,608			23			(18,955	)		(923	)		857
Currency translations		190			28			132			301			2
		2,005,628			18,683			299,487			116,992			19,323
Net realized gain (loss) and unrealized appreciation (depreciation)		2,814,022			36,938			779,769			162,832			(32,564	)
Net increase (decrease) in net assets resulting from operations	$	3,263,227		$	41,363		$	982,521		$	204,600		$	23,694

See end of statements of operations for footnotes.

See notes to financial statements.

American Funds Insurance Series 249

Statements of operations for the year ended December 31, 2020 (continued)

							(dollars in thousands)
	American Funds Mortgage Fund4			Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund			Managed Risk Growth Fund			Managed Risk International Fund
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	—		$	—		$	—		$	—		$	—
Affiliated issuers		—			—			—			3,867			1,621
		—			—			—			3,867			1,621
Interest from unaffiliated issuers		3,819			1,927			34,038			56			26
		3,819			1,927			34,038			3,923			1,647
Fees and expenses1:
Investment advisory services		1,248			1,098			8,276			719			235
Distribution services		230			754			4,056			1,177			389
Insurance administrative services		90			85			587			1,198			392
Transfer agent services		—	2		—	2		—	2		—	2		—	2
Administrative services		89			103			712			—			—
Accounting and administrative services		—			—			—			61			54
Reports to shareholders		4			6			83			6			4
Registration statement and prospectus		3			4			14			8			1
Trustees’ compensation		1			2			9			3			1
Auditing and legal		44			45			46			16			16
Custodian		24			1			37			11			11
Other		—	2		—	2		2			2			2
Total fees and expenses before waivers/reimbursements		1,733			2,098			13,822			3,201			1,105
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		360			—			—			240			79
Miscellaneous fee reimbursements		—			—			—			—			41
Total waivers/reimbursements of fees and expenses		360			—			—			240			120
Total fees and expenses after waivers/reimbursements		1,373			2,098			13,822			2,961			985
Net investment income (loss)		2,446			(171	)		20,216			962			662
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		11,818			—			145,064			—			—
Affiliated issuers		—			—			—			53,335			(165	)
Futures contracts		8,696			—			89,336			(35,338	)		(14,051	)
Swap contracts		(8,505	)		—			(46,704	)		—			—
Currency transactions		—			—			—			77			178
Capital gain distributions received from affiliated issuers		—			—			—			9,678			159
		12,009			—			187,696			27,752			(13,879	)
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		239			(1	)		6,199			—			—
Affiliated issuers		—			—			—			110,528			19,015
Futures contracts		779			—			7,908			130			51
Swap contracts		4,046			—			47,782			—			—
		5,064			(1	)		61,889			110,658			19,066
Net realized gain (loss) and unrealized appreciation (depreciation)		17,073			(1	)		249,585			138,410			5,187
Net increase (decrease) in net assets resulting from operations	$	19,519		$	(172	)	$	269,801		$	139,372		$	5,849

See end of statements of operations for footnotes.

See notes to financial statements.

250 American Funds Insurance Series

Statements of operations for the year ended December 31, 2020 (continued)

	(dollars in thousands)
	Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	—		$	—		$	—
Affiliated issuers		6,214			35,740			46,786
		6,214			35,740			46,786
Interest from unaffiliated issuers		45			297			433
		6,259			36,037			47,219
Fees and expenses1:
Investment advisory services		518			3,378			4,028
Distribution services		861			718			6,703
Insurance administrative services		864			5,630			6,712
Transfer agent services		—	2		—	2		—	2
Accounting and administrative services		58			100			102
Reports to shareholders		5			21			44
Registration statement and prospectus		3			14			11
Trustees’ compensation		2			11			13
Auditing and legal		16			18			19
Custodian		11			11			11
Other		2			3			3
Total fees and expenses before waivers/reimbursements		2,340			9,904			17,646
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		173			1,126			1,342
Miscellaneous fee reimbursements		—			—			—
Total waivers/reimbursements of fees and expenses		173			1,126			1,342
Total fees and expenses after waivers/reimbursements		2,167			8,778			16,304
Net investment income (loss)		4,092			27,259			30,915
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		—			(22,888	)		—
Affiliated issuers		(35,988	)		32,048			65,756
Futures contracts		(32,684	)		(20,595	)		(119,251	)
Currency transactions		15			307			140
Capital gain distributions received from affiliated issuers		4,329			49,797			11,668
		(64,328	)		38,669			(41,687	)
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		—			(22,232	)		—
Affiliated issuers		56,886			165,618			160,270
Futures contracts		90			2,308			883
		56,976			145,694			161,153
Net realized gain (loss) and unrealized appreciation (depreciation)		(7,352	)		184,363			119,466
Net increase (decrease) in net assets resulting from operations	$	(3,260	)	$	211,622		$	150,381

¹  Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.

²  Amount less than one thousand.

³  Formerly Global Bond Fund.

⁴  Formerly Mortgage Fund.

See notes to financial statements.

American Funds Insurance Series 251

Financial statements (continued)

Statements of changes in net assets

										(dollars in thousands)
	Global Growth Fund						Global Small Capitalization Fund						Growth Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	29,220		$	56,332		$	(9,129	)	$	13,730		$	91,314		$	241,310
Net realized gain (loss)		459,151			193,918			113,700			251,270			5,289,028			745,536
Net unrealized appreciation (depreciation)		1,447,946			1,619,747			1,179,633			882,559			8,444,178			6,038,232
Net increase (decrease) in net assets resulting from operations		1,936,317			1,869,997			1,284,204			1,147,559			13,824,520			7,025,078
Distributions paid to shareholders		(224,589	)		(417,934	)		(284,490	)		(284,752	)		(865,145	)		(2,978,202	)
Net capital share transactions		(271,205	)		(153,769	)		(307,246	)		102,952			(2,504,990	)		974,922
Total increase (decrease) in net assets		1,440,523			1,298,294			692,468			965,759			10,454,385			5,021,798
Net assets:
Beginning of year		6,800,447			5,502,153			4,620,273			3,654,514			28,469,659			23,447,861
End of year	$	8,240,970		$	6,800,447		$	5,312,741		$	4,620,273		$	38,924,044		$	28,469,659

	International Fund						New World Fund						Blue Chip Income and Growth Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	53,872		$	136,307		$	15,078		$	34,732		$	162,025		$	189,701
Net realized gain (loss)		40,022			(127,992	)		132,645			32,951			(75,133	)		85,829
Net unrealized appreciation (depreciation)		1,257,012			1,988,427			658,628			791,400			717,522			1,423,960
Net increase (decrease) in net assets resulting from operations		1,350,906			1,996,742			806,351			859,083			804,414			1,699,490
Distributions paid to shareholders		(71,715	)		(394,620	)		(43,949	)		(164,192	)		(265,213	)		(878,225	)
Net capital share transactions		(763,764	)		(536,801	)		(279,660	)		54,641			(242,496	)		429,824
Total increase (decrease) in net assets		515,427			1,065,321			482,742			749,532			296,705			1,251,089
Net assets:
Beginning of year		10,075,431			9,010,110			3,760,411			3,010,879			9,282,361			8,031,272
End of year	$	10,590,858		$	10,075,431		$	4,243,153		$	3,760,411		$	9,579,066		$	9,282,361

See notes to financial statements.

252 American Funds Insurance Series

Statements of changes in net assets (continued)

										(dollars in thousands)
	Global Growth and Income Fund						Growth-Income Fund						International Growth and Income Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	25,233		$	38,039		$	485,987		$	648,555		$	21,504		$	37,530
Net realized gain (loss)		49,687			51,837			359,138			902,476			(43,217	)		(37,024	)
Net unrealized appreciation (depreciation)		113,216			449,868			3,849,348			6,175,985			123,625			293,939
Net increase (decrease) in net assets resulting from operations		188,136			539,744			4,694,473			7,727,016			101,912			294,445
Distributions paid to shareholders		(77,584	)		(140,198	)		(1,429,478	)		(3,957,175	)		(21,467	)		(53,548	)
Net capital share transactions		(74,585	)		(76,937	)		(799,726	)		2,392,290			(124,648	)		(78,069	)
Total increase (decrease) in net assets		35,967			322,609			2,465,269			6,162,131			(44,203	)		162,828
Net assets:
Beginning of year		2,138,483			1,815,874			36,026,266			29,864,135			1,500,086			1,337,258
End of year	$	2,174,450		$	2,138,483		$	38,491,535		$	36,026,266		$	1,455,883		$	1,500,086

	Capital Income Builder						Asset Allocation Fund						Global Balanced Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	27,894		$	24,376		$	449,205		$	527,540		$	4,425		$	6,777
Net realized gain (loss)		(42,055	)		(6,878	)		808,394			20,909			18,255			9,826
Net unrealized appreciation (depreciation)		60,666			117,343			2,005,628			4,312,978			18,683			58,663
Net increase (decrease) in net assets resulting from operations		46,505			134,841			3,263,227			4,861,427			41,363			75,266
Distributions paid to shareholders		(28,997	)		(24,614	)		(606,436	)		(1,801,337	)		(21,373	)		(16,934	)
Net capital share transactions		80,728			213,209			(418,795	)		1,434,114			(1,808	)		12,429
Total increase (decrease) in net assets		98,236			323,436			2,237,996			4,494,204			18,182			70,761
Net assets:
Beginning of year		998,716			675,280			27,419,655			22,925,451			436,950			366,189
End of year	$	1,096,952		$	998,716		$	29,657,651		$	27,419,655		$	455,132		$	436,950

See notes to financial statements.

American Funds Insurance Series 253

Statements of changes in net assets (continued)

										(dollars in thousands)
	Bond Fund						Capital World Bond Fund (formerly Global Bond Fund)						High-Income Bond Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	202,752		$	272,023		$	41,768		$	52,158		$	56,258		$	82,861
Net realized gain (loss)		480,282			243,332			45,840			21,665			(51,887	)		(19,893	)
Net unrealized appreciation (depreciation)		299,487			411,625			116,992			87,557			19,323			86,931
Net increase (decrease) in net assets resulting from operations		982,521			926,980			204,600			161,380			23,694			149,899
Distributions paid to shareholders		(339,511	)		(280,200	)		(64,860	)		(35,756	)		(69,840	)		(79,066	)
Net capital share transactions		213,249			49,693			70,361			(84,997	)		(352,568	)		(8,439	)
Total increase (decrease) in net assets		856,259			696,473			210,101			40,627			(398,714	)		62,394
Net assets:
Beginning of year		10,551,160			9,854,687			2,128,644			2,088,017			1,266,293			1,203,899
End of year	$	11,407,419		$	10,551,160		$	2,338,745		$	2,128,644		$	867,579		$	1,266,293

	American Funds Mortgage Fund (formerly Mortgage Fund)						Ultra-Short Bond Fund						U.S. Government/ AAA-Rated Securities Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	2,446		$	6,346		$		(171)	$	4,833		$	20,216		$	55,852
Net realized gain (loss)		12,009			9,940			—			(1	)		187,696			122,154
Net unrealized appreciation (depreciation)		5,064			(1,209	)		(1	)		15			61,889			(22,336	)
Net increase (decrease) in net assets resulting from operations		19,519			15,077			(172	)		4,847			269,801			155,670
Distributions paid to shareholders		(4,820	)		(7,525	)		(737	)		(5,093	)		(77,781	)		(60,961	)
Net capital share transactions		10,410			(4,217	)		92,028			(21,528	)		(934,697	)		(67,678	)
Total increase (decrease) in net assets		25,109			3,335			91,119			(21,774	)		(742,677	)		27,031
Net assets:
Beginning of year		294,510			291,175			284,630			306,404			2,896,334			2,869,303
End of year	$	319,619		$	294,510		$	375,749		$	284,630		$	2,153,657		$	2,896,334

See notes to financial statements.

254 American Funds Insurance Series

Statements of changes in net assets (continued)

										(dollars in thousands)
	Managed Risk Growth Fund						Managed Risk International Fund						Managed Risk Blue Chip Income and Growth Fund
	Year ended December 31,						Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019			2020			2019
Operations:
Net investment income (loss)	$	962		$	2,886		$	662		$	1,940		$	4,092		$	5,680
Net realized gain (loss)		27,752			30,629			(13,879	)		2,677			(64,328	)		16,823
Net unrealized appreciation (depreciation)		110,658			43,736			19,066			21,114			56,976			23,125
Net increase (decrease) in net assets resulting from operations		139,372			77,251			5,849			25,731			(3,260	)		45,628
Distributions paid to shareholders		(25,274	)		(30,222	)		(3,247	)		(7,796	)		(16,900	)		(23,415	)
Net capital share transactions		10,698			49,348			1,198			(3,125	)		11,085			6,553
Total increase (decrease) in net assets		124,796			96,377			3,800			14,810			(9,075	)		28,766
Net assets:
Beginning of year		439,650			343,273			165,769			150,959			365,435			336,669
End of year	$	564,446		$	439,650		$	169,569		$	165,769		$	356,360		$	365,435

	Managed Risk Growth-Income Fund						Managed Risk Asset Allocation Fund
	Year ended December 31,						Year ended December 31,
	2020			2019			2020			2019
Operations:
Net investment income (loss)	$	27,259		$	35,433		$	30,915		$	40,653
Net realized gain (loss)		38,669			149,567			(41,687	)		131,826
Net unrealized appreciation (depreciation)		145,694			180,419			161,153			271,610
Net increase (decrease) in net assets resulting from operations		211,622			365,419			150,381			444,089
Distributions paid to shareholders		(160,767	)		(32,440	)		(146,678	)		(177,811	)
Net capital share transactions		114,037			44,643			(57,436	)		23,729
Total increase (decrease) in net assets		164,892			377,622			(53,733	)		290,007
Net assets:
Beginning of year		2,269,724			1,892,102			2,832,504			2,542,497
End of year	$	2,434,616		$	2,269,724		$	2,778,771		$	2,832,504

See notes to financial statements.

American Funds Insurance Series 255

Notes to financial statements

1. Organization

American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company with 34 different funds (“the funds”), including 23 funds in the series covered in this report. The other 11 funds in the series are covered in separate reports. Six funds in the series are covered in the American Funds Insurance Series -Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk 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.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

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

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

Growth Fund — To provide growth of capital.

International Fund — To provide long-term growth of capital.

New World Fund — To provide long-term capital appreciation.

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.

Capital World Bond Fund (formerly Global Bond Fund) — To provide, over the long term, a high level of total return consistent with prudent investment management.

256 American Funds Insurance Series

High-Income Bond Fund — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

American Funds Mortgage Fund (formerly 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 additional information in the financial highlights tables.

American Funds Insurance Series 257

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

CRMC, the series’ investment adviser, values the funds’ investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

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

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

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

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

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.

258 American Funds Insurance Series

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series’ investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), 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 State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

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

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

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

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

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

American Funds Insurance Series 259

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the funds’ valuation levels as of December 31, 2020 (dollars in thousands):

Global Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	1,529,558	$	1,083,751	$	—	$	2,613,309
Consumer discretionary		888,809		797,513		—		1,686,322
Health care		703,000		232,172		—		935,172
Financials		360,183		447,703		—		807,886
Communication services		448,473		148,180		—		596,653
Consumer staples		232,624		267,945		—		500,569
Industrials		24,589		264,798		—		289,387
Materials		113,103		38,439		—		151,542
Energy		—		90,882		—		90,882
Real estate		—		33,356		—		33,356
Utilities		—		18,663		—		18,663
Preferred securities		—		238,600		—		238,600
Short-term securities		143,970		174,987		—		318,957
Total	$	4,444,309	$	3,836,989	$	—	$	8,281,298

Global Small Capitalization Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	869,090	$	566,908	$	—	$	1,435,998
Health care		901,274		317,375		3		1,218,652
Consumer discretionary		449,210		327,676		2,409		779,295
Industrials		171,236		530,019		—		701,255
Financials		298,192		98,457		—		396,649
Materials		31,914		91,606		—		123,520
Real estate		72,261		37,896		—		110,157
Communication services		34,538		71,794		—		106,332
Consumer staples		79,614		19,249		—		98,863
Utilities		5,859		59,096		—		64,955
Energy		13,972		—		10,434		24,406
Preferred securities		19,092		—		77,191		96,283
Rights & warrants		—		1,580		—		1,580
Convertible stocks		—		—		13,854		13,854
Short-term securities		86,874		136,990		—		223,864
Total	$	3,033,126	$	2,258,646	$	103,891	$	5,395,663

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended December 31, 2020 (dollars in thousands):

	Beginning value at 1/1/2020		Transfers into Level 3*		Purchases		Sales			Net realized loss†			Unrealized appreciation†		Transfers out of Level 3*		Ending value at 12/31/2020
Investment securities	$	44,058	$	914	$	52,617	$	(10,017	)	$	(4,877	)	$	21,196	$	—	$	103,891
Net unrealized appreciation during the period on Level 3 investment securities held at December 31, 2020																	$	21,196

* Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

† Net realized loss and unrealized appreciation are included in the related amounts on investments in the statement of operations.

260 American Funds Insurance Series

Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):

	Value at 12/31/2020		Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average*	Impact to valuation from an increase in input†
Common stocks	$	12,846	Liquidation value	N/A	N/A	N/A	N/A
			Market comparable companies	Price/Cash flow multiple	8.8x	8.8x	Increase
				DLOM	25%	25%	Decrease
				$ per one billion Btu	$2.25	$2.25	Increase
				MMTPA	10 MMTPA	10 MMTPA	Increase
			Transaction price	N/A	N/A	N/A	N/A
Preferred securities		77,191	Transaction price	N/A	N/A	N/A	N/A
Convertible stocks		13,854	Transaction price	N/A	N/A	N/A	N/A
	$	103,891

* Weighted average is by relative fair value.

† This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. 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 abbreviations

Btu = British thermal unit

DLOM = Discount for lack of marketability

MMTPA = Million metric tonnes per annum

Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	7,806,427	$	988,629	$	—	$	8,795,056
Consumer discretionary		6,912,136		416,283		—		7,328,419
Communication services		7,012,728		—		—		7,012,728
Health care		4,816,461		77,537		59,453		4,953,451
Industrials		2,820,844		464,847		—		3,285,691
Financials		2,051,508		62,053		—		2,113,561
Consumer staples		1,046,415		205,883		—		1,252,298
Materials		1,167,722		33,980		—		1,201,702
Energy		644,723		—		—		644,723
Real estate		369,502		—		—		369,502
Utilities		190,565		25,624		—		216,189
Preferred securities		—		44,452		—		44,452
Convertible bonds & notes		—		—		29,464		29,464
Short-term securities		1,630,494		—		—		1,630,494
Total	$	36,469,525	$	2,319,288	$	88,917	$	38,877,730

American Funds Insurance Series 261

International Fund

	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Common stocks:
Financials	$	160,866	$	1,645,671		$	—	$	1,806,537
Consumer discretionary		421,417		1,154,375			—		1,575,792
Health care		131,197		1,414,294			6		1,545,497
Industrials		95,045		1,127,312			—		1,222,357
Information technology		358,778		504,666			—		863,444
Communication services		98,771		715,574			—		814,345
Energy		98,446		562,531			—		660,977
Materials		375,154		181,706			—		556,860
Consumer staples		8,249		449,366			—		457,615
Utilities		—		347,713			—		347,713
Real estate		—		83,229			—		83,229
Preferred securities		70,086		56,376			—		126,462
Rights & warrants		236		41,615			—		41,851
Convertible bonds & notes		—		1,260			—		1,260
Bonds, notes & other debt instruments		—		17,814			—		17,814
Short-term securities		537,819		—			—		537,819
Total	$	2,356,064	$	8,303,502		$	6	$	10,659,572
	Other investments*
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	309		$	—	$	309
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(395	)		—		(395	)
Total	$	—	$	(86	)	$	—	$	(86	)

* 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	$	540,290	$	265,260	$	—		$	805,550
Consumer discretionary		184,433		426,480		—			610,913
Health care		220,288		303,860		1			524,149
Financials		98,824		367,872		—			466,696
Communication services		242,323		108,859		—			351,182
Materials		126,066		126,416		—			252,482
Industrials		57,626		193,144		—			250,770
Consumer staples		32,600		209,655		—			242,255
Energy		55,068		104,845		—			159,913
Real estate		21,814		49,427		—			71,241
Utilities		8,127		61,070		—			69,197
Preferred securities		31,214		17,203		—	*		48,417
Rights & warrants		37		11,204		—			11,241
Convertible bonds & notes		—		120		—			120
Bonds, notes & other debt instruments		—		120,130		—			120,130
Short-term securities		238,517		—		—			238,517
Total	$	1,857,227	$	2,365,545	$	1		$	4,222,773

262 American Funds Insurance Series

	Other investments†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	3		$	—		$	—	$	3
Liabilities:
Unrealized depreciation on futures contracts		(13	)		—			—		(13	)
Unrealized depreciation on open forward currency contracts		—			(54	)		—		(54	)
Total	$	(10	)	$	(54	)	$	—	$	(64	)

* Amount less than one thousand.

† Futures contracts and forward currency contracts are not included in the investment portfolio.

Blue Chip Income and Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Health care	$	1,660,102	$	—	$	—	$	1,660,102
Information technology		1,639,123		—		—		1,639,123
Industrials		1,299,142		—		—		1,299,142
Communication services		907,314		—		—		907,314
Energy		866,464		—		—		866,464
Consumer staples		782,008		—		—		782,008
Consumer discretionary		730,730		—		—		730,730
Financials		668,246		—		—		668,246
Utilities		327,959		—		—		327,959
Materials		246,839		—		—		246,839
Real estate		167,648		—		—		167,648
Rights & warrants		138		—		—		138
Convertible stocks		85,580		—		—		85,580
Convertible bonds & notes		—		13,651		—		13,651
Short-term securities		181,762		—		—		181,762
Total	$	9,563,055	$	13,651	$	—	$	9,576,706

Global Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	221,121	$	181,276	$	—	$	402,397
Financials		141,374		202,553		—		343,927
Industrials		126,976		119,227		—		246,203
Health care		128,044		70,127		—		198,171
Consumer discretionary		85,765		111,886		—		197,651
Communication services		145,542		20,262		—		165,804
Utilities		27,113		104,117		—		131,230
Materials		42,123		83,017		—		125,140
Energy		39,179		61,420		—		100,599
Consumer staples		32,426		64,723		—		97,149
Real estate		28,798		25,958		—		54,756
Bonds, notes & other debt instruments		—		34,378		—		34,378
Short-term securities		72,929		—		—		72,929
Total	$	1,091,390	$	1,078,944	$	—	$	2,170,334

American Funds Insurance Series 263

Growth-Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	7,314,726	$	372,663	$	—	$	7,687,389
Communication services		5,831,851		127,572		—		5,959,423
Health care		4,693,629		779,632		—		5,473,261
Financials		3,867,153		71,057		—		3,938,210
Industrials		3,235,391		420,599		—		3,655,990
Consumer discretionary		2,997,262		125,349		—		3,122,611
Consumer staples		1,207,072		739,995		—		1,947,067
Materials		1,780,708		100,975		—		1,881,683
Energy		1,316,148		1,473		—		1,317,621
Utilities		900,859		210,300		—		1,111,159
Real estate		983,845		—		—		983,845
Convertible stocks		311,050		—		—		311,050
Bonds, notes & other debt instruments		—		44,819		—		44,819
Short-term securities		1,180,227		—		—		1,180,227
Total	$	35,619,921	$	2,994,434	$	—	$	38,614,355

International Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	21,452	$	238,557	$	—	$	260,009
Industrials		19,686		168,699		—		188,385
Communication services		38,634		137,544		—		176,178
Consumer discretionary		—		173,323		—		173,323
Health care		6,388		133,573		4		139,965
Materials		49,909		51,472		—		101,381
Consumer staples		11,591		86,293		—		97,884
Information technology		20,812		57,262		—		78,074
Utilities		—		75,755		—		75,755
Energy		14,453		26,884		—		41,337
Real estate		—		38,742		—		38,742
Preferred securities		24,328		—		—		24,328
Rights & warrants		—		15,297		—		15,297
Bonds, notes & other debt instruments		—		8,880		—		8,880
Short-term securities		38,140		—		—		38,140
Total	$	245,393	$	1,212,281	$	4	$	1,457,678

264 American Funds Insurance Series

Capital Income Builder

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Common stocks:
Financials	$	82,959		$	60,554		$	—	$	143,513
Information technology		78,576			21,313			—		99,889
Consumer staples		53,173			45,939			—		99,112
Health care		64,546			33,275			—		97,821
Utilities		35,050			55,511			—		90,561
Real estate		43,561			18,295			—		61,856
Communication services		29,639			26,431			—		56,070
Energy		40,675			9,228			—		49,903
Industrials		26,773			20,099			—		46,872
Materials		19,808			22,725			—		42,533
Consumer discretionary		6,747			6,761			—		13,508
Preferred securities		—			1,987			—		1,987
Rights & warrants		2			—			—		2
Convertible stocks		13,837			—			—		13,837
Convertible bonds & notes		—			784			—		784
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—			100,873			—		100,873
Corporate bonds, notes & loans		—			65,564			—		65,564
Mortgage-backed obligations		—			55,671			—		55,671
Asset-backed obligations		—			3,801			—		3,801
Bonds & notes of governments & government agencies outside the U.S.		—			1,465			—		1,465
Municipals		—			671			—		671
Short-term securities		57,947			—			—		57,947
Total	$	553,293		$	550,947		$	—	$	1,104,240
	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	39		$	—		$	—	$	39
Unrealized appreciation on open forward currency contracts		—			34			—		34
Unrealized appreciation on interest rate swaps		—			569			—		569
Unrealized appreciation on credit default swaps		—			152			—		152
Liabilities:
Unrealized depreciation on futures contracts		(89	)		—			—		(89	)
Unrealized depreciation on open forward currency contracts		—			(56	)		—		(56	)
Total	$	(50	)	$	699		$	—	$	649

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

American Funds Insurance Series 265

Asset Allocation Fund

	Investment securities
	Level 1			Level 2			Level 3			Total
Assets:
Common stocks:
Information technology	$	4,856,907		$	33,828		$	—		$	4,890,735
Health care		3,027,835			132,799			13,074			3,173,708
Financials		2,855,589			215,356			482			3,071,427
Consumer discretionary		1,813,842			160,516			—			1,974,358
Consumer staples		1,182,011			393,999			—			1,576,010
Communication services		1,415,480			70,510			—			1,485,990
Industrials		1,133,507			126,186			10,677			1,270,370
Materials		842,103			93,530			—			935,633
Energy		430,949			21,035			843			452,827
Real estate		380,620			—			—			380,620
Utilities		54,107			242,361			—			296,468
Rights & warrants		—			—			—	*		—	*
Convertible stocks		102,652			45,378			—			148,030
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans		—			3,849,701			4,079			3,853,780
U.S. Treasury bonds & notes		—			2,511,880			—			2,511,880
Mortgage-backed obligations		—			2,198,957			—			2,198,957
Asset-backed obligations		—			235,287			—			235,287
Bonds & notes of governments & government agencies outside the U.S.		—			60,892			—			60,892
Federal agency bonds & notes		—			37,568			—			37,568
Municipals		—			33,381			—			33,381
Short-term securities		2,286,334			—			—			2,286,334
Total	$	20,381,936		$	10,463,164		$	29,155		$	30,874,255
	Other investments†
	Level 1			Level 2			Level 3			Total
Assets:
Unrealized appreciation on futures contracts	$	1,610		$	—		$	—		$	1,610
Unrealized appreciation on interest rate swaps		—			796			—			796
Unrealized appreciation on credit default swaps		—			—	*		—			—	*
Liabilities:
Unrealized depreciation on futures contracts		(2,382	)		—			—			(2,382	)
Total	$	(772	)	$	796		$	—		$	24

* Amount less than one thousand.

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

266 American Funds Insurance Series

Global Balanced Fund

	Investment securities
	Level 1		Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	31,289	$	35,492		$	—	$	66,781
Health care		23,553		16,623			—		40,176
Financials		17,316		15,833			—		33,149
Consumer staples		14,677		14,073			—		28,750
Consumer discretionary		12,713		11,275			—		23,988
Industrials		9,037		13,659			—		22,696
Communication services		6,435		6,573			—		13,008
Materials		3,927		9,077			—		13,004
Real estate		8,992		3,272			—		12,264
Energy		5,708		—			—		5,708
Utilities		852		3,696			—		4,548
Preferred securities		—		2,055			—		2,055
Bonds, notes & other debt instruments:
Bonds & notes of governments & government agencies outside the U.S.		—		67,135			—		67,135
U.S. Treasury bonds & notes		—		49,388			—		49,388
Corporate bonds, notes & loans		—		21,861			—		21,861
Mortgage-backed obligations		—		6,454			—		6,454
Municipals		—		186			—		186
Asset-backed obligations		—		95			—		95
Short-term securities		24,329		17,999			—		42,328
Total	$	158,828	$	294,746		$	—	$	453,574
	Other investments*
	Level 1		Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	3	$	—		$	—	$	3
Unrealized appreciation on open forward currency contracts		—		257			—		257
Unrealized appreciation on interest rate swaps		—		21			—		21
Liabilities:
Unrealized depreciation on open forward currency contracts		—		(259	)		—		(259	)
Unrealized depreciation on credit default swaps		—		—	†		—		—	†
Total	$	3	$	19		$	—	$	22

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

† Amount less than one thousand.

Bond Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—	$	3,792,833	$	—	$	3,792,833
Mortgage-backed obligations		—		3,617,725		—		3,617,725
U.S. Treasury bonds & notes		—		2,783,804		—		2,783,804
Bonds & notes of governments & government agencies outside the U.S.		—		348,736		—		348,736
Asset-backed obligations		—		249,668		—		249,668
Municipals		—		226,267		—		226,267
Federal agency bonds & notes		—		12,979		—		12,979
Short-term securities		2,690,045		—		—		2,690,045
Total	$	2,690,045	$	11,032,012	$	—	$	13,722,057

American Funds Insurance Series 267

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	7,631		$	—		$	—	$	7,631
Unrealized appreciation on open forward currency contracts		—			46			—		46
Unrealized appreciation on interest rate swaps		—			3,456			—		3,456
Liabilities:
Unrealized depreciation on futures contracts		(824	)		—			—		(824	)
Unrealized depreciation on open forward currency contracts		—			(2,653	)		—		(2,653	)
Unrealized depreciation on interest rate swaps		—			(28,517	)		—		(28,517	)
Total	$	6,807		$	(27,668	)	$	—	$	(20,861	)

* Futures contracts, forward currency contracts and interest rate swaps are not included in the investment portfolio.

Capital World Bond Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Bonds, notes & other debt instruments:
Euros	$	—	$	402,906	$	—		$	402,906
Japanese yen		—		217,032		—			217,032
Chinese yuan renminbi		—		141,006		—			141,006
British pounds		—		91,115		—			91,115
Danish kroner		—		59,710		—			59,710
Canadian dollars		—		48,258		—			48,258
Mexican pesos		—		46,716		—			46,716
Malaysian ringgits		—		41,973		—			41,973
Australian dollars		—		31,305		—			31,305
Russian rubles		—		27,059		—			27,059
Israeli shekels		—		25,426		—			25,426
South Korean won		—		20,892		—			20,892
Indonesian rupiah		—		15,694		—			15,694
Colombian pesos		—		15,007		—			15,007
Brazilian reais		—		11,023		—			11,023
New Zealand dollars		—		9,638		—			9,638
Thai baht		—		9,308		—			9,308
Chilean pesos		—		8,404		—			8,404
South African rand		—		7,886		—			7,886
Ukrainian hryvnia		—		7,322		—			7,322
Singapore dollars		—		6,354		—			6,354
Norwegian kroner		—		5,980		—			5,980
Peruvian nuevos soles		—		5,639		—			5,639
Indian rupees		—		3,829		—			3,829
Dominican pesos		—		2,938		—			2,938
Polish zloty		—		1,500		—			1,500
Romanian leu		—		1,361		—			1,361
U.S. dollars		—		924,718		—			924,718
Common stocks		574		—		1,319			1,893
Rights & warrants		—		—		—	*		—	*
Short-term securities		147,017		3,665		—			150,682
Total	$	147,591	$	2,193,664	$	1,319		$	2,342,574

268 American Funds Insurance Series

	Other investments†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	308		$	—		$	—	$	308
Unrealized appreciation on open forward currency contracts		—			4,155			—		4,155
Unrealized appreciation on credit default swaps		—			31			—		31
Liabilities:
Unrealized depreciation on futures contracts		(155	)		—			—		(155	)
Unrealized depreciation on open forward currency contracts		—			(3,799	)		—		(3,799	)
Unrealized depreciation on interest rate swaps		—			(64	)		—		(64	)
Unrealized depreciation on credit default swaps		—			(698	)		—		(698	)
Total	$	153		$	(375	)	$	—	$	(222	)

* Amount less than one thousand.

† Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the investment portfolio.

High-Income Bond Fund

	Investment securities
	Level 1			Level 2			Level 3			Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—		$	770,665		$	4,354		$	775,019
Asset-backed obligations		—			97			—			97
Municipals		—			5			—			5
Convertible bonds & notes		—			5,210			65			5,275
Convertible stocks		2,844			494			—			3,338
Preferred securities		—			2,841			—			2,841
Common stocks		8,366			2,591			24,364			35,321
Rights & warrants		—			76			—	1		76
Short-term securities		33,493			—			—			33,493
Total	$	44,703		$	781,979		$	28,783		$	855,465
				Other investments2
	Level 1			Level 2			Level 3			Total
Assets:
Unrealized appreciation on futures contracts	$	8		$	—		$	—		$	8
Unrealized appreciation on credit default swaps		—			7			—			7
Liabilities:
Unrealized depreciation on futures contracts		(27	)		—			—			(27	)
Unrealized depreciation on credit default swaps		—			(728	)		—			(728	)
Total	$	(19	)	$	(721	)	$	—		$	(740	)

¹  Amount less than one thousand.

²  Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended December 31, 2020 (dollars in thousands):

	Beginning value at 1/1/2020		Transfers into Level 33		Purchases		Sales			Net realized loss4			Unrealized appreciation4		Transfers out of Level 33			Ending value at 12/31/2020
Investment securities	$	19,675	$	5,892	$	12,692	$	(8,614	)	$	(4,424	)	$	8,405	$	(4,843	)	$	28,783
Net unrealized appreciation during the period on Level 3 investment securities held at December 31, 2020																		$	7,603

³  Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

⁴  Net realized loss and unrealized appreciation are included in the related amounts on investments in the statement of operations.

American Funds Insurance Series 269

Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):

	Value at 12/31/2020			Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average1	Impact to valuation from an increase in input2
Bonds, notes & other debt instruments	$	4,354		Estimated recovery value	Exchange terms	N/A	N/A	N/A
					Vendor price	N/A	N/A	N/A
					Par value	N/A	N/A	N/A
				Yield analysis	YTM risk premium	200 bps	200 bps	Decrease
Convertible bonds & notes		65		Transaction price	N/A	N/A	N/A	N/A
Common stocks		24,364		Estimated recovery value	N/A	N/A	N/A	N/A
					Exchange terms	N/A	N/A	N/A
					Vendor price	N/A	N/A	N/A
					Risk discount	90%	90%	Decrease
					Par value	N/A	N/A	N/A
					Adjustment based on market decline	20%	20%	Decrease
				Market comparable companies	EV/EBITDA multiple	7.5x	7.5x	Increase
					EV/EBITDA less CapEx multiple	10.2x - 23.0x	19.2x	Increase
					Discount to EV/EBITDA less CapEx multiple	50%	50%	Decrease
					DLOM	17%-22%	19%	Decrease
				Inputs to market comparables and discounted cash flow	Weight ascribed to market	50%	N/A	N/A
					comparables
					Weight ascribed to discounted cash flow	50%	N/A	N/A
				Discounted cash flow	Proved reserves	$53.7 million	$53.7 million	Increase
					Discount rate	9%	9%	Decrease
				Recent market information	Quoted price	N/A	N/A	N/A
					DLOM	30%	30%	Decrease
				Transaction price	N/A	N/A	N/A	N/A
Rights & warrants		—	3	Black-Scholes	Implied volatility	30%	30%	Increase
					Underlying share price	N/A	N/A	N/A
	$	28,783

¹  Weighted average is by relative fair value.

²  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.

³  Amount less than one thousand.

Key to abbreviations

CapEx = Capital expenditure

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

YTM = Yield to maturity

270 American Funds Insurance Series

American Funds Mortgage Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—		$	219,567		$	—	$	219,567
U.S. Treasury bonds & notes		—			25,628			—		25,628
Asset-backed obligations		—			5,546			—		5,546
Federal agency bonds & notes		—			294			—		294
Short-term securities		—			141,404			—		141,404
Total	$	—		$	392,439		$	—	$	392,439
	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	54		$	—		$	—	$	54
Unrealized appreciation on interest rate swaps		—			1,218			—		1,218
Liabilities:
Unrealized depreciation on futures contracts		(21	)		—			—		(21	)
Unrealized depreciation on interest rate swaps		—			(4	)		—		(4	)
Total	$	33		$	1,214		$	—	$	1,247

* Futures contracts and interest rate swaps are not included in the investment portfolio.

Ultra-Short Bond Fund

At December 31, 2020, all of the fund’s investment securities were classified as Level 2.

U.S. Government/AAA-Rated Securities Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—		$	756,975		$	—	$	756,975
U.S. Treasury bonds & notes		—			663,982			—		663,982
Federal agency bonds & notes		—			341,155			—		341,155
Short-term securities		—			731,556			—		731,556
Total	$	—		$	2,493,668		$	—	$	2,493,668
	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	1,235		$	—		$	—	$	1,235
Unrealized appreciation on interest rate swaps		—			34,726			—		34,726
Liabilities:
Unrealized depreciation on futures contracts		(1,275	)		—			—		(1,275	)
Unrealized depreciation on interest rate swaps		—			(7,246	)		—		(7,246	)
Total	$	(40	)	$	27,480		$	—	$	27,440

* Futures contracts and interest rate swaps are not included in the investment portfolio.

Managed Risk Growth Fund

At December 31, 2020, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund

At December 31, 2020, all of the fund’s investments were classified as Level 1.

American Funds Insurance Series 271

Managed Risk Blue Chip Income and Growth Fund

At December 31, 2020, all of the fund’s investments were classified as Level 1.

Managed Risk Growth-Income Fund

At December 31, 2020, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

At December 31, 2020, 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.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in income-oriented stocks — The value of a fund’s securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls 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.

272 American Funds Insurance Series

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 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 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 factors such as the interest rates, 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.

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 fund’s 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

American Funds Insurance Series 273

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, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund’s returns and increase a fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses.

Currency — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa. 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. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks.

Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

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

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

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

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.

274 American Funds Insurance Series

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 may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, 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. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

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

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

American Funds Insurance Series 275

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 — 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 — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

276 American Funds Insurance Series

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

			Collateral type
Funds	Values of securities loan		Cash		U.S. government securities			Value of investment securities purchased
Global Growth Fund	$	21,446	$	20,305	$	1,985		$	18,274
Global Small Capitalization Fund		77,648		79,709		66			71,738
Growth Fund		7,302		7,559		—			6,803
International Fund		83,899		15,528		72,363			13,975
New World Fund		18,411		15,578		3,469			14,020
Blue Chip Income and Growth Fund		3,447		3,589		—			3,230
Global Growth and Income Fund		6,890		7,156		—	*		6,440
Growth-Income Fund		188,806		193,847		—			174,463
International Growth and Income Fund		6,820		7,095		14			6,385
Capital Income Builder		5,528		1,316		4,462			1,185
Asset Allocation Fund		13,741		14,048		—			12,643

* Amount less than one thousand.

Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

Index-linked bonds — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

Mortgage dollar rolls — Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the funds’ portfolio turnover rates.

Loan transactions — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

Short-term securities — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

Unfunded commitments — Asset Allocation Fund and High-Income Bond Fund have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2020, the maximum exposure from these unfunded commitments for Asset Allocation Fund and High-Income Bond Fund was $3,543,000 and $1,481,000, respectively, which would represent 0.01% and 0.17%, respectively, of the net assets of each fund should such commitments become due. Unrealized appreciation on these unfunded commitments for Asset Allocation Fund and High-Income Bond Fund was $740,000 and $323,000, respectively, which is disclosed as a receivable for unrealized appreciation on unfunded commitments in each fund’s statement of assets and liabilities and is included in net unrealized appreciation on investments in unaffiliated issuers in each fund’s statement of operations.

American Funds Insurance Series 277

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 from unaffiliated issuers 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 investments in unaffiliated issuers 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 by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. 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.

278 American Funds Insurance Series

Upon entering into an interest rate swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular interest rate swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, the series’ investment adviser records daily interest accruals related to the exchange of future payments as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the interest rate swaps, including accrued interest, and records variation margin on interest rate swaps in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the interest rate swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from interest rate swaps are recorded in each fund’s statement of operations.

Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap agreements on credit indices (“CDSI”) that involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified return upon the occurrence of a credit event, such as a default or restructuring, with respect to any of the underlying issuers (reference obligations) in the referenced index. The series’ investment adviser uses credit default swaps to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks.

CDSI are portfolios of credit instruments or exposures designed to be representative of some part of the credit market, such as the high-yield or investment-grade credit market. CDSI are generally traded using standardized terms, including a fixed spread and standard maturity dates, and reference all the names in the index. If there is a credit event, it is settled based on that name’s weight in the index. The composition of the underlying issuers or obligations within a particular index may change periodically, usually every six months. A specified credit event may affect all or individual underlying reference obligations included in the index, and will be settled based upon the relative weighting of the affected obligation(s) within the index. The value of each CDSI can be used as a measure of the current payment/performance risk of the CDSI and represents the likelihood of an expected liability or profit should the notional amount of the CDSI be closed or sold as of the period end. An increasing value, as compared to the notional amount of the CDSI, represents a deterioration of the referenced indices’ credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. When a fund provides sell protection, its maximum exposure is the notional amount of the credit default swap agreement.

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.

American Funds Insurance Series 279

The following table presents the average month-end notional amounts of options contracts purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

Options contracts purchased

Futures contracts

Forward currency contracts

Interest rate swaps

Credit default swaps

International Fund

Not applicable

Not applicable

$

41,887

Not applicable

Not applicable

New World Fund

Not applicable

$

1,829

5,742

Not applicable

Not applicable

Global Growth and Income Fund

Not applicable

Not applicable

6,973

*

Not applicable

Not applicable

International Growth and Income Fund

Not applicable

Not applicable

3,200

*

Not applicable

Not applicable

Capital Income Builder

Not applicable

71,475

965

$

112,369

$

3,389

Asset Allocation Fund

Not applicable

1,175,025

Not applicable

227,086

46,073

Global Balanced Fund

Not applicable

4,858

30,295

7,507

3,800

Bond Fund

Not applicable

3,685,113

491,051

823,870

173,850

*

Capital World Bond Fund

Not applicable

139,493

657,769

121,529

80,050

High-Income Bond Fund

Not applicable

10,600

Not applicable

Not applicable

31,310

Mortgage Fund

Not applicable

88,917

Not applicable

268,075

Not applicable

U.S. Government/AAA-Rated Securities Fund

Not applicable

1,922,908

Not applicable

3,696,916

Not applicable

Managed Risk Growth Fund

Not applicable

178,037

Not applicable

Not applicable

Not applicable

Managed Risk International Fund

Not applicable

716,661

Not applicable

Not applicable

Not applicable

Managed Risk Blue Chip Income and Growth Fund

Not applicable

119,174

Not applicable

Not applicable

Not applicable

Managed Risk Growth-Income Fund

$

36,373

741,450

Not applicable

Not applicable

Not applicable

Managed Risk Asset Allocation Fund

Not applicable

735,724

Not applicable

Not applicable

Not applicable

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

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 year ended, December 31, 2020 (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	$	309	Unrealized depreciation on open forward currency contracts	$	395
		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	$	182	Net unrealized appreciation on forward currency contracts	$	45

New World Fund

		Assets			Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value		Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	3	Unrealized depreciation1	$	13
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		—	Unrealized depreciation on open forward currency contracts		54
			$	3		$	67

See end of tables for footnotes.

280 American Funds Insurance Series

		Net realized gain (loss)				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	$	140		Net unrealized depreciation on futures contracts	$	(10	)
Forward currency	Currency	Net realized loss on forward currency contracts		(245	)	Net unrealized depreciation on forward currency contracts		(54	)
			$	(105	)		$	(64	)

Global Growth and Income Fund

		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	$	(521)	Net unrealized appreciation on forward currency contracts	$	137

International Growth and Income Fund

		Net realized gain			Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value		Location on statement of operations	Value
Forward currency	Currency	Net realized gain on forward currency contracts	$	18	Net unrealized appreciation on forward currency contracts	$	12

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	$	39	Unrealized depreciation1	$	89
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		34	Unrealized depreciation on open forward currency contracts		56
Swap	Interest	Unrealized appreciation1		569	Unrealized depreciation1		—
Swap	Credit	Unrealized appreciation1		152	Unrealized depreciation1		—
			$	794		$	145
		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	$	3,606	Net unrealized appreciation on futures contracts	$	281
Forward currency	Currency	Net realized gain on forward currency contracts		38	Net unrealized depreciation on forward currency contracts		(22	)
Swap	Interest	Net realized gain on swap contracts		2,280	Net unrealized depreciation on swap contracts		(260	)
Swap	Credit	Net realized gain on swap contracts		406	Net unrealized appreciation on swap contracts		152
			$	6,330		$	151

See end of tables for footnotes.

American Funds Insurance Series 281

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	$	1,610		Unrealized depreciation1	$	2,382
Swap	Interest	Unrealized appreciation1		796		Unrealized depreciation1		—
Swap	Credit	Unrealized appreciation1		—	2	Unrealized depreciation1		—
			$	2,406			$	2,382
		Net realized gain (loss)				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	36,747		Net unrealized appreciation on futures contracts	$	2,190
Swap	Interest	Net realized loss on swap contracts		(13,556	)	Net unrealized appreciation on swap contracts		4,608
Swap	Credit	Net realized gain on swap contracts		2,725		Net unrealized appreciation on swap contracts		—	2
			$	25,916			$	6,798

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	$	3		Unrealized depreciation1	$	—
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		257		Unrealized depreciation on open forward currency contracts		259
Swap	Interest	Unrealized appreciation1		21		Unrealized depreciation1		—
Swap	Credit	Unrealized appreciation1		—		Unrealized depreciation1		—	2
			$	281			$	259
		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	$	442		Net unrealized appreciation on futures contracts	$	19
Forward currency	Currency	Net realized gain on forward currency contracts		801		Net unrealized appreciation on forward currency contracts		97
Swap	Interest	Net realized loss on swap contracts		(126	)	Net unrealized appreciation on swap contracts		23
Swap	Credit	Net realized gain on swap contracts		3		Net unrealized depreciation on swap contracts		—	2
			$	1,120			$	139

See end of tables for footnotes.

282 American Funds Insurance Series

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	$	7,631		Unrealized depreciation1	$	824
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		46		Unrealized depreciation on open forward currency contracts		2,653
Swap	Interest	Unrealized appreciation1		3,456		Unrealized depreciation1		28,517
			$	11,133			$	31,994
		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	$	89,071		Net unrealized appreciation on futures contracts	$	10,886
Forward currency	Currency	Net realized loss on forward currency contracts		(15,906	)	Net unrealized depreciation on forward currency contracts		(1,417	)
Swap	Interest	Net realized loss on swap contracts		(22,499	)	Net unrealized depreciation on swap contracts		(18,955	)
Swap	Credit	Net realized gain on swap contracts		22,543		Net unrealized appreciation on swap contracts		—
			$	73,209			$	(9,486	)

Capital World Bond Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	308		Unrealized depreciation1	$	155
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		4,155		Unrealized depreciation on open forward currency contracts		3,799
Swap	Interest	Unrealized appreciation1		—		Unrealized depreciation1		64
Swap	Credit	Unrealized appreciation1		31		Unrealized depreciation1		698
			$	4,494			$	4,716
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(180	)	Net unrealized appreciation on futures contracts	$	958
Forward currency	Currency	Net realized gain on forward currency contracts		16,206		Net unrealized appreciation on forward currency contracts		2,566
Swap	Interest	Net realized loss on swap contracts		(2,548	)	Net unrealized appreciation on swap contracts		475
Swap	Credit	Net realized loss on swap contracts		(357	)	Net unrealized depreciation on swap contracts		(1,398	)
			$	13,121			$	2,601

See end of tables for footnotes.

American Funds Insurance Series 283

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
Futures	Interest	Unrealized appreciation1	$	8		Unrealized depreciation1	$	27
Swap	Credit	Unrealized appreciation1		7		Unrealized depreciation1		728
			$	15			$	755
		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	$	(166	)	Net unrealized depreciation on futures contracts	$	(178	)
Swap	Interest	Net realized gain on swap contracts		1		Net unrealized appreciation on swap contracts		—
Swap	Credit	Net realized gain on swap contracts		3,841		Net unrealized appreciation on swap contracts		857
			$	3,676			$	679

American Funds Mortgage Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	54		Unrealized depreciation1	$	21
Swap	Interest	Unrealized appreciation1		1,218		Unrealized depreciation1		4
			$	1,272			$	25
		Net realized gain (loss)				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	8,696		Net unrealized appreciation on futures contracts	$	779
Swap	Interest	Net realized loss on swap contracts		(8,505	)	Net unrealized appreciation on swap contracts		4,046
			$	191			$	4,825

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	$	1,235	Unrealized depreciation1	$	1,275
Swap	Interest	Unrealized appreciation1		34,726	Unrealized depreciation1		7,246
			$	35,961		$	8,521

See end of tables for footnotes.

284 American Funds Insurance Series

		Net realized gain (loss)				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	89,336		Net unrealized appreciation on futures contracts	$	7,908
Swap	Interest	Net realized loss on swap contracts		(46,704	)	Net unrealized appreciation on swap contracts		47,782
			$	42,632			$	55,690

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	$	69		Unrealized depreciation1	$	—
		Net realized (loss) gain				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized loss on futures contracts	$	(323	)	Net unrealized appreciation on futures contracts	$	—
Futures	Equity	Net realized loss on futures contracts		(40,633	)	Net unrealized appreciation on futures contracts		—
Futures	Interest	Net realized gain on futures contracts		5,618		Net unrealized appreciation on futures contracts		130
			$	(35,338	)		$	130

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	$	21		Unrealized depreciation1	$	—
		Net realized (loss) gain				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized loss on futures contracts	$	(689	)	Net unrealized appreciation on futures contracts	$	—
Futures	Equity	Net realized loss on futures contracts		(14,445	)	Net unrealized appreciation on futures contracts		—
Futures	Interest	Net realized gain on futures contracts		1,083		Net unrealized appreciation on futures contracts		51
			$	(14,051	)		$	51

See end of tables for footnotes.

American Funds Insurance Series 285

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	$	38		Unrealized depreciation1	$	—
		Net realized (loss) gain				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized loss on futures contracts	$	(112	)	Net unrealized appreciation on futures contracts	$	—
Futures	Equity	Net realized loss on futures contracts		(36,178	)	Net unrealized appreciation on futures contracts		—
Futures	Interest	Net realized gain on futures contracts		3,606		Net unrealized appreciation on futures contracts		90
			$	(32,684	)		$	90

Managed Risk Growth-Income Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers3	$	12,028		Investment securities from unaffiliated issuers	$	—
Futures	Equity	Unrealized appreciation1		2,637		Unrealized depreciation1		—
Futures	Interest	Unrealized appreciation1		341		Unrealized depreciation1		—
			$	15,006			$	—
		Net realized (loss) gain				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on options purchased contracts4	$	(22,888	)	Net unrealized appreciation on options purchased contracts5	$	—
Futures	Currency	Net realized loss on futures contracts		(563	)	Net unrealized appreciation on futures contracts		—
Futures	Equity	Net realized loss on futures contracts		(44,738	)	Net unrealized appreciation on futures contracts		1,592
Futures	Interest	Net realized gain on futures contracts		24,706		Net unrealized appreciation on futures contracts		716
			$	(43,483	)		$	2,308

See end of tables for footnotes.

286 American Funds Insurance Series

Managed Risk Asset Allocation Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation1	$	358		Unrealized depreciation1	$	—
		Net realized (loss) gain				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Currency	Net realized loss on futures contracts	$	(82	)	Net unrealized appreciation on futures contracts	$	—
Futures	Equity	Net realized loss on futures contracts		(141,847	)	Net unrealized appreciation on futures contracts		—
Futures	Interest	Net realized gain on futures contracts		22,678		Net unrealized appreciation on futures contracts		883
			$	(119,251	)		$	883

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 each fund’s statement of assets and liabilities.

²  Amount less than one thousand.

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

⁴  Options purchased are included in net realized gain (loss) on investments in unaffiliated issuers.

⁵  Options purchased are included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers.

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 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 collateral in each fund’s statement of assets and liabilities.

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

American Funds Insurance Series 287

The following tables present each fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the funds’ statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds’ statement of assets and liabilities as of December 31, 2020, if close-out netting was exercised (dollars in thousands):

International Fund

			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset			Non-cash collateral*		Cash collateral*		Net amount
Assets:
Citibank	$	309	$	(309	)	$	—	$	—	$	—
Liabilities:
Citibank	$	395	$	(309	)	$	—	$	—	$	86

New World Fund

			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset		Non-cash collateral*		Cash collateral*		Net amount
Liabilities:
Bank of New York Mellon	$	54	$	—	$	—	$	—	$	54

Capital Income Builder

			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset			Non-cash collateral*		Cash collateral*		Net amount
Assets:
Bank of New York Mellon	$	29	$	(4	)	$	—	$	—	$	25
Goldman Sachs		4		—			—		—		4
HSBC Bank		1		—			—		—		1
Total	$	34	$	(4	)	$	—	$	—	$	30
Liabilities:
Bank of New York Mellon	$	4	$	(4	)	$	—	$	—	$	—
Standard Chartered Bank		52		—			—		—		52
Total	$	56	$	(4	)	$	—	$	—	$	52

See end of tables for footnote.

288 American Funds Insurance Series

Global Balanced Fund

			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset			Non-cash collateral*		Cash collateral*		Net amount
Assets:
Bank of New York Mellon	$	14	$	—		$	—	$	—	$	14
Barclays Bank PLC		21		(1	)		—		—		20
Citibank		61		(61	)		—		—		—
Goldman Sachs		44		(14	)		—		—		30
HSBC Bank		38		(19	)		—		—		19
JPMorgan Chase		12		(11	)		—		—		1
Morgan Stanley		54		(48	)		—		—		6
Standard Chartered Bank		11		(11	)		—		—		—
UBS AG		2		—			—		—		2
Total	$	257	$	(165	)	$	—	$	—	$	92
Liabilities:
Bank of America	$	21	$	—		$	—	$	—	$	21
Barclays Bank PLC		1		(1	)		—		—		—
Citibank		115		(61	)		—		—		54
Goldman Sachs		14		(14	)		—		—		—
HSBC Bank		19		(19	)		—		—		—
JPMorgan Chase		11		(11	)		—		—		—
Morgan Stanley		48		(48	)		—		—		—
Standard Chartered Bank		30		(11	)		—		—		19
Total	$	259	$	(165	)	$	—	$	—	$	94

Bond Fund

			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	Gross amounts recognized in the statement of assets and liabilities		Available to offset		Non-cash collateral*			Cash collateral*			Net amount
Assets:
Morgan Stanley	$	46	$	—	$	—		$	(46	)	$	—
Liabilities:
Bank of New York Mellon	$	877	$	—	$	(877	)	$	—		$	—
HSBC Bank		1,714		—		(1,714	)		—			—
UBS AG		62		—		—			—			62
Total	$	2,653	$	—	$	(2,591	)	$	—		$	62

See end of tables for footnote.

American Funds Insurance Series 289

Capital World Bond Fund

Counterparty			Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
	Gross amounts recognized in the statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral*			Net amount
Assets:
Bank of America	$	439	$	(439	)	$	—		$	—		$	—
Bank of New York Mellon		109		(2	)		—			—			107
Citibank		281		(281	)		—			—			—
Goldman Sachs		1,536		(359	)		—			(1,110	)		67
HSBC Bank		319		(97	)		(108	)		—			114
JPMorgan Chase		924		—			(924	)		—			—
Standard Chartered Bank		202		(8	)		(194	)		—			—
UBS AG		345		(345	)		—			—			—
Total	$	4,155	$	(1,531	)	$	(1,226	)	$	(1,110	)	$	288
Liabilities:
Bank of America	$	551	$	(439	)	$	(63	)	$	—		$	49
Bank of New York Mellon		2		(2	)		—			—			—
Citibank		1,691		(281	)		(1,312	)		—			98
Goldman Sachs		359		(359	)		—			—			—
HSBC Bank		97		(97	)		—			—			—
Morgan Stanley		560		—			(466	)		—			94
Standard Chartered Bank		8		(8	)		—			—			—
UBS AG		531		(345	)		—			—			186
Total	$	3,799	$	(1,531	)	$	(1,841	)	$	—		$	427

* Collateral is shown on a settlement basis.

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended December 31, 2020, 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; net operating losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

290 American Funds Insurance Series

Additional tax basis disclosures for each fund as of December 31, 2020, were as follows (dollars in thousands):

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund			Blue Chip Income and Growth Fund
Undistributed ordinary income	$	23,610		$	—		$	276,979		$	4,878		$	10,741		$	38,218
Undistributed long-term capital gains		445,512			123,145			5,068,501			—			143,589			—
Capital loss carryforward*		—			—			—			(136,440	)		—			(63,496	)
Capital loss carryforward utilized		—			—			—			13,382			—			—
Gross unrealized appreciation on investments		4,449,917			2,433,892			21,167,676			4,059,818			1,659,058			3,361,319
Gross unrealized depreciation on investments		(135,394	)		(86,045	)		(234,902	)		(340,845	)		(33,325	)		(539,186	)
Net unrealized appreciation (depreciation) on investments		4,314,523			2,347,847			20,932,774			3,718,973			1,625,733			2,822,133
Cost of investments		3,966,775			3,047,816			17,944,956			6,940,513			2,596,976			6,754,573
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			(13,829	)		6			—			(1	)		—
	Global Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder			Asset Allocation Fund			Global Balanced Fund
Undistributed ordinary income	$	4,517		$	161,308		$	5,778		$	3,530		$	248,732		$	646
Undistributed long-term capital gains		51,479			403,490			—			—			899,471			1,975
Capital loss carryforward*		—			—			(76,870	)		(62,945	)		—			—
Gross unrealized appreciation on investments		784,941			15,269,066			428,729			168,138			8,710,090			103,417
Gross unrealized depreciation on investments		(35,268	)		(859,941	)		(46,994	)		(16,334	)		(257,151	)		(3,408	)
Net unrealized appreciation (depreciation) on investments		749,673			14,409,125			381,735			151,804			8,452,939			100,009
Cost of investments		1,420,661			24,205,230			1,075,943			952,928			22,421,338			353,494
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		—			(822	)		(1	)		1			18			2

See end of tables for footnote.

American Funds Insurance Series 291

	Bond Fund			Capital World Bond Fund			High-Income Bond Fund			American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government/ AAA-Rated Securities Fund
Undistributed ordinary income	$	293,413		$	42,838		$	6,554		$	7,215		$	—		$	133,505
Undistributed long-term capital gains		218,389			21,745			—			4,438			—			51,890
Capital loss carryforward*		—			—			(247,718	)		—			(1	)		—
Gross unrealized appreciation on investments		648,591			188,721			54,124			6,536			8			88,168
Gross unrealized depreciation on investments		(47,722	)		(20,385	)		(55,153	)		(625	)		(2	)		(16,204	)
Net unrealized appreciation (depreciation) on investments		600,869			168,336			(1,029	)		5,911			6			71,964
Cost of investments		13,100,327			2,172,394			857,316			387,737			372,351			2,449,196
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest		1			—			7,377			—			(172	)		—

	Managed Risk Growth Fund			Managed Risk International Fund			Managed Risk Blue Chip Income and Growth Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
Undistributed ordinary income	$	1,371		$	929		$	4,349		$	25,029		$	31,041
Undistributed long-term capital gains		24,118			—			—			33,730			—
Capital loss carryforward*		—			(11,769	)		(22,483	)		—			(31,551	)
Gross unrealized appreciation on investments		156,525			33,827			62,066			380,437			403,906
Gross unrealized depreciation on investments		(4,202	)		(8,961	)		(45,409	)		(58,764	)		(17,089	)
Net unrealized appreciation (depreciation) on investments		152,323			24,866			16,657			321,673			386,817
Cost of investments		412,543			144,392			339,936			2,110,156			2,394,223

* Capital loss carryforwards will be used to offset any capital gains realized by the funds in future years. The funds will not make distributions from capital gains while a capital loss carryforward remains.

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

Global Growth Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	16,383	$	73,033	$	89,416	$	31,022	$	121,251	$	152,273
Class 1A		29		205		234		82		367		449
Class 2		13,463		109,286		122,749		40,119		204,481		244,600
Class 4		653		11,537		12,190		3,204		17,408		20,612
Total	$	30,528	$	194,061	$	224,589	$	74,427	$	343,507	$	417,934

See end of tables for footnote.

292 American Funds Insurance Series

Global Small Capitalization Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	5,414	$	120,074	$	125,488	$	28,009	$	97,912	$	125,921
Class 1A		2		42		44		6		23		29
Class 2		5,373		140,495		145,868		28,406		119,280		147,686
Class 4		408		12,682		13,090		1,932		9,184		11,116
Total	$	11,197	$	273,293	$	284,490	$	58,353	$	226,399	$	284,752

Growth Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	68,600	$	285,315	$	353,915	$	150,838	$	964,757	$	1,115,595
Class 1A		141		547		688		193		1,290		1,483
Class 2		53,722		404,657		458,379		192,058		1,500,212		1,692,270
Class 3		860		5,433		6,293		2,713		20,442		23,155
Class 4		3,629		42,241		45,870		14,770		130,929		145,699
Total	$	126,952	$	738,193	$	865,145	$	360,572	$	2,617,630	$	2,978,202

International Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	44,223	$	—	$	44,223	$	85,943	$	130,060	$	216,003
Class 1A		56		—		56		95		141		236
Class 2		25,688		—		25,688		59,246		104,778		164,024
Class 3		157		—		157		354		637		991
Class 4		1,591		—		1,591		4,496		8,870		13,366
Total	$	71,715	$	—	$	71,715	$	150,134	$	244,486	$	394,620

New World Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	16,847	$	8,752	$	25,599	$	23,315	$	71,500	$	94,815
Class 1A		48		26		74		39		132		171
Class 2		6,570		4,233		10,803		8,693		34,958		43,651
Class 4		4,454		3,019		7,473		4,452		21,103		25,555
Total	$	27,919	$	16,030	$	43,949	$	36,499	$	127,693	$	164,192

See end of tables for footnote.

American Funds Insurance Series      293

Blue Chip Income and Growth Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	100,756	$	61,517	$	162,273	$	118,657	$	410,713	$	529,370
Class 1A		350		134		484		163		435		598
Class 2		48,936		34,662		83,598		60,118		238,793		298,911
Class 4		10,866		7,992		18,858		10,646		38,700		49,346
Total	$	160,908	$	104,305	$	265,213	$	189,584	$	688,641	$	878,225

Global Growth and Income Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	8,987	$	15,679	$	24,666	$	12,475	$	27,971	$	40,446
Class 1A		28		53		81		33		66		99
Class 2		15,537		32,112		47,649		24,591		66,794		91,385
Class 4		1,576		3,612		5,188		2,298		5,970		8,268
Total	$	26,128	$	51,456	$	77,584	$	39,397	$	100,801	$	140,198

Growth-Income Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	381,174	$	482,142	$	863,316	$	455,391	$	1,825,184	$	2,280,575
Class 1A		211		265		476		206		825		1,031
Class 2		207,651		305,445		513,096		272,097		1,260,360		1,532,457
Class 3		2,378		3,413		5,791		3,204		14,500		17,704
Class 4		17,727		29,072		46,799		21,474		103,934		125,408
Total	$	609,141	$	820,337	$	1,429,478	$	752,372	$	3,204,803	$	3,957,175

International Growth and Income Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	17,264	$	—	$	17,264	$	41,626	$	—	$	41,626
Class 1A		38		—		38		84		—		84
Class 2		2,910		—		2,910		8,726		—		8,726
Class 4		1,255		—		1,255		3,112		—		3,112
Total	$	21,467	$	—	$	21,467	$	53,548	$	—	$	53,548

See end of tables for footnote.

294      American Funds Insurance Series

Capital Income Builder

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	17,286	$	—	$	17,286	$	13,476	$	—	$	13,476
Class 1A		161		—		161		126		—		126
Class 2		181		—		181		137		—		137
Class 4		11,369		—		11,369		10,875		—		10,875
Total	$	28,997	$	—	$	28,997	$	24,614	$	—	$	24,614

Asset Allocation Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	333,238	$	79,610	$	412,848	$	356,589	$	816,841	$	1,173,430
Class 1A		213		51		264		189		416		605
Class 2		80,906		22,747		103,653		94,178		253,101		347,279
Class 3		520		141		661		608		1,581		2,189
Class 4		67,789		21,221		89,010		71,682		206,152		277,834
Total	$	482,666	$	123,770	$	606,436	$	523,246	$	1,278,091	$	1,801,337

Global Balanced Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	1,746	$	5,085	$	6,831	$	1,912	$	3,479	$	5,391
Class 1A		29		99		128		28		61		89
Class 2		2,128		7,631		9,759		2,521		5,487		8,008
Class 4		844		3,811		4,655		954		2,492		3,446
Total	$	4,747	$	16,626	$	21,373	$	5,415	$	11,519	$	16,934

Bond Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	185,412	$	25,238	$	210,650	$	177,855	$	—	$	177,855
Class 1A		224		31		255		165		—		165
Class 2		96,166		14,478		110,644		90,796		—		90,796
Class 4		15,659		2,303		17,962		11,384		—		11,384
Total	$	297,461	$	42,050	$	339,511	$	280,200	$	—	$	280,200

See end of tables for footnote.

American Funds Insurance Series      295

Capital World Bond Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	30,575	$	4,335	$	34,910	$	19,173	$	—	$	19,173
Class 1A		16		3		19		7		—		7
Class 2		24,602		3,871		28,473		15,927		—		15,927
Class 4		1,252		206		1,458		649		—		649
Total	$	56,445	$	8,415	$	64,860	$	35,756	$	—	$	35,756

High-Income Bond Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	10,071	$	—	$	10,071	$	33,304	$	—	$	33,304
Class 1A		78		—		78		45		—		45
Class 2		54,086		—		54,086		41,753		—		41,753
Class 3		799		—		799		611		—		611
Class 4		4,806		—		4,806		3,353		—		3,353
Total	$	69,840	$	—	$	69,840	$	79,066	$	—	$	79,066

American Funds Mortgage Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	3,288	$	263	$	3,551	$	5,573	$	—	$	5,573
Class 1A		13		1		14		12		—		12
Class 2		722		75		797		1,355		—		1,355
Class 4		406		52		458		585		—		585
Total	$	4,429	$	391	$	4,820	$	7,525	$	—	$	7,525

Ultra-Short Bond Fund

	Year ended December 31, 2020								Year ended December 31, 2019
Share class	Ordinary income			Long-term capital gains		Total distributions paid			Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	104		$	—	$	104		$	604		$	—	$	604
Class 1A		—	*		—		—	*		—	*		—		—	*
Class 2		558			—		558			4,088			—		4,088
Class 3		8			—		8			59			—		59
Class 4		67			—		67			342			—		342
Total	$	737		$	—	$	737		$	5,093		$	—	$	5,093

See end of tables for footnote.

296      American Funds Insurance Series

U.S. Government/AAA-Rated Securities Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	12,901	$	3,231	$	16,132	$	31,700	$	—	$	31,700
Class 1A		107		29		136		50		—		50
Class 2		40,852		11,067		51,919		26,790		—		26,790
Class 3		318		89		407		180		—		180
Class 4		7,195		1,992		9,187		2,241		—		2,241
Total	$	61,373	$	16,408	$	77,781	$	60,961	$	—	$	60,961

Managed Risk Growth Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	64	$	374	$	438	$	61	$	256	$	317
Class P2		3,441		21,395		24,836		3,581		26,324		29,905
Total	$	3,505	$	21,769	$	25,274	$	3,642	$	26,580	$	30,222

Managed Risk International Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	21	$	10	$	31	$	11	$	16	$	27
Class P2		1,913		1,303		3,216		2,974		4,795		7,769
Total	$	1,934	$	1,313	$	3,247	$	2,985	$	4,811	$	7,796

Managed Risk Blue Chip Income and Growth Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	29	$	37	$	66	$	13	$	40	$	53
Class P2		6,006		10,828		16,834		5,566		17,796		23,362
Total	$	6,035	$	10,865	$	16,900	$	5,579	$	17,836	$	23,415

Managed Risk Growth-Income Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	37,519	$	103,175	$	140,694	$	14,564	$	14,505	$	29,069
Class P2		4,874		15,199		20,073		1,352		2,019		3,371
Total	$	42,393	$	118,374	$	160,767	$	15,916	$	16,524	$	32,440

See end of tables for footnote.

American Funds Insurance Series      297

Managed Risk Asset Allocation Fund

	Year ended December 31, 2020						Year ended December 31, 2019
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	58	$	146	$	204	$	5	$	65	$	70
Class P2		40,641		105,833		146,474		62,691		115,050		177,741
Total	$	40,699	$	105,979	$	146,678	$	62,696	$	115,115	$	177,811

* 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 — CRMC is waiving a portion of its investment advisory services fees for some of the funds. During the year ended December 31, 2020, CRMC voluntarily waived to proposed rates for Global Growth in advance of the next investment advisory and service agreement that will become effective May 1, 2021. In addition, CRMC waived a portion of its investment advisory services fees at the rate of 0.05% of the daily net assets of each of the managed risk funds. The waiver for each of the managed risk funds will be in effect through at least May 1, 2021, and may only be modified or terminated with the approval of the series’ board.

Effective May 1, 2020, CRMC began to waive a portion of its investment advisory fees at the rates of 0.18%, 0.26%, 0.10% and 0.18% of the daily net assets of New World Fund, Capital Income Builder, Capital World Bond Fund and American Funds Mortgage Fund, respectively. These waivers will be in effect through at least May 1, 2021, and may only be modified or terminated with the approval of the series’ board.

Investment advisory services fees are presented in each fund’s statement of operations gross of the waivers from CRMC. CRMC does not intend to recoup these waivers. For the year ended December 31, 2020, total investment advisory services fees waived by CRMC were $10,896,000.

298      American Funds Insurance Series

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers (if applicable), are as follows:

	Rates						Net asset level (in billions)				For the year ended December 31, 2020,			For the year ended December 31, 2020,
Fund	Beginning with			Ending with			Up to		In excess of		before waiver			after waiver
Global Growth Fund		.690	%		.460	%	$	.6	$	5.0		.511	%		.511	%
Global Small Capitalization Fund		.800			.635			.6		5.0		.694			.694
Growth Fund		.500			.280			.6		34.0		.316			.316
International Fund		.690			.430			.5		21.0		.494			.494
New World Fund		.850			.580			.5		4.0		.698			.574
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		.255			.255
International Growth and Income Fund		.690			.500			.5		1.5		.613			.613
Capital Income Builder		.500			.410			.6		1.0		.480			.303
Asset Allocation Fund		.500			.240			.6		21.0		.265			.265
Global Balanced Fund		.660			.510			.5		1.0		.660			.660
Bond Fund		.480			.320			.6		13.0		.362			.362
Capital World Bond Fund		.570			.450			1.0		3.0		.533			.465
High-Income Bond Fund		.500			.420			.6		2.0		.484			.484
American Funds Mortgage Fund		.420			.290			.6		3.0		.420			.299
Ultra-Short Bond Fund		.320			.270			1.0		2.0		.320			.320
U.S. Government/AAA-Rated Securities Fund		.420			.290			.6		3.0		.349			.349
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

Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

Share class	Currently approved limits			Plan limits
Class 1A		0.00	%		0.25	%
Class 2		0.25			0.25
Class 3		0.18			0.18
Class 4		0.25			0.25
Class P1		0.00			0.25
Class P2		0.25			0.50

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.

American Funds Insurance Series      299

Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds’ share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments.

Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC’s provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

Accounting and administrative services — The managed risk funds have a subadministration agreement with Bank of New York Mellon (“BNY Mellon“) under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds’ share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	791
Class 1A	$	—	$	19		2
Class 2		9,578		Not applicable		1,150
Class 4		1,044		1,044		125
Total class-specific expenses	$	10,622	$	1,063	$	2,068

Global Small Capitalization Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	594
Class 1A	$	—	$	2		—	*
Class 2		5,567		Not applicable		668
Class 4		517		516		62
Total class-specific expenses	$	6,084	$	518	$	1,324

Growth Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	3,640
Class 1A	$	—	$	74		9
Class 2		42,263		Not applicable		5,071
Class 3		414		Not applicable		69
Class 4		4,410		4,410		529
Total class-specific expenses	$	47,087	$	4,484	$	9,318

International Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	1,462
Class 1A	$	—	$	19		2
Class 2		9,793		Not applicable		1,175
Class 3		39		Not applicable		7
Class 4		886		886		106
Total class-specific expenses	$	10,718	$	905	$	2,752

New World Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	588
Class 1A	$	—	$	20		2
Class 2		2,298		Not applicable		276
Class 4		1,633		1,633		196
Total class-specific expenses	$	3,931	$	1,653	$	1,062

See end of tables for footnote.

Blue Chip Income and Growth Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	1,537
Class 1A	$	—	$	34		4
Class 2		7,027		Not applicable		843
Class 4		1,627		1,626		195
Total class-specific expenses	$	8,654	$	1,660	$	2,579

300      American Funds Insurance Series

Global Growth and Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	180
Class 1A	$	—	$	5		—	*
Class 2		3,032		Not applicable		364
Class 4		343		343		41
Total class-specific expenses	$	3,375	$	348	$	585

Growth-Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	6,099
Class 1A	$	—	$	29		4
Class 2		31,824		Not applicable		3,819
Class 3		260		Not applicable		43
Class 4		3,025		3,025		363
Total class-specific expenses	$	35,109	$	3,054	$	10,328

International Growth and Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	310
Class 1A	$	—	$	6		1
Class 2		494		Not applicable		59
Class 4		233		233		28
Total class-specific expenses	$	727	$	239	$	398

Capital Income Builder

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	163
Class 1A	$	—	$	14		1
Class 2		15		Not applicable		2
Class 4		1,069		1,069		128
Total class-specific expenses	$	1,084	$	1,083	$	294

Asset Allocation Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	5,209
Class 1A	$	—	$	29		4
Class 2		12,220		Not applicable		1,466
Class 3		56		Not applicable		9
Class 4		11,373		11,373		1,365
Total class-specific expenses	$	23,649	$	11,402	$	8,053

Global Balanced Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	39
Class 1A	$	—	$	5		1
Class 2		487		Not applicable		58
Class 4		234		234		28
Total class-specific expenses	$	721	$	239	$	126

Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	1,950
Class 1A	$	—	$	20		2
Class 2		9,104		Not applicable		1,093
Class 4		1,484		1,484		178
Total class-specific expenses	$	10,588	$	1,504	$	3,223

Capital World Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	329
Class 1A	$	—	$	1		—	*
Class 2		2,480		Not applicable		298
Class 4		129		130		15
Total class-specific expenses	$	2,609	$	131	$	642

See end of tables for footnote.

American Funds Insurance Series      301

High-Income Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	73
Class 1A	$	—	$	2		—	*
Class 2		1,571		Not applicable		188
Class 3		17		Not applicable		3
Class 4		138		138		17
Total class-specific expenses	$	1,726	$	140	$	281

American Funds Mortgage Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	61
Class 1A	$	—	$	2		—	*
Class 2		142		Not applicable		17
Class 4		88		88		11
Total class-specific expenses	$	230	$	90	$	89

Ultra-Short Bond Fund

Share class	Distribution services		Insurance administrative services			Administrative services
Class 1		Not applicable		Not applicable		$	12
Class 1A	$	—	$	—	*		—	*
Class 2		662		Not applicable			80
Class 3		7		Not applicable			1
Class 4		85		85			10
Total class-specific expenses	$	754	$	85		$	103

U.S. Government/AAA-Rated Securities Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	223
Class 1A	$	—	$	9		1
Class 2		3,460		Not applicable		415
Class 3		18		Not applicable		3
Class 4		578		578		70
Total class-specific expenses	$	4,056	$	587	$	712

Managed Risk Growth Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	21
Class P2	$	1,177		1,177
Total class-specific expenses	$	1,177	$	1,198

Managed Risk International Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	3
Class P2	$	389		389
Total class-specific expenses	$	389	$	392

Managed Risk Blue Chip Income and Growth Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	3
Class P2	$	861		861
Total class-specific expenses	$	861	$	864

Managed Risk Growth-Income Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	4,911
Class P2	$	718		719
Total class-specific expenses	$	718	$	5,630

Managed Risk Asset Allocation Fund

Share class	Distribution services		Insurance administrative services
Class P1		Not applicable	$	9
Class P2	$	6,703		6,703
Total class-specific expenses	$	6,703	$	6,712

* Amount less than one thousand.

302      American Funds Insurance Series

Miscellaneous fee reimbursements — CRMC has agreed to reimburse a portion of miscellaneous fees and expenses for Managed Risk International Fund. Miscellaneous expenses exclude investment advisory services fees and distribution services fees. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the year ended December 31, 2020, total fees and expenses reimbursed by CRMC were $41,000. CRMC does not intend to recoup this reimbursement. Fees and expenses in the fund’s statement of operations are presented gross of any reimbursements from CRMC.

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net decrease in the value of the deferred amounts as follows (dollars in thousands):

Fund	Current fees		Increase in value of deferred amounts			Total trustees’ compensation
Global Growth Fund	$	22	$	14		$	36
Global Small Capitalization Fund		14		9			23
Growth Fund		96		66			162
International Fund		30		17			47
New World Fund		11		7			18
Blue Chip Income and Growth Fund		27		17			44
Global Growth and Income Fund		6		4			10
Growth-Income Fund		111		66			177
International Growth and Income Fund		4		3			7
Capital Income Builder		3		2			5
Asset Allocation Fund		86		49			135
Global Balanced Fund		1		1			2
Bond Fund		34		17			51
Capital World Bond Fund		7		4			11
High-Income Bond Fund		3		1			4
American Funds Mortgage Fund		1		—	*		1
Ultra-Short Bond Fund		1		1			2
U.S. Government/AAA-Rated Securities Fund		8		1			9
Managed Risk Growth Fund		2		1			3
Managed Risk International Fund		1		—	*		1
Managed Risk Blue Chip Income and Growth Fund		1		1			2
Managed Risk Growth-Income Fund		7		4			11
Managed Risk Asset Allocation Fund		8		5			13

* 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 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.

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.

American Funds Insurance Series      303

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of December 31, 2020 (dollars in thousands):

Fund	Purchases		Sales		Net realized gain (loss)
Global Growth Fund	$	139,989	$	85,866	$	21,004
Global Small Capitalization Fund		56,497		146,865		24,912
Growth Fund		569,889		816,449		267,011
International Fund		118,996		128,534		14,532
New World Fund		53,097		61,321		2,932
Blue Chip Income and Growth Fund		150,238		75,751		590
Global Growth and Income Fund		24,156		52,461		(6,576	)
Growth-Income Fund		471,004		714,281		60,282
International Growth and Income Fund		16,646		26,076		874
Capital Income Builder		82,136		47,478		(9,672	)
Asset Allocation Fund		262,721		379,296		62,547
Bond Fund		88,459		33,704		2,473
Capital World Bond Fund		11,945		12,762		(51	)
High-Income Bond Fund		6,251		371,551		(18,424	)
U.S. Government/AAA-Rated Securities Fund		—		444,556		22,675

8. Committed line of credit

Global Small Capitalization Fund, New World Fund and High-Income Bond Fund participate with other funds managed by CRMC in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund’s statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2020.

9. Capital share transactions

Capital share transactions in the funds were as follows (dollars and shares in thousands):

Global Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	402,110		11,550	$	89,416		2,661	$	(365,952	)		(11,056	)	$	125,574			3,155
Class 1A		4,330		121		234		7		(2,564	)		(87	)		2,000			41
Class 2		46,502		1,410		122,749		3,738		(613,644	)		(18,242	)		(444,393	)		(13,094	)
Class 4		96,748		2,812		12,190		377		(63,324	)		(1,924	)		45,614			1,265
Total net increase (decrease)	$	549,690		15,893	$	224,589		6,783	$	(1,045,484	)		(31,309	)	$	(271,205	)		(8,633	)
Year ended December 31, 2019
Class 1	$	230,089		7,777	$	152,273		5,192	$	(333,318	)		(11,180	)	$	49,044			1,789
Class 1A		1,744		62		449		15		(572	)		(19	)		1,621			58
Class 2		44,842		1,552		244,600		8,453		(555,704	)		(18,803	)		(266,262	)		(8,798	)
Class 4		70,615		2,415		20,612		716		(29,399	)		(1,009	)		61,828			2,122
Total net increase (decrease)	$	347,290		11,806	$	417,934		14,376	$	(918,993	)		(31,011	)	$	(153,769	)		(4,829	)

See end of tables for footnotes.

304      American Funds Insurance Series

Global Small Capitalization Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	223,000		10,191	$	125,091		5,146	$	(466,963	)		(18,580	)	$	(118,872	)		(3,243	)
Class 1A		627		24		43		2		(268	)		(10	)		402			16
Class 2		60,922		2,877		145,869		6,194		(409,129	)		(15,839	)		(202,338	)		(6,768	)
Class 4		35,430		1,424		13,089		554		(34,957	)		(1,396	)		13,562			582
Total net increase (decrease)	$	319,979		14,516	$	284,092		11,896	$	(911,317	)		(35,825	)	$	(307,246	)		(9,413	)
Year ended December 31, 2019
Class 1	$	337,817		13,612	$	125,498		5,216	$	(226,381	)		(9,119	)	$	236,934			9,709
Class 1A		196		8		28		2		(96	)		(4	)		128			6
Class 2		21,553		917		147,687		6,340		(327,909	)		(13,596	)		(158,669	)		(6,339	)
Class 4		35,449		1,468		11,115		475		(22,005	)		(911	)		24,559			1,032
Total net increase (decrease)	$	395,015		16,005	$	284,328		12,033	$	(576,391	)		(23,630	)	$	102,952			4,408

Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	2,322,779		26,334	$	353,232		3,917	$	(2,999,100	)		(33,591	)	$	(323,089	)		(3,340	)
Class 1A		33,301		338		688		8		(5,835	)		(64	)		28,154			282
Class 2		437,349		4,937		458,379		5,218		(3,162,923	)		(34,505	)		(2,267,195	)		(24,350	)
Class 3		1,333		17		6,293		70		(37,446	)		(395	)		(29,820	)		(308	)
Class 4		325,002		3,612		45,870		534		(283,912	)		(3,180	)		86,960			966
Total net increase (decrease)	$	3,119,764		35,238	$	864,462		9,747	$	(6,489,216	)		(71,735	)	$	(2,504,990	)		(26,750	)
Year ended December 31, 2019
Class 1	$	896,700		11,839	$	1,112,851		15,532	$	(1,155,174	)		(15,026	)	$	854,377			12,345
Class 1A		6,106		81		1,482		21		(1,574	)		(20	)		6,014			82
Class 2		294,401		3,907		1,692,272		23,866		(2,108,133	)		(27,828	)		(121,460	)		(55	)
Class 3		1,763		23		23,154		321		(29,706	)		(390	)		(4,789	)		(46	)
Class 4		227,023		3,055		145,699		2,087		(131,942	)		(1,767	)		240,780			3,375
Total net increase (decrease)	$	1,425,993		18,905	$	2,975,458		41,827	$	(3,426,529	)		(45,031	)	$	974,922			15,701

See end of tables for footnotes.

American Funds Insurance Series      305

International Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	535,603		30,721	$	44,223		2,049	$	(963,355	)		(50,229	)	$	(383,529	)		(17,459	)
Class 1A		2,754		147		56		2		(1,389	)		(70	)		1,421			79
Class 2		271,356		15,425		25,688		1,204		(667,572	)		(33,696	)		(370,528	)		(17,067	)
Class 3		226		12		157		7		(3,148	)		(157	)		(2,765	)		(138	)
Class 4		52,233		2,881		1,591		76		(62,187	)		(3,226	)		(8,363	)		(269	)
Total net increase (decrease)	$	862,172		49,186	$	71,715		3,338	$	(1,697,651	)		(87,378	)	$	(763,764	)		(34,854	)
Year ended December 31, 2019
Class 1	$	171,233		8,812	$	215,640		10,988	$	(699,395	)		(35,642	)	$	(312,522	)		(15,842	)
Class 1A		2,060		106		236		12		(1,174	)		(59	)		1,122			59
Class 2		175,514		9,064		164,024		8,407		(591,706	)		(30,261	)		(252,168	)		(12,790	)
Class 3		238		13		991		50		(4,348	)		(224	)		(3,119	)		(161	)
Class 4		60,129		3,112		13,366		694		(43,609	)		(2,263	)		29,886			1,543
Total net increase (decrease)	$	409,174		21,107	$	394,257		20,151	$	(1,340,232	)		(68,449	)	$	(536,801	)		(27,191	)

New World Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	80,299		3,402	$	25,570		1,027	$	(337,036	)		(13,731	)	$	(231,167	)		(9,302	)
Class 1A		12,129		461		73		3		(1,703	)		(71	)		10,499			393
Class 2		102,697		3,915		10,803		447		(184,643	)		(7,218	)		(71,143	)		(2,856	)
Class 4		89,140		3,662		7,473		310		(84,462	)		(3,316	)		12,151			656
Total net increase (decrease)	$	284,265		11,440	$	43,919		1,787	$	(607,844	)		(24,336	)	$	(279,660	)		(11,109	)
Year ended December 31, 2019
Class 1	$	149,338		6,057	$	94,601		3,981	$	(207,841	)		(8,743	)	$	36,098			1,295
Class 1A		1,685		70		171		7		(408	)		(17	)		1,448			60
Class 2		68,793		2,911		43,651		1,861		(165,106	)		(6,991	)		(52,662	)		(2,219	)
Class 4		83,946		3,576		25,555		1,096		(39,744	)		(1,687	)		69,757			2,985
Total net increase (decrease)	$	303,762		12,614	$	163,978		6,945	$	(413,099	)		(17,438	)	$	54,641			2,121

See end of tables for footnotes.

306      American Funds Insurance Series

Blue Chip Income and Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	474,186		41,847	$	161,061		11,902	$	(825,919	)		(67,505	)	$	(190,672	)		(13,756	)
Class 1A		15,517		1,215		484		35		(2,556	)		(194	)		13,445			1,056
Class 2		75,893		6,771		83,599		6,287		(337,510	)		(26,379	)		(178,018	)		(13,321	)
Class 4		148,645		12,358		18,858		1,428		(54,754	)		(4,444	)		112,749			9,342
Total net increase (decrease)	$	714,241		62,191	$	264,002		19,652	$	(1,220,739	)		(98,522	)	$	(242,496	)		(16,679	)
Year ended December 31, 2019
Class 1	$	213,624		16,737	$	525,212		41,913	$	(484,978	)		(37,271	)	$	253,858			21,379
Class 1A		5,177		403		598		47		(451	)		(35	)		5,324			415
Class 2		28,815		2,244		298,911		24,211		(366,595	)		(28,328	)		(38,869	)		(1,873	)
Class 4		198,327		15,485		49,345		4,013		(38,161	)		(2,979	)		209,511			16,519
Total net increase (decrease)	$	445,943		34,869	$	874,066		70,184	$	(890,185	)		(68,613	)	$	429,824			36,440

Global Growth and Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	274,643		21,210	$	23,674		1,607	$	(306,092	)		(22,650	)	$	(7,775	)		167
Class 1A		474		35		81		6		(266	)		(18	)		289			23
Class 2		48,178		3,670		47,647		3,258		(175,562	)		(11,876	)		(79,737	)		(4,948	)
Class 4		26,989		1,950		5,189		362		(19,540	)		(1,418	)		12,638			894
Total net increase (decrease)	$	350,284		26,865	$	76,591		5,233	$	(501,460	)		(35,962	)	$	(74,585	)		(3,864	)
Year ended December 31, 2019
Class 1	$	43,801		2,986	$	38,762		2,639	$	(61,157	)		(4,174	)	$	21,406			1,451
Class 1A		809		55		100		7		(205	)		(14	)		704			48
Class 2		15,277		1,057		91,385		6,251		(232,647	)		(15,758	)		(125,985	)		(8,450	)
Class 4		34,845		2,405		8,268		574		(16,175	)		(1,116	)		26,938			1,863
Total net increase (decrease)	$	94,732		6,503	$	138,515		9,471	$	(310,184	)		(21,062	)	$	(76,937	)		(5,088	)

See end of tables for footnotes.

American Funds Insurance Series      307

Growth-Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	1,892,111		42,172	$	862,018		17,198	$	(2,883,447	)		(61,087	)	$	(129,318	)		(1,717	)
Class 1A		4,637		94		476		9		(1,475	)		(30	)		3,638			73
Class 2		252,743		5,452		513,097		10,416		(1,497,209	)		(30,770	)		(731,369	)		(14,902	)
Class 3		2,002		41		5,790		116		(23,231	)		(465	)		(15,439	)		(308	)
Class 4		174,576		3,682		46,799		965		(148,613	)		(3,153	)		72,762			1,494
Total net increase (decrease)	$	2,326,069		51,441	$	1,428,180		28,704	$	(4,553,975	)		(95,505	)	$	(799,726	)		(15,360	)
Year ended December 31, 2019
Class 1	$	1,061,581		21,810	$	2,276,758		48,690	$	(1,229,398	)		(25,018	)	$	2,108,941			45,482
Class 1A		3,121		63		1,031		22		(929	)		(19	)		3,223			66
Class 2		173,237		3,593		1,532,457		33,240		(1,626,668	)		(33,632	)		79,026			3,201
Class 3		2,080		42		17,705		379		(21,190	)		(431	)		(1,405	)		(10	)
Class 4		180,857		3,787		125,407		2,752		(103,759	)		(2,175	)		202,505			4,364
Total net increase (decrease)	$	1,420,876		29,295	$	3,953,358		85,083	$	(2,981,944	)		(61,275	)	$	2,392,290			53,103

International Growth and Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	78,373		5,478	$	17,128		948	$	(179,914	)		(10,267	)	$	(84,413	)		(3,841	)
Class 1A		977		66		38		2		(791	)		(49	)		224			19
Class 2		13,943		970		2,909		161		(63,267	)		(3,635	)		(46,415	)		(2,504	)
Class 4		17,701		1,130		1,255		70		(13,000	)		(825	)		5,956			375
Total net increase (decrease)	$	110,994		7,644	$	21,330		1,181	$	(256,972	)		(14,776	)	$	(124,648	)		(5,951	)
Year ended December 31, 2019
Class 1	$	9,331		555	$	41,626		2,406	$	(130,370	)		(7,620	)	$	(79,413	)		(4,659	)
Class 1A		364		22		83		5		(75	)		(4	)		372			23
Class 2		14,448		831		8,726		507		(37,612	)		(2,202	)		(14,438	)		(864	)
Class 4		20,154		1,195		3,113		182		(7,857	)		(466	)		15,410			911
Total net increase (decrease)	$	44,297		2,603	$	53,548		3,100	$	(175,914	)		(10,292	)	$	(78,069	)		(4,589	)

See end of tables for footnotes.

308      American Funds Insurance Series

Capital Income Builder

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended December 31, 2020
Class 1	$	237,195		24,206	$	17,285		1,757	$	(178,753	)		(18,572	)	$	75,727		7,391
Class 1A		809		80		161		16		(340	)		(34	)		630		62
Class 2		2,017		200		181		18		(286	)		(28	)		1,912		190
Class 4		49,099		4,860		11,369		1,158		(58,009	)		(5,855	)		2,459		163
Total net increase (decrease)	$	289,120		29,346	$	28,996		2,949	$	(237,388	)		(24,489	)	$	80,728		7,806
Year ended December 31, 2019
Class 1	$	160,592		15,806	$	13,476		1,322	$	(12,510	)		(1,240	)	$	161,558		15,888
Class 1A		2,709		268		126		12		(345	)		(34	)		2,490		246
Class 2		1,661		165		137		13		(567	)		(56	)		1,231		122
Class 4		66,462		6,575		10,875		1,070		(29,407	)		(2,903	)		47,930		4,742
Total net increase (decrease)	$	231,424		22,814	$	24,614		2,417	$	(42,829	)		(4,233	)	$	213,209		20,998

Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	1,817,230		79,909	$	412,849		16,378	$	(2,437,918	)		(107,604	)	$	(207,839	)		(11,317	)
Class 1A		4,177		174		264		10		(1,862	)		(81	)		2,579			103
Class 2		109,553		4,668		103,653		4,169		(595,244	)		(25,445	)		(382,038	)		(16,608	)
Class 3		914		38		661		26		(4,390	)		(184	)		(2,815	)		(120	)
Class 4		410,135		17,490		89,009		3,606		(327,826	)		(14,043	)		171,318			7,053
Total net increase (decrease)	$	2,342,009		102,279	$	606,436		24,189	$	(3,367,240	)		(147,357	)	$	(418,795	)		(20,889	)
Year ended December 31, 2019
Class 1	$	1,081,611		47,062	$	1,173,430		52,076	$	(1,121,605	)		(48,857	)	$	1,133,436			50,281
Class 1A		2,765		122		605		27		(689	)		(30	)		2,681			119
Class 2		111,154		4,871		347,279		15,613		(575,603	)		(25,266	)		(117,170	)		(4,782	)
Class 3		991		43		2,189		97		(4,150	)		(180	)		(970	)		(40	)
Class 4		356,681		15,732		277,834		12,559		(218,378	)		(9,706	)		416,137			18,585
Total net increase (decrease)	$	1,553,202		67,830	$	1,801,337		80,372	$	(1,920,425	)		(84,039	)	$	1,434,114			64,163

See end of tables for footnotes.

American Funds Insurance Series      309

Global Balanced Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	29,379		2,319	$	6,831		491	$	(35,963	)		(2,860	)	$	247			(50	)
Class 1A		379		27		127		9		(183	)		(13	)		323			23
Class 2		10,289		792		9,760		704		(28,821	)		(2,185	)		(8,772	)		(689	)
Class 4		11,783		881		4,655		339		(10,044	)		(767	)		6,394			453
Total net increase (decrease)	$	51,830		4,019	$	21,373		1,543	$	(75,011	)		(5,825	)	$	(1,808	)		(263	)
Year ended December 31, 2019
Class 1	$	10,073		777	$	5,390		408	$	(9,768	)		(718	)	$	5,695			467
Class 1A		111		9		89		7		(237	)		(19	)		(37	)		(3	)
Class 2		7,858		607		8,009		608		(22,255	)		(1,722	)		(6,388	)		(507	)
Class 4		15,727		1,225		3,446		264		(6,014	)		(470	)		13,159			1,019
Total net increase (decrease)	$	33,769		2,618	$	16,934		1,287	$	(38,274	)		(2,929	)	$	12,429			976

Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	1,499,439		128,201	$	208,932		17,767	$	(1,735,112	)		(150,736	)	$	(26,741	)		(4,768	)
Class 1A		3,563		306		255		22		(1,431	)		(124	)		2,387			204
Class 2		397,055		34,256		110,645		9,541		(449,029	)		(39,506	)		58,671			4,291
Class 4		242,089		20,999		17,962		1,553		(81,119	)		(7,132	)		178,932			15,420
Total net increase (decrease)	$	2,142,146		183,762	$	337,794		28,883	$	(2,266,691	)		(197,498	)	$	213,249			15,147
Year ended December 31, 2019
Class 1	$	562,508		51,468	$	176,372		15,842	$	(614,303	)		(56,025	)	$	124,577			11,285
Class 1A		3,719		336		165		15		(744	)		(67	)		3,140			284
Class 2		133,036		12,239		90,797		8,262		(413,489	)		(38,133	)		(189,656	)		(17,632	)
Class 4		149,767		13,753		11,384		1,037		(49,519	)		(4,574	)		111,632			10,216
Total net increase (decrease)	$	849,030		77,796	$	278,718		25,156	$	(1,078,055	)		(98,799	)	$	49,693			4,153

Capital World Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	279,297		22,900	$	34,711		2,801	$	(244,497	)		(20,428	)	$	69,511			5,273
Class 1A		323		26		18		1		(135	)		(11	)		206			16
Class 2		104,127		8,595		28,474		2,321		(140,860	)		(11,802	)		(8,259	)		(886	)
Class 4		21,389		1,754		1,457		120		(13,943	)		(1,171	)		8,903			703
Total net increase (decrease)	$	405,136		33,275	$	64,660		5,243	$	(399,435	)		(33,412	)	$	70,361			5,106
Year ended December 31, 2019
Class 1	$	94,035		7,945	$	19,056		1,588	$	(113,011	)		(9,529	)	$	80			4
Class 1A		84		7		7		1		(59	)		(5	)		32			3
Class 2		33,181		2,816		15,927		1,338		(140,715	)		(11,911	)		(91,607	)		(7,757	)
Class 4		13,230		1,132		649		55		(7,381	)		(629	)		6,498			558
Total net increase (decrease)	$	140,530		11,900	$	35,639		2,982	$	(261,166	)		(22,074	)	$	(84,997	)		(7,192	)

See end of tables for footnotes.

310      American Funds Insurance Series

High-Income Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	18,985		2,117	$	9,529		992	$	(390,999	)		(43,725	)	$	(362,485	)		(40,616	)
Class 1A		408		43		78		8		(220	)		(23	)		266			28
Class 2		18,520		1,972		54,086		5,739		(68,277	)		(7,320	)		4,329			391
Class 3		733		76		799		83		(1,434	)		(151	)		98			8
Class 4		103,183		9,989		4,806		465		(102,765	)		(9,921	)		5,224			533
Total net increase (decrease)	$	141,829		14,197	$	69,298		7,287	$	(563,695	)		(61,140	)	$	(352,568	)		(39,656	)
Year ended December 31, 2019
Class 1	$	9,412		933	$	33,027		3,374	$	(48,250	)		(4,826	)	$	(5,811	)		(519	)
Class 1A		353		35		45		5		(350	)		(35	)		48			5
Class 2		10,165		1,039		41,753		4,340		(84,344	)		(8,552	)		(32,426	)		(3,173	)
Class 3		613		61		611		62		(1,328	)		(132	)		(104	)		(9	)
Class 4		64,302		6,070		3,353		321		(37,801	)		(3,523	)		29,854			2,868
Total net increase (decrease)	$	84,845		8,138	$	78,789		8,102	$	(172,073	)		(17,068	)	$	(8,439	)		(828	)

Mortgage Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	68,523		6,189	$	3,551		321	$	(68,907	)		(6,295	)	$	3,167			215
Class 1A		899		81		14		1		(274	)		(24	)		639			58
Class 2		7,728		703		797		72		(9,799	)		(891	)		(1,274	)		(116	)
Class 4		24,189		2,227		458		42		(16,769	)		(1,535	)		7,878			734
Total net increase (decrease)	$	101,339		9,200	$	4,820		436	$	(95,749	)		(8,745	)	$	10,410			891
Year ended December 31, 2019
Class 1	$	31,595		3,007	$	5,573		528	$	(41,843	)		(3,959	)	$	(4,675	)		(424	)
Class 1A		166		16		12		1		(444	)		(42	)		(266	)		(25	)
Class 2		4,351		413		1,355		129		(7,802	)		(738	)		(2,096	)		(196	)
Class 4		11,996		1,146		585		56		(9,761	)		(944	)		2,820			258
Total net increase (decrease)	$	48,108		4,582	$	7,525		714	$	(59,850	)		(5,683	)	$	(4,217	)		(387	)

See end of tables for footnotes.

American Funds Insurance Series      311

Ultra-Short Bond Fund

	Sales*				Reinvestments of distributions						Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class 1	$	32,173		2,840	$	104			9		$	(17,960	)		(1,586	)	$	14,317			1,263
Class 1A		—		—		—	†		—	†		—			—			—	†		—	†
Class 2		162,780		14,772		558			50			(104,954	)		(9,527	)		58,384			5,295
Class 3		2,553		229		8			1			(1,439	)		(129	)		1,122			101
Class 4		51,028		4,586		67			6			(32,890	)		(2,958	)		18,205			1,634
Total net increase (decrease)	$	248,534		22,427	$	737			66		$	(157,243	)		(14,200	)	$	92,028			8,293
Year ended December 31, 2019
Class 1	$	9,753		856	$	604			53		$	(17,930	)		(1,576	)	$	(7,573	)		(667	)
Class 1A		—		—		—	†		—	†		—			—			—	†		—	†
Class 2		85,259		7,676		4,088			371			(106,127	)		(9,561	)		(16,780	)		(1,514	)
Class 3		714		64		59			5			(2,101	)		(188	)		(1,328	)		(119	)
Class 4		21,513		1,920		342			31			(17,702	)		(1,580	)		4,153			371
Total net increase (decrease)	$	117,239		10,516	$	5,093			460		$	(143,860	)		(12,905	)	$	(21,528	)		(1,929	)

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
Year ended December 31, 2020
Class 1	$	194,142		14,793	$	15,787		1,214	$	(1,305,241	)		(98,066	)	$	(1,095,312	)		(82,059	)
Class 1A		3,400		259		136		11		(2,557	)		(195	)		979			75
Class 2		211,715		16,419		51,919		4,038		(245,761	)		(18,789	)		17,873			1,668
Class 3		2,382		183		407		31		(1,812	)		(139	)		977			75
Class 4		301,535		23,299		9,187		715		(169,936	)		(13,051	)		140,786			10,963
Total net increase (decrease)	$	713,174		54,953	$	77,436		6,009	$	(1,725,307	)		(130,240	)	$	(934,697	)		(69,278	)
Year ended December 31, 2019
Class 1	$	63,401		5,184	$	31,462		2,550	$	(170,411	)		(13,819	)	$	(75,548	)		(6,085	)
Class 1A		1,348		110		50		4		(488	)		(40	)		910			74
Class 2		105,457		8,638		26,789		2,193		(155,177	)		(12,760	)		(22,931	)		(1,929	)
Class 3		975		79		180		15		(1,521	)		(124	)		(366	)		(30	)
Class 4		69,032		5,652		2,241		183		(41,016	)		(3,366	)		30,257			2,469
Total net increase (decrease)	$	240,213		19,663	$	60,722		4,945	$	(368,613	)		(30,109	)	$	(67,678	)		(5,501	)

Managed Risk Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended December 31, 2020
Class P1	$	3,987		282	$	438		32	$	(1,595	)		(110	)	$	2,830		204
Class P2		54,142		3,714		24,836		1,828		(71,110	)		(4,841	)		7,868		701
Total net increase (decrease)	$	58,129		3,996	$	25,274		1,860	$	(72,705	)		(4,951	)	$	10,698		905
Year ended December 31, 2019
Class P1	$	2,619		201	$	317		25	$	(523	)		(41	)	$	2,413		185
Class P2		47,485		3,690		29,905		2,419		(30,455	)		(2,336	)		46,935		3,773
Total net increase (decrease)	$	50,104		3,891	$	30,222		2,444	$	(30,978	)		(2,377	)	$	49,348		3,958

See end of tables for footnotes.

312      American Funds Insurance Series

Managed Risk International Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class P1	$	1,063		104	$	31		3	$	(311	)		(30	)	$	783			77
Class P2		14,905		1,575		3,216		348		(17,706	)		(1,759	)		415			164
Total net increase (decrease)	$	15,968		1,679	$	3,247		351	$	(18,017	)		(1,789	)	$	1,198			241
Year ended December 31, 2019
Class P1	$	357		34	$	27		3	$	(140	)		(14	)	$	244			23
Class P2		7,251		702		7,769		772		(18,389	)		(1,773	)		(3,369	)		(299	)
Total net increase (decrease)	$	7,608		736	$	7,796		775	$	(18,529	)		(1,787	)	$	(3,125	)		(276	)

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
Year ended December 31, 2020
Class P1	$	947		85	$	66		7	$	(241	)		(23	)	$	772		69
Class P2		24,832		2,333		16,834		1,640		(31,353	)		(2,866	)		10,313		1,107
Total net increase (decrease)	$	25,779		2,418	$	16,900		1,647	$	(31,594	)		(2,889	)	$	11,085		1,176
Year ended December 31, 2019
Class P1	$	547		46	$	53		5	$	(313	)		(28	)	$	287		23
Class P2		16,518		1,448		23,362		2,128		(33,614	)		(2,932	)		6,266		644
Total net increase (decrease)	$	17,065		1,494	$	23,415		2,133	$	(33,927	)		(2,960	)	$	6,553		667

Managed Risk Growth-Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount		Shares
Year ended December 31, 2020
Class P1	$	92,644		6,852	$	140,694		11,020	$	(143,917	)		(10,953	)	$	89,421		6,919
Class P2		24,533		1,843		20,073		1,584		(19,990	)		(1,489	)		24,616		1,938
Total net increase (decrease)	$	117,177		8,695	$	160,767		12,604	$	(163,907	)		(12,442	)	$	114,037		8,857
Year ended December 31, 2019
Class P1	$	86,511		6,809	$	29,069		2,244	$	(82,465	)		(6,312	)	$	33,115		2,741
Class P2		28,190		2,218		3,371		263		(20,033	)		(1,562	)		11,528		919
Total net increase (decrease)	$	114,701		9,027	$	32,440		2,507	$	(102,498	)		(7,874	)	$	44,643		3,660

See end of tables for footnotes.

American Funds Insurance Series      313

Managed Risk Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Year ended December 31, 2020
Class P1	$	3,275		256	$	204		16	$	(622	)		(45	)	$	2,857			227
Class P2		73,918		5,805		146,474		12,155		(280,685	)		(21,952	)		(60,293	)		(3,992	)
Total net increase (decrease)	$	77,193		6,061	$	146,678		12,171	$	(281,307	)		(21,997	)	$	(57,436	)		(3,765	)
Year ended December 31, 2019
Class P1	$	626		47	$	70		5	$	(334	)		(25	)	$	362			27
Class P2		106,039		8,229		177,741		14,380		(260,413	)		(20,223	)		23,367			2,386
Total net increase (decrease)	$	106,665		8,276	$	177,811		14,385	$	(260,747	)		(20,248	)	$	23,729			2,413

* Includes exchanges between share classes of the fund.

† Amount less than one thousand.

10. Ownership concentration

At December 31, 2020, Managed Risk Growth and Income Portfolio held 31% and 13% of the outstanding shares of American Funds Insurance Series - Capital Income Builder and American Funds Insurance Series - Global Growth and Income Fund, respectively. In addition, Managed Risk Global Allocation Portfolio held 23% of the outstanding shares of American Funds Insurance Series - Global Balanced Fund.

314      American Funds Insurance Series

11. Investment transactions and other disclosures

The following tables present additional information for each of the funds for the year ended December 31, 2020 (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*	$	1,120,770	$	1,594,529	$	9,567,139	$	3,388,922	$	2,260,974	$	3,267,025
Sales of investment securities*		1,767,373		2,143,797		13,469,567		4,123,935		2,596,083		3,472,007
Non-U.S. taxes paid on dividend income		5,330		2,026		6,921		10,822		2,631		477
Non-U.S. taxes paid on interest income		—		11		—		—		4		—
Non-U.S. taxes paid on realized gains		—		—		—		—		1,590		—
Non-U.S. taxes provided on unrealized appreciation		7,807		7,041		—		26,706		15,681		—
	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*	$	649,244	$	10,784,043	$	686,636	$	1,656,908	$	33,575,749	$	245,807
Sales of investment securities*		827,330		11,639,765		721,131		1,524,398		32,845,643		287,182
Non-U.S. taxes paid on dividend income		2,597		10,403		2,725		831		7,494		278
Non-U.S. taxes paid on interest income		—		—		—		2		—		15
Non-U.S. taxes paid on realized gains		179		165		—		1		27		3
Non-U.S. taxes provided on unrealized appreciation		3,738		—		—		101		5,162		20
	Bond Fund		Capital World Bond Fund		High- Income Bond Fund		American Funds Mortgage Fund		Ultra-Short Bond Fund		U.S. Government/ AAA-Rated Securities Fund
Purchases of investment securities*	$	44,831,898	$	2,806,381	$	706,463	$	2,995,459	$	—	$	18,179,150
Sales of investment securities*		44,287,472		2,562,406		1,079,778		2,991,216		—		18,466,598
Non-U.S. taxes paid on interest income		—		215		—		—		—		—
Non-U.S. taxes paid on realized gains		—		72		—		—		—		—
Non-U.S. taxes provided on unrealized appreciation		—		63		—		—		—		—

	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*	$	360,912	$	102,655	$	324,969	$	807,885	$	748,623
Sales of investment securities*		412,406		118,616		359,913		882,591		1,032,662

* Excludes short-term securities and U.S. government obligations, if any.

American Funds Insurance Series      315

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 assets2			Ratio of net income (loss) to average net assets
Global Growth Fund
Class 1:
12/31/2020	$	32.57	$	.20		$	9.56		$	9.76		$	(.21	)	$	(.96	)	$	(1.17	)	$	41.16		30.79	%	$	3,309			.56	%		.59	%
12/31/2019		25.74		.32			8.60			8.92			(.41	)		(1.68	)		(2.09	)		32.57		35.61			2,515			.56			1.07
12/31/2018		30.51		.29			(2.65	)		(2.36	)		(.28	)		(2.13	)		(2.41	)		25.74		(8.81	)		1,942			.55			.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
Class 1A:
12/31/2020		32.47		.12			9.52			9.64			(.13	)		(.96	)		(1.09	)		41.02		30.49			12			.81			.34
12/31/2019		25.69		.25			8.55			8.80			(.34	)		(1.68	)		(2.02	)		32.47		35.22			8			.81			.83
12/31/2018		30.46		.23			(2.66	)		(2.43	)		(.21	)		(2.13	)		(2.34	)		25.69		(9.02	)		5			.80			.77
12/31/20173,4		24.50		.11			6.94			7.05			(.25	)		(.84	)		(1.09	)		30.46		29.13	5		2			.80	6		.39	6
Class 2:
12/31/2020		32.24		.12			9.44			9.56			(.12	)		(.96	)		(1.08	)		40.72		30.47			4,387			.81			.34
12/31/2019		25.50		.24			8.51			8.75			(.33	)		(1.68	)		(2.01	)		32.24		35.28			3,895			.81			.83
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
Class 4:
12/31/2020		32.05		.03			9.38			9.41			(.05	)		(.96	)		(1.01	)		40.45		30.17			533			1.06			.09
12/31/2019		25.39		.17			8.45			8.62			(.28	)		(1.68	)		(1.96	)		32.05		34.87			382			1.06			.57
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
Global Small Capitalization Fund
Class 1:
12/31/2020	$	26.80	$	(.01	)	$	7.49		$	7.48		$	(.05	)	$	(1.59	)	$	(1.64	)	$	32.64		30.04	%	$	2,391			.75	%		(.06	)%
12/31/2019		21.75		.12			6.61			6.73			(.10	)		(1.58	)		(1.68	)		26.80		31.84			2,050			.75			.48
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
Class 1A:
12/31/2020		26.74		(.09	)		7.48			7.39			(.05	)		(1.59	)		(1.64	)		32.49		29.72			1			.99			(.33	)
12/31/2019		21.71		.05			6.61			6.66			(.05	)		(1.58	)		(1.63	)		26.74		31.56			1			.99			.22
12/31/2018		25.36		.05			(2.52	)		(2.47	)		(.04	)		(1.14	)		(1.18	)		21.71		(10.56	)		—	7		.98			.21
12/31/20173,4		20.70		.08			4.71			4.79			(.13	)		—			(.13	)		25.36		23.19	5		—	7		.96	6		.35	6
Class 2:
12/31/2020		26.02		(.08	)		7.25			7.17			(.04	)		(1.59	)		(1.63	)		31.56		29.72			2,653			1.00			(.31	)
12/31/2019		21.16		.05			6.43			6.48			(.04	)		(1.58	)		(1.62	)		26.02		31.52			2,363			1.00			.22
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
Class 4:
12/31/2020		26.16		(.14	)		7.27			7.13			(.03	)		(1.59	)		(1.62	)		31.67		29.39			268			1.25			(.56	)
12/31/2019		21.28		(.01	)		6.47			6.46			—	8		(1.58	)		(1.58	)		26.16		31.24			206			1.25			(.04	)
12/31/2018		24.91		(.02	)		(2.46	)		(2.48	)		(.01	)		(1.14	)		(1.15	)		21.28		(10.80	)		146			1.24			(.08	)
12/31/2017		19.91		—	8		5.09			5.09			(.09	)		—			(.09	)		24.91		25.62			125			1.23			—	9
12/31/2016		24.11		.01			.16			.17			(.02	)		(4.35	)		(4.37	)		19.91		1.85			42			1.24			.03

See end of tables for footnotes.

316      American Funds Insurance Series

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 assets2			Ratio of net income (loss) to average net assets
Growth Fund
Class 1:
12/31/2020	$	81.22	$	.43		$	41.28	$	41.71	$	(.53	)	$	(2.18	)	$	(2.71	)	$	120.22		52.45	%	$	15,644		.35	%		.46	%
12/31/2019		69.96		.83			19.63		20.46		(.76	)		(8.44	)		(9.20	)		81.22		31.11			10,841		.35			1.09
12/31/2018		77.85		.64			.25		.89		(.54	)		(8.24	)		(8.78	)		69.96		(.01	)		8,474		.34			.81
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
Class 1A:
12/31/2020		80.92		.20			41.05		41.25		(.40	)		(2.18	)		(2.58	)		119.59		52.07			60		.60			.21
12/31/2019		69.77		.65			19.55		20.20		(.61	)		(8.44	)		(9.05	)		80.92		30.79			18		.60			.85
12/31/2018		77.74		.47			.24		.71		(.44	)		(8.24	)		(8.68	)		69.77		(.26	)		10		.59			.60
12/31/20173,4		68.84		.35			16.38		16.73		(.50	)		(7.33	)		(7.83	)		77.74		25.47	5		3		.59	6		.47	6
Class 2:
12/31/2020		80.57		.19			40.89		41.08		(.29	)		(2.18	)		(2.47	)		119.18		52.10			20,594		.60			.21
12/31/2019		69.48		.63			19.47		20.10		(.57	)		(8.44	)		(9.01	)		80.57		30.77			15,885		.60			.83
12/31/2018		77.35		.44			.27		.71		(.34	)		(8.24	)		(8.58	)		69.48		(.25	)		13,701		.59			.55
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
Class 3:
12/31/2020		81.84		.26			41.56		41.82		(.35	)		(2.18	)		(2.53	)		121.13		52.20			279		.53			.28
12/31/2019		70.44		.69			19.77		20.46		(.62	)		(8.44	)		(9.06	)		81.84		30.86			213		.53			.90
12/31/2018		78.32		.50			.26		.76		(.40	)		(8.24	)		(8.64	)		70.44		(.18	)		187		.52			.62
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
Class 4:
12/31/2020		79.41		(.04	)		40.24		40.20		(.19	)		(2.18	)		(2.37	)		117.24		51.71			2,347		.85			(.04	)
12/31/2019		68.64		.44			19.19		19.63		(.42	)		(8.44	)		(8.86	)		79.41		30.44			1,513		.85			.59
12/31/2018		76.56		.24			.28		.52		(.20	)		(8.24	)		(8.44	)		68.64		(.50	)		1,076		.84			.31
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

See end of tables for footnotes.

American Funds Insurance Series      317

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 assets2			Ratio of net income (loss) to average net assets
International Fund
Class 1:
12/31/2020	$	20.86	$	.14	$	2.82		$	2.96		$	(.18	)	$	—		$	(.18	)	$	23.64		14.28	%	$	5,652		.55	%		.71	%
12/31/2019		17.66		.30		3.74			4.04			(.34	)		(.50	)		(.84	)		20.86		23.21			5,353		.54			1.54
12/31/2018		21.71		.34		(2.97	)		(2.63	)		(.40	)		(1.02	)		(1.42	)		17.66		(12.94	)		4,811		.53			1.62
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
Class 1A:
12/31/2020		20.80		.08		2.81			2.89			(.14	)		—			(.14	)		23.55		13.96			10		.80			.43
12/31/2019		17.62		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.80		22.90			7		.79			1.27
12/31/2018		21.67		.27		(2.93	)		(2.66	)		(.37	)		(1.02	)		(1.39	)		17.62		(13.11	)		5		.78			1.32
12/31/20173,4		17.17		.09		4.93			5.02			(.29	)		(.23	)		(.52	)		21.67		29.46	5		2		.77	6		.43	6
Class 2:
12/31/2020		20.78		.09		2.80			2.89			(.13	)		—			(.13	)		23.54		13.97			4,481		.80			.46
12/31/2019		17.60		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.78		22.88			4,311		.79			1.29
12/31/2018		21.63		.29		(2.95	)		(2.66	)		(.35	)		(1.02	)		(1.37	)		17.60		(13.13	)		3,875		.78			1.40
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
Class 3:
12/31/2020		20.92		.10		2.81			2.91			(.14	)		—			(.14	)		23.69		14.00			25		.73			.53
12/31/2019		17.70		.27		3.75			4.02			(.30	)		(.50	)		(.80	)		20.92		23.05			25		.72			1.37
12/31/2018		21.75		.31		(2.98	)		(2.67	)		(.36	)		(1.02	)		(1.38	)		17.70		(13.10	)		24		.71			1.48
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
Class 4:
12/31/2020		20.54		.04		2.76			2.80			(.09	)		—			(.09	)		23.25		13.66			423		1.05			.21
12/31/2019		17.40		.20		3.69			3.89			(.25	)		(.50	)		(.75	)		20.54		22.67			379		1.04			1.03
12/31/2018		21.42		.23		(2.93	)		(2.70	)		(.30	)		(1.02	)		(1.32	)		17.40		(13.41	)		295		1.03			1.13
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

See end of tables for footnotes.

318      American Funds Insurance Series

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 return10			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers2			Ratio of expenses to average net assets after waivers2,10			Ratio of net income (loss) to average net assets10
New World Fund
Class 1:
12/31/2020	$	25.84	$	.15	$	5.93		$	6.08		$	(.06	)	$	(.27	)	$	(.33	)	$	31.59		23.89	%	$	2,309		.76	%		.64	%		.58	%
12/31/2019		20.98		.28		5.79			6.07			(.29	)		(.92	)		(1.21	)		25.84		29.47			2,129		.76			.76			1.18
12/31/2018		25.30		.27		(3.65	)		(3.38	)		(.27	)		(.67	)		(.94	)		20.98		(13.83	)		1,702		.77			.77			1.11
12/31/2017		19.72		.26		5.59			5.85			(.27	)		—			(.27	)		25.30		29.73			2,050		.77			.77			1.14
12/31/2016		18.87		.24		.81			1.05			(.20	)		—			(.20	)		19.72		5.59			1,743		.78			.78			1.25
Class 1A:
12/31/2020		25.74		.07		5.92			5.99			(.03	)		(.27	)		(.30	)		31.43		23.63			18		1.01			.87			.26
12/31/2019		20.92		.22		5.76			5.98			(.24	)		(.92	)		(1.16	)		25.74		29.11			4		1.01			1.01			.92
12/31/2018		25.25		.21		(3.64	)		(3.43	)		(.23	)		(.67	)		(.90	)		20.92		(14.02	)		2		1.02			1.02			.91
12/31/20173,4		20.14		.13		5.24			5.37			(.26	)		—			(.26	)		25.25		26.72	5		1		1.00	6		1.00	6		.53	6
Class 2:
12/31/2020		25.59		.08		5.87			5.95			(.02	)		(.27	)		(.29	)		31.25		23.58			1,109		1.01			.89			.34
12/31/2019		20.79		.22		5.73			5.95			(.23	)		(.92	)		(1.15	)		25.59		29.15			981		1.01			1.01			.93
12/31/2018		25.07		.20		(3.61	)		(3.41	)		(.20	)		(.67	)		(.87	)		20.79		(14.04	)		843		1.02			1.02			.85
12/31/2017		19.54		.20		5.55			5.75			(.22	)		—			(.22	)		25.07		29.44			1,055		1.02			1.02			.89
12/31/2016		18.71		.19		.79			.98			(.15	)		—			(.15	)		19.54		5.26			911		1.03			1.03			1.00
Class 4:
12/31/2020		25.47		.02		5.83			5.85			(.01	)		(.27	)		(.28	)		31.04		23.29			807		1.26			1.14			.08
12/31/2019		20.71		.16		5.70			5.86			(.18	)		(.92	)		(1.10	)		25.47		28.82			646		1.26			1.26			.67
12/31/2018		24.99		.14		(3.59	)		(3.45	)		(.16	)		(.67	)		(.83	)		20.71		(14.25	)		464		1.27			1.27			.61
12/31/2017		19.51		.14		5.52			5.66			(.18	)		—			(.18	)		24.99		29.06			427		1.27			1.27			.61
12/31/2016		18.69		.14		.80			.94			(.12	)		—			(.12	)		19.51		5.04			240		1.28			1.28			.75

See end of tables for footnotes.

American Funds Insurance Series      319

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 assets2			Ratio of net income (loss) to average net assets
Blue Chip Income and Growth Fund
Class 1:
12/31/2020	$	13.56	$	.25	$	.95		$	1.20		$	(.26	)	$	(.15	)	$	(.41	)	$	14.35		9.04	%	$	5,684			.43	%		2.00	%
12/31/2019		12.38		.30		2.25			2.55			(.30	)		(1.07	)		(1.37	)		13.56		21.66			5,559			.42			2.28
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
Class 1A:
12/31/2020		13.51		.23		.93			1.16			(.24	)		(.15	)		(.39	)		14.28		8.79			25			.67			1.78
12/31/2019		12.35		.26		2.24			2.50			(.27	)		(1.07	)		(1.34	)		13.51		21.35			9			.67			2.03
12/31/2018		14.94		.26		(1.42	)		(1.16	)		(.29	)		(1.14	)		(1.43	)		12.35		(8.67	)		3			.66			1.84
12/31/20173,4		13.75		.28		1.75			2.03			(.31	)		(.53	)		(.84	)		14.94		15.21	5		1			.65	6		2.01	6
Class 2:
12/31/2020		13.39		.22		.91			1.13			(.22	)		(.15	)		(.37	)		14.15		8.68			3,082			.68			1.75
12/31/2019		12.24		.26		2.22			2.48			(.26	)		(1.07	)		(1.33	)		13.39		21.38			3,093			.67			2.03
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
Class 4:
12/31/2020		13.31		.19		.91			1.10			(.20	)		(.15	)		(.35	)		14.06		8.47			788			.93			1.51
12/31/2019		12.19		.23		2.20			2.43			(.24	)		(1.07	)		(1.31	)		13.31		21.03			621			.92			1.78
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
Global Growth and Income Fund
Class 1:
12/31/2020	$	15.92	$	.22	$	1.14		$	1.36		$	(.23	)	$	(.38	)	$	(.61	)	$	16.67		9.03	%	$	657			.66	%		1.49	%
12/31/2019		13.02		.31		3.67			3.98			(.32	)		(.76	)		(1.08	)		15.92		31.39			625			.65			2.08
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
Class 1A:
12/31/2020		15.88		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.62		8.78			2			.90			1.23
12/31/2019		13.00		.26		3.68			3.94			(.30	)		(.76	)		(1.06	)		15.88		31.04			2			.90			1.77
12/31/2018		15.81		.26		(1.63	)		(1.37	)		(.26	)		(1.18	)		(1.44	)		13.00		(9.62	)		1			.88			1.74
12/31/20173,4		13.21		.18		3.03			3.21			(.35	)		(.26	)		(.61	)		15.81		24.54	5		—	7		.84	6		1.20	6
Class 2:
12/31/2020		15.89		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.63		8.73			1,349			.91			1.23
12/31/2019		12.99		.27		3.68			3.95			(.29	)		(.76	)		(1.05	)		15.89		31.14			1,366			.90			1.84
12/31/2018		15.78		.26		(1.63	)		(1.37	)		(.24	)		(1.18	)		(1.42	)		12.99		(9.63	)		1,228			.88			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
Class 4:
12/31/2020		15.63		.14		1.12			1.26			(.16	)		(.38	)		(.54	)		16.35		8.55			166			1.16			.97
12/31/2019		12.81		.23		3.61			3.84			(.26	)		(.76	)		(1.02	)		15.63		30.73			145			1.15			1.56
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

See end of tables for footnotes.

320      American Funds Insurance Series

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 assets2			Ratio of net income (loss) to average net assets
Growth-Income Fund
Class 1:
12/31/2020	$	50.71	$	.75	$	6.02		$	6.77		$	(.80	)	$	(1.30	)	$	(2.10	)	$	55.38		13.81	%	$	22,903		.29	%	1.52%
12/31/2019		45.39		1.00		10.40			11.40			(.92	)		(5.16	)		(6.08	)		50.71		26.46			21,057		.29		2.05
12/31/2018		50.22		.84		(1.25	)		(.41	)		(.84	)		(3.58	)		(4.42	)		45.39		(1.55	)		16,783		.28		1.65
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
Class 1A:
12/31/2020		50.54		.63		5.99			6.62			(.70	)		(1.30	)		(2.00	)		55.16		13.55			16		.54		1.28
12/31/2019		45.28		.89		10.36			11.25			(.83	)		(5.16	)		(5.99	)		50.54		26.14			11		.54		1.82
12/31/2018		50.15		.72		(1.25	)		(.53	)		(.76	)		(3.58	)		(4.34	)		45.28		(1.78	)		7		.53		1.43
12/31/20173,4		45.39		.67		7.96			8.63			(.76	)		(3.11	)		(3.87	)		50.15		19.83	5		2		.52	6	1.416
Class 2:
12/31/2020		50.08		.62		5.93			6.55			(.67	)		(1.30	)		(1.97	)		54.66		13.54			14,012		.54		1.27
12/31/2019		44.90		.87		10.27			11.14			(.80	)		(5.16	)		(5.96	)		50.08		26.14			13,586		.53		1.80
12/31/2018		49.71		.71		(1.23	)		(.52	)		(.71	)		(3.58	)		(4.29	)		44.90		(1.79	)		12,035		.53		1.40
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
Class 3:
12/31/2020		50.81		.66		6.02			6.68			(.70	)		(1.30	)		(2.00	)		55.49		13.60			154		.47		1.34
12/31/2019		45.47		.91		10.43			11.34			(.84	)		(5.16	)		(6.00	)		50.81		26.24			156		.46		1.87
12/31/2018		50.29		.75		(1.25	)		(.50	)		(.74	)		(3.58	)		(4.32	)		45.47		(1.72	)		140		.46		1.47
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
Class 4:
12/31/2020		49.52		.49		5.85			6.34			(.57	)		(1.30	)		(1.87	)		53.99		13.25			1,407		.79		1.02
12/31/2019		44.47		.74		10.18			10.92			(.71	)		(5.16	)		(5.87	)		49.52		25.86			1,216		.79		1.56
12/31/2018		49.31		.58		(1.23	)		(.65	)		(.61	)		(3.58	)		(4.19	)		44.47		(2.05	)		899		.78		1.15
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

See end of tables for footnotes.

American Funds Insurance Series      321

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 assets2			Ratio of net income (loss) to average net assets
International Growth and Income Fund
Class 1:
12/31/2020	$	18.18	$	.27	$	.85		$	1.12		$	(.29	)	$	—		$	(.29	)	$	19.01		6.24	%	$	1,120		.68	%		1.70	%
12/31/2019		15.35		.46		3.03			3.49			(.47	)		(.19	)		(.66	)		18.18		23.06			1,140		.66			2.73
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
Class 1A:
12/31/2020		18.15		.22		.85			1.07			(.25	)		—			(.25	)		18.97		5.98			3		.93			1.38
12/31/2019		15.33		.41		3.04			3.45			(.44	)		(.19	)		(.63	)		18.15		22.76			2		.91			2.41
12/31/2018		17.70		.41		(2.39	)		(1.98	)		(.39	)		—			(.39	)		15.33		(11.24	)		2		.90			2.35
12/31/20173,4		14.69		.34		3.08			3.42			(.41	)		—			(.41	)		17.70		23.36	5		2		.91	6		1.99	6
Class 2:
12/31/2020		18.12		.23		.85			1.08			(.25	)		—			(.25	)		18.95		6.01			221		.93			1.43
12/31/2019		15.30		.42		3.02			3.44			(.43	)		(.19	)		(.62	)		18.12		22.76			257		.91			2.49
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
Class 4:
12/31/2020		18.01		.19		.83			1.02			(.21	)		—			(.21	)		18.82		5.73			112		1.18			1.19
12/31/2019		15.22		.37		3.01			3.38			(.40	)		(.19	)		(.59	)		18.01		22.47			101		1.16			2.18
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

See end of tables for footnotes.

322      American Funds Insurance Series

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 return10			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers2			Ratio of expenses to average net assets after waivers2,10			Ratio of net income (loss) to average net assets10
Capital Income Builder
Class 1:
12/31/2020	$	10.73	$	.31	$	.15		$	.46		$	(.32	)	$	—		$	(.32	)	$	10.87		4.64	%	$	621			.53	%		.35	%		3.07	%
12/31/2019		9.37		.32		1.36			1.68			(.32	)		—			(.32	)		10.73		18.16			533			.53			.53			3.17
12/31/2018		10.40		.31		(1.00	)		(.69	)		(.32	)		(.02	)		(.34	)		9.37		(6.77	)		317			.54			.54			3.08
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
Class 1A:
12/31/2020		10.72		.28		.16			.44			(.30	)		—			(.30	)		10.86		4.38			6			.78			.60			2.81
12/31/2019		9.36		.29		1.37			1.66			(.30	)		—			(.30	)		10.72		17.90			6			.78			.78			2.84
12/31/2018		10.39		.28		(.99	)		(.71	)		(.30	)		(.02	)		(.32	)		9.36		(7.01	)		2			.79			.79			2.82
12/31/20173,4		9.57		.27		.84			1.11			(.29	)		—			(.29	)		10.39		11.72	5		1			.79	6		.79	6		2.63	6
Class 2:
12/31/2020		10.72		.29		.16			.45			(.30	)		—			(.30	)		10.87		4.48			8			.78			.60			2.83
12/31/2019		9.36		.30		1.35			1.65			(.29	)		—			(.29	)		10.72		17.89			6			.78			.78			2.91
12/31/2018		10.40		.28		(1.00	)		(.72	)		(.30	)		(.02	)		(.32	)		9.36		(7.08	)		4			.79			.79			2.83
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			—	7		.80			.80			2.82
Class 4:
12/31/2020		10.71		.26		.15			.41			(.27	)		—			(.27	)		10.85		4.11			462			1.03			.85			2.55
12/31/2019		9.35		.27		1.36			1.63			(.27	)		—			(.27	)		10.71		17.62			454			1.03			1.03			2.68
12/31/2018		10.38		.26		(1.00	)		(.74	)		(.27	)		(.02	)		(.29	)		9.35		(7.25	)		352			1.04			1.04			2.58
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

See end of tables for footnotes.

American Funds Insurance Series      323

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 assets2			Ratio of net income (loss) to average net assets
Asset Allocation Fund
Class 1:
12/31/2020	$	24.05	$	.43	$	2.59		$	3.02		$	(.46	)	$	(.11	)	$	(.57	)	$	26.50		12.71	%	$	19,238		.30	%		1.80	%
12/31/2019		21.29		.51		3.94			4.45			(.50	)		(1.19	)		(1.69	)		24.05		21.54			17,730		.29			2.21
12/31/2018		23.71		.48		(1.43	)		(.95	)		(.44	)		(1.03	)		(1.47	)		21.29		(4.35	)		14,627		.28			2.04
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
Class 1A:
12/31/2020		23.99		.37		2.58			2.95			(.41	)		(.11	)		(.52	)		26.42		12.43			14		.55			1.56
12/31/2019		21.26		.45		3.92			4.37			(.45	)		(1.19	)		(1.64	)		23.99		21.19			11		.54			1.95
12/31/2018		23.69		.42		(1.42	)		(1.00	)		(.40	)		(1.03	)		(1.43	)		21.26		(4.58	)		7		.53			1.82
12/31/20173,4		21.97		.39		2.78			3.17			(.39	)		(1.06	)		(1.45	)		23.69		14.78	5		4		.53	6		1.69	6
Class 2:
12/31/2020		23.79		.37		2.56			2.93			(.40	)		(.11	)		(.51	)		26.21		12.46			5,242		.55			1.55
12/31/2019		21.08		.45		3.89			4.34			(.44	)		(1.19	)		(1.63	)		23.79		21.23			5,154		.54			1.96
12/31/2018		23.49		.41		(1.41	)		(1.00	)		(.38	)		(1.03	)		(1.41	)		21.08		(4.60	)		4,668		.53			1.78
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
Class 3:
12/31/2020		24.08		.39		2.59			2.98			(.42	)		(.11	)		(.53	)		26.53		12.50			33		.48			1.62
12/31/2019		21.32		.47		3.93			4.40			(.45	)		(1.19	)		(1.64	)		24.08		21.30			32		.47			2.02
12/31/2018		23.73		.43		(1.41	)		(.98	)		(.40	)		(1.03	)		(1.43	)		21.32		(4.49	)		29		.46			1.85
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
Class 4:
12/31/2020		23.67		.31		2.54			2.85			(.35	)		(.11	)		(.46	)		26.06		12.16			5,131		.80			1.30
12/31/2019		20.99		.39		3.87			4.26			(.39	)		(1.19	)		(1.58	)		23.67		20.92			4,493		.79			1.71
12/31/2018		23.40		.35		(1.40	)		(1.05	)		(.33	)		(1.03	)		(1.36	)		20.99		(4.83	)		3,594		.78			1.54
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

See end of tables for footnotes.

324      American Funds Insurance Series

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 assets2			Ratio of net income (loss) to average net assets
Global Balanced Fund
Class 1:
12/31/2020	$	13.51	$	.17	$	1.24		$	1.41		$	(.19	)	$	(.54	)	$	(.73	)	$	14.19		10.53	%	$	139			.72	%		1.29	%
12/31/2019		11.67		.24		2.17			2.41			(.20	)		(.37	)		(.57	)		13.51		20.79			134			.72			1.88
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
Class 1A:
12/31/2020		13.49		.14		1.23			1.37			(.16	)		(.54	)		(.70	)		14.16		10.25			3			.97			1.03
12/31/2019		11.65		.21		2.17			2.38			(.17	)		(.37	)		(.54	)		13.49		20.54			2			.97			1.63
12/31/2018		12.74		.18		(.94	)		(.76	)		(.18	)		(.15	)		(.33	)		11.65		(6.03	)		2			.98			1.44
12/31/20173,4		11.18		.16		1.92			2.08			(.14	)		(.38	)		(.52	)		12.74		18.71	5		—	7		.94	6		1.27	6
Class 2:
12/31/2020		13.48		.14		1.23			1.37			(.15	)		(.54	)		(.69	)		14.16		10.30			208			.97			1.03
12/31/2019		11.65		.21		2.16			2.37			(.17	)		(.37	)		(.54	)		13.48		20.44			207			.97			1.64
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
Class 4:
12/31/2020		13.36		.10		1.22			1.32			(.12	)		(.54	)		(.66	)		14.02		10.00			105			1.22			.78
12/31/2019		11.55		.18		2.14			2.32			(.14	)		(.37	)		(.51	)		13.36		20.21			94			1.22			1.37
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
Bond Fund
Class 1:
12/31/2020	$	11.17	$	.23	$	.87		$	1.10		$	(.27	)	$	(.11	)	$	(.38	)	$	11.89		9.96	%	$	6,844			.40	%		2.00	%
12/31/2019		10.47		.30		.71			1.01			(.31	)		—			(.31	)		11.17		9.70			6,481			.39			2.76
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
Class 1A:
12/31/2020		11.13		.20		.87			1.07			(.25	)		(.11	)		(.36	)		11.84		9.68			9			.65			1.74
12/31/2019		10.45		.27		.71			.98			(.30	)		—			(.30	)		11.13		9.36			7			.64			2.48
12/31/2018		10.80		.26		(.33	)		(.07	)		(.27	)		(.01	)		(.28	)		10.45		(.60	)		3			.63			2.50
12/31/20173,4		10.82		.22		.15			.37			(.23	)		(.16	)		(.39	)		10.80		3.46	5		1			.62	6		2.01	6
Class 2:
12/31/2020		11.02		.20		.86			1.06			(.24	)		(.11	)		(.35	)		11.73		9.73			3,840			.65			1.75
12/31/2019		10.34		.27		.70			.97			(.29	)		—			(.29	)		11.02		9.36			3,561			.64			2.51
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
Class 4:
12/31/2020		11.00		.17		.85			1.02			(.22	)		(.11	)		(.33	)		11.69		9.38			714			.90			1.48
12/31/2019		10.33		.24		.70			.94			(.27	)		—			(.27	)		11.00		9.08			502			.89			2.25
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

See end of tables for footnotes.

American Funds Insurance Series      325

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 return10			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers2			Ratio of expenses to average net assets after waivers2,10			Ratio of net income (loss) to average net assets10
Capital World Bond Fund
Class 1:
12/31/2020	$	12.12	$	.26	$	.95		$	1.21		$	(.18	)	$	(.21	)	$	(.39	)	$	12.94		10.17	%	$	1,219			.59	%		.52	%		2.08	%
12/31/2019		11.42		.31		.61			.92			(.22	)		—			(.22	)		12.12		8.08			1,077			.58			.58			2.60
12/31/2018		11.88		.30		(.44	)		(.14	)		(.28	)		(.04	)		(.32	)		11.42		(1.14	)		1,015			.57			.57			2.56
12/31/2017		11.22		.28		.52			.80			(.07	)		(.07	)		(.14	)		11.88		7.11			1,273			.56			.56			2.37
12/31/2016		11.01		.26		.06			.32			(.09	)		(.02	)		(.11	)		11.22		2.92			1,115			.57			.57			2.26
Class 1A:
12/31/2020		12.10		.23		.95			1.18			(.16	)		(.21	)		(.37	)		12.91		9.89			1			.83			.76			1.83
12/31/2019		11.41		.28		.60			.88			(.19	)		—			(.19	)		12.10		7.75			1			.83			.83			2.35
12/31/2018		11.87		.27		(.43	)		(.16	)		(.26	)		(.04	)		(.30	)		11.41		(1.29	)		1			.82			.82			2.36
12/31/20173,4		11.22		.26		.52			.78			(.06	)		(.07	)		(.13	)		11.87		7.00	5		—	7		.72	6		.72	6		2.27	6
Class 2:
12/31/2020		12.03		.22		.95			1.17			(.15	)		(.21	)		(.36	)		12.84		9.90			1,058			.84			.77			1.83
12/31/2019		11.34		.28		.60			.88			(.19	)		—			(.19	)		12.03		7.77			1,002			.83			.83			2.35
12/31/2018		11.79		.27		(.43	)		(.16	)		(.25	)		(.04	)		(.29	)		11.34		(1.33	)		1,032			.82			.82			2.32
12/31/2017		11.14		.25		.51			.76			(.04	)		(.07	)		(.11	)		11.79		6.86			1,164			.81			.81			2.12
12/31/2016		10.93		.23		.07			.30			(.07	)		(.02	)		(.09	)		11.14		2.71			1,121			.82			.82			2.01
Class 4:
12/31/2020		11.92		.19		.94			1.13			(.13	)		(.21	)		(.34	)		12.71		9.62			61			1.09			1.02			1.58
12/31/2019		11.24		.24		.60			.84			(.16	)		—			(.16	)		11.92		7.54			49			1.08			1.08			2.09
12/31/2018		11.70		.24		(.43	)		(.19	)		(.23	)		(.04	)		(.27	)		11.24		(1.61	)		40			1.07			1.07			2.09
12/31/2017		11.08		.22		.51			.73			(.04	)		(.07	)		(.11	)		11.70		6.63			31			1.06			1.06			1.89
12/31/2016		10.89		.20		.06			.26			(.05	)		(.02	)		(.07	)		11.08		2.42			12			1.07			1.07			1.76

See end of tables for footnotes.

326      American Funds Insurance Series

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 assets2			Ratio of net income (loss) to average net assets
High-Income Bond Fund
Class 1:
12/31/2020	$	9.87	$	.61	$	.17		$	.78		$	(.85	)	$	—	$	(.85	)	$	9.80		8.21	%	$	123			.52	%		6.46	%
12/31/2019		9.34		.67		.52			1.19			(.66	)		—		(.66	)		9.87		12.85			525			.51			6.71
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
Class 1A:
12/31/2020		9.86		.56		.20			.76			(.84	)		—		(.84	)		9.78		7.94			1			.78			5.85
12/31/2019		9.33		.65		.51			1.16			(.63	)		—		(.63	)		9.86		12.61			1			.75			6.47
12/31/2018		10.18		.62		(.84	)		(.22	)		(.63	)		—		(.63	)		9.33		(2.35	)		1			.75			6.11
12/31/20173,4		10.28		.60		.02			.62			(.72	)		—		(.72	)		10.18		6.02	5		—	7		.72	6		5.74	6
Class 2:
12/31/2020		9.70		.55		.19			.74			(.83	)		—		(.83	)		9.61		7.94			665			.78			5.88
12/31/2019		9.19		.64		.50			1.14			(.63	)		—		(.63	)		9.70		12.55			667			.76			6.45
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
Class 3:
12/31/2020		9.92		.57		.19			.76			(.84	)		—		(.84	)		9.84		7.93			10			.71			5.94
12/31/2019		9.38		.66		.52			1.18			(.64	)		—		(.64	)		9.92		12.70			10			.69			6.52
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
Class 4:
12/31/2020		10.56		.57		.22			.79			(.81	)		—		(.81	)		10.54		7.74			69			1.03			5.58
12/31/2019		9.96		.67		.54			1.21			(.61	)		—		(.61	)		10.56		12.27			63			1.01			6.21
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

See end of tables for footnotes.

American Funds Insurance Series      327

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 return10			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers2			Ratio of expenses to average net assets after waivers2,10			Ratio of net income (loss) to average net assets10
American Funds Mortgage Fund
Class 1:
12/31/2020	$	10.56	$	.10	$	.64		$	.74		$	(.17	)	$	(.02	)	$	(.19	)	$	11.11		6.98	%	$	224			.48	%		.36	%		.93	%
12/31/2019		10.30		.24		.30			.54			(.28	)		—			(.28	)		10.56		5.30			210			.47			.47			2.26
12/31/2018		10.47		.20		(.14	)		.06			(.23	)		—			(.23	)		10.30		.58			209			.48			.48			1.97
12/31/2017		10.56		.16		—	8		.16			(.18	)		(.07	)		(.25	)		10.47		1.47			265			.47			.47			1.52
12/31/2016		10.61		.15		.11			.26			(.20	)		(.11	)		(.31	)		10.56		2.50			269			.46			.46			1.39
Class 1A:
12/31/2020		10.55		.07		.63			.70			(.15	)		(.02	)		(.17	)		11.08		6.63			1			.73			.59			.61
12/31/2019		10.28		.22		.30			.52			(.25	)		—			(.25	)		10.55		5.09			1			.71			.71			2.04
12/31/2018		10.46		.18		(.14	)		.04			(.22	)		—			(.22	)		10.28		.36			1			.73			.73			1.77
12/31/20173,4		10.55		.14		—	8		.14			(.16	)		(.07	)		(.23	)		10.46		1.31	5		—	7		.70	6		.70	6		1.38	6
Class 2:
12/31/2020		10.54		.08		.63			.71			(.14	)		(.02	)		(.16	)		11.09		6.72			58			.73			.60			.68
12/31/2019		10.28		.21		.31			.52			(.26	)		—			(.26	)		10.54		5.04			56			.72			.72			2.01
12/31/2018		10.45		.18		(.15	)		.03			(.20	)		—			(.20	)		10.28		.32			57			.73			.73			1.72
12/31/2017		10.54		.14		(.01	)		.13			(.15	)		(.07	)		(.22	)		10.45		1.22			63			.72			.72			1.27
12/31/2016		10.59		.12		.12			.24			(.18	)		(.11	)		(.29	)		10.54		2.25			63			.71			.71			1.14
Class 4:
12/31/2020		10.44		.04		.63			.67			(.12	)		(.02	)		(.14	)		10.97		6.38			37			.98			.85			.41
12/31/2019		10.19		.18		.31			.49			(.24	)		—			(.24	)		10.44		4.80			28			.97			.97			1.71
12/31/2018		10.38		.15		(.15	)		—	8		(.19	)		—			(.19	)		10.19		.07			24			.98			.98			1.49
12/31/2017		10.48		.11		—	8		.11			(.14	)		(.07	)		(.21	)		10.38		.97			12			.97			.97			1.03
12/31/2016		10.52		.09		.12			.21			(.14	)		(.11	)		(.25	)		10.48		2.01			8			.96			.96			.86

See end of tables for footnotes.

328      American Funds Insurance Series

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:
12/31/2020	$	11.30	$	.02		$	.02		$	.04		$	(.03	)	$	—	$	(.03	)	$	11.31		.34	%	$	44			.37	%		.16	%
12/31/2019		11.31		.22			—	8		.22			(.23	)		—		(.23	)		11.30		1.92			30			.36			1.92
12/31/2018		11.29		.18			—	8		.18			(.16	)		—		(.16	)		11.31		1.58			37			.35			1.60
12/31/2017		11.27		.08			(.01	)		.07			(.05	)		—		(.05	)		11.29		.66			37			.35			.68
12/31/201611		11.26		.01			—	8		.01			—			—		—			11.27		.09			37			.35			.11
Class 1A:
12/31/2020		11.30		.03			.01			.04			(.03	)		—		(.03	)		11.31		.32	12		—	7		.35	12		.26	12
12/31/2019		11.31		.22			—	8		.22			(.23	)		—		(.23	)		11.30		1.92	12		—	7		.37	12		1.90	12
12/31/2018		11.29		.18			—	8		.18			(.16	)		—		(.16	)		11.31		1.58	12		—	7		.35	12		1.60	12
12/31/20173,4		11.27		.08			—	8		.08			(.06	)		—		(.06	)		11.29		.67	5,12		—	7		.34	6,12		.69	6,12
Class 2:
12/31/2020		11.01		—	8		—	8		—	8		(.02	)		—		(.02	)		10.99		.03			288			.62			(.05	)
12/31/2019		11.03		.18			—	8		.18			(.20	)		—		(.20	)		11.01		1.62			230			.61			1.66
12/31/2018		11.01		.15			—	8		.15			(.13	)		—		(.13	)		11.03		1.36			247			.60			1.34
12/31/2017		10.99		.05			—	8		.05			(.03	)		—		(.03	)		11.01		.46			249			.60			.42
12/31/201611		11.01		(.02	)		—	8		(.02	)		—			—		—			10.99		(.18	)		297			.60			(.14	)
Class 3:
12/31/2020		11.13		—	8		.02			.02			(.03	)		—		(.03	)		11.12		.13			4			.55			.03
12/31/2019		11.14		.20			—	8		.20			(.21	)		—		(.21	)		11.13		1.76			3			.54			1.74
12/31/2018		11.12		.16			(.01	)		.15			(.13	)		—		(.13	)		11.14		1.38			4			.53			1.42
12/31/2017		11.10		.06			—	8		.06			(.04	)		—		(.04	)		11.12		.54			4			.53			.50
12/31/201611		11.11		(.01	)		—	8		(.01	)		—			—		—			11.10		(.09	)		4			.53			(.08	)
Class 4:
12/31/2020		11.13		(.04	)		.01			(.03	)		(.02	)		—		(.02	)		11.08		(.25	)		40			.87			(.35	)
12/31/2019		11.15		.16			—	8		.16			(.18	)		—		(.18	)		11.13		1.40			22			.86			1.40
12/31/2018		11.13		.12			.01			.13			(.11	)		—		(.11	)		11.15		1.14			18			.86			1.11
12/31/2017		11.12		.02			—	8		.02			(.01	)		—		(.01	)		11.13		.16			15			.85			.19
12/31/201611		11.17		(.04	)		(.01	)		(.05	)		—			—		—			11.12		(.45	)		13			.85			(.40	)

See end of tables for footnotes.

American Funds Insurance Series      329

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
U.S. Government/AAA-Rated Securities Fund
Class 1:
12/31/2020	$	12.34	$	.16	$	1.07		$	1.23	$	(.26	)	$	(.27	)	$	(.53	)	$	13.04		10.09	%	$	429			.38	%		1.21	%
12/31/2019		11.94		.25		.43			.68		(.28	)		—			(.28	)		12.34		5.69			1,418			.37			2.07
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
Class 1A:
12/31/2020		12.32		.09		1.10			1.19		(.24	)		(.27	)		(.51	)		13.00		9.75			4			.64			.69
12/31/2019		11.93		.22		.43			.65		(.26	)		—			(.26	)		12.32		5.42			2			.62			1.82
12/31/2018		12.08		.22		(.14	)		.08		(.23	)		—			(.23	)		11.93		.70			1			.61			1.82
12/31/20173,4		12.05		.18		.03			.21		(.18	)		—			(.18	)		12.08		1.73	5		—	7		.58	6		1.53	6
Class 2:
12/31/2020		12.21		.09		1.10			1.19		(.24	)		(.27	)		(.51	)		12.89		9.80			1,439			.64			.73
12/31/2019		11.82		.22		.42			.64		(.25	)		—			(.25	)		12.21		5.31			1,343			.62			1.82
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
Class 3:
12/31/2020		12.37		.10		1.12			1.22		(.25	)		(.27	)		(.52	)		13.07		9.91			10			.57			.78
12/31/2019		11.97		.23		.43			.66		(.26	)		—			(.26	)		12.37		5.49			9			.55			1.88
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
Class 4:
12/31/2020		12.22		.05		1.10			1.15		(.22	)		(.27	)		(.49	)		12.88		9.48			272			.89			.42
12/31/2019		11.84		.19		.42			.61		(.23	)		—			(.23	)		12.22		5.14			124			.87			1.56
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

See end of tables for footnotes.

330      American Funds Insurance Series

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 return10			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers/ reimburse- ments13			Ratio of expenses to average net assets after waivers/ reimburse- ments10,13			Net effective expense ratio10,14			Ratio of net income (loss) to average net assets10
Managed Risk Growth Fund
Class P1:
12/31/2020	$	13.78	$	.07	$	4.20		$	4.27		$	(.12	)	$	(.68	)	$	(.80	)	$	17.25		32.45	%	$	11			.42	%		.37	%		.72	%		.49	%
12/31/2019		12.30		.15		2.44			2.59			(.19	)		(.92	)		(1.11	)		13.78		22.01			6			.42			.37			.73			1.19
12/31/2018		13.22		.11		(.04	)		.07			(.10	)		(.89	)		(.99	)		12.30		(.04	)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
Class P2:
12/31/2020		13.71		.03		4.16			4.19			(.11	)		(.68	)		(.79	)		17.11		32.03			554			.67			.62			.97			.20
12/31/2019		12.21		.09		2.45			2.54			(.12	)		(.92	)		(1.04	)		13.71		21.74			434			.68			.63			.99			.73
12/31/2018		13.14		.06		(.04	)		.02			(.06	)		(.89	)		(.95	)		12.21		(.37	)		340			.68			.63			.97			.46
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
Managed Risk International Fund
Class P1:
12/31/2020	$	11.01	$	.08	$	.22		$	.30		$	(.16	)	$	(.08	)	$	(.24	)	$	11.07		3.13	%12	$	2			.43	%12		.35	%12		.86	%12		.82	%12
12/31/2019		9.82		.17		1.54			1.71			(.20	)		(.32	)		(.52	)		11.01		17.91	12		1			.41	12		.33	12		.84	12		1.64	12
12/31/2018		11.25		.32		(1.44	)		(1.12	)		(.26	)		(.05	)		(.31	)		9.82		(10.11	)12		—	7		.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		—	7		.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		—	7		.39	12		.23	12		.74	12		1.15	12
Class P2:
12/31/2020		10.92		.04		.23			.27			(.12	)		(.08	)		(.20	)		10.99		2.80			168			.71			.63			1.14			.42
12/31/2019		9.76		.13		1.55			1.68			(.20	)		(.32	)		(.52	)		10.92		17.64			165			.71			.63			1.14			1.21
12/31/2018		11.15		.16		(1.32	)		(1.16	)		(.18	)		(.05	)		(.23	)		9.76		(10.50	)		151			.69			.64			1.13			1.49
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
Managed Risk Blue Chip Income and Growth Fund
Class P1:
12/31/2020	$	12.01	$	.18	$	(.35	)	$	(.17	)	$	(.26	)	$	(.34	)	$	(.60	)	$	11.24		(.93	)%12	$	2			.40	%12		.35	%12		.76	%12		1.66	%12
12/31/2019		11.28		.25		1.28			1.53			(.20	)		(.60	)		(.80	)		12.01		14.14	12		1			.38	12		.33	12		.74	12		2.14	12
12/31/2018		13.04		.40		(1.27	)		(.87	)		(.45	)		(.44	)		(.89	)		11.28		(6.99	)12		—	7		.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		—	7		.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		—	7		.43	12		.27	12		.67	12		1.83	12
Class P2:
12/31/2020		11.91		.13		(.33	)		(.20	)		(.19	)		(.34	)		(.53	)		11.18		(1.25	)		355			.68			.63			1.04			1.18
12/31/2019		11.21		.18		1.31			1.49			(.19	)		(.60	)		(.79	)		11.91		13.88			365			.68			.63			1.04			1.62
12/31/2018		12.96		.19		(1.10	)		(.91	)		(.40	)		(.44	)		(.84	)		11.21		(7.38	)		336			.68			.63			1.02			1.49
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

See end of tables for footnotes.

American Funds Insurance Series      331

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 return10			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers/ reimburse- ments13			Ratio of expenses to average net assets after waivers/ reimburse- ments10,13			Net effective expense ratio10,14			Ratio of net income (loss) to average net assets10
Managed Risk Growth-Income Fund
Class P1:
12/31/2020	$	13.76	$	.17		$	1.08		$	1.25		$	(.26	)	$	(.74	)	$	(1.00	)	$	14.01		9.85	%	$	2,120		.41	%		.36	%		.66	%		1.24	%
12/31/2019		11.73		.22			2.01			2.23			(.10	)		(.10	)		(.20	)		13.76		19.14			1,987		.42			.37			.67			1.71
12/31/2018		12.66		(.02	)		(.15	)		(.17	)		(.19	)		(.57	)		(.76	)		11.73		(1.66	)		1,662		.40			.35			.64			(.20	)
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
Class P2:
12/31/2020		13.69		.14			1.07			1.21			(.23	)		(.74	)		(.97	)		13.93		9.58			315		.66			.61			.91			1.02
12/31/2019		11.67		.19			2.00			2.19			(.07	)		(.10	)		(.17	)		13.69		18.84			283		.67			.62			.92			1.47
12/31/2018		12.58		.16			(.36	)		(.20	)		(.14	)		(.57	)		(.71	)		11.67		(1.97	)		230		.69			.64			.93			1.25
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
Managed Risk Asset Allocation Fund
Class P1:
12/31/2020	$	13.81	$	.25		$	.51		$	.76		$	(.21	)	$	(.52	)	$	(.73	)	$	13.84		6.10	%	$	5		.41	%		.36	%		.66	%		1.91	%
12/31/2019		12.23		.26			1.92			2.18			(.03	)		(.57	)		(.60	)		13.81		18.25			2		.41			.36			.65			2.01
12/31/2018		13.59		.22			(.80	)		(.58	)		(.25	)		(.53	)		(.78	)		12.23		(4.63	)		2		.37			.32			.59			1.67
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
Class P2:
12/31/2020		13.46		.15			.56			.71			(.20	)		(.52	)		(.72	)		13.45		5.88			2,773		.66			.61			.91			1.15
12/31/2019		12.22		.19			1.93			2.12			(.31	)		(.57	)		(.88	)		13.46		17.98			2,830		.66			.61			.90			1.51
12/31/2018		13.55		.17			(.79	)		(.62	)		(.18	)		(.53	)		(.71	)		12.22		(4.89	)		2,541		.62			.57			.84			1.27
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

See end of tables for footnotes.

332      American Funds Insurance Series

Financial highlights (continued)

Portfolio turnover rate for all share classes excluding mortgage dollar roll transactions15,16	Year ended December 31,
	2020			2019			2018			2017			2016
Capital Income Builder		110	%		44	%		42	%		59	%		41	%
Asset Allocation Fund		49			47			34			39			43
Global Balanced Fund		68			60			30			28			43
Bond Fund		72			146			98			153			108
Capital World Bond Fund		88			110			78			74			70
American Funds Mortgage Fund		123			84			60			98			113
U.S. Government/AAA-Rated Securities Fund		112			103			76			120			273
Portfolio turnover rate for all share classes including mortgage dollar roll15,16	Year ended December 31,
	2020			2019			2018			2017			2016
Global Growth Fund		17	%		14	%		25	%		31	%		27	%
Global Small Capitalization Fund		38			50			43			33			40
Growth Fund		32			21			35			24			26
International Fund		40			32			29			29			31
New World Fund		70			38			58			56			32
Blue Chip Income and Growth Fund		40			37			49			34			30
Global Growth and Income Fund		36			29			49			41			57
Growth-Income Fund		33			27			39			27			27
International Growth and Income Fund		56			28			38			51			32
Capital Income Builder Fund		184			72			98			88			53
Asset Allocation Fund		145			79			86			85			83
Global Balanced Fund		86			74			51			41			65
Bond Fund		461			373			514			502			375
Capital World Bond Fund		145			159			125			105			154
High-Income Bond Fund		78			58			67			78			89
American Funds Mortgage Fund		1143			350			811			680			713
U.S. Government/AAA-Rated Securities Fund		867			277			446			551			539
Ultra-Short Bond Fund		—	17		—	17		—	17		—	17		—	11,17
Managed Risk Growth Fund		80			10			7			25			15
Managed Risk International Fund		71			8			8			25			26
Managed Risk Blue Chip Income and Growth Fund		101			13			11			32			9
Managed Risk Growth-Income Fund		38			6			14			26			14
Managed Risk Asset Allocation Fund		30			8			12			1			3

¹  Based on average shares outstanding.

²  Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.

³  Based on operations for a period that is less than a full year.

⁴  Class 1A shares began investment operations on January 6, 2017.

⁵  Not annualized.

⁶  Annualized.

⁷  Amount less than $1 million.

⁸  Amount less than $.01.

⁹  Amount less than .01%.

¹⁰  This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the periods shown, CRMC waived a portion of investment advisory services fees on some funds, including each of the managed risk funds. In addition, during some of the periods shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds.

¹¹  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.

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  This column does not include expenses of the underlying funds in which each fund invests.

¹⁴  This column reflects the net effective expense ratios for each fund and class, which are unaudited. These ratios include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the years presented. See expense example for further information regarding fees and expenses.

¹⁵  Refer to Note 5 for further information on mortgage dollar rolls.

¹⁶  Rates do not include the fund’s portfolio activity with respect to any Central Funds, if applicable.

¹⁷  Amount is either less than 1% or there is no turnover.

See notes to financial statements.

American Funds Insurance Series      333

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund^®, Blue Chip Income and Growth Fund, Global Growth and Income Fund, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder^®, Asset Allocation Fund, Global Balanced Fund, Bond Fund, Capital World Bond Fund^®, High-Income Bond Fund, American Funds Mortgage Fund^®, Ultra-Short Bond Fund, U.S. Government/AAA-Rated Securities Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund^®, Blue Chip Income and Growth Fund, Global Growth and Income Fund, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder^®, Asset Allocation Fund, Global Balanced Fund, Bond Fund, Capital World Bond Fund^® (formerly Global Bond Fund), High-Income Bond Fund, American Funds Mortgage Fund^® (formerly Mortgage Fund), Ultra-Short Bond Fund, U.S. Government/AAA-Rated Securities Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Blue Chip Income and Growth Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund (twenty-three of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the “Funds“) as of December 31, 2020, the related statements of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodians, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Los Angeles, California

February 12, 2021

We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.

334      American Funds Insurance Series

Expense example unaudited

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2020, through December 31, 2020).

Actual expenses:

The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

American Funds Insurance Series      335

Expense example (continued)

	Beginning account value 7/1/2020		Ending account value 12/31/2020		Expenses paid during period1		Annualized expense ratio
Global Growth Fund
Class 1 — actual return	$	1,000.00	$	1,254.84	$	3.13		.55	%
Class 1 — assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 1A — actual return		1,000.00		1,253.16		4.54		.80
Class 1A — assumed 5% return		1,000.00		1,021.17		4.08		.80
Class 2 — actual return		1,000.00		1,253.28		4.54		.80
Class 2 — assumed 5% return		1,000.00		1,021.17		4.08		.80
Class 4 — actual return		1,000.00		1,251.73		5.96		1.05
Class 4 — assumed 5% return		1,000.00		1,019.91		5.35		1.05
Global Small Capitalization Fund
Class 1 — actual return	$	1,000.00	$	1,343.20	$	4.37		.74	%
Class 1 — assumed 5% return		1,000.00		1,021.48		3.77		.74
Class 1A — actual return		1,000.00		1,341.45		5.84		.99
Class 1A — assumed 5% return		1,000.00		1,020.21		5.04		.99
Class 2 — actual return		1,000.00		1,341.27		5.84		.99
Class 2 — assumed 5% return		1,000.00		1,020.21		5.04		.99
Class 4 — actual return		1,000.00		1,340.24		7.31		1.24
Class 4 — assumed 5% return		1,000.00		1,018.95		6.31		1.24
Growth Fund
Class 1 — actual return	$	1,000.00	$	1,360.06	$	2.08		.35	%
Class 1 — assumed 5% return		1,000.00		1,023.44		1.79		.35
Class 1A — actual return		1,000.00		1,358.42		3.57		.60
Class 1A — assumed 5% return		1,000.00		1,022.18		3.06		.60
Class 2 — actual return		1,000.00		1,358.42		3.57		.60
Class 2 — assumed 5% return		1,000.00		1,022.18		3.06		.60
Class 3 — actual return		1,000.00		1,358.84		3.15		.53
Class 3 — assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 4 — actual return		1,000.00		1,356.82		5.05		.85
Class 4 — assumed 5% return		1,000.00		1,020.92		4.33		.85
International Fund
Class 1 — actual return	$	1,000.00	$	1,286.94	$	3.17		.55	%
Class 1 — assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 1A — actual return		1,000.00		1,284.98		4.61		.80
Class 1A — assumed 5% return		1,000.00		1,021.17		4.08		.80
Class 2 — actual return		1,000.00		1,285.43		4.61		.80
Class 2 — assumed 5% return		1,000.00		1,021.17		4.08		.80
Class 3 — actual return		1,000.00		1,285.16		4.20		.73
Class 3 — assumed 5% return		1,000.00		1,021.53		3.72		.73
Class 4 — actual return		1,000.00		1,283.63		6.04		1.05
Class 4 — assumed 5% return		1,000.00		1,019.91		5.35		1.05
New World Fund
Class 1 — actual return	$	1,000.00	$	1,291.34	$	3.35		.58	%
Class 1 — assumed 5% return		1,000.00		1,022.28		2.96		.58
Class 1A — actual return		1,000.00		1,290.17		4.79		.83
Class 1A — assumed 5% return		1,000.00		1,021.02		4.23		.83
Class 2 — actual return		1,000.00		1,289.72		4.79		.83
Class 2 — assumed 5% return		1,000.00		1,021.02		4.23		.83
Class 4 — actual return		1,000.00		1,288.50		6.23		1.08
Class 4 — assumed 5% return		1,000.00		1,019.76		5.50		1.08

See end of tables for footnotes.

336      American Funds Insurance Series

Expense example (continued)

	Beginning account value 7/1/2020		Ending account value 12/31/2020		Expenses paid during period1		Annualized expense ratio
Blue Chip Income and Growth Fund
Class 1 — actual return	$	1,000.00	$	1,188.67	$	2.32		.42	%
Class 1 — assumed 5% return		1,000.00		1,023.09		2.14		.42
Class 1A — actual return		1,000.00		1,187.68		3.69		.67
Class 1A — assumed 5% return		1,000.00		1,021.83		3.41		.67
Class 2 — actual return		1,000.00		1,186.62		3.69		.67
Class 2 — assumed 5% return		1,000.00		1,021.83		3.41		.67
Class 4 — actual return		1,000.00		1,185.33		5.07		.92
Class 4 — assumed 5% return		1,000.00		1,020.57		4.69		.92
Global Growth and Income Fund
Class 1 — actual return	$	1,000.00	$	1,226.11	$	3.70		.66	%
Class 1 — assumed 5% return		1,000.00		1,021.88		3.36		.66
Class 1A — actual return		1,000.00		1,224.98		5.10		.91
Class 1A — assumed 5% return		1,000.00		1,020.62		4.63		.91
Class 2 — actual return		1,000.00		1,224.48		5.10		.91
Class 2 — assumed 5% return		1,000.00		1,020.62		4.63		.91
Class 4 — actual return		1,000.00		1,223.67		6.50		1.16
Class 4 — assumed 5% return		1,000.00		1,019.36		5.90		1.16
Growth-Income Fund
Class 1 — actual return	$	1,000.00	$	1,180.81	$	1.59		.29	%
Class 1 — assumed 5% return		1,000.00		1,023.74		1.48		.29
Class 1A — actual return		1,000.00		1,179.38		2.97		.54
Class 1A — assumed 5% return		1,000.00		1,022.48		2.75		.54
Class 2 — actual return		1,000.00		1,179.40		2.97		.54
Class 2 — assumed 5% return		1,000.00		1,022.48		2.75		.54
Class 3 — actual return		1,000.00		1,179.77		2.58		.47
Class 3 — assumed 5% return		1,000.00		1,022.84		2.40		.47
Class 4 — actual return		1,000.00		1,177.95		4.34		.79
Class 4 — assumed 5% return		1,000.00		1,021.22		4.02		.79
International Growth and Income Fund
Class 1 — actual return	$	1,000.00	$	1,250.95	$	3.86		.68	%
Class 1 — assumed 5% return		1,000.00		1,021.78		3.47		.68
Class 1A — actual return		1,000.00		1,249.71		5.27		.93
Class 1A — assumed 5% return		1,000.00		1,020.52		4.74		.93
Class 2 — actual return		1,000.00		1,249.64		5.27		.93
Class 2 — assumed 5% return		1,000.00		1,020.52		4.74		.93
Class 4 — actual return		1,000.00		1,248.18		6.69		1.18
Class 4 — assumed 5% return		1,000.00		1,019.26		6.01		1.18
Capital Income Builder
Class 1 — actual return	$	1,000.00	$	1,115.95	$	1.44		.27	%
Class 1 — assumed 5% return		1,000.00		1,023.84		1.38		.27
Class 1A — actual return		1,000.00		1,114.72		2.77		.52
Class 1A — assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 2 — actual return		1,000.00		1,115.75		2.77		.52
Class 2 — assumed 5% return		1,000.00		1,022.58		2.65		.52
Class 4 — actual return		1,000.00		1,113.43		4.10		.77
Class 4 — assumed 5% return		1,000.00		1,021.32		3.92		.77

See end of tables for footnotes.

American Funds Insurance Series      337

Expense example (continued)

	Beginning account value 7/1/2020		Ending account value 12/31/2020		Expenses paid during period1		Annualized expense ratio
Asset Allocation Fund
Class 1 — actual return	$	1,000.00	$	1,143.93	$	1.62		.30	%
Class 1 — assumed 5% return		1,000.00		1,023.69		1.53		.30
Class 1A — actual return		1,000.00		1,142.08		2.97		.55
Class 1A — assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 2 — actual return		1,000.00		1,142.52		2.97		.55
Class 2 — assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 3 — actual return		1,000.00		1,142.59		2.59		.48
Class 3 — assumed 5% return		1,000.00		1,022.79		2.45		.48
Class 4 — actual return		1,000.00		1,140.96		4.32		.80
Class 4 — assumed 5% return		1,000.00		1,021.17		4.08		.80
Global Balanced Fund
Class 1 — actual return	$	1,000.00	$	1,137.75	$	3.93		.73	%
Class 1 — assumed 5% return		1,000.00		1,021.53		3.72		.73
Class 1A — actual return		1,000.00		1,136.55		5.28		.98
Class 1A — assumed 5% return		1,000.00		1,020.27		4.99		.98
Class 2 — actual return		1,000.00		1,136.23		5.28		.98
Class 2 — assumed 5% return		1,000.00		1,020.27		4.99		.98
Class 4 — actual return		1,000.00		1,135.20		6.62		1.23
Class 4 — assumed 5% return		1,000.00		1,019.00		6.26		1.23
Bond Fund
Class 1 — actual return	$	1,000.00	$	1,031.42	$	2.05		.40	%
Class 1 — assumed 5% return		1,000.00		1,023.19		2.04		.40
Class 1A — actual return		1,000.00		1,029.77		3.27		.64
Class 1A — assumed 5% return		1,000.00		1,021.98		3.26		.64
Class 2 — actual return		1,000.00		1,029.81		3.27		.64
Class 2 — assumed 5% return		1,000.00		1,021.98		3.26		.64
Class 4 — actual return		1,000.00		1,028.42		4.55		.89
Class 4 — assumed 5% return		1,000.00		1,020.72		4.53		.89
Capital World Bond Fund
Class 1 — actual return	$	1,000.00	$	1,078.63	$	2.57		.49	%
Class 1 — assumed 5% return		1,000.00		1,022.74		2.50		.49
Class 1A — actual return		1,000.00		1,077.00		3.82		.73
Class 1A — assumed 5% return		1,000.00		1,021.53		3.72		.73
Class 2 — actual return		1,000.00		1,077.13		3.87		.74
Class 2 — assumed 5% return		1,000.00		1,021.48		3.77		.74
Class 4 — actual return		1,000.00		1,075.46		5.13		.98
Class 4 — assumed 5% return		1,000.00		1,020.27		4.99		.98
High-Income Bond Fund
Class 1 — actual return	$	1,000.00	$	1,135.96	$	2.85		.53	%
Class 1 — assumed 5% return		1,000.00		1,022.53		2.70		.53
Class 1A — actual return		1,000.00		1,134.62		4.20		.78
Class 1A — assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 2 — actual return		1,000.00		1,134.44		4.20		.78
Class 2 — assumed 5% return		1,000.00		1,021.27		3.97		.78
Class 3 — actual return		1,000.00		1,134.15		3.82		.71
Class 3 — assumed 5% return		1,000.00		1,021.63		3.62		.71
Class 4 — actual return		1,000.00		1,132.72		5.54		1.03
Class 4 — assumed 5% return		1,000.00		1,020.01		5.24		1.03

See end of tables for footnotes.

338      American Funds Insurance Series

Expense example (continued)

	Beginning account value 7/1/2020		Ending account value 12/31/2020		Expenses paid during period1		Annualized expense ratio
American Funds Mortgage Fund
Class 1 — actual return	$	1,000.00	$	1,011.01	$	1.57		.31	%
Class 1 — assumed 5% return		1,000.00		1,023.64		1.58		.31
Class 1A — actual return		1,000.00		1,009.84		2.84		.56
Class 1A — assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 2 — actual return		1,000.00		1,009.83		2.84		.56
Class 2 — assumed 5% return		1,000.00		1,022.38		2.85		.56
Class 4 — actual return		1,000.00		1,008.07		4.10		.81
Class 4 — assumed 5% return		1,000.00		1,021.12		4.13		.81
Ultra-Short Bond Fund
Class 1 — actual return	$	1,000.00	$	999.11	$	1.91		.38	%
Class 1 — assumed 5% return		1,000.00		1,023.29		1.94		.38
Class 1A — actual return		1,000.00		999.11		1.86		.37
Class 1A — assumed 5% return		1,000.00		1,023.34		1.89		.37
Class 2 — actual return		1,000.00		997.28		3.12		.62
Class 2 — assumed 5% return		1,000.00		1,022.08		3.16		.62
Class 3 — actual return		1,000.00		998.21		2.77		.55
Class 3 — assumed 5% return		1,000.00		1,022.43		2.80		.55
Class 4 — actual return		1,000.00		996.40		4.38		.87
Class 4 — assumed 5% return		1,000.00		1,020.82		4.43		.87
U.S. Government/AAA-Rated Securities Fund
Class 1 — actual return	$	1,000.00	$	1,011.80	$	1.98		.39	%
Class 1 — assumed 5% return		1,000.00		1,023.24		1.99		.39
Class 1A — actual return		1,000.00		1,010.17		3.24		.64
Class 1A — assumed 5% return		1,000.00		1,021.98		3.26		.64
Class 2 — actual return		1,000.00		1,010.14		3.24		.64
Class 2 — assumed 5% return		1,000.00		1,021.98		3.26		.64
Class 3 — actual return		1,000.00		1,010.51		2.89		.57
Class 3 — assumed 5% return		1,000.00		1,022.33		2.91		.57
Class 4 — actual return		1,000.00		1,008.75		4.51		.89
Class 4 — assumed 5% return		1,000.00		1,020.72		4.53		.89

See end of tables for footnotes.

American Funds Insurance Series      339

Expense example (continued)

	Beginning account value 7/1/2020		Ending account value 12/31/2020		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Managed Risk Growth Fund
Class P1 — actual return	$	1,000.00	$	1,219.94	$	2.01		.36	%	$	4.02		.72	%
Class P1 — assumed 5% return		1,000.00		1,023.33		1.83		.36			3.66		.72
Class P2 — actual return		1,000.00		1,217.79		3.46		.62			5.41		.97
Class P2 — assumed 5% return		1,000.00		1,022.02		3.15		.62			4.93		.97
Managed Risk International Fund
Class P1 — actual return	$	1,000.00	$	1,176.41	$	1.81		.33	%	$	4.70		.86	%
Class P1 — assumed 5% return		1,000.00		1,023.48		1.68		.33			4.37		.86
Class P2 — actual return		1,000.00		1,174.15		3.28		.60			6.23		1.14
Class P2 — assumed 5% return		1,000.00		1,022.12		3.05		.60			5.79		1.14
Managed Risk Blue Chip Income and Growth Fund
Class P1 — actual return	$	1,000.00	$	1,080.32	$	1.83		.35	%	$	3.97		.76	%
Class P1 — assumed 5% return		1,000.00		1,023.38		1.78		.35			3.86		.76
Class P2 — actual return		1,000.00		1,079.10		3.24		.62			5.44		1.04
Class P2 — assumed 5% return		1,000.00		1,022.02		3.15		.62			5.28		1.04
Managed Risk Growth-Income Fund
Class P1 — actual return	$	1,000.00	$	1,091.34	$	1.89		.36	%	$	3.47		.66	%
Class P1 — assumed 5% return		1,000.00		1,023.33		1.83		.36			3.35		.66
Class P2 — actual return		1,000.00		1,089.02		3.20		.61			4.78		.91
Class P2 — assumed 5% return		1,000.00		1,022.07		3.10		.61			4.62		.91
Managed Risk Asset Allocation Fund
Class P1 — actual return	$	1,000.00	$	1,101.91	$	1.90		.36	%	$	3.49		.66	%
Class P1 — assumed 5% return		1,000.00		1,023.33		1.83		.36			3.35		.66
Class P2 — actual return		1,000.00		1,100.65		3.22		.61			4.81		.91
Class P2 — assumed 5% return		1,000.00		1,022.07		3.10		.61			4.62		.91

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.

340      American Funds Insurance Series

Liquidity Risk Management Program

The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-today operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.

Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.

The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2019, through September 30, 2020. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.

American Funds Insurance Series      341

Board of trustees and other officers

Independent trustees¹

Name and year of birth	Year first elected a trustee of the series2	Principal occupation(s) during past five years	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
William H. Baribault, 1945	2009	Chairman of the Board and CEO, Oakwood Advisors (private investment and consulting); former CEO and President, Richard Nixon Foundation	89	General Finance Corporation
James G. Ellis, 1947	2010	Professor of Marketing and former Dean, Marshall School of Business, University of Southern California	99	Mercury General Corporation
Nariman Farvardin, 1956	2018	President, Stevens Institute of Technology	87	None
Mary Davis Holt, 1950	2015–2016; 2017	Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003)	87	None
R. Clark Hooper, 1946	2010	Private investor	90	None
Merit E. Janow, 1958	2007	Dean and Professor, Columbia University, School of International and Public Affairs	89	Mastercard Incorporated; Trimble Inc.
Margaret Spellings, 1957 Chairman of the Board (Independent and Non-Executive)	2010	President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Foundation	91	None
Alexandra Trower, 1964	2018	Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies	86	None
Paul S. Williams, 1959	2020	Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm)	86	Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc.

Interested trustees^4,5

Name, year of birth and position with series	Year first elected a trustee or officer of the series2	Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series	Number of portfolios in fund complex overseen by trustee	Other directorships3 held by trustee
Donald D. O’Neal, 1960 Co-President	1998	Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company6	35	None
Michael C. Gitlin, 1970	2019	Vice Chairman and Director, Capital Research and Management Company; Partner — Capital Fixed Income Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.6; served as Head of Fixed Income at a large investment management firm prior to joining Capital Research and Management Company in 2015	86	None

The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.

342      American Funds Insurance Series

Other officers5

Name, year of birth and position with series	Year first elected an officer of the series2	Principal occupation(s) during past five years and positions held with affiliated  entities or the principal underwriter of the series
Alan N. Berro, 1960 Co-President	1998	Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company6; Director, The Capital Group Companies, Inc.6
Maria Manotok, 1974 Executive Vice President	2012	Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Senior Vice President, Senior Counsel and Director, Capital International, Inc.6; Director, Capital Group Investment Management Limited6
Martin Jacobs, 1962 Vice President	2016	Partner — Capital Research Global Investors, Capital Research and Management Company
Carl M. Kawaja, 1964 Vice President	2008	Partner — Capital World Investors, Capital Research and Management Company; Chairman and Director, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company6
Sung Lee, 1966 Vice President	2008	Partner — Capital Research Global Investors, Capital International, Inc.6; Director, The Capital Group Companies, Inc.6
Keiko McKibben, 1969 Vice President	2010	Partner — Capital Research Global Investors, Capital Research and Management Company
Renaud H. Samyn, 1974 Vice President	2010	Partner — Capital Research Global Investors, Capital International, Inc.6
Steven I. Koszalka, 1964 Secretary	2003	Vice President — Fund Business Management Group, Capital Research and Management Company
Gregory F. Niland, 1971 Treasurer	2008	Vice President — Investment Operations, Capital Research and Management Company
Susan K. Countess, 1966 Assistant Secretary	2014	Associate — Fund Business Management Group, Capital Research and Management Company
Sandra Chuon, 1972 Assistant Treasurer	2019	Assistant Vice President — Investment Operations, Capital Research and Management Company
Brian C. Janssen, 1972 Assistant Treasurer	2015	Vice President — Investment Operations, Capital Research and Management Company

¹  The term independent trustee refers to a trustee who is not an “interested person” of the series within the meaning of the Investment Company Act of 1940.

²  Trustees and officers of the series serve until their resignation, removal or retirement.

³  This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company.

⁴  The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter).

⁵  All of the trustees and/or officers listed, with the exception of Martin Jacobs and Keiko McKibben, are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser.

⁶  Company affiliated with Capital Research and Management Company.

American Funds Insurance Series      343

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

Custodian of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

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

344      American Funds Insurance Series

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website and our website.

This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2021, 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 ^© 2020 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^SM — has resulted in superior outcomes.

Aligned with investor success	The Capital System	American Funds Insurance Series superior outcomes
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment experience, including 23 years at our company, reflecting a career commitment to our long-term approach.1	The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.	American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 90% of 10-year periods and 100% of 20-year periods.2 Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.4

¹  Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2020.

²  Based on Class 1 share results for rolling periods through December 31, 2019. 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) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.

³  Based on Class 1 share results as of December 31, 2019. 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, 2019, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Lit. No. INGEARX-998-0221P Litho in USA RCG/RRD/8074-S78548 © 2021 Capital Group. All rights reserved.

Item 2.     Code of Ethics.

SunAmerica Series Trust (“the registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the “Code”). During the fiscal year ended December 31, 2020, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).

Item 3.     Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Allan Sher, Garrett Bouton and Jane Jelenko each qualify as audit committee financial experts, as defined in Item 3(b) of Form N-CSR. Mr. Sher, Mr. Bouton and Ms. Jelenko are considered “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4.     Principal Accountant Fees and Services.

(a)-(d) Aggregate fees billed to the registrant for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2019		2020
(a) Audit Fees	$	108,167	$	109,247
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	52,197	$	52,718
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings. Tax Fees principally include tax compliance, tax advice, tax planning and preparation of tax returns.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4 (e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2019		2020
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	87,316	$	309,361

       (e) (1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliates relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant’s audit committee minutes.

(2) No services included in (b)-(d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

       (f) Not applicable.

       (g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2019 and 2020 were $149,215 and $362,079, respectively.

       (h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

Item 5.     Audit Committee of Listed Registrants.

Not applicable.

Item 6.     Investments.

Included in Item 1 to the Form.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11.     Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the 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) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit  99.406.Code of Ethics.

(2) Certification pursuant to Rule  30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(4) Not applicable.

       (b) Certification pursuant to Rule  30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

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

SunAmerica Series Trust
By:	/s/    John T. Genoy
	John T. Genoy
	President

Date: March 9, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    John T. Genoy
	John T. Genoy
	President

Date: March 9, 2021

By:	/s/    Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: March 9, 2021